tv Worldwide Exchange CNBC October 6, 2015 5:00am-6:01am EDT
good tuesday morning. welcome to worldwide exchange. i'm susan lee. >> i'm carolyn roth. these are your headlines from around the world. >> out of correction, a strong rally state side helping to erase all of september's losses with the s&p on the best winning streak of the year. >> european equities failed to match the gains weighed down by basic resources. s&p slashing it's outlook for 14 european oil and gas if i recalls while glencore sinks back into the red. >> ellen coleman steps down from the helm of dupont as it cuts it's earnings outlook for the
second time this year. >> microsoft banks on windows 10 as a game changer. they prepare to watch the new smartphones in the hope it will bring him a step closer to his 1 billion users target. after that strong rally to kick off the week let's check in on the u.s. market futures picture. fair value is telling us we'll be down a little bit when markets kick off. we're lower by 6 points. it looked like the implied open is pricing in declines of 26 points and change and the nasdaq should be down some 18. let's check in on that big gain that we saw yesterday. u.s. stock markets are now out of correction territory and they have regained all of their september losses in that rally that was lead by financials by energy and telecoms yesterday.
the dow jones industrials. we saw gains rising some 736 points from friday's session lows. after the s&p posting it's first five day winning streak of 2015 in it's fifth best session of this year as well. so we saw gains at the end of it about 2% or so. now we also saw support for changes. >> ceo ellen coleman will retire at the end of next week. she has been with the company for 27 years and ceo since 2009. board member green will serve as chairman and ceo. they're cutting their outlook citing the strong dollar and emerging market currencies in brazil and further weakening in agricultural markets. they have been under a lot of pressure over the stock price. dupont rose more than 4% in after hours trading session and the frankfurt listing is up by
7.5%. so i guess he can be doing a little bit of gloating today on the back of his criticism. he said several times that duponts earnings would miss. he criticized the spin off saying that they took on too much debt and since that ipo shares in that company, ticker symbol cc, they actually slid 60%. he still holds a 2.5% stake. you have to wonder if he'll become more active again. you also have to wonder is he enough of a change? i know he's just the interim ceo but wouldn't you want an outcider to turn things around? >> yeah, he still owns 2.7% of dupont and warned he could wage another proxy battle to get more board seats if the stock continues to decline. it's been down nearly 28% since the day that he lost that proxy battle trying to get more seats on the board. but we should point out that
some say he has the midas touch. he has a 1% holding in that mega c conglomerant. so maybe a rescue could be in the making for dupont. not a bad thing for the company. >> just a rescue for the stock price. they need one on the underlying level because what we've got right now is a weakening of the agriculture markets. >> that has more to do with weather and the el nino effect. >> so why did she step down if it's really just a weather effect? there were some underlying operational issues that she didn't get a handle on that nelson peltz wanted to improve because he wanted to add two more board seats. is there a ceo out there that can change those dynamics. >> well, he wants to get more
board seats and if he has the midas touch as i pointed out yesterday and people liking the fact that he wants to join the board and drive it into the future might be a good thing going forward. >> okay. let's take a look at today's other top stories. sunedison is cutting 15% of its workforce. it specializes in renewable energy such as solar and wind. it also manufactures solar panels. sunedison will take a charge of 30 to 40 miles per hour. most of which will be recorded in the 4th quarter. sunedison down. >> lions gate is in talks with starz. valuation of the two companies is complicating this deal. speculation swirled on for months. lions gate announced a stock
swap with stars. this deal also lead to starz top share hold tore take a seat on lions gate board. if we take a look at their german listed shares, starz the out performer up 10%. >> august trade deficit figures are out at 8:30 a.m. eastern. the gap is forecasted to have widened because of falling u.s. exports. fed president jon williams speaking again this time about the economy. pepsico reports earnings before the opening bell while yum brands, the parent of pizza hut, taco bell and kfc is out after the close. >> let's take a look at the asia pacific section. we're looking for reaction to the agreement of the transpacific partnership which is the largest global trade deal we've seen. we saw the nikkei bounce some 1% and this might be on the back of expectations of more stimulus
coming from the boj, hely as we have a hold off on the fed tightening and that could push levels to 124 and 125. also this is a shot in the arm for abenomics as well. one of the pill lars of abenomics is about trade and managing to get ratified by all 12 member governments with the agreement seen as a major victory for u.s. president barrack obama and japanese prime minister shinzo abe and both expressing optimism that maybe china who is not included in the tpp could one day join the pact as well. >> this fundamentally strengthens rule of law in the economic area. it will deepen dependency with countries. if china participates in such a system in the future it will contribute greatly toward the security of japan and the stability of the asia pacific region. it will also be greatly
significant from a strategic point of view. >> japanese prime minister shinzo abe says this is a trade pact not just for japan but the asia pacific. i was so shocked by the levels japan was willing to back off. they have the most heavily subsidized rice in the world. beef imports. they're bringing those beef import prices down to 9% for 30%. >> it's all about compromise but what's really interesting are the glaring admissions here. china is is not part of this deal and let's not forget that they are pursuing their own trade agenda, especially through the currency and i think this is potentially one of the big wildcards and one of the big spoilers to this deal. let's not forget we're in an environment of currency devaluations. arguably sparked by china and
letting the yuan be more market oriented. we saw that off of the devaluations. so there's no provisions in this trade deal to account for or to deal with. currency manipulation, currency depreciation. call it what you want to. so that's the big admission here and you have to ask yourself is it going to be a zero sum gain? we're going to see some tail winds as a result of freer trade and spill over into the broader economy. >> but there's ash administration court though within this transpacific partnership? meaning these member nations can bring any conflicts they have to ash administration. because one of the most contentious elements was the investor state dispute settlement mechanism. it's in place. meaning if you have problems with anything that has to do within the 12 member nations you can go to arbitration. >> we could see that court being
busy. there's a lot of surplus capacity. there's going to be more of that. there's risks associated with this. it's not going to be plain sailing and the factor that i'm watching carefully is the currency export from more deregulation. >> it's not a done deal. the parliaments still need to ratify all of this. >> exactly and there's going to be a sub lick consultation process as well. the other factor, just getting back to china i think will be interesting toward the end of the year is whether the yuan gets included. it may be symbolic but it could put the cat among the piano johns in terms of the battle and the status as to who is the reserve currency globally. right now it's the u. s. dollar. who knows. >> i'm just curious if obama can
ram it through the republican controlled congress with 15 months left in august. >> and no shortage of critics as well. >> thank you, sri. being agreed to by the 12 nations but agreement and ratifications still under question. okay let's talk about sports and a very controversial end to monday night football. we had the seahawks holding off the lions after a controversial missed call. let's take a look at it. the final minutes here. there you go. so apparently that is illegal in the national football league. >> i wouldn't know. >> so that was a missed call. so we had the seahawks winning 13-10. the lions were down 13 when cam chancellor stripped the ball from calvin johnson.
and slapped the ball out of the back of the end zone in what was later called an illegal batting of the ball. had the penalty been called correctly the lions would have had first down on the one yard line. instead they remain winless on the season. >> would you have known? >> no. apparently you can't intentionally tap it out of the end zone but you can accidentally tap it out of the end zone. >> that's true. still coming up on the show, what's app with that? find out how businesses can monetize the mountain of messages. more of that when we're back in two.
welcome back. u.s. futures pointing lower after yesterday's rally that pulled stateside stocks out of correction. another cut proves the last straw for the dupont ceo that steps down after 27 years at the firm. and the white house denounces an incursion on turkish air space by a russian airplane on syria's border. >> microsoft is unveiling new products for window's 10 in a press conference set to take place in new york at 10:00 a.m. eastern. the company is expected to show
off the latest surface tablet. two new smartphones and a wearable. microsoft estimates that windows 10 has already been installed on 100 million devices but it's hoping to show case all the advantages of the new operating system. let's talk about it. chief of research joining us from new york. thank you for getting up early for us. this is all about the saleless reaction with all microsoft operating series and devices. but really a phone when you have an iphone and android based operating systems. >> it's a huge challenge for these guys. there's no question that the market is dominated with the iphone and the android operating system is rampant around the world. >> how is that going? because i know he's very ambitious. he wants a billion windows 10
active devices by 2018. >> i think the philosophy that he has around all of this is windows 10 around all devices. you talked about the devices we may see today whether it's a wearable on your wrist or new surface tablet or the new phones, the reality is windows 10 can span all of those things and the ceo is also keen to try to make sure that his software and services go across not only their own devices but across other devices as well. that's why we saw microsoft at the recent apple event with with the new ipad they had and also versions of office on rival phones as well as microsofts other devices. >> the gentleman told us that windows 10 won't be a game changer for the pc market which has been slumping for years. could it be a reinvigorating factor for tablets and
smartphones? or do you think it's too farfetched at this point? >> the markets change dramatically and we reached a level of maturity but windows 10 is a major step forward. windows 8 didn't deliver what microsoft needed. there's a consistent approach now. he's leading from the front. i don't think that the pc market is going to burst back into life but the surface devices for example are a great area where microsoft has injected some new life into the marketplace and created a new form factor with this kind of 2-in-1 tablet and keyboard together. there will be new interesting devices so i'm looking forward to that. >> let's see if they deliver. ben, thank you so much. chief of research, ccs. we're going to go to break here but still to come on the program, looking for a silver lining after record levels of rainfall on the east coast of the u.s., we're live from south carolina's flood zone right after this.
i'm like a big bear and he's my little cub. this little guy is non-stop. he's always hanging out with his friends. you've got to be prepared to sit at the edge of your seat and be ready to get up. there's no "deep couch sitting." it's definitely not good for my back. this is the part i really don't like right here. (doorbell) what's that? a package! it's a swiffer wetjet. it almost feels like it's moving itself. this is kind of fun. that comes from my floor? eww! this is deep couch sitting. deep couch sitting!
latest this morning. dave. >> good morning to you. i'm here on a major thoroughfare. this is forest drive. they closed this bridge and road behind me here. what's happening is all the water to the north is eventually going to make its way down this way. so they're concerned that the road and bridge might be compromised and not safe for people. 11 people have died so far in south carolina. another 2 up in north carolina. it's been a dangerous few days for people. people have been forced to flee at a moment's notice. now 18 dams so far have been breached statewide. 9 here in the midlands and they have actually been doing these controlled breaches at time to help relieve the pressure in some of these dams. president obama signed a disaster declaration. 11 counts have been declared federal disaster areas. more than 500 roads and bridges
like this one behind me have been shutdown. they're not passable right now. also there's no clean drinking water and about 40,000 residents are without clean drinking water this morning. there is some good news though. the sun will come out today. that will certainly shine a light on some of the problems we have seen here over the past few days. back to you. >> let's hope for that. thank you for that. moving on, google has invested in symphony communications. it values the messaging start up at $650 million. they allow financial firms, corporate customers and individuals to have all of their digital communications on one central platform. it's available to companies with more than 50 users for $15 per user per month. now a new report by research company has found that over half of internet users worldwide are
now using instant messaging every single day. the study finds that instant messaging is particularly dominant in emerging mobile first markets. china stands at 69%. head of digital joins us now. the question is how do they tap that enormous potential without alienating many of the teenagers and the people who use it? >> that's a great question. obviously one of the big issues is how do you create content that people really want to share? they spent many years working out how to pay for attention. now they need to workout how to earn it. >> who does a good job at that? >> we're talking earlier about starbucks. they do two things brilliantly. first of all they focus on moments. they know that coffee gets bought in the moments so they try to target that moment and they produce great content and great services.
so an alarm clock using we chat in china that woke people up in the morning, you have a coupon on your coffee. >> the trend is lead strongly by asia but when it comes to europe and i'm looking at the u.k., 39% daily usage of im. that's not very good. u.s. is only 35%. >> it's lower among the audience. young users in the u.k. or u.s. use these things heavily. they stick to patterns of behavior. >> do you see that trend changi changing? to me that's baffling why the u.k. and the u.s. lag behind the other markets. >> but we're all creatures of habit. some of the emerging markets, especially in asia, desktop and
e-mail and social and mobile, these emerging markets have all of these things at once so there's not a legacy or habit built up there and you see penetrations higher but people are used to things like e-mail and they key using those services. in asia people adopt what's available. >> what platform do you think is most susceptible to that sort of branding, to the damage branding, the starbucks example that you talked about? what is it? >> in asia they're including we chat and they're much more open to brands. you can follow a brand there like on facebook here and you can't do that on whatsap. >> but there's a reason people go on these platforms. that's why they move away from the likes of book. do you not think they would get bothered by suddenly if brand images were popping up?
>> you don't follow a brand that would borrow you. but you follow a brand you think creates great content. >> i think we need to talk more. the world needs to wake up more to the likes of wechat because those penetration rates and markets are huge. some 80% in some case. >> they're doing a good job against western brands in asia. in thailand people are using it heavy and people switched over very quickly. >> we have to go but thank you so much. good seeing you. we're going to go to break here but still to come on the program, all daybreak fast is at mcdonald's now. do i sound excited to you? >> you do. >> i am. we'll see what the fast food bosses are cooking to boost sales.
welcome to worldwide exchange. >> these are your headlines from around the world. >> out of correction. a strong rally state side helps to erase all september's losses with the s&p on its best winning streak of the year. >> european equities failed to match the gains weighed down by resources. also slashing outlook for oil and gas firms while glencore sinks back into the red.
>> bowing out, coleman steps down from the head of dupont. as they cut the outlook for the second time this year. >> microsoft banking on windows 10 as a game changer. the ceo prepares to launch the new smartphones in the hope it will bring him a step closer to his 1 billion users target. >> hi, everybody. if you're joous tuning in thank you for finally joining us on the program. let's check in on the markets after the big rally that we saw yesterday to kick off the new trading week. we saw 1% across the board. u.s. futures for this tuesday morning, the implied open for the s&p 500 is telling us we're going to be just down about 10 points below fair value. the dow jones industrial is pricing in losses as well. meantime the tech heavy nasdaq should be seeing declines of close to 19 points.
let's take a look at european markets and europe was rallying yesterday. today we're stuck in neutral at this point. so the ftse mib a quarter of 1%. the french cac 40 seeing gains of about .5% but the under performer today is the ftse 100 being dragged by what's happening with glencore after that rally yesterday. we're coming off a little bit again today. >> dupont says it's ceo will retire at the end of next week. she's been with the company for 27 years and ceo since 2009. dupont is also cutting it's full year earnings outlook again citing the strong dollar versus emerging market currencies particularly in brazil and further weak bing in agricultural markets. they have been under a lot of pressure over the stock price. in may coleman fought off an attempt to win board seats.
they rose by 4% in after hours trade. >> sab miller is under pressure from weaker emerging market currencies which continues to drag on revenues. however they reported bottom line figures across all regions as the firm pushes premium brands. it continued to see strong growth in africa and latin america. mexico central bankers see few signs that a weak peso has hit inflation and most believe economic growth is sluggish in the country. that's according to minutes from the board's september 21st meeting. board members voted 5-0 at the meeting to hold the benchmark rate at a record low 3%. however the majority of the board noted inflation is at an all time low while they have held around record highs. joining us now is director general. thank you so much for coming in. when we talk about mexico and the emerging markets they
usually get lumped together but then many analysts on the show tell us that mexico wanonce thed hikes rates would be in a better position. >> i agree with the analysts and there's several reasons for that. first, the president proposed several reforms and they were at the constitutional level. that's very important. because when people have doubts what happens next, it's very difficult to have a reform changed at the constitutional level because that gives not only the analyst but assurance to the investors that things are going to go in the right direction. >> you say a fed hike is good for you economy too and it doesn't really matter when it comes or would you prefer it to be sooner rather than later?
>> you have to see it two ways. if the hike comes, the u.s. is doing very well. if the u.s. is doing very well or improving that means mexican exports like you said before are going to go up. so that's good on that side. on the other side, of course, you would have more pressures for inflation. >> let me just jump in here because we're running out of time but i want to talk to you about mexico in a political sense because mexico has been a very con contentious issue in t race for the white house. donald trump is winning and says he will erect a wall. he called you rapists and drug dealers. how do you feel about that? >> everybody knows that is false. but second of all, mr. trump should also say if he is able to do that, all the americans are going to have to pay higher
prices for everything. so the question would be to ask the americans they would be willing to pay more for food, more for services, more for everything and that will cause inflation too. >> he is targeting illegal immigration. >> of course. >> he is saying that people are basically going over the border illegally. >> and illegal immigration goes there because they are being hired by companies that pay very low salaries and that keeps down the prices for consumers. >> but not only is it illegal immigration but the seedier part of the economy. the drug running, the violent crimes. >> i doubt that the guys that are running, you know, the drugs are willing to live in the u.s. basically they are living better in other countries. in the u. s. they'll have lots of problems. so therefore it's totally false that the mexicans going to the other sides are the ones that
mr. trump is talking about. actually they're the ones helping the american economy. >> thank you so much. i appreciate seeing you today. >> thank you. >> okay. opec secretary general says nonopec supply growth may be zero or negative in 2016. steve is still at the conference in london. let's get back out to him. steve. >> yeah, thank you very much. i'm delighted to say the opec secretary general is joining us now. thank you for joining cnbc. very interesting conversation. do you believe that oil prices will remain in the current range or do you think that the factors are in place now that prices will begin to rise? >> i condition tell you about the price. what's going to happen to the price now or next year. all i can tell you is that we see there is an improvement in
economic growth in 2015 and demand growth is 1.5 million barrels a day and we see supply is declining and we see that it's decreasing and 2016 the same thing. we see there is an increase in demand and so how much this would reflect on the price, i really cannot tell. i don't know how the market would react to this improvement conditions. >> he has been talking about all the extra oil he hopes to put on to the world market. do you fear the opec supply will grow too much to satiate that improvement in demand you mentioned? do you fear the supply glut
could get worse from within opec and not from outside opec? >> all of those have great agreement but it's a great achievement for both countries. i'm glad that we don't have any sanction on any member countries. iran has experience and they have the potential to do it. i think they do it the right way and they can discuss this situation. i hope that there is a solution. >> but who will make way in terms of production levels to let iran go back to the levels it had before sanctions. it doesn't seem that anyone is willing to do that, sir. >> forget what you hear in the media or what this one is saying
and what the other one is saying, the most important thing is when we meet in the room we discuss things. this is the outcome of that meeting is the most important thing for me. >> are there splits within opec elsewhere? it was mentioned earlier on today that it was gcc lead by saudi and the rest. policy was being set. is opec fractured, sir? >> as i said, when we meet in the room we are trends. we know the interest of our people. we know the interest of our country. we know the interest as a group we have a smaller producer and medium producer and we all get together and decide. >> i have heard about others talking about cooperation
between russia and opec as well and i was there two days before the meeting in november and on the 25th was the meeting when the russians came and went. do you think there will be meaningful cooperation ever between russia and opec. >> we'll have an expert meeting on the 21st of october and i hope we have current understanding about the current market situation but we every year meet in vienna and he is very professional he and his people and as far as i'm concerned we have no problem to cooperate with anybody. even with the united states the producers.
if they want to talk to us, we're willing to talk to them. now the situation is effecting almost everybody. united states, opec, nonopec, everybody. so if we think that this will effect the future outlook of the energy of the world, we can talk even to the united states, the prous deers. >> can you expand upon the one point you made which is very interesting is you can't talk to the americans because there's too many prous deeducers and it opec's responsibility to sort out a problem that the u.s. created. >> we have the oil. it's a new source of additional supply. we really encourage it but the problem is the very high cost. high cost means they produce, we
cut and then they produce more and we cut but the cost is very high. it's not like ours. 4, 5, $6. the cost is maybe $68 plus. but on the average $60. if they want to cooperate with us we can listen to them i would like for him to come to the meeting of the eia if he wants to come to the meeting we have 20 or 21 countries that are going to join us and explain his point of view he's welcome. >> there's an open invitation to see you and the rest of the opec members in vienna. you can see the opec secretary general invited america to join
the vienna meeting on december 4th. >> no, october 21st. >> october 21st meeting. they could come along on december 4th as well. >> if they want to join us, they're welcome. >> they're welcome to both meetings. >> thank you so much, steve. let's put that on the calendar. still to come on the program, fantasy or reality. the two biggest u.s. fantasy sports websites are on the defensive over revelations of what could amount to insider trading. we'll get you the story after this.
>> draft kings and fan duel are the sites for fantasy sports. let's get out to landon for more. >> the two major u.s. daily fantasy sports sites are defending their integrity today after an employee placed winning bets in an nfl contest. a draft kings manager admitted he accidentally posted data online showing what nfl players were being picked most for draft line-ups on the sites millionaire maker contest and at
a information isn't normally made public until all line-ups are completed and games actually start. the employee won $350,000 playing in a fan duel contest that week. draft kings said he made a mistake and there's no evidence that led to his win. he doesn't believe there was an attempt to manipulate the contest and both companies say they have policies in place to ensure employees don't misuse any information at their exposure and limit access today at a to only those that need it to do their jobs. however the times says they're temporarily banning employees from playing in games on any other site. the fantasy sports market boomed in recent years. 57 million people have taken parts and draft kings and fan duel control 90% of that market. they spend a lot of money on tv ads. they funneled $107 million into u.s.tv networks since september
1st and nearly half of that was spent on ads during nfl games. the research that tracks the industry estimates daily gains will generate $2.6 billion in entry fees this year. pro sports leagues are jumping on the band wagon. draft king sponsors include the nfl and major league baseball while fan duels include the nba. they're valued at more than $1 billion. fantasy sports is unregulated thanks to a loophole in the unlawful internet gaming enforcement act that was aimed at shutting down online poker and sports books in the u.s. but in insist that draft kings and fan duel are gambling sites and shouldn't be treated differently than traditional sports betting. >> how do you draw the line between fantasy sports and gambling? if you want to join the conversation here on worldwide exchange get in touch with us by
e-mail at firstname.lastname@example.org and on twitter. if it's a coin toss people say it's gambling. if one team with stronger players is consistently better than the team with weaker players it could be fantasy sports. >> i don't think it's accidental. it's a employee at draft kings that's releasing these lines up before the third week of the nfl and then he goes to the other betting site and wins $350,000. and that was accidental. i'm questions intent. let's talk about the controversy in monday night football with the seahawks holding off the lions thanks to a miscall and a win 13-10. the lions were down 3 when the seahawks safety cam chancellor tripped the ball from calvin johnson. the seattle linebacker then slapped the ball out of the back of the end zone in what nfl vice
president of officiating called an illegal batting of the ball. if it had been called the lions would have had first down on one yard line. instead they remain winless on the season. i'm sure they're not happy today. >> probably not. >> so these are your headlines on tuesday morning. u.s. futures are pointing lower after yesterday's rally that pulled state side stocks out of correction territory. another earnings outlook cut proves a last straw for the dupont ceo that steps down after 27 years at the firm. and the white house denounces an incursion on turkish air space by a russian war plane on syria's border.
trade is a little bit more muted. basic resources leading the decliners. down by 0.1%. orders in germany also weak. >> also the fourth best day of the year yesterday. s&p 5th best day of 2015 and fair value, the implied open is pointing to a lower start today with the s&p 500 could be down maybe six points. the dow jones industrial pricing in a lower start. all incompassing the biggest trade deal since 1994. the white house says we'll make details of the tpp public as soon as possible. this is after the 12 pacific rim nations reached the biggest trade deal in two decades which looks to boost commerce by cutting trade barriers in 40% of the global economy. is this a game changer? let's get out to the chief global investment strategist. i know people want to celebrate but some are saying we should be
holding off since the administrations may agree, parliament may not. >> it is likely to see this deal pass through. look, you got a great deal here. questions about whether it works for the u.s. but a great deal for japan. they're not losing any protection in domestic markets but they open up markets to the u.s. japan's biggest exports, autos, electrical machinery all have tariffs and those go away making manufacturers more competitive in the u.s. markets. >> japan took a big step in reducing it. beef is 9% where as it used to be 30% and the most subsidized rice on the planet and some are saying ttp is there. the spent is there. maybe it's time to look at japan more closely. >> i think it is. japan appears to be making its way through a little bit of a soft patch here but we're likely
to see more stimulus later this year. combine that with the ttp and you have a backdrop that really shows that japan looks pretty attractive here. stocks are relatively inexpensive and it's a country driven by our two favorite sectors, technology and financials. you can continue to see strong performance by japanese equities through the remainder of the year. >> we have 10 seconds left in the program. do you want to move into cash or do you still like equities? >> still like equities. we'll probably end the year flat. maybe even a little bit of a positive on this year as con serns about growth begin to fade a little bit and we see acceleration in the world economy for 2016. >> thank you so much for that. chief global investment strategist at charles schwabb. that's it for today's show. >> i'm off to grab my all daybreak fast at mcdonald's by the way. >> i'll come with you. >> squawk box is coming your way.
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good morning a shake up at dow component dupont. ceo ellen coleman is out and the chemical giants slashing it's earnings forecast for the second time this year. new this morning, an eu court ruling on a facebook privacy case and decision could have major implications for many other tech companies doing business in europe. plus it's finally here. mcdonald's rolling out an all daybreak fast menu. that's happening today but is an afternoon egg mechanic muffin the answer to the chain's problems? no but it would be nice. squawk box begins right now.
♪ good morning, everybody. welcome to squawk box here on cnbc. i'm becky quick with jeff kernen. let's get you up to speed on the markets. u.s. equity futures look like they're giving back a little bit of the gain wes saw yesterday. the dow was up by over 30 points yesterday. you can see this morning it's indicated a little lower. dow futures down by 53 points above fair value. we'll have more on the markets in just