joining us today is andrew sheets, managing director / chief cross asset strategist, morgan stanley. a momentouse you on day. when you look at the stock market performance, they seem ok with the deal. how long can it last? andrew: it is important to step back and appreciate this is a big deal, very significant. it has been surprisingly close to the initial proposal. it has happened fast. call it morgan stanley was optimistic about the deal getting done, we still thought tomay take a second session finally wrap things up. the fact they did it in this round is good news. to the european story where european assets have lagged for a long time, generally cheaper. i think we can see sustainable outperform it from the euro, european equities, for the coming months. the bigger concern is this is one of several positive things happening in july along with earnings season and another u.s. fiscal package. once we are out of july, those positive events are behind us. i am more concern for august-september, what is the next catalyst to take the market higher. francine: you argue over the next two

andrew sheets, the chief asset strategist, joins us now. there's nothing normal about this, but your argument has been entirely the opposite. it is more normal than most people appreciate. why is that? andrew: good morning. there's a couple of things we have been following. a lot of the conditions that preceded this recession have a lot of very normal late cycle characteristics in terms of what we are seeing with the unemployment rate or the yield curve or valuations or volatility. late normal of cycle the tiller the -- we had a lot of normal late cycle volatility. recoveryhe type of forecast is above consensus on the speed of this recovery and how v-shaped they think it will be, but that will also make it -- looke normal than at more normal going forward. tom: we have seen mr. buffett pony up a new obligation of $9.7 billion, 4 billion dollars cash for the dominion gas lines. is that a harbinger of things to come? are we going to see exceptional m&a which buttresses this bull market? would beur expectation that companies remain a little mor

sheets with paper attire. this as attorney bill barr says the doj wants to speak with prince andrew as part of its investigation-spirits. president trump fires back after new york city mayor bill de blasio helped paint a black lives matter matter muller in front of trump tower i got him everything he needed i got him the gowns and masks and everything, the shields. i got that man everything. i spoke to him many times. he couldn't have been nicer and then he throws a big black lives matter sign right down in the middle of fifth avenue and all merchants along fifth avenue are furious. carley: de blasio will allow black lives matter marchs to continue despite banning large outdoor gatherings in new york city. so the fighting between the president and the mayor continues. brian: the mayor is an embarrassment to the country. absolutely terrible. steve: can you tell it's election year. carley, thank you very much. talking about new york city and new york is announcing plans to get kids back to school this fall. our next guest calls that a slap in the face to parents. we'll talk about the limitations coming up. realto

sheets, liquidity. all of the gaming stocks that i cover that i like, wynn, las vegas sands, mgm, they're still down a huge amount, andrew wynn is down 48% mgm down 51% and las vegas is down 33% the one i like the most is wynn, i actually own it. they have quality assets, in las vegas and they have a diversified revenue stream the rest is food and hotels. they are diversified the real reason you own wynn is for macao, not las vegas 75% of the revenues are in macao. i think the china economy is recovering faster than the u.s. economy. we'll see gdp this week for the second quarter running around 2 to 3%. that's a 52% is he againstal annu sequential annualized rate they are reopening in june and july liquidity is okay. 1.7 billion. that's 18 months worth 10% of the flow is short the stock. so it's not going to take much for this stock to do better. that's the one i'm playing that's the macao story if you want las vegas, that's mgm. 50% of the business comes from mgm. >> let me ask you though, to invest in either of these stocks, let's just do mgm since that's the vegas story what does the time line have to be about a retur