tv Worldwide Exchange CNBC September 24, 2015 5:00am-6:01am EDT
good thursday morning. welcome to worldwide exchange. i'm susan li. >> these are your headlines from around the world. >> vw rallies despite a new report suggesting the car maker started quitely replacing the controversial software back in april while the hunt for a ceo heats up after martin winterkorn re-signs. >> bmw shares plunge on a german newspaper. reports suggesting the car maker overstepped emission limits. >> investors are welcome. chinese president xi jinping vows to cut restrictions as he
tours the u.s. ahead of his meeting with u.s. president barrack obama. >> boeing the big beneficiary state side as they win to provide china with a range of aircrafts. let's show you what's happening in japan right now. we are looking at prime minister shinzo abe holding a press conference to discuss his economic policy and according to the japanese national broadcaster nhk, abe will be announcing a plan to try to increase the country's gdp to 600 trillion yen and that's up close to 22% hopefully launching that third arrow and fiscal measures in the future. the yen not really going anywhere with these comments from the japanese pm. >> also want to draw your attentions back to shares in
bmw. we're off by roughly 3% last time i checked and this is on reports oh, now, bmw has limited some of its loss. we're only down by 1.22%. quite a bit of a recovery. this is on reports in auto bild one of the influential car magazines in germany saying that bmw too overstepped emission limits. they're talking specifically about their nitrogen oxides. >> how many more car makers have cheated on those emissions tests? let's get back to volkswagen itself. shares are trading higher today. we're looking at a rally of 7.5% after being pummeled this week and the gains come suggesting that volkswagen sent letters back in april to california car owners of these diesel cars asking them to bring their vehicles to a dealer for what they're calling emissions
services actions. reuters reporting that the car maker said that new software would be installed but did not explain the action was in the hope of trying to satisfy government regulators. now as for ceo martin winterkorn stepping down yesterday, of course that was a big headline saying he was re-signing to give the auto maker a fresh start. a source told cnbc they expect more people to follow the ceo out the door with decisions possibly due this friday. who is going to replace martin winterkorn as the new ceo? we have two potential candidates for the head role. that includes herbert diess who recently joined from vw and mueller. we also saw impact in japan. >> absolutely. japanese auto makers were down quite heavily. we saw quite some massive losses for them.
toyota was actually out performing. they are seeing benefitting if some of the people move their money out of vw. let's get back out to nancy. let's talk about that race for the ceo. who is the front runner here nancy? >> well, carolyn, the feeling on the ground we're getting here at vw headquaters is that it's the ceo of porsche is currently the front runner. he's known to be a favorite pick among the families and he's someone that has experience across all brands under the umbrella. he had a stint at audi and now overseeing porsche. so he is currently the top pick. bear in mind he was just brought over in july to turn around sluggish sales growth in the
mass market brands so he has a serious task ahead of him even if he were to take on more of responsibility. but let's get back to the point you just made. we did see the shares of bmw fall off and this hits hard at the fear that this could stretch beyond voblgs wag again and go into the other european auto makers. keepd it's simply talking about emission standards going beyond what regulators require. there's no suggestion of cheating however there could be a concern that as we get beyond this we're looking at a lot of the auto makers having to reconsider their investments and technology and this question of whether diesel is clean technology and the x-3 having worse emissions than the passat and the x3 is a crucial car for the u.s. markets. what has started out as a scandal over the u.s. cars and emissions scandal there is quickly stretching off into europe. >> for all the breaking news on this story you can head to our website for a live blog on the vw scandal and we're asking you,
would you still buy a diesel car? head to cnbc.com and take part in our online poll to find out what people have been saying. >> let's check in. yesterday we had another down day but pretty thin volumes with declines of 26% of course since most people are on holiday. implied open is showing us we're going to be flat for the s&p 500. meantime, the dow jones industrial pricing and gains at 27 points at the open and the nasdaq is seeing an advance of 5.5 points or so let's check in on the global 300 index. we're down by 1% and this tracks not only companies across europe and how they're trading but also the asia pacific session and telling us globally on this thursday we're flat so far.
and the ftse saw the best day since the beginning of the month and the second negative month in a row for the ftse 100. we're pretty much flat and we hit session lows now. not going anywhere and seeing maybe a small advance so far. >> the positive effect from the ifo data didn't last very long. let's have a look at bond prices too because we saw a little bit of pressure on bunds before and we're still seeing the yield tick some what higher. this is after bunds were unchanged yesterday after mario draghi's speech. he down played the need for further easing. the u.s. treasury note is also dropping a little bit with the yield up just modestly at 2.15%. in the currency markets the euro did rally quite a bit after mario draghi said he had not
made a decision as to whether more easing was warranted. any gains we're seeing in the currency probably won't last too long. we're not seeing a major reaction to what prime minister abe has been saying. dollar yen is down by 0.2%. in the commodity space while big, big drop in oil prices yesterday that came on the back of the build up in u.s. gasoline stocks. we're seeing crude prices bounce back up by 1% and i want to draw your attention to platinum once again and we're seeing that bounce back after pressure in the previous trading sessions because of fears over movement away from the diesel engines to gasoline engines. >> let's show you what's happening in japan with shinzo abe holding a press conference to discuss his economic policies according to the japanese national broadcaster he will be
announcing a plan to try to increase the country's gdp to 600 trillion yen. those are the headlines that we're getting right now. japan's pm saying he will aim for a 600 trillion yen nominal gdp in his country and that japan is no longer in inflation. increasing by 80 trillion yen each and every year and they will continue to place upmost priority on the economy but there have been criticisms fired and lobed at the abe government for not doing more fiscally and relying too much on the bank of japan and monetary stimulus. still to come on the program, a bundle of big chinese american business deals have been announced to coincide with xi jinping's visit to the united
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winterkorn re-signs and president xi jinping continues his u.s. tour. >> interesting news on volkswagen to share with you. according to reuters sources they'll start naming people responsible for the manipulation of emission tests on friday. so friday is the all important supervisory board meeting. the all inclusive one. we're expected to hear the name of a successor to martin winterkorn that stepped down yesterday. the current ceo of porsche is the front runner but volkswagen may start naming people responsible for the emissions tests. >> let's get the latest on what's happening in the united states. the chinese president going from west to east today heading from washington state to washington d.c. he will arrive this afternoon
where he'll have a private dinner. a one-on-one with u.s. president barrack obama ahead of a formal state visit and dinner on friday. more u. s. companies are announcing major deals being signed with china. that includes boeing. they won $38 million in orders and come mittments for 250 narrow body jets and 50 wide bodied planes. boeing will build a 737 completion plant in china that will finish paint and deliver aircraft built in the united states. union members are protesting saying they stand to lose work and their jobs to china. boeing says no jobs will be cut. meantime, moo kro soicrosoft si pack to make baidu the home pages for those that use the edge web browser. they'll make it easier for customers to upgrade to windows 10. trading over in germany. steep declines from boeing today.
microsoft holding steady. >> and janet yellen is back on the stand today. fed chair janet yellen may offer more clarity on the central bank's decision not to raise interest rates. she speaks at university of massachusetts amherst on inflation and monetary policy but won't be taking questions. traders may be eyeing her comments on inflation as the fed cut it's forecast last week not seeking inflation until 2018. joining us now is the managing director and vice chairman of equities. good morning to you. what exactly do you want to hear today that would give you more clarity about whether why the fed is headed? they have always been clear about inflation targets. it has actually done quite a lot of the interest rate increases and he's right about corporate
profits and he's basically the safe guard. she is going to stay the course. that's what we want to hear. she is cautious and will continue to do the right thing by the u.s. economy. >> the comments about the global outlook in china and the emerging markets. do you have a sense that she feels she needs to tone back on this commentary a little bit? >> you have to remember all the of this qe and central bank intervention is an experiment. we don't have a blueprint for this so this is just an experiment so, you know, i think they're all doing a pretty amazing job in a difficult environment and i think what you're seeing is a general sl slowing. >> trial by fire. >> absolutely.
can i ask if janet yellen and the federal reserve, can they tighten in this global economy where others are loosening? for instance we saw that today in norway cutting interest rates, that was a surprise in the market. you're looking at japanese prime minister shinzo abe speaking in japan. possibly expanding more stimulus and what's going to happen with the ecb, right? >> the ecb is obviously saying draghi is watching what's happening. i think that's happening slowly. it's only six or seven years ago since we had a major depression. financial crisis. so as i said before we're just working our way through that. so we gradually are recovering so i think yes they will raise rates but they have got to have
a view to the rest of the world too. >> in the meantime as we deal with more uncertainty where do you want to be invested sector-wise? >> well, i have been on this program a few times this year we have talked about the areas that we particularly like are health care, technology and also consumer discretionary because as you know the u.s. economy, 2-thirds of the u.s. economy is basically consumer and the consumer, consumer confidence rose quite nicely last month. housing continues to do well. employment is reasonable. wage gains aren't fantastic and yellen is slightly worried about that so consumer discretionary, health care and technology are the areas we like in the u.s. at the moment. >> thank you for that. patrick spencer, managing director and vice chairman of equities. interesting comments coming from asset management. they are banning their fund managers from buying vw stocks and bonds. the decision was made in the wake of the diesel pollution scandal and that vw actions
were, quote, completely unacceptable. they do say, though, that they may hold on to the 2 billion swedish krona worth of vw stocks and bonds it has on its books. quite an interesting line there. >> yeah. so after volkswagen's plummet this week some are calling this a short squeeze right now. so hence we have a 6.5% rally taking place in vw shares. let's get back to the u.s. session. we have futures in trade. declines again yesterday. pretty thin volume since a lot of people are on holiday but the implied open is telling us we'll be flat for the s&p 500. maybe down half a point. the dow jones industrial seeing declines now. reversing those earlier. implied gains lower by 2 points and the tech heavy nasdaq should be lower by five. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities.
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cast their ballots in the highly anticipated local elections. julia now joins us from barcelona. julia. >> thanks so much susan. what this boils down to is a quasia referendum from spain and those that are for that separation make no bones about it. if we get a majority of seats in parliament this will kick off a
process by which we declare independence from spain. it's not going to happen immediately. it's going to happen around 18 months down the line. this is not going to be a messy divorce. the emphasis that they keep putting on this is that it's going to be about negotiation. now the together for yes campaign are currently garnering around 41% of the vote. this is 66 to 67 seats in parliament. it's just shy of a majority. they could pull seats and work together with a far left party under the banner again of the separatist movement but that could cause tension. that's one issue here. the other one is rotor turnout. while the separatists turn to be active the nonseparatists aren't. so what this will mean for euro zone membership galvanized some of those so this is the other thing we need to watch for but i spoke with the president of
catalonia and asked him to fast forward five years, are they an independent state. listen to what he had to say. >> we are trying to get our freedom. i remember that president kennedy said once, probably at the beginning of the 60s, the great revolution in the history of man past, present and future is the revolution of those determined to be free. and i guess, i'm not sure about that, but i guess the majority of the c arkatalon people are determined to be free. this is something that you cannot stop. >> i also asked what would end the brinkmanship between catalonia and spain and he said a referendum. this is something not allowed by the constitution. they're addiment that this is not happening but what this vote really is as well is a push for
leverage. they're trying to get leverage to negotiate with the central government. do they get it? back to you. >> as pope francis's tour of the united states enters it's third day mary thompson reports on what the pontiff has been saying about free markets and capitalism. >> in his first visit to the white house pope francis seeking common ground with americans. >> his host president obama calling francis a pope of firsts. the first pope from the americas. the first jesuit pope and the first pope of the social media age. >> you are also the first pontiff to share a twitter account. >> while he embraces some aspects of the modern world he didn't refrain of mourning the troubles he believes it brings. like climate change.
>> it seems clear to me also that climate change is a problem we can no longer be left to future generations. >> francis also urging the u.s. to join the international community in protecting the vulnerable and the programs he said would let the vulnerable know the blessings of peace and prosperity. >> the focus on the poor often leading to harsh criticism from francis about the systems that exclude the poor and the people that run those systems. whether they're economies or enterprises. >> it caused critics to label him a socialist. a label dismissed by a virginia vish resident that brought his family in to see the 266th pontiff. >> if you go to church every sunday and listen to the readings in the gospel it's the same message delivered since the beginning of our religion. that we have to take care of the
least among us. >> on thursday the pope addresses some of the most powerful among us becoming the first pope to address a joint meeting of congress. >> i hope to offer words of encouragement for the future and it's founding principles. >> he appeared to leaders of a nation built on immigrant toil and prosperity. mary thompson, cnbc. at&t and directv are now one. which means you can watch movies while you're on the move. sitcoms, while you sit on those. and even fargo, in fargo! binge, while you lose weight! and enjoy a good cliffhanger while you hang from a...
vw rallies today despite a new report suggesting the car maker started quitely replacing the controversial software back in april while the hunt for a ceo heats up after martin winterkorn re-signs. >> bmw shares plunge on a german newspaper report suggesting the car maker has also overstepped emission limits. >> investors are welcome. chinese president xi jinping vows to cut restrictions on foreign investment as he tours
the u.s. ahead of his meeting with u.s. president barrack obama. >> boeing the big beneficiary state side as they win a $38 billion contract to provide china with a range of aircrafts. >> if you're just tuning in, thanks for joining us today on this thursday morning. let's check in on how markets are fairing ahead of the u.s. open. we had another down session yesterday but volumes are pretty thin. we're down some 26% from the average as we do have traders and investors on holiday to celebrate this week but let's check in on the u.s. futures. telling us we're going to be flat. maybe down a little bit when markets kick off. the s&p 500 implied open. we're lower by over 4 points. dow jones industrial should be down by 14 points.
and tech heavy nasdaq is looking at declines of 10 points lower. let's show you the selling taking place across europe. for most of this morning session we were higher but now we lost momentum with the ftse mib. the cac 40 is headed for one of the worst they've seen and the german dax index weighed again by these stocks. session lows down by .7%. and ftse 100 falling a 1%. let's talk about it since we do have vw in focus bouncing back today after the heavy declines we saw this week in light of at the missions cheating. now we're higher by close to 5%. the gains have been disapating for a bit. the porsche stock is seeing gains. but i want to highlight bmw and
diamler because other car makers have been in the emissions cheating. that includes bmw. and diamler also getting caught up in this. lower by 2.25. >> all right. chinese president xi jinping goes from west to east today heading from washington state to washington d.c. he will arrive this afternoon where he'll have a private dinner with president obama ahead of the formal state visit dinner on friday. >> more u.s. companies are naming deals with china. they ordered 250 narrow bodied jets and 50 wide body planes. they'll have a completion plan in china that will finish, paint and deliver aircraft in the u.s. union members are saying they stand to lose work to china but boeing says no jobs will be cut. microsoft has signed a pact to make baidu the default search engine and homepage in china for
those that use the web browser. it will make it easier for customers to upgrade to windows 10. quick check on boeing microsoft and germany. >> walmart is seeking price cuts from suppliers that make products in china saying that the retail giant should share in the savings generated from the devaluations of the yuan. walmart has contacted more than 10,000 of its suppliers in recent weeks asking for cost cuts on everything from home n furnishings and aparallel to toys and electronics. walmart they have a lot of sway over their vendors. shares seeing declines in line with the losses we're seeing for the benchmark. cyber security was top of the agenda for meetings in seattle washington yesterday during his first state visit to the united states.
michelle was on the ground keeping a close eye on president xi's busy agenda and filed this report. >> president xi, thank you for being here. >> economic diplomacy in seattle today as chinese president xi jinping toured boeing headquaters. also two separate meetings with dozens of american ceos. warren buffet, mary barra and tim cook to name a few. echoing what he said in a speech last night about china's faltering economy president xi told attendees he's aware of the economic risks and challenges and that steps are being taken to address them. he also said china can maintain a high rate of growth for a long time to come. honeywell ceo told us before the meeting that he would raise a number of concerns. >> state owned enterprises need to become more open. they should open up their air
space. there's huge swaths of the country you can't fly over. >> the ceo of dow chemical spoke with us after the meeting and said cyber security was topic one. >> commercial attacks on companies like ours are real. they're real and they're from china. the chinese can no longer turn a blind eye to that? >> is it the government attacking you? >> i'm not going to give you that information but they're coming from china. companies of high-technology capabilities like ours this is our number one, number two, and number three concern right now so the appropriate amount of strength and revolve is appropriate. >> did he address it enough for you here today? >> certainly the beginning. ip cyber was mentioned in his remarks. yes awareness is high. what's going to happen out of awareness? the rubber has to hit the road on that one. >> in the afternoon, another meeting with ceos at microsoft's
headquaters. this a much larger group of attendees but much more secretive. the focus, the topic of the internet and rules they want to impose on foreign companies which would give the government access to their data. the chinese president leaves tomorrow for the state house where he'll have more than one meeting with president obama. on the agenda, a cyber accord akined to the nuclear accords of the cold war yet there's a lot of skepticism over whether or not that can be achieved on this visit. >> let's talk about it with the man that just returned last week from his second trip to china. joining us live from san francisco, hugh martin and hugh i really like that you were named by mofortune magazine and you would be ceo so you're like michael jordan from 1992. congratulations. let's talk about china, though, the u.s. china relationship because the former u. s. ambassador to china says in his
35 years he has not seen more di dispondencey trying to do business in the world's second largest economy. >> i have a very different opinion on that. we're in the area of smart cities and obviously it's a huge market over there in china for this kind of technology. they have four times the population that we do. city of chicago has about 400,000 street lights which is what we use for the technology, shanghai has 1.9 million street lights so it's an amazing market and we have to be very careful about how we approach it. i don't think we can go in and say we're here to solve your problems but what we can do is partner with important chuy meez companies to actually develop that market. >> so maybe you just happen to be in the right sector, helping to clean up the pollution needs
of china. what would you say to someone from microsoft that had their offices raided or somebody else trying to do business in china like google that had to shift away from the big market? >> yeah, in the end it's a business relationship and both sides have to have a reason to collaborate and win and they have to have something that china is interested in. for us, as i mentioned, they have a strong desire to get this technology into the country and they want to then not only develop that technology with us but then they want to export it so we need to make sure that the overall global market works out okay but as long as we both have a vested interest in the surveillance success i think it can work. >> correct me if i'm wrong but isn't smart cities something -- isn't it the last thing that the chinese government is worried about right now given the slow down of the economy? the volatility in the stock markets? why is it such a priority for
them right now? >> i don't know if you've been to beijing recently but the pollution say huge issue. the government skon certained about the quality of life for those that live in cities in terms of their ability to govern effectively. it's a super high priority for them. president xi said not only is it a high priority for the country but instead of having centralized planning, they basically layout a strategy they said we're going to do smart cities and we want each individual major city to develop the technology in their own way. >> hugh, i have been to china, in fact, i live in china so i know how polluted the air is. one more question for you, a lot of the tech corporates complain about protecting intellectual property rights.
is these areas need improvement in china? >> yeah, you know, i would say they do. for us it's a little less of a concern because one of the key aspects of what we do with all the smart city technology is we built an api, a programming interface so there will be thousands of applications written around the world that use all of this information. so when china thinks about how they want to play in an ecosystem like that they need to be compatible with the overall platform for the globe so whether or not they develop a version of their own technology is less important to us than the fact that they're actually participating and contributing sensory information to this global platform. >> hugh thank you for taking time for us. it's really early there in san francisco. let's stay with news from the asia pacific and we have the japanese prime minister shinzo abe speaking as he is pointing to again holding to his timetable for raising the sales tax for april 2017 and this is
as planned barring any economic shocks. out lining how he wants to have 600 trillion yen which implies a growth of 22%. >> i'd call that very ambitious, wouldn't you? >> yeah, that's bullish. >> very sad news. at least 220 people have died in a crush during the hajj pilgrimage. 450 people were injured. this follows the deaths of 107 worshippers in mecca from a crane collapse two weeks ago. now still to come on the show, it could be deja vu all over again as the u.s. government is heading for a possible repeat of the shutdown next week. the latest on action being taken in congress and how americans will be impacted. that's coming up next only on worldwide exchange. (vo) what does the world run on?
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for the full story. what can we expect this time? >> there will be action in congress today to try to avoid the u.s. government shutdown next thursday. the senate will hold a vote at 2:00 p.m. eastern time on a stop gate spending bill that funds the government through december 11th. that would conceivably give lawmakers time to try to haerm out a long-term budget. however the republican measure put forth strips federal funding from planned parenthood. that motion isn't expected to get the necessary 60 votes as democrats will almost certainly block it. if that happens gop leaders are expected to have a so-called clean bill that keeps funding for planned parenthood. a government shutdown poses no immediate threat to the credit rating and expects congress to pass a short-term spending bill. however it could rise if this spills over to raising the u.s. debt limit. jack lew estimates the u.s. can
continue to borrow at least through late october. a standoff over the debt limit lead s&p to downgrade the credit rating causing market turmoil. many nonessential government functions would cease. this includes the national park sites. it resulted in 9 million viewer visitors in october costing $414 million in lost revenue. a large percentage of government workers would be put on furlough during a shutdown. in 2013 that meant the food and drug administration halted routine food inspections and improvements for drugs and medical devices. heres something you wouldn't think could be related to a possible shutdown. the start of the crabbing season in alaska was delayed. federal workers who issued crabbing permit with were off the job. carolyn back to you. >> thank you. everyone is effected. even the crabs. >> that's right. okay. so let's check in on the
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a pope coming to address our nation's lawmakers and yet again as we saw yesterday he's doing it in english. this is the last address he'll do in english during his u.s. tour. the pope has been very outspoken on a number of issues. some have divided this congress. no indication that he'll shy away from doing the same thing today. the pope spoke out forcefully over the summer and again yesterday on climate change saying we need to do something to save the planet, essentially. the toik care of the earth that we live on. it's not something that we can leave for future generations to deal with. he applauded president obama and his administration for the efforts they have taken to reduce carbon emissions. he spoke with the bishops and talk t about abortion, he made references to abortion, immigration, these are all issues that divided our country's lawmakers and issues
he is likely to bring up today. the plan for today he comes, he's going to speak to congress. that speech will be about 45 minutes and lawmakers have been told not to greet him and try to shake his hand as he comes in. they're trying to keep this thing on time and not to use standing ovations like they do in the state of the union to express support for one political point or another. so then he's going to visit, come out to the west front and greet some of those who are out here. and later today he's going to visit catholic charities, a particular facility where they feed the homeless. that's another area near and dear to his heart. they're looking forward to having the pope there today. >> i'm looking at comments from the german transport minister that said they will agree on that in the coming months and they should take place on the
road. not in lavatory conditions and there will be random tests on emissions from vehicles made by other car makers. he will continue to work closely with vw. now shares in bmw are trading sharply lower on a report that the car maker is exceeding emissions limits. the company's diesel model the x-3 surpassed european nitrogen limits 11 fold in international road tests. a statement says at the bmw group there's no specific activities or technical provisions which influence the emissions recorded during the test mode. our exhaust treatment systems are active weather on the test bench or on the road. but volkswagen has seen it's stock reverse after ceo martin winterkorn re-signed. they're expected to announce more management changes and a new boss tomorrow.
according to reuters they'll also start naming those responsible for manipulating emission tests. speaking at a press conference yesterday. the company will launch criminal charges. >> we think that criminal activities have played a role and will launch criminal proceedings as a company. we will make every effort to clear up the event internally and make sure that those responsible will pay. we will create a special task force that will make sure that things are cleared up. >> the case is also taking a longer term toll on volkswagen's investments. nordea asset management is banning it's fund managers from buying the car maker's stocks and bonds. according to dow jones the investor called vw's actions completely unacceptable but is intending to keep current holdings on its books. >> european markets are under a little bit of pressure today. we're seeing the ftse 100 off by 0.2%. again some of the auto makers
not vw but the likes of bmw because of the story we just mention redirect examination weighing on that index as well. the dollar is weaker ahead of the speech today and the yen strengthened against the u.s. dollar after we got comments from the japanese prime minister mr. abe. they're targeting a new level of gdp and confirmed the sales tax increase in 2017. the aussie dollar still under pressure on the back of all the bad china data. off by 0.8%. >> let's check in on the thursday u.s. session. we have futures in play telling us we're going to be down a little bit when markets kick off. the lowest trading volume tasda for the year. so the implied open is telling us that the s&p should be lower by 6 point or so. looking at losses of 20 points
and the nasdaq is pricing in declines of 10 points and change. >> and volumes have been low because of the jewish holiday. >> we're down from the three month average or so but still a busy day in the united states. >> absolutely. let's give you a run down of what to expect. weekly jobless claims and august durable goods are out at 8:30 a.m. eastern. at 10:00 a.m. new home sales are out. and we'll get numbers from bed bath and beyond and pier one imports. that wraps it up for today's show. >> next up, u.s. squawk box is coming your way.
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good morning, one week after the fed decision janet yellen returns to the mic today set to deliver a major speech on inflation. a state visit, china's president heads to washington to meet with president obama. we'll talk about the agenda items from trade to cyber security. plus why walmart shoppers could benefit from china devaluing it's currency. and history in the making. pope francis will head to capitol hill this morning becoming the first pontiff to address a joint meeting of congress. it's thursday, september 24th, 2015 and squawk box begins right now. ♪
>> live from new york where business never sleeps this is squawk box. >> good morning, everyone. welcome to squawk box here on cnbc. i'm becky quick with joe kernen and andrew ross cosorkin. not able to hang on to the gains in the morning futures. right now it looks like there are some moderate red arrows when you look at the futures boards today. dow futures down by 15 points below fair value and the nasdaq close to 11. we'll have more on the markets in a minute but first breaking news out of saudi arabia this morning. a stampede leaving at least 310 people dead. hundreds more injured. this crush happened about three miles from the holy city of mecca. this year's pilgrimage