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tv   Worldwide Exchange  CNBC  June 6, 2016 5:00am-6:01am EDT

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good morning, the fed in focus. janet yellin will speak out this morning and the feds are hanging on to every word. and boris johnson lashes out on jamie dimon and many others. and the golden state warriors trounce the cleveland cavs in game two of the nba finals. if you went to bed early, we'll bring you the highlights on this monday, june 6, 2016. "worldwide exchange" begins right now. ♪
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good morning. a warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost in with susan lee. good to see you. >> welcome back. you made it back to new york city with the harrow flight last nights. >> a brief trip to london. we'll have details of that brief trip to london shortly with my interview with boris johnson on brexit. we'll check in on markets this morning first of all. u.s. futures at this hour after a slight negative week, the s&p 500 down a third last week. the nasdaq down a half percent. markets are suggesting to open up today, the dow higher by 30 points, the nasdaq by 8 and s&p 500 by 2 points. the bank sector was disappointing down 2%. the only sector of financials in the s&p that are still in negative territory this year as a whole. and we'll look at the ten-year note this morning, we saw a little bit of movement as the number disappointed. we are down to 1.718%.
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just a week ago we were closer to 1.9%. so a decent move away from a rate rise expectation when the job number disappointed on friday. we'll look at the global stocks reaction. asia europe given a chance to react to the dismal report on friday. asia showed the nikkei and the ha ha shanghai pulling back. the hang seng is up .40%. we have gains across the board in the european markets, that's interesting given the brexit report with boris johnson. >> we'll talk about that in more detail. the ftse 100 is surging.
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over the last week and month, the shanghai market is still pretty strong. >> i want to make a point in the yuan, we talked about this last week about the yuan being at the lowest in five months. i think it reflects what is happening globally. we have a slowing chinese economy, the capital outflows, so shouldn't the currency be weaker against the u.s. dollar with a hike? >> the u.s. dollar was very strong in may. now they are balancing it against a bunch of currencies. there's the u.s. dollar with the yen having bounced at the open now, in fact, weaker. so that is why the nikkei managed to pass the losses down 1.2%. it only closed down half a percent after a big move for the u.s. dollar in the other
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direction on friday. let's have a look at oil prices as well. oil down 1% on friday. it was down half a percent for the week as a whole. it's bouncing 1% this morning, 49.13 for wti. and gold prices were soft in may in the face of a strengthening dollar. they are flat this morning at 1242. the fed is listening closely to janet yellin's comments on the philadelphia outlook and monetary policy and will answer questions from the audience. this is the last time we'll be hearing from the fed chair before the central bank's media blackout takes effect ahead of the meeting next week. you can watch yellen's speech later on today. meanwhile, eric rosengren expects an interest rate hike despite friday's weak job report
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saying economic conditions will gradually improve. he didn't put a date on when he thinks the fed will likely move. >> a lot of fed talk today. cleveland fed president loretta mester said gradual rate hikes remain in her words appropriate. she said this over the weekend. and coming off the jobs report, this friday, look for a revived productivity an consumer credit on tuesday. thursday, jobless claims and wholesale trade. and friday is the first read on june consumer sentiment. right now there are just over two weeks to go until the brettish referendum on the european union, and the report for britain to leave the eu is four points ahead of support. lots of polls are coming outful we'll discuss the indications
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coming up. and over the weekend i sat down with london mayor boris johnson. i recently asked him if he was feeling competent. >> well, the only poll that matters is the poll of the day. obviously we are working very hard now. i do think the message is definitely getting through to people that this is once in a generation chance to take back control from an institution that is out of control spending all the british taxpayers' money. and it is making it impossible for us to do all sorts of things, that you would expect a country to be able to do, like control our borders, control our tax rates, help or energy companies, all sorts of things. >> writing yourself in "the telegraph" you said there would be some business uncertainty. can we gauge how much that would be or how long it will last, just for a year or two? >> i don't think whatever the uncertainty there might be, it's
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the prognostications and the gloom that you're hearing are wildly overdone. it will be a massive opportunity for the uk business. and those who have been, who are currently very negative about brexit. there are a lot of people who have a strong political motive to be so. they have been proven wrong in the past. i point out so many of the remain camp numbering forward to wag their fingers at the british people to say they cannot choose freedom, they are the very same people who in the early '90s, literally the same people, who said it would be a disaster if we got out of the ern and the same people who said it would be an economic disaster if we failed to join the euro. they were wrong then and are wrong now. >> and susan, we'll bring it back to the swing in the polls we have seen, and quite a remarkable swing. two weeks ago there was a lot of
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confidence about a remain vote. and now the icn poll last week is getting headlines putting the exit ahead. if we look at the protocols, it's still 46 stay to 43 leave. but either way, very close. big margin for error. and everyone is waking up to the fact that this is going to be incredibly close and does mean a lot for the markets. >> closer than anticipated. and i'm wondering where this build-up to leave the european union comes from. does it stem back to the flashpoint of immigration? >> well, interestingly i have been arguing i thought it was more sovereignty and the economy the crucial issues, but the last ten days or so it has been immigration that has given the lead camp more momentum. now we have two weeks and three days until the vote, it's very, very close. and all to play for. and more on that with boris johnson coming up. coming up, he's critical of the way the americans have weighed in on the debate, including s
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jamie dimon and barack obama. he's critical of the americans weighing in on the brexit debate, is he right? do the views of jamie dimon and donald trump matter? switching gears, summer driving season is in full gear. and the lumberg is out with the latest survey showing it may cost you a bit more to fill up your tank. landon dowdy is joining us with more on this story. >> here's the latest look, the average price of regular unleaded jumping 6 cents to $2.37 a gallon. in the past 15 weeks the price has risen 60 cents due to the continuing increase in crude oil prices. wti is up more than 35% in the past three months. so the city with the highest pump prices? san francisco continues to take the top spot for more than a month at $2.87 a gallon for regular unleaded according to
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lumberg. but down to tulsa, oklahoma, the low price of $2.04. the average price for a gallop of diesel is just 2 cents more than regular at $2.39 a gallon. that's up 6 cents from two weeks ago, guys. back over to you. >> landon, are you hitting the road any time soon, by the way? >> no, but if i am, i am starting in tulsa, oklahoma. maybe we should do a show across the states. coming up after this break, treasury secretary lew is in china today and headlines include what has him so worried. that is coming your way next. first, we'll head to break, aren't we? >> yes. a look back at this day in history n 1993 president f.d.r. signed the securities act for the s.e.c. spawned by the stock market in 1929. the fed was the first group to
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pass this act, a landmark act in 1933. "worldwide exchange" is come back. don't go anywhere. you can fly across welcome town in minutes16, or across the globe in under an hour. whole communities are living on mars and solar satellites provide earth with unlimited clean power. in less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. and if you thought that was amazing,
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welcome back to "worldwide exchange." the u.s. futures are called to slightly higher, the s&p by .40.
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the dow jones is up by 15 points and the nasdaq is up 4 point. banks down sharply on friday over 2% making financials the only sector this year so far to date, which is still in negative territory. oil prices are at 49.2 for wti eradicating the losses it was down on friday for half a percent. that was the first negative week in four weeks. yes, oil was down last week, but it's been around the important $50 mark for quite some time. >> and the crown prince is heading to d.c. for a visit pretty soon. and john garrett setting the stage for the visit on his way to saudi arabia. and secretary jack lew is in china this week. both attending the annual u.s./china strategic and economic dialogue and he's
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expected to urge his counterparts to crack down harder when it comes to north korea and move faster on economic reforms. let's go to eunice yoon with the latest. >> reporter: the u.s. secretary is in beijing for the economic and strategic dialogue. he described the corrosive impact on the growth as well as the global markets. china has excess capacity in a lot of companies including steel and it has become a trade issue between china and the trading partners including the u.s. who have long argued that china has been dumping some of the excess capacity onto the world markets, distorting prices and potentially impacting their own domestic industries. now, the chinese officials in response have said that they are pushing ahead with supply side reforms. in fact, lew's counterpart shot
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back saying the u.s. policy and fed policy is also creating many uncertainties for emerging market economies. now, on the other hand, secretary lew had also been downplaying the, what has become really a standard complaint for washington about beijing. then a is the value of the remnan b. he said the u.s. would not be critical of china if they were to allow the currency to fluctuate. now on the security front, one of the issues that the u.s. treasury secretary has been discussing has been the issue of north korea. the u.s. has been trying to convince china to come on board with the obama administration to try to really cut off north korea from the global financial system in order to pressure it on its nuclear program. john kerry who is also here for the discussion said there was some progress in that area.
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and, susan and wilfred, the talks will continue into another day and will conclude tomorrow, tuesday. back to you. >> one more quick question, because the market participants are also focusing in on security issues that have to do with the south china sea and the reformation taking place there, the fastest in the past six decades. >> reporter: the south china sea is probably the most front issue. we have seen relations strained not just because of the economic issues we have outlined but because of the south china sea. the chinese president addressed this saying he hopes both sides would avoid a miscalculation of judgment when it came to a strategic decision. and this was a statement that came after over the weekend we
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heard comments from the u.s. defense secretary ash carter who was in singapore for another conference, and he had said that he's concerned that china could be building what he described as a great wall of self-isolation because of their activities in those waters. >> eunice yoon, thank you. still to come, boris johnson slams donald trump denouncing the republican presidential candidate's comments. more on that coming up next. ? we're good. ? five million? good. we scale on demand. hybrid infrastructure, boom. ok. what if 30 million people download the app? we're not good. we're total heroes. scale on demand with the number one company in cloud infrastructure.
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welcome back to "worldwide exchange." over the weekend i sat down with boris johnson and asked him about donald trump and the comparisons made between the two of them. >> i don't know the gentleman at all but i heard what he said about not allowing muslims into the united states. i thought that was an extraordinary thing for the president of the united states to say because basically america is built on the ideal of welcoming people in respect of their race, religion, color or whatever, and i think that is a fine thing about america. so i was very disappointed to hear that. >> we also learned that the
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weekend after the vote donald trump will make a visit there. i do bring this up because before donald trump visits the uk, he's get a very hostile reception either way, but particularly the comments he's made on muslims in the past. and that continues to rile people. perhaps this shows us what donald trump could do on the foreign policy realm. his rhetoric does annoy people. >> there are comparisons about trump and his rogue anti-establishment tone. >> there are a lot of differences between the two. i used it as a cheap way to get a question to boris johnson on donald trump, but the two are different apart from the delightful blonde hair for the two of them. but the populist feeling, that anti-establishment sentiment is vaguely similar.
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but it is difficult to directly compare the two. but anyway, interesting comments from boris johnson on donald trump. we'll talk about politics and bringing it here to america. and hillary clinton is drawing closer to securing democratic nomination. weekend votes adding and six states holding contests tomorrow. we'll bring in tracie potts j n joining us live from washington this morning. >> reporter: we'll see both democrats really make their final push for california today. in fact, early this morning we learned that bernie sanders is adding another news conference to his schedule today. he's done several in the last few days trying to convince vote voters out there that if democrats want to beat donald trump, they should vote for him
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and not hillary clinton. today hillary clinton is making four stops in california. >> i want to finish strong in california. it means the world to me. >> reporter: even if she loses, clinton is expected to secure the nomination when six states vote tomorrow. she says she's ready to take on donald trump. >> reporter: i'm going to point out at every single moment that i can why i believe the republican nominee should never get near the white house. >> secretary clinton is right, but let's be clear on this, trump would be a disaster and she and i agree on that. >> reporter: trump faces fresh review from his own party from criticizing the judge presiding over his trump university lawsuit. trump claims it's because the judge's parents are mexican. >> i couldn't disagree more with what he had to say. >> i think he's going to have to stage. >> reporter: he's planning to rebut hillary clinton on foreign
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policy. and david french, the conservative-backed writer has confirmed he will not be running as an independent. >> tracie, thank you for the update. to sports the golden state warriors taking a commanding 2-0 lead over the cleveland cavs. this was not even a contest with the depending champs winning 110-77. with a victory the warriors are the first team to beat lebron james' seven straight times in the playoffs. history isn't kind to teams that trail 2-0 in the finals. in the years past only three have won back from that deficit. >> the most recent in 2006 with the miami heat. to tennis and congratulations to novak djokovic who wins the french
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open. >> i like andy murray who was playing against him. >> the world's number one player making history. beating andy murray, this secured djokovic's first career grand slam. he's also won the australian open in january and the last man to do that in a calendar year was in 1969. it counts because djokovic holds all four trophies as we speak. >> impressive. cnbc is launching a new digital series today called "binge" to look at the landscape and changing through the eyes of those making the content. the directors, producers and stars behind everything you love to watch. taking a listen to this from season one. >> it's the wild west right now. we are not only competing with
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the 500 other cable channels but netflix and amazon, who seem to have unending bails of money. i mean, it's like amazon and netflix, they just live at a bank and they just have all the money and can spend anything. so it's kind of terrifying, i would think. it is the wild west right now for programmers and developers. >> but isn't it a gold rush? >> it is a gold rush. >> season one of "binge" is screaming on cnbc.com/binge. well worth the watch. coming up, expectations for janet yellen's big speech later today. p?p?h
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good morning. u.s. equity futures are pointing to a positive open, but could janet yellen be a game changer? boris johnson takes on jpmorgan's jamie dimon ahead of the brexit vote. plus, the commencement speech everyone is talking about this morning. why matt damon is calling out big banks. it's monday, june 6, 2016. you're watching "worldwide exchange" on cnbc. ♪
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another great hat there for matt damon. i'm wilfred frost along with susan lee. the markets will focus on janet yellen's speech today. she'll deliver a speech at 12:30 eastern in philadelphia on the u.s. policy. the forecast then will to answer questions from the audience. this is the last time to hear from the fed chair before the media blackout takes effect next week before the rate decision. you can watch that speech right here on cnbc as i said starting at 12:30 eastern time. one not to miss. well, the global markets, europe and asia getting the first chance to react to the dismal jobs report on friday. so let's check in first with the futures indicating to us, looks like the dow is called higher by 23 points above fair value. and the implied open pointing to some gains for the s&p and the nasdaq. europe on the boards, we are seeing gains across the european markets and across the pond.
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the german dax is higher by .25%. i'm zeroing in on the ftse 100 with gains of .90%. one poll has put the leave campaign ahead to stay in the european union. we'll check in on asia and japan has been seesawing throughout the session. we did see pullback now to down a third of a percent. but this week we expect trade data out of china. the hang seng seeing gains up .40%. and the yuan fix was a little stronger today. and the energy prices were down last week for the first week in four and declined 1% on friday. they are bouncing back about 1% again today, 49.2 for wti. really, that first decline in four weeks highlighting how resilient oil prices have been around the $50 mark for some time now.
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and the ten-year note saw a significant move last week, particularly on friday seeing some bond buying. seeing some yield compression at 1.7% as the number disappointed on friday. the dollar last week saw a decline of 2%. sorry, 1.8% for the worst week since april 29. just easing hopes of a hike in interest rates at some point this summer. you can see it bouncing back significantly against the yen today. see si at the moment we are seeing the yen against the dollar 107.2. we have oil prices soft during the course of may. they have been flat really during the course of early june. they are flat again today at 12.43. just over two weeks to go until the british referendum on the membership of the eu. the brexit debate has gone global. u.s. president barack obama to jamie dimon weighed in on this.
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i sat down with boris johnson this weekend. he is backing the leave campaign. here are some of his comments on the likes of jamie dimon. >> let's talk about jobs perhaps coming back to the sense of uncertainty. we heard from jamie dimon -- >> which i reject, by the way. >> jamie dimon's arguments you reject? >> yes. jamie dimon bankrolled their campaign and are the very people that urged this country to embed itself in the euro, that turned out to be an absolute catastrophe. yes, it is true, that some financial institutions have over the last 20 years benefited phenomenally from the eu setup. but it is also true that huge numbers of people are modest earnings in this country sflhav not seen their wages rise. many have seen them fall. as a result, for many of the signature policies of the eu,
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one is the euro and the other is uncontrolled migration across the eu territory. since you bring up america, i think one thing that he -- it's fascinating listening to american politicians on this subject. no american politician in their -- the americans are genuinely amazed sometimes when they realize the loss of democratic control that is entailed by the eu system. they would never dream of subordinating, subjugating their own democracy to the type of system that we have in the eu. >> did to bobama come too far t imply -- >> we hear from angela merkel sounding off, let them speak, it is interesting to hear their points of view, but this the end this is a decision for the british people. and i think that when we vote, i think very much we well on june 23rd, it will actually be a blow for freedom and democracy. the eu system, i think, the
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american viewers would appreciate is profoundly sclerotic. partly because of the massive legislation that comes from brussels in a one-size-fits-all kind of way, talking about jpmorgan but not for the benefit of start-ups and entrepreneurs and people who want to change things. >> susan, the point he's really making here, and if we bring it back to how the u.s. might vote with something like this, is if the u.s. has negotiated at the moment, a free trade agreement with europe, if that came with law making powers for the asian body negotiating free trade, i don't think americans would go for it. that's the sentiment boris johnson is putting across here when barack obama and jamie dimon come out with their views on it. but to say, this is how you
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should vote, britain, but i don't know -- i just want to come back to the jamie dimon point, in his shareholder letter in april, he wrote one can reasonably argue that britain is better untethered to the eu. he also said maybe in the long term he wouldn't vote for it anyway. >> causing controversy, just six weeks ago he retorted to president obama and said it is because of your anti-uk and you're probably afraid of colonialism or ideas of colonialism -- >> and he got a lot of heat for that because it was not a great comment for him to make. but the point on sovereignty is something that americans would never stand for themselves to give up any aspect of sovereignty. so i think it annoys people in britain when you have americans coming over to say britain should vote to remain. it's better for their economy
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even though they would not stand for. that is our twitter question of the day, get in touch with us on whether you think it is wrong for people not giving the chance to vote, particularly americans, to weigh in on how britains should vote. >> you brought up jamie dimon and jpmorgan, and apparently banking is still sexy with new graduates. goldman sachs has attracted more than a million applications, that's $250,000 applications from students and graduates for summer jobs. several other large banks like jpmorgan only plan to hire around 2% of graduate applications in the investment banking units. this shows the fears of brain drain in the sector might actually be exaggerated. now let's get to the top trending stories for this morning and we'll start with mis mis misty se and who took home the
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title of miss usa. i am powerful, i am dedicated and it is important to recognize that gender does not limit us in the united states army. congratulations to her. >> congratulations to her. meanwhile, matt dimon calling out big banks in his commencement speech at mit on friday. the democrat harshly criticized who he blamed for the biggest heist in history. the banks were aware of the consequences of their actions that he says was fraudulent. it goes on. >> he also talked about brexit. he said, brexit, you should never retire to the uk. >> another american weighing in. and mark zuckerberg is the latest victim of a social media hack attack. the facebook ceo ea's twitter a
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pinterest accounts were hacked over the weekend. i should point out that mark hasn't used his twitter account since 2012. verizon's "can you hear me now" has joined sprint. this closes with a final eyebrow look with him saying "can you hear that"? i don't know this man. >> he's a mercenary. coming up after the break, today's must-reads. here's the national forecast from the weather channel's jen carfagno. >> wilfred and susan, we're
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starting off this week with tropical storm come colin. this is the third earliest named storm of this tropical season that we are tracking. now today we are going to be watching it continue to move north and then make a northeast turn. expected to remain a tropical storm. already out ahead of it there's plenty of rain out there approaching areas sarasota. we'll see more heavy rain at times. that's the big calling card of colin, no wind gusts in excess of 50 to 60 miles per hour. the order of two to four inches of rain. some could see five to eight inches of rain as it exits out tomorrow into the atlantic ocean. meanwhile, the heat is on in the northeast. a couple showers move through the midwest and temperatures warm up in the northeast. that's your coast-to-coast forecast. "worldwide exchange" continues after this.
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now to today's must reads and stories catching our attention. my pick is in the wall street journal and entitled muhammad ali and the pinnacle of confidence. after seeing muhammad hail his own cab was remarkable. not what you would expect for a man of his renown. the pinnacle is just fine keeping your own company. i love how this highlights how down to earth the greatest of all time muhammad ali was.
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he rarely was with an entourage for a world famous man. >> i couldn't agree more. what i adore is how universally it is agreed from sportsmen from all different sports that ali is the greatest sportsman of all time. that's just on the sporting front. his down to earth nature, his entertaining nature and his civil rights -- my father was lucky enough to interview him on four occasions and he always spoke very highly of ali indeed. and that certainly had a big impact on me and his passing, very sad. >> he stood for so much more than sports. it was the symbolism of freedom of speech, freedom of will. >> so many ethic quotes as well. you see on twitter all weekend, just countless amazing quotations he came up with. anyway, rest in peace, muhammad ali. and the team is getting ready for "squawk box."
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here's andrew ross sorkin with more. >> did you see the front page of "the new york times," so much work is going digital but productivity remains stuck. did you see this story, guys? >> i haven't seen the story. but the low productivity remains such a crucial issue all around the world at the moment. >> so the thing on the story is this idea that we all now use technology, which we think is supposed to help us be more productivity, but there's example after example how all of this technology is actually not making us more productive. a lot of the issues specifically around obamacare and electronic medical records and the idea that all the doctors have invested all this money in technology and now it is taking them longer to deal with the technology on any given day and cost them more than -- it was supposed to cost them less. a pretty interesting piece. >> i hadn't read that piece but a piece a week ago talked about the productivity gains delivered in the 2000s. we have enjoyed the gains from the internet and now have to
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wait for virtual reality or the next ai to deliver product gains. >> another point was made to some extent in this piece. we have a lot of things to talk about, newspapers, we have a big interview at 7:30 to 7:40. michael pharoah, chairman of the tribune company, will be on the show. there's a lot of criticism over the name, the strategy, over the idea they have not accepted this bid from guinnett. we'll talk about what the back and forth has been and strategically where they are going forward now that the company will be a digital company. and we have the ceo of astro zeneca here. we'll talk about that. and the political debate. so that is what we have coming up on "squawk box." >> andrew, looking forward to it, a busy morning. we'll get a break here, but coming up, questions on the economy after friday's weak job reports. what will drive the trading week
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ahead? alison deans will be joining us from aa deans advisory with her perspective. you're watching cnbc. 2% back at grocery stores and now at wholesale clubs. and 3% back on gas. kenny used his bankamericard cash rewards credit card to join the wednesday night league. because he loves to play hoops. not jump through them. that's the excitement of rewarding connections. apply online or at a bank of america near you.
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♪ welcome back to "worldwide exchange." in "good morning britain" they found support to leave the eu is four points ahead of support to remain in the eu. sterling this morning off .60% in part because of that poll. over the weekend i sat down with former london mayor boris johnson and asked him amid the uncertainty, whether it does lead to a fall in the pound. these were his views on the pound in terms of the brexit. >> the pounds value will be set according to the strength of the british economy. plenty of people said that we have to stay in the erm in 1992 because it would be a catastrophic hike in interest rates and a collapse in the
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value of the pound. that is true, the pound did go down but interest rates also fell but rose again. >> could we see a 10% fall, perhaps? >> the value will be determined according to the strength of the uk economy. and i have every reason to think that the uk economy will prosper mightily outside the european union which is currently democratically and economically, i believe, holding us back. >> he dodged the question and it would be, where i disagree with him most on the interview. today we are seeing a 6% move. last week when the icn poll gave back and gave leave an advantage. we saw a 2% move in the pound over the last 48 hours. we would see a big move on the day if britain left. >> most credible economists say it would be a massive move in the pound and shave 25% off the economy. >> it's hard to know on that level. but i think the pound
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certainly -- denying a 10% on the day is optimistic thinking from the leave campaign. >> let's talk about the markets as we ended slightly down after t , let's go to alison deans, a cnbc contributor getting up early for us today. alison, good to have you. we'll get to it because people have been dialing back their expectation on when the fed will hike interest rates. 4% in june. 20% in july. your thoughts? >> i agree with the statistics revising after the numbers. the numbers were concerning to give you pause, but it is one day to wait to see more data points before we start saying the economy is going into a slump. but i think the fed will do the same thing.
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>> because of one piece of day that came out -- >> my take is that she will be taken back. i can't see them keeping the same tone. >> the u.s. had a strong month in may, a weak outlook for the month. >> despite the jobs data, we are at a point where up employment is so low we may see the growth in employment slowing down overall without it being a direct indicator of what is going on with the economy, that we should start seeing improvement globally as well as improvement here in the u.s. and so the dollar getting very
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strong in the face of other economy will not make it. >> this has to do with coming off a dismal earnings growth a year ago. >> yes. when you looked at the stronger dollar, the energy weak prices and a big global deduction. this will give you better comparisons. in a market valued, you need the strong earnings ahead of the june meeting? >> i think so. if the uk does exit, it will have an impact. i disagree with the mayor of london, the impact on currency or what it means for economic
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growth and short-term ability. that would be something to weigh on the fed. especially since right now it's not looking to be straightforward as to what is going to happen. >> if we look at market performance out jeer to date, that is the financial sector, the earnings were better expected for the banks, is it a good idea to get into the banks? >> yes. if the fed raises the rates gradually, that can help the banks reprice their assets much more quickly than the liabilities or whether they are bo borrowing. from the earnings front you'll see a pickup to make people
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better. but the political risk is a lot of the rhetoric is very anti- -- it will be under more scrutiny. >> alison deans joining us there from new york. we'll look at the answer to our twitter question this morning. after boris johnson weighed in on people like barack obama and jamie dimon weighing in on the uk vote, we asked you, should americans weigh in themselves? 57% say no. 43% say yes. just about 20 seconds to go, susan. for things to watch, i'm still watching the pound to see what the pound is doing as more and more polls come out on the brexit vote. yourself? >> i'm going to join the rest of the trading desk around the world and listen to janet yellen and what she has to say in philadelphia. >> 12:30 live on cnbc from
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philadelphia. that is it for "squawk box." have a lovely morning. you get use to pet odors in your car. you think it smells fine, but your passengers smell this. {ding} eliminate odors you've gone nose blind too, for up to 30 days with the febreze car vent clip. wow, it smells good in here. so you and your passengers can breathe happy.
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good morning. we're going to talk about it, the fallout from friday's dismal jobs report. now the markets say they are going to focus on every world fed chairman janet yellen will say. what can she say except the word stuck as she delivers her speech this afternoon. and hillary clinton trying not to get berned, b-e-r-n-e-d. and donald trump's comments could be raising concerns inside the gop. which would that be a first? probably not. and good bye pinstripe suits
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and hello casual. what jpmorgan is doing to their dress code. it is monday, june 6. and "squawk box" begins right now. >> live from new york where business never sleeps. this is "squawk box." good morning, everyone. welcome to "squawk box" on cnbc. i'm becky quick along with joe kernan and andrew ross-sorkin. the comments from the fed chairman janet yellen come up at 12:30 eastern time in philadelphia. she'll speak about the economic outlook and monetary policy. and then she'll be taking questions from the audience. this is really important. we knew this was going to be important even before friday's jobs number came out and surprised people so drastically. but this time around people say she has a very tight line to walk. she'll be listening to find out if she walks any of this back. if she takes back some of the hawkish sentiment that's been comi

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