david stubbs stays with us. up next, we talk u.s. jobs day. ♪ francine: for more on the markets, david stubbs, jpmorgan strategist is with us. let's start with the chart of the hour. i cheated because i had two charts of the hour. the second one is on the s&p. a lot of debate on whether this bull run can continue. i brought it back to 2007. it has bounced back quite a bit, but it seems like it is in a trading range since 2014 between 1800 and 2200. david stubbs, want to -- what does it mean? first of all, we have jobs data today. you believe the june meeting is live but unlikely interest rate will hike. what does that do to s&p? david: i don't think equity investors should fear rate hikes in this cycle. francine: so no temper tantrum. david: i think what we saw in january and february was part of it, the reaction to the december rate hike. after the first rate hike, equities usually selloff by 8% to 10%. what did the equity market do? it sold off. there are other concerns, oil being the main driver. absolutely, there was part of th

david stubbs, do you sense that divide? david: it is very clear from the polling and anecdotal evidence there is a very strong love for the eu in the younger generation and a willingness to vote for it, and that is the opposite that you see in the older generation. i think this is why the polling situation is somewhat confused. most of it does not control for the likelihood to vote and in almost every country, older people tend to vote at a higher percentage. even if the polls show there is a large victory coming from the remain camp, that does not control for the likelihood that people will go to the poll. i think this is why it will be a close a referendum. tom: caroline, what do you think? we know what side of the divide you are on. what do you think of what the older people will do within brexit? fearine: this is a great factor, exactly that, at the older generation tend to vote and have a more likely desire to exit. the galvin's nation of the youth, this is what we will see galvangalvin's nation -- ization of the youth

caroline: david, it was great to have you on. that is david stubbs from jpmorgan. coming up on "bloomberg markets volkswagen'sand -- european share narrowed for the sixth straight month. ♪ betty: live from london and new york, i'm betty liu. .aroline: and i'm caroline hyde this is the european close. volkswagen's european market share fell four and eight straight month. -- for an eight straight month. joins us from berlin. ben: what we are seeing mother there is a genuine economic recovery in the region. we are at 2.5 years of rising sales in the industry. gas is cheap, borrowing costs are low. people are out buying cars, catching up. what we are also seeing is that they are finding a more interesting mix in the industry now. there's 80's bands did incredibly well. -- first lady's bands -- mercedes-benz did incredibly well. they're capturing the imagination of the buyer and that is helping. caroline: at the moment, do we it is not that they don't have the suvs out there, it is just the scandal tugging away at their market share ? ben: the scandal is the overridin

anna: david, thank you. david stubbs stays with us on the program. manus: up next, we are going to break up blues. that is what we are talking about. u.k. treasury warns a year long recession if voters back a brexit. we look at the risks. that is next on "countdown." ♪ anna: a comeback, everybody. this is "countdown." 1 intime in new york is 1:5 the morning. let's get to the bloomberg business flash. bayer has offered to purchase monsanto in all cash bid. the deal would create the world's biggest supplier of pharm chemicals and genetically modified seeds. forecast earnings growth will slow this year even as profits down. earnings are expected to rise 13% this year after a 33% surge. prices,cut ticket depending on where you are flying after recent terrorist attacks. the 2016 surged to 1.2 billion euros. we will be speaking to michael o'leary in just about 10 minutes time. boeing has won $11.3 million from vietjet, a vietnamese carrier. barack obama is currently visiting the southeast asian country. and that is your bloomberg business flash. sectobac

inoline hyde takes over london and tom keyed in new york and, speaking with jpmorgan's david stubbs. that is it from the pulse. surveillance is next. i will see you later at 3:00 p.m. ♪ june back endsm: and with it, a june meeting and brexit within austerity. the dollar stronger, gold weaker. yellen andrology trying to drag the market to their collective trying toand draghi drag the market to their collective areas. caroline hyde from london.