WEBVTT - GlobalReach's Mulhall: 'Leave' Camp Could Be Unprepared (Audio)

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<v Speaker 1>Global business news twenty four hours a day. If Bloomberg

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<v Speaker 1>I'm Charlie Pellock, Britain. Vote, Vote, stock, sell off. This

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<v Speaker 1>limit n r i A dot net lows of the

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<v Speaker 1>session right now, Let's head right over to the first

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<v Speaker 1>Word breaking news desk for today's afternoon call. Here he

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<v Speaker 1>is Bill Maloney. Good afternoons. Shrilly stocks plunge around the

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<v Speaker 1>world following that Briggs and vote and like you said,

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<v Speaker 1>MANUS averages are on session lows. Dallas currently down six

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<v Speaker 1>hundred and thirty four points, Sesspes drop seventy eight and

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<v Speaker 1>NAZAC falls two hundred and eight points. The NAZAC colhard

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<v Speaker 1>dropped back below the two engine day moving average. Over

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<v Speaker 1>in Europe, Spain and Italy plummeted twelve percent well, the

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<v Speaker 1>UK dropped three point two percent and the pound fell

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<v Speaker 1>as much as eleven percent. Back in the US, A

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<v Speaker 1>small cap six hundred down twenty seven points and the

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<v Speaker 1>US ten yield at one point five eight percent. All

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<v Speaker 1>ten as B sectors are lower, led by losses and financials, Materials,

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<v Speaker 1>and technology. Dow Transports plunge three d and fifty seven points,

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<v Speaker 1>and as A five Tech sank a hundred and thirty

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<v Speaker 1>two points, and the vix is hired by forty four percent.

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<v Speaker 1>In the Dow, Goman Sacks fell seven point four percent,

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<v Speaker 1>Jping Morgan seven percent, and Caterpillar six point three percent.

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<v Speaker 1>Verizon and Walmart were a little changed. New My Mining

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<v Speaker 1>gained five point two percent and made a rally in

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<v Speaker 1>the minors, while money manager Investco plunge as much as

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<v Speaker 1>thirteen point two percent. That's in motions. August of eleven,

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<v Speaker 1>Live from the First Breaking news desk gon Bill Maloney

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<v Speaker 1>Charlotte allright, hey, thank you very much, Bill Maloney worth

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<v Speaker 1>repeating SMP five hundred index down seventy nine, a drop

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<v Speaker 1>there of three point eight percent of to hear live

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<v Speaker 1>breaking news over your Bloomberg type squawk on your terminal

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<v Speaker 1>vans squ a w K. I'm Charlie Pelotar Brexit coverage continues.

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<v Speaker 1>That's a Bloomberg business flash. You're listening to, are taking

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<v Speaker 1>Stuff with Kathleen Hay and Pim Fox on Bloomberg Radio,

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<v Speaker 1>continuing coverage of the United Kingdom's decision to leave the

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<v Speaker 1>European Union. Northern Ireland's Deputy First Minister, Martin McGuinness, has

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<v Speaker 1>called for a border pole on a United Ireland. This,

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<v Speaker 1>of course, after the UK voted to leave the EU.

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<v Speaker 1>Support for the European Union considerably higher in Northern Ireland

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<v Speaker 1>than in the rest of the United Kingdom. Here to

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<v Speaker 1>tell us more, Karen Mohaal, Chief investment Officer, Global Reach Securities,

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<v Speaker 1>joining us from Dublin, Ireland. Karen, thanks very much for

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<v Speaker 1>being with us, first of all your reaction to the

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<v Speaker 1>vote and tell us is there going to be a

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<v Speaker 1>United Ireland as a result? Um? Good evening him speaking again.

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<v Speaker 1>I I it's an interesting one. It's it's kind of

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<v Speaker 1>come out a little bit out of a left field

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<v Speaker 1>and in the nature of the makeup of of how

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<v Speaker 1>maybe last night kind of panned out in the sense

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<v Speaker 1>that London the kind of scent center of the kind

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<v Speaker 1>of financial market elements of the UK economy, and and

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<v Speaker 1>Scotland and Northern Ireland were the three kind of only

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<v Speaker 1>the only three areas that were strong Remain votes. And

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<v Speaker 1>so you know, in the in the last few hours

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<v Speaker 1>you've had a lot of pressure amongst well, you know,

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<v Speaker 1>certainly within Scotland and to some extent, I know I

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<v Speaker 1>saw Mark mcginnison's comments today. I'm not sure if they

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<v Speaker 1>they were a little bit tongue in cheek, but certainly

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<v Speaker 1>some pressure coming on what role the kind of regions

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<v Speaker 1>will play in in in and in a broader UK

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<v Speaker 1>economy that's outside of of Europe. And certainly say Northern

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<v Speaker 1>irdn would be a net beneficiary of inflows from from Europe.

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<v Speaker 1>They would get an awful lot of structural structural moneys

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<v Speaker 1>as well as money. Correct it's called peace money, the

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<v Speaker 1>financial support from the European Union. Yes, absolutely, And and

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<v Speaker 1>Nordon Irens is the only region within the UK and

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<v Speaker 1>that is actually a net beneficiary from from from Europe.

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<v Speaker 1>And so it's quite a big deal. And and and

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<v Speaker 1>the Northern while then in the Republic, our economy has

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<v Speaker 1>been has been going reasonably robustly over the last two

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<v Speaker 1>or three years. Nordon Arden it's still reasonably slow growth,

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<v Speaker 1>kind of dynamic and they would they would certainly not

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<v Speaker 1>want to lose any help that Europe would provide them

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<v Speaker 1>at the moment, and so and that's probably I guess

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<v Speaker 1>where Martin McGinnis is coming from in terms of maybe

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<v Speaker 1>looking for a normal IREN vote. They're trying to find

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<v Speaker 1>a mechanism that would keep them within within europe state.

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<v Speaker 1>They've obviously voted, they they voted, they were strong remain

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<v Speaker 1>in last night's referendum. So Karen, earlier we had on

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<v Speaker 1>the show of Marian Harkins, member of the EU Parliament,

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<v Speaker 1>a former member of Ireland's parliament, and uh, she like

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<v Speaker 1>our uh John Nichols Waite, our editor in chief for

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<v Speaker 1>Bloomberg Editorial. They've basically said, how this house this is

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<v Speaker 1>in a way, how kind of distressing this is? And

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<v Speaker 1>of course I'm wondering. Then we can see what the

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<v Speaker 1>mood in the markets is. We can see that. You

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<v Speaker 1>look at European stocks, you know, Uh, the smallest loss

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<v Speaker 1>ironically is in the foot See you've got the IBEX

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<v Speaker 1>down and the foot well, actually, excuse me, when hundred

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<v Speaker 1>is down three percent, the foot ce m ib is

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<v Speaker 1>down twelve and a half percent. You have you know

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<v Speaker 1>in Italy, yes, Italy, and the IBEX in in Spain,

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<v Speaker 1>thank you sir. And of course Uh. Anyway, the mood

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<v Speaker 1>is sell in Ireland, in Dublin, in your firm. What

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<v Speaker 1>is the mood mood among people about this moment? Well,

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<v Speaker 1>I don't think it. Very many people would have predicted

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<v Speaker 1>this cutting and I guess that's the it's it's the

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<v Speaker 1>kind of the broad sense of I don't. I think

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<v Speaker 1>shock is probably a little bit of a kind of

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<v Speaker 1>a strong word because you know, the referendum, the polls

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<v Speaker 1>were always we're always reasonably tice and I think probably

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<v Speaker 1>the in terms of the markets themselves, the important dynamic

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<v Speaker 1>to understand is SOT. At this time last week, we

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<v Speaker 1>were we weren't a whole lot of way from the

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<v Speaker 1>color levels that we are now, certainly on European equity markets,

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<v Speaker 1>certainly where the docks and the French cat closed, and

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<v Speaker 1>it was within the range that we had been in

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<v Speaker 1>the last couple of weeks. But what we did see

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<v Speaker 1>was Friday, Monday, Tuesday this week a significant rally seven

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<v Speaker 1>eight percent higher on the basis that remain had taken

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<v Speaker 1>back the lead in terms of the polls. So you know,

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<v Speaker 1>the sell off has been very aggressive, it has been

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<v Speaker 1>um in in a very short period of time. In reality,

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<v Speaker 1>we've kind of only moved back to the levels that

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<v Speaker 1>we would have seen last week. Where we go from here, though,

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<v Speaker 1>I think it's going to be very interesting because possibly,

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<v Speaker 1>unlike maybe some of the worries we've had in the

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<v Speaker 1>last couple of years, whether it be China or you know,

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<v Speaker 1>your US procession or or you know, issues around a

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<v Speaker 1>bowl of from from and this is going to be

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<v Speaker 1>a very slow moving story. And there's going to be

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<v Speaker 1>you know, a couple of catalysts in the next week

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<v Speaker 1>or so, but after that it's delightly to die into

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<v Speaker 1>the background for a couple of years. But kind of

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<v Speaker 1>that level of uncertainty is going to remain and how

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<v Speaker 1>and and we're going to see it sort of piecemeal

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<v Speaker 1>drip drip drip as the UK tries to find a

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<v Speaker 1>way to maneuver themselves out of Europe but also keep

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<v Speaker 1>their keep their trade deals, et cetera, maybe in place.

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<v Speaker 1>Jared Muhall is chief investment officer Dublin based Global Reach Securities.

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<v Speaker 1>He says this issue of the UK, which could play

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<v Speaker 1>out over a couple of years, will kind of fade

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<v Speaker 1>in the background to the markets. I'm wondering though, if

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<v Speaker 1>there'll be headline risk was such an important global event.

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<v Speaker 1>This is taking stock on Kathleen Hayes and Pim Fox

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<v Speaker 1>on Bloomberg Radio, Bloomberg. Taking stock is brought you by

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<v Speaker 1>your tri State BMW centers. Visit them online at try State,

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<v Speaker 1>plus DApp and Bloomberg dot Com. This is taking stock.

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<v Speaker 1>Coming up on taking stock, We're gonna take stock of

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<v Speaker 1>the pound sterling, the British currency now down more than

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<v Speaker 1>eight and a quarter percent at one thirty six fifty two.

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<v Speaker 1>Find out will Mark Karney and the Bank of England

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<v Speaker 1>have to intercede in order to maintain the value of

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<v Speaker 1>the pound. That's next, also Pim, what should you buy?

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<v Speaker 1>What should you keep selling? It's a very important question.

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<v Speaker 1>That's We're going to continue our conversation with Karen Mulhall,

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<v Speaker 1>chief investment officer at Dublin Blaced Global Reach Securities Charlotte

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<v Speaker 1>Pillets back. Charlie Pillett is in our New York newsroom

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<v Speaker 1>with Bloomberg Business Flash, Thank you very much. Kathleen Hayes

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<v Speaker 1>pim Fox fast moving markets after that historic Brexit vote

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<v Speaker 1>in the United Kingdom. Here's where we stand. We've got

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<v Speaker 1>twenty nine minutes to go ahead of the clothes on

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<v Speaker 1>this Friday. SMP five hundred nicks down seventy seven points.

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<v Speaker 1>That's a drop of three point seven percent. The SMP

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<v Speaker 1>now at two thousand, thirty six down. Industrials down six

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<v Speaker 1>hundred nineteen points to drop there of three point four percent.

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<v Speaker 1>That now at seventeen thousand, three hundred ninety two. Nasdaq

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<v Speaker 1>is down two hundred six points to forty seven oh three,

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<v Speaker 1>a drop there of four point two percent. Sterling right

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<v Speaker 1>now is at one thirty six fifty six. We've got

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<v Speaker 1>gold surging of fifty nine dollars the ounce to twelve

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<v Speaker 1>thirteen twenty two on gold. That is a game of

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<v Speaker 1>four point seven percent. So equity is sinking to session lows.

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<v Speaker 1>The victory of the lead campaign stunning many investors. Michael

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<v Speaker 1>Cogino is the president at the Permanent Portfolio family of funds.

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<v Speaker 1>And in the coming months and years, Great Britain is

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<v Speaker 1>gonna have to negotiate with the European Union as to

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<v Speaker 1>how to exit whatever deals it has currently and enter

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<v Speaker 1>into new deals as well as deals with other countries

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<v Speaker 1>outside the European Union for trade deals that could be

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<v Speaker 1>positive or negative. We just don't know already. Immediate impact

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<v Speaker 1>on corporations British airways owner i a G lowering its

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<v Speaker 1>two thousand sixteen profit targets, an oil tumbling along with

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<v Speaker 1>most commodities. West Texas is going to be the crew

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<v Speaker 1>down five dropping to one barrel on w T I

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<v Speaker 1>now at sixty brand down four point nine percent. It

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<v Speaker 1>is three thirty two on Wall Street. Now, let's take

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<v Speaker 1>a look at other news from around the world. Thank you,

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<v Speaker 1>Charlie from the Bloomberg Newsroom. I'm Jill Schneider. President Obama

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<v Speaker 1>says he has spoken to British Prime Minister David Cameron

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<v Speaker 1>and is confident the UK is committed to an orderly

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<v Speaker 1>transition out of the European Union. Mr Obama spoke this

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<v Speaker 1>afternoon at Stanford University. I do think that yesterday's vote

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<v Speaker 1>speaks to the ongoing changes and challenges that are raised

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<v Speaker 1>by globalization. But while the UK's relationship with the EU

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<v Speaker 1>will change, one thing that will not change is the

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<v Speaker 1>special relationship that exists between our two nations. The President

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<v Speaker 1>had urged Britain to remain with the European Union. Donald

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<v Speaker 1>Trump is hailing Britain's vote to leave the EU and

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<v Speaker 1>predicting that other nations will follow suit. Hillary Clinton says

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<v Speaker 1>we need to respect the choice the United Kingdom has made.

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<v Speaker 1>British Prime Minister David Cameron is resigning in the wake

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<v Speaker 1>of yesterday's vote. Cameron says he worked hard to stop

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<v Speaker 1>the vote from passing, but failed. I held nothing back.

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<v Speaker 1>I was absolutely clear about my belief that Britain is stronger,

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<v Speaker 1>safer and better off inside the European Union, and I

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<v Speaker 1>made clear the referendum was about this and this alone,

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<v Speaker 1>not the future of any single politician, including myself. Cameron

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<v Speaker 1>says he will leave office knowing he did what he could.

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<v Speaker 1>President Obama is designating the Stone Wall in Here in

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<v Speaker 1>New York as a national monument, the first to honor

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<v Speaker 1>gay rights. The tavern in Greenwich Village became the site

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<v Speaker 1>of an uprising after police raided it in June nine,

0:12:14.440 --> 0:12:16.920
<v Speaker 1>triggering what is widely viewed as the start of the

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<v Speaker 1>gay rights movement. Global News twenty four hours a day,

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<v Speaker 1>powered by more than hundred journalists and analysts in more

0:12:24.080 --> 0:12:27.200
<v Speaker 1>than one hundred twenty countries. From the Bloomberg News Room,

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<v Speaker 1>I'm Jill Schneider and this is Bloomberg Charlie, and we

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<v Speaker 1>thank you, and again recapping equities Laura across the board,

0:12:34.440 --> 0:12:37.160
<v Speaker 1>six hundred point drop in the down Jones Industrial Average,

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<v Speaker 1>down three point three tenure yield one point five seven.

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<v Speaker 1>Our Brexit coverage continues. I'm Charlie Pellett and that's a

0:12:45.800 --> 0:12:50.839
<v Speaker 1>Bloomberg Business flash. This he's taking stuff with Kathleen Hayes

0:12:50.880 --> 0:12:55.160
<v Speaker 1>and Pim Fox on Bloomberg Radio. A global sell off

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<v Speaker 1>in global assessets on speculation, the UK decision to leave

0:12:59.640 --> 0:13:02.600
<v Speaker 1>you hamper worldwide growth. We certainly con see it in

0:13:02.600 --> 0:13:05.840
<v Speaker 1>the numbers. Is Charlie Pellett just so eloquently laid it

0:13:05.840 --> 0:13:08.680
<v Speaker 1>out for us. We're continuing our conversation now with Karen

0:13:08.720 --> 0:13:13.800
<v Speaker 1>will Hall's chief investment officer at Global Reach Securities in Dublin, Ireland.

0:13:13.920 --> 0:13:17.600
<v Speaker 1>So certainly someone who is in the heart of the

0:13:17.640 --> 0:13:20.360
<v Speaker 1>impact and all the big questions about where this leads

0:13:20.360 --> 0:13:21.760
<v Speaker 1>next and of course for you here and this is

0:13:21.840 --> 0:13:27.000
<v Speaker 1>such an important investment question because in your work at

0:13:27.000 --> 0:13:32.000
<v Speaker 1>Global Reach Securities you invest mainly in stock indices or

0:13:32.120 --> 0:13:35.400
<v Speaker 1>sectors through e t f s. You mostly have an international,

0:13:35.480 --> 0:13:39.040
<v Speaker 1>a global macro focus. Let's start there. Pam was just

0:13:39.120 --> 0:13:41.760
<v Speaker 1>mentioning how much the pound has fallen at the lowest

0:13:41.800 --> 0:13:45.160
<v Speaker 1>level since is that where you start? Do you start

0:13:45.200 --> 0:13:48.200
<v Speaker 1>with currencies? Do you look at this rally in uh,

0:13:48.440 --> 0:13:51.560
<v Speaker 1>you know, government bond markets, particularly the US that seems

0:13:51.600 --> 0:13:55.800
<v Speaker 1>to be continuing. What's your first step, I think, Cavin,

0:13:55.920 --> 0:13:59.040
<v Speaker 1>when when we're still of looking at how our investment

0:13:59.080 --> 0:14:02.560
<v Speaker 1>process that involved of and and kind of takes into

0:14:02.600 --> 0:14:04.520
<v Speaker 1>account events like what we saw in the last twenty

0:14:04.520 --> 0:14:07.200
<v Speaker 1>four hours, I think for the first thing, we kind

0:14:07.200 --> 0:14:09.439
<v Speaker 1>of try and come back to what the double central

0:14:09.440 --> 0:14:13.360
<v Speaker 1>banks are doing M and the certainly for the moment

0:14:13.720 --> 0:14:16.679
<v Speaker 1>it will involve evolve over time, but for the moment,

0:14:16.720 --> 0:14:19.520
<v Speaker 1>we were very focused on Mario dragging and what the

0:14:19.600 --> 0:14:22.520
<v Speaker 1>use to be are doing. UM and we've spoken about

0:14:22.520 --> 0:14:24.720
<v Speaker 1>this before, but the kind of the natural flow of

0:14:24.760 --> 0:14:28.400
<v Speaker 1>that is that we would see the euro being on

0:14:28.480 --> 0:14:32.280
<v Speaker 1>average weak currency, so we would look to both allocay

0:14:32.360 --> 0:14:35.720
<v Speaker 1>capital away from the Europe, from the Euro to currencies

0:14:35.760 --> 0:14:38.080
<v Speaker 1>that we think with strengthened against the Euro. And then

0:14:38.080 --> 0:14:42.960
<v Speaker 1>within Europe, we've had had a recently um strong focused

0:14:43.000 --> 0:14:45.480
<v Speaker 1>on to the European corporate bonds and we have stayed

0:14:45.520 --> 0:14:48.560
<v Speaker 1>away from from European sovereign bonds valuations they're a little

0:14:48.560 --> 0:14:51.520
<v Speaker 1>bit strained, but particularly European corporate bonds, some high yield

0:14:51.560 --> 0:14:56.680
<v Speaker 1>corporate debt, and some European equities based around the German market.

0:14:57.120 --> 0:14:59.960
<v Speaker 1>We've we've had over the last six months and very

0:15:00.000 --> 0:15:03.160
<v Speaker 1>its positions in Sterling against the Euro. We have very

0:15:03.200 --> 0:15:06.120
<v Speaker 1>small exposure to Sterling at the moment with within the fund,

0:15:06.280 --> 0:15:09.600
<v Speaker 1>mostly due to the uncertainty around what we've seen in the

0:15:09.560 --> 0:15:11.960
<v Speaker 1>the last twenty four hours, and I can't I I

0:15:12.000 --> 0:15:14.880
<v Speaker 1>see probably some opportunity for Sterling to to weaken a

0:15:14.920 --> 0:15:17.480
<v Speaker 1>little bit further, and we certainly wouldn't be trying to

0:15:17.520 --> 0:15:20.880
<v Speaker 1>buy and buy the difference sterling just yet, and we'd

0:15:20.880 --> 0:15:22.960
<v Speaker 1>want to see a catalyst that turn it around, because

0:15:23.360 --> 0:15:25.240
<v Speaker 1>as I think a couple of the other guests have

0:15:25.320 --> 0:15:27.360
<v Speaker 1>already mentioned today that the UK is in a bit

0:15:27.400 --> 0:15:30.400
<v Speaker 1>of a difficult spot in the sense that Karnie probably

0:15:30.400 --> 0:15:32.320
<v Speaker 1>would quite like to cut rates and sort of give

0:15:32.320 --> 0:15:34.640
<v Speaker 1>a bit of an indication of a of a of

0:15:34.720 --> 0:15:38.960
<v Speaker 1>action into sort of, you know, improve confidence. But you know,

0:15:38.960 --> 0:15:41.160
<v Speaker 1>if the if sterling is weakened so much already, and

0:15:41.200 --> 0:15:43.600
<v Speaker 1>if it was the weaken materially more, it will lead

0:15:43.640 --> 0:15:46.120
<v Speaker 1>to a huge problem with the important inflation. And the

0:15:46.200 --> 0:15:49.280
<v Speaker 1>UK economy is very susceptible to important inflation and we

0:15:49.280 --> 0:15:52.800
<v Speaker 1>saw that in the eleven and twenty twelve periods. So

0:15:53.000 --> 0:15:55.360
<v Speaker 1>I would suspect if Cornie does decide to do anything,

0:15:55.400 --> 0:15:57.800
<v Speaker 1>it's going to be more around maybe quantity of easy

0:15:57.960 --> 0:16:00.360
<v Speaker 1>or liquidity as it measures, and at that point we

0:16:00.440 --> 0:16:03.080
<v Speaker 1>might get more interested in in in terms of maybe

0:16:03.320 --> 0:16:08.440
<v Speaker 1>taking some Sterling exposure and with within our investment process. Karen,

0:16:08.560 --> 0:16:10.720
<v Speaker 1>I just want to follow up on something you're talking

0:16:10.760 --> 0:16:13.800
<v Speaker 1>about having to do with the catalyst for a turnaround

0:16:14.720 --> 0:16:17.560
<v Speaker 1>at that point, won't everybody know that there's that catalyst?

0:16:17.680 --> 0:16:20.840
<v Speaker 1>And isn't this when real money is made, You look

0:16:20.920 --> 0:16:24.000
<v Speaker 1>at things that no one else wants to buy because

0:16:24.040 --> 0:16:29.080
<v Speaker 1>they believe that the situation will not change. Well, pin

0:16:29.240 --> 0:16:32.760
<v Speaker 1>things can get cheaper, I guess, is what I'd always

0:16:32.760 --> 0:16:34.520
<v Speaker 1>said to that, and I think even in terms of

0:16:34.520 --> 0:16:36.480
<v Speaker 1>the clodity sell off we've seen over the last couple

0:16:36.520 --> 0:16:39.080
<v Speaker 1>of years, and I've always been it's not that we

0:16:39.080 --> 0:16:41.480
<v Speaker 1>would be necessarily be waiting for the turn, but I

0:16:42.080 --> 0:16:45.640
<v Speaker 1>certainly think in terms of getting excited about about Sterling again,

0:16:45.920 --> 0:16:48.920
<v Speaker 1>and you know there's there's some chance and and certainly

0:16:48.920 --> 0:16:51.400
<v Speaker 1>some technical analysis that one of our team is Don't

0:16:51.440 --> 0:16:54.880
<v Speaker 1>has done with suggested Sterling certainly against the daughter mightn't

0:16:54.880 --> 0:16:57.920
<v Speaker 1>have a whole lot more downside to go. I think

0:16:58.400 --> 0:17:00.200
<v Speaker 1>you'd have to, you'd have to let a bull the

0:17:00.280 --> 0:17:03.360
<v Speaker 1>days go before you you decided to to really move

0:17:03.440 --> 0:17:06.040
<v Speaker 1>in there. And yeah, and as I say, you'd be

0:17:06.080 --> 0:17:08.080
<v Speaker 1>looking for something on the even on the fringes. It

0:17:08.160 --> 0:17:09.880
<v Speaker 1>might not have to be a direct catalyst, but something

0:17:09.880 --> 0:17:13.480
<v Speaker 1>on the fringes to suggest that the selling of of

0:17:13.480 --> 0:17:18.240
<v Speaker 1>of Stirling has at least debated for a period. So

0:17:19.880 --> 0:17:23.080
<v Speaker 1>over the long run, where how do you see this

0:17:23.160 --> 0:17:25.720
<v Speaker 1>working out? And does it really make that much difference

0:17:25.760 --> 0:17:27.440
<v Speaker 1>in some sense when all of a sudden and five

0:17:27.520 --> 0:17:30.639
<v Speaker 1>years down the road for investors like you people have

0:17:30.680 --> 0:17:33.399
<v Speaker 1>to manage money. Is it just is it? Is it

0:17:33.480 --> 0:17:36.080
<v Speaker 1>going to all settle down and we'll be where we were,

0:17:36.840 --> 0:17:39.520
<v Speaker 1>or does it have some lasting effect that we should

0:17:39.520 --> 0:17:41.240
<v Speaker 1>be worried about what it's going to have a lasting

0:17:41.240 --> 0:17:43.879
<v Speaker 1>effect on the growth look for the UK economy and

0:17:44.720 --> 0:17:47.480
<v Speaker 1>the Leave camp have argued that's very strongly that the

0:17:47.480 --> 0:17:49.960
<v Speaker 1>short term negative catalyst that we're sort of seeing begin

0:17:50.040 --> 0:17:52.000
<v Speaker 1>to play out now we'll be offset by a longer

0:17:52.119 --> 0:17:55.160
<v Speaker 1>term improvement in terms of trade deals, etcetera. And we'll

0:17:55.160 --> 0:17:56.720
<v Speaker 1>have to see how that kind of works out. But

0:17:56.880 --> 0:18:01.959
<v Speaker 1>for me, I guess um go in forward, it's not

0:18:01.960 --> 0:18:04.480
<v Speaker 1>whether or not it has a lasting impact, it's how

0:18:04.520 --> 0:18:06.560
<v Speaker 1>more how as I spoken maybe before the break, is

0:18:06.600 --> 0:18:09.159
<v Speaker 1>how does the houses sort of play out? Does it

0:18:09.280 --> 0:18:11.800
<v Speaker 1>kind of and it's probably not going to happen in

0:18:11.800 --> 0:18:13.400
<v Speaker 1>the next week or so, but does it fade back

0:18:13.400 --> 0:18:16.040
<v Speaker 1>into the background and then kind of re emerge as

0:18:16.040 --> 0:18:18.000
<v Speaker 1>they were kind of a risk off move and then

0:18:18.080 --> 0:18:20.800
<v Speaker 1>kind of go back and then re emerge again. And

0:18:20.840 --> 0:18:23.160
<v Speaker 1>that's why I was quite interested to see Bars Johnson's

0:18:23.160 --> 0:18:26.240
<v Speaker 1>comments and this morning, who has been the sort of

0:18:26.320 --> 0:18:29.320
<v Speaker 1>main figurehead of the Leave camp. And you know, it

0:18:29.320 --> 0:18:32.600
<v Speaker 1>occurs to me that maybe the Leave camp maybe weren't

0:18:32.600 --> 0:18:36.000
<v Speaker 1>that confidence in their own success. And I'm not sure

0:18:36.040 --> 0:18:37.960
<v Speaker 1>they have their own plan in place about how to

0:18:38.000 --> 0:18:41.000
<v Speaker 1>proceed from here. Thank you very much for spending time

0:18:41.000 --> 0:18:43.639
<v Speaker 1>with the Skier. And Mohall is chief investment officer for

0:18:43.720 --> 0:18:48.320
<v Speaker 1>Global Reach Securities. They are based in Dublin, Ireland. The

0:18:48.320 --> 0:18:51.760
<v Speaker 1>pound sterling right now down more than eight percent against

0:18:51.800 --> 0:18:55.280
<v Speaker 1>the US dollar at one thirty six seventy four. You're

0:18:55.320 --> 0:19:04.639
<v Speaker 1>listening to Bloomberg Radio. Coming up on Bloomberg Radio, Russelle

0:19:04.640 --> 0:19:08.080
<v Speaker 1>balancing could be having a Brexit LNE like effect on

0:19:08.320 --> 0:19:11.119
<v Speaker 1>US stocks too. We're going to find out why, what

0:19:11.200 --> 0:19:13.439
<v Speaker 1>it means for the market's next on Bloomberg Radio.