tv Worldwide Exchange CNBC October 9, 2015 5:00am-6:01am EDT
happy friday everybody. welcome to worldwide exchange. >> hi, everybody. these are your headlines from around the world. >> a sea of green across global stocks. he he questionties set to close up the week higher despite keeping markets on their toes on whether or not to hike interest rates. >> alcoa catches china's coal sending shares down after hours. >> u.s. chief michael horn blames individuals for the emissions cheat and this as euro
group president tells cnbc the fine should fit the crime. >> there is a strong case to make for international coordination here so let's talk between europe and the u.s. on what reasonable and effective fines will be and let's not go over the top here. >> and standard chartered is set to cut people as a part of its cost savings measure and memo obtained by reuters. >> we are on a role when it comes to wall street. looks like we are on a five day winning streak when it comes to the dow jones industrials. the s&p closed up at 7 and the nasdaq is heading for the best week. the s&p 500 looks like we are lower just by two points or so. the dow jones industrials should
be down by 16 and the nasdaq is being called lower by 7.5 points. now let's check in on some other markets as well. but we have break news coming through. >> indeed. we're sitting tight and waiting just to hear the contender for the noble peace prize. we're just getting that through on the wires right now. the national dialogue quartet winning the noble peace prize. so the tunisian national dialogue quartet winning the noble peace prize. that's just coming through on the wires now. keep in mind this is an annual guessing game because basically they don't name those nominated. the norwegian noble committee for 50 years but every year we still go through this guessing game about who we think is nominated and who the potential
winners could be. this year was broadly speculated that the german chancellor angela merkel could be right up there. people speculating the pope could be among those that could be looking to win the noble peace prize but we're hearing that the tunisian national dialogue quartet winning the noble peace prize. we'll get you more details. >> it's always a surprise, isn't it? because i think the european group won in 2012 and then obama of course was given a peace prize a few months into his tenure at the white house. >> controversial. >> it was about things they thought he would do and not things he had done at the time. a lot of fantastic people. people helping in regards with the refugee crisis. >> we have more explanations from the noble group as to why tunisian has won the noble
prize. they're saying the dialogue quartet is being given the noble peace prize for their contribution to democracy in tunisia. there's also a lot of money bet on the winner of the noble peace prize every year. it's always secrecy and there's a lot of guessing involved. >> definitely. >> so this is something we'll continue to watch here. that's a surprise. let's check in on alcoa. back to the markets, folks. steep declines today but tracking what we saw in the after hours session in new york. so we're down by close to 5%. quite a miss from alcoa reporting a sharp drop in it's 3rd quarter profit hurt by the slumping aluminum prices and other commodities as well as the strong u.s. dollar so the company only posted earnings of 7 cents a share missing analyst forecasts. we were looking for 13 cents a piece but they also unofficially kicks off the earnings season in
the u.s. and on tuesday we'll be hearing from jp morgan chase reporting 3rd quarter results. intel will also be reporting results as well and we'll get more numbers out of wall street on wednesday. the banks roll in, the bank of america for one, wells fargo and black rock and netflix numbers. bank results continue and roll on into thursday. we get numbers out of goldman sachs and citigroup. also expected to release united health and we round out the week with general electric, ge and honey well on friday as well. >> now the fed's decision to hold off on hiking rates last month was not a close call as some members have suggested. minutes from the september meeting show that the fomc was hesitant to pull the trigger on worries about global risk. most thought it was a good idea to wait but they still expect strong economic data to make a clear case for a lift off this year. >> not everyone agrees on the
fed's decision to sit by and wait. he thinks the central bank should have raised rates in march of this year. he is speaking at an nyu business school event and the fed kept rates too low for too long. back in january he said he would put money on the fact that the fed would be hiking rates in 2015. let's bring in the managing director and chairman of the index committee visiting us here in london. good to see you. lovely bow tie as always. do you agree they should be hiking interest rates? >> no. i don't think they should have done it back in january or march at this point. way back then the u.s. economy looked soggy and so on. currently the economy looks a good deal better. the gdp numbers for the second quarter, the last revision look strong. there are some doubts that the unemployment report we saw recently was a little bit softer than anybody was expecting but
more than anything else the fed keeps on saying it is being driven by the data and will watch the data unfold. everybody knew what the fed would do, namely nothing since 2008, this is a rude awakening. it takes us back to the 1990s when you had to dig into the numbers and then after you dug in for days and days you ended up having to make the guess but that's what they're doing. they're tracking the economy. they want to raise rates. they would like to get back to the good old days when their operating procedures were based on reserves and they're a long way from that but they have to begin taking the steps. so i think janet yellen is being up front when she says she would like to do it before the end of the year and the chances at the end of october aren't too good so we're talking about december.
>> only a 30% probability that the markets are priced in for a rate move in december. >> that's right but probability is the power of hindsight. when they do it the probability of the next one will go up. >> what about the argument to just get on with it? a lot of people are saying you just need to start the hiking cycle. is that a valid argument? >> you know, it works unless you screw it up kind of thing and if we were sitting in one of the emerging markets or if your previous guest or next guest was say the head of the reserve bank of india, i think he would be addiment that no they can't do it as emerging markets have great difficulties. a lot of them have been bulking up on u.s. dollar denominated debt so the last thing they want to see is the interest rates go up. the fed does look outside of the border of the united states.
they probably don't want to say that too loudly because there's a lot of politicians back home that say just worry about us. don't worry about the rest of the world but the fed knows they have no choice. >> i'm just wondering the markets right now, what are they telling you? we're on a five day winning streak for the dow. so maybe it wasn't a bear market like people were thinking when we got into that correction phase. >> i think in the u.s. it is not nor was it a bear market. i think china is something of a different story. u.s. we had some difficult cull i in the stock market. we had, i guess, technically a correction but the background was continued growth in employment, a solid u.s. economy. we'll see in the next few weeks how solid the earnings are but they may not be great. china was a whole different story. first the market really tumbled
but second of all there are a lot of short-term and long-term questions about their economy and you put a disappointing stock market together with a weak economy and that's not a good thing. so i think we got spooked a little bit by china and we're wondering either who is going to keep supplying us with iphones and so on or where are we going to keep selling the other stuff. >> that makes sense. what about a strong u.s. dollar? come visit us more often. >> my pleasure. be happy to do that. we'll see you next time. >> managing director chairman of the index committee at the s&p dji. >> just recapping the ceo of standards chartered says that a thousand senior employees are set to lose their jobs. that's according to an internal memo seen by reuters. that's part of the goal to reduce the top level work force by a quarter as part of cost savings measures.
standard chartered higher by almost 3%. so moving up a bit. >> it's a tough time now in banking with fees, lower growth around the world. how do you make money as a bank? we're looking at shares of credit suisse today and it's higher. this is after a report from the financial times saying that credit suisse is planning substantial capital raising. it is still evaluating it's strategic options. so they're not saying yes and they're not saying no. that's something they'll be watching for when that strategic reviews announces october 21st. >> and deutsche bank clawing back as it braces for losses of around 6 billion euros on q-3. now write downs were cited as the main reason with the new co-ceo cutting costs and reducing bonuses. the german lender is also planning to off load it's retail
unit. now squef caught up with the european commissioner for the euro and social dialogue at the imf and the world bank meetings taking place in peru and asked him for his views on the european banking sector. >> the challenges in our financial system we need to put more forward the initiatives to make european unions financial system more resilient and different kind of shocks and this is part of the broader work we are doing in terms of deepening the economic and monetary union. making the euro area and euro more resilient. as regards the guarentees seem, this is a proposal we're now preparing in the context of completing the banking union so we'll be coming with a proposal on european deposit insurance scheme and giving some considerations and also experience from the previous
discussions. we'll be coming in two stages approach. starting as reassurance scheme for national deposit guarentees in europe. >> let's give you a run down of what to watch for on this friday. september import prices are due out at 8:30 a.m. eastern and forecast to fall by .5% and then at 10:00 a.m. august wholesale trade numbers being released plus a fair of fed officials speaking today including atlanta fed president and chicago fed president charles evans. speaking of, be sure to tune in at 11:00 a.m. today with bill dudley on squawk alley.
if you're just joining us maybe you're waking up in the states. a look at what we're doing here. we're trading higher across the board. it's true. >> really? >> yeah. they're out there watching us. we're rounding out what has proven to be a strong week. many of these indexes up 5% since monday. this is what we're looking at on the week. the cac 40 up by 6%. the ibex up by 7.25%. but coming off the back of levels in part due to the volkswagen mess. the australian unit now having increased the number of cars they're going to be recalling in the emissions cheating scandal to almost 100,000. this after the u.s. chief
michael horn spent the day in front of congress trying to explain how much he had known about the deception before the crisis erupted. >> it was a brutal day on capitol hill for michael horn, the president and ceo of volkswagen group of america as he testified before a congressional panel determined to learn just how his company cheated on emissions testing. >> we're determined to make things right. this includes accepting the consequences of our acts providing a remedy and beginning to restore the trust of our customers, dealerships, employees, regular you lay toto american public. >> he couldn't understand questions or was distracted by photographers taking his pictures. many of congress didn't seem willing to cut him slack. >> vw betrayed a nation of regulators, suppliers and regular customers. it's time to clean it up or get
off the road. >> they didn't get clear answers of what they plan to do to support car owners and dealers but horn did give a time line for how long fixing the hundreds of thousands of cars will take. >> you are certain the remedy will end up being a multiyear approach? >> yes. if you look at 430,000 cars the repairs might take five to ten hours to fix this and if you look at your recall history in this market then these actions take one or two years minimum. >> the company is with drawing it's application for certification of model year 2016 vehicles but that move could leave american dealers without enough product to sell and stuck with inventory that customers might not want to buy. for cnbc business news, i'm
aman javers in washington. >> also the site of stunned faces. the front runner in the contest bowed out of the race in dramatic fashion. u wouldn't take without checking the side effects. hey honey. huh. the good news is my hypertension is gone. so why would you invest without checking brokercheck? check your broker with brokeck.
>> a recent study by citizens advice found that 1 in 7 18 to 34-year-olds in the u.k. were unable to see a gp the last time they tried to make an appointment. another 14% did not see or speak to a health official following unavailability of a an appointment. they're looking to fill that void. >> technology is this bridge between this old world where there's doctors and hospitals and this new world of technology. i book everything. my flight, my hotel, everything online. why can't i do that in health care. a lot of the work we do is with hospitals in the u.k. around scheduling unscheduled care and
what we mean is traditionally you walk into a lot of health care services but the clinics would like to almost schedule these times so they known when the clinics are busy and not busy. >> launched in 2013 zesty offers an online appointment booking service lieuing you to book a doctors appointment with a few clicks. >> there must be this hidden supply of appointments and you and i can get access to. so the inspiration was using technology to make the patients connect to the doctors and hospitals in a lot easier way. you can be talking to a doctor in five minutes. 10 or 12 years agatha was unheard of. >> doctor now is a video consultation app that allows patients to speak to a physician. a gp and to be triaged from the
comfort of their own home at a time that is convenient to them. gps in the u.k. are fantastic professionals but there's a real spike on demand on their time. there's 400 million consultations in the u.k. and some 50 of them are more than 7 days waiting time. >> both doctor now and zesty see the future of digital health care services pivoting from the same point. >> we think the use of technology will take a more meaningful use. what does that mean? it means we're going to use things like wearable technologies and whatever there might be and analyze the data to provide doctors with a good knowledge of a patient's health to help them diagnose in a more precipitous but also more
accurate way. >> i think apple has research care which is its medical records application and i think that's changing the doctor patient relationship in the sense that doctors see more information and they have more to make their diagnosis. it also puts patients, they engage a lot more and i think that all of this actually just connects the doctor to the patient a lot more. i think the fear is that people think technology will do the inverse and the doctor and patient relationship will somehow become virtual and less connected. we think the opposite. we think it will be more connected because you and i as patients and consumers are more interested in our health. >> all right. let's get to the shock in washington d.c. house majority leader kevin mccarthy dropped out of the race to become the next house speaker. tracie potts is standing by in defendant c. >> yeah, we are trying to progress this now and so are the
republicans here. it was a big shocker just hours after mccarthy said that he was running for the speakership. he suddenly announced and very publicly that he was not. it had nothing to do with skeletons in the closet but that he didn't want to essentially win by a hair because with so many conservatives opposing him it was questionable whether he could get those 218 votes so now they're looking for the next step. the election has been postponed internally for the republicans and it looks like the powerful budge chair paul ryan is someone they're trying to convince to hold on to that job and try to run for that job. >> thank you so much. we'll leave you with a look at the futures.
>> a sea of green. equities set to close out the week higher despite the federal reserve keeping markets on their toes on whether to hike or hold. >> alcoa lowering supply forecast sending shares down in after hours trade. >> vw feels the heat from congress as u.s. chief michael horn blames individuals for the emissions cheat and this as euro
group president tells cnbc the fine should fit the crime. >> there's a strong case to make here on what seasonal areasonab effective fines will be and let's not go over the top here. >> and standard chartered set to cut senior level staff. >> thank goodness it's friday. thank you for joining us on worldwide exchange. let's check in on the markets. here's a look at futures right now. they have turned around. we were down most of this morning but looks like we are now back in the green after the dow closed yesterday.
it's 5th consecutive positive day. call that a winning streak. the s&p 500 called higher by .5 or so. meanwhile, 30 points above for the dji. the dow is looking for the second best week of the year. we're advancing 3.5%. still one session to go folks. meanwhile the s&p looking for the best week this year in 2015 and the tech heavy nasdaq up 2% or so and it's going to be the best week by the way since early september. this is the lead we're getting so far to finish off the week. it's in positive territory because the fed is going to hold off on hiking interest rates at least for now and that's what the markets are pricing in for 2015. the ftse 100 up.
the dax is on a winning streak on four straight sessions of gains up 1% plus. the cac 40 up just about five sessions now so we're rallying by 1% and the ftse mib with an advance. >> the fed's decision to hold off on raising rates last month was not a close call as some members may have suggested. minutes from the september meeting showed that the fomc was hesitant to pull the trigger on worries about global risk. most thought it was a good idea to wait but they still expect strong economic data to make a clear case for a lift off this year. steven is the global head of g-10 fx strategy. good morning, what do you think happens next in the fed saga? are we going to see lift off this year? is it all priced into the
markets at this point? >> i think they have less than 50% of risk of december priced in. there's nothing virtually for october right now but most of the market stopped focussing on december versus march. it's more of a view that what the fed is conveying even if they lift off they won't be threatening that the second and third hikes will be very close in coming and it's a very reassuring message to markets right now and that's what they're trading off of even though the fed and the minutes indicated most of them thought it was december but there certainly was no urgency with respect to that kind of hiking. it's what i would call a hawkish light message. u.s. economy is good enough to support optimism and lift off but not a rapid process here. >> it also seems that they're also pushing back the notion
that a fed hike could come on the sooner side. >> well, you have china and asia time zones. it's at the lowest level since august 10th. you know, i think the message from, you know, policy makers in asia is we're taking care of our time zone. we're stabilizing things. message from the fed is good news, we're going to lift off but not very fast. so i think the market is unwinding the deep pessimism that hit in august and early september and they probably still have a way to go. >> what about this talk that we're going to get a stimulus program package from china and qe-4 is gaining traction. how much credibility is there in that theory? >> what's interesting with oil pushing 55, the inflation
numbers a year from now are not going to be that terrible so, you know, in so far as they're focused on the innation outcomes and that's the cure, part of the reason we're seeing the euro rally today is the commodity price back up is making it harder for the ecb to make the case for additional qe and i think in general i think we won't be seeing qe 4. that's not our baseline. obviously there's a risk and the issue that investors have is that certainly g-3 central banks don't have too many bullets so that's going to be the issue. what do they do if they need it? i woulday we see much lower asset price ifs they have to result to qe-4 because there's a lot of skepticism about how effective it would be in asset markets. >> thank you so much for your
time. let's take look at the days other top stories. apple is removing a few apps from its app store on concerns that personal data could be compromised in certain situations. apple sa the apps could install security certificates that could expose data to third parties. now the company didn't say how much apps are being effected but it includes those called bead choice and that generated buzz for its ability to block adds and apps. >> they should call them appsules. like the play on the word apple. >> okay. you're creative today. >> i am creative. >> but i've never heard of it and i don't think that's our generation, right? >> speak for yourself. i'm many, many, many years younger than you. >> we're speaking for both of us. apple pay is expanding it's
reach. starbucks, kfc, chilis will begin accepting the mobile payment service later this year. more than 1 million stores accept apple pay and it could help broaden adoption of apple pay which allows them to wave their iphone or apple watch in front of a wireless reader to make purchases in the future. so apple shares seeing gains of .5% or so but it's in correlation with tesla's founder who is in germany and he's not mincing his words. i call this trash talking because people have been saying elon you noticed a lot of your engineers have been moving over to apple. what do you think about that and elon was like wait a second. wait a second. apple only hires tesla engineers that have been fired by the way
and he says apple is like the tesla graveyard. >> i'm assuming if he's standing on the stage and has an audience therhe's trying to be a little bit light hearted. apple is a fantastic institution and how many people does it employ and how much technology have they developed. >> on that part he says an iphone and a watch is much different from building a car. he says i'm not kidding. >> yes. i agree but you need a lot of the same technology and you're integrating a lot of it. they'll be begging for apple's technology to be in their dashboard. you know the internet of things where everything can talk together. your car can tell your home that it's coming home so the garage goes up and stuff like that. >> apple is pretty serious about building this car. some senior executives say this is the ultimate mobile device and they have been buying out company with app mapping systems. >> the only thing is you can't
put a car in your pocket yet. >> not yet. >> so you could also use apples and bananas. something to get around and something to put in your pocket. >> let's talk about disliking on facebook but instead of a dislike button, facebook is like we don want to get negative so they're rolling out a facebook reaction program and they're testing the beta model apparently in europe by the way and ireland and spain and they're coming out with emojis. you get like, love, haha, yay, wow, sad, angry. >> but these have already been there. they're just doing it on facebook now. which emoji do you use a lot.
>> i use the thumbs up a lot and the apple blow kiss one. >> i use the one where they just look like that. i use that one quite a lot. >> i can see that. that's a wow. there you go. that would be your new button. >> but it has a slight sarcastic element but the very surprised face. you know what, our producers are emoding to us right now. you're angry. you're a little angry. >> you know why it is. they want us to move on to netflix. let's talk netflix because it's raising the price on the most popular plan which lets two viewers use one subscription. the standard plan will go up by $1 to $9.99 in the u. s. canada, latin america. the change only applies to new customers. netflix will keep the prices the same for another year.
higher by almost 6%. a good example of a company that got themselves out of business because they started with the video stuff and then they had to go on to streaming so they kind of caused the initial business to have to change. >> they disrupted the business and advancing as well. let's talk about earnings and heavy metal. alcoa is weighed down by the slump in aluminum prices. we break down the 3rd quarter results. that comes your way next. rwear t moves like you do? try always discreet underwear and wiggle, giggle, swerve and curve. with soft dual leak guard barriers and a discreet fit that hugs your curves. so bladder leaks can feel like no big deal. get your free pair and valuable coupons at always discreet.com
>> we need to talk about alcoa kicking off the earnings season with a set of disappointing results. let's get out to landon dowdy at the cnbc headquaters. what's your favorite emoji? >> a happy face. alcoa is looking like a sad face. a sharp drop on lower aluminum prices and the impact of the strong dollar. the company earning 7 cent ace share and missing analyst forecasts of 13 cents. revenue fell to just under
5.6 billion which also fell short of estimates. prices are down 14% this year. major slow downs in markets in china. car production is only expected to grow by 1 to 2% down from the company's own forecast of 5 to 8% just three months ago. heavy production in china is expected to drop by more than 20% and on cnbc, the ceo addressed issues in china. >> we see that demand for aluminum is going to grow 6.5%. we also see that we are going from a slight surplus into a deficit. that's at least what we're expecting for next year. we also see that there is no export into the west. it's come to a slow down. >> they announced plans to split in two separating it's primary
aluminum mining and refining business from its specialized metals division. it's due to the auto industry shifting to lighter sterilmater and stronger demand. he is confident they can succeed as a stand alone economy. prices may recover last year. shares fell 5% in after hours. today in europe shares are down about the same amount. they're trying to turn the frown upside down. you're right. that's not a bad idea. thank you very much. >> let's check in on sports. and the houston astros weathered a 45 minute rain delay to beat the defending american league kans city. they jumped out to an early lead before the rains came and never
looked back. two rbis and royals designated hitter had two solo home runs in their loss. the toronto blue jays fell 5-3 in the first playoff game in 22 years. rangers catcher powering the texas offense with a 2-run homer. however the rangers did lose their star third baseman early on in the game to a lower back strain and from baseball, let's move on to the nfl and national football league football. veteran matt hasslebeck stepped in for luck and lead the colts to a 27-20 victory over the houston texans. he is new, johnson, 77 receiving yards, two touchdowns and
returned to houston after playing the first 12 seasons of his career with the texans. brian hoyer throwing for 312 yards and two scores after relieving the injured starter ryan mallet. >> now you're just joining us, these are our headlines today, u.s. futures are are mixed but the fed keeps investors on their toes about a possible rate hike. the national dialogue quartet beats angela merkel and others to beat the noble peace prize. plus they call the auto division a tesla graveyard.
athens not following these guys. but the ftse 100 up. the cac and ftse mib continuing on the rally we've seen the last couple of days. we're higher by somewhere in the region of 5%. for many of these european markets. >> let's see what this means for the u.s. friday open: dow jones industrials should be seeing advance of 7 points. the nasdaq pricing in declines of 1 points when markets kick off. we have earnings season kicking off already. >> can you believe it? we just said good-bye to one earnings season and up pops the next one. the official start to the earnings season in the u.s. is on tuesday. jp morgan chase with third quarter results along with johnson & johnson and intel. tuesday is going to be busy initially but it's nothing because look at what's happening
on wall street on wednesday. bank of america, wells fargo, black rock. after the bell you have netflix reporting as well and the bank results continue to roll on. on thursday we get numbers out of goldman sachs and citigroup and then we round off next week with general electric and hon any well on friday. so rounding off susan. >> also a busy friday as well. let's give you a run down of what to watch for on this trading day. that includes september import prices due out at 8:30 a.m. eastern and photograph to fall about .5%. at 10:00 a.m. august wholesale trade numbers are released plus a pair of fed officials speaking today and we'll also be hearing from william dudly exclusively today. let's talk about the earnings season and the market action in the u.s. todd is joining us early as
always. so here we are on a five day winning streak for the dow and the s&p has been up 7 out of the last 8 sessions. >> good morning. i think you saw after last friday's jobs number the street now feels that the fed is not going to be able to raise rates. it has nothing to do with earnings. all it has to do with is whether or not rates are going to stay lower because now we're back into the chase for yield and the only place that you can go right now is you have to go into the equity market so we're being forced to put money into the equities because there's no place to go. it's more of the warped picture that there's no place to go so you have to buy equities and that's where the winning streak is coming from. >> what are we buying at the moment? is it just across the board or are we singling out certain sectors at the moment?
>> you're seeing a run back and netflix has had a good week this week. you're seeing a lot of the obscure names. it doesn't have much to do with earnings but overall it's a buying spree at some of the more higher risk things. the risk on type of trade because people are again chasing the overall yield and that's why you're invest as good to get yield but apple has been weak this weak and bank earnings won't be very good. >> are you telling me that earnings don't matter? we're going to get zero earnings growth this quarter but when you set the barlow and that's been the trend for the last few earnings season because weren't we expecting 4% declines the quarter before. so when you set the barlow the companies easily come out and beat, don't they?
>> absolutely but if you go back and look through the last six or seven years what mattered is is the free money available? is the federal reserve putting on a put in the overall market? let's take a look at the real growth. we haven't had true growth. you've had company buy backs. you had the accumulation of stock but when you look back into the jobs numbers the job numbers are service jobs and not manufacturing or industrial or high paying so the overall picture has been amerimerky. for $4 trillion we don't have growth to sustain the 4 trillion. so when you look at the overall picture it doesn't come to earnings. it comes back to are interest rates cheap enough and where do i have to put my money to chase yields and the banks are going to suffer as well because they're not getting a return on their money either. >> thank you so much. have a good weekend. and that does it for today's edition. can you show me how to do this. >> byes byes. have a nice weekend. is that how you do it?
good morning, earnings season officially open for business and not starting on a strong note. shares slammed after missing wall street's mark. the gop in turmoil. house republicans scrambling to find a new leader after kevin mccarthy stuns the party dropping out of the race for speaker at the 11th hour and elon musk taking a shot at apple saying the tech giant only hires the engineers that he fires. and how a data breach at uber might be traced back to an executive at rival lift. there's more. plus why throwing away your
airplane boarding pass could be putting you at serious risk of identity theft. plus three different bands getting into the rock and roll hall of fame and friday october 9th, 2015. i'm exhausted. squawk box begins right now. ♪ >> live from new york where business never sleeps, this is squawk box. >> good morning and welcome to squawk box on cnbc. if you're getting ready to head out to work and draeading this commute, this could put it into perspective for you. check out the traffic jam? thousands of vehicles bumper to bumper as people return to the city at the end of the country's national holiday. the big problem is this jam