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tv   Worldwide Exchange  CNBC  March 20, 2015 5:00am-6:01am EDT

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welcome to worldwide exchange. i'm seema mody. >> it's friday. >> u.s. futures pointing to a higher open after a mixed session on wall street. the dollar set to close higher. >> they agree new terms to bring the merger back from the brink. >> amazon is given the green light to test drones outdoors but questions remain over whether it's delivery service
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can take-off amid concerns over safety. >> million of people are witnessing the solar he clipgseclipse of the decade. live pictures throughout the show. >> welcome everyone. hope you're having a great start to your day. it's friday. as we look back at the week it was the fed and janet yellen that became the big focus for the market but we still seem to be a little bit confused about whether that rate hike will come in june or october. >> not only are we confused about when the rate hike will come but the size of the market moves we've seen off the back of confusion has been extraordinary. wednesday afternoon huge moves for risk assets upwards and thursday big corrections in that direction. >> that's a trend going forward as we potentially see rates normalize. the question is if we do continue to see this type of
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volatility how do you make money in this game? do you stick to the sidelines and wait for the volatility to subside or do you try to stay active in this market? >> with the correction we saw on thursday from wednesday's moves it means the same sort of moves and momentum we had over the last three or four weeks have been in play. we're still seeing a weak euro and strong dollar. the question of course is as you're saying will that continue much longer. >> keeps things interesting for us. take a look at u.s. futures. we did see big reversals since wednesday when the federal reserve decided to take the word patient out from a statement but seemed to imply rates would not be rising in the near future. we saw asset classes from around the world react to the fed statement. the biggest mover though was in the currency space. the dollar index. the dollar still up about 9% year to date but we did see a big reversal on wednesday to the
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downside. in response the euro strengthened. many experts say this is a short blip in a long-term bull run for the green back. today's trade down .3%. but again over the past couple of months that is year to date it is up about 9%. taking a look at the european markets, how are they fairing? investors not just in the u.s. but around the world were watching to see what the fed would say in terms of removing the word patient in terms of when we could see a rate hike. we still don't have that but in the meantime we have been seeing european markets move to the upside. the dax up about 65 points. the cac 40 up about 12 points. keeping an eye on the situation in greece. ftse 100 year highs this week. >> let's look at the bond market
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because that continues to tell the story of differing policy divergence even though we have seen the ten year come back. >> last time we heard from janet yellen we did see the ten year come back below 2%. very quickly it moved back above 2% when the data continued to come out and impress. i wonder if we'll see the same this time around. german yields incredibly low. we're coming to the end of the second week of european quantitative easing. the yield on the u.s. ten year has come back as well. similar type of move to what we have seen in the u.s. this week because the monetary policy committee here in the u.k. had similar dovish tones coming out of the statement this week as the fed did. we're at 1.54%. yields in europe for a whole vastly compressed as qe hit the ground running over the last two
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weeks. not the case in greece just shy of 12%. the euro bounced back having seen the u.s. dollar rally yesterday having plummeted wednesday but we're looking at the euro 1.068 but still weak in the grand scheme of things. commodities as well oil prices did have one brief day of reprieve following the u.s. dollar weakness we saw late on wednesday but continued their slide in their near six queeryear lows. seema back to you. >> all right, a mixed reaction to the fed statement. let's get an expert opinion. joining us now is matt beasley. great to have you. the big market mover this week was the fed statement. is it policy to keep the market guessing? because there seems to be less certainty about whether we will
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get a june rate hike and perhaps that is what the fed needs to do in keeping their options open. >> something is going to change and they're going to do it responsibly. it's not going to be to get rates up because that's where they used to be but it's going to be because that's where they see inflation sustained and right now there's very little evidence of that being the case and thr going to exacerbate
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that. going through to the second quarter. >> despite the blip in the middle of the week we're finishing the week with the same trend that's been true over the last three or four weeks and that's strong european equities. weaker u.s. equities but when you take into factor u.s. dollar performance it's much less impressive. >> that's right. you're right in term of today, always as we were, you know at the start of week however if you change the share price charts from euros to dollars it's less impressive and for many investors that would be hedged in their exposure return of shares have been as they have been in the u.s. >> a sigh of relief as yellen struck a more dovish tone but i wonder if the fed is kicking the
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can down the road. >> we he have to remember that janet yellen is the reserve bank for the u.s. not for the world. >> but it has global implications. >> sure. this is the chance we have as global investors. they make policy for the united states of america but it has clear ramifications for the rest of the world and emerging markets in particular. especially those borrowing in u.s. dollars and for those that are export driven exchange rates are important. that's a real challenge for several emerging markets. we really struggle right now to find individual companies. we want to invest in emerging markets because we fear the risk of the economy overwhelming lots of growth companies across emerging markets. we worry about economic factors trumping some of those micro economic factors. >> you still favor the likes of europe and japan. those benefitting from loose monetary policy. >> yes, it's all a caveat there.
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it's becoming consensual if you look at money manager surveys that there's been record selling off north american equities to fund investments in europe and japan. when you look at where corporate profit margins are today and you see record gaps. 3 or 4% difference by the corporate world in europe versus japan. it's going to help both europe and japan and in both markets you're seeing some reform as well as some cyclical recovery we would suggest would help the gap close and with valuations where they are i still think it's easy to allocate money away from expensive u.s. equities and buy european and japanese equities. >> thank you for joining us as ever. have a lovely weekend. that was the head of global equities at henderson local investors. >> lockhart is speaking about
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policies. look for tiffanys darden restaurants and kb home. >> the solar eclipse is the big event of the day. millions of people across northern and western europe could witness the best solar eclipse in the region for some 16 years as parts of the u.k. and norway plunge into 98% darkness. thousands have gone to see the phenomenon where hotel rooms have been booked up since 2008. the eclipse is expected to reach it's peak in the next 30 minutes. experts are warning not to look directly into the sun as it can be harmful to the eyes. this is a live picture taken from the islands. we're expected to get a peak. it's a shame we have to be inside for it. >> i know. first major eclipse since 1999 but as you were pointing out
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before you go outside, be careful. experts recommend wearing special glasses. you do not want to look directly at the sun during an eclipse. >> but do enjoy it. it will be pretty awesome. >> absolutely. we'll keep you up to date. in the meantime the faa is giving amazon the okay to experiment with drones but with several conditions. flights must be conducted at 400 feet or lower during daylight hours and the drone must stay within the line of sight of the pilot and observer. they must also provide monthly data on the number of flights and any unusual hardware or software malfunctions. shares up .3% in frankfurt. >> coming up nike puts the foot to the floor as earnings beat the street but it as a warning on the strong u.s. dollar. we'll run around the numbers after this short break.
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welcome back. u.s. futures point higher after the federally fade. u.s. regulators give amazon the green light to experiment with drones in conditions. millions in northern europe witness the best solar eclipse in 16 years.
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>> let's get stock specific. tiffany and co will shine light on luxury demand when the high end juror reports 4th quarter results before the open. they're expecting a rise in earnings and a slight up tick in revenue but the strong dollar continues to weigh on sales to tourists. they were hit by weaker than expected holiday shares in the previous quarter. shares are down over 19% for this year. tough time for the company. >> indeed it is. let's talk about nike also being hurt by the stronger. u.s. dollar. the company says they would have risen 13% if you exclude the impact of foreign currencies. future orders or orders set to be delivered in the next several months rose 11% above estimates. shares rose 4% in after hours trade despite the aspect of the u. s. dollar. it's up 24% in the last year. i wonder if it's already had a
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bit too much of a strong performance. >> it had quite the run and given the stronger dollar it will likely have a negative impact on the bottom line. that could be something we see in the coming months. it does make half of its revenue out departments side of north america. this is a multinational with high exposures overseas and negatively impacted by the green back. >> the bigger picture issue i would say in similar stocks is the western world's fitness craze is at a peak. >> why a peak. >> because it's gone nuts over the last year or two. do you think people will get even more obsessed with fitness than they are at the molt. >> i think the more the better. i think we'll find ways to stay healthy and fit then there had been a higher demand for apparel to support those types of exercises. >> i was hoping it -- i'm getting exhausted. >> you're doing a downward dog every sunday. >> i don't know about that.
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nike up 20% year to date. tweet us at cnbcwx. >> now a deal to take note of the tie up between holcim and lafrage is on track to make the world's leading cement maker stefen is live in paris with more on this news. >> one of the main shareholders of lafarge who owns a 16% stake is confident that the shareholders will hold back the deal this morning. one of the major shareholders say that the new merger greelt is good news. he agreed on a new stock exchange parity. the new exchange ratio is nine holcim shares. it will give them a bigger stake in the group.
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up from 53% in the former deal. they also reached an agreement on the future government structures. they are the chief executive on the french side and they will become nonexecutive co-chairman of the new company. he was due to become the chief executive of the new group. didn't fit in the culture at hohchoh holcim. we don't know the name of the new ceo. >> good news for shareholders. they'll receive a script dividend for each existing share. all of this explains the positive market reaction this morning. lafarge up 3.4%. both companies hopes to close the deal by july. back to you. >> a big mover there. thank you for giving us the latest. still to come on the show is the swiss central bank facing a
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crisis of credibility after the shock move in january? will the snb's chairman answer that question after this break. we're back in 2. you can't predict the market. but at t. rowe price we've helped guide our clients through good times and bad. our experienced investment professionals are one reason over 85% of our mutual funds beat their 10-year lipper averages. so in a variety of markets we can help you feel confident. request a prospectus or summary prospectus with investment information risks, fees and expenses to read and consider carefully before investing. call us or your advisor. t. rowe price. invest with confidence.
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welcome back. greece's prime minister says he's optimistic after discussions with german chancellor angela merkel and french president. speaking in brussels he says athens will present a list of specific reforms in the coming days to secure further funding. >> more optimist after this deliberation. i think that they try toe do their best to overcome the difficulties of the greek economy as soon as possible. >> julia is live. a lot of talk but are we seeing enough action from eu leaders? >> it's a good question. i didn't have to read between the lines of what angela merkel came out of the meeting and said she was using words like yet
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again, once again to illustrate that actually very little difference has changed and that's going back to the deal signed a month ago and saying look greece you have to come up with reforms and start implementing them and then you'll get your cash. as far as i could see after the talks yes a little bit more positive momentum given that we're talking and not throwing stones at each other but greece has to come up with the goods. there's a greater sense of urgency and now the message was that greece is going to go away and come up with fresh reforms. a full set of reforms and then they'll be ready to assess them but the skeptic in me says hang on a second. what have we been doing if not that for the last few weeks? they want to keep the pressure on greece. alexis will be going to berlin on monday for further talks with angela merkel and the talk behind the scenes is if there is ultimately a break through perhaps it comes at that meeting. i hope if there is going to be
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the break through it means he has gone on with the full fresh set of reforms in the immediate short-term we need to watch out because greece has a 350 million euro repayment to the imf today and not to mention a 1.6 billion euro t-bill to finance. clock still ticking on greece and ball in their court to come up with the reforms. back to you. >> there's also one other story bubble agoway in brussels at the moment. david cameron is getting it done in the u.k. election and hoping it feeds back to the voters over here. >> absolutely. we were talking yesterday wilfred about the fact that when he came here yesterday he turned a question about greece into a comment about how the u.k. was in a similar position five years ago to the u.k. and look how far we have come. well today never mind talking about a potential greek exit. he was talking about a u.k. exit and his referendum. potentially the last time he comes to brussels. i wonder if he'll miss it if he
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doesn't win the election in a month's time. >> he has as much affection for brussels as you clearly do. thank you as ever and i hope you have a lovely weekend. >> on to switzerland, the swiss national bank chief thomas jordan told cnbc the central bank is not facing a crisis of credibility. this after it removed the franc's exchange rate cap in january sending the exchange rate sharply higher. carolyn is live with more of that story. >> good morning to you. yes, yesterday the swiss national bank faced international media for the first time since the shock move on january 15th. it's come under a lot of fire from politicians and from the export sector but also from those investors that got burned so heavily on january 15th. here's his defense. >> well it was the right decision. i think it is obvious now to almost everybody that it was the right decision. it was not any more sustainable.
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it had no impact on swiss economy or swiss firms so it would have been not the right decision to postpone it. the only decision that was right was to take the decision on the 15th of january. >> that was thomas jordan. very busy defending that decision on january 15th. now keep in mind some of the market moves in the aftermath they have been reversed. especially if you take a look at the dollar swiss. that is back because of the stronger dollar. back to you. >> carolyn thank you for that and also just a little reminder our favorite type of chocolate is milk chocolate. have a lovely weekend carolyn. thank you. still to come here on worldwide exchange, blocked in china. we cross to get an update as reuters becomes the latest to be censored in the country. >> we'll leave you with a look at the solar eclipse just about
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hitting it's peak in the u.k. you're looking at live pictures of the eclipse from the farrow islands. we're back in 2. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances.
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you're watching worldwide exchange. >> here are are your headlines from around the world. >> u.s. futures now pointing to a higher open after a mixed
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session on wall street. the dollar set to close well above the lows hit after the fed's dovisheish statement. >> a deal is nearly sealed to create the largest cement maker. they agree to new terms to bring the merger back from the brink. >> amazon is given the green light to test drones outdoors but questions are made over whether the delivery service can take off amid concerns over safety. >> and millions of people across northern europe and the u.k. are witnessing the solar eclipse of the decade. we bring you live pictures throughout the show. welcome everyone to the show. as we were telling you a reversal in yesterday's trade. a head fake is what some people were calling it after a fed induced rally on wednesday. some stocks paired gains on thursday. oil moved lower but keep an eye on the nasdaq. it did post the third straight
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gain and very briefly broke above 5,000. the nasdaq indicating a higher open in today's trade. the dow up about 94 points. the s&p 500 up about 6 points. it's about exactly what janet yellen said on wednesday. will we see a rate hike in june? the big question facing investors. taking a look at europe we've seen a little bit of activity here in europe over the past couple of days. investors focussing on economic data in europe but also trying to make sense of what is happening in the u.s. as well. the ftse 100 trading near record highs at 6,968. basically flat on the day. the dax continues to move to the upside at 11,962 up about 62 points. france in focus up about 9 points and the athens ase. >> seema, thank you very much.
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data out of the u.k. they showed the u.k. public finances have improved sharply in february leaving george osborne the chancellor on course for his targets which he was talking about earlier this week. we've seen the public sector come in at 6.2. that's much better than expect expected. it's down 34% from a year earlier. significant improve ltment there and falling on the u.k. finance minister's budget earlier in the week. we're looking at sterling at the moment. in the session it is flat. 14757 at the moment. now having talked about currencies, important to think about the u.s. dollar of course and coming up today the first interview since he retired after a decade of the president of the fed.
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that's today on squawk on the street. 10:40 a.m. eastern time. >> plus st. louis fed president james bullard joins squawk box on monday. he'll be guest hosting for two hours. it will be interesting to see what he has to say about the fed statement on wednesday whether a rate hike is in the cards. let's also take a look at the other top stories at this hour. president obama appealed to iran to seize the opportunity for a better relationship with the u.s. referring to current nuclear negotiations he said although teheran kept to some commitments there was still work to be done. >> the days and weeks ahead will be critical. our negotiations made progress but there are countries that will oppose a diplomatic resolution. my message to you, the people of iran is that we have to speak up for the future we seek. >> israel's prime minister benjamin netanyahu appeared to back down on a preelection pledge not to allow the
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establishment of a palestinian state. speaking to andrea mitchell for the first time since his re-election he said he still supported a two state solution. >> i don't want a one state solution. i want a sustainable peaceful two state solution but for that circumstances have to change. >> european union leaders agreed to link sanctions on the russia to the implementation of the ceasefire pack. they added the group also needs to challenge russia's on going campaign of information about the conflict in ukraine. >> meanwhile, the russian foreign minister says the u.s. is encouraging kiev to use force to end the conflict in eastern ukraine. they come after joe biden pledged support to give special status to the region which violates the deal. be sure to tune into u.s. squawk box. the team will be speaking to ukraine's finance minister at
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6:20 eastern time. >> focussing in on bio tech which has been on a tear up about 40% over the past one year there's never been a successful drug to treat the underlying cause of alzheimer's disease which effects more than 5 million people living in the u.s. it shocked wall street when it reports results on the drug. today they're reporting full data from the study. meg joins us with breaking news on key drug test data. megaover to meg, over to you. >> these data are just coming out. we saw the initial top line results in december. just looking at the release now they look good. the data looked to surpass analyst expectations both on the clearing of the plaques in the brain and two measures of cognition. that's measuring the memory declines and thinking clearly that you see in alzheimer's disease. people were looking to see how
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strong the signals were. we knew that the drug looked to do that in the small study but they're highly statistically significant. apologies for getting technical. analysts looking for p values for that significance of less than .05. you're seeing these p values of less than .001 so very strong on clearing plaque and on these pleasures of improving memory and thinking clearly seeing a benefit in the highest dose of up to 71% stemming of the cognitive declines you see in alzheimer's disease. analysts were looking for 20 to 30% success in this study. looking good. side effects are important here. there was one known as the imaging abnormalities into clearing of the plaques from the brain. they did see the side effects increased as the doses got higher but they found a safety profile acceptable for moving forward and they plan to start enrolling patients in the phase
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3 trials before applying for approval later this year. looking like promising results from this alzheimer's drug this morning. >> it could likely be market moving. i know they estimate very positive data could drive the stock from about 428 dollars a share. we'll be seeing how the market reacts to this data. meg, thank you for bringing it to us. in the meantime take a look at the bio tech index which has been on fire up about 44% over the past 1 year thanks to better than expected earnings and positive drug trial data and as you can see some of the big names in that space, biogen and gilead among others propelling the index to the upside. >> gm ceo will be deposed this fall by lawyers suing the auto makers over it's defective ignition switches. she's one of 35 current and former gm play yeeemployees interviewed
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she told congress she learned about the switches in december 201 just before they began recalling affected vehicles. >> china's watchdog asked jaguar to recall suvs. they're criticizing the car maker for gearbox problems in some vehicles. the group was told to take immediate measures to recall and repair defective vehicles. they used the blog to apologize to customers. >> reuters is the latest news agency to have it's website blocked in china. others have been blocked in the past. reuters hasn't published a story that falls into that category so the reason for the block is not clear. let's get to eunice with more details live from beijing.
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>> hey guys well reuters has just joined a growing list of news organizations that have had their websites barred in china that list includes the wall street journal, bloomberg and new york times. the government has made it clear it's motivations. the foreign ministry did answer a question but said they have no relationship vanlt information. for reuters part in a statement today they said that they only hope the sites would be restored relatively soon. what we're seeing here in this information and crack down is part of a larger pattern that we're seeing in china of a tightening of controls on the internet as well as the media they blocked twitter, youtube,
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facebook from the chinese market and they heightened censorship of social media. so it's been increasingly difficult for people here to have discussions or voice their opinions these moves raised questions about productivity. how can they become more productive if they don't have access to information and another big question raised is about the economy at large and that is that the chinese government has been wanting to upgrade the economy and make it more creative and innovative and there are serious questions and concerns about whether these moves to tighten controls and stiefen information flow will encourage innovation and creativity in the way the government wants. >> thank you very much for that. still to come here on worldwide exchange amazon gets the green light to test the use of drones outdoors but it's still unclear whether the company's high
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flying delivery plans will ever get fully off the ground. let's leave you also with shots of the solar eclipse. it's just about coming to its peak in western europe as you can see what a great shot that is, wow. live pictures of the sun being eclipsed. we'll be back in a couple of minutes. that was great timing.
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welcome back. it's that time of the week where we debate as to which chart is the chart of the week. i have picked the dollar index because this has had massive implications on global assets. not just on u.s. equities but emerging market currencies as well and this week we saw a big reversal in the green back after the fed indicated a rate rise may not come in the near future. yellen also referenced the negative impact of the stronger dollar. we saw the dollar see the biggest one day reversal since 2009. it's come back a bit. still up about 9% year to date. this was a chart that every investors was watching. especially after the dovish fed statement on wednesday. >> it was a big chart. it was important. but i picked something that had a little less focus and i think is a bigger story. let's look at the ftse 100 up the best part of 3.5%.
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it hasn't been focused on. record highs as i said. this has also come despite a very weak week for oil which effects the heavy energy index. on wednesday it really shot up 1.6% in the middle of the week. that's because similar to the sentiment we got out of the fed we had a dovish commentary out of the monetary policy committee here in the u.k. suggesting that rate cuts aren't coming any time soon. rate rises aren't coming any time. possible we might have a rate cut instead of a rate rise. we also heard from the chancellor with his budge before the election where he had positive outlook for the u.k. economy as a whole and that meant that following that surge on wednesday we haven't had a correction which we have seen in u.s. equities first the post fed surge. ftse 100 up 3.5% today.
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>> you were supposed to do that in 30 seconds. that was like a 60 second hit right there. >> i just kept going. >> here's another chart you may want to focus on today and that's amazon. they may be one step closer to using drones to deliver them to your doorstep. landon has the latest. >> good morning to you. the faa has granted approval to test this experimental delivery drone outdoors in the home state of washington but that comes with several restrictions. amazon can only conduct points at 400 feet above the ground or lower during daylight hours. the drone must stay within sight of the pilot or observer and the person flying the drone must have a private pilot's license and they must provide data on hardware and software malfunctions. they want to make deliveries within 30 minutes to sites within ten minutes of a
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warehouse as part of a service called prime air. drones can fly at speeds of 50 miles or 80 kilometers per hour and can sense and avoid objects. but amazon had to work indoors held back by rules. the company conducted test flights outside the u.s. in countries with fewer restrictions. last month they issued long awaited rules to set universal guidelines amid growing interest from individuals and companies wanting to use unmanned vehicles. the rules which have been nearly a decade in the making must still undergo public comment and be revised before they become final. that process is expected to take at least a year. back to you guys. >> thank you so much. good news for amazon but it still has to follow a bunch of rules including keep heing flights at 400 feet or below and only fly in daylight and pilots must hold at least a private piloter is fif cat among further
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stipulations. >> he has to stay in sight of the drone. how far can he make a delivery. i'm skeptical for drones working for deliveries at all but if rules like that stay in mace this is nonsense. >> regulation will be a factor they'll have to deal with in terms of getting them functional and using it as part of their shipping strategy. >> i don't think it's going to work. >> you're skeptical. >> very very skeptical. >> amazon one of the bright spots this year. the stock is up about double digits. >> before we go to break, we'll remind you of the headlines at this hour. u.s. futures point higher as they look for direction after the federally fades. the drug maker biogen points out the drug exceeded expectations in the latest trial and millions witness the solar eclipse of the decade.
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welcome back. it's solar eclipse friday here on worldwide exchange. let's update you on what's happening to european markets. they had a descent week and they're finishing with a little further gains. france up .2%. germany up half a percent. it was way down yesterday but bouncing back today. the ftse 100 with a very strong week of 3.5% of gains getting another 10 basis points to the upside. >> u.s. pu tours indicating a higher open after a volatile couple of days for equities. s&p 500 up about 7 points in premarket trade. the dow jones industrial up about 87 points. nasdaq which briefly broke 5,000 in yesterday's trade up about 16 points. i want to bring your attention to shares of biogen. in december they shocked wall street when it reported positive initial results on its alzheimer's drug. in the last 20 minutes the
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company released full data from the study. the drug exceeded expectations in treating the disease. you can read the full results on our website cnbc.com. let's also get you a run down of what to watch this trading day. the atlanta fed president is speaking this morning about the economy and monetary policy. at 1:00 p.m. eastern we get the weekly rate count report from baker hughes which tracks the number of riggs exploring for oils in the u.s. as for earnings look for results from tiffany and kb home. joining us to discuss more about today's trading action the author and founder of average joe options.com. pleasure to have you on. up one day, down one day, what have you made of this week's price action? good morning. the price action is typical of a nonvolatile market. but for trading there's not that much volatility. i also learned this week that
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the fed may never raise rates again. they took the word patience out and they added in something that is much more dovish than patience which is the economy is in bad shape. we don't know what to do. we have lost our way and we're not going to raise rates and the rest of the world, the global economies are raising themselves down with the currencies down to the bottom so our rates here in the united states have already gone up naturally based on the falling rates throughout the globe. the markets are stalled here. we'll probably continue to churn our way higher. as much as i think at a the markets are overvalued. but it looks like the nasdaq may make a run at the all time high before it's all over. >> are you still long u.s. equities? >> i am long u.s. equities only in my retirement account. as a trader i have been trying to find places to short u. s. he questionties -- equities. >> what's a couple of the shorts you found over the last few
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weeks? >> i like to be short in some of the faster higher beta stocks. netflix is a pretty good short. tesla around 210 is a good short. those are things i'm looking for. long oil. oil probably found a bottom in here and somewhere in here we're going to see some reversal here but you have to remember cheap money will continue to keep money flowing around the globe as we're seeing with the ftse and dax and everywhere else so you'll be forced to chase that yield. >> interesting thoughts there. speaking of momentum stocks facebook hit an all time high in yesterday's trade. we'll keep it there. thank you for joining us. the author and founder of average joe options.com. >> now over here in new york one of the big stories is the solar eclipse. it's shaping up to be the big event off the day. millions of people could witness the best solar eclipse in the region for 16 years. as part of the u.k. and norway
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plunge into 98% darkness. the eclipse reached it's peak about 25 minutes ago. experts are warning gazers not to look directly into the sun. it can be harmful to the eyes. >> scientists and astronomers have travelled to the farrow islands which i have never been to. you get a very clear view of the eclipse from there and there's organized public events around the u.k. where you can view the eclipse through a telescope using special viewing glasses. this eclipse garnering a lot of attention. this is the first major solar eclipse in the u.k. since 1999. >> i actually remember it. being a kid and going out to watch it and being warned not to look directly at it. we all have a little glimpse. >> you want to make sure you have the right sunglasses if you are going to look directly at the sun but what makes this eclipse difference or notable is
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we all have smartphones to capture the eclipse and take a selfie with it if you will. >> there's the live shot. just 20 minutes ago when we showed you that you couldn't see it at all. we captured the full eclipse moment nicely about 15 or 20 minutes ago but as you can see we're past the eye of the storm or the eye of the eclipse as it were and coming out the other side. we should be able to see it again in a few minutes time. >> exciting time. we want to bring your attention to u. s. futures which are pointing to a higher open after we did see a reversal in yesterday's trade but right now the dow indicating the bulls are in control up about 88 points in premarket trade. the tech heavy nasdaq which broke about 5,000 yesterday. s&p 500 up about 6. >> coming up of course on u.s. squawk box, mark mobius one not to miss. also coming up richard fisher's first interview since he retired after a decade as the president
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of the dallas fed. that's 10:30 a.m. on squawk on the street. that's it for today. have a great weekend.
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good morning. a warning to the world with goldman sachs saying emerging market currencies are in for it. we'll talk to an investing man of mystery as well and ask the globe trotter what he makes of all the turmoil in global markets. and a big win for nike. the dow component. oh, that's right. i always forget that. posting better than expected earnings and an upbeat outlook on future orders. taking flight amazon gets the green light to test delivery drones outdoors so keep your eyes open. it's friday march 20th and squawk box begins right now.
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live from new york where business never sleeps this is squawk box. >> good morning, everybody. welcome to squawk box here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. it's a great day today. parts of europe are experiencing a total solar eclipse today. it happens when the sunrises at the north pole for the first time in six months. we're looking at a live picture in the arctic ocean. today is also the first day of spring in the northern hemisphere. it arrives at 6:45 eastern time this afternoon. if that's not enough for you there's also a supermoon that is here. that's when the moon orbits at the closest distance to the earth. it appears bigger and brighter than normal. before you get too excited about

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