Hasnt been as strong as we had thought. Getting obviously a little bit of relief after the announcements of all the buy backs and dividend increases. It doesnt seem as though anybody changed his or her opinion about the businesses themselves, whether they can earn a proper return in this environment. It seems still kind of a call on fed policy, but at least youre going to get paid a little bit along the way if youre a bank shareholder. Were seeing, this is the last day of the first half, last day of the Second Quarter. Coming off some pretty strong gains. I believe the best two day gain of the year on monday and tuesday but we are getting some of those headlines from the bank of england. Wets get out to wilbur frost outside of the boe in london with those headlines. Reporter thanks very much. Mike carney speaking right now. Hes due to say that there is need for summer stimulus after the brexit shock. This next line is a direct quote. He said in my view and im not prejudging the views of other members the Economic Outlook has deteriorated and some Monetary Policy easing will be required over the summer. Hes saying in august well discuss further the range of instruments at our disposal. This following that historic brexit vote last week. He says as weve seen elsewhere Interest Rates are too, low the hit to Bank Profitability could perversely reduce Credit Availability or increase its overall price. Hes saying some stimulus could be used. He said a host of other measures and policies are available and so far he does say following the referendum things are quote working well when he refers to the contingency plans that were in place before the result he said they are working well but a host of other measures available. Implying in the summer meetings to come for the bank ofngland there may well be easing needed. Well keep monitoring that speech and bring the rest of the headlines as they come out. Its interesting to hear him say more stimulus could be needed and that there are a host of other policies because of course on friday they did pledge basically to be a backstop to the market but for parkt participants they are not seeing any intervention so far that the boe was needed with that money to come in and rescue a certain institution or any portfolio or even to provide liquidity that the banks were actually able to do that. So do we have any information about what type of policies these could be and whether they would be a compliment to what they laid out or whether this is a reinforcement or affirmation of what they already said . I dont think we got all those specific details quite yet. We might get them in the q and a. Interesting as you said the policy announcement we got last friday more focus odd immediate market turmoil something thats eased since last friday. I think the focus at the moment is on the economic shock likely to materialize in the coming months from a brexit, some easing may be needed to offset that. He said the uncomfortable truth is that the boe cant fully offset large economic shock of leaving the eu. So hes saying that theres going a hit to Economic Growth and thats really what hes referring to now in terms of future measures expected over this summer. I know youll be monitoring those headlines and listening in to the governor of the bank of england. Youre taking a look now at the pounddollar chart. The pound took a dive down by. 8 of 1 on the back of bank of england saying more stimulus could be needed in the wake of the brexit vote. The governor of the bank of england saying theres deterioration in the market hes seen. Bob pisani has more on the floor of the New York Stock Exchange with how the market is reacting to this. Very modest moves. Remember we had a very subdued open, kay larks take a look at the s p 500. Were moving up here slowly but surely. Remember before mr. Carney came on markets had started moving on the upside. Remember this is the final day of the quarter. Theres some upward momentum recently. Theres some pension rebalancing going on. I think theres a natural p proclivity to move to the upside. Tech has been leading. Energy stocks are a bit on the down side recently. You see how defensive the market has been throughout the morning. Instead of, for example, financials, or industrials or materials leading you have Consumer Staples and utilities and telecom. More defensive tone to the market than weve seen in the prior two days. People ask if theres any impact on the brexit issues. Kayla, i want to note this morning around 7 00 a. M. As we got news that Boris Johnson was leaving the tori race there seemed to be some impact on our u. S. Markets. Dollar pushed a little higher. There you see what happened to the u. S. Dollar index, moved a little higher as he announced he was leaving the tori race. Other moves as well. Interest rates here in the United States moved slightly to the down side as well. Im wondering perhaps there may have been some belief mr. Johnson may have been able to negotiate better terms for the move out of the uk from the European Union or at least the market imply somehow he removing himself would be a potential negative for negotiations down the road. At any rate were sitting near the highs for the day, s p up ten points right now. Back to you. Generally size up the Second Quarter of the year for us. What are the most notable moves weve seen, what do you think we should be watching into the close today which is the last day of the quarter. A notable quarter for some commodity names. Energy was very strong. On the other hand, retail names continue to perform poorly. Airlines fell apart in the last few weeks over concerns on slow down in Global Travel overall. The big issue on the Third Quarter and Fourth Quarter is very simple. Whats the impact in brexit on the earnings situation in the United States. The two areas we just talked about is where there could be problems. That is the impact of a stronger dollar, potentially stronger dollar and number two lower Interest Rates for longer, stronger dollar will have a bigger impact, very notable impact on energy stocks, material stocks, on industrials and technology. Thats a significant part of their earnings overseas and rates lower for longer, well have a potential impact on financials, not just banks, but even Just Companies that provide Financial Services in general. Remember, kayla, five consecutive quarters of negative Earnings Growth for the s p 500. We anticipate that to change, to get better, positive in the second half of the year. These macro issues around brexit could throw a monkey wreench in that whole scenario. Thank you so much. Mike, were seeing headlines from governor carney, the Economic Outlook has deteriorated the pound just fell 1 against the dollar, the boe will reassess this on july 14th. Were at session highs on the dow. It really has a loose linkage to multinationals in the United States. Whatever you want to say about the valuation of the u. S. Stock market, which doesnt seem all that attractive, it is sort of along the spectrum of stuff you buy when youre nervous about other things. I do think thats whats going on here. Bob mentioned Consumer Staples. Everyone says how expensive they are. Well you have a potential bid for hersheys in there and the Food Companies are flying today because m and a will make them more expensive. The concern last week seemed to be based on the Market Reaction this vote had global implications. You saw all kinds of stocks reacting to it. Today basically the message is no, not so much. Based on the stocks were seeing higher and im looking at tech stocks, the strong ipo last week. Yelp up 2. 5 . Arm which is a different beast of course because its based in the uk one of those companies you might expect with a weaker pound would see an uptick. These companies are the ones you would expect to see higher if its just a local impact for brexit. Or if the International Exact is playing out over a long period of time and its through the financial linkages. Its not about necessarily collapsing all global growth. The market has an attention span. Two year process. The market will move on long before that process ends. As long as it says nothing is broken, nobody is trapped, nobody is forced to sell stuff at crazy price the market will look for those names. The ftse 350 has lost 50 billion. Euro stock bank has lost more than 170 billion of value. Were certainly feeling the effects of that overseas. To that end lets get back to wilbur frost with more from the governor of the bank of england. What can you tell us . Reporter weve seen the pound move 1 down off the back of these comments which are still being made behind me in the bank of england. That focus is on the fact that hes implied there will need be some Monetary Policy stimulus, not taken today but taken in the months ahead the meeting in july or august to come. Lets bring you some more of his comments. He says i want to reemphasize the bank has taken all the necessary steps to prepare for these events. Will not hesitate to take any additional measures that might be needed. In terms of banks, he says the Capital Requirements of our larger banks are ten times higher than before the crisis. Moreover the bank of england he says has stress tested our major banks against scenarios far more severe than they currently face. So of course hes trying to say things arent so bad after all but does say all this uncertainty has contributed to a form of economic posttraumatic stress disorder among households and businesses as well as financial markets. That stress might lead to people delaying consumption. Thats why he comes to the conclusion there might be need for further stimulus. Ten minutes ago he said in my view the Economic Outlook has deteriorated and Monetary Policy easing will likely be required. Thank you. I know well see you again soon. Mike, to hear the governor of the bank of england talk about the strength of the uk banks, the capital they built up on a day when the Federal Reserve has dismissed the capital plans of deutsche bank. Soon after the British Government was looking to sell its own stakes in its own banks. Which they put on hold for now. Exactly because it doesnt seem the right market for that. Obviously the u. S. Banks and european banks and british ones are operating on different timelines. As our Monetary Policy. All these things i think causes a lot of confusion and really one of the reasons for better or worse the u. S. Market has been a haven. A lot of attention at least from where i sit, wilbur has a better perspective has turned back to the process, deliberative process within the uk. Boris johnson will not run for Prime Minister. Rest of eu is not interested in negotiating directly with scotland at this point which in a sense seems to me takes some pressure off spain, france, germany saying not exactly the right thing to do. You guys deal with your internal politics yourselves and then well see where these things fall. I mean were looking more at the fall before we have more finality to how this working out. For more, were joined now from london by former british finance minister, former uk shadow chancellor who is now at Harvard Kennedy school of governor. Thank you for joining us this morning. Good afternoon. Do you share the view of mark carney that the Economic Outlook of the uk has deteriorated . I think undoubtedly thats the case. I was somebody who while believing that europe needs to reform and to change and to do better, thought that we were better staying in europe and fighting for reform. So i voted to remain. I was on the losing side. And although there was a lot of criticism of George Osborne the chancellor and mike carneys warnings that things would deteriorate its clearly been a turbulent time in the markets since that decision and whats happened to sterling, there will be a spike inflation. More generally, decisions about investment and big consumption decisions are on hold for many consumers and businesses. So in the short term were definitely going see a slow down in the economy. What we dont know is where this will be for the medium term. As mike carney was saying its a regime change but we dont know to what regime. We dont know what the immediate term is for britain. We have big choices ahead. Politics are in turmoil here. But the economy will wait to see the outcome of those Big Decisions about the future. Now people are saying maybe this was just a scare tactic to get the eu to restructure itself, to show that theres so much discontent within its members rather than to actually initiate an exit of the uk from the European Union. Which view do you agree with . Well, i think that is a very naive view. It was a view that Boris Johnson talked about a few months ago. He was outside. His political career today has taken a very big knock as a consequence. The reality is britain has got to make a big decision in the next few months. Well choose a new Prime Minister to lead the conservative party. Are we going to stay engaged with europe, a major market even though were outside the formal eu, still our biggest trading relationship, are we going to be there around the table sorting things out or are we going to pull away from being an open internationalist trading nation which would be terrible for the city, for companies, for jobs. Europe has a choice as well. They got to decide do they want to say as the president of the commission was saying this week almost good riddance, you go, you rejected us. Do they realize that actually well all lose if that happens. We work in the single currency. That was the right decision for britain. We need to make sure we stay engaged with europe. Whether or not europe takes the right approach to britain is also in the balance in the next few weeks and months. Isnt there a conversation that has to happen internally within the uk first . I mean your labor party, the conservative party as well, the leadership of both parties has been challenged. Clearly there was some disconnect with a majority of voters, people who came out to the polls anyway and there is, it seems a broad sense that there are some Common Ground that could be found with changes that need to happen in immigration, seeking priorities based on some of the strong voices that we heard based on this vote. How do you expect those types of conversations to go over the next few months . I think its important to understand what weve seen here a uk decision in a referendum and a uk political event which is impacting on the markets is actually part of a wider pattern. You have an america, the rise of donald trump, attacking establishment, complaining about immigration. You see similar things happening in france, in denmark, in italy, in germany. Here in britain what happened was the government said to people that this relationship with europe is good, we should carry on with it as it is. It was like the status quo. They also said we cant do more to control immigration. Im afraid the country has said that by a majority we dont like the status quo, we want change. If you think were happy with this were not and voted out. And the Biggest Issue by far was a desire to have more control over immigration. Its because gloibe globalizati led to more turbulence and unstabilization in peoples lives. Unless we address that issue, well see more of these kind of events and well look back and say the uk vote wasnt just in isolation it was part of a bigger and more dangerous trend in the world. The irony, though, is that if, in fact, the uk loses access to the Single Market if companies have to move, if costs companies have to move, if costs go up, if the great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. The composition of said bid half cash, half stock. So 107 which is far below where the current stock price is. In fact there have been talks going on for mornts between modelez and hersheys for a deal. The key here is the Hershey Trust which controls 30 of the economics but even more importantly has an 80 voting control. And so therefore is the deciding vote about whether or not hershey were ever to be sold. And in fact has figured prom neptly in the history of the company when it considered doing deals. Whether it was potentially doing a deal back in the day when cadbury was doing a deal. Weve seen the attorney general of the state of pennsylvania step forward and insert some will there. And so very importantly people familiar with the situation tell me that mondelez has made the following offer to hershey to see if it can get support of the Hershey Trust. Those include a willingness to call the entire company, combined company hershey. To change the name from mondelez. Wed all be thankful for that. They also said theyd be willing to protect all manufacturing jobs in pennsylvania. Obviously pennsylvania is a domestic Chocolate Company in this country. And those manufacturing jobs in pennsylvania very important. As well they also said they would make hershey, pennsylvania, the headquarters for the global chocolate business of mondelez. Remember, mondelez bought cadbury or what was mondelez back then bought cadbury. Cadbury operates many parts of the world but not in the u. S. The cadbury name is licensed to hershey here in the United States. So these three key offers that have been made by mondelez along with its 107 a share bid are to get the approval of the trust. But first, of course, theyve got to get the approval of the board of directors at hershey. At 107 well have to wait and see whether thats enough of a number to get that approval. If in fact the board of hershey were to say okay. 107 in cash and stock is enough to us. They would turn to the trust and say whether the trust was willing to do so. Mondelez is hoping by maintaining the manufacturing jobs in pennsylvania and moving the Global Headquarters of chocolate to hershey, pennsylvania, that it can get the trust to weigh in positively. Not to mention that you could conceivably also say that the diversity meaning they would cash out some of their stock but they also would own a significant stake in this combination would be seen as a positive for that trust. The trust of which has been around for a long time. And was created by Milton Hershey to be used to fund a school for disadvantaged children. So we shall see what develops here, of course. These talks have been taking place over months. The offer was delivered last week. And finally i would add one caveat thats important when people look at valuation. That is the kitt cat license a lot of people like kitt cats. Im a milky way man myself. But kitt cats, thats owned by net lee. But that license would revert back to nestle on any deal. It represents at least 10 of the ebida. And in this case of course in mondelezs bid, it includes what they know would be a business that disappears in terms of its contribution to ebida. Thats where we stand right now in terms of what would be a stunning deal were it to actually be something the trust would be willing to do. How much value do you think some of these commitments on behalf of mondelez is worth . The name isnt worth much. And when kraft bought cadbury years ago, they committed to keep certain factories open in england only to shut them a couple years later. So the track record there isnt necessarily great. Are those easy things to say and not necessarily deliver on. Its an interesting point and i dont have an answer how they will contractually obligate themselves on the jobs. Certainly moving the Global Headquarters. You either do or you dont. To your point about jobs, i dont know the language around that that theyve offered. Changing the name to hershey might make sense. Although chocolate is a domestic business. I like cadbury, too, but hersheys and youre not a kitkat guy. Im partial to dark chocolate myself. Is nelson peltz who mate hates the name mondelez we know, is he a factor here at all. As a board member of mondelez you have to think hes in favor of this approach. He seemed to be against the whole candy thing. This is creating a global chocolate business. Remember theres no real competition between the two at present. And it would create a significant competitor in terms of chocolate. Another name we well know. One other name farrow. 107 is interesting. I havent looked since we reported the number. Well see. Because the markets seem to be anticipating a number far above. The Italian Company is a Family Business as well. Lets bring in morris mark into the conversation. Weve been talking about this Hershey Mondelez deal. What do you think of the valuation at this price . Things look expensive one way but in todays world nothings expensive. When you can borrow money for free. The initial reaction to the proposal before davids number, so i dont know how mondelez is trading. Their price went up. I think that if when you look at the Balance Sheets of some of these Great Companies and the amount of cash they have and their ability to generate cash and the fact they can borrow money for next to nothing, you dont know it just seems to make a lot of sense. Youre also seeing clearly the market is thinking along those terms. Youre seeing kelloggs, general mills. But theyre going higher off of a base already. In other words they already performed well here. Youre not worried about that logic that says were at a new world. Im saying where you can see a basis for legitimate strategic transaction and you have cash and you have a reason to do it, you can pay a lot of money. Look at microsoft and linkedin. What multiple of linkedin was that . A lot of those earnings were also equity comp. But your point being money is free. Why not spend it. Which is why we continued to see not as much m a as last year. We could see more if there was more confidence. What does that tell you about the second half . Both of these deals coming were in the last trading day of this. On the other hand theres this pace of m a and pretty good size too. Its hard to predict the second half of the year. But i dont think Interest Rates are going up materially unless and until the economy gets a lot better. Which means earnings would get a lot better. So i was just going through a mental list of my own investments. We dont buy things because we believe theyre going to be taken over. We buy them because theyre great businesses and we can justify the price. I came up with nine of my names that could be attractive to a strategic buyer in the same business. Like what . Give us some examples of ill give you something that sounds outrageous but its not. Paypal. Thats not outrageous. No. Paypal is the dominant source of payment online. It has 14 million mergers. They have 250,000. Paypal has 180 million users. Paypal makes a ton of money. Never has to be taken over. Is run by a phenomenal new ceo david schulman. But could that be attractive to somebody . Seems to me not irrational in a world of apple wanting to do apple pay, google wanting to do google pay, visa, mastercard. You know, anythings possible. That company likes being platform agnostic. They like playing with all credit card companies. Im not saying i know what their goals are. Im not making an investment on that basis. But a lot of good businesses that are medium sized that are related to other businesses that compete with a lot of very strong people you have to take that into consideration. We think about the valuations overall and i know were going to have a little bit more of a market based conversation in a few minutes. But earnings are going down. Valuations are going up. Well, earnings have been going down. Thats the way i would modify that. This will be the fifth quarter if the forecasts are right when earnings are lower. But the forecasts basically are for a second half comeback. Youre kind of anniversarying the decline. So what has outperformed . Those that arent very cyclical. Do the Cyclical Companies kind of pick up from there. Maybe the indexes dont do much but the Cyclical Companies do. David, asking you a little bit of a crystal ball question here. But based on what you see, based on what you know of mondelez position, is this a deal you think has a good chance of getting consummated . I think it clearly has been worked on for some time between the two companies and one that management was willing to negotiate. A lot is the trust. Its not clear to me what the conversation has been like between hersheys management and the trust and the willingness of the trust to consider Something Like this. Thats the key. If theyre not interested, they are not interested. As we reported obviously with these moves that mondelez is willing to make. I dont know if theyre going to be legally binding. It may perhaps get the interest up. But thats where this lies and unfortunately i dont have a great sense of that at this point. We may be hearing more about that. Its trading through the offer price. Sop they might have to pay a little bit more. If in fact you get a board thats interested and theres a willingness to pay more. But again, if the trust says no, none of this matters. David, good stuff. I know well get more. Morris is going to stick around after the break. Meanwhile, markets have closed just a few minutes ago in the uk and across continental europe. We did see stocks rising later in the session after it was marked stimulus is coming this summer in the wake of the brexit vote. The pound went sharply lower. It had been down about 1 against the dollar. Deutsche bank among the losers after their u. S. Units failed the feds stress test and they did see their capital plans on hold. The banking sect ser a big reason had a rough june. The index down 5 for the month. The banks down 18 . Year to date the stoxx 600 down in a big way. Down 10 for that market. Well, well take another look at the markets after the close in europe. Were close to session highs. The dow is up more than 0. 5 . We do have the triple digit move. S p and nasdaq moving pretty much in tandem these days, over the past few days. The s p and especially the nasdaq had been notably higher than the dow during the moves higher but not as much today. Much more when we come right back. Hi, everybody. Im sue herrera. Here is your cnbc news update at this hour. An all clear at joint base andrews in maryland. No shooter was found. The base is home to air force one and is about 20 miles from washington. Secretary of state john kerry releasing the Human Trafficking report. He honored nine heroes whose efforts made a difference in the fight against trafficking which he called modern slavery that claims more than 20 million victims. In a report released today the u. S. Navy said u. S. Sailors who were detained in iran gave away too much information to captors. It added they were seized following a series of missteps by the crew and their superiors. And the fda is warning consumers against eating raw dough or batter of any kind because of a strain of e. Coli bacteria found in batches of flour. Recalled 10 Million Pounds of flour. That is the news update at this hour. Back down to squawk. Thank you. That is indeed a buzz kill about the cookie dough. But lets get back to the markets. President of mark Asset Management still here with us along with walter price. Also joining us henry blojen. We were just talking about this potential deal that mondelez wants to make for hershey. But thats not the only deal today. Theres also lionsgate starz. Whats your take and the overall m a environment . This is the latest in what will be a huge wave of media and distribution over the next years. Whats going on with netflix, hbo direct totally changed the game in terms of the khouw los sall size you need to offer a Great Service across all platforms. I think youre just going to continue to see a lot more consolidati consolidation. Your reaction in terms of what sort of Investment Decisions you might make in the wake of seeing this move on hershey and then final consummation of at least potentially this longrunning attempt at a deal between lionsgate and starz . I think in tech youve also seen a number of acquisitions with microsoft buying linkedin and sales force buying demand ware. I think its the beginning of Companies Looking for growth and figuring that this is a good time to be buying it. I mean, i guess the question is is this late stuff . Basically youve had this Financial Engineering story play out for a long time right now. It seems like ceos are focused if they get some calm markets right now. Does it concern you this is e the thing we see when the cycle doesnt have too much longer to run . This has been an unusual cycle. Its a bull market that nobodys believed in. Money has stayed really cheap and yet for the ordinary person, moneys tight. You cant get a mortgage but mondelez can get billions of dollars to buy another company. So im not sure its late cycle or early cycle. A lot is going to depend on whether the government puts in growth initiatives. If it does, this can go on for a lot longer. If it doesnt, you worry about the economy. There does seem to be a plateau effect in the market. We got to 18,000. We got to 5,000. We pulled back after brexit. Weve made up about 75 of that value. But are we going to stall out here . I think weve been talking about it for a long time. Market is very expensive if you look at a cyclicly adjusted price earnings or other metric. I think we are running in that. Rates arent likely to go much lower than they are now. So its certainly possible that we are at a plateau here. We just keep moving sideways although it sounds like you might think we might get another leg up. I think the critical thing is earnings. You know . And the critical factor influencing earnings in a broad sense is how well our economy does and how well the World Economy is doing. The World Economy continues to face the pressure it faces now. Then i think we have a question. Now, walter, morris mentions earnings. How much do you think its earnings themselves in this next wave were about to get in late july and how much of it is the guidance on what people say on growth based on brexit uncertainty. Whats to look for in these earnings reports . Well, i think from what weve heard from companies, the u. S. Businesses are doing pretty well in the Second Quarter. But there is uncertainty about brexit. So it wouldnt surprise me to see the usual script where Companies Report a good quarter and theyre cautious about the Third Quarter. But, you know, i think people are expecting them to be cautious. So i wouldnt be surprised to see stocks rally on some description about what companies are thinking about Third Quarter. Henry, size up the uncertainty for us. Its all about reducing uncertainty. But thats so hard to do. And you run a unit of a german company. So you might have a good perspective on this. Well, we saw impact immediately from the brexit decision. It caught everybody off guard. But if you step back from it, the uncertainty from that were now looking at a couple of years of renegotiating all sorts of different points. The whole thing might be scrapped. Sure, its uncertain. You want to talk about uncertainty, look at the u. S. Election. Far nearer, far more important. You said you saw impact immediately. What do you mean . There must have been a traffic impact, but what other impact . Everyone paused immediately. Not everybody. In terms of buying . Not everybody, but talk about it. Whats going to happen. We obviously saw a lot of companies, the u. S. Banks talking about are we going to move people out. So right away you saw an impact. But nobody really knows how its going to end up now. So were going to go into this period of purgatory. I think what weve seen in the market, it was a overreaction. Everybody was caught by surprise. There was panic. There was the big currency reaction. But last couple days obviously weve come roaring right back. Indeed we have. Thank you, morris mark, henry blodget. Speaking of the reaction, we are seeing a reaction as governor mark kacarney takes questions. The main highlight is of course that the pound has fallen as mark kindly suggested the need for monetary easing. In my view the Economic Outlook has deteriorated and some policy easing will be required over the summer. It has fallen a percent off the back of that. Remember last friday. Of course we saw moves in the pound waving. It went from 1. 50 down to 1. 32 in a matter of hours. He was just asked whether during that massive fall the bank of england had to step in and be a buyer of the pound. Lets listen to what he had to say. There were some pretty big moves in the currency that was to be expected. It was expected given the scale of the change. Those markets function well. The currency was moving, it wasnt moving because of market technicals. It was moving because of opinions of investors. As new information came in. So the market was functioning and when the markets functioning, you dont want to get in the way of the market. There was a need for the currency to find a new level. So the market was functioning, he said the bank of england did not have to step in and buy the pound. And interestingly he suggested the need for Monetary Policy. He seemed to suggest it would be the august meeting where we might see further easing. Final note, the ftse has ended today on its 2016 high. So equity markets have recovered somewhat. Of course the pound still suffering. What a reversal the ftse has made. Wilfred frost outside the bank of england for us. From london to chicago, lets get to the cme group. Rick santelli and the santelli exchange. Of course i have to commend about mr. Carney. Lets look at the pound versus dollar. And then wilfred appropriately referenced the bigger move earlier and well also show the five day while im talking. I guess what im confused about is is i guess when you learn how to paint, you just want to buy a canvas every week. The markets arent dealing with this. The markets were functioning. Central banks are too constantl. I understand that he wants the world to know hes ready to act but after everything weve been through with Central Banks i dont think thats ever a question in investors minds. Thats my opinion. Lets go into what i wanted to talk about. Lets show a couple of more charts. Lets show a chart of the boon today. You see the yield . This is part of the whole thing going on with the Central Banks. If you look at a one week charter of the boon and then you look at a close only chart something should jump out at you. Weve seen much bigger negative yields on the roller coaster ride but when it stops and you get off all those closes which are the only thing you get margin on closes, everything is about the close, so we may be able to expand that to the down side meaning more negative and that is also put us down four bases points on our yield curve. Now the topic i was going to have today, do you hear them now . Do you hear them now . And im not talking about selling a telephone. Im kind of talking about carny, yellen, all the movements around the world, whether its trump or bernie, especially brussels, i dont think they hear them now because heres what i hear, doover. I see a movement thats been going on for years. The movement isnt do it over, its do it right, not do it over. And whether its the bailout or brexit, the credit crisis of brexit or all the movements in between, it falls on deaf ears. Weve had many exchanges where i said do you think the feds or bank of japan are going to give up the reigns willingly . I dont think so but theyre being taken away. In the end you are never going to stop the people. People are going to win no matter what. Back to you. Thanks so much, rick. Markets are in the green for the third day. Gains today not quite the size we saw the earlier two days but they have been picking up earlier in the morning. Well be right back. The first six trading months of the year comes to a close here is the game plan for the second half and kevin of shark tank will tell us where he sees the opportunities of a lifetime and theres a bid for the candy giant hershy. Hershey was approached last week for 107 a share. Still trading about 5 through that offer. Th mondelez has come off its high and maybe theyll have to pay up for that company. Some big moves today. When we come back some of the biggest winners and losers on the last day of the Second Quarter. 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The pull back didnt happen by 10 30 and people had to chase it. Staples are leading the market today. It seems as if thats where people want to lay bets that maybe youll get more juice in the back half of the year. What should we watch for in the close today . You want to see if you get some kind of wave of mechanical selling. Thats happened most months for the last year, year and a half. Its going to be interesting again this is the last trading day of the half. A number of stocks have been particularly well in the first half of the year. Amd, alarm. Com and well see how it goes. Microsoft feels like a month ago. It does. Lets send it over to meli a melissa. Welcome to the halftime report. Im melissa lee. Markets are moving higher at this point after comments. Were in london with those headlines. Reporter thanks very much. The pound has fallen over 1 as mark carny implied there was a need for monetary easing after the brexit vote. In my view and im not prejudging the views of the other independent