tv Worldwide Exchange CNBC May 2, 2016 5:00am-6:01am EDT
good morning. global market alert. the yen hits a new 18-month high against the dollar overnight, and japanese stocks plunge. halliburton and baker hughes calling off their planned merger, following regulatory hurdles. and payday. yahoo discloses how much ceo marissa meyer will take home if she leaves the company. ♪ good morning, and welcome to "worldwide exchange."
>> a very good monday morning to you from me. let's get to the action. futures pointing a little higher at the moment, following the worse week since february. last week we were expected to open slightly higher. the s&p by six points. let's look at the u.s. ten-year note as well. not much change. that range between 1.9. >> one of the biggest stories overnight in terms of market movers, the japanese yen continues to show strength, the japanese currency hitting a new 18-month high against the dollar overnight. now you're seeing that stronger u.s. dollar and weaker yen, that's been a little bit of a reversal over the last hour or so. that strong yen defined the session overnight. and that's why the nikkei in
japan led the decline. markets in china, taiwan, hong kong, and malaysia were all closed due to a holiday. >> a 7% move for one week. we flirted with going to a high. but we're back to reaction from last week. and nikkei is closed tuesday to thursday. a big move in today. it had off three days of closed sessions. let's have a look at europe. the ftse closed for a holiday. and greece in europe, they were on holiday today. so volume expected to be a little thinner across the region. as you can see, early trade, germany and france outperforming the ftse 500 is closed. that was its performance on friday. italian banks are getting hit hard, investors rejecting a cash call. now the government rescue fund will be forced to take up the
rest of it. the italian banks suffering accordingly. the others are down 2% to 3%. let's go to the broader markets now after a nearly 20% increase in the price of oil over the month of april. some softness this morning. wti crude still holding about $45 a barrel. bigger declines in brent, the international bench mark 20belo $47 a barrel. in japan, oil prices may have bottomed out. meantime, the u.s. energy secretary says he sees the rebalancing of oil supply and demand in about a year's time. traders digesting what was a very strong month for the price of oil. as for the dollar which typically moves in the opposite direction has seen a weak month. the stronger yen was starting to
spook stock markets across the globe, but the euro continues to march higher against the u.s. dollar, up towards 115. we have a guest talking about what all these crazy moves mean for u.s. stocks. it has been a pretty sluggish earnings season overall and has been defined by lower oil prices and a stronger dollar. both of those trades have reversed pretty sharply over the last month or so. we'll see if we start to hear that from corporate america. so far it's been a little early. we'll see if investors move on that. >> i totally agree. two crucial factors you mentioned, oil prices high. dollar weak. we haven't seen positive sentiment looking forward for earning season. apple for example has weighed on the wider market. we were wondering, can earnings be good enough apart from the banks.
we haven't seen the markets pick up. and the energy sector is a great example of that. oil prices have massively recovered, except conoco and exxon. we didn't get to see much strong performance there even though earnings weren't that bad. >> there have been a few pockets of strength. part of the problem is tech had that misfire. the nasdaq underperformed during the month of april. and tech represents the biggest weight on the major averages. so can investors look beyond that to a better second half of the year? plus we've got warren buffett speaking. he'll be on "squawk box." let's see what he has to say. a lot of gloomers and doomers. >> bill gates, great lineup coming up today on cnbc. the other big corporate story of the morning. halliburton and baker hughes are scrapping their $28 billion
merger. the merger would have combined the second and third largest companies. and that raised concerns for rising prices for the sector. halliburton will pay baker hughes a $3.5 billion breakup fee. >> not so much a free market, i guess with the anti-trust concerns. the only thing i would say about this one is perhaps it was unique because this was the number two and number three firms combining in a behemoth. but it comes a few weeks after the treasury crackdown hard on inversions on pfizer and allergan. you can put this one on the list, it was a $30 billion deal. >> and the other thing i picked up, behemoth, i say ba-hem-oth.
>> but you nailed the pronunciation of the italian bank. i cannot do it. marissa meyer stands to make $55 million if she leaves the company. the details come in a regulatory filing from yahoo. she's entitled to severance benefits if she's fired without cause or if there's a quote, change of control, which is very much in the air, which would include the sale of the company. yahoo shares are down 14% over the year. we know she had a generous pay package. now we've got the exact number. aig has raised $1.2 billion. the company sold about 740 billion shares. they have been trimming their exposure over the past year. a group of investors a raising
their offer for apollo ed. about $1.4 billion. apollo education delayed a shell after several came out against it. united airlines has cut the coo's pay by $1 million. it is related to an internal probe. that resulted in the resignation of ceo jeff smiesic last year. other stocks to watch here, air france has named a new ceo. he will replace the ceo after failing to restructure the airline. he formerly h lly headed a bus train operator.
expedia's ceo is one of the highest paid. most of the package came from stock options that expedia gave him. jc penney's shares could double over the next three years. they have made major progress in the last three months but still remain pretty much under the radar, trading under $10 a share, well off the high of $43 hit in 2012. a perennial event didn't disappoint. we are joined with more of the highlights. >> good morning to you. warren buffett and charlie monger sitting down. they discussed what is the woodstock of capitalism.
take a listen. >> there's been far, far, far more money made by wall, by people in wall street through salesmanship abilities than through investment abilities. >> he points out a vanguard fund that tracks. he also slammed a pharmaceutical saying it is enormously flawed and turned out to be a sewer and those who treated it got what they deserved. and how does he feel about the 2016 political race? he says he would be okay with either hillary clinton or donald trump saying one of them is very likely to win the election. you know buffett coming on "squawk box" later in the
morning. coming up, puerto rico warns it will miss a major debt payment to creditors. it could be the first in a series of steps towards decline. this day in history. 75 years ago today, general mills began shipping a cereal called cheerios. the name was later changed to cheerios. they later introduced punkin spice cheerios. and others turned to fresh egg sandwiches and greek yogurt. hey dad.
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call or go online and switch to x1. only with xfinity. welcome back to worldwide exchange. a good morning to you if you're just getting up. last week for the dow and the s&p it was the worst week. the dow caught up by about 28 points. the s&p and nasdaq both slightly higher byes about .1%. oil has bounced back significantly since february. wti down. brent, 46.8. but that has been a big boon and a good couple of weeks for oil. we've got a lot of economic data to look forward to this week. kicking off today we have the april ism manufacturing index,
along with march construction spending. there's been a lot of talk that manufacturing has bottomed in this country, so we'll be looking for a better number there. for friday, look out for non-farm pay rolls. the ism services index. and the april non-farm pay rolls, this is the last of the heavy week of earnings season as well. among the highlights, aig, fo s pfizer, alli baba and merck. on jobs, we've seen better job growth, which is really interesting, compared to a very weak economic growth. that gdp in the first quarter, 0.5%. can the momentum continue in jobs? and can we see higher quality, better paying jobs with higher wages? >> even so, i don't think people are expecting a june hike anymore after the fed was
cautious. so it's a big week always when you get the non-farm pay rolls. but perhaps it's already been pushed back, that expectation either way. one to watch along with lots more earnings. now puerto rico won't make a $420 million debt payment today. the governor has issued an order suspending payments. the move comes after officials were unable to agree to a settlement that would have avoided the default. they couldn't make the payment without sacrificing basic necessities including keeping public schools and hospitals open. >> one to watch, and we'll see whether the damage continues. the creator of "hamilton", has become one of the biggest outspoken advocates. when we come back, the race for the white house running through indiana this week. the biggest headlines from the campaign trail. but as we head to break, here's the national forecast
from the weather channel. >> we start monday with more rain in the south. we're kind of stuck in this pattern for a good chunk of the week ahead, all the way to the northeast, showers and coolest temperatures stick around as well. the change this week is that we lose the heat across portions of the west. for today we still have lots of warmth and sunshine. but that is going to change as we get to midweek and that all moves to the middle of the country. we've got showers out there. you can finally say good bye to the snow in denver, temperatures warming back up to the mid-50s. i amoge am
guests were asked to check whether they wanted steak or fish, but instead, a whole bunch of you wrote in "paul ryan." that's not an option, people. steak or fish. you may not like steak or fish. but that's your choice. >> that was some of president obama's best material this weekend at the white house correspondents dinner. that goldman sachs joke i thought worked. he had a lot of material when it came to the campaign. he could have been funnier on trump. i thought he was most funny when he was making fun of himself leaving the white house. >> i think he absolutely killed it. it was awesome to be there and see him speaking. but the one person you thought he would really go off and have minutes and minutes on was donald trump. but he did make a little criticism by saying you're giving him too much airtime and
did a couple of gags and moved on, but he took the mic out on bernie sanders and hillary clinton. >> including himself. very self-deprecating. then the primaries are all about indiana this week. a new poll finding that donald trump has a 15-point lead over ted cruz. and this was supposed to be a test of the confusing cruz/kasich alliance. >> ted cruz spending a lot of time there. and it really could be make or break for bernie sanders and ted cruz, to determine whether they're really able to catch up. >> what's your name? >> reporter: ted cruz has four stops in indiana today. tomorrow's primary could make or
brake h break his campaign. and without naming donald trump, cruz is making it just how clear this vote is. >> americans are asking that indiana bring common sense and good judgment to save this country from the path that we are barrelling down. >> reporter: trump's got two events in indiana today. he's already claiming victory, whether or not republicans unite behind him. >> i don't think it matters, but it would be nice to have the republican party come together. with that being said, i think i'll win anyway. >> laooks to me like we're goin to win here on tuesday. >> reporter: one year after launching his campaign, bernie sanders is hoping indiana will become his 18th win. he's making three stops there today and didn't even mention hillary clinton last might. she's telling the naacp that donald trump is a dangerous choice for america. >> we cannot let barack obama's legacy fall into donald trump's
hands. let's make sure -- >> reporter: she's in kentucky and west virginia today. and of course in politics, we always follow the money. there's new fund-raising numbers in. sanders, a big dip for him, last month he raised $26 million, but compare that to $46 million the month before. >> all eyes on indiana. tracy potts from washington. in other news, the first u.s. cruise to cuba in decades is on its way, the 704 ship is part of the carnival family and will arrive in havana this morning. our very own simon hobbs is on board and will be reporting throughout the day on reaction from passengers. we'll talk to him on "squawk on the street." >> i hope he gets in the spurt,
may -- spirit, has a few cocktails. >> he can have cocktails, but he can't go to the beach. that's not part of the rules. to sports news and one of the most unlikely title wins in english football history will have to wait one more day. leicester city could have wrapped up its first-ever crown, but the foxes only managed a 1-1 draw. they can clench the title if tottenham fails tonight. just a year ago, they were nearly little ga nearly relegated from the league. >> i have no idea what you're talking about, but i know it's a big deal.
i've seen a lot written about it. does it mean anything for your arsenal? >> arsenal has already had their season slightly collapse. i'm over that. everyone, everyone in the whole world of soccer is united behind leicester city, apart from spurs. >> it's chelsea in my house hole. >> no, your fiance will want leicester city to win. "the jungle book" won the box office for the third straight weekend, bringing in about $42 million. ity t-- a lot of appeal oversea for this one, too. in other media news, hulu's developing a subscription service. currently, they offer on-demand
programming. they hope to launch the new service in the first quarter of next year. they are owned by disney. when we come back, today's top stories, including halliburton and baker hughes now officially scrapping their merger. plus, too much ice? why one customer is suing starbucks for a cool $5 million over his ice-cold drink. stay tuned. you're watching cnbc, first in business worldwide.
new this morning. halliburton and baker hughes call off their planned merger, following regulatory hurdles. deutsche bank under scrutiny. and why one customer wants $5 million from the coffee chain. ♪ good morning. happy monday. welcome back to "worldwide exchange." >> very good morning to you from me as well. let's get straight to the market action. >> u.s. equity futures looking up after we finished last week. worst week for stocks.
it was lower for the nasdaq. this morning, may nor strength, futures up 2.5. nasdaq up less than a point. lower yields have sort of been the name of the game. no hint of an imminent interest rate hike. >> among today's biggest market stories, the yen, the japanese currency touched a new 18-month high against the dollar overnight, but it was really the move we saw last week that spooked investors once again. an almost 5% rise in the yen against the u.s. dollar last week. it's basically flat this morning. the nikkei closed down sharply in response to that move last week. it had been closed on friday, had some big reaction today, the nikkei down some 3% and also the japanese market will be closed
tuesday through thursday. we've also got some markets like china and malaysia closed today. european markets, though, are managing to shrug off slight declines in asia. >> we know that the ftse 100 is closed for that holiday. volume is expected to be tliner across the continent. we are seeing weakness in italian bank stocks. let's show you what's going on across the continent. minor declines. we don't have the chart for you. pretty much little action, little in terms of economic data. oil coming off a bit. let's show you what's happening on the broader picture with markets, the wti, we're coming off the 20% gains. now it's lower to 45.48. down to 46.77 for brent. >> at the moment, we've got a move of about a quarter percent
for the euro, the yen is basically flat after a big move last week and pound this morning, 1.464. gold having a good month last month. at the moment, it is up another .8%. our twitter question of the day, stocks are coming off the worst week as we mentioned, since february. a new month begins, month. do you sell in may and go away as the old saying goes. if you sold in may and came back on labor day, it's not always a good predictor. >> i forget, the sell in may old adage is not a wall street adage, it's originally a british one. joining us now to discuss the overall markets, we couldn't have asked for a better guest this morning, kathy.
with the strength of the japanese yen spooking everyone, explain, we've heard it's a safe haven, a liquidity currency, explain the significance of what we have seen over the past few weeks and if we do continue to seat yen strengthen? ? i think there's significance not only to japan but for markets around the world. because a lot of japanese names are traded, the u.k. as well as u.s. exchanges the and the stronger the yen rise the more damage it will do for corporate earnings. some of the household names that we're very familiar with, like sony and mitsubishi. for japan, hthis is a big problm because the yen is rising at a time when economic data gets worse and worse, and everybody is playing a bank of chicken. the bank of japan has clearly passed the baton over to prime minister abe. we have the g7 meeting later this month. they're hoping that abe will unleash new fiscal stimulus.
i think this is going to mean significant concerns for japanese corporations and the possibility of further dollar yen weakness or strength. a lot of japanese companies become complacent when it rose back from 107 to 112. but now the velocity is going to force them to rethink their lengths. so we could see dollaryen drop to 105 and beyond. and we see complete impotence from the central bank and most likely from prime minister abe as well. >> is there another driver with this move? is it domestic investors getting the fear of whatever's the fear of the day and deciding to pull their investments abroad back into japan? it's rather confusing as you say, we're not seeing japanese economy strength driving this
and it's not the central bank driving it either. we see whether they do ease or don't ease, either way, the yen goes higher. >> we do see some repetitive lows, but what we really see is the combination of u.s. dollar weakness. part of the weakness we saw last month was part of yen strength, part of it was due to u.s. dollar weakness. while you were seeing some repatriation, it's not as significant as the risk aversion f flows that you're kind of seeing in the market. you're beginning to see that cross currencies. >> what we're seeing in the euro is continued strength and weakness in the u.s. dollar. how far does this one climb? and have we seen the bottom for the year? >> so i think in terms of the euro, there's a will the of pros and cons. for the most part i think the u.s. dollar itself is probably heading lower. so in that perspective as well as improvements we've seen in
eurozone data, that does suggest we're going to break well above 115. but, it's a risk for the entire region, not just the u.k. everyone is dismissing that rick. that's why sterling hit a high. we've all got less than two months to go before the referendum. i think those risks could return and that could limit the upside in the euro. i think we're going to go to about 116, but that's probably about it. >> what you're saying is continued weakness against the dollar should be good news for u.s. companies. we've seen so many complaining about the strength of the u.s. dollar. >> the dollar is still relatively strong, and they like to see it quite a bit weaker. they will probably see it weaker, but everyone's still thinking about when will the federal reserve raise interest rates and will they raise interest rates in 2016? nobody expects them to do
anything in june. but the last quarter still remains in play. and they're cognizant of that risk and reluctant to take on risks and spending. that's the core trouble of the u.s. economy, that you're in an environment of a sluggish global growth and you're in an environment where there isn't much domestic investment and consumption. all of that is giving them excuse to blame the dollar. >> kathy lien. we'll see what happens with numbers on friday. >> sell in may, come back in september. there's lots of summer sporting events, so you might as well sell. and when the final horse race, the end of summer sporting events you come bback come back. today's top corporate story, halliburton and baker hughes
scrap their deal. the merger would have combined the world's second and third largest oil services company and it raised concerns that it would result in higher prices and less innovation in the sector. last month, the justice department filed a suit to stop the deal. halliburton will now have to pay a $3.5 billion breakup fee. deutsche bank has systemic failings in its controls against money laundering, terror and sanctions. it reports that a separate independent review has been ordered. there were concerns about the bank as governance. they are cooperating. and the shares are down 2.3% this morning. quaker oats is being sued for $5 million over claims the company has been using a
dangerous weedkiller in production. a lawsuit was filed on behalf of new york and california consumers after testing found traces of pesticides in some of the oatmeal. of course quaker is owned by pepsico and has fired back that it's very, very minor traces. another lawsuit story. starbucks is in trouble as too much ice has been put in a 29-page complaint. ice drinks only have half the amount of liquid being paid for, specifically in the iced coffee. this customer suing for $5 million because there's toop ice. >> they're measuring the amount of the drink and it's not what they say it is? >> i think it's pathetic, and i don't know where he gets his $5 million fission frgure from. president obama's oldest
daughter, malia is set to attend harvard university in the fall of 2017 after taking a break. she will be a member of the class of 2021 and follows a long line of presidential kids going to harvard. there was a lot of mystery around this one because president obama himself has made comments that she shouldn't have to worry about getting into some big, fancy ivy league school. 5.2 acceptance rate. and malia made the cut. the elephants at ringling brothers made their final performance. it marks the end of an era for one of the circus's most beloved performances. it was live streamed on facebook as well at circus's website with fans taking to twitter to commemorate the final bow. >> saw this as a kid, did not know the elephants were
retiring. i guess there's no baby elephants or kid elephants. >> they shouldn't be in captive anyway. ? >> so you're happy. what a brexit could mean for trade. tony blair at age 44 became britain's youngest prime minister in 185 years. that year conservatives ran under the slogan britain's booming, doesn't blow it. if any of you now what labor's campaign slogan was in 1997, please go to twitter. we'll be back in a couple of minutes.
welcome back to "worldwide exchange." the dow pulled up by 20 points following a disappointing week last week for the major indeces. the s&p and dow having their worst weeks since february. robert samuelson, a political columnist, bring the ta -- britain flirts with insanity. the eu absorbs 44% of britain's exports. these might suffer because trade barriers now virtually
nonexistent between the u.k. and other eu members would probably rise. he goes through a number of other pretty simplistic backed-by-numbers reasons why this would be a mistake for the u.k. itself to leave the eu. he also goes through some of the pros of the argument and concludes that they don't outweigh the negatives. >> he goes to the pros exactly and then dismisses them. if you're looking for an impartial, balanced article on which way this vote should go, this isn't it. a couple of holes in that, the 44% figure in terms of exports, a lot of ha that in fact goes t certain ports in holland and then on to other markets. that's something that both sides argue about. >> but i think terrorism, the fear about immigration that the anti-eu vote in britain, he
didn't disprove that either. that has merit as well. >> all i'd say if people think this is a balanced perspective, it's not, it's a pro-europe. >> president obama went to britain as well. >> an interesting vote, the 5th of may on thursday, there's local election results, and that could give us an indication where we're going on the big vote on the june 23rd. >> and the article claudio raniery, tinkerman poised to win. this is this extraordinary city, leicester city who could win the english premier league tonight. if tottenham fails to win it. if not they'll probably win it next weekend. and it is the huge underdog
story of all time, 5,000-1. and a big part of it is claudio raniery. when he was appointed a year ago, people were laughing. and he's turned it around. >> who owns the team? >> it's a thai investor, the head of king power. he's head of a thai company, and his name is long. >> we are approaching the top of the hour. that means the team is getting ready for "squawk box." we know you've got a big show. >> we do. warren buffett is always interesting and compelling. was that your first, was that your first white house correspondents dinner, sarah? >> no. >> it was my first, and it was also my first-ever trip to washington. so the whole weekend was overawing for me. >> i love what you just said, wilford, coming out of your shell a little bit, if you are looking for a balanced piece
that was not it. and i love, sarah's so cute, the president said it's the right thing to do is to stay. i can't imagine the united states, can you, if we were going to cede our authority to unelected democrats in some other country? i can see the pro-advocate stance. i want you, wilford to come out of your shell to get between piers morgan and simon cowell in terms of what you really think. >> i will follow up on the obama thing, he went too far. >> he added about five points to the brexit group, i think. just like, excuse me? we're used to the lectures here, i mean, i'm used to it, but the rest of the world, maybe they are used to it by now. >> or maybe, sdwrjoe, maybe the so much at stake. >> who knows whether it wouldn't
be better, who knows whether ireland wouldn't have 2% interest rates. great britain didn't have the same issues -- i don't know how well it's worked. a lot of people say stay, we've already come this far. it didn't work how it was supposed to, but we've got to stay in now that we've already been part of this experiment. there's a lot of people who said you can't have a common currency. >> britain's not in it. >> you can't have a common currency. britain probably isn't that pleased about carrying all of southern europe, where, you know, just like the germans don't feel like working 18-hour days where down in southern europe they're out on the beach or taking a long lunch break. >> the odds in the polls have given the stay camp a bigger lead in the last couple weeks, but i think it will come back and be very, very close. the pound has rallies to 148. it's been low as 138.
>> sarah, you missed it. that lady mary, michelle dockery plays royalty, but the way she treated the son of david, she treated him, wilford, he really is royalty. i swear to god, he really is. >> he's british royalty. >> that was funny to watch that, and he's like 8 feet tall, wilford, and watching him move through there was like watching james bond or something. >> it was like all your jokes of down t "downton abbey" -- >> she is aristocracy, not royalty. enjoy the rest of "worldwide exchange". and we will enjoy "squawk box." in nine minutes time. we get insight in a couple minutes. this car?
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welcome back do "worldwide exchange." >> good morning and thank you for joining us. as we look ahead to the trading week ahead, what are the key factors? i suppose that we know we have a more dovish fed. are earnings delivering enough to see a bigger rally in markets? >> i don't think so, wilford. we're in the back half of earning season. and will we see any improvement in the weakish earnings that we've seen so far this quarter, we're on track for a fifth consecutive quarter of falling, i think both falling revenue and falling earnings, certainly falling earnings. so, you know, will we see any relief in that in the back half? i think not. the other big thing we'll have is of course on friday the employment report which will be important to give us a sense of
what tone and tenor of activity is in the states. >> the two biggest waits have been lower oil prices and the stronger dollar have completely reversed over the last few months. >> sarah, that's a good point of. one would have thought on the dollar front, the euro has been strong and we thought we would at leiast see some relief there and it hasn't happened at all. for the oil, it's too soon, and we're basically back at, close to levels where we wrapped up last year. on a year to year basis, i don't think we're going to see a lot of relief there yet. i'm not very optimistic in the back half. i think we're going to come in as expected, light. and if we're going to see any growth this year, it's going to be in the second half of the year by all accounts. >> hans, could that change the
direction of the u.s. dollar, or has the feds dovish tone really set the outcome for the dollar regardless of what the economic data prints are? >> i think the fed's actions have trumped all. you know, it's hard to see how they're going to do anything in the june meeting, given that the brexit vote will be coming up. and they seem to have widened their mandate to incorporate more of the international scene than just the domestic scene. so if we get a strong employment number, great, that leaves more data for those of us who think that the fed should be taking a more muscular action toward these things. >> hans, thank you for joining us this morning to help set up wall street week ahead. we asked on twitter, should you sell in may and go away.
this morning, the nikkei falling 3% as the yen continues to strengthen. and we have a merger meltdown. halliburton and baker hughes scrapping their deal, following opposition from regulators, and it is buffett day. i almost said buffet day. i was excited about that. three hours with the oracle of omaha, the health of the economy and the race for the white house. it's monday, may 2nd, 2016. jobs friday again?
sorkin? "squawk box" begins right now. ♪ >> live from new york where business never sleeps, this is " "squawk box." >> becky is sanding by in omaha with our special guest, warren buffett. let's take a quick look at the markets. u.s. equity futures at this hour. looking in the green, it's positive territory. the dow looks to open about 14 points higher. overnight in asia, markets in china and hong kong were closed for a public holiday but the story in japan was sell in may. the nikkei tumbling more than 3%. major japanese exporters sold off sharply as the yen hit a 18-month high against the dollar. and in europe, the ftse also