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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  June 23, 2016 3:00pm-4:01pm EDT

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european union, but it's not clear they will. and the weather's not helping over there. joining me -- or do join me for our special coverage tonight on fox business. lou dobbs kicking it off at seven, and i'll be taking you into the night as we get results starting at 9 p.m. eastern. it is a big deal with major implications for our markets. liz, over to you. liz: it's a nile biter, as -- nail biter, as they would say in england. [laughter] listen, remain is the refrain on wall street as markets are banking bigtime that the british people will vote to stay in the e.u. looked stocks -- look at stocks, biggest percentage gains in an entire month. dow jones industrials up 171 points, big rally across the board. is it affecting your money? less than two hours remain for u.k. citizens to cast that all-important vote. and while polls are calling it, yes, the nail-biter, bookies in london say there is now just a 19% chance that britain will head for the exits.
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it's a remarkably simple process, folks. x marks the spot. more than 46 million eligible voters expected to select remain or leave, but look what they are facing. torrential rain which experts say tends to favor the more determined leave camp. look at these pictures. the london underground is flooding, cars are submerged. people need to be rescued, but no matter what, the votes will be counted by hand and official results made public early friday morning. we've got both sides of the vote covered. fair and balanced. the foreman u.s. ambassador to e.u. says if -- former u.s. ambassador says the outcome is crystal clear, but billionaire businessman john mills says gotta go. both of these gentlemen coming up. and the supreme court dealing a major blow to president obama's legacy on immigration, setting up a major battle on the 2016 campaign trail.
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which candidate will best use it to their advantage. we're less than an hour to the closing bell, advantage: bulls. let's start can -- the "countdown." ♪ mucking. liz: and 118 minutes are now left before the doors slam shut at the polls in the u.k. when you look at our lower ticker at the bottom of your screen, you can see the market has pretty much all but priced in the remain in the european vote. this rally, we're calling it indicative that the sentiment swinging is more widely at this hour toward britain holding tight to its e.u. membership card. the dow jumping 174 points, high of the session, up 193. so how are investors and traders adjusting their portfolios? u.s. financials are pretty hot names at this hour. money moving into bank of america, jpmorgan, goldman sachs, citig
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stanley, everyone up 2% or higher. gold, which is looked upon as a brexit hedge for many investors, settled lower for the fifth day in a row. we have gold stocks all moving lower by anywhere from a fraction to one 1.75%. not massively huge moves here, but gold itself is at a two week low. and take a look at what has tradition traditionally always been a volatile name, micron jumping 10% after susquehanna -- this is all it took? susquehanna raised its rating from neutral to positive. as of right now, micron is one of the biggest movers in the s&p 500 right now, today. to the british exit vote, team fox business coverage. the best experts on this. charlie gasparino on the ground in london, and adam shapiro has e.u. reaction in berlin where europeans are anxiously awaiting the outcome. what are we looking at here? who will brave the rain? and when i say rain, i mean a
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lot of it. a month's worth of wet in just a matter of hours as british voters slog their way to the polls on this big decision day. flash flood warnings were issued in parts of southeast london as well as essex. look at this radar right now, the heavy green is heavy rain. by the way, we should tell you that fire services have taken some 550 emergency calls as a result of the downpours, and to make matters worse, the weekend-long glassen bury music festival has kicked off. musicians from coldmakers adele, cyndi lauper and art garfunkel expected to perform. concertgoers, well, they're used to mud and jumping and wearing tie dye, but they've been the stuck in traffic 14 hours just to get there. the festival founder has come out in the support for remaining in the e.u. crowd, our troops on the ground have taken the temperature of the thames and are listening to where the
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citizens stand. >> staying in. >> why? >> because i just think that we've got the world faces a huge number of problems, and europe definitely faces them as well. personally, i think we need to unite together to overcome them. i don't really see the let's look after britain and let everyone else look after their own troubles. i much purchase we're in it together. >> out, without a doubt. >> why? >> we haven't got -- [inaudible] let's support businesses that are collapsing and make people that have got businesses functional pay the price. and that comes across the to the consumer, and the consumer ends up paying more. liz: charlie gasparino joining us live from london. charlie, a strong rally right now, but the guessing game is still in full swing on really how the markets will react to either outcome, and i don't think anything's a sure behavioral pattern, is it? >>. no i mean, listen, you talked about banking stocks being up
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today. one reason why it's up, it's a hedge. because a lot of people think, a lot of traders think if they brexit, if they leave, britain exits, that's good for u.s. banking stocks as opposed to other financial institutions. so you can maybe see if there is a remain vote tomorrow bank stocks dip a little bit, you know, after digesting this news. i would just say this, if they remain, i think tomorrow will be a fairly muted day in the market. i'm not saying there's going to be zero volatility, but, you know, if it's a remain vote, particularly if it's not close as bookies are saying, there's not much of a headline to trade off of. however, if there is a brexit, if there is a britain exit, because the markets are so priced in for this thing to remain, you've got to expect global turmoil. i'm not saying this is why you should vote against it, i'm just saying the near-term impact will be selling of the pound, selling of certain stocks, selling of u.s. stocks that have, you know, some exposure over here. there's going to be algorithms that are matching that where
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it's just like a headline and a trade, so it's not necessarily even traders, humans doing it. i mean, these are algorithms that are ready to rock and roll with. so the real rub arer meets the road on -- rubber meets the road on brexit tomorrow. i really don't think tomorrow's going to be a crazy day if they remain. i think it's going to be largely business as usual and maybe people taking some profits off the top. you might get some impact that way, but britain exit is where the rubber meets the road when it comes to the markets. back to you. liz: charlie gasparino, live in london, thank you very much. he's right, could be very muted if the vote goes to remain. and as we look at all that's happening in london, the vote may be in britain, but its impact will no doubt be felt all across the continent. rampant peculation by everyone from economists to investors to politicians on what's the outcome and the global impact on markets and money. adam shapiro live in berlin,
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germany, with the latest on the vote and how important it really is to the e.u.'s biggest economy. adam? >> and, liz, it's very important to people who are in their late teens and 20s because their future is at stake. we've been talking to those people right here in front of the brandenburg gate. rachel is a student and also works at a think tank, and it brings together people of political science, young people. let me ask you specifically, this vote is crucial to your future and the future of people your age. what do you think's going to happen? >> well, i don't know what's going to happen, i just really hope that the -- [inaudible] sort of my fellows in the u.k. will vote for the u.k. to remain in the european union. >> what do you think life would be like for you and your peers without the u.k.? >> well, i don't know. i can't speak as a european citizen personally, i think which is really sad, many disadvantages because of, well, closed borders, again, difficult to apply for visas, etc.
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but sort of talking about someone who's interested in politics, i think the u.k. should stay in the european union because we need a strong european union, especially in these really difficult times speaking of many international crisis. >> all right, rachel, we appreciate you joining us. stay right there. liz, angela merkel had a press conference today, and she said, obviously, it would be better if the u.k. stayed in the e.9 u., but there's going to be a summit of e.u. leaders. it will take place regardless of the outcome next week, and, to of course, mr. hollande from france will be coming to berlin before that summit to meet with angela merkel. you have the three largest economies as part of this discussion right now. you have germany, then, of course, number two would be the u.k., they may or may not be a part of this discussion and then france, which is number three. so there's a lot on the line not only for the e.u., but the future of people like rachel. liz: yeah, absolutely. it's the people, it's the money, it's business. and we are on it. adam shapiro, thank you, live from berlin. in just minutes the former u.s.
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ambassador to the european union, c. boyden gray, on if people vote with their heads over their hearts, how this vote will go. he says it better stay. that coming up right now. triple-digit confidence for the markets though. the bookies, and we just checked -- this is one of the u.k.'s largest betting companies -- are placing the odds at just 19 percent that the u.k. will ditch the e.u. people at the polls may call it a nail-biter, but these betters are saying it will be a stay vote here. so what's the trade in the final hour before the u.s. markets close? to the floor show, traders at the new york stock exchange, cme and the nymex. keith bliss, looking at the trading action today, it really looks like it's going to be a stay vote. either way, i want to spin this forward. what happens tomorrow? >> well, i think what happens tomorrow is, again, if it's a stay vote, i think the response to that certainly will be muted in the markets. we've already priced that in.
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the pound/dollar pair will probably get a little bit of a bump up. we have the pound almost to an overbought situation right now. but one of the things that's not being reported is tomorrow is one of the heaviest trading days of the year where the ftse/russell indexes are reconstituted. liz: that's right. >> if we have a leave, then the volatility will spike tremendously because you have people trying to right-size their portfolios against the newly constituted indexes along with the roll tilt that will come with -- volatility that will come with, gosh, we don't know what's going to happen. certainly, people are betting that's not going to happen, and i think the trade is going along that way. of course, as you know in great britain they can't publish exit polling until the vote is actually over, so we really don't have a very good idea which way it's turning except for interviews by charlie and adam when they meet people on the street. i think right now it's probably a safe bet that the market thinks that they're going to stay. all the indicators are that it will stay. liz: exactly. >> i think tomorrow we'll be
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fine. liz: it's a very regional emotion here. for example, bristol, which is certainly an important part of u.k. economy. bristol is more of a leave vote when it comes to certain areas like that. chris robinson, volatility is dumping out out, down about 14% for the vix at the moment. and the so-called brexit trades like gold are going south. not too dramatically though, but tell us what you're seeing as far as the flows are concerned. where are your clients? where are the traders going on that pit behind you? >> actually, i think you saw the peak of the fear trade, like, last wednesday/thursday. you have bonds making new highs, and then you saw gold, gold's actually at its selloff. it's had a $100 rally, we've had a $50 break. so we're sitting right in the middle there, that's sort of the fear trade. but you saw a big move thursday from the lows to the high in the stock market. a lot of people sold the stock market, we're now 1.5% away from record highs, and we've been
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here for about a year. we've been trading in this range. the markets -- liz: okay. does that mean, chris, let me jump in. does that mean that the market is coiled and ready to spring in one direction or another? >> right. i mean, we're either going to make new highs off of whatever happens off this vote, or we're going to fall back into the trap we've been in for the past year where we break 4 or 5%, then we challenge these highs again. we've been stuck for the past year, can't get through 18,000 on the dow, can't get through 2100 in the s&p, so we're right there. you know, interesting, this vote may be something that would actually push us higher. you just never know, because you've got money which is searching for yield, and the yield is in the stock market. the s&p -- liz: somewhere else. >> plus you get the inflation bump. liz: okay. you know, when you're looking for yield withs, you might be looking at oil names and, jeff grossman, the entire energy patch is slightly higher, oil has a bit of a gain here. you know, when saudi arabia simply says, oh, the oversupply
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problem is now moderated and it's over, i don't think anybody believes that. >> i happen to believe it. as a matter of fact. liz: we found one. he believes it. [laughter] >> i believe it. the truth be told, we're certainly a well-supplied market, but we're not that oversupplied here. we also have demand increasing here. and if you look at the market, it has behaved beautifully in the last few days. this british vote has been more of a catalyst to the upside here because the stay vote seems to be very positive to all the markets here. oil is, let's say, along with it right now. i would say this, you have to say now we're talking about the low 50s here by the end of this month. no problem there whatsoever. we absorb some very mediocre reports this week, and the market is still behaving well. i see it as a healthy market on the way up. not a ridiculously oversupplied one.
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liz: couldn't disagree more, but that's what makes television -- >> i like that. [laughter] liz: jeff, we'll see you next time. we'll battle it out. chris and keith too, thanks so much. we're looking with 45 and a half minutes before the closing bell rings, a market that is just really charging ahead. the dow is up 170 points right now. up next, we introduced you yesterday right here on "countdown" to a true american hero, a marine who sacrificed so much. what she did and what she got last night. the amazing gift to make an injured veteran's life so much better. it's a great story. and, yes, it involves geraldo and sean hannity. and should they stay or should they go, less than two hours before voters in britain are finished with casting their votes, former u.s. ambassador to the european union c. boyden gray on which side of the vote would be in america's best interests. more "countdown" on the way. stay tuned. ♪ ♪ okay, ready?
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whoa! [ explosion ] nothing should get in the way of the things you love. ♪
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get america's fastest internet. only from xfinity. by switching to xfinity x1. rio olympic games show me gymnastics. x1 lets you search by sport, watch nbc's highlights and catch every live event on your tv with nbc sports live extra. i'm getting ready. are you? x1 will change the way you experience nbcuniversal's coverage of the rio olympic games. call or go online today to switch to x1. liz: let's count it. one hour, 38 minutes now left until the polling booths slam shut in britain. u.s. stocks are rallying as investors expect that britain will probably stay in the european union. but there is this: standard & poor's, the ratings agency, is
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warning folks that britain's aaa rating could be swiftly downgraded if it votes to leave. how devastating would an exit be not just for the u.k., but for the rest of the european union and here in the united states? with me now in a fox business exclusive, a man with the inside track to all the workings of the european union, former u.s. ambassador to the e.u. boyden gray. ambassador, how bad could it be for the european union? please, we hear so much -- i don't mean to call it propaganda, but on both sides of this, we'd love to hear the real story on how bad it could be for the european union if britain says, forget it, we're out? >> well, there are two big problems. first is that england's exit could encourage other countries to think about leaving themselves, and then you could have a spiral downward of the union itself as a single market which would be a terrible thing for all the countries involved, including great britain. and then i think secondarily, england would -- or the european
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union would lose the most forceful advocate for free markets and economic growth other than germany itself. and losing england would be a blow to germany and a blow to the entire continent because of their advocacy of greater economic growth which is badly needed in europe. liz: well, look, let's just say they remain. should it not be a big enough scare, jump scare to brussels, to tell brussels and the european union, you guys almost lost england. you better do things to make it easier for businesses to run in the european union and the u.k., because we've got a businessman coming up, he's a billionaire. he's on the other side of this, and he said that businesses are choking on the red tape. it takes something like six months to open a bank account. it's very hard for manufacturers to get going and to actually hire people and do things. now, shouldn't this be a wake-up call to the european union they've got to streamline things? >> well, i certainly hope it's a wake-up call.
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i certainly hope they understand it that way. that's certainly what we would hope they would see and that we could work with them to improve growth in both continents. we have a regulatory problem here in this country that's very bad. it may not be as bad as europe, but it's bad. and the two of us need to combine forces to put a stop to all of these barriers to growth for small business, for entrepreneurs and for innovation. liz: well, then we come to things like the membership. you know, the membership cost i believe for the u.k. is something like 20 billion pounds which is more than $22 billion. why do you have to pay for a membership in or at least streamline that as well. i think there's this -- because we're a business network, that's why i keep hammering this issue. we want it to be easier for companies to grow, to be created, to hire. and that kind of issue weighs on everybody.
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>> well, yes. but in terms of payment to the union, it's no different really than what comes out of the state of texas or new york or california that goes to fund our own budget here. the problem that great britain faces is that half their exports, half their market is the european union's single market. and if they want to keep that market, they will continue to have to pay into the budget, they'll have to accept brussels' regulations, and they'll have to accept the immigration issues. liz: ambassador, i'll keep it simple, as simple as the ballot itself. where would you cross your check, to stay or to leave? >> to stay. liz: good to see you. thank you very much. ambassador boyden gray. he's former ambassador to the european union. by the way, i just mentioned the other side coming up? the leader of labour leave campaign, this guy's not a politician, he's a billionaire. he's a businessman, and he's an economist.
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he's written nine books on the economy. his name is john mills. he runs sort of the u.k. version of the home shopping network. why he says it is the best thing for britain and britain's small businesses to leave the european union. closing bell, 36 minutes away. macy's investors having a little parade of their own today after america's biggest department store chain announced the ceo, terry lundgren, who's to done a lot of great things for the company, is stepping down at the beginning of the year. he will remain as executive chairman, but stock is up 2%. what do sean hannity, construction, wounded warriors and lizzie claman of "countdown" have in common? well, it was a life-changing night for some of america's greatest heros. we'll tell you all about it. i was there, so proud to be part of it, next on "countdown." 9. ♪ ♪ finish
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♪ ♪ liz: it is never too late to give our veterans a heroes' welcome home. and last night we did just that. since 2006 building homes for heroes has been making a difference in the lives of our wounded vets by giving them mortgage-free homes, custom homes. last night -- that's hugo gonzalez and his family, he's been given a home in new york city. we emceed the big event. my team countdown was there, yea, team fox business, and sean hannity was our honoree. by the way, the first female vet to be given a home, she shared her incredible tale of survivor after nearly dying in a helicopter crash while serving in afghanistan, and there's army specialist hugo gonzalez. he was blinded after being severely injured in combat. he expressed his gratitude for his new home in a heart-felt
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speech. fdny, our firefighters here in new york, coughed up money, so did advance a toe parts -- auto parts. all told, we raised more than half a million dollars. geraldo rivera gave money, bo dietl gave money. in our first year we gave away two homes, but today it's 80 total have been awarded to wounded vets, and we are on track to donate one home -- i'm so proud about this -- every ten days. with your help though. and i encourage you guys, our viewers, to donate. you really could be part of something that truly makes a difference in our wounded soldiers' lives. by the way, see much more at including some of the speeches which basically brought the house down. but to give them these custom mortgage-free home is the the greatest gift, and i hope you'll be part of it. come join us, we'd love that. the dow still holding onto nearly all of the gains, up 160
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points. a supreme court deadlock landing a sharp blow to president obama's immigration plan, now leaving five million undocumented immigrants unshielded from deportation, unable to legally work in the u.s. but who does today's decision help more ahead of november's presidential election? donald trump or hillary clinton? who will capitalize best? julie roginsky and brad blakeman raring to go on all things 2016. the "countdown" coming right back. don't go away. we were born 100 years ago into a new american century. born with a hunger to fly and a passion to build something better. and what an amazing time it's been, decade after decade of innovation, inspiration and wonder. so, we say thank you america for a century of trust, for the privilege of flying higher and higher, together.
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>> i'm lori rothman with today's fox business tech minute. it may be the dawn of a new era of tech ipos. shares took off this morning with gains as much as 86%, am i i seeing that right? wow.
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now, the company price is just $15 a share, now trading above 27. raising hopes that investors' appetite for u.s. tech ipos has finally returned. since this year has been the worst year for tech offerings since the financial crisis, twilio makes apps to communicate with customers via text messaging and voice. the software company has had three developers coding all day live from the floor here. they say they are working to build as many apps as they can using the company's voice and text messaging software. twilio's strong debut valued the company at more than $2 billion.
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liz: no doubt a blow to president obama's legacy today, the supreme court in essence blocking president obama's drive to expand his executive actions on immigration. what his actions would have done
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would tried to make as many as five million undocumented eligible for quasi-heel status. leaving in place a lower court ruling. the two presidential candidates responding immediately. hillary clinton released a statement placing blame scarily on republicans' shoulders saying, quote: in addition to throwing millions of families into a state of uncertainty, this decision reminds us of how much damage senate republicans are doing by refusing to consider president obama's nominee to fill the vacancy on the supreme court. not to be outdone, donald trump used the opportunity to take a swipe at the president. quote: today's 4-4 supreme court ruling has blocked one of the most unconstitutional actions ever undertaken by a president. the election and the supreme court appointments will decide whether or not we have a border and, hence, a country. we bring in julie roginsky, a democratic strategist, and brad blakeman, republican strategist. the question to both of you is
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who capitalizes or who takes this ball and runs in the faster direction? the ruling seems to validate, brad, that trump's position on illegal immigration is -- i say seemed, because it was 4-4. listen, it was deadlocked, right? what does he do with this? how does he capitalize on this? >> well, he reminds the american people about a president who prefers to pick up a pen and a phone and legislate from the white house instead of using congress for legislation. the president doesn't pass laws, he signs laws. and he also will remind the american people that this election is crucial to generations of supreme court decisions yet to be made by supreme court justices that he will appoint. and that is critical. you may not like donald trump, republicans out there, but one thing is for sure, are you going to surrender the supreme court to the left? that's exactly what hillary would do if she were elected. liz: julie, does hillary even have to open her mouth here? you've got a huge voting bloc of hispanics who might look at this negatively. >> well, that's true, but also
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what brad said is partially true for hillary as well. both sides are going to go to their bases and say exactly what brad said. the democrats are going to say, my goodness, we can't have another scalia on the court, then it would have been a 5-4 decision. we need a merrick garland on the court. the difference here is whether donald trump has the discipline to articulate what brad just said, and that's the difficulty. if he were a convention allocate, brad would be absolutely right, but with donald trump, you never know whether he has the discipline to articulate what brad just said very effectively. liz: brad, go ahead. what do you say to that? >> look, i think donald trump is going to do that. i think the republicans are going to get it. more importantly, i think independents get it, and that's the message that has to be driven home. we can rely on our base, but we have to go beyond our base, and this is the kind of issue, i think, that will resonate with independents. and donald trump can do an effective job at doing this. it's been handed to him by the supreme court which mean, as you
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correctly pointed out, the lower court rules on this case which overturns president obama's unilateral action. liz: they both have to rely on money, and of course the story last week, certainly, was that hillary clinton had way more in her war chest, julie and brad, than donald trump did. however, today he's heading off to scotland, as i understand it, at least tonight, to promote a golf course that his company had purchased. brad, in essence, he is still playing catch-up. just yesterday we had his campaign finance chair, national finance chair, saying that that e-mail that had gone out -- we had shown our viewers this just a couple of days ago that said there's an emergency, donald trump needs $100,000, quick, donate, he said that e-mail was really inappropriate, not quite right and, in fact, here it is on your screen. it was not be put out by donald trump. here's what steve told fox business first and exclusively yesterday about that. >> let me say, that e-mail was a mistake, okay? that was not in line with our marketing.
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liz: really? >> it was not an emergency for him to have the $100,000. so, you know, what -- let me give you some of the facts. we just started our online campaign, okay? online mailing yesterday did over $3 million. liz: julie? >> you know, having run campaigns and, brad, i think you can attest to this as well, what a mistake. first of all, that emergency solicitation, every campaign does it. nobody thinks he's desperate for sending that out. secondly, if you're trying to raise money while at the same time saying donald trump can say i can self-fund, i don't want to be bought and paid for, ultimately, if you're a fundraiser for donald trump, what's your incentive to give money? some rich guy's going around saying it's corruption to get money from politicians, i can do it myself. it's a complete mixed message, and it's a huge mistake for the campaign to disavow an e-mail that is incredibly routine and every single campaign does. liz: brad, what he did yesterday was he matched up to two million, he got $3 million donated, and that equals $5
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million in a very short span of time. maybe he's cooking with gas now. >> it's a spit in the ocean when you talk about hillary clinton announced early on that she would raise $2 billion. look, donald trump is in disarray on finances, there's no question about it. there are local mayors who have more in their war chest than donald trump running for president. he needs to turn this thing around. you know, george w. bush at this same time in 2000 was doing three fundraisers a day. he was working the phones. he had a national effort of not only himself, but surrogates going out. direct mail. you know, e-mail approaches. we're not seeing any of that from donald trump, and he needs cash in order to have an effective run against a very formidable candidate. and if he doesn't have the money, he ain't gonna win. liz: not sure he's going to get cash in scotland -- >> we shall see. liz: he's at least starting to figure this out.
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great to have both of you, julie, brad, so nice to have both of you. by the way, we're looking at a closing bell that is about 18 minutes away on this decision day in britain, and the u.s. markets are not shaking rally off at all. they're holding on, and they're running with it. the dow up 168, but the future of the international economy may with on the line. may be on the line. that's what one u.k. business titan with a footprint across all of europe says. he says it's time to head for the exits if his country's economy is going to thrive. a fox business exclusive with labour leave chairman, john mills. you've got to hear what he has to say, that's next on "countdown." flubbing v
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liz: alert, alert, alert, and here's the alert.
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the number i need you to watch for the dow is up 193. that's the high, we're up 188 right now. and for all intents and purposes, the number for the s&p, i believe, is up 22. that's the high of the session. we're climbing back up as we watch and wait what will britain do, leave or stay with the european union? time to cut the cord with the continent? yes. this according to john mills, the chairman of labour leave, the bay hour party's -- labour party's movement. he also runs a home shopping network company called jml with a number of tv channels across the u.k. and europe. he joins us live from london to make the leave case. how bad does it get out there as part of european union? give me some real granular problems about this relationship, sir. >> well, i think the labour party, a lot of labour voters anyway are very concerned about a number of issues. one is the cost of our
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membership of the european union which is very high, it's 11.something billion pounds which is around $20 billion. we're worried about immigration to this country pushing down wages and putting too much of a strain on services. we're worried about democracy in the european union, where it's all going, very high levels of unemployment there. and perhaps most important of all, the way europe's moving at the moment towards having something like the united states and europe trying to bind 28 countries together into a political unity which we don't think is going to work, and it's not what most of the people in europe and the u.k. want. liz: well, you're standing with boris johnson, michael cain, the actor. love him. look, i heard that it takes sometimes six months to actually just open a bank account, that the red tape -- and this is your issue -- the red tape is choking growth of small businesses in the u.k. is that true? >> well, that is another issue. there is a lot of regulation
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that comes from the european union as they try and get everybody on to the same tack for all the various different ways in which people do business, and that is a problem. that's an additional problem along the ones i just described earlier on. liz: okay. so my question is, look, you cut the cord, it sounds good. but if you were to cut the cord, sir or, some would say you then lose the commerce blood between the e.u. and the european -- and the u.k. that there are a lot of businesses that do trade, there are a lot of customers of your very business who would be really stymied in buying your products. >> well, i don't think that's true at all. you don't have to be part of the e.u.'s single market to trade with it. most of the imports that come to the e.u. from america, from china, they don't -- they're not part of the single market. they come over the tariff barrier which is there which is actually very low. it's only about 3% or something on industrial goods. so we would be able to trade
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with europe pretty well, the same way as we do now if we were outside the single market. and maybe if the -- [inaudible] goes down which is quite likely, we'd be even more competitive than now -- sorry, more competitive before than we were now. liz: i understand. i'm looking behind you. very dark rain clouds. people are saying this torrential rain that has hit certain parts of england, specifically london, actually favor the leave vote because leave people are more determined to get there and to make their voices heard. but right now our markets are charging ahead, and the belief is that it will be a stay vote and that you will have status quo. what do you say to that? >> well, i think it's too tight to call. the polls that have come out have been some a little ahead for leave, some a little ahead for remain. and there were two out today, one each way. i think it's going to be very, very tight. i would guess it'd be something like 1 or 2% either way at maximum. it's a really, really tight call.
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liz: well, maybe you can squeeze something out of brussels if it doesn't go your way. mr. mills, thank you. really appreciate it. >> you're welcome. liz: josh mills is the labour leave -- john mills is the labour leave chairman, but he's a big businessman. and we want to get those voices before you. keep it right here on fox business. we have it all. complete coverage of the british exit or stay vote. lou dobbs is going to get things started at 7 p.m., then it'll be followed by the intel report, very and company starts at 11 p.m., and cheryl casone through the overnight hours because that's when you will really start -- sorry to make you stay up late, but that's when you start to hear the voting and polling and counting coming in. fbn a.m. gets you started at 4 a.m. eastern. look at this, we've crashed through the ceiling of the earlier highs. the dow can, there it goes, up 200 points right now! just eight minutes to go. britain taking center stage, but
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no matter which way the vote goes, we're always here to tell you how to make money. our countdown closer, jim frischling, on the buy stocks for both stay and leave. no matter what happens, "countdown"'s got your back. don't go away. ♪ ♪ ♪ ♪ it's here, but it's going by fast. the opportunity of the year is back: the mercedes-benz summer event.
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liz: got breaking news. action ramped up on floor of new york stock exchange. lori rothman, what do traders think? >> someone ran by me, it will be crazy tomorrow. dow up better than 200 points. i checked the pound sterling with the u.s. dollar. that is over 1% gain with the pound. that we've seen with u.s. stocks and pound sterling last couple days. as you've been reporting bent is toward remain. that's where we stand. look at european banks, you look since last thursday we've seen
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these guys rally. they have been up huge. deutsche bank up 6%. credit suisse four 1/2. barclays 4.3%. that is what everyone is thinking. they're looking for lot of volume and lot of upward activity tomorrow. back to you. liz: deutsche bank was cutting is being like 3,000 jobs and closing 188 branches. in our weird world, that make as stock go higher. lori, thank you. we look at pretty significant rally. only increased past 59 minutes. we know you as investors look for opportunity no matter final results oversees. let's bring in jim frischling. jim, action you see in the last couple minutes? >> i believe likelihood of remain is what market is betting on. that is uncertain path. that is what the market likes less. seeing up tick status quote and markets more comfortable. liz: why take any bet in advance? >> i think it will prove to be
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probably less of an event people expect. at end of the day europe is stagnating. we have weak growth but we've got growth. europe less so. when the story is over, stay or go, still have europe, eu struggling right now and to me, again i think stay is more favorable to the market. exit causes more volatility, more uncertainty, even though takes two years to sort out of britain were to exit, two-year sort out package. liz: do you is at 18,000 right now. we have reclaimed the eight tee thousand mark. we have john milk, billionaire in england. runs home shopping network of england. he is firm believer in exit. help viewers with either path. do stay stocks and exit stocks. >> i'm in stay side. here is why. britain stays, see what goes on
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in financials, deutsche bank and barclays. i like goldman sachs. if there is stay, financial institutions, banks don't have to make material changes over next couple years. i think goldman obviously more of a centric u.s. play. still leading investment bank in the world. still will be best suited with a stay. on exit, same financial institutions have to deal with regulatory compliance. they have to get the house in order. going with accentures, mash and mcclennans, consulting firms that help financial institutions get on the right path, become more efficient. with accenture, recession in europe has been boom to them last couple years. watch what happens if britain does exit. accenture will be very, very business sorting out issues associated with the financial markets. liz: here is dow 18,000. we're holding 18,002. 18,003. jim frischling, new oak capital believes it will be stay vote.
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either way to make money with his names. markets no fear about the british exit. closing at session highs. [closing bell rings] here is the closing bell. david and medical list, pick it up for "after the bell" -- melissa. melissa: dow soaring in final minutes of trading up 225 points. i'm melissa francis. david: i'm david asman. looks like we'll be above 18,000 as the markets settle. we have you covered with big market movers. first, here is what else we have for you at this hour: high drama at the high court, supreme court dealing big blow to president obama's immigration plan. as we all know, we finally come down to that final hour, 5:00 p.m. that is when the polls close in england, 5:00 p.m. our time. uk is going to decide whether they're in or out of the european union. how this historic out come will affect us here at home. why is donald trump going to scotland of all places rig i


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