Global business news twenty four hours a day at Bloomberg dot com, the Radio plus Mobile Act and on your radio. This is a Bloomberg Business Flash from Bloomberg World Headquarters. I'm Charlie Pellett. The Dow, the SMP, and NEZ DAC are all trading higher. Both the Dow and the SMP five hunded index trading at a record a ten point gain right now for the SMP five hundred index sixty three. That is a gain of five tenths of one percent. So stocks extending a rally amid corporate results. The point
to resilience in the global economy. JP Morgan Chase out with earnings this morning. It is up by two point one percent. The Dow up one hundred thirty two points now to eighteen thousand, five hundred four. That's a gain of seven tenths of one percent. Nastack up twenty seven, a gain thereof six tents of one percent. Gold down eleven thirty the ounce the thirteen thirty two, a drop
there of eight tens of one percent. Crude oil West Texas Intermediate up two percent of barrel right now with eighty eight cents forty sixty four on West Texas Intermedia Crude. I'm Charlie Peloton. That's a Bloomberg business flash. This is taking stock with Kathleen Hayes and Pimpbox on Bloomberg Radio. Twenty two thousand televisions. Yes, that's how many television's Amazon managed to sell by eleven AM Eastern Time on its prime sales day. But that number grew to about ninety
thousand televisions by the end of the year. I mean, rather by the end of the day. Indeed, it's possible that when all the sales are finally counted for Prime Day, some reports estimate that this year's event could reach a billion dollars in a single day of sales. Now, a lot of that stuff that has purchased those televisions, for example, are moved by robots in warehouses. And here to tell us more about this is Bruce Wealthy. He is the founder,
the chairman, and the visionary of Locusts Robotics. Thank you very much for being with us, Bruce Welty, All, I beg your pardon, Danny Blanche Flower, you're not a robot expert, well not really, your pardon. I was so you know, I was so hyped by that billion dollars singled sales day figure that I've just been focused on on the amount of stuff that people are buying, And maybe you can talk about that because you're a labor economist. I mean, if you could have a billion dollar sales day, what
does that tell you about the health of the economy. Well, I don't know. Billion dollars maybe quite a big number, but in the context of central banking, it's not pim so I don't know good. I'm not an expert on sales at Amazon, but it was really interesting. But I came on to talk about central banks, all right, so
tell us about central banks. In the Bank of England's non event today, Well, it's really quite a surprise in that it had pretty much been signaled that they were going to move, and Cannie had said that everybody was thinking it, and the members of the committee would have known that. It was a surprise. Not to move. Certainly was a surprise to me, especially when you read the minutes. If you read the minutes, there's really very little argument
in there about not acting. It's sort of apocalyptic in lots of ways. It says business sentiments collapsing. There's terrible evidence from their agents is awful evidence from the housing market. The Bank's uncertainty indicator has risen. Um. Basically, it's about that they're going to take some time to think and move in August because there's a new government and a new Chancellor who they have to coordinate with, and he'd been in office for twelve hours. So that's a lot
of the problem. But it's a problem about nobody in England really is actually making economic policy. Um, there's chaos while there's a chance for you. Danny Blancheflower, you're a professor of economics at Dartmouth College, a Bloomberg Television contributing editor, and you were on the policy making committee of the Bank of England. If if all of this information that you're receiving turns out to give you are wrong signal, does that mean you need to change your antenna or
does need to change Well? I think I think if you're at a central bank, you always have to worry on two sides. You say, if I act and I shouldn't have done, what then? But you also think if I should have acted and I didn't, what then? And the second always looks looks worse. I mean, you have a sentence in the in this minute, we said the evidence suggested the uncertainty flowing from the Brexit result would likely to depress economic activity. Well, then perhaps you you
should act. The reason I would say is that they're likely to go to quantitative easing, but the way it's set up in the UK, because of the bank's balance sheet, they need to get permission from the Chancellor um and so this is a delay. But it's a delay because of a of a vote that wasn't expected, a government that didn't plan for this vote, and markets obviously should be mindful of that. I think it was a big
surprise is that they hadn't acted. And I think there's many similarities and people will not like to hear this, but there are many similarities in comparison with two thousand and eight, where the data started to tank and it took the MPC and it took the FIT a long time to work out that the economy had actually moved into recession. And many forecasters now in the UK are actually saying credit suites, golden sacks, others are saying the
UK may quickly go into recession. So you think they ought to act, but but there's this chaos going on as the government's fallen, and of course there's boris, So all right, well do you first of all, do you do you concur with with the Bank of England's a desire to stimulate the economy and that maybe there will be a recession. I think the evidence certainly looks that way.
My my biggest concern is that is really the surveys out in the last week or so, with a big collapse in consumer and business confidence, businesses saying they are going to delay investment projects, postponed recruitment. I mean, animal spirits can move very quickly, and once they move, you've really got to put a stop to them, because they can really spiral downwards. So I would have said the bankoeving this should be getting its retaliation in first and early,
but it has a history of basically delaying. I mean, the arguments are we've got all this evidence, why don't you do something, and they say we're going to delay. And the thing you would argue would be, or what evidence to the upside are you're going to see between now and August? The like the likehood is you're going to see more bad news and you probably should have
got in first. So I don't think that's a very good idea, and I think markets will respond to that, especially if we if we get bad data in the next month or so much. I suspect we're going to get well. There was a news item today that Burbery is putting off a decision to expand its A weaving facilities in the United Kingdom, delaying the implementation of about
a sixty five million dollar project. But they said that delay might be quite short and as long as they get a fixed on what Brexit will really mean for them, do you think that that will all this business will
come back? Well, we will have to see him. I mean, I think what we're what we realized is that the government neither had a plan of what to do in economic terms if there was a post Brexit vote, and the Brexit is themselves have no plan about the form in which organisms which discussions would take place with the European Union. So really we don't know. Um. The new chance and I think said yesterday instead of the two years it would take to resolve the exit, it might
take six, Thank you very much. Danny blanche Flower, Professor of Economics, Dartmouth College of Bloomberg Television contributing editor. This is Bloomberg coming up on taking stock. Yes, we are going to talk about Amazon and Amazon's Prime sales day volume jump sixty sales when all tallied could reach a billion dollars in a single day. That's next