The european banks. See them in the green there, but after losing 20, 30 , weve only got a bounce in Deutsche Bank of less than 1 . Royal bank of scotland up by 2 . Lets get to wilford in brussels with breaking news. Wilfred. Reporter melissa, thank you very much. Im joined in brussels by nigel farage. Congratulations, extraordinary victory last week. Big event. Seismic actually not in terms of british or european policy but even global policy. This was the little people. Ordinary people. Standing up against the multinationals, the Goldman Sachs and big politics and getting a victory. Big news. A long way to go of course until the uk actually leaves the European Union. When should article 50 be invoked . Well, i have to say i rarely agree with the president of the european commission, but what he said today we should end the uncertainty and start the process, you voted to leave, so lets do it. I thought to myself, yeah, hes right actually. The idea that the succession in the conservative party should be the key determinant in this doesnt make sense. I think what needs to happen is the government gets its negotiating team set up in the next few weeks, triggers article 50 and lets start negotiating. Should you be on that negotiating team . Of course the fact that youre not a member of parliament means youre unlikely to be in the next conservative cabinet. Do you feel youll be excluded from these negotiations . Actually, the negotiating team should have lots of people in it whove never been in politics in their lives. There are people out there like former boss of the cbi, people like john longworth, lets get people in there who know how to do business. Now, you mentioned you dont often agree with mr. Juncker, you told members of the European Parliament you didnt think theyd done a proper days work in their lives. Weve got incredibly tough negotiations for the uk to carry out coming up, is it the right time to be antagonizing european leaders. Far for me to be antagonistic, theyve been abusing and screaming, twice the parliament had to halt proceedings. It was when i said lets just be grownup about this, be practical, you sell us more than we sell you, it makes no sense, no sense at all for us not to have a tariff free deal. And what i was trying to make that serious point they kept on booing. Though i did remind them most of them have never created a job in their lives. You do say rightly that theres a big trade deficit, but if you look from a sector basis on the Financial Services industry its quite the opposite. Massive surplus. Bank shares have been slammed in recent days. Do you think london is a Financial Center is now threatened . And the banks share prices falling very sharply, do you feel responsible for that . Ive felt london is threatened financially for the last ten years. Ive seen things like the afim directive lead to other hedge funds disappear from our shores. Ive seen insurance regulation coming from this place seen companies leave london, go to bermuda, singapore and elsewhere. London cannot be a global Financial Center if its kept inside the clawing regulations of a European Union. Free of it weve got the opportunity to be the singapore why are bank shares falling then . Because theyve got themselves long sterling, long equities and absolutely did their dough when they got a result in referendum they hadnt expected. Predominantly retail banks small portion of investment earnings so theyre being hit fears these banks could collapse, not because they made trades like hedge funds. Well, they did they were on the wrong side. Barclays certainly were on the wrong side of the market in quite a bit way. These banks have been badly run anyway for over a decade. They got themselves in a terrible mess in 2008. They barely recovered from it. And there is this false perception that somehow because weve left the European Union the city business is going to decline. Weve got the opportunity to go global. I was very excited last night to see the Prime Ministers of australia and new zealand say were in a race to see who can be the first country to do a trade deal with the uk. Now were free to do it. The big falls in share prices is just one of the scares that people in britain are facing at the moment please, can we just end this complete rubbish . Ftse is up 3 today. Yeah, but its 12 up from february. Can we all grow up . Stop this absolute scare mongering nonsense. So the pensions that people have seen fall in the last couple of days is irrelevant . Ftse is up 3 today, 12 up since february, stop this media hype nonsense. But relative to brexitrelated issues its fallen sharply. February we were facing global scares in terms of Central Banks collapsing, china collapsing, oil prices collapsing. Weve rallied since there for other reasons. Look, there is a declining Global Economy. And indeed in britain our growth forecasts are down. Not because of brexit, because actually the economy is not doing as well as we thought, because government borrowing is running way ahead of any expectations. And sterling ends in a declining market, a bear market in july 2014. I actually know about these things. Do you know why . Because i once had a proper job. Lets move on a little bit and talk about the fact that the polls were so wrong, which of course they were. There were many more people who were willing to vote for brexit than perhaps the pollsters had realized. Do you think there are parallels there with whats happening in the u. S. . Do you think there could be more secret trump fans out there . I do actually. Very interesting, on the morning of the vote one of the most senior figures in the british Polling Industry said, believe me, if weve got this wrong, the Polling Industry is finished. Do you know what , its finishe. No one is ever going to believe it again. Theres kind of this consensus that has made people feel slightly embarrassed, ashamed to be patriotic, to believe we should control immigration. And so when pollsters ring them, they tend to shy away a little bit. Have you spoken to mr. Trump since your victory . I havent, no. Would you meet with him now and give him advice on how you won your election . Oh, look, its a different country. Its a different country. Some u. S. Crossover, but its a different country, broadly different. Its going to be a fascinating electoral contest in america. I sense he may well win it because he may well get people voting that havent voted for years. Final question, mr. Farage, who do you back . Anybody that holds faith with 17. 5 Million People who said we want our country back, we want our borders back, somebody has got to keep faith with them. Mr. Farage, thank you very much for joining us, leader of the uk independence party. Ill send it back to you in studio. Thank you very much, wil. We appreciate that interview. There was a trump quality to the rhetoric there, wouldnt you say . I think he is fired up. He is right about the stock moves. We are well higher than we were in february. Remember one of the reasons we fell in february was because of fears in february, were going to talk about how the brexit may actually stoke some of those china fears again. Hes right now, but well see if that china dragon rears its ugly head. Hes right. But wilfred was right pushing back on ftse specifically down european banks have gotten slaughtered for this notion he says has nothing to do with brexit thats as british would say is rubbish. Also talk by farage said lets end the media hype then quoted the ftse up 3 today. You cant criticize us and then quote todays move. You cant do that. It was a farageian move. Nice. All right. Meantime protesters are in fact taking to the streets in london right now. Lets get to sarah eisen who is there live in london with the very latest. The crowds really have come out, sarah. They have come out and theyve come out in the rain, melissa. They are here to express their support to the eu for britain remaining in the eu, they are demanding a second referendum. Everything is peaceful, but there is a lot of anger here. Angry that the vote was so close 48 , a little more than that voted to stay in the eu. Little more than 51 went out. And some people are concerned here that little more than 3 decided the destiny of britain within the eu. Its very young crowd here. Remember that Younger Generation did vote to stay inside the eu. Theres a lot all righty, looks like weve lost temporarily our signal there where the protests are just getting under way. Meantime, down on wall street where we expect we do have a signal, stocks are rallying, the dow up about 145 points. Bob pisani covering it all for us as he usually does at the nyse. Hi, bob. Hello, tyler. Call it steady as she goes. Lets take a look at the markets in the middle of the day. The early gains for the most part are holding. Were just a bit off the highs but good enough for government work. Keep a close eye on the dollar and tenyear, those are what move the markets these days. Relatively quiet today. The breadth 5to1 advancing to declining. You want heavy volume as the market is up. Volatility is still dropping, it was down yesterday, still dropping today. A sign traders believe the volatility weve seen the last few days will not last for the next 30 or so. Were going into the end of the quarter. The good news is were outperforming the rest of the world, but the bad news is thats not a big thing to argue about. So take a look at q2 so far here. S p 500 down 2. 9 . You see the rest of the world trailing us here. I would anticipate some modest buying going into the end of the close simply because in certain sectors weve had such beaten up names that are out there. Look at the airlines, the retailers, even the whole tech group as a whole down almost 7 . A lot of doubledigit decliners including microsoft and apple in that group. And the banks as well. Finally i would note the big banks here, tyler, i think we may see some dividend hikes and maybe some buybacks after wednesdays fed stress announcement comes out. Remember, bank of america, citi group pay almost no dividends at all. Back to you. Bob, thank you very much. U. S. Markets rallying right now as bob just so ably described. Europe also up. So could this be the perfect time to put money to work . Joining us is david marcus, cofounder and ceo of evermore global advisors. David, welcome. Good to have you with us. Thank you. You say now is one of the most opportune times to be investing in europe in a generation. The vote didnt change that. You feel the same way today as you did last week. Why is now such a good time to invest in europe . Well, look, the markets except for today the markets have come down precipitously as you were just talking about. The fact is thats when you get buying opportunities, when investors go in to fear mode, when they go into panic mode, they start to sell Good Investments with bad ones. They dont care, they just want to get out. So we look over the carnage and we start picking up. Does your call on europe extend to england, to Great Britain, or not . No. So we do not have any investments in the uk, but we havent had those in years. Weve always focused on nonuk europe. Why . Because frankly most u. S. Investors when they go to europe, they gone to london and they stay there. Its easier, its the same language, the valuations are generally higher. We want to go to the other markets, germany, italy, sweden, go to the southern find Better Bargains there. Cheaper stocks, more change. Lets be clear, how are you buying them, david . If you buy in local currency terms, its not as bad. If you buy them in dollar terms, buy them here, its worse. How are you buying them . So we buy them in the local markets, but we actually hedge all of our nonu. S. Exposure. Were a dollarbased investor. Were a mutual fund. Because as bad as the ftse looks its worse in u. S. Dollar term. Youve got to be clear wherever they are what currency are you buying them in. So were buying in the local market. So if its in euros, its euros, if its swedish, its krona. But the fact is we go out of our way to hedge away all of our currency exposure. What is it that tells you that europe is a good place to put money now besides the fact the stock prices are down . What do you think is fundamentally right about the businesses there . Look, ive been investing in europe for over 25 years. When i started, sweden was going through a financial crisis. It was the end of the world. It was that end of the world. This is a different one. And the fact is thats when you get bargains. Europes doing something that it had not done previously. Its changed the rules and regulations. Companies can restructure, streamline, layoff, close plants. They couldnt do that previously. So the eu has brought things that are positive. So i dont think the eu goes away. The fact is we want to embrace the volatility and take advantage of it. I get that, at the same time if you take a look at the dax its basically flat over two years. And its been in a down trend over the past year. So given the increased concerns over brexit and the impact it might have on eu growth period, why is now the time to say, you know what, even though this has been in a down trend for the past year, im still going to go in even if there is uncertainty. Ultimately were not buying markets, were buying companies. Were buying companies in those markets. So while the index itself might be flat, even down in some of the markets, individual companies are up. And the ones that are strong balance sheets, Good Management teams, theyre restructuring their business, growth is coming back. And so the fact is do you own volkswagen . No. Did you . No. Would you buy it now . I would not. 15 billion fine, stocks beaten up, sounds like youre a deep value guy. Is there deep value in volkswagen . Not yet. Its just not cheap got to get deeper. Exactly right. You do like vivendi, a big owner. Were going to have to leave it there. We have a little breaking news from meg tirrell with the market flash. Thats right. Were checking out a couple pharmaceutical stocks, endo spiking after saying it got a new patent issued to one of its operating companies on a product known as vasostrict. Endo soaring up more than 13 on that news. And then over to gilead today getting approval from the fda for new combo pill for hepatitis c. This expands the applicability of this treatment to all six forms of hepatitis c. This new drug is priced about 74,000 for 12 weeks. Thats just about in line with what some analysts were expecting see gilead up 4 , tyler. Back to you. Meg, thank you very much. Volkswagen, which we just mentioned a moment ago, just ordered to pay up for its admissions cheating scandal. Wait until you hear how much the automaker has to fork over. Its a lot. And is the worst even over for vw . Power lunch will explore that in two minutes. Why pause to take a pill . Or stop to find a bathroom . 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Even down here in the dark i can still see were having a great month. And celebrate accordingly. I run on quickbooks. Thats how i own it. Enis really built into theat foundation of the company. Whole foods market is engaged with pg e on many levels, to really reduce energy and reduce our environmental footprint. For a customer like whole foods, saving energy means helping our environment, and we can be a part of that. Helping Customers Save Energy is a very important part of what pg e does. We can pass those savings on to the environment, the business, and the community. Pg e really is an expert in saving energy, and that partnership is extremely exciting. Together, were building a better california. Welcome back to power lunch. Lets get back to volkswagen. Shares of volkswagen actually up slightly. Maybe the market anticipated worse. Phil lebeau still has the big money details. And, brian, i just got a list of what the payouts will be for volkswagen owners. Well go over numbers in a bit. These are hefty checks that will be cut over the next couple years for vw diesel model owners here in the United States. Heres the settlement overall that volkswagen has agreed to with a number of u. S. As well as state regulators 14. 7 billion total. Up to 10 billion of that will be in buybacks and compensation. Well explain more about that in just a bit. Another 2. 7 billion to the epa and another 2 billion to develop zero emission vehicles. Now, this is what a lot of people are going to focus on. Whats the compensation for the people driving around with these vehicles that are violating emissions standards . The buyback at september 15 value is where theyre pegging this to. And an additional 5,000 to 10,000 depending on the vehicle you could also have the option of give me 5100 or 5500, however it much be and i want the vehicle fixed and im going to keep it, payments start in october. People believe this is probably more than many people were expecting. I think people are getting as much or more money than they hoped or expected out of this deal. And i think they like the option of seeing what they want to do as opposed to being forced into one pathway. Keep in mind volkswagen is not out of the woods yet. It is still facing criminal investigations. And in fact this morning we learned that new york is serving subpoenas to vw to look at their leasing records. The idea being did people pay too much in their leases, expecting a certain value for a vehicle that clearly was defective. We have reached out to volkswagen, have not heard back from volkswagen. And finally i want to share what we think is an interesting chart here. Its volkswagen versus General Motors versus toyota. Yo