Conagra, just like General Mills yesterday, down 8. 6 for one of the worst performances today. Down today. That is being acquired. Coming up later this hour, i will speak to atlantic investment president and cio. We will have the value versus growth rotation discussion. Guy absolutely. Looking forward to that one. European stocks just in positive territory. They sold off midmorning and have been climbing back ever since. The pound has spent most of the day positive, but has since sold off. Boris johnson was saying it was a million to one shot that we get a hard brexit. We continue to see a bid on the bow and. We are not quite at record lows or record highs on prices, but we are awfully close. Vonnie i will tell you where we are awfully close, and that is in tokyo. G20 leaders meeting this weekend with investors watching for the outcomes of bilateral discussions on the sidelines of the event, in particular between President Trump and president xi , which takes place saturday morning. We are joined now by tim kearney. It is getting closer and closer. They are in fact in osaka. I am cleary us i am curious as to whether this is driving your outlook right now. Is it all trade . Fed, the two the of them together. Right now it is definitely g20. Vonnie what are you looking at in terms of Asset Classes . Weve seen a lot of volatility lately. Weve seen all sorts of Asset Classes moving around. Tim we think that theres going to be continuation of the trade discussions, and that will keep equity markets and risk assets with a little bit of a lift following into the fed a month later. Guy if we dont get a deal this weekend, do we get 50 basis points from the fed . Tim i dont think that we are going to get a deal. I dont think that the talks have progressed that far. And i dont think that the markets are looking for a deal, per se. I think theyre looking for continued progress and the two sides talking. I think the fed is tamping down those expectations. I dont believe weve ever started in easing cycle with 50 basis points unless we were already in recession, and clearly we are not. Guy there are a couple of instances, but you are probably right about the recession side of things. What we are seeing at the moment is equity markets near record highs and bond yields falling. In germany, record lows when it comes to bond yields. Are they delivering different messages. Different messages . Is one right and one wrong . Tim i think low levels abroad gives a bid to u. S. Yields. Are focused onth easing from their respective Central Banks right now, and also the slowing economies. Is slowing,the u. S. Germany quite a bit more. Vonnie how concerned are you when you hear things from Companies Like conagra talking about the higher steel prices, and upping prices to offset that . Obviously you are not going to talk about specific companies, but we are hearing more and more about the impact of tariffs, arent we . Tim yes, it is pretty interesting youre getting this kind of price increases. Yet, the fed isnt worried about inflation being tilted to the downside. That has to be resolved, i think. Vonnie oil price is something the fed talks about being transitory, but we have seen basically a 10 move in prices on the wti. Does that factor into anything you are thinking about in terms of investment . Tim in terms of oil, obviously it is an important component. It is transitory. That is something weve learned. It is probably reflective to some degree of the easier fed outlook which weve gotten in the last month or so. Guy are you buying stocks right now . Do you think the high is in for the year . Tim we continue to be positive on the stock market. I think it is difficult to be an active trader ahead of these two upcoming incidents because we are not in the meetings with the g20. We have time before the fed. I think it is a difficult time to take anything beyond a strategic view. Guy how much time do you spend thinking about the availability of liquidity within the market . There seems to be a lot of liquidity at the moment. The problem is you dont know how deep that lake is. Is that something you talk to investors about . Is that something investors talk to you about . Tim we dont get a lot of questions on market liquidity. My experience, it is always great until the day it goes off. Vonnie your outlook for bonds is you are seeing some opportunities there. Where do you see 10 year yields going, and where are the opportunities . David my belief tim my belief is that the bond market has potentially a little but of upside, but if the economy will turn around in the second half of the year stronger than the second quarter, bond yields will probably edge higher. I would look for yields above 2. 25. Vonnie all right, thank you. Investment is voya managements multiasset market strategist. Lets check in now on the first word news. Heres kailey leinz. Expect economists now the Federal Reserve to cut Interest Rates twice this year, by one quarter percentage point in september and again in december. Before the last meeting, economists were only expecting one rate cut. For the first time, iran is set to breach the landmark nuclear signed into any 15. The country probably signed in 2015. The country will probably exceed uraniumon lowgrade stockpiles today. Huawei appears to have closer ties to chinas military than the Telecom Equipment maker had acknowledged. Several employees have collaborated on Research Projects with Chinese Military personnel. While way says those projects huawei sayse way those were not authorized. The first president ial democratic debate exposed an ideological divide. The candidates disagreed on how to remake the economy and fix immigration. They did agree on universal health care, but not the way to do it. Elizabeth warren said she is in line with bernie sanders. Sen. Warren yes, im with bernie on medicare for all, and let me tell you why. Ive spent a big chunk of my life studying why families go broke. One of the number one reasons is the cost of health care, medical bills. And that is not just for people who dont have insurance. It is for people who have insurance. Kailey sanders and joe biden will be on the stage tonight. We will have more on last nights debate in just a few minutes. Global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im kailey leinz. This is bloomberg. Vonnie we are getting some breaking News Headlines out of the Supreme Court. It is the final day for the decisions. The ruling we are getting is that scotus has ruled voting ass cannot be challenged partisan, upholding the republican drawn voting maps. This insulates partisan gerrymandering from legal attack. Rulingain, scotus that voting maps cannot be challenged as too partisan. Guy coming up, some of the key issues and warnings for corporate america. We will be live from miami next. This is bloomberg. Guy from london, im guy johnson. Vonnie from new york, im vonnie quinn. This is bloomberg markets. Lets get a check on global markets. Abigail doolittle is here. Abigail at this point we have the buyers in control globally. The s p 500 and the nasdaq see modest to solid gains. The s p 500 snapping perhaps a fourday losing streak. The nasdaq up for a second day in a row. In germany, the dax higher by. About 3 10 of 1 in the Asian Session ash higher by about three tents of 1 . Dax higher by about 3 10 of 1 . In the Asian Session, the nikkei higher by 1. 2 . Up on the Restructuring Plan in europe, reducing the workforce by 12,000 europe and the number of factories by 25 . They will be focusing on the higher price and better margin suvs and pickups. Walgreens higher on a strong quarter. Dvanced micro up 2. 5 on the downside, conagra plunging. They put up a quarter that was disappointing, the outlook not great. Bowing down to. 8 as the faa as the faa says there are potential he more problems. H20 fund is hemorrhaging cash, downgraded by morningstar, but up on the day more than 2 . Vonnie Abigail Doolittle, thank you. We are approaching the end of the month. The first primary debate of the 2020 electoral season exposed some daylight between the , whiletic contenders taking ample shots at President Trump in the process. Lets get now to kevin cirilli, bloombergs chief washington correspondent, live from miami. So what is the verdict . We see a lot of commentary on how much time each candidate took, but in terms of actual policies, did anything new emerge . Kevin on the issue of medicare, there was a key moment last night in which senator Elizabeth Warren and new york city mayor elder basia where the only two candidates on the stage to raise their hand when lester holt of nbc asked if they would get rid of private plans in favor of a Government Health care plan. Particularlymy, senator Elizabeth Warren using her opportunity as an introduction to the National Audience to make your case against big tech, big pharma, and big business. Take a listen to what she and others had to say. Sen. Warren who is this economy really working for . It is doing great for a thinner and thinner slice of the top. Sen. Klobuchar we know that not everyone is sharing this prosperity. The president sits in the white house and gloats when you have 70 people that are having when you have 70 people that are having trouble affording college. This economy has to work for everyone, and it will take everyone coming together to make sure that it does. Sen. Booker by the fact that this is an economy that is hurting Small Businesses and not allowing them to compete. Last there was one moment night when senator Elizabeth Warren and senator cory booker made exchanges about regulations pertaining to big tech. I was able to catch up with senator warren and ask her about what she would do on day one she saidulations, and she would remake the varmint of justice as it relates to President Trump appointees the department of justice as it relates to President Trump appointees. Tonight, all eyes turn to night president as former Vice President joe biden takes the stage along with senator bernie sanders. Guy how will tonight be different, then . Kevin i think it is going to be really interesting to see just how Vice President biden navigates through the democraticsocialist rhetoric of the likes of senator sanders, and how senator sanders looks to contrast himself from the rest of the field. Senator Elizabeth Warren has emerged as a toptier level candidate. She says she does not describe herself as it, cut a socialist, but rather as a capitalist who believes in rules. Senator sanders has to make the case that he is the only one who would be able to unite this type of democratic party. From bidens perspective, he has to show that he is able to turn the page from some of the political controversy that has dogged his campaign for the past several weeks and make the case that he is still the toptier level candidate that can ultimately beat President Trump. For the rest of the candidates, it is a very small opportunity and a very small window to make their introduction to the american people. Senator, harris senator Kamala Harris of california will also be on the stage. It is a marathon, not a sprint, but now we are in full 2020 cycle mode. Vonnie our thanks to kevin cirilli. Bloomberg will have previews and analysis before this evenings Second Democratic president ial debate. Guy still ahead, the faa revealed a new safety risk on the troubled owing 737 max 8, ordering the air troubled ordering thex, aircraft to make further changes. Thats next. This is bloomberg. Guy from london, im guy johnson. Vonnie from new york, im vonnie quinn. This is bloomberg markets. More problems for boeings troubled 737 max 8. Tests have revealed a new safety flaw unrelated to two fatal crashes. U. S. Regulators are now ordering the comedy to make additional design changes. Joining us is bloombergs Brooke Sutherland. How on earth did they miss this . Brooke i think that is really the question. How are we this late stage in the game and still finding new problems with the 737 max 8 . To me, it is more troubling that it is not connected to that Software Flaw that has been tied to the two fatal crashes. This is a separate issue, and yet it can cause the planes nose to dive in a way similar to what we saw in those crashes. It is something flawed about the fundamental design of the max. Is this sustainable . We know they shifted some things around to accommodate the larger, more fuelefficient engine. They had to put software in place to make up for a change in the center of gravity. That to me puts more pressure on boeing to come up with a real successor for the 737 out for those engines, designed from scratch to accommodate that. Guy my concern with this story is it didnt come from boeing. Why didnt boeing say we found this additional problem . Why was this leaked . Dennis muilenburg has talked about a changing culture and the need for a focus on safety. This doesnt necessarily speak to that. Brooke it absolutely doesnt. This has been one of my concerns all along. You really havent seen the stock take that much of a hit, and then you see in order for 200 planes out of the paris air show. I dont know what there is that is really holding the Company Accountable because airlines boeing, or from otherwise airbus is going to increase their prices. They dont want to upset that balance of power, delicate as it is being a duopoly. I think this is just evidence that we are not necessarily seeing the changes as far as transparency and credibility that you would expect at this point. Vonnie i was just going to ask you what boeing was saying, and i just checked. The spokesman said the Company Agrees with the faa finding and is aggressing and is addressing the issue. Is it that they never saw it, or that they knew it was there but were redesigning every thing anyways, so they didnt believe there was any reason to go public . Brooke i think at this point if you are boeing, you have to assume that it is right to go public with everything related to the max and to be as transparent and open as possible. There will be the impression that you are hiding something whether or not you actually were. To some extent this is healthy because you want them to do a really deep dive and test everything on this airplane. It would be significant lee works regulators were to put it back up and the spy significantly worse if regulators were to put it back up in the sky and then you find these issues. But it is not a great thing to have a given there are so many lingering questions about this plane. You dont want two things that can cause the planes nose to dive in a way that pilots cant control. That is just fundamental to safety, and that is what is causing concern here. Guy Dennis Muilenburg talks about decades. Is that really what we are looking at here . Is the max going to be around for decades . I appreciate they dont want to upset their forward order book, but nevertheless, when i talked to dennis a few days back, he didnt give the impression that there is work being done on a new narrowbody. Do you think there is . Brooke he did not give that impression. To a certain extent, i think they have to say that they are committed to this airplane, that they see the Business Model carrying out his plan carrying out as planned, but i would have to think they are revisiting that given these impositions. It is in their best interest to redesign the plane, come out with a proper successor that can carry on the 737 Business Model that has been so crucial to the boeing stock price, to its cash flow story, profit story. It is not going to be great in the short term. These planes are expensive to build from scratch, at least 10 billion that cannot be spent on Share Repurchases or dividends, but i think it is the right thing to do for shareholders in the long term and for boeing, and certainly for its customers. Vonnie the plane has been grounded since march 13. In that time, boeing stock is down just 3. 1 , a lot of that coming down today. That is Brooke Sutherland of bloomberg opinion. Thank you. Guy lets get a Bloomberg Business flash now. With a sign of how tough it is for automakers in europe. Details it isring eliminating 20 of its european workforce, around 12,000 workers. Germany, the u. K. , and russia will be the hardest hit. Fordrd will reduce will reduce the number of facilities in europe from 24 to 18. Has initiated , which isf tesla facing competition from the likes of volkswagen, it is likely to become a niche carmaker. Support ofonce the shareholders, arguing that occidental directors may miss takes in the 30 billion takeover of anadarko petroleum. That is your Bloomberg Business flash. Vonnie still ahead, we are going to be speaking with atlantic Investment Management founder alex roepers about valuationg distribution. This is the rotation growth and value debate. This is bloomberg. At comcast, we didnt build the nations largest gigspeed network just to make businesses run faster. We built it to help them go beyond. Because beyond risk. Welcome to the neighborhood, guys. There is reward. Beyond work and life. Who else could he be . There is the moment. Beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. Take your business beyond. Vonnie live from new york, im vonnie quinn. Guy from london, im guy johnson. This is bloomberg markets. Lets catch up with the bloomberg first word news. Here with the details, kailey leinz. Kailey Consumer Spending in the First Quarter was down more than for the, 9 10 of 1 , slowest performance in one year. Still, Business Investment was revised higher and the overall economy rose at a solid rate of 3. 1 . Democrats have just gotten what could be seen as seen as an ominous sign in the fight to save obamacare. Republican led states have questioned whether obamacare is constitutional. The Justice Department has said it wont defend it. Frances president Emmanuel Macron once the u. S. To reconsider its maximum pressure policy on iran. He says he will try to persuade President Trump to remove sanctions and give negotiations a chance. Both leaders are in japan for the g20 summit. China says its demands for a trade deal with the u. S. Havent changed. A ministry of commerce spokesman called on the u. S. To remove extra tariffs, set realistic targets for chinese purchase of american goods, and ensure the deal is balanced. Trump and xi jinping meet saturday in japan to try to get negotiations back on track. Global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. Im kailey leinz. This is bloomberg. Rough fews been a years for u. S. Value investors since the decade log market environment that has favored large caps and tech. Atlantic investment founder Alexander Roepers says that will change, and theres looking for dollars equity. He joins us now. Thanks for joining. You wrote a white paper recently about this great rotation that you see on the way. You wrote one in 2016 as well. Im curious as to why you think now that it is coming more than you were three years ago. Alexander thank you for having me alexander thank you for having me. That was right after the oil collapse. Without that was an inflection point, and indeed, the resurgence in value sox lasted about in value stocks lasted about a year and a half, but everybody was ordered back to growth and tech and largecap. This year we have a lot of ipos coming out, companies with great stories, often moneylosing situations with huge valuations. Tech stocks continue to expand. A huge valuation compression has been going on in the midcap and value stocks that we follow. Vonnie the problem is timing, though. For example, one of the arguments is that the fed has kept Interest Rates so low for so long that everything is distorted. The problem now is it looks like the fed is going to cut again in july. Pain to thet put argument that it is time to change . It wall street a wall street journal reporter noted how overbought tech stocks were. I just want to point out the opportunities created by this equity market dynamic. Vonnie the other part of the argument is that theres about two point 5 trillion of private equity money out there looking for homes. People are just looking for places to invest. Is part of your argument that that capital will go to work on some of these midcaps, values . Alexander theres a lot of private equity and dry powder around. I think theres a hesitancy on behalf of corporations to do m a, as well as private equity to do large deals. Pending resolution of the tariff war situation in brexit as well, once these macro issues become more clear to most people, there will be an increase in takeovers, private equity, strategic. Hussle deals are hard to do, but private equity in coordination with companies and large shareholders can get more deals done in the coming years. Vonnie does your argument hold up no matter what the outcome is for the tariff discussion, even if we get more tariffs put on china . And also, the brexit side of things. If we get one or other outcomes to brexit . Alexander not entirely. Uncertainty continues. You see investors gravitate to largecap tech, to mystics primarily. It is in favorite domestics primarily. It is in favor of what has been driving the markets. Vonnie you are an active investor. I just went to show some of the companies you are involved in. They include huntsman. Where are you active . Alexander all of our Core Holdings are in active discussions constructively with management, as we always have been for the 30 years we have done this. We have been public with our activism in the largest class bottle manufacturer in the world. 25 of all the glass bottles in the world are made by one of their 77 plants. Nhe company is at a ultracheap valuation. By selling the european unit, they could generate about 3. 5 billion of cash they can use to pay down debt. At a reasonable valuation, you can have a doubled share price. Vonnie when you talk to the management of these midcap value come base that you say are being overlooked these midcap Value Companies that you say are being overlooked, what are they saying . Alexander they are very busy improving operations. They are all very hard at work to do the best thing for their companies, and they are very frustrated in many cases to see valuations so low. In the last year alone, we have seen pes in our universe go from seven to 10. Theres a valuation compression that reflects the uncertainty in the generally industrial and Global Economy as a result of the tariff wars. Vonnie many of the companies that you hold, for the most part , they are manufacturing economy based companies. What about the idea that the u. S. Is just migrating away from ase, andcturing based b that if there is more of a trade war, these companies will find it very difficult to continue on . Alexander i dont think the u. S. Is migrating way for manufacturing. Manufacturing is very important to the United States. I think we should not forget the technological obsolescence risk, a real big risk factor that should be taken into account when looking at tech stocks. Some of these are a huge valuations, completely ignoring the obsolescence that can hit them. In the meantime, we are being tested over time, very profitable and trading very cheaply. At the end of the day, we are all Value Investors. When you buy a house or car or dishwasher, you compare to get value. I said just investors do the same thing. Vonnie you are also involved in europe. Tell us about the French Company you are involved in. Guy it is one of our largest positions in europe, and Information Technology service company, similar to maybe accenture. It has grown to acquisitions in the last seven or eight years. Bond a Company Called world line that is now separately traded. They have an opportunity to take their cybersecurity business public. Are you seeing many opportunities . Clearly your holdings are your main funds, but you have been involved in europe for decades. Alexander europe is a candy store for Value Investors at this moment. There are some very strong leading companies with high multiples, particularly luxury companies. There are comedies like g4s g4s. G4s Companies Like these represent extreme nearly good value. Vonnie youre one of the more Successful Hedge Fund managers out there. Construction much in that space, and not many managers around for multiple decades. Youve managed it. Probably say that value is next for you. Alexander i stick to what i know and stay with the universe we are comfortable with. Value investing will never go out of style. To buy things low at good value makes sense through the decades and the centuries, even. We know theres different dynamics at hand. Biotech, emerging markets, high market will be in favor. We are in a highgrowth cycle with money flowing endlessly into etfs. One should be aware of what one is buying. Dont buy momentum. Dont buy very high multiple stocks unless you are willing to take the risk. Vonnie you say you are keeping an eye on the tariff war and brexit. What about the 2020 president ial election . Does that change the timing of this great rotation at all . Do people wait and see what happens next . Alexander it is extremely difficult to say. If there is going to be a change in administration, it will have a Significant Impact on what is going on in the economy, investor sentiment, et cetera. Clearly it is going to be a headline market moving aspect. Vonnie on tesla, i know that you also have a short element here to europe of folio, 20 to 30 stocks at a time. You are in and out of tesla. Given the optimism from elon musk, what would you be doing now . Alexander i would short it. At the end of the day, if they achieve margins like General Motors on 2021 earnings and trade at a multiple twice General Motors, the should drop 55 from here. Atlanticlex roepers, Investment Management president and cio, thank you for joining me. Guy in switzerland, according to local radio reports, the swiss are set to ban the trading of swiss shares outside of switzerland as of monday. This is part of the equivalent story that is raging between the eu and switzerland at the moment. The eu is saying it sees no real way forward in terms of this quinlan story this equivalent story. This has a read across into the brexit story. The u. K. Financial center in london is expect it to have to rely on equivalents going forward. Stocks will swiss no longer be able to trade on other exchanges around europe, so that story certainly want to watch. Another story relating to switzerland as well. Traders are being convicted for three years. Ubs compliance officers have been convicted and must serve half of their sentence in prison. Back to the earlier story, they are getting ready to halt trading in swiss stocks as of monday. The other story coming out of the Supreme Court of the United States. You brought us the one earlier wrong saying that voting maps cannot be challenged. These broom court now seeing it has issued a mixed decision the Supreme Court now saying it has issued a mixed incision on the census question. We will get some mixed decision on the census question. We will get some analysis for you. This is bloomberg. Vonnie live from new york, im vonnie quinn. Guy from london, im guy johnson. This is bloomberg markets. Vonnie letsvonnie a look at some of the biggest business stories in the news. Disclosingagement is 1. 3 billion. Elliott says bayer could unlock shareholder value once it resolves litigation over its roundup weed killer. Bayer inherited the lawsuits when it bought monsanto. Volkswagen plans to raise 1. 8 billion when it takes its truck unit public this year. Bloomberg has seen a term sheet which indicates shares will be priced at the lower end of the targeted range. Andy german and a German Chemical Company plans to cut 6000 jobs by the end of 2021. It is part of a program that bsaf says will add to earnings. That is your latest Bloomberg Business flash. Time now for our stock of the hour, and it is bayer, the German Pharmaceutical Company in pushed to settle lawsuits around claims that roundup weed killer causes cancer. Investors take this as a sign of hope that issues could be resolved and uncertainty removed. Reporter right now the stock is up 9 , its best day since 2009, on hopes that this might get resolved. They are saying that they think that if the roundup settlements lock 30, it will billion of shareholder value. Right now there are three lawsuits in the u. S. They have lost. It could be worse 6 billion to 10 billion of settlements. Elliott is saying it is less. Investors taking a bit of a positive that perhaps this company, which is more of a pharmaceutical company, can put this issue behind them and focus on the future. Guy elliott is also indicating it once the process to happen quickly. How critical is that to the way we are seeing shares reacting . Abigail i think it is a perception problem here. Weve had this roundup settlement lawsuit issue hanging over the stock for such a long time. You have a very powerful activist investor saying they want to take care of it quickly. They have a history of making these sorts of things happen, splitting up companies. There are three Main Business lines for this company, including the crop science, pharmaceutical, consumer health, and then a small branch of other. If they were to split it up and do all of this quickly to unlock shareholder value, investors are taking confidence that they mean business and it could in fact not be dragged out for years. It is hard to know what the exact timing is. This,rt of hope around the stock is since that monsanto acquisition down about 30 . Ruthless, sott is on one hand i can see why investors would be pleased, but what does it mean for the likes of ken feinberg and that group . Will they back down on any amount they are looking for . Abigail it is hard to say. Because issue here is whether or not that roundup actually causes cancer. Bayer is saying the studies show it does not, but now apparently some experts are saying they are taking more into account, Public Perception of how negative this is, and that is how they are actually going to fight it. Vonnie Abigail Doolittle with our stock of the hour. Thank you so much. ,uy on the bloomberg terminal the outlook for earnings across the globe turning a little gloomy. Endless downgrades of international profits are outpacing upgrades of the most since january. Investors worried the tariff as theyl hurt growth prefer this weekends g20. Lets check out this and all of the other great charts this weekends g20. Check out this and all of the other charts on the terminal at gtv. This is bloomberg. Guy from london, im guy johnson. Vonnie in new york, im vonnie quinn. This is bloomberg markets. Guy guy time now for futures in focus. Uchs joining us from the cme. Dollar willhink the trade around the g20 this weekend . Bill it wants to try to roll over because of the dovish fed, but i am not bearish the dollar just because of the fed. Really, the fed paves the way for ultimately other Central Banks to then become more dovish as well. But i think there are safe haven tailwinds at g20 that if we get a deal with progress, that could really start to sell the dollar off. Guy in terms of what the impact is going to be on gold, walk me through the line there. Bill ultimately, with progress on the trade war, youre going to see gold come in. I dont think that necessarily has to be the case. I think it depends on what the progress is that we do see. Maybe china comes in and buys treasuries as well, so the 10 year stays tethered to about 2 . If the dollar decreases, i think that paves the way for silver and gold to trade higher, and i think gold technically now has a lot of support at 1400. Follow their it is a little sticky. Below there it is a little sticky. Guy we will leave it there. Nice to see you. Bill baruch of Blue Line Futures joining us out of chicago. Vonnie the Supreme Court of the United States has issued its final rulings of the term, including decisions on partisan gerrymandering and the controversial census question. We are joined by bloombergs legal reporter over the phone. , is it clearly what the Supreme Court has decided will be on the census form . Is not clear whether or not the Trump Administration will attempt to add a Citizenship Question to the census form. But the Supreme Court said today is the reason the Trump Administration gave for adding it this time around wasnt adequate, and that it needs to go back and do a better job. Guy what is going to be the effect of the decision when it maps . To the voting what is the likely reaction on either side of the story on that one . Kimberley the reaction from the dissenting justices was pretty big. ,e heard Justice Elena kagan writing for all of the dissenters, saying she was saddened by the opinion, and her voice actually cracked while she was reading her dissent from the bench. The majority tries to say that the effects wont be as tragic as people are saying because theres other ways for states to regulate partisan gerrymandering , namely through independent commissions, but it is not clear that states can adopt all those measures in time for the next round of redistricting. Vonnie back to the census question for a moment. How will this be resolved in time for the census . Kimberley thats not clear. The Trump Administration urged the Supreme Court to hear this case on an exit i did basis because there is a timeline on an expedited basis because there is a timeline. It said you had to print forms by the end of this month, so it is not clear that there is enough time to provide a better explanation. We are still waiting to hear whether or not they will try to do so. Guy can you explain how these two decisions are connected . Kimberley of course, they all go to the heart of our democracy. That is voting. The census case is about how many representatives individuals get and how much money is doled out under federal dollars. The redistricting cases are about how those lines are drawn. Again, at the heart of both of these matters is our right to vote. Vonnie thank you. Bloomberg laws Kimberly Robinson on the Supreme Court decision which will impact the next election. We have the dow down about 1 10 500 positive by about 1 3, and the nasdaq up by 6 10 of 1 . 96,dollar index just above 96. 19 now. And of course, we are headed towards the end of the month, so positioning be a factor in the trading days to come. This is bloomberg. Guy 30 minutes left in the european trading day. From london, im guy johnson. Vonnie from new york, im vonnie quinn. This is the european close on bloomberg markets. Guy we are coming towards the end of the week, and of the quarter, and of the half. End the quarter, and of the quarter, end of the half. Pound up. Glencore down under significant pressure. We understand that nine people have been killed in a mining accident. As we get more details, we will bring them to you. The stock down by 7 . Vonnie in the u. S. , the s p 500 holding onto some gains, just about 1 3 of 1 . Walgreens helping that out. Not so mu