tv Worldwide Exchange CNBC September 23, 2015 5:00am-6:01am EDT
welcome to worldwide exchange. i'm susan lee. >> i'm wilfred frost. here are your headlines from around the world. >> vw ceo is deeply, deeply sorry but his future hangs in the balance as the board holds an emergency meeting to tackle the fall out from the emissions scandal. >> millions of people all over the world trust our brands. our cars and our technology. i'm deeply sorry that we have broken this trust. >> no end in sight for china's economic slow down. pmi data for september surprises to the down side sending shares in asia sharply lower but europe
shrugs off with a sector trading in the green. a bedrock of global stability. china's president urges stronger cooperation with the united states as he works to reassure business leaders amidst reform and cyber security. >> instagram tops with over 400 million people. coming up on the show, find out how bank of america chief has held on to both his titles despite concerns of descent. a victory for hillary clinton. the pharma firm will drop prices but by how much? and new york yankees legend yogi berra passes away age 90. we take a look back at his
stellar career and inspiring quotes. >> let's look ahead to the u.s. markets open. futures indicating a higher start after a sell off of 1% across the board. so the s&p and the nasdaq are within striking distance again of correction territory. i should point out that the dow and the russell 2,000 already remain off their highs by more than 11% so the implied open is telling us that the s&p 500 should be opening up five points higher. the dow jones industrials looking at gains of 48 points and the tech heavy nasdaq seen in advance of 21 points so far when markets start up for their wednesday session. let's take a look at the lead from europe and we're coming back a bit today. the ftse 100 in advance. after being sold down in last year's trading sessions being weighed down by the auto concerns and at the emissions cheating from volkswagen and the
like. the german dax with volkswagen in a big heavyweight on this benchmark. gains of 1%. the ftse mib coming back as well. let's check in on asia. there's been a lot of pain across asia with the shanghai comp down 2% and this is after manufacturing continues to look ugly with the pmi for the month dropping to a 6.5 year low. and it looks like there is no reprieve for the world's second largest economy. >> that's right. and susan, you and i know that the external factor has been a drag for quite sometime and looks like a similar story with the latest data set. 6.5 year low for factory activity and the new export orders components was particularly weak as well. so that just really highlights the drag from the external side.
i want to say maybe the numbers could have been distorted to the down side at the victory day parade and blue skies over beijing and for that to happen we needed to see factories being idled so bear that in mind. here and now this was a disappointing figure although not entirely unexpected. let's take a look at the market reaction to those headlines. and it really stoked risk aversion across the asian markets. especially in greater china and the australian market in terms of trade australia. it's very hard wired into the chinese economy. two year lows for the s&p so it's interesting dynamics. china is the main narrative now. the fed highlighted global growth concerns and today's data just seemed to under line that weakness. that's where we stand at the end of trade here in asia. back now in london. >> thank you. let's get back to our top story.
it's all about vw these days and shares in the company have recovered quite a bit after trading near the bottom of the stoxx 600 this morning. have a look now. we're up by 1.79% right now but over the past week we're off 36.46% in the last two days alone. this stock has lost roughly 26 billion euros in market value. i also want to show you what the dax is doing because they have a very heavy waiting on the dax, roughly 25%. the xetra dax is rebounding. a call revising it's target lower on the index on the back of the vw scandal. >> deutsche bank not the only one making a call on volkswagen in light of recent events. we did have them cutting the price target to 130 euros a piece keeping it at a hold still. jpm coming out and cutting it's
outlook. down to a neutral price target here. barclays has warned that diesel penetration might see some fall out across europe but it sees modest opportunities in the future. let's talk about the fall out. volkswagen faces at least 50 class action lawsuits in the united states with the company admitting to maybe over 11 million vehicles being effected. vw ceo apologized for this misconduct but ryu morse continue to swirl about the safety of his job because he has contract extension coming up and people thought he was a shoe in but in light of what's been happening it's all about the corporate culture and whether or not he can find a new person at the top. >> you're right. it looks very uncertain. key members of the supervisory board are expected to meet today after they reportedly kick aufd
last night. let's get back out. can he hold on to his job? what do you think? >> well, the feeling i get on the ground is no seems to be the consensus here but it's really still too hard to tell. we're being told if the supervisory meeting takes place today, keep in mind they have not officially confirmed it's being held but it's believed that the top four members of that board are meeting here and that is just ahead of the friday official meeting which will include the entire supervisory board. so friday will be the real test as he tries to hold on to this position but there's some serious questions here about what he knew, when the issues happened, because of course he has been in the position since 2007 and a lot of these defeat devices we're talking about that were deliberately designed to be put on these certain diesel power cars in order to defeat admissions tests started to come in from 2009 so under his ten
year and he is a ceo that prides himself on being an engineer. so at the very best if he did not know about this software it raises the question of how could he be so removed from the situation? so either way his prospects are not looking great at this stage but he did make another appeal to both customers and employees at volkswagen and really stressed how sorry he was for the incident. here's what he had to say. >> i personally am asking you for your trust as we move forward. we will get to the bottom of this. we are working hard on the necessary technical solutions and we will do everything we can to overt damage to our customers and employees. i give you my word. we will do all of this with the greatest possible openness and transparency. >> so trust there being the operative word as he tries to regain confidence in this brand and keep in mind it's not just the struggles in the u.s. with
the nearly 500,000 vehicles being effected we're also talking about 11 million cars worldwide and some pressure here in europe to extend the probe to other european auto makers but we're seeing that pop in stock today because given the two day consecutive drop people are seeing this as a buying opportunity but other analysts noticed if the ceo does have to re-sign this could be a positive catalyst for change because volkswagen has continued to struggle to turn around the flag ship brand in the united states. a crucial market for them. and also everyone seems to know about the troubles in china and just a week agatha was the real focus at the frankfurt motor show. it was to what extend they'd have to turn around their performance there. so a lot of questions as we await the initial supervisory talks. we'll get that to you. >> thank you. another person weighing in is
the renault-nissan ceo that said a lot of people would have known about the emissions issue. he said it would have been hard to hide such an effort to falsify data. he urged the industry to be extremely open. >> let's continue with some other top stories. the chief executive has told nbc he will lower the price of a pill at the center of a drug fire storm. hillary clinton sparked the sell off when she accused the sector of price fixing. her comments were in response to the fact that they raised the price from $13.50 to $750 a pill overnight. the ceo said he would decide on the exact price cut over the next few weeks.
>> yes, it's absolutely a reaction. you know, i think that there were mistakes made with respect to helping people understand why we took this action. i think that it makes sense to lower the price in the response to the anger felt by people. it's large to see a large drug price increase but when you find out the company isn't really making any money. what does that mean? it's hard stuff to understand. >> shares of goldman sachs closed down around 2% after falling around 3% on the back of the news that lloyd blankfein has been diagnosed with a curable form of lipoma. he will run the company as normal but had to cut down travel plans during the course of treatment. the firm plans to expand the responsibilities of goldman's
coo. >> brian moynihan will maintain his role as chairman and ceo of the company. 63% of shares cast were in favor of allowing him to keep both posts despite an on going push from other activist investors to separate the roles. let's look at shares in this hour. in germany they're up by 1%. >> still to come on the program, market volatility, currency intervention, slowing growth and cyber hacking, what does this mean? and the chinese president makes his first official state visit to the united states. more after the short break.
company's funding total to over $53 million. cover hound now marks the 5th u.s. company to work with it's accelerator and exceeds a $100 million evaluation. joining us is the ceo of coverhound. thank you for joining us. you recently talked about the fact that the insurance market is ripe for disruption in two key areas. homes and autos, why? >> auto insurance comparisons in the u.s. has been believing the advertising over the last four to five years in the billions of dollars range so you can see consumers looking for true choice and transparency and coverhound is the best place to do that. >> why are you so well positioned to offer the customer a better offering? there's so many sites out there where you can compare and buy insurance. what makes you stand apart from others. >> we stand apart because of the
30 plus carrier relationships we work with today but also we focus mostly on the digital consumer experience. so we make sure whether it's desktop or mobile that the consumer has choice and transparency. that the ability to easily and simply purchase online at any time. >> keith, i really want to talk to you about fund-raising. i always find this so fascinating because some are calling this the repeat of the.com bubble in 2001. this is serious funding for you. you're raising $33 million. can you take us through how easy it is to get money from global investors? >> it is never easy and rightfully so. we worked really hard. the team is fired up around the great consumer experience we delivered and now we're going to take these funds and expand into stroker home and also commercial and small business. >> let's just quickly touch on insuring against cyberattacks. that's something that you're
involved with. how big and significant could it be in the future? >> it's a big area and we're focused on it and hope to roll out products in 2016. but the primary focus is to make sure that people understand the product first. >> thank you for staying up late or getting up really early for us. still to come on the show, volatility grips global markets with with the dow posting a trim digit move in 19 out of the past 24 sessions. stay tuned for how to monetize the market moves. hello. oh. yes, hi. want to survive... ...a crazy busy day? start with a positive attitude... great. thanks. ...and positively radiant skin. aveeno® positively radiant moisturizer... ...with active naturals® soy.
>> the state visit has begun. the chinese president seeking to reassure the u.s. business community that the world's second largest economy is still a good place to invest. speaking in seattle he said beijing will not manipulate it's currency to boost growth and he also pledged to implemented strict reforms. >> translator: when it comes to the toughest reforms only those with courage will carry the day. we have the resolve and the guts to press ahead and take reform forward. we will stick to the direction of market economy reform and
continue to introduce bold and result oriented reform measures concerning the market, taxation, finance, investment in financing, pricing, opens up and peel's livelihood. china will never close it's open door to the outside world. opening up is a basic state policy of china. it's policies will not change nor will it's pledge to protect the legitimate rise in interest of investors in china and to improve it's services of companies operating in china. >> former treasury secretary said the u.s. and china need to collaborate as he warned the world's second largest economy had shown signs of weakness. >> they have an economic model that's run out of steam and they need to place much more reliance
on domestic growth and consumption. >> meantime, he is scheduled to meet a string of senior tech leaders later on today including apple's tim cook and microsoft. it will be front and center days after the app store was hit by a malware attack in china. we get an inside look at how hackers operate. >> from his office in china, this former military officer says he heads a 5,000 person team known as red hackers. i decided to learn hacking skills after my computer was hacked, he said. after i retired from the army i thought i could use my skills to continue to serve and love my country. i chose to be a red hacker. to be the personification of
justi justice. china's hackers are a source of friction. they angered the u.s. which blocked business deals for chinese companies and is considering sanctions on those expected of engaging on commercial cyber theft. >> the hackers say they work from all over the country but they tend to cluster in high-tech areas. this city is home to the country's biggest electronics market and is china's silicon valley. >> prince denies his group targeted u.s. companies though they have attacked commercial organizations in regional rival japan. he showed me one way he hacks today into a local hospital. he finds an e-mail. he guesses passwords like the hospital address. by the third try, we're in the system in less than five minutes. >> we're now able to gather more information. e-mail, phone numbers, fax he
says. >> prince says the hackers act on their own but occasionally they're called on by the government to help track those believed to be working against the state. the chinese government says it doesn't support hacking activities and we couldn't verify his claims. >> i independently have cooperation with the chinese government but it's all off the record. the government normally asks me to follow the electronic footprint of different hackers, gather information on hackers and submit official reports. for the country he vows to protect. cnbc beijing. >> okay. let's talk about global markets and joining us in our london studio, chairwoman and founder. good to see you. let's start with the visit by chinese president xi jingping. it seemed to be a line by line rebuttal saying we're not going
to see any more devaluations and he said it was necessary to prevent massive panic. did you hear anything that you haven't heard before? >> there's nothing we haven't heard before and quite frankly the chinese have made comments to make the devaluations actually sound like policy reform which, in fact, it goes against all the stated goal thes have in particular the goal that they want to enable household buying power and it makes everything else more expensive and does favor corporations. >> they have to defend their currency because the widest spread we've seen in yuan history. so they're spending a lot of money to make sure that the chinese currency doesn't weaken from its current levels like it should. >> you're right. they're an export-lead country and they made no policy reform to change that which makes them more vulnerable while global trade volumes are shrinking so
they are going to fight with everyone to take an ever larger piece of a shrinking pie. >> you're going to stick around a bit. we'll talk about what else is happening around global markets as well. also we'll take a look at the markets because according to harvard it's a little frothy. so is harvard really top of the class? we'll grade the financial performance of the world's largest university endowment fund and how futures are trading just ahead of the wall street open and we're pricing in a higher open so far. (vo) what does the world run on? it runs on optimism. it's what sparks ideas. moves the world forward. invest with those who see the world as unstoppable. who have the curiosity to look beyond the expected
>> hello and welcome to worldwide exchange. i'm susan lee. >> i'm wilfred frost. here are your headlines from around the world. >> vw ceo is deeply sorry but his future hangs in the balance as the board holds an emergency meeting to tackle the fall out from at the missions scandal. >> millions of people all over the world trust our brands. our cars and our technology. i am deeply sorry that we have broken this trust. >> no end in sight for china's economic slow down. data surprises to the down side sending shares in asia sharply
lower but all sectors trading in the green. >> a bedrock of global stability. china's president urges stronger cooperation with the united states as he looks to reassure senior business leaders of concerns over reforms and cyber security. >> a shot in the arm for facebook. instagram overtakes twitter as users top 400 million people. >> this coming from an instagramer and not a facebooker. >> correct. only within one and not both. >> they say instagram is more -- >> facebook is too much of your life. messages, pictures, instagram is simple. >> and facebook is now the biggest source of news for 19 to
45-year-olds. no longer appointment viewing. what does that mean for us? >> we should also launch an instagram channel. >> or facebook channel. >> thank you for joining us on the program today. let's check in on the markets because we're just 1% away from correction territory for the s&p and also the nasdaq. now let's check in on the future. we're looking at a recovery after close to the 1% sell off yesterday. so on wednesday the implied open is telling us that the s&p 500 should be up by one point or so. we have come off the session highs we saw earlier on and the nasdaq is priced in to see gains of close to 14 points or so a bit of recovery after the selling the last few sectors. cac 40 advances, this is called a rally up 1%. the dax, this is important,
coming back since volkswagen is the largest heavy wait and seeing gains of 1.25. it's also interesting that we did see europe in positive territory despite the losses in asia last night thanks to the decline in pmi numbers. the worst read in 6.5 years so things are looking worse when it comes to china. the composite is probably the most significant since we saw declines of 2%. >> thank you very much. let's move on and talk bank of america. moynihan will maintain his role as chairman and ceo of the company. they are in favor allowing him to keep both executive posts despite a push from pension
funds and other activist investors to separate the roles. shares of bank of america, let's have a look, they're up 1%. >> now the world's biggest endowment fund has warned that maybe some markets are looking a bit frothy in their view. the harvard management company is proceeding with caution in several areas of its portfolio. the elite university has posted a 5.8% return so far in 2015 after hitting a record amount in close to $38 billion. however the growth rate is still well below the return of several rivals including princeton and yale universities which have yet to release their returns this year but some say it's in double digits close to 10%. mit, 13% already in 2015 so maybe a bit of underperformance. let's talk about the markets and ban banks. we have the vice president of equity research. and also an alumni at harvard as
well so you put some of that $38 billion into that fund. >> some of it. >> a little bit. >> i don't know if you have any money in the endowment fund there in harvard but you know they're calling the markets a bit frothy and looking for some cash. maybe hiring some short sellers. how do you feel about market moves? >> i think that the market is a little bit out of control here. it's extraordinarily difficult for investors to get any grip on what's going on and to make decisions. if they can look beyond the near term the key factors is that the economy is strengthening. interest rates will go up at some point next year and those two factors will be very positive and ultimately it will give you a nice positive return. >> if we had had a fed rate hike last week would that have
reduced volatility? but is that what the market now needs? >> the market needs reassurance that growth is, in fact, coming back and that that recovery is real and really what the fed did was made everybody wonder whether the recovery was real or does it purely based on excess money. >> what about your sector? for the banking stocks? are they waiting on this rate hike to come or are they happy to enjoy the volatility for their investment banking arms? >> the volatility is not helping them the way it normally would. usually volatility would be very good for their trading activities and that would be positive but that's not happening this time. so i think if you took a look at the core businesses that they're operating they are make more loans mortgages are coming back slightly.
commercial real estate is doing well. credit cards are doing better so their core business is doing better. the deposit flows are extremely positive. they're in the most liquid condition that we've seen for perhaps 30 years and they have a massive amount of excess capital so the banks are in very very good condition in the united states. the outlook for the industry is not bad at all and, you know, by keeping interest rate where is they are, you're maintaining the value of their financial assets so that's not bad either. so the net of it is the outlook for banks is actually relatively good at this moment. >> let's talk about bank of america. first of all, were you surprised by that vote yesterday? and second of all does it matter for a bank's performance whether the same title or whether the same person holds both the title of the ceo and the chairman? >> yeah, it's the most ridiculous issue we could talk about, right? in other words i think there's something like 350 companies in the s&p 500 where the chairman
and the ceo are the same person. i have been doing this for close to 50 years and basically i never once had anyone say i want to buy that stock because, you know, they're splitting the position of chairman and ceo or i'm going to sell that stock because they're putting that position together. however bank of america shot itself in the foot. it raised this issue and now it's created a problem for the company because 63% is not an overwhelming, you know, if you will, sense of confidence in the company. i think that the board has to be changed. i think that the key lead director has to go. i think the committee has to be reshaped and i think that the company itself has now got to come out with a much stronger positive view so i think there's a lot that has to be done at
bank of america as a result of this ridiculous issue. >> i want to come to gina. do you agree with dick when he says this is a ridiculous discussion? >> in some ways but one of the things i will say is corporate governance is generally an enormous problem and bank of america highlights this issue. you're looking at the situation where the head of the governance committee, there's intertwined board positions here where one sits on the board of the other. that's not how it's supposed to work. that's what is happening. it's ridiculous. >> let's talk about corporate leadership and i want to get your comment and your view on goldman sachs and blankfein
having highly curable lymphoma. were you surprised that the stock dragged as much as it did? down 3% at one point? >> no, i think this say terrible blow to the company. they would realize this company is restructuring it's business model. it's taking a look at where the financial industry will be over the next five to ten years and concluded that the model they were working was not the right model so they have taken pretty dramatic efforts and changed their method of trading and number three they are looking at retail activity. number four, they have gotten rid of the vertical sbi grags in their trading businesses. number five, they derisked the balance sheet. the company is in the midst of major, major changes similar to what they had done maybe 20
years ago and they need a strong effective leader to continue this strategic change and now we have this additional point of stress because hopefully he'll be extremely successful with his treatments but he may simply say what am i doing here? i'm 61. i made enough money. it's time for me to move on and enjoy my life. so the net effect is i think there's going to be a succession issue. i think there's going to be fighting among people that want the ceo slot. this strategic change is on going and we have a hold rating on the stock. this is not the place to put your money. >> hold rating on goldman sachs. what is your top pick of the big cap u.s. banks at the moment? >> unfortunately it's bank of america. i'm in love with companies that sell big discounts to book value and when you look at the
comment. there's more common equity in bank of america than anywhere in the united states. than google or facebook or apple, what have you. the company is absolutely overloaded with excess liquidity. we're talking about over $500 billion of cash and securities not being put to work. the company has $1.1 trillion worth of deposits. it has 2.5 trillion sitting in merrill lynch and it's returns are extraordinarily low because of litigation and conflict and as this litigation and conflict goes away, basically people will focus on this balance sheet and relsz this company is selling at cash. this is a very cheap stock. >> thank you for being with us. the vice president of equity research at rafferty capital.
gina thank you for joining us here in london. >> guys, interesting comments coming from the european auto association saying there is no evidence, once again, there is no evidence that the emissions scandal is an industry wide issue and this is why so many of the european auto stocks sold off so heavily over the last two trading sessions. i want to show you what shares are doing today. up by 2.8%. many of the bargain hunters coming back in but this is after the stock lost $26 billion in market cap over the last two trading days. others trading to the upside recooping losses. >> baseball legend and ambassador for the sport yogi berra died at the age of 90. he played his entire career for the new york yankees where he won three mvps. he was elected to 15 consecutive
welcome back to worldwide exchange. quick look at the markets. bond prices are moving lower. this is a reversal from yesterday's trading session when prices jumped on the back of the weakness in equity prices. the treasury yield at 2.14%. in the currency markets we did see a little bit of safety in the yen but that has rewound a little bit. also what's going on in the aussie dollar. we saw the disappointing chinese pmi. that's down by .2%. it's a little bit higher today but crossed the handle for the first time ever. so continued pressure on the emerging market currencies. in the commodity space all eyes on platinum. it's rebounding today and this story is related to vw because
platinum is a big component in the diesel cars. we're off by a third of 1%. oil prices just a tad higher ahead of the u.s. data. >> thank you. we'll change focus and look at a crazy toir with a lot of attention the last couple of days. the ceo has told nbc he'll lower the price of a pill which as i said has been at the center of a drug fire storm. landon has all the details for us from cnbchq. >> hey, good morning: he sparked a whirl wind of out rage this week when he jacked up one of his drugs 5,000% to $750 per pill. he responded by saying he will lower the price of the pill. in a phone interview with nbc news on tuesday he thought it made sense to respond to the public's frustration and role back the price. though he did not specify what
it will be he expects to determine the exact price cut over the next few weeks. >> it's actually a reaction. there were mistakes made with respect to helping people understand why we took this action. it makes sense to lower the price in response to the anger that was felt by people. it's easy to see a large drug price increase and say those people must be gouging but when you find out that the company is not making any money, what does that mean? it's hard stuff to understand. >> we should probably expect to see it fall back to near break even levels. the move also comes as a reaction to democratic presidential candidate hilary clib on the that tweeted that the price hike was outrageous and proceeded to roll out her own plan on tuesday. the drug itself daraprim fights
what effects those whose immune systems have been weakened by aids, chemotherapy and pregnancy. he understood why the public was-vilwas villifying him. >> hillary clinton voiced her opinion on the keystone pipeline saying it's a distraction from the important work we have done to combat climate change. >> instagram is cracking the code and taking the social media world by storm: it has hit the 400 million user mark this coming nine months after it crossed the 300 million mark. it last reported 316 million monthly active users and the pace with which it's gone from
300 to 400 million is astonishing. >> nine months for another 400 million users. but i like the international component of the business and half comes from here in europe and also asia. >> two third of us are still not on instagram. >> i'm on instagram. >> only one third. >> oh, no, i'm behind the curve now. >> we'll set it up after the show, right? >> i'll try. >> all right. let's go to break but before we head out, these are the headlines so far this morning with volkswagen and volkswagen ceo apologizing for the emissions scandal as key members of the board reportedly will meet later on today instagram surpasses twitter by hitting 400 million users and pope francis and the chinese president continue their visits in the u. s.
excellent looking below the surface, researching a hunch... and making a decision you are type e*. time for a change of menu. research and invest from any website. with e*trade's browser trading. e*trade. opportunity is everywhere. big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfolk southern.
hey! hi! our cloud - it's a platform based on awesome-ization! really? can it keep our data where it needs to be no matter what country we're in? integrate with our systems to help keep transactions secure? combine customer data with likes, tweets, the weather, to predict trends? that would be awesome. tote? now there's a cloud that understands business. now there's the ibm cloud.
>> we'll give you a run down of what to watch for this trading day. a key read on manufacturing coming your way at 9:45 a.m. eastern time. we'll also get result on the first bond auction since last week's federal reserve meeting with the two year and five year notes being auctioned and we'll hear from worthington industries before the bell. atlanta fed president will be speak at 12:30 p.m. eastern about the fed's big decision last week not to move higher on interest rates so the s&p 500 is looking at gains of 5 points or so. pricing in an implied open at 53 points higher and nasdaq should
be up by 21 points. >> back to our top story, vw is facing at least 50 class action suits in the u.s. the company admitted over 11 million cars could be effected. the ceo apologized for the misconduct but rumors continue to swirl about the safety of his job now key members are expected to meet today after a crisis meeting kicked off last night and shares in the company are rebounding quite nicely in today's trading session. they're off by 2.8% so many of the bargain hunters coming back in. >> absolutely. they have in the second half of today's warning. it was down a bit and clearly the first couple of days is quite opposite direction we're getting more and more many negative views but there's no analyst out there who will say this is the time to buy.
many have told investors to steer clear of the stock. >> we'll have to wait and see what happens on that a couple of them downgrading the stocks. don't forget the likes of the other auto makers that suffered as well now the pope has kicked off his u. s. tour in a modest fiat 500 keeping with the italian brand. this car however was dwarfed by the large security vehicles flanking it as the holiness made his way to the vatican mission in washington going at quite a pace there as well. but on that note it's time for us to go. that's all we got time for today here on worldwide exchange. >> i'm susan li. u.s. squawk box is coming your way next.
good morning, another example of how we have gone global. chinese stocks down 2% after factory activity shrinks more than expected. meantime chinese president is here in the states today meeting with u.s. business leaders and new details this morning, the ceo of the small company in controversy for the price of a life saving drug is changing his tune and rolling back the price increase. coming to america washington rolling out the red carpet for pope francis as he begins a six day three city visit including a big white house welcome. today it's wednesday, september
23rd, 2016. today is the equinox. it's the official start to fall and squawk box begins right now. ♪ >> 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 with joe kernen. andrew is off today. our guest host is mike santoli. take a look at what's been happening. overnight we did see weakness after the weaker closes in asian markets but things have been picking up through the course of the overnight hours. the dow futur