1
00:00:03,680 --> 00:00:07,720
Speaker 1: This is Bloomberg Surveillance. Stat's where the focus ought to

2
00:00:07,760 --> 00:00:10,119
Speaker 1: be on fiscal policy going forward is how do we

3
00:00:10,280 --> 00:00:14,360
Speaker 1: generate a better environment to create business, investment, create capital.

4
00:00:14,520 --> 00:00:16,840
Speaker 1: We have these ups and downs and shop growth. This

5
00:00:16,880 --> 00:00:19,400
Speaker 1: is one of those down periods, but I'm quite confident

6
00:00:19,440 --> 00:00:21,439
Speaker 1: that in the third quarter things will pick back up again.

7
00:00:21,520 --> 00:00:23,840
Speaker 1: I'm long of crude oil because it is moving from

8
00:00:23,840 --> 00:00:25,799
Speaker 1: the lower left of the upper right. Do I embrace

9
00:00:25,840 --> 00:00:28,960
Speaker 1: it enthusiastically? No? Do I have stops underneath it? Absolutely.

10
00:00:29,000 --> 00:00:33,280
Speaker 1: Bloomberg Surveillance your link to the world of economics, finance

11
00:00:33,360 --> 00:00:38,800
Speaker 1: and investment on Bloomberg Radio. Good morning everyone, Michael McKee

12
00:00:38,800 --> 00:00:41,239
Speaker 1: and Tom Keane. This most busy week and in the

13
00:00:41,280 --> 00:00:44,160
Speaker 1: next week Michael McKee and I in London a week

14
00:00:44,240 --> 00:00:47,000
Speaker 1: from today. But before that a Federal Reserve Open Market

15
00:00:47,040 --> 00:00:50,559
Speaker 1: Committee meeting. When is that, Michael, Wednesday? That is Wednesday

16
00:00:50,560 --> 00:00:54,200
Speaker 1: Wednesday with John Farrell. We were talking this morning. It's

17
00:00:54,200 --> 00:00:57,040
Speaker 1: going to be a most interesting, uninteresting meeting. Yeah, and

18
00:00:57,080 --> 00:00:58,960
Speaker 1: because nothing's going to happen, but we'll see what we

19
00:00:59,080 --> 00:01:02,040
Speaker 1: say about July. But I I would say that surprises

20
00:01:02,040 --> 00:01:04,400
Speaker 1: are always in order with central banks when there's no

21
00:01:04,480 --> 00:01:08,200
Speaker 1: expectation of surprise. Our expectation is to tell you a

22
00:01:08,200 --> 00:01:11,120
Speaker 1: better tape right now an hour ago negative nine now

23
00:01:11,240 --> 00:01:17,440
Speaker 1: negative six on the SMP and really very tightly linked

24
00:01:17,480 --> 00:01:21,280
Speaker 1: across equities, bonds, currencies, commodities. Just for one example, the

25
00:01:21,400 --> 00:01:26,360
Speaker 1: Switzerland twenty year was a stunning negative point one zero.

26
00:01:26,520 --> 00:01:29,120
Speaker 1: It's now a little bit higher as well. And trying

27
00:01:29,160 --> 00:01:33,240
Speaker 1: to be optimistic. Uh this morning Bloomberg Surveillance always brought

28
00:01:33,319 --> 00:01:37,320
Speaker 1: to you by Cone residuc Accounting Tax Advisory. Is your

29
00:01:37,360 --> 00:01:40,679
Speaker 1: business ready to break through? See how the professionals at

30
00:01:40,760 --> 00:01:43,640
Speaker 1: Cone Resnick can help guide your business forward. Find out

31
00:01:43,640 --> 00:01:46,320
Speaker 1: more at Cone Resnik dot com, c O h N

32
00:01:47,200 --> 00:01:51,160
Speaker 1: R e Z and I c K Cone Resinc dot com.

33
00:01:51,280 --> 00:01:54,120
Speaker 1: There are knock on effects. We are trying to keep

34
00:01:54,200 --> 00:01:58,080
Speaker 1: up with the dynamics of fixed income currency, but as

35
00:01:58,120 --> 00:02:02,400
Speaker 1: I have suggested unccountable times, somehow there are not kind

36
00:02:02,440 --> 00:02:05,360
Speaker 1: effects over to the banking system, whether it's in America,

37
00:02:06,120 --> 00:02:09,160
Speaker 1: in the United Kingdom, and particularly what we see in Europe.

38
00:02:09,600 --> 00:02:13,359
Speaker 1: A difficult morning for European banks. An important time to

39
00:02:13,360 --> 00:02:16,880
Speaker 1: speak to Christopher Wheeler of Atlantic Equities. Christopher, wonderful to

40
00:02:16,880 --> 00:02:19,880
Speaker 1: get you on short notice why are UNI Credit in

41
00:02:19,919 --> 00:02:24,760
Speaker 1: Deutsche Bank rolling over? Yes, good morning Tom to torture um. Well,

42
00:02:24,960 --> 00:02:27,760
Speaker 1: the I think you've touched on some of that annual introduction.

43
00:02:28,000 --> 00:02:30,160
Speaker 1: I think the fears of that we saw last week

44
00:02:30,160 --> 00:02:34,079
Speaker 1: allow on certain aspects of obviously Blexit, interlo slaves falling further,

45
00:02:34,200 --> 00:02:37,679
Speaker 1: bond heels going down further, making it valuably difficult to

46
00:02:37,800 --> 00:02:40,840
Speaker 1: banks to to actually generate net interest income. And I

47
00:02:40,840 --> 00:02:42,960
Speaker 1: think the concern is what the knock on effect that

48
00:02:43,080 --> 00:02:44,760
Speaker 1: might be to their earnings. And for the bank like

49
00:02:44,880 --> 00:02:47,840
Speaker 1: Deutsche and for Uniqulidit, both of them, they are question

50
00:02:47,880 --> 00:02:51,320
Speaker 1: marks over their capital position, particularly Uniqulidit, and I think

51
00:02:51,400 --> 00:02:54,120
Speaker 1: it doesn't help to have more fear on exactly what

52
00:02:54,200 --> 00:02:57,959
Speaker 1: capital they can generate internally flu earnings? How will their

53
00:02:58,080 --> 00:03:02,240
Speaker 1: managements adapt? We all no expense controllers front and center,

54
00:03:02,320 --> 00:03:06,160
Speaker 1: and pairing back this pairing back that there's a point

55
00:03:06,200 --> 00:03:10,600
Speaker 1: where that begins to unravel. Managers love control. Are we

56
00:03:10,760 --> 00:03:13,880
Speaker 1: nearer point where they lose control and have to go

57
00:03:14,080 --> 00:03:17,959
Speaker 1: under the next strategic wisdom? Well, let's start first with

58
00:03:18,000 --> 00:03:21,120
Speaker 1: you New Credit, because you Credit actually in searching for

59
00:03:21,120 --> 00:03:24,160
Speaker 1: the chief executive and the problem is all they came

60
00:03:24,240 --> 00:03:25,880
Speaker 1: up with last week is they'd had a meeting to

61
00:03:25,960 --> 00:03:29,079
Speaker 1: agree the parlameters for hiring the new chief executive. As

62
00:03:29,120 --> 00:03:31,400
Speaker 1: you well know, after the years in the market, this

63
00:03:31,480 --> 00:03:34,079
Speaker 1: clear massive uncertainty from make where there are lots of

64
00:03:34,160 --> 00:03:36,760
Speaker 1: questions allowed the franchise. So they are in the middle

65
00:03:36,760 --> 00:03:39,080
Speaker 1: of the next phase if you want. For Deutscha, I

66
00:03:39,120 --> 00:03:41,120
Speaker 1: think it's a matter of of John cry And trying

67
00:03:41,160 --> 00:03:43,800
Speaker 1: to get his sloops and his really knowledgeable fixed income

68
00:03:43,840 --> 00:03:45,760
Speaker 1: team to make sure they work out what they can

69
00:03:45,840 --> 00:03:48,240
Speaker 1: do to protect to protect the bank's position, to try

70
00:03:48,240 --> 00:03:51,840
Speaker 1: and protect their earn, his capacity make that CEO movement

71
00:03:52,040 --> 00:03:55,400
Speaker 1: union credits somehow, I don't think that's a McKinsey consulted event.

72
00:03:55,920 --> 00:03:58,800
Speaker 1: Doesn't sound like what McKinsey would do. How long do

73
00:03:58,880 --> 00:04:03,120
Speaker 1: we see the ups and downs of the European banks,

74
00:04:03,120 --> 00:04:06,760
Speaker 1: particularly Italian bangs like UNI Credit go on? I mean,

75
00:04:06,960 --> 00:04:09,680
Speaker 1: can when can they get their feet underneath them? What's

76
00:04:09,680 --> 00:04:14,160
Speaker 1: it going to take? I mean this, this, this, How

77
00:04:14,200 --> 00:04:16,000
Speaker 1: many times have I been asked when are we going

78
00:04:16,040 --> 00:04:17,280
Speaker 1: to get there? When are we going to start to

79
00:04:17,279 --> 00:04:19,120
Speaker 1: feel we have a platform on which we can build?

80
00:04:19,520 --> 00:04:22,640
Speaker 1: And over the last five years we've constantly had full storms,

81
00:04:23,040 --> 00:04:25,120
Speaker 1: and it's lard of able to predict exactly when these

82
00:04:25,160 --> 00:04:26,440
Speaker 1: banks are going to come out of it. They're all

83
00:04:26,440 --> 00:04:28,359
Speaker 1: going to have to go through certain changes again with

84
00:04:28,440 --> 00:04:30,839
Speaker 1: uniqu credit. I suspect it's more work on the balance sheet,

85
00:04:30,880 --> 00:04:33,279
Speaker 1: more work on the bad loan book, more work on capitol.

86
00:04:33,520 --> 00:04:36,160
Speaker 1: I look at Deutsche John Crime has let out laid

87
00:04:36,160 --> 00:04:39,200
Speaker 1: out a very clear path. The problem is that path

88
00:04:39,279 --> 00:04:40,760
Speaker 1: is going to take him a very long time to

89
00:04:40,760 --> 00:04:43,680
Speaker 1: get back to a strong balance sheet and strong profitability

90
00:04:44,040 --> 00:04:46,000
Speaker 1: with all the other stuff going on around it, and

91
00:04:46,040 --> 00:04:48,719
Speaker 1: you can argue, you know, around rates, around Blexit, allowed

92
00:04:48,720 --> 00:04:51,039
Speaker 1: a week of aisure, nobody quite knowing where the set

93
00:04:51,080 --> 00:04:52,760
Speaker 1: is going to go in the United States and who's

94
00:04:52,760 --> 00:04:55,559
Speaker 1: going to be the pleasident come November. It's an awful

95
00:04:55,600 --> 00:04:58,760
Speaker 1: lot to think about for these managements. What is the

96
00:04:59,080 --> 00:05:03,479
Speaker 1: you mentioned Braxit. What's the impact on European banks? Not

97
00:05:03,600 --> 00:05:09,440
Speaker 1: so much the British banks, but the European banks should well.

98
00:05:09,520 --> 00:05:11,640
Speaker 1: I mean actually a lot of articles in the in

99
00:05:11,680 --> 00:05:13,679
Speaker 1: the weekend plus have been talking of the work about

100
00:05:13,800 --> 00:05:17,160
Speaker 1: how banks like obviously Society can allow BNP have been

101
00:05:17,200 --> 00:05:20,320
Speaker 1: propelling to move people out of the UK back into

102
00:05:20,320 --> 00:05:22,839
Speaker 1: Europe to deal with that issue. Of course, that office

103
00:05:22,920 --> 00:05:24,400
Speaker 1: is going to be very relevant to the UK and

104
00:05:24,480 --> 00:05:27,280
Speaker 1: US banks for example, But um, you know we've also

105
00:05:27,400 --> 00:05:29,400
Speaker 1: gone the situation of some of these banks saying well

106
00:05:29,520 --> 00:05:32,040
Speaker 1: is the opportunity you've let the articles about, you know,

107
00:05:32,480 --> 00:05:35,640
Speaker 1: the mayor of Palace welcoming bankers to palace. Um, we're

108
00:05:35,640 --> 00:05:37,000
Speaker 1: going to have a lot of this if if we

109
00:05:37,040 --> 00:05:39,120
Speaker 1: do see a vote to leave, and it's going to

110
00:05:39,200 --> 00:05:42,040
Speaker 1: be very very dissluptive. And my walley is that what

111
00:05:42,040 --> 00:05:44,000
Speaker 1: we've got to is a lot of the ugly situation

112
00:05:44,040 --> 00:05:47,680
Speaker 1: whereby the whole debate now is revolving around immigration rather

113
00:05:47,720 --> 00:05:51,239
Speaker 1: than economics. Um, it's not surprising, but it's it's making

114
00:05:51,279 --> 00:05:53,799
Speaker 1: life very difficult and deciding which way this thow goes.

115
00:05:53,960 --> 00:05:56,520
Speaker 1: How did I mean always when you get too big,

116
00:05:56,560 --> 00:05:59,800
Speaker 1: too big to fails? Are substantial visible banks and you've

117
00:05:59,800 --> 00:06:04,000
Speaker 1: got the emotion of national charter within Europe? How do

118
00:06:04,120 --> 00:06:08,560
Speaker 1: they work through a consolidation process of what we're observing

119
00:06:09,400 --> 00:06:12,800
Speaker 1: is chronic. I think we get how that happens in America.

120
00:06:13,240 --> 00:06:16,920
Speaker 1: How does that happen in Europe? Now you're absolutely like

121
00:06:17,000 --> 00:06:18,760
Speaker 1: in the United States, it is very clear. The FD

122
00:06:18,880 --> 00:06:20,760
Speaker 1: I see is now the body that will will be

123
00:06:20,800 --> 00:06:23,240
Speaker 1: involved in winding up banks and deciding how to proceed

124
00:06:23,279 --> 00:06:25,680
Speaker 1: which troubled banks. We look at Europe, it's going to

125
00:06:25,760 --> 00:06:27,240
Speaker 1: have to be the e c B. It's going to

126
00:06:27,320 --> 00:06:29,120
Speaker 1: have to be the e c B who plays that role.

127
00:06:29,400 --> 00:06:31,520
Speaker 1: And today what they'd be much more worried about is

128
00:06:31,560 --> 00:06:34,599
Speaker 1: trying to fund growth, trying to to manage the bank's

129
00:06:34,600 --> 00:06:37,160
Speaker 1: balance sheets and as a set sign sign help all

130
00:06:37,200 --> 00:06:39,440
Speaker 1: the different governments in the euro Zone to actually start

131
00:06:39,440 --> 00:06:41,839
Speaker 1: to see some kind of some kind of growth and

132
00:06:42,000 --> 00:06:44,160
Speaker 1: some kind of growth and inflation to help them if

133
00:06:44,200 --> 00:06:46,839
Speaker 1: you won't get out of the situation within when do

134
00:06:46,920 --> 00:06:49,160
Speaker 1: they turn to the situation saying, guys, as the sense

135
00:06:49,160 --> 00:06:51,920
Speaker 1: of regulator, we have to start talking about come consolidation.

136
00:06:52,360 --> 00:06:54,120
Speaker 1: I guess we're getting closer than we've been for a

137
00:06:54,160 --> 00:06:58,440
Speaker 1: long time. Well, do they have a way to force consolidation?

138
00:06:59,240 --> 00:07:01,480
Speaker 1: I think I think the users as the lead regulator,

139
00:07:01,520 --> 00:07:04,320
Speaker 1: don't aget. They are the league leglator for ullos own banks.

140
00:07:04,600 --> 00:07:07,680
Speaker 1: They have that ability to work with the bank, but

141
00:07:07,720 --> 00:07:09,800
Speaker 1: also of course they work with the local government, being

142
00:07:09,880 --> 00:07:12,440
Speaker 1: in Germany or Italy or farce of Spain. Of course

143
00:07:12,440 --> 00:07:15,480
Speaker 1: they work with them, but overall they have the oversight

144
00:07:15,560 --> 00:07:17,400
Speaker 1: of this banking system. And if they put their hands

145
00:07:17,440 --> 00:07:19,880
Speaker 1: up and say, guys, we have to now go beyond

146
00:07:19,960 --> 00:07:22,800
Speaker 1: just providing kewy and other mechanisms to boost our banking

147
00:07:22,840 --> 00:07:26,800
Speaker 1: sys system. If it's got to be consolidation, we move

148
00:07:26,920 --> 00:07:29,200
Speaker 1: on to where we thought we were, which is the

149
00:07:29,240 --> 00:07:31,760
Speaker 1: big bank merchant were off the table. I think that

150
00:07:31,880 --> 00:07:35,520
Speaker 1: is start us and slightly moving away again. We need

151
00:07:35,560 --> 00:07:39,119
Speaker 1: to always remind ourselves, Christopher Wheeler, of how big these

152
00:07:39,160 --> 00:07:42,760
Speaker 1: things are. Deutsche Bank, let me convert it to US

153
00:07:42,840 --> 00:07:45,760
Speaker 1: dollars for our American is We can do that fox

154
00:07:45,800 --> 00:07:48,520
Speaker 1: in the bloom room with a click of a of

155
00:07:48,560 --> 00:07:52,040
Speaker 1: a cursor. There there we go. U. Deutsche Bank is

156
00:07:52,160 --> 00:07:56,320
Speaker 1: enjoying something in the vicinity of forty two shrunk down

157
00:07:56,360 --> 00:08:00,840
Speaker 1: to thirty four billion dollars in revenue. They bring ten

158
00:08:00,960 --> 00:08:04,800
Speaker 1: or eleven cents on the dollar down to upgrading income.

159
00:08:05,080 --> 00:08:07,000
Speaker 1: That tells me they've got a fair amount of wiggle

160
00:08:07,080 --> 00:08:10,360
Speaker 1: room to continue to cut class. Where will they cut

161
00:08:13,040 --> 00:08:15,080
Speaker 1: This is one of the problems that the German banks

162
00:08:15,080 --> 00:08:17,080
Speaker 1: in particular face, which is that the place you need

163
00:08:17,160 --> 00:08:18,960
Speaker 1: to cut the Swiss banks have the same problem his

164
00:08:19,040 --> 00:08:22,200
Speaker 1: head office. Historically, these banks have been very large, very

165
00:08:22,240 --> 00:08:25,480
Speaker 1: buly classic organizations, and that's where they have to attack it.

166
00:08:25,520 --> 00:08:27,800
Speaker 1: We've finally seen the Swiss last week talking about letting

167
00:08:27,800 --> 00:08:30,040
Speaker 1: people go from Zulik. That's what has to be done.

168
00:08:30,040 --> 00:08:32,480
Speaker 1: The problem in Germany is the labor laws that make

169
00:08:32,520 --> 00:08:35,000
Speaker 1: it very difficult for you to shed staff. It's not

170
00:08:35,040 --> 00:08:37,120
Speaker 1: as easy as it is saying the United Kingdom or

171
00:08:37,120 --> 00:08:40,839
Speaker 1: Switzerland or all the United States. It's a long, long process,

172
00:08:40,960 --> 00:08:44,080
Speaker 1: and you know that's one of the biggest problems they face.

173
00:08:44,160 --> 00:08:47,280
Speaker 1: Plus there's the publicity angle. What happens within the German

174
00:08:47,280 --> 00:08:50,120
Speaker 1: market is obviously the local German plus saying, hang on

175
00:08:50,120 --> 00:08:52,960
Speaker 1: a minute, they're filing all these guys in Frankfort in

176
00:08:53,000 --> 00:08:54,920
Speaker 1: the center of the business, you know, the head office

177
00:08:54,960 --> 00:08:57,800
Speaker 1: sort of bula class. What about all those fancy bankers

178
00:08:57,800 --> 00:08:59,920
Speaker 1: in New York and London. They're not They're not getting

179
00:09:00,520 --> 00:09:03,120
Speaker 1: so you actually get inside the bank. This kind of

180
00:09:03,520 --> 00:09:06,960
Speaker 1: tension between you know, where the job losses should be.

181
00:09:06,960 --> 00:09:09,360
Speaker 1: And Germany gets very upset when he doesn't feel that

182
00:09:09,400 --> 00:09:11,360
Speaker 1: the other pasts of business are taken their fair share

183
00:09:11,440 --> 00:09:14,000
Speaker 1: for pain. Well, do they tend to though, to let

184
00:09:14,040 --> 00:09:17,520
Speaker 1: people go who are the revenue producers or the other

185
00:09:17,559 --> 00:09:20,960
Speaker 1: way around. Well, historically you always avoid signed to let

186
00:09:21,000 --> 00:09:24,319
Speaker 1: your ovenue producers go. And again, you know, the bureauracy

187
00:09:24,400 --> 00:09:26,320
Speaker 1: that existed within some of the big sense of some

188
00:09:26,360 --> 00:09:29,040
Speaker 1: of the big banks in Europe is quite remarkable. John

189
00:09:29,080 --> 00:09:31,200
Speaker 1: Crin noted this when he first took over, about how

190
00:09:31,240 --> 00:09:33,680
Speaker 1: many committees there were, how many he wanted to cut

191
00:09:33,679 --> 00:09:36,280
Speaker 1: out to try and make lines of communication quicker. And

192
00:09:36,320 --> 00:09:39,320
Speaker 1: obviously what goes with that is having less less less

193
00:09:39,320 --> 00:09:41,400
Speaker 1: start on the books. Do you have any buys in

194
00:09:41,480 --> 00:09:44,160
Speaker 1: European banks? Is there something you could enthuse us with us?

195
00:09:45,160 --> 00:09:47,360
Speaker 1: Not only Tom because I don't think I focused predominantly

196
00:09:47,360 --> 00:09:49,400
Speaker 1: on the Europeans, but at the US banks, but then

197
00:09:49,480 --> 00:09:51,280
Speaker 1: then looking back at the Europeans. But look, I think

198
00:09:51,280 --> 00:09:53,360
Speaker 1: there's some banks there people are excited about. I see

199
00:09:53,360 --> 00:09:55,680
Speaker 1: people excited about the n p I S, people excited

200
00:09:55,679 --> 00:09:58,559
Speaker 1: about Lloyd's Bank. If we get through the Blexit vote, um,

201
00:09:58,600 --> 00:10:00,800
Speaker 1: I see some people excited about And if we get

202
00:10:00,840 --> 00:10:03,120
Speaker 1: through the bleaksitoth neverget They have a big business in

203
00:10:03,160 --> 00:10:06,040
Speaker 1: the UK, so I can have some good retail. There's

204
00:10:06,040 --> 00:10:09,000
Speaker 1: some good retail names out there who've got strong balance sheets.

205
00:10:09,040 --> 00:10:11,280
Speaker 1: In the case of being a bank which has got

206
00:10:11,280 --> 00:10:15,000
Speaker 1: a really focused investment bank, which is not the dominant

207
00:10:15,000 --> 00:10:16,760
Speaker 1: part of the business, the dominant part of the mains

208
00:10:16,840 --> 00:10:19,360
Speaker 1: lead down an active management. This is what it's all about.

209
00:10:19,400 --> 00:10:21,960
Speaker 1: Christopher Wheelers, thank you so much. I'm very short noticed

210
00:10:21,960 --> 00:10:24,240
Speaker 1: this morning. This is what we love is you get

211
00:10:24,280 --> 00:10:27,920
Speaker 1: world class guests on and some of the tangential things

212
00:10:27,960 --> 00:10:30,800
Speaker 1: going on in the market. We're focused on lower rates,

213
00:10:30,840 --> 00:10:35,800
Speaker 1: We're focused on currencies and the move sterling. But European

214
00:10:35,840 --> 00:10:38,719
Speaker 1: banks having a tough go of it this morning. We'll

215
00:10:38,720 --> 00:10:42,439
Speaker 1: see their counterparts in America do here in an hour.

216
00:10:42,640 --> 00:10:46,720
Speaker 1: In twenty minutes, futures improved from the Los two hours

217
00:10:46,720 --> 00:10:52,880
Speaker 1: ago futures negative six. Let's check in with Michael R.

218
00:10:52,960 --> 00:10:55,120
Speaker 1: Now and get the latest world in national headlines. Michael,

219
00:10:55,400 --> 00:10:58,320
Speaker 1: Mike time, thank you very much. Across the nation and

220
00:10:58,360 --> 00:11:00,959
Speaker 1: around the globe, people are remember ring the fifty people

221
00:11:01,080 --> 00:11:04,880
Speaker 1: killed and at least fifty three more wounded after a

222
00:11:04,880 --> 00:11:09,640
Speaker 1: gunman opened fire at a club in Orlando, Florida, early Sunday. Meanwhile,

223
00:11:09,640 --> 00:11:12,439
Speaker 1: the ex wife of the suspected gunman, Omar Martine, says

224
00:11:12,520 --> 00:11:15,680
Speaker 1: he was my polar and was a homophobe. Just hours

225
00:11:15,720 --> 00:11:19,400
Speaker 1: after the Florida nightclub shooting, police in southern California responded

226
00:11:19,440 --> 00:11:23,199
Speaker 1: to a call about suspicious activity, arrested an Indiana man

227
00:11:23,480 --> 00:11:26,719
Speaker 1: and found three assault style rifles and chemicals used to

228
00:11:26,720 --> 00:11:30,280
Speaker 1: make explosives in his car. James Wesley Howell said he

229
00:11:30,360 --> 00:11:33,079
Speaker 1: was heading to the l A Pride Parade in West Hollywood.

230
00:11:33,480 --> 00:11:36,040
Speaker 1: There were calls today for hold out nations to ratify

231
00:11:36,160 --> 00:11:39,360
Speaker 1: the Comprehensive Test Band Treaty on its twentieth anniversary so

232
00:11:39,440 --> 00:11:42,320
Speaker 1: we can take full effect. The holdouts include the US

233
00:11:42,400 --> 00:11:45,720
Speaker 1: and Pakistan. Global News twenty four hours a day, powered

234
00:11:45,720 --> 00:11:48,959
Speaker 1: by our twenty four hundred journalists. I am Michael Barr.

235
00:11:49,200 --> 00:11:51,840
Speaker 1: To Michael, thank you so much. Kurt Flattening, We're at

236
00:11:51,840 --> 00:11:55,520
Speaker 1: eight eight PEP eighty nine basis points down. A bit

237
00:11:55,559 --> 00:11:57,920
Speaker 1: of a relief to the market in the last hour.

238
00:11:58,040 --> 00:12:06,000
Speaker 1: Michael McKeon Tom Keene from New York Bloomberg Savants. The

239
00:12:06,080 --> 00:12:08,800
Speaker 1: news update brought to you by National Realty Returns on

240
00:12:08,880 --> 00:12:11,320
Speaker 1: cash and rented real estate. Find them at n r I,

241
00:12:11,480 --> 00:12:12,360
Speaker 1: a dot net