The hang sentence by 0. 75 . And hang seng slightly weaker. Right now, things are flat, relatively flat across the board. Youre looking at the dax, barely budged. The cac is slightly higher, wti was up for the second day in a row weve seen a gain of 7 over the last couple of sessions. Going back to 48. 96. These currency traders better know what theyre doing. That better indicate theyre going to stay. They better know what theyre doing. Right. But still, the polls are pretty even still. Betting markets they bet that it breaks first day. When People Get Ready to do it, they think, oh, my god, what am i they get too nervous. They say theyre going to be leaving and they dont. Obviously, the pound is hitting at 1. 47 this morning. George soros, the financier who has made a ton of money the last time it collapsed. His warning you could see the pound go to almost 30 if there is a brexit vote. Lets go to wilfred who is watching what is said on all of this, wilfred frost joins us right now from the uk where hes been standing by. Wilfred. Good morning, becky, yes, indeed. Let me update you first of all on the polls that weve got out over late last night and early this morning. The first one, the orb poll, it gave an eightpoint reversal from its own reading a week early we are. It now gives the remain 53 . And the yougov poll gave leave still 44 to 42 . The same shift in momentum towards the remain side, albeit in a less pronounced fashion. It was from only two days earlier the last version of the poll. The general theme in both of those two polls is undecideds are starting to decide. And theyre choosing remain as opposed to complete desertion of those who want to leave. As joe said its very close indeed. 44 to 44, the Financial Times polls. Lets just touch on that soros point because thats made a lot of news over here. As you rightly said, becky, george soros correctly called the collapse of the pound in 1992, a day that was called black wednesday. Hes saying this friday could be black friday if the uk votes to leave. He said the pound could fall precipitously by 15 and possibly more than than 20, from its present level of 1. 46 to below 11. 15. Even though the polls might be closer than they were last week, whatever people are pricing in, if it happens this saying it could be much, much severe, the fallout. Wilfred, what kind of thoughts have you heard from others . I read george soros column, he lays out a very forceful case for why he thinks this will happen and why it would be a terrible situation. What have you heard from others who either are in agreement with him, who think hes wrong this time around . But he thinks this time would be different. That the fallout would be much worse, you wouldnt see a rebound. What you saw in 1988, the bank of england stepped in and lowered rates and that is the result that helps britains economy. He thinks, this time there would be a different end result. Well, actually, the other way around, the last time the uk was in the Exchange Rate recognition, a fixed rate exchange, you have to keep fixed rates artificially high to match against the Deutsche Mark back then. When it crashed out, the uk was able to cut ratings and the uk got a significant boost to the economy. Hes arguing it wont happen this time because its already free floating and Interest Rates are very low. And he also pointed out about 7 of gdp and the uk is supported by foreign investments. Something that he said would fall because of the uncertainty of leaving. So thats why he said this fall would be very bad for the economy. I would add, though, on the flip side, is this very convincing to try to convince voters to vote one way or the other. He wants the uk to stay in. Perhaps hes exaggerating things, who knows. Michael gove joined me on worldwide exchange, and he said dont listen to him. Those are Michael Goves arguments. Hes got it right about the pound. Some interesting things to point out im not sure the average voters care about currency positions and forecasts of billionaire financial managers, what they might care about is what David Beckham has come out to say, he has backed remain loud and clear. I think thats something at the margin probably helps, of course, people are obsessed with David Beckham, myself included. Whether i make my own decisions or how i vote. I think that today is grabbing more headlines than george soros. Do you get to vote were youre there on thursday . I do, of course, im a british citizen. I have a british passport. And i havent left the uk for 15 years in a row which is the rule for this particular vote. I shall be voting but i will not be telling joe how if he wants to know. You vote in the house of lords, you have a lot of authority back there, dont you . That is the house of commons. Its actually not as nice the house of commons. The lords have a nicer setup inside. I dont care if they have more power, youre sticking with the house of lords, knowing you. It has nothing do with either, obviously. Hey, wilfred in my twitter stream this morning, somehow emma watson showed up with her hand out and a big x. Shes telling everybody dont forget to vote on thursday. No excuses. Does she have a view . All of the celebrities coming out now with different views on this . Some celebrities are. I dont know which way hes gone, if you do get in touch with her, please get her number for other residence. I dont know explicitly which way she is going. In general, id say the Arts Community predominantly are going towards remain. I know benedict cammerbach has. And the author of downton abbey. And interestingly, though, youre saying emma watson though i havent seen the tweet is encouraging people to vote. Very important will be the turnout among young voters. Young voters are the least likely to vote. Theyre usually apathetic. In all the polls they are favoring remain. If she does encourage them to turn out at all, then thats likely to help. Even though the polls have narrowed. The sentiment moving towards remain. Theres lots of different democratic breakdowns whether london and england versus sco scotla scotland. Scotland voting to remain. The turnouts within those individual groups could make a difference. Why else did you want her number . Because, i think, its very important that we discuss in detail the turnout from British Elections from this era to make sure were both on the same page. I will direct messenger for had you, wilfred. Did she follow you . I dont know. Youre right. You cant direct message. Wilfred, thank you. You didnt expect me to know that. Thats true, too. Pretending you can message her. Lets tell you what else is on todays agenda once we get through the emma watson news. High can dm who can you dm . You. You cant follow me. Really. You know what you can do, you can mute people now. As always. You can follow them. They think that youre following them. Yeah. So its very polite and cordial. You dont have to ever see what they do. Its mute. Its better than block. Because they dont know it. You look like youre a very gracious person, very nice person. But youre not . Youre not. If you have thousands of followers, you dont know every person that follows you, right . No, i dont. Do you know the famous ones . I dont know. Im getting confused. You got like half a million. House thousands, thens o ten, you could message them. But i dont know if they do. On todays agenda, janet yellen we think follows joe or hope does, she heads to capitol hill this morning. The fed chair is going to be delivering part one of the semiannual testimony. She appears before the Senate Banking community. It starts at 10 00 a. M. Eastern time. Well be following that. On the earnings front, fedex adobe system and kb home are coming out after the closing bell. Also, a little bit of Corporate News just crossing the wires, Chinese Media at holds supercell for approximately 8. 6 billion. Supercell is the maker of clash of clans mobile game. Ive never played it. Supercell at about 10. 2 billion. Also netflix, service issues, if you had this problem on monday apparently causing a major outage on monday, good news, its been resolved. Reports of the problems on the uggs east coast surged monday afternoon. A lot of buffering for people to get to thing orange is the new black videos. Yesterday . Yesterday. I did hear about that. And the latest campaign released yesterday, revealed donald trump is falling behind in the money race. The campaign raised 3. 1 million in may impaired to harrisburg clintons 27 million. But its more than doubled the previous monthly hauls. So his Campaign Start at june with 1. 29 million in cash, compared to 42 million in the clinton coffers. Yesterday, trump fired Campaign ManagerCorey Lewandowski who has been tasked with overseeing the fundraising operation there. In terms of staff, theres reportedly 700 in the Clinton Campaign. 70 in the Trump Campaign. Doesnt surprise me. But its what is it, june . Were talking convention. I figure hed say, look, ive done everything with what ive got so far. Im going to ramp it up getting a new Campaign Manager. Supposedly, his children were pushing for the change. For the change. Not clear whether a new Campaign Manager comes in, whether paul manafort, he may get a lot of those. Because you love this, no money, no staff, no chance. No i didnt say anything. I didnt say anything. I have you dont think after all this time i know when youre gloating . I im nm not gloating. I love a good story. And there say human drama story. Talking about the other human drama called the market these days. Lets talk about a little bit more on reaction we havent had the reaction yet but watts going to happen on thursday. From oppenheimer funds, the chief investment officer. Is there anybody here that wants to take a position somehow that an exit is upon justice. No i think the markets are telling you that in spades. The probabilities the polls may show that they are even, ieg market betting how does the market know better than the polls . Not that the polls have been perfect on any of these situations but the polls are kind of all over the map and they show things that are relatively title. How does the market know . I think the market knows from experience than anything else. The scottish polls running close. We are basically relying on the fact that economically, if they leave, it will be an utter disaster. And after everything is said and done, people vote with their econom economics more than anything else. And you think thats the case . I think you have to be kind of a loft character for not to recognize that leaving the Economic Union is probably going to be a bad outcome. What do you do ahead of it . Thats the real question. If youre sitting here watching the show right now and figuring out ma to do with your portfolio, what are you thinking . First thing, we wouldnt make any changes. If you look at whats pricinged into the market today, european banks, european financials are trading below their 2008 valuations. 2008 was a pretty brutal recession. It was not a fun time. So we dont think people are going to be vote for a recession, going to the polls, voting for a higher unemployment. Whatever else. If you look london betting houses, the oddsmakers versus the polls, oddsmakers are telling you the odds are more likely they remain. I like the betmakers because, frankly, theyve got something on the line. If polls are wrong it doesnt matter, but if betting houses are wrong they lose money. Six to 12 months from now, people in the uk is going to look back at this like it was the y2k. Remember we were told that the airplanes wouldnt land, the economy was going to come to a halt. Were all in agreement if thats already baked in the cake, that everything is fine. There a discount here . No, there was a discount but over the last few days priced out. We are done. We are done. Whats the new story . The new story is the growth picture is okay. I heard it wasnt okay. No the growth picture is actually decent. Second quarter growth is going to be better than first quarter. We are running its not a disaster, its not free that we like but it is quite good. The emerging markets more importantly are stabilizing. I think theres good reason to be hopeful. Are you hopeful . We are, were bullish, were bullish on the u. S. And europe as well. Where do you think at the end of the year . S p 500 and russell 2000 are the number one indices. They could easily be at double digits. Double digits. Double digits. Its been bullish on europe. If brexit doesnt take place, they may have a bigger rebound, right . Stories is earnings. When people talk about u. S. , they talk about u. S. Markets. Number one, theres massive outflows and number two, theyre talking about dismal corporate professionals but theyre looking in the rear view mirror. Oil prices were falling 40 or 50 . The dollar was in the midst of a 20 or 30 rally, as long as we dont repeat what happened last year, earnings basically snaps back to zero. You look at employment, you look at wage growth, you realize the consumer is not doing bad. And theyre telling us the fed is going to be more dovish. We could easily be a year out from now, be looking at 20 year over year growth. Without a lot of gdp growth because a lot of those head winds have rolled off. I think at the end of the day, the fact that the dollar is not going up and stabilizing, has come down to some extent, is probably the biggest driver for earnings. And oil prices and growth and financial conditions in general. Let me make it more complicated, given everybodys bullish outlook if youre janet yellen going to try to have to defend herself in washington today, why dont you just raise them . Well, you dont raise, because if you do raise, you basically take the u. S. Away from what the rest of the world is doing. And youll dot same thing that you did last year which is get the dollar up and financial conditions tighter and the economy much worse than what it needs to be. At some point, she will, right . The fed wants higher rates and at some point theyre going to get it. My guess is theyre one employment rate away from the next hike. They will eventually drive rates higher. The question is is that bad for stocks . Not automatically because if youve got stronger growth to offset it, its not bad. Historically, equities rally, the reason is corporate profits are rising and profits offsetting higher Interest Rates. I think the fed has changed its mind, they want to tighten but they recognize that conditions are not conducive. Were going to leave the conversation there. Thank you, gentlemen. Lennar out with quarterly results. Earnings of 9 cent ace hair. And revenue, the companys were up and stock is flat. Coming up, much more on potential fallout from this weeks brexit referendum, veteran investor wilbur ross is going to weigh in. And then later, well talk to michael spence. Stick around, well be right back. Dinner may i be excused . Get the new xfinity tv app and for the First Time Ever stream live tv, watch on demand, and download your dvr shows anywhere. Legendary financier wilbur ross has said a vote for the uk to leave the eu would be a disaster. Joining from us london wilbur is chairman of w. L. Ross, a company, a wellknown turnaround guy. And someone who is involved in a lot of financials and some in london, too. Youre still with that uk investment you made a few years ago. I know youve pared it down a little. Tell us about that, and whether you think that would be hurt by a brexit, and why. Well, i think a british exit would be the worlds most expensive and most acrimonious divorce in history. And i think that it would be terrible both from point of view of employment and point of view for economy. Mainly at this point, to back Richard Bransons takeover of several years ago, and it worked very well. But we are mainly a Mortgage Lender in the uk. In fact, weve been doing about a third of all of the new lending. And i believe that home prices would plummet in the event of a british exit. Average house in the uk is about 250,000 pounds. And if it went down around 10 which i think could very well happen, that would wipe out half of the net worth of most of the older people who own their own homes. Or everybody over 70. 77 own their homes. Over 70 of those over 60 own their own home. And all of those are the goods that seem to be pushing for the exit. So, i think they would be committing financial suicide. And along the way it would hurt us as well. Maybe they dont understand why housing prices would collapse, wilbur. Why is that your prediction that housing prices would collapse . Well, in every year, the largest amount of fine direct investment into the uk, every year in the last five, has been from other countries in the European Union. That would be interrupted in the event of an exit. Second, 45 of uk exports going to other eu countries. Those would also be interfered with. But the worst thing is, brexit would not be an automatic and quick event. There will be at least two years worth of wrangling over the terms of the exit. Think how hard it would be to renegotiate the 80 treaties that uk has with the common market, by negotiating with the same bureaucrats in brussels that they just thumbed their noses at. This would be a nightmare. And those bureaucrats would be backed by the eu countries. Because its important for them to show that exiting is not an easy thing. There in fact is no mechanism in the eu constitution, for an exit. This is totally uncharted water. And i think to have to negotiate treaties that you hope will benefit you with people that you just told to go shove off, not going to be an easy exercise. It will be volatility and fright throughout the united kingdom. We were talking about the difference between polls and actual betting. We were talking about it yesterday and today. Right. I know you dont actually have a place to bet with any bookies on the 80 outcome that people are saying. But with your investments, you probably have more on the line than most of these people betting. So, im sure youre a little until its over, youre not really going to take rest completely easy. But do you think 80 is probably a good forecast, or the likelihood that uk remains . Well, it will either be 100 or zero at the end of the day. So, but those are the boundaries of it. We made the decision youre still up 11 of voters. So it matters to you. Oh,