1 00:00:03,960 --> 00:00:08,559 Speaker 1: Broadcasting live to New York Bloomberg eleventh to Washington, d C. 2 00:00:08,760 --> 00:00:14,360 Speaker 1: Bloomberg to Boston, Bloomberg Well Underich to San Francisco Bloomberg nine, 3 00:00:14,880 --> 00:00:19,120 Speaker 1: to the countries, US General one and around the globe 4 00:00:19,200 --> 00:00:22,920 Speaker 1: the Bloomberg Radio Plus Appen Bloomberg got Gone. This is 5 00:00:22,960 --> 00:00:27,760 Speaker 1: taking stock. The European Union can trace its origins from 6 00:00:27,800 --> 00:00:31,400 Speaker 1: the European Coal and Steel Community that was formed in 7 00:00:31,560 --> 00:00:35,760 Speaker 1: nineteen fifty one. So after sixty five years, is the 8 00:00:35,800 --> 00:00:40,800 Speaker 1: European Union ready to retire? We'll find out on Thursday 9 00:00:41,080 --> 00:00:44,560 Speaker 1: when the UK goes to the polls to determine whether 10 00:00:44,600 --> 00:00:47,599 Speaker 1: it remain part of the European Union. You've got more 11 00:00:47,640 --> 00:00:49,960 Speaker 1: details and we're going to find out not only what 12 00:00:50,000 --> 00:00:52,480 Speaker 1: it means for the UK phim, but what it means 13 00:00:52,560 --> 00:00:55,640 Speaker 1: for the future of Europe. Now, let's get to Charlie Pellant. 14 00:00:55,640 --> 00:00:58,600 Speaker 1: He's in Bloomberg news room with a Bloomberg Business Flash. 15 00:00:58,600 --> 00:01:00,680 Speaker 1: I thank you, Kathleen Hayes, thank you him to dial 16 00:01:00,760 --> 00:01:04,640 Speaker 1: the SMP neztack. They are all advancing twenty nine minutes 17 00:01:04,720 --> 00:01:06,800 Speaker 1: to go ahead of the close on a Tuesday. Here 18 00:01:07,240 --> 00:01:12,440 Speaker 1: stocks advancing sentiments susceptible to swings before Britain's vote later 19 00:01:12,480 --> 00:01:16,280 Speaker 1: this week on its European Union membership. Energy producers and 20 00:01:16,360 --> 00:01:19,800 Speaker 1: tech companies leading the SMP five hundred index towards back 21 00:01:19,840 --> 00:01:23,720 Speaker 1: to back games. Equities climbing after zig zagging most of 22 00:01:23,760 --> 00:01:26,319 Speaker 1: the day, bolstered by a third straight game for oil 23 00:01:26,360 --> 00:01:29,640 Speaker 1: and gas companies, the longest in two months, even as 24 00:01:29,760 --> 00:01:33,319 Speaker 1: crude prices drop. West Texas Intermediate crewed now down one percent, 25 00:01:33,720 --> 00:01:37,880 Speaker 1: falling fifty two cents for a barrel well. The UK 26 00:01:38,040 --> 00:01:41,640 Speaker 1: Brexit vote is Thursday. Paul de Groi as a professor 27 00:01:41,720 --> 00:01:44,960 Speaker 1: at the London School of Economics. He's also a former 28 00:01:45,160 --> 00:01:48,120 Speaker 1: member of the Belgian Parliament, and he spoke about the 29 00:01:48,200 --> 00:01:51,200 Speaker 1: vote with Bloomberg Television. When I look at the politics right, 30 00:01:51,440 --> 00:01:54,040 Speaker 1: the political dimension of this and the longer term, then 31 00:01:54,040 --> 00:01:57,400 Speaker 1: I'm saying, but wait a minute. The United Kingdom has 32 00:01:57,440 --> 00:02:01,320 Speaker 1: in the past um all the time in a nation 33 00:02:01,480 --> 00:02:06,240 Speaker 1: that tries to block further integration attempts in Europe. Um. 34 00:02:06,280 --> 00:02:10,440 Speaker 1: In fact, it has also been a force time to reconstructed. 35 00:02:10,880 --> 00:02:13,960 Speaker 1: FED chair Janet Yellen, offering a subtle change to her 36 00:02:14,000 --> 00:02:16,080 Speaker 1: outlook from less than a week ago, saying she and 37 00:02:16,160 --> 00:02:19,160 Speaker 1: her colleagues are on watch for weather rather than when 38 00:02:19,200 --> 00:02:22,919 Speaker 1: the US economy will show clear signs of improvement. Gold 39 00:02:22,960 --> 00:02:26,120 Speaker 1: now down twenty three fifty ounds, dropping one eight percent, 40 00:02:26,480 --> 00:02:29,480 Speaker 1: The tenure down four thirty seconds that yield one point 41 00:02:29,560 --> 00:02:33,120 Speaker 1: seven percent. SMP five hundred index up nine, a gain 42 00:02:33,200 --> 00:02:35,960 Speaker 1: of point four percent. Dow Industrial is up sixty one, 43 00:02:36,360 --> 00:02:40,120 Speaker 1: also a gain of point four percent, and two on 44 00:02:40,200 --> 00:02:42,280 Speaker 1: Wall Street. Now, let's take a look at other news 45 00:02:42,480 --> 00:02:46,679 Speaker 1: from around the world. Thank you, Charlie from the Bloomberg 46 00:02:46,720 --> 00:02:49,600 Speaker 1: News room. I'm Jill Schneider. This news update is brought 47 00:02:49,639 --> 00:02:52,280 Speaker 1: to you by the Jeep Grand Cherokee, the most awarded 48 00:02:52,480 --> 00:02:55,760 Speaker 1: suv ever. The Grand Cherokee continues to raise the bar 49 00:02:55,919 --> 00:02:59,720 Speaker 1: with its luxurious interior and legendary four by four capability. 50 00:03:00,120 --> 00:03:02,880 Speaker 1: Drive one at your local Jeep dealer today. The Clinton 51 00:03:02,919 --> 00:03:06,960 Speaker 1: Foundation was among the organizations breached by suspected Russian hackers 52 00:03:07,080 --> 00:03:09,679 Speaker 1: in a dragnet of the US political apparatus ahead of 53 00:03:09,720 --> 00:03:12,959 Speaker 1: the November election that, according to three people familiar with 54 00:03:13,040 --> 00:03:16,840 Speaker 1: the matter, reckless and careless. Those are the words presumptive 55 00:03:16,840 --> 00:03:20,800 Speaker 1: Democratic nominee Hillary Clinton used today to describe Donald Trump's 56 00:03:20,840 --> 00:03:25,000 Speaker 1: economic policies. Clinton warned a crowd in Columbus, Ohio. Trump's 57 00:03:25,000 --> 00:03:28,400 Speaker 1: fiscal policies would spell disaster for America. Is this who 58 00:03:29,560 --> 00:03:33,480 Speaker 1: you want to lead us in an emergency? Someone thin 59 00:03:33,680 --> 00:03:36,760 Speaker 1: skinned and quick to anger, who would likely be on 60 00:03:36,920 --> 00:03:41,800 Speaker 1: Twitter attacking reporters or bringing the whole regulatory system down 61 00:03:41,880 --> 00:03:45,640 Speaker 1: on his critics. By partisan group of lawmakers on Capitol 62 00:03:45,720 --> 00:03:48,800 Speaker 1: Hill today announced a proposed compromise for a kind of 63 00:03:49,040 --> 00:03:52,160 Speaker 1: no fly no by gun control rule that would bar 64 00:03:52,320 --> 00:03:55,200 Speaker 1: people on the no fly list from getting weapons. South 65 00:03:55,280 --> 00:03:59,320 Speaker 1: Carolina Republican Senator Lindsey Graham supports the legislation. This sort 66 00:03:59,360 --> 00:04:04,440 Speaker 1: of makes sense to me. I own an a R fifteen. Uh, 67 00:04:04,840 --> 00:04:07,360 Speaker 1: if you're on this list, it doesn't bother me one 68 00:04:07,440 --> 00:04:10,120 Speaker 1: bit that you can't buy one right away. Attorney General 69 00:04:10,240 --> 00:04:13,040 Speaker 1: Lauretta Lynch visited with relatives of victims in the Orlando 70 00:04:13,160 --> 00:04:16,640 Speaker 1: massacre today, telling them we stand with you. Lynch called 71 00:04:16,680 --> 00:04:19,919 Speaker 1: it a shattering attack on our nation. Global news twenty 72 00:04:19,960 --> 00:04:22,599 Speaker 1: four hours a day, poward by more than twenty hundred 73 00:04:22,640 --> 00:04:25,960 Speaker 1: journalists and analysts in more than one hundred twenty countries. 74 00:04:26,240 --> 00:04:29,760 Speaker 1: From the Bloomberg newsroom, I'm Jill Schneider. This is Bloomberg Charlie, 75 00:04:30,800 --> 00:04:33,880 Speaker 1: and we are brought to you by SAGE Summit, the 76 00:04:34,000 --> 00:04:37,800 Speaker 1: world's largest gathering of small and medium businesses, featuring Sir 77 00:04:37,960 --> 00:04:43,520 Speaker 1: Richard Branson July to eight in Chicago. Register with promo 78 00:04:43,640 --> 00:04:46,760 Speaker 1: code of Business at Sage summit dot com for just 79 00:04:48,920 --> 00:04:51,720 Speaker 1: recapping SMP up eight to two thousand ninety one, a 80 00:04:51,760 --> 00:04:54,520 Speaker 1: gain of four tenths of one percent. I'm Charlie Pellett. 81 00:04:54,600 --> 00:04:58,760 Speaker 1: That's a Bloomberg Business flash. You're listening to taking Stock 82 00:04:58,880 --> 00:05:03,000 Speaker 1: with Kathleen pim Fox on Bloomberg Radio. Two days to 83 00:05:03,000 --> 00:05:05,799 Speaker 1: the gregs of vote closely washing the markets around the world. 84 00:05:05,920 --> 00:05:09,480 Speaker 1: The latest polls show that the gap has narrowed once 85 00:05:09,520 --> 00:05:11,920 Speaker 1: again between those who may vote to stay in the 86 00:05:12,040 --> 00:05:13,960 Speaker 1: EU and those who may vote to go. But it's 87 00:05:14,000 --> 00:05:17,200 Speaker 1: not just a question for the citizens of the United 88 00:05:17,320 --> 00:05:20,000 Speaker 1: Kingdom and their policymakers. It's a question for all of 89 00:05:20,120 --> 00:05:23,200 Speaker 1: Europe because certainly one of the complaints that has been 90 00:05:23,279 --> 00:05:25,800 Speaker 1: heard is that this is a European Union that's not 91 00:05:25,960 --> 00:05:27,560 Speaker 1: doing what it was set up to do, and it's 92 00:05:27,600 --> 00:05:30,159 Speaker 1: better for the United Kingdom to go joining US now. 93 00:05:30,200 --> 00:05:34,480 Speaker 1: As Irene Finel Hanigman, she's Agent Professor of International Affairs 94 00:05:34,560 --> 00:05:38,000 Speaker 1: at Columbia University. Irene, welcome back to the show. Thank 95 00:05:38,040 --> 00:05:41,320 Speaker 1: you delighted to be back. So you have been You're 96 00:05:41,360 --> 00:05:44,240 Speaker 1: originally from France, and you have a student and and 97 00:05:44,320 --> 00:05:47,280 Speaker 1: and and and an economist and done so many things 98 00:05:47,360 --> 00:05:50,680 Speaker 1: that have to do with Europe. How do you just 99 00:05:50,760 --> 00:05:53,760 Speaker 1: sit back? You iman kind of a gas that this 100 00:05:53,880 --> 00:05:58,320 Speaker 1: may be happening. I'm very sad that it's happening, and 101 00:05:58,400 --> 00:06:01,440 Speaker 1: hopefully it will not happen, but I am not that 102 00:06:01,680 --> 00:06:07,440 Speaker 1: surprised considering the extreme amount of political volatility anti EU 103 00:06:07,760 --> 00:06:12,120 Speaker 1: and anti euro sentiment across factions in Europe. Uh, and 104 00:06:12,279 --> 00:06:14,600 Speaker 1: the fact that with the migration crisis this has all 105 00:06:14,640 --> 00:06:18,080 Speaker 1: now come to a head. So hopefully this can be resolved. 106 00:06:18,120 --> 00:06:21,720 Speaker 1: But it is not unfortunately surprised now, Irene, I just 107 00:06:21,800 --> 00:06:25,640 Speaker 1: want to get your thoughts on what would happen regardless 108 00:06:25,800 --> 00:06:30,400 Speaker 1: of which way UK voters decide on Thursday. Does something 109 00:06:30,520 --> 00:06:35,160 Speaker 1: have to change in the way Europe runs itself? Absolutely? Um. 110 00:06:35,320 --> 00:06:38,600 Speaker 1: I think the first thing is that even if the 111 00:06:38,800 --> 00:06:42,080 Speaker 1: UK stays in and the markets calmed down and we're 112 00:06:42,160 --> 00:06:45,840 Speaker 1: moving forward, the most important thing is that it's not 113 00:06:45,960 --> 00:06:49,680 Speaker 1: be accepted with complacency, because there clearly will have to 114 00:06:49,760 --> 00:06:53,200 Speaker 1: be some institutional changes. They will also have to be 115 00:06:53,400 --> 00:06:57,040 Speaker 1: a great deal more transparency and accountability coming out of 116 00:06:57,120 --> 00:07:00,880 Speaker 1: politicians from all sides of the debate as to what 117 00:07:01,120 --> 00:07:05,360 Speaker 1: exactly is the relationship between Brussels and the other countries 118 00:07:05,480 --> 00:07:08,720 Speaker 1: within the EU. We have also been so focused in 119 00:07:08,800 --> 00:07:11,880 Speaker 1: the last three or four years on the Eurozone that 120 00:07:12,040 --> 00:07:15,119 Speaker 1: we have often forgotten about what all of this means 121 00:07:15,280 --> 00:07:18,520 Speaker 1: for the larger European Union. And I think this is 122 00:07:18,560 --> 00:07:22,000 Speaker 1: going to have to be re examined and very carefully 123 00:07:22,080 --> 00:07:25,080 Speaker 1: looked at in terms also of an identity crisis, because 124 00:07:25,160 --> 00:07:29,640 Speaker 1: Europe right now is facing the existential crisis. An existential 125 00:07:29,800 --> 00:07:33,960 Speaker 1: crisis meaning we don't know who we are anymore, meaning 126 00:07:34,040 --> 00:07:35,640 Speaker 1: we don't we thought we were going to a path 127 00:07:35,720 --> 00:07:39,080 Speaker 1: that would make Europe more democratic and more prosperous, but 128 00:07:39,280 --> 00:07:42,640 Speaker 1: somehow we've gotten off tracker. Can we who are these Europeans? 129 00:07:42,680 --> 00:07:45,800 Speaker 1: Can you really expect everybody to be European in the 130 00:07:45,880 --> 00:07:49,400 Speaker 1: same way? That's exactly right. And however, what is so 131 00:07:49,600 --> 00:07:53,880 Speaker 1: interesting is that when you look at the responses among 132 00:07:54,000 --> 00:07:56,280 Speaker 1: those who are twenty five and younger, in other words, 133 00:07:56,280 --> 00:07:58,680 Speaker 1: who were literally born at the time of the Monstro 134 00:07:58,840 --> 00:08:02,160 Speaker 1: Treaty of the Storts started this. They still do think 135 00:08:02,240 --> 00:08:06,800 Speaker 1: of themselves as European plus their national identity, but very 136 00:08:06,920 --> 00:08:10,080 Speaker 1: sadly because of the sovereign debt crisis, because of the 137 00:08:10,160 --> 00:08:13,640 Speaker 1: amount of unemployment, the fact that so much funding has 138 00:08:13,720 --> 00:08:18,080 Speaker 1: been cut for cross border education, cross border awareness. UH, 139 00:08:18,320 --> 00:08:21,160 Speaker 1: there is even a sense of loss in a way, 140 00:08:21,200 --> 00:08:24,120 Speaker 1: a sense of exactly a kind of loss of identity. 141 00:08:24,520 --> 00:08:26,840 Speaker 1: And this is something that has to be brought back 142 00:08:26,920 --> 00:08:30,640 Speaker 1: to the surface. And this really falls back on the 143 00:08:30,720 --> 00:08:36,480 Speaker 1: responsibility of politicians to start to explain, beyond data driven information, 144 00:08:37,040 --> 00:08:40,240 Speaker 1: what are these real issues, where do they come from, 145 00:08:40,280 --> 00:08:42,600 Speaker 1: why this is important and that has not been happening 146 00:08:42,640 --> 00:08:46,520 Speaker 1: at all. Speak if you can about the military alliance 147 00:08:46,640 --> 00:08:51,520 Speaker 1: that may or may not develop with the European Union Army. Well, 148 00:08:51,640 --> 00:08:56,120 Speaker 1: I think this is what is often uh not abroad, 149 00:08:56,200 --> 00:08:58,520 Speaker 1: I think out as much as it should is beyond 150 00:08:58,720 --> 00:09:02,960 Speaker 1: the economic issue. When we talk about the relationship between 151 00:09:03,000 --> 00:09:07,439 Speaker 1: the EU and the UK, we're looking at legal accord 152 00:09:08,160 --> 00:09:14,200 Speaker 1: uh basically packed uh integration on all levels of social policy, 153 00:09:14,280 --> 00:09:19,079 Speaker 1: defense policy, security policy, environmental policy. And this certainly is 154 00:09:19,120 --> 00:09:22,760 Speaker 1: an issue, particularly as the UK and France have come 155 00:09:22,800 --> 00:09:25,840 Speaker 1: together much more closely in the last few years since 156 00:09:25,960 --> 00:09:31,040 Speaker 1: Libya on defense policy, as this is also very much 157 00:09:31,080 --> 00:09:34,080 Speaker 1: an issue of NATO. So I think all of these 158 00:09:34,240 --> 00:09:37,520 Speaker 1: factors now are at play and could in fact have 159 00:09:37,720 --> 00:09:41,160 Speaker 1: to be either thought out again or redefined or at 160 00:09:41,240 --> 00:09:45,400 Speaker 1: worth renegotiated if Brexit came about. What do you put 161 00:09:45,480 --> 00:09:49,120 Speaker 1: the odds now you've watched the polls UM, I think, 162 00:09:49,320 --> 00:09:53,079 Speaker 1: as you mentioned, right after the tragic death of the 163 00:09:53,640 --> 00:09:57,480 Speaker 1: young UM Labor member of Parliament, Joe Cox, it looked 164 00:09:57,520 --> 00:10:01,120 Speaker 1: as if the remain UH group, the anti Brexit with 165 00:10:01,280 --> 00:10:05,120 Speaker 1: doing much better right now from what I understand in 166 00:10:05,120 --> 00:10:10,000 Speaker 1: the last few hours, it's again basically almost entirely even 167 00:10:10,200 --> 00:10:13,880 Speaker 1: between the Leave and Remain factions. Hard to know, I 168 00:10:13,960 --> 00:10:17,439 Speaker 1: think to the very last minute, and even if the 169 00:10:17,640 --> 00:10:21,280 Speaker 1: UK does remain, the vote will probably by by a 170 00:10:21,600 --> 00:10:25,120 Speaker 1: very very tiny Martyre. Thank you very much for joining us. 171 00:10:25,160 --> 00:10:30,040 Speaker 1: Irene Finell Hanigman is adjunct Professor of International Affairs at 172 00:10:30,240 --> 00:10:34,520 Speaker 1: Columbia University. She is also the author of a cultural 173 00:10:34,760 --> 00:10:40,079 Speaker 1: History of finance. Speaking about Brexit and the vote this 174 00:10:40,600 --> 00:10:46,920 Speaker 1: June Thursday, by the Populace of the United Kingdom, we'll 175 00:10:46,960 --> 00:10:50,240 Speaker 1: see whether they're going to remain part of the European Union. 176 00:10:50,800 --> 00:11:00,920 Speaker 1: You're listening to taking stock on Bloomberg Radio, wondering what 177 00:11:01,040 --> 00:11:04,040 Speaker 1: to do with your investments in the midst of the 178 00:11:04,120 --> 00:11:06,120 Speaker 1: FED getting more uncertain about the economy in a big 179 00:11:06,200 --> 00:11:10,000 Speaker 1: gregsit vote. Bob Dohl is joining as from Nouvine Asset Management. 180 00:11:10,160 --> 00:11:12,199 Speaker 1: He still likes stocks, and he'll tell us why on 181 00:11:12,240 --> 00:11:13,079 Speaker 1: Bloomberg Radio.