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tv   Worldwide Exchange  CNBC  July 12, 2016 5:00am-6:01am EDT

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theresa may arriving at downing street for david cameron final cabinet meeting. a changing of the guard in uk politics this week. we'll tell you why the world is watching and what it means for your money. plus the race for the white house. bernie sanders finally ready to endorse hillary clinton today. it's tuesday, july 12, 2016 and "worldwide exchange" begins right now. >> good morning and welcome to
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worldwide exchange. i'm sara ieisen. >> i'm wilfred frost. good morning from me as well. >> looks week we're building gains globally. dow futures up a nice 83 points in hour. nasdaq futures up 26. the buying continues despite the wall of worry. first the chinese currency, then plunging oil prices, then the brexit, and yet stocks making new highs. as for the 10-year treasury note yield has been the trade for the last few sessions. that continues and pushing up the 10-year treasury note yield into the 140s. where were was last week, 132 a record low. so you're seeing that reverse just a bit. still historically low yield. >> overall, we've seen buy pg of both assets.
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that does suggest although we've hit record highs on the s&p 500 it's not out of conviction and confidence moving forward because we're seeing buying of bonds as well. >> or it could be that yields have gotten so low in the u.s. and around the world that there's nowhere else to go. you have to go to the s&p 500 which many stocks are still yielding a lot more. of the year though, it's utilities, it's telecom, consumer staples, dividend paying stocks. >> yes siesly. >> it has been a rally up until this point. financials made a move higher, technology. we'll see if those are the kind of sectors that can carry us through. the nasdaq was the outperformer yesterday. >> it is buying equities out of relative attraction, not out of absolute attraction. looks attractive, but do they look attractive in their own right. if we saw tightening of interest
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rates, would we see them selloff again? let's have a look at european trade swep. europe has been three positive sessions in a row up until last night. adding a further 1 to 1.5% today. the dax is up 1.3%. italy, the ftse 100 has a decedent session yesterday as did the pound when it was confirmed theresa may would be the new prime minster. markets liked the certainty of her arriving earlier and perhaps the fact she's not as anti-eu as others. asian trade particularly strong as well. nikkei after comments saying he will deliver bold investments.
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pushing the nikkei higher by 2.5%. yes, all time highs, but the real gains this week have been in asia and europe. let's check out the broader markets. we saw the pound rising on somewhat faster resolution to the establish political prab of the prime minster. the pound continues to build on those today. >> what's this thing about having a year long election campaign. just quickly switch it around. >> much easier. >> can't wait until september so we're going to get it done on wednesday. the dollar stronger against the japanese yen. it's helped the nikkei rebound. hopeful sign for japanese policymakers. ben meets with the prime minster and with the central bank governor. as for if euro, it's stronger. oil closed 2% lower yesterday and stocks managed to rally nonetheless. today, that is reversed a bit. wti rallying above $40 a barrel.
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of course we always watch oil as a cautionary sign because it was a pull on stocks just a few months ago, just a few weeks ago. as for gold which has been strong, we're going to talk to a gold company ceo in just a few moments. look at that climb on what has been a rally, but behind it a lot of risk eversion. a lot of concerns and a lot of doubts. >> absolutely right. gold is a great indicator of that as well. today's agenda is light on economic earnings data. there's just one reporter note may wholesale trade. a foursome of fed officials are speaking throughout the day. speaking of the fed, cleveland fed president spoke overnight.
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she says maintaining stability in financial markets should not be an explicit goal for the fed. the central bank should use interest rates to head off a crisis only if more presites and better suited tools fail. meanwhile, former chairman borrow nanky is in japan. bernanke. >> a lot can happen in 24 hours. david cameron is currently holding his final cabinet as prime minster as theresa may prepares to take over. tomorrow cameron will tender his he is resignation to his majesty the queen. theresa may of course had been expecting a nine-week race to become the prime minster. that was until andrea leadsom withdrew yesterday.
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she has taken a hard line and says she will make sure a brexit happens. still when lawmakers triler article 50, which is the former mechanism for leading the block, is out in the air. i'm be leaving for london right after "worldwide exchange" to cover the story. another extraordinary development in british politics. how quickly things changed yesterday. george osborne who was expecting to be chancellor was here in the u.s. taking meetings. very quickly his position was erat kated because don't know what role he'll have in the new government. >> is he expected to have a new role. >> it's hard for him to remain adds chancellor, but a lot of talk that he'll maintain one of the top jobs. i think if he does, wow, he's pulled it off to maintain after leading a campaign that he's been much criticized for. the difference just to go on, there's got o be a balance
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between continuity and change. the fact this has happened so quickly probably means the tilt towards continuity will be a little bit higher. >> the market likes it and the pound rallied off it. it's seen as she's seen as an even keel, not disruptive type politician. they voted out of the id, david cameron stepped down because he campaigned to stay in. she kpand to stay in as well, so what does this accomplish? she's still going to carry through the will of the people. we're all brexiters now. they will listen to the will of the people. it's achieved that. in terms of your criticism of policy absolutely fair. the key thing on that, she doesn't have to unless she wants
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to. we'll wait and see. fair enough to p criticize the idea that she's been elected undemocratically. >> we'll miss you. >> i will miss you as well. >> more fallout following the uk referendum and how it's exacting the rest of europe. italy, the euro zone third largest economy, will grow by less than 1% this year and only slightly faster in 2017. italy will start to recover in the year 2025. this as britain's vote to leave italian banks have suffered heavily. they're getting some relief today. up sharply, but down a lot more sharply over the past few sessions. some wilfred, potentially worrying about a standoff over what is legal to do. this is an issue we're talking about hundreds of billions of dollars that needs to get fixed. >> it is the eye of the storm
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from brexit or related to brexit. the issue has been around for a while. at the top of the half an hour, alison is going to join us with interesting views of what's happening in italy. one not to miss. investigation whether tesla breached security laws. failure to disclose two fatal crashes in may involving a vehicle using self-driving technolo technology. the investigation is in a very early stage. tesla as you can see just down .4%. >> stocks to watch, all ecoa has to be at the top of your list. alcoa: expects growth in the global market this year. the ceo was on mad money to talk
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about the quarter last night. listen. >> it's still a low-price environment. it's gotten a little better in the last quarter and that's what you immediately see reflected in the results. that's purely a fact of us having really driven down those businesses on the cusp of restructure. productivity is strong and all of the business in the upstream business. we have a low cost position. the moment the price goes up you immediately see it in the profitability. that's why this is a very attract ichiive investment. >> talking about the upcoming split of his stock. we'll see what the banks deliver later in the week. more stocks to watch. we continue summer sizzler series. >> good morning to you. looers a look at the top five sectors in the s&p 500 during this summer over the past six years. yesterday we revealed a telecom
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as fifth best performing sector. what's number four, tech apple has dominated these past summers with an average return of about 7%. that's thanks to a lot of fall product launches. this fall may be no different. apple is expected to release the iphone 7 in september. with positive trades, 83% of the time. and sales has an average return of about 6% in the past two summers. the stock has risen steadily. back over to you. >> thank you very much. tech hot during the summer. i wouldn't have expected it. there we go. still to come, the ceo of ran gold joins us live. soaring some 40% since brexit, just a couple of weeks ago. we'll discuss with him why that is. or across the globe in under an hour.
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welcome back. venezuela la government saying it is taking over and reactivating. a plan that had halted due to economic crisis. has the highest inflation rate in the world. basic and other products are becomining scarce. it has been unable to obtain materials. other companies have done the
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same. >> gold has been on a tear recently. prices up 28% in 2016. one company that has benefitted from the rally, rangold resources. rangold is the second best performer in the ftse 100. it's up some 40%. joining us from south africa is mark bris toe. he's the ceo. good afternoon to you. thanks for joining us right now. you must celebrating brexit, the pound has plummeted and gold has sored. >> very good morning to you. i've been in this business a long time. by the way, i'm not in south afri africa, but we've been in this market for a very long time and, you know, short term events are good for our shareholders, but it doesn't really impact on the way we run the company. i think we've seen the move on
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brexit. i think the whole brexit issue is i think undressed a lot of other risks in the global economy, which is driven the gold price. >> so what drives the gold price more from here? what risks have been uncovered that you think could keep it supported. >> i think the brexit event it's really put the focus back on europe and whether europe as it stands at the moment is sustainable, you know, the uk and its economy has done exceptionally well, r relative to all other countries and for it to be withdrawing from the european community such has really made investors look back to europe. i think also the delay in the federal reserve on addressing the interest rate issue has
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hieltded nervousness and uncertainty amongst the leading economy central banks. how far down the road of recovery the global economy is. >> let's talk about your business. your adr trades in the u.s. and you're known for having a much better balance sheet than some of the other gold producers. what is this share price and elevated price of gold allow you to do? what are you looking at next? mma, new mines? >> sara, that's such a good question. the gold industry is one of the few industries in the world that gives you a value of the market. gives you a value well above the real value of your underlying assets. because it's always discounting that insurance trigger that we've just seen in the last six month s where things get really
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uncertain, the gold price moves up and people are on the gold price, but when gold is always focused on a long-term lower base in the gold price we use to plan against. because it's exactly a business. if you plan at the top. that's where i think you'll recall the industry was in dire straights last year. it's still managing a lot of data. we always look to plan our business around $1,000 gold price. we have no intention of changing that. what it's delivered in the form of rangold is noted 10-year horizontal at $1,000 and our big focus is bolding through organic growth, through the expiration
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dr drawbacks. >> you said a top based company listed in london, does brexit change your view of where best to have your listing? >> no, not at all, wilfred. i think we've seen -- we listed on nasdaq in new york. that's traditionally we listed there in 1997. we traded more shares on the nasdaq than we did the previous year. that's evened out and we now trade more or less half half on either stock exchanges, on both stock exchanges. notwithstanding the last couple of weeks, but normally we trade about 90 the whole market. the last couple of weeks we've been trading half of that, 45, but, you know, we are very happy with our listing on london. we're a main board premium
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listing ftse 100 company. nasdaq has worked well for us as well. >> very quickly, you expect to grow that dividend? i keep coming back to the balance >> absolutely. the big expansion of the last four or five years. we are quite capable of investing in our own future plus increasing the dividend. the higher gold price, we're pretty shoour we'll be able to continue that. >> thank you so much for joining us this morning. mark bristow, the ceo of rangold resources. we have breaking news. china has noel historic title over waters of the south china sea. none of the islands grant china an exclusive.
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interfered with fishing rights and created serious risk of collision. this was a big deal because it was an official ruling. a number of other countries have disputed. unclear what the chinese response will be to this. >> when we come back, bernie sanders expected to finally endorse hillary clinton today. that story topping the political news next.
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bernie sanders will join hillary clinton on the campaign trail today and is expected to finally announce he is endorsing her. covering the story from washington, good to see you tracey. >> reporter: there's been a lot of shuffling back and forth behind the scenes to bring this to fruition today. bernie sanders and his supporters by the democratic platfo platform committee. they want to make sure the democrats address things like the minimum wage, death penalty, they got concession on those issues, it brought us to today with the likely endorsement of bernie sanders for hillary clinton. >> rallied together in new hampshire today. >> democrats are coming together. >> that's virginia senator tim
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cane said to be on clinton's short litst list for vice president. also reportedly on that list, senator elizabeth warren. on the republican side, donald trump couldhouse a conservative like former house speaker newt gingri gingrich. chris christie is being considered. >> law and order need to be the first priority in our country. >> swing state governor mike pence from indiana is being vetted. he's doing a fundraiser there tonight. >> i think he's the kind of leader and fighter who is going to be able to bring about the change we need in washington, d.c. >> it's unclear in michael flynn is still a top pick. he said he prefers more political than military experience. >> he's militarily excellent and i think he's a great guy. that doesn't mean i'm going to be cloosing him, but he's one of the people i look at.
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>> still trying to get the platform together for the convention in cleveland next week. they've got todays of meeting that are going to wrap up next week. we do know, sara, they rejected some language changes to allow the party to support same sex couples. >> still to come on worldwide exchange, a political changing of guard in the united kingdom. david cameron is leading his final cabinet meeting before theresa may will take control tomorrow. we'll have the latest from london and why it matters to global markets. stay tuned. you're watching "worldwide exchange." i asked my dentist if an eltric toothbrush was
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>> queue the fireworks. s&p closes as a record high. new this morning the changing of the guard in uk politics as david cameron provides over his final cabinet meeting right now. what's next and why it matters coming up. plus forbes unvails its top celebrity list. why taylor swift wins. eils its celebrity list. why taylor swift wins. >> good morning and welcome back to "worldwide exchange." >> good morning to you. let's check in on global market action this morning.
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the s&p closing at an all-time high yesterday. we've seens gains across the board and elsewhere in the world right now. that have is propping up u.s. futures once again as you can see the dow higher by 90 points. s&p by 10. the nasdaq by 28. and the post-brexit repound of significant proportions continues. let's have a look around the rest of the world. the gains are more pronounced. europe up 4.4% is adding another 1 to 2% today. france a similar amount, italy and spain leading at 2%. asia big gains there as well. comments about easing from shinzo abe overnight. propping the japan market up significantly. gains significantly as well for hong kong. >> oil the higher this morning. back above that $45 level. it's up about 1.8%.
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this as it fell a two-month low. stocks managed to climb o a record despite weakness in oil. we'll see if that relationship can continue or if oil turn s around here. brent higher this morning. as for the 10-year treasury note yield, money has come out of bonds in the last sessions or two including this morning. pushing yields up 1.48. they were at a record low just last week buying of bonds has dominated the action as central banks continue to provide more ease, another round of easing and global growth continues to be lackluster. the dollar under pressure against the euro this horng and the british pound which has gotten a little bit of a boost on the political uncertainty being resolved out of the uk. seemed to like the news that theresa may is going to step in earlier than expected.
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1 1.3144. big move yesterday. 1.5% and that move has followed through this morning. that's considered a positive sign for stocks not just in japan, but globally as the dollar yen is a key indicator. gold has come off other the last few sessions on the buying of stocks still. just how cautious this entire rally has been. gold has climbed up to 1354. having a very good year. it has been -- i mean, we say an unloved rally, the defensive stocks have been the stocks that have worked and yet we have managed to climb the wall of worry again from the chinese currency fear to brexit to the impact on the global economy. >> we've really come back with i vengeance just this week. only a couple of days, but as
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you said there's been a lot of bond buying alongside the equity buying. the last couple of days it's been more focused to just equities. certainly threw though in asia and europe which have soared over the last couple of trading sessions. that risk gone sentiment is back. only in the last couple of days we'll have to see if it continues. >> all ecoa got off to a good start. that was a nice beat on the top line. they haven't gone anywhere since they anouned they were splitting the company last year. we'll see what the banks deliver later in the week. we also have breaking news out of the hag this morning. no legal because for china's claiming rights to the south china sea. has interfered with traditional philippine fishing rights.
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meantime a chinese state news agency reporting chinese carried out calibration test on two new airports in the south china sea today. we did get this major ruling against china when it comes to the ownership. >> right now to some stocks to watch. united airlines fell less than expected. that's due to more business travel during the last week of june around the 4th of july holiday. up 1% in the premarket. "the wall street journal" reports trying to get kwix and infant infantry. the auto maker says threatens to shut down 19 plants in america. johnson control sl paying 14 million dollars to settle a bribery probe. some owned by the government to win business. no move in that this morning. now to our top trending
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stories of the morning. viral video alert here. david cameron caught humming a tune to himself shortly after announcing theresa may will become the next uk prime minster. have a listen. >> that was t wrong bite. >> it's absolutely classic on twitter yesterday. we have a massive announcement of new prime minster, but as soon as it was caught , it went on twitter. >> thank you very much. >> it's classic. it's literally two seconds, but
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it's so good. again, it just remind you, don't do anything when you've got a mic up to you. all sorts of things can be caught. >> i guess he's not that devastated about stepping down as prime minster. twitter user fiercely debating which songs. also winnie the poo i don't know how people got that from that. >> and the final count down. >> i think it's winnie the poo. >> i was was great. >> twitter and social media, we love the fun stuff much more. do you think theresa may will hum anything as she comes out? >> i don't know. i think she'll be very careful with her mic. >> maybe i'll hum something. >> next story, taylor swift taking the number one spot on the forbes celebrity 100 list. following the massive ses of her
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1989 world tour. swift ea swi swift's earnings is the highest of her career. >> let's get back to british politics. to the seerds stuff. joining us is alison knewton. very good morning to you. thanks for joining us. let quickly touch on the latest developments in british politics. of course theresa may all backer of the remain camp, but making it very clearle brexit means brexit. what do you expect the timeline to be in the terms of the uk's withdraw from the eu. >> well, first of all, we need to take mrs. may at her word that she is not going to invoke article 50, which is the european union intention to withdraw at least until the start of next year.
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i see no reason to suppose she will change her view on that despite the fact the brexit tears would like to have article 50 invoked rather sooner than that. i think it will give her time to settle a new cabinet and work out what exactly the new british government is going to seek in terms of the new relationship with the european union. so overall i would is a no change in the like lil timeline. article 50 sometime early next year and two years the clock starts counting. >> in simple terms, what are the chances of a fresh general election in the uk. >> i think we need to divide this into two parts. that clearly will be a temptation for mrs. may to call an early election to get a mandate. especially with the main opposition labor party being in
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such chaos at the moment. i actually think that's a politic low probability. she just got into number ten or sh will tomorrow. why will she take a chance on losing the election. and we just saw in the referendum how unpredictable it can be. i still think there's a 50/50 probability of an election in the next 12 months. either to get a mandate or possibly because the government accidently loses a vote of confidence in the house of commons because it is trying to take the uk in a direction which is not supported by the majority of parliamentarian. let's keep in mind that 450 or so were in favor of staying in europe. >> in the meantime, are we going to see a european bank ballout.
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>> i think we need to listen very carefully to what the dutch finance minister said yesterday. that is that the italians cannot give state subsidies to the banks until bondholders have taken a haircut. of course that is politically highly explosive in italy where a large number of bondholders in italian banks are actually individuals and therefore voters at a time when renzi the italian prime minster is already under huge pressure and has a referendum of his own coming up in autumn which he says he will resign if he does not get his way. so this is a very delicate situation. at the moment, the europeans seem to be sticking hard and fast by the rules. the political consequences of that could be very debt detrimental.
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>> have to leave it there. just getting headlines out of bank of england. mark carney is appearing in front toch committee right now. addressing some of the political criticism for weighing in on the brexit vote. he says some of the critique has been extraordinary in his words in all senses of the word. he maintains that the boe did not predetermine a protection response. he thinks it's important that the governors and chancellor ks have private discussions about key issues. he would be very weary about establishing a precedent that limited free discussion with testimony finance minister. the discussions with the finance minister report instead realtime clearly those say he shouldn't have weighed in so heavily against brexit and he is defending his stance he's still independent. >> i think he's done a good job overall. every sort of discounted now
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that we're going to get easing this this meeting on thursday. however, if we rewind a couple of weeks, soon after brexit he was suggesting he would be easing this summer, but perhaps august would be more likely. >> does it matter? >> i don't think it matters. i think people could be a little disappointed if it doesn't come on thursday. still to come, this morning's best read. stay tuned. you're watching cnbc. we're back in a couple of minutes. olay regenerist renews from within.
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welcome back to worldwid"wo exchang exchange". today's must reads. my pick in the telegraph. it's written by william hague. the former foreign secretary. he was also the leader of the party when theresa may first became mp. he's very well placed to write a summary of who is the next prime minster. he writes the first thing to know about theresa is she is tough. when she takes her post, just a far reaching summary of who she is from someone who really knows her. >> absolutely. i think george osborne on
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morning joe used that word, steely. their presenting her as very tough. which is good. mi my pick is in the wall street journa journal. this nation is transfixed. the stock of nintendo up. the editorial writing in the three years nintendo posted losses and management said going mobile could raise sells. in april the company announced a 61% drop. the wall street journal praises shinzo abe and activism giving shareholders a say, finally pushing nintendo to do mobile games and look at the results. >> extraordinary results. neither of us have played this yet. can i play this in london?
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>> no, d rk, but it is being pln my home by my husband. >> we have google maps in london. it's moving share prices and i'm not sure why. we're approaching the top of the hour. the team is getting ready for "squawk box." michelle joins us. have you been playing pokemon. >> no, i haven't. it took a long time for me to figure out what people were even doing. i hear it's quite exciting and great things for the share price. we talked about it yesterday. we are going to be talking the markets chls what do you do here. stocks go up. gold goes up. bonds go up. everything goes up and what now. we have a great story, a woman who started making ar teasal pop
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tarts. and we also have andre coming on. golden state warriors, going to talk tech and basketball. it's going to be great. >> very nice. we look forward to "squawk box" if 12 minutes time. i can tell you during that time it is confirmed too many pokemon is not available in europe. >> yo cu can play, you live her now. >> i'll play and test it out next week. you come back and we'll work on that. the s&p closing at another record level. we haven't seen that since may of 2015. looking for a strong start. david joy will give us his take on what to do next. you're watching cnbc, first in business, worldwide.
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welcome back to worldwide
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exchange. joining us to talk about what comes next from boston this morning, david joy, chief market strategist. good morning to you. >> good morning. >> so does this race to a record high bring in new buyers off the sidelines? >> it may bring in some, but i think the higher we go, the more cautious people might get. we're in uncharted territory. we still need to see some earnings follow through in order to support these valuations, but i would point out one thing. prior to the brexit vote, the u.s. economy was starting to do a little bit better as was the economy in the eu particularly the euro zone. the fact that the political shock i think has worn off a little bit here has allowed people to refocus on that and conclude that you know what, the world hasn't come to an end and with all of this extra stimulus, potentially coming into the global economy, maybe stocks can
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continue to move a little bit higher, but how much i think is an open question. >> can they move higher if they continue to see things like bonds and gold move higher or is that only a fe no, ma'am no, ma'am that can hold temporarily. are we going to have to see bond move in the opposite direction. >> i would think so. it would be exciting to see some of that just in the last couple of days we've seen a pretty sharp increase in bond yields and i think that's a healthy sign. it's indicative of the fact the fear trade is coming out of things now. clearly there's still a lot of buying demand worldwide and some is coming from central banks, but just in the last couple of days, looks as though some risk appetite is coming back into the market. you mentioned valuations and clearly we'll see what the earnings look like, all ecoa was a good start. what do over all earnings look
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like at this point in time at a record high. >> well, they're high. no question about it, but they're being supported by these low yields and so to that will extent you can justify them, but as i said earlier, i think in order for them to be sustained here, we're going to need to see earnings start to grow. now the market expects that to happen in the third and fourth quarters, but we're going the need to see it. you know, we think the u.s. is probably growing at about a 2.5% rate. we're also getting very close to the time when year over year the price of oil will be relatively stable so there's going to be a big shift in the s&p 500 energy sector not too far in the future here. there's a good chance we could see some positive earnings in the third quarter, but i think that's a necessary prerequisite to keep prices where they are and justify the valuations. >> we always wonder about trading early and markets. we've got earning season coming up. how are you positions ahead of
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that. is it worse still trying to hold on given you don't think we're going to get much earnings growth. >> i think we can move a little bit higher here as long as the political situation in the eu settles down and the uk settles down. it does appear to be doing. that's number one. number two, i think if you look at this environment this summer, we want to be overweight instead u.s. equities. a little bit more certainty there about what happens. you have a big issue with italian banks that needs to be resolved. we're underweighted in jurp v europe and underweighted in japan. we're seeing some nice stimulus out of japan. wee like equities. on the bond side, i think you need to steer clear of treasures. you've seen just how volatile they can be in the last few days. we think there's potential to move higher as investors get a little more comfortable.
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the world hasn't stopped spinning in the wake of the brexit vote. >> so within that call of u.s. equities, do you buy the u.s. financials which are the only group right now in the s&p that are still negative for the year. >> for the first part of the year, we did like the financials because we expected the fed to be raising rates and we thought net interest margins would be increasing, but we lowered or expectations for the group down to neutral. there's potential for them to do a little bit better, but they're really up against it. it's a tough operating environment and now as you know the futures market is saying no fed rate increase until 2017 at the earliest. i think the financials are not a great place to be right now. >> all right. >> but we're neutral as i say. we're not barish on them. >> got it. we'll see what the earnings show later this week. david joy, thank you for joining us. >> indeed, that is it for
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good morning. the s&p trading at an all-time high. the current market has added $6 trilli trillion for invest source. what you need to know before the opening bell looks strong across the globe today. hillary clinton supporters are hoping for an endorsement from bernie sanders at a rally today. i hope it happens. i can't -- maybe it will, maybe it won't. nobody knows. in the meantime, donald trump hitting the campaign trail with
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a potential vp pick and forbes unveiling the list of highest paid celebrities. we'll tell you how much more they make than the average camera man or gaper on the movies they make. and try to shrink this income inequality. who is in the top spot and who dropped out. it's july, 12, 2016. "squawk box" begins right now. >> good morning everybody. and welcome to "squawk box" on cnbc. let's take a look at the u.s. equity futures. yesterday the s&p closing at a record high. the dow was at the highest level of the year. the nasdaq closed above as well. you can see the bulls are continuing the run.


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