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Fox Business News features Stephen Pope & Spotlight Ideas

Monday May 7th 2012

Transcript from Fox Business News ~  Monday, May 7th 2012

DON IMUS, HOST, "IMUS IN THE MORNING"
 This is the IMUS IN THE MORNING program on the FOX Business Network. Now, here's Diane Macedo.

 

DIANE MACEDO, FOX BUSINESS ANCHOR:
Good morning, everyone. Stocks are down this morning as investors react to the disappointing U.S. jobs outlook on Friday and the weekend European elections. Here in the U.S., you can see futures are in the red across the board. Dow futures are down by 67. The S&P is down by almost eight and the NASDAQ is down by about 14. Over in Europe, those elections added jitters about the future of the Eurozone. French President Nicolas Sarkozy lost in a run-off election to socialist candidate Francois Hollande. Greece also voted mostly for two parties that want to change the nation's international bailout terms or even overturn the rescue deal. Stocks there are also down. London is off for a holiday. Paris and Frankfurt are both in the red.

 

And now, let's take a closer look at why with Stephen Pope, managing partner at Spotlight Ideas who is joining us by phone from London. Stephen, the weekend election in France seems to have shaken the marks quite a bit. Talk about a little bit about why this is so important to investors.

 

STEPHEN POPE, SPOTLIGHT IDEAS MANAGING PARTNER:
Well, we certainly have this new idea coming forward from Francois Hollande that they want to put growth protocols into all the new European regulations. And the big question is, where is the money coming from? Governments are in a difficult position to go out and borrow more from the capital markets because the debt loads are so high. Mr. Hollande would like to see Eurozone where everybody is jointly responsible for a new debt. The Germans are completely opposed to that. The other alternative is suddenly using the European investment bank as a vehicle to raise money, but I wonder who is going to decide what projects get to the priority. So, there is going to be plenty of confusion, and that uncertainty is what spooks the market today.

 

MACEDO: And you're talking about uncertainty, Stephen. I just mentioned a little while ago to the Greek people also voted mostly for parties that want to change the country's bailout terms. What does that say for the stability of the region itself and any future bailout deals?

 

POPE: Well, I think it completely undermines the stability of the Eurozone. And it may well be that Greece becomes the real point of gain rather than France. Because I think France will be some of your modern and some of the striking tones. But if you look at the Greek situation, it's likely that new democracy will try and former coalition would pass. They've been in-charge for the last 38 years. But they are likely to be short of the number needed to form a majority. And then you have this coalition of left-wing parties that have come in second place. They all vowed to overturn all the bailout conditions. And really in June, the Greek government, whatever composition it is, is meant to explain to the Troika, IMF, European Central Bank, and European Commission, how they're going to deliver -- 11.5 million Euros cut the next year and the year after. And if the Troika have their -- they're going to black whole this. So, all the new levels of bailout money that was so hard fought for over the end of last year are up going to be difficult to achieve.

 

MACEDO: In a way, it seems like a lot of work for nothing. But Stephen Pope from Spotlight Ideas. Thanks so much for being on, Stephen.

 

POPE: Thank you.

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