Weak tln weakness there. You did see the dax is down by 0. 8 . Losses by more than 1 in germany. The cac is down by 1. 3 . Take a look at the benchmark, tenyear german bund, turning negative, 0. 013 . That comes after pressure on treasuries around the globe yesterday. You saw the u. S. Tenyear, yelled was at its lowest level for sometimes since 2012. That was 1. 6 . This morning, even lower, 1. 586 . When you check out the 30year, 2. 58 . And the nasdaq bass down. And shanghai composite managed to hold on to gains, hang seng was down by 0. 6 . Crude oil looking to decline. Wti. And the brexit vote and the most recent polls, the latest yougov poll now giving the leave campaign a sevenpoint lead if you can believe this over remain. 11 undecided. 4 wont vote. Other polls are also putting leave ahead now. Two icm polls, one online, one by phone, finding outholding 4353 support. Betting aulds on brexit are now narrowing a probability of a vote to stay in the eu fell to 59 . Thats down from a 78 probability of an in vote of a week ago. This is Rupert Murdochs own son now endorsing a brexit calling on voters to beleave in britain. Thats spelled like that . Apparently not. You know me and spelling. The front page editorial flaegd part this is our last chance to remove ourselves from the undemocratic brussels machine and its time to take it. A trio of jobs reports, weve got retail says and imports coming up at 8 30. Sales having risen after surging in april. Coming up at 10 00 a. M. Look for april inventory. And fed is kirking off that twoday policy meeting today. No Interest Rate moves expected. The central bank could tweak its view on the economy and Interest Rate forecasts. Switching gears entirely. I hope this doesnt go from here on out because were a business network. There was terror in france. Overnight. A senior French Police killed a knifewielding man in paris. The woman said to be the Police Officers partner was also killed. A young boy was found unharmed. The attacker was then killed when elite Police Commando stormed the residence, and isis has claimed responsibility for it. Meantime, the Investigation Continues this morning into the orlando nightclub terrorist attack. Eamon javers joins us with more. Eamon. Reporter yeah, good morning. Orlando is a city in mourning today. Last night, thousands of City Residents came together in a downtown Orlando Square here to pay their respects, to stand in solidarity. And members of the citys Gay Community said in particular they have been so hard hit by this. Its such a tightknit community they said almost Everybody Knows somebody who was killed in the pulse nightclub over the weekend. Meanwhile, investigators are learning a lot more about the background of the killer here, omar mateen. 29 years old. Born in the United States in new york. He moved to florida. Now the Washington Post is reporting while in high school in florida he was a sophomore in high school at the time of the 9 11 attacks in new york. And according to some of his former classmates at the high school, he either cheered or smiled during the 9 11 coverage that they were all witnessing together on tv in the high school. That according to people who went to school with omar mateen. The Washington Post reporting this morning a new dimension to this case. They say that omar mateen who attacked a gay nightclub here in orlando may very well been a frequent user of gay dating apps. And may have been a frequent visitor to that gay bar himself over the past several years. Several witnesses who say they saw him on the apps or at the bar multiple times. That adds another element to this story as we try to build a personality profile of who this killer was. And what was in his mind. Why did he do this horrific thing that he did over the weekend here in orlando, florida. Meanwhile, guys, were learning that the president of the United States will be here in orlando on thursday to express his solidarity with the victims and their families. And the entire community here. And will go through the rest of the day, today, expecting more briefings and updates from the fbi as to everything that theyre learning about how this attack came together. Back over to you. Eamon, i suppose some of us look at this theres a digital fingerprint that can be followed. That may take weeks or dice find information that should provide a lot more choose about some of these circumstances, right . Reporter yeah, we learned yesterday that theyve been able to obtain some of mateens communication devices, cell phone, perhaps a computer. Some of those devices have been sent to an fbi lab in quantico, virginia, for analysis. They said one of the horrific details in all of this they had to clean the cell phone of blood before they could ship it and send it to the fbi Forensics Team to look for that digital trail. Are we able to get to some of the stuff or staff it encrypted . Reporter yeah, well, thats a really good question. What weve learned so far is that mateen did not have an iphone. So this wont be a decision for apple to make as we saw in the wake of the San Bernardino shooting where apple said they were not able to unlock the phone of the user. In this case, youre not dealing with apple so it may be more impossible for investigators to wet into phone. It might be that the Company Leadership decides they want to communicate and do what they can to help the fbi get access to those devices. Eamon javers on the scene in orlando. Well be checking in with him throughout the market. Meantime to the markets, a check of equities, dow futures down by 22 points. S p down by 5. 5. Nasdaq down by 8. Currency is where a lot of chaos has played out. A lot of heavy trading. The dollar is up against the euro trading at 1. 1215. Obviously, questions around the brexit. The pound yesterday was down by 1. 5 because of concerns. The dollar is up against the pound at one point at 41. 43. The surging yen has been another problem. Thats part of the reason we saw the japanese stock market down by 3 yesterday. Today, its at 1. 0586. Equity markets three Straight Days of declines just as the fed begins its twoday policy meeting. Volatility heightened monday. Both of our next guests think it could get worse before better. Joining us is strategist at capital markets. Says its not a tanning machine which is bad for you. They have better weather. Boehner says its from the golf course. Who am i to say its true or not. You know the great thing about the midwest, we actually cut our own grass as i did in new jersey i cut my own grass. This thing called the sun guys, directors, i dont know what to do with this, theyre going from him to michael zinn, michael zinn is Senior Vice President and Wealth Management at ubs, and he apparently does a lot of research inside and probably got better calls. Both of you guys do think that this flat market in volatility. Ill start with you, youve been bullish, and you still are as far as the longterm bull market. When did you get i remember youve been a long time friend of the show i remember more recently you got even more bullish. Did you foresee this sideways action for the last year or so . You know, we did. We talked about 2016 in the year ahead piece that we published in november and we said in print that the market would correct 1800 and be in this 1800 to 2100 rinse and repeat, rinse and repeat, rinse and repeattype market as we transition away from this need of commodities, emerging markets and quantitative easing and towards more fundamental investing. We think theres three parts to the market. Near term, intermediate term and long term. Long term is the secular bull market. In the intermediate term, we think that u. S. Stocks are assets in terms of establishment. Near term, joe, this summer heading into the election its going to be bumpy. You have brexit. You have fed fears and commodities weakness. Its not a fundamental rally. And of course whats going on in terms of near term performance in the market which is on very light volume. We see weakness this summer. I dont know about we got to 50, we said, look, almost assume iing i was going to get. My target is 60. Were almost there. And now turning down to 50. Who knows with the negative german tenyear what does that imply about inflation . The same people calling for 70, 80 oil, are calling for 10, 15 oil. This is clearly more of a momentum play so from a fundamental perspective supply is in pressure and Global Growth remains a lot of pressure on Global Growth. You also say the election is going to give people fits. Is that because i mean, minnesota youve just got a bunch of democrats. Have you ever had a republican from that place . No, minnesota has not voted for a republican. You got Eugene Mccarthy and franken. It keeps on going. Exactly, one after theory. You say trump, oh, the markets is that what youre saying . Its not just trump. Noise is created. Election years are typically positive. We did have a socialist, we got like 50 of the democratic vote. That might cause some free market people to have pause, although in minnesota you probably think its a great idea. Yeah, im not going to counter that. All right, michael, you say its the place to be . Correct. How about you . I would go along with that the socialist, love Bernie Sanders part . No i was going to say we do think i do think theres going to be a pretty jumpy market ahead of this, you know, sharknado of economic and political data. I like that. Thats good. Yeah. And that sharknado is difficult, and i do think that the big take away, i think for u. S. Investors are things are Getting Better here. There are signs to see improving earning expectations. Economic data. And that investors have been set up defensively to begin with. And, so, you know, that puts, i think, u. S. Markets in a decent foundation withstand shocks. And as they say, you make all your money in lousy markets. You just dont know it at the time. So, i think its important to keep a cool head and pick your spots. And the market could be good after all . It could be good. I mean, i dont think you can discount what the effects are going to be if we have some of these referendums go. You know, people dont really know. But i would look at aft least this market in an opportunistic way and say maybe there are some decent companies here that are selling at bigger discounts than they were. And they may get the discounts and continue to increase. And so, you know, dont just run fully into the bunker. Some people think that the fed it should worry about high inflation, worry about heightened inflation, because thats the things that have caused big problems in the past. In the 70s or whatever. And to try to deliberately engender inflation is like the wrong move but then nobody wants deflation. Negative Interest Rate paid to take a mortgage. Wouldnt you like to be the mortgage person . You want to be in japan . I dont. They got different dem graphics issues. They dont have kids. They do inflationary issues have created all kinds of problems. Is zero bad . Real wages you want real wages to rise, not inflation wages. But if youre in an inflationary environment, japan has hundredyear mortgages. Literally that multiple generations of families have to sign off on. Are we at 1 inflation . This has been the slowest recovery in the history of recoveries. Right. The reason is its been driven by Monetary Policy. Theres been no fiscal policy. So we think going forward, were going to see fiscal policy. It will be very strong for earnings markets and u. S. Market. But why now . We knew that the administration was not going to be for fiscal policy and will continue to be more dovish. And thats what weve seen. And were going to have steve ruseman on. Do you think Hillary Clinton is going to be less dovish than obama . I wouldnt jump to that conclusion. On what part . That wall street thinks hillary is the next president. What day is it . I think its too early to be calling this. Hillary is just so so ready. Has there never been anyone more prepared. Hey, venezuela, imf sees venezuela inflation rocketing, too, in 2016 . 720, baby. 7 20. I tried to explain that to my kids at home. If its 720 how quickly do prices double when you buy something . Got to have shortages. But does it double ever week and a half . Probably, right . Im not sure. Id have to do every month and a half. Month and a half. On hp calculator. So buy bread now and freeze it . Its just 720 that will get your attention. If you have a freezer. Or the electricity to run it. All right, gentlemen, thank you. I hope the suns not out you dont need any. Just relax. Im going to hang out right here. When he comes back from his Summer Vacation he looks the same. I know. After two weeks. You got to wear the sunscreen. Maybe youre not its good polish skin. Coming up, microsoft getting into the social business of its acquisition of linkedin. How will the combination help compete with google, facebook, and office suite . Well have more after the break. Can a toothpaste do everything well . This clean was like pow. It felt like i had just gone to the dentist. My teeth are glowing. They are so white. 6x cleaning , 6x whiteninga in the certain spots that i get very sensitive. I really notice a difference. And at two weeks superior sensitivity relief to sensodyne i actually really like the two steps step 1 cleans and relieves sensitivity, step 2 whitens. Its the whole package. No ones done this. Crest healthy, beautiful smiles for life. Shoshow me more like this. E. Show me previously watched. Whats recommended for me. X1 makes it easy to find what you love. Call or go online and switch to x1. Only with xfinity. Welcome back to squawk box. This morning, microsoft adding linkedin to its social profile network. The Software Giant has a spolty portfolio, though, of past and previous acquisitions. Ing nokia. Joining us here, tom warren, he covers microsoft at the verge. You saw the headline cross the tape, you said to yourself, genius or crazy . I said to myself, what in the world is happening here. I think the price is its a nice premium of current holders of linkedin, certainly. Its a big enough move for microsoft that shows they have to really commit to this. Do you say to yourself, i can see two or three years from now microsoft combined with linkedin and the opportunity out there . The why is the question. I scratch my head. Why would they do this. From linkedin perspective it makes sense. The growth has slowed on the aftering business a fifth of their sales as well as users but from microsofts perspective, why would they want this . One of the big parts of linkedin its really used as a lead generation tool for salespeople. For recruiting purpose, yes, its a subscription purpose they can pay into. For a lost Companies Looking for people to sell for, they need to find who is the right person. And i think thats the big part of what microsoft sees as value. Is that effective . Youd be surprised. Youd be surprised how effective it can be. Tom, i am in eds camp here. I think its genius if youre selling right now. But on the stock side, explain. What do you think . Yeah, its a few minutes with it and essentially i think it really boils down to the whole cloud and just getting access to data. Its really quite as simple as that. When you look at google and you look at facebook and some of the constitutions that they have in place, they have the social data. Microsoft doesnt have that. When you look at that, it doesnt make sense. Maybe the cross doesnt necessarily make sense. When you say the data to mine returning to sales force, can they take this lead generation tool, truly build tools around it, and put themselves in business against a sales force . Well, i think microsoft brings a lot of engineering talent. I think thats one thing that linkedin has suffered from lately. Not that they dont have engineering talent but they havent improved their product for those services. One thing for skepticism, data, we throw around that world like its a thing. But its a big question mark. Thats a part we havent figured out yet. Other question i have there were two things happening yesterday. One is linkedin is going to remain independent, independent, independent. And yet sthey say were going t integrate it with office 365, how is that going to work . Thats unclear. I think personally theyre going to to try to use the news stream and news feed. Some of the point this gave around picking out what business relationships that exist mining into that. For example, they gave an example of news that you see someone is working on a similar project from a company that you might be sorgtassociated with. And then know exactly how much business interest there is in that, especially around the core, so i think to see how that plays out. But i think the main key reason is to have a social presence and integrate into outlook and skype and office, all of that sort of stuff, thats pretty much key why theyre going for this. Ed, before you go, what do you make of the fact that the deal is all cap . What does it mean linked in selling theyre not falling into this . Right. Linkedin in terms of their business, i think theyre willing to a lot of those guys want to cash out. Its an exit for a lot of early investors. For a lot of big shareholders. How long do you think jeff stays . Hes staying. Hes name was bandied around to be ceo. Thats years ago before satya got the job. And if they build that business up, he comes in line, right. One thing we talked about very early yesterday, whether or not microsoft has a cool factor when it comes to Silicon Valley . Its sort of one of the least cool silicone families out there. I dont mean to disparage it. Its a professional business in sort of seeing customers. Basically, if youre an engineer in Silicon Valley, linkedin is not a place to work. Thanks. Coming up, giving grows. Plus, red hot, irving and lebron keeping the cavs alive. Highlights from