david owen: yes.he says it is a softer brexit, the suggestion is they could potentially raise rates. he really doesn't know. the uncertainty at this point is still barry high. jonathan: he took an absolute beating from the media and politicians about his position and his view of what would happen post-brexit. has he been conditioned by that, too any extent? david owen: to be awfully fair to him, you had a policy vacuum. and we didn't know -- we lost george oswalt. and he called everyone into the courtroom. bloomberg, ourselves, he called everyone in and he basically said, we will support the u.k. economy and the bank of england. and that is what happened. sterling immediately price lower and the economy carried on growing and that is exactly what should have happened. jonathan: i was in the room with you. the last man standing. the only man standing. the rate cuts after, was that a mistake? david owen: no. they have completed 10 million of the corporate buying. and we know that they could potentially

david owen is still with us. we wouldn't normally focus much attention on local elections. use of the proximity to the national vote, they take on more reverence. david: --moral relevance. david: they do. they are making sure people do vote in june. it is going to be a tory landslide. theresa may will have more negotiating room when it comes to the brexit discussions. we may see that playing out. manus: i'm curious to know what people in the market actually think. does it embolden her negotiating position, or is it rhetoric from europe saying it doesn't matter? 's made a genius attack on europe, giving her a boost. she picked a genius moment to accuse the eu of meddling in the election. people who voted to remain worried about these negotiations. sure we have the best we can. in terms of negotiations, they are going to be long and torturous. the other thing about holding an election this year is it mean she doesn't have to go to the polls to see if she wins. the transitional range, as everyone knows, has to be there. they are more likely to be in play them a more than her wo

david owens is the international chief economist over at jefferies.nflation data for the eurozone as a whole. the primemp host minister vietnam today. and rate decision from brazil. theresa may's conservative party suffers a setback. the latest poll on the markets, are they prepared for such a close election? this is bloomberg. ♪ manus: it's 1:19 in the afternoon in hong kong. firmer data in the pmi this morning. official, it held up for the second straight month in may. let's get a business flash from sophie. >> deutsche bank has agreed to pay $41 million to settle federal reserve allegations that its u.s. operations fell to maintain adequate protections against money laundering. the fed said the price fell short of complying with the bank secrecy act that requires lenders to help federal agencies prevent illegal transactions. the regulator imposed a cease-and-desist order on the bank that requires it to address unsafe practices. the ireland has fired the starting gun for the initial public offering of allied irish banks, laying out a plan to sell to

on the economy, we have david owen, chief european financial economist at jeffries. our guest host for the hour is peter boockvar, from the lindsay group, also a cnbc crib ontribu. welcome to all of you. peter, tell us what is driving things. you hear these headlines, the distraction out of washington, yet the s&p 500 and nasdaq are setting new highs. is the market just writing this off? >> i think so. they're focused on $19 trillion economy that will not get affected if comey is in place or not. they're focus the on tax reform and believing that something will happen this year. that's the hope, that could get pushed out to 2018. they're celebrating good earnings. granted off an easy comparison. but after six quarters in a row of earnings declines, to start to see an upward trajectory is important. i think the year will be defined by the hopes for a fiscal tailwind versus the growing monetary headwind. as we get deeper into the year, that's a beg deal. n big deal. >> you think washington has to move to get things done to produce that tailwind? >> right. it's interest

officer owens says he is trying to get new hoops for four other schools in st-louis. ( mark ) in entertainment news. there are some surprises at the box office this morning.( darya ) davids us the weekend top five. the boss baby" fell three spots to fifth place, but made nine-point-one million dollars, giving it a domestic total of nearly 150-million. "the circle" opened in fourth place, with a disappointing debut of just nine-point-three million dollars. an astounding third place debut for "baahubali two: the conclusion" -- the indian action-adventure made 10-point- one million dollars, playing in just 425 theaters."you cheated on me with a car salesman?""no! a little." another surprise: the weekend's top new movie was "how to be a latin lover," which opened second with 12- million dollars, well above expectations."you got more of your fan club ahead."nothing could stop "the fate of the furious" from racking up a third straight weekend win: 19-point-four million dollars gave the action flick a domestic total of 193-million... and sent it past the billion-dollar mark worldwide. in hollywood, i'm david daniel. ( mark ) coming up in the next hour on the kron four morning