Boom Bust: May will lead Britain out of EU, Schiff on a US recession

The top story: Andrea Leadsom pulled out the race to become Britain's next prime minister, paving the way for Home Secretary Theresa May to succeed David Cameron. Elsewhere, the S&P 500 hit a record high, fueled by Friday’s better-than-expected June jobs report. Ameera David has details. Afterwards, RT Correspondent Marina Portnaya reports that US aircraft sales to Iran were blocked by the House of Representatives, jeopardizing a $25bn Boeing deal. Then, Boom Bust’s Bianca Facchinei describes how Facebook Messenger is to get 'secret' conversations going forward.

After the break, Ameera David talks to Peter Schiff about the latest economic data and what it tells him about the health of the US economy and markets. And in the Big Deal, Ameera and Edward Harrison talk about whether there really is a European bank crisis brewing.