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tv   Worldwide Exchange  CNBC  August 22, 2016 5:00am-6:01am EDT

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good morning, focus on the fed, looking forward to key speech from janet yellen. >> pfizer looking at a deal to buy cancer drugmaker ahead. >> new numbers on campaign fundraiser and spending. it's monday august 22nd, 2016. worldwide exchange begins right now. ♪ ♪ good morning and welcome to "worldwide exchange" on cnbc.
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good to see you. >> good to see you, too. sitting in for wilford frost. good morning for all of us, i'm back from a week off. good to get back into the swing of things. >> let's look at markets. i'm trying to get into the swing of this week. let's check on futures board after the stock pulled back, saw it last week amid light trade rate speculation. let's check out futures telling us a little bit higher, above fair value for this point, s&p, dow jones and nasdaq on eight-week winning streak. meantime 10-year note and how yields faring ahead of jackson hole given that the fed looks very clear to the markets ten-year on the table. yielding 159 basis points. >> let's talk about european equities because we are maybe taking cues from what's happening across the pond. if you look at stocks in europe we are seeing decent gains across the board. german dax up .8 of 1%, cac up
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two-thirds. ftse flat. up over a percent, ibecks in spain up by 2/3 of 1%. float what happened in overnight session in asia. looking there a little mixed picture. shanghai composite, nikkei in japan up a third. hang seng in hong kong up a quarter. >> stronger dollar, impact when it comes to oil pricing. dollar strength means oil falls. wci crude down 1.5%. brent below 50 a barrel. also gas sliding as well. gold pricing let's check in on it since we are awaiting jackson hole. janet yellen clear when she talks about september being on the table when it comes to interest rate hike.
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gold pricing telling us 1338 an ounce. >> gold prices with currencies. let's show that as well. currency always a big part of the story. euro you can see down lower, 112.98. last trade. dollar yen 100. pound, dollar weaker against pound, 13106 what will cost to buy a pound sterling in the market. tomorrow look for july home sales followed by existing home sales on wednesday. thursday jobless claims and durable goods number for july. on friday it's the second estimate on second quarter gdp as well as final report on august consumer sentiment. the big item to watch this week also comes on friday. it's fed chair janet yellen's speech kansas city fed symposium in jackson hole wyoming. lighter week overall. best buy, toll brothers,
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tiffany, all those on the calendar reporting this week. we're in the waning part of the season. >> federal reserve said bank close to hitting target for full employment and also 2% inflation. fischer also offering upbeat look on the economy during a speech just yesterday. he said job market close to full strength and still improving. he did not address when the fed should next raise interest rates. >> all right. that's the big picture. let's talk about the big corporate story. the top one, pfizer in advanced talks to acquire u.s. cancer drug firm medivation. a big premium to the $52 offer made in april. also a big premium to friday's closing price of $67 per share. the two firms could announce the deal possibly as early as today, susan. >> the battle for control over viacom has now come to an end.
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viacom announcing that its ceo dauman will resign. tom dooley will take the role of interim ceo. this is a victory for media mogul red stone who owns shares. he removed him from the trust in may and has been unhappy with viacom's performance and also plans to sell paramount pictures. dauman will receive $72 million under settlement agreement. shares of viacom, as you see, we saw minimal gains up a third of 1%. >> let's talk about stocks to watch today, in addition to those things we mentioned. japanese chipmaker renesas in talks to buy intersill, could strengthen business of making components for cars. interesting move there. also valeant has hired new chief
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financial officer looking him away from another firm, shares up 4%. ku see there. facebook in the focus here has potential to climb more than 20% over the course of the next year. that's according to barron's. citing growing advertising revenue among its many platforms. shares facebook 123.93, extended hours trading up 1/3 of 1%. >> china announcing u.s. security regulator cleared its plan $43 billion acquisition of syngenta, one of the largest hurdles to the plan mernler. syngenta up close to 12% pairing back a little of that, up 10.5. sony planning to introduce playstation 4, unveil standard and high-end version of video game console. it is expected to happen september 7th when the company holds a news conference. the australian construction company cimic announcing it
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started court proceedings in the u.s. against chevron seeking $1.5 billion in damages. the dispute over cost blowouts over structures cimic built on barely island. resolving a dispute with volkswagen and parts suppliers. will be affected by shorter working hours across plants because of shortfall used in vw models. vw suppliers denied blame for the disruption and say they suspended part delivery to vw because of canceled contracts without any explanation or compensation. volkswagen up by 1 2/3 so far. speaking of settlements jpmorgan settled long-running legal dispute with fdic and deutsche bank over washington mutual banking operations during financial crisis. jpmorgan fought over who liable for claims from the collapse.
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filed $10 million lawsuit over losses allegedly caused by defects in wamu's mortgage under writing. sued for fdic to endemify claims. complicated. >> no small sum of money. entertainment news, returns at box office haven't been as hot as temperatures outside, taking sales down by 12 with% from 2015. landon dowdy with more on hollywood's sluggish summerland. >> good morning to you. hit the theaters with super team of super villains still on their minds. warner brother's "suicide squad" killing it again taking the top spot at the box office for the third week in a row. the firm starring will smith and margo robby earn $13 million bringing domestic total to $262.3 million.
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animated feature "sausage party" $15 million a drop in second week. paramount's "ben-hur" a major flop, didn't register with faith-based or general audiences collecting only 11.5 million in its debut weekend. the movie reportedly cost $100 million to make. "ben-hur" is the latest disappointment in what's been a terrible summer for paramount, "star trek beyond," teenage mutant ninjas. viacom for the boardroom dispute that led to dauman. >> i haven't been motivated to see anything yet. >> i haven't seen a single movie. >> i went and watched jason bourne. >> are you glad borne is back. >> i'm a big fan, i love the books and movies. it's good to see him back as
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jason bourne. i would go and see that movie. probably an axe to grind. >> long franchise. thank you, landon. we're going to get a break. coming up check in on markets. live reports from europe and arab coming your way next. >> first facebook and twitter question of the day, will the feds jackson hole symposium, again, be as important this year as in years past. tell us what you think, weigh in, we'll talk through some of those results later on in the show.
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welcome back to worldwide exchange. if you're driving to work get you updated on the markets. futures greensboro across the board only fractionally dow jones showing 19 points .1 of 1 point. s&p up same amount percentage basis and nasdaq up 9 points at least to start thin trade sog far. see if it picks up. as for the oil pick did mention earlier. wti crude last trade there $47.79, off by 1.5%. crude futures $50 hovering around that mark right now off by that same amount on percentage basis. so as we take a look at commodities oil a focus today. it's for the currency side of things dollar strength probably has a little bit to do with that. although we are seeing dollar strength versus euro, $1.129. stronger against yen 100.67.
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pounds at least a little bit of weakness for the dollar. pound strengthening $1.3104 for pounds. >> tragic event, 51 people killed at an attack in eastern province close to syrian border. at least 22 of the victims were under the age of 14. turkish president erdogan said initial evidence said the attack was orchestrate bid isis. >> of course a very, very tragic event in turkey. keep the global picture here also. nigerian military group claimed a waive of attacks in the dealt said it's ready for cease-fire in talks with government as well. the region has been rocked by violence against oil and gas pipelines reducing opec members output by 700,000 barrels of oil per day, susan. >> let's get back to global markets. we'll go around the world. nancy covering early trading
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action for us. first start off with close in asia. sri joining us. >> all about currencies, jackson hole and the end of the week when janet yellen speaks to the markets and to the central bank. now, i say it's all about the currencies. the dollar having its day in the sun. that's offering a little bit of reprieve for japanese yen by implication, softer yen is constructive for equities. so one of the sole outperformers today. otherwise fairly listless, not a great deal of conviction. herein lies the problem. i think the market, a lot of people saying the market very complacent about the risk of a federate hike. if yellen does talk hawkish that could upset the apple cart here. very much focused on the fed, yellen and u.s. dollar. that's where we stand. hand it over to my colleague over in london now for the
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european market rally. >> thanks for that one, sri. investors counting down to janet yellen as well. keep in mind another quiet week for european equities trade especially when you look at uk main market. we do have a long holiday weekend at the end here. nevertheless main in positive territory. ftse 100 barely positive, flat. higher by .8. swiss main market higher by .8, syngenta has been real outperformer. give you more details. ftse outperforming 1 to 2% higher after the prime minister offsetting concerns, helping to lift italian bank shares today. closer look at the sectors one by one. basic resources all morning has been the only major sector in negative territory off 1.6% tracking a dip in metals prices and commodities. telecom moving higher by 1.4%
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but chemicals holding higher by 1.4%. a lot of this is down to the strength we're seeing in syngenta. in fact, that stock is topping 600, closer look, higher by 11% after syngenta getting u.s. regulatory green light for this takeover from chem china. passing of security review is seen as significant hurdle to get past for this deal to proceed. overall you're looking at syngenta higher by 11.1%. that is lifting the broader swiss market. back to you. >> thanks so much, nancy, out in london for us there. keeping with the european side of things, eurozone's three largest countries, italy, france, germany, will meet to keep european projects together following vote to leave the bloc. italian president hosting hollande and merkel off the
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coast of naples said the three will discuss how to relaunch europe from the bottom up. >> that's a long process and probably very difficult as well. >> complicated for sure. >> coming up the latest from the campaign trail plus big business off the court. newly retired nba star kobe bryant expected to unveil $100 million venture capital fund later on today. we'll bring you all the details. first as we head to break, here is today's national forecast from the weather channel's kelly cass. >> hey, good morning, susan and don. we've got a pretty strong cold front working its way off the coast. in fact a scare with severe warnings in effect for boston area including tornado warning by the way. back toward chicago, you're in the wake of that cold front. it feels glorious behind it. much cooler, lower humidity as well, even down parts of the south we're experiencing lowest dew points for some since june all the way to the gulf coast, cold front didn't make it. still humid and chance for scattered showers and storms including houston and dallas.
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otherwise our temperatures are cooler than what we had over the weekend. seattle looking at 73 degrees. still warm, though, where the fires are tipping to burn in parts of california. 81 for a high in los angeles. that's a look at your national forecast. we'll be right back. gilman: go get it, marcus. go get it. ...coach gilman used his cash rewards credit card from bank of america to earn 1% cash back everywhere, every time. at places like the batting cages. ♪ [ crowd cheers ] 2% back at grocery stores and now at wholesale clubs. and 3% back on gas. which helped him give his players something extra. the cash rewards credit card from bank of america. more cash back for the things you buy most.
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you know what, guys? there's a lot of tree branches and dry brush over here. we should probably move the bonfire over there. [smokey whistling a tune] i'm guessing smokey liked that idea. welcome back. we're in for a higher open above fair value after dow back during friday session last week.
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but we have oil prices also falling a bit lower after the dollar strength. so we have dollar higher, wti falling close to 1.5%. brent dipped below $50 and natural gas declines as well. >> now to politics, 77 days. that's what we have until presidential election. donald trump and hillary clinton both back out on the campaign trail this week. edward lawrence joins us with the latest from that campaign trail. edward, i guess things are starting to heat up a little bit. >> yes, this is getting very interesting to watch. what a presidential watch. trump campaign says this has been his best week ever. meanwhile hillary clinton believes this is just the same old trump. after meeting with newly formed hispanic advisers donald trump may be reconsidering his stance on deporting 11 million illegal immigrants. >> we need a, quote, fair and, quote, humane way dealing with what's estimated to be 11 million illegal immigrants in
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this country. >> trump campaign manager kellyanne conway said his position is, quote, to be determined as he considers policies that would help hispanic businesses grow. >> i believe donald trump's upside is far greater than hillary clinton's upside. >> in a new online ad hillary clinton questions whether trump really regrets any of his offensive comments. meanwhile the clinton campaign says her foundation will no longer take foreign donations should she become president. >> steps taken if she should become prosecutes are unp-- president are unprecedented. >> highly scrutinized race. experts say donald trump's new management team is trying to broaden his base and bring in new voters. back to you. >> edward, thank you so much. fundraising, donald trump's war chest as a campaign spent more
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but still trails hillary clinton in money race. new data from election commission showing trump campaign raised nearly $37 million last year versus $52 million for clinton. trump's spending has also jumped. he spent $18.5 million, more than double the amount he spent in june. fundraising as both candidates accepted nominations at their party's conventions. also don't forget programming note, don't miss trump campaign manager kellyanne conway on "squawk box" at 7:00 eastern this morning. yes, that music. the 2016 rio olympics have come to an end and the torch has been passed on to tokyo, which will host center games four years from now. medal count u.s. topping board with 121 total medals, 46 of which were golds adding two more
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sunday in men's basketball and men's wrestling. china finishes second trailing u.s. by 51 medals, great britain third 67 total medals followed by russia and germany. it was dominance. >> it is dominance. it does show u.s. does have -- i'm partial i think u.s. is best one out there. anyway elsewhere in world of sports today limp pool football club is not for sale despite reports of chinese interest in the team. sources say no active talks involving american owners, fenway sports group and premier league club hasn't received a bid. financial times reports fenway which owns boston red sox in u.s. hired investment bank for possible sale of a stake to financial firm ever bright. earlier struck a deal to buy italy's ac milan. >> they have been buying a lot of football soccer clubs. same with sports. kobe bryant back in business, this time off the court.
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nba superstar retired at the end of last season expected to unveil $100 million venture capital fund later on today. vc. it will invest in tech, media and data companies. bryant is teaming up with longtime investor. their firm based in los angeles. they have invested 15 companies since 2015. their portfolio includes media website, players tribune and legal services firm legal zoom. kobe bryant isn't unique, steve young i interviewed him in tahoe he's part of $2.3 billion private equity firm. there is life after sports. >> a lot of sports players doing that part to further interest after sporting lives are done. coming up top stories including here a story about pfizer possibly nearing $14 billion deal for cancer drug company plus jason schenker from
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prestige economics joins us on set just shortly. author of "electing recession, impact on presidential elections on financial markets and economy." it's a conversation you won't want to mess is. stay tuned you're watching cnbc first in business worldwide.
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good morning, $14 billion deal. pfizer buying a drugmaker. details coming up. >> your money, your votes, electing recession.
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talk to author behind new book on presidential elections and financial markets. and today's top trending stories including video gone viral, japanese prime minister shinzo abe making quite the entrance at last night's olympic closing ceremony. think super mario. monday august 22nd, 2016. you're watching worldwide exchange right here on cnbc. >> good morning, welcome to worldwide exchange. i'm susan lee in for sarah. >> let's check on global markets this morning as you get into work or just waking up here. let's take a look at u.s. futures. certainly less than 1%, dow
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jones future showing a gain of 2 points overall. nasdaq showing 2 points as well. very, very flat to start here in the early going for u.s. futures. as for european side of things, we are taking a look at at least what we saw was green across the board at one point. now a little weakness in ftse 100 and uk off 1/4 of 1%. still german dax up 1/3, cac and france up, ftse up by 1% and ibecks in spain up by half a percent as well. they may have gotten some of that from asian markets
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nikkei with the stronger there. and also brent has dipped below $50 a barrel and declining by close to 2% in the early morning session and natural gas falling back as well. for six straight sessions we didn't see any strength. that losing strength ended on friday. that's continuing on this monday. against the euro, maybe down 1/3 of 1%. and let's check in on the 10 year note and how they're fairing against jackson hole and what janny yellen might have to say. as for gold pricing. given that it looks like the fed wants to make it pretty clear and september is on the table. gold trading at 1338. here's the agenda for the week ahead. tomorrow, look for july new home
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sales, followed by existing home sales on monday and july durable goods numbers as well. on friday, the second read on second quarter gdp as well as the final report on consumer sentiment. and fed share, yellen and her speech in jackson hole. on lighter week on the earning side of things, big names include best buy, hp and tiffany as well. a consumer focussed week. always what it is at the tail end of an earnings season sfwlp vice chair, fisher says they're close to 2% inflation. and offering an upbeat assessment during his speech yesterday. so, he argus the job market is close to full strength and still
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improving but didn't announce when the fed should next raise interest rates. pfizer to booiz medivation for about $14 billion per share. an announcement could come as early as today. and viacom says a ceo will resign effective immediately. this will end the battle between the board and the amusements and holds 80% of viacom and cbs and willrycei receive $72 million a. and viacom says its board will make a decision on succession plans by that date.
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and wilbur ross reportedly making making a an attempt to take control of distressed gas companies if they have to turn their shares over to creditors. you can say over the past month, to the upper side, but we're weaker today by about 1 and 2/3 of 1%. now for markets to politics. joining us this morning, the president and chief economist. the impact of presidential elections on financial markets and the economy. this is perhaps an appropriate top took talk about given the hub ubaround the elections. let's about whether the presidential election will have an impact on our economy and the markets. >> for this presidential
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election, something he talked about in the book, we've never had three consecutive terms without a recession start if we end this second term that obama's had without it. and we're in what i call the election recession window right now. if we look at the 13 of the last 14 recessions since the great depression, they all started between 11 months before presidential election and 14 months after. and we're in that tight window right now. a number of different data show weakness. >> we're seven years into this bull run? >> one, you're right, the cycle's long, which is why i focussed on recession starts. whether do you have that happen? and so, yes -- >> do you think that correlates
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into election years is what i'm trying to get to? >> i think what's interesting is it could if we were just looking at it that way, but the truth is not all cycles are the same length and not all elections have recessions tied to them. but this election, because of the timing that we're in right now where weave wrr a've alread full presidential terms. and the only recession really that we've had since the great depression was the one in'd hav exceptional situation to not see a recession. even before i did this book, based on our economic data. >> retail sales and for those of us who follow us on twitter, we know about the conversation we've had about jim cramer mentioning retail sales.
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can they really be there to justify a good economy or do you think the sales number is nonexistent at this point? remember, jim cramer puts out a good point. is the retail sales number going to be good? >> the first is if we look at the growth rates in retail sales. so, last year we were at recession levels for retail autos. and lower than 2008 and lower than 2001. the only thing holding it up is auto sales which increased by a million vehicles being fuelled by subprime autoloans and you have a lease sweep coming back in. could crowd out new vehicles, which are all we count. so, i'm concerned about that on the retail sale side and if we think about the difference
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between earnings and revenue, i think that's what's going on here too. in absolute terms, we're at very high levels for retail sales. but that's partially a revenue thing. we talk about the percent change. so, that's a high level and i think that the level we're at now is quite worrisome. >> and it drives more than 2/3 of our u.s. economy. of prestige economics. and oil prices have been on a tear as of late, with wti having a best week as of last week. and you might want to squeeze in one last summer road trip before prices really start going up. landon. >> here's the latest look at the lundberg survey. dropping to $2.17 a gallon and industry analysts saying that
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refiners and retailers are bumping their prices thanks to higher crude oil. wti up more than 8% in the past month. so, what's the city with the highest pump prices? san francisco takes the top spot at $2.67 per gallon and it is a deal in tucson at the low price of $1.81 a gallon and the average price of diesel is $2.35 a gallon. up slightly from two weeks ago. did you get a road trip? >> i drove from chicago to wisconsin and wisconsin back down to -- >> how were the prices? >> not all that bad but i'm used to seeing prices a lot higher. i'm from california and they're a lot higher. also here, in tech news, samsung is reportedly planning a refurbished plan.
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they will sell high end and this could help them improve midtear sales. of course the lower cost phones certainly a battleground. and let's talk about our top trending stories of the morning. japanese prime minister shinzo abe, making quite an entrance at last night's olympic ceremony. and as per tradition, giving a preview of the next olympic games. it featured a video saying he quote wouldn't make it to rio in time and that's when he turned into mario, popping out of a huge green pipe while the iconic mario music played. we all know that music. >> was it going to be pokemon or super mario? >> i think so many more people
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can resonate with mario. >> and i was so impressed with shinzo abe. i dippeda didn't know hawaii ha so much personality. the singer explaining that siri stresses the second s in her last name and the apple ceo gladly agreed to have siri change the pronunciation. so, it it will be effective on the next update september 20 lth. the brand new altitude filter showing real time data based on your current activity. just starting to roll out and may not be available until later on this week for all you
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snappers throughout. now, time for our top trending stories of the morning. we've talked about all of them. and if you take a look at that. we have the must reads coming up. because overall, we have a very contentious one. and check out what's happening with markets in europe right now. we're seeing green mostly across the european cont ineinent now. and the dax in germany both up by about 1/3 of 1%. stay tuned. we're first in business world wide. p announcer: don't let e. coli
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with e*trade. let's get to this morning's must reads. my pick is titled team u.s.a. didn't get trump's memo. writing what does winning the olympics have to do with trade, immigration, national security or the other areas where trump says the u.s. is losing ground? more than you might think. because while his campaign has trafficked in xenophobia and white nationalism, multicultural and economic power house and it goes back to -- i guess part of his platform is america doesn't win anymore. not the case. they really crushed everybody. >> and a multiculture, ethically
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diverse for sure. and my piece is titled what trump's foreign policy gets right. writing mr. obama and mrs. clinton fail to grasp the ideological war we are in and speaking more to this idea that there has to be a different type of battle fought but still that trump has a number of good points, that's at least john bolton's take in the wall street this morning. we're fast approaching the top of the hour and that means the team is getting ready for "squawk box." >> in a global world, that disparity in the metals, i think is a tragedy. and there must be a way for this disparity -- i don't call it income inequality but there must be a way to try and even that out and in a global world we're
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all striving for, there must be a way to give some of those medals away. i don't know if other places shouldn't be expected to do quite as well and as we're moving towards that in this country, spreading everything out, i think it makes sense. >> i know what you're saying and i absolutely know what you're saying. >> i was thinking of something else interesting and that is that yellen is supposedly ready. owe oh, i'm scared. she might go up another quarter. and what i don't understand is the fine line they're going to walk between not raising rates and raising rates in an election year. i think the jobs numbers will be probably pretty good. not that the party in power can control these things.
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maybe it's murphy's law. the fed will be face would the notion that maybe the economy is improving and maybe they should raise rates. we saw what happened when greenspan raised rates on the first bush. he blames him to this day for his loss to bill clinton. and yet that could force the fed's hand, which i think they'd be loathed to do in an election year. >> it's like a catch 22. >> if joseph heller hadn't come up with that for something that was a catch 22. we'd need all these words instead of just saying catch 22, right? >> drop 47. >> major, major. >> major, major. anyway, of course -- >> kelly and conway. >> yes frr.
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for the 7:00 hour. >> we've rolled out -- she's o important now. the left, that's what they hated more. it was the worst thing any horrible person could do and then wait a second, you can't change your mind on this. you promised you'd throw everyone out. no, no, no. it's so bazar. you see michael goodwin's piece? >> absolutely. definitely stay tuned. watch "squawk box." and thank you for all of that and more. a great guest list coming up. and the fed in focus this week as they get ready to meet in jackson hole, wyoming. and casey clark of glenmede. you're watching cnbc.
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welcome back to "world wide exchange. equity futures slightly above the dow jones industry, up by maybe half a point. joining us from philadelphia. let's talk to casey clark of glenmede. good to see you. dull markets. so, what do you do in these times with all the money on the sidelines? >> we're what you call uncomfortable bulls right now. you have the s&p trading at 18 times normal earn shz, which is 15 to 20% above fair value and on the other hand, economy where excesses really haven't built up. inflation remains right in the sweet spot. so, when you take all this together, we have a pretty high
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defense position. >> and you talk about this idea that he thinks the economic data's going to be good. what is the catalyst if we're seeing the consolidation happening the way it is. is it the eeconomic data? >> yeah, we think the economic data's going to be positive. we have record high networth. we have low debt-service ratios and wages are starting to increase for the lower level of skilled workers. which bodes well for the economy and we think can withstand the increases that could occur in december. we're certainly calling for a rate hike out of december. and the fed will start to layer -- >> is the market underpricing the probability of this happening? >> it's interesting when you
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look at economists. they think there's a 75% chance of a rate hike and the market's saying a 50/50 chance. i i'd say i fall in line with the economists in the 75%. >> where would you be in terms of the overall equities picture? >> we favor international opportunities. the fed is probably the third or fourth most important central bank. bank of japan and england are continue to stimulate the economies and you have places like japan and europe really, really undervalued right now. so, within the ecwe wuty space, we're favoring the consumer driven tuptdriv en opportunities. >> what is it going to take to
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get people to move from bonds to equities like we've been talking about for many years now? >> this dynamic of $10 trillion worth of assets. by definition, investors will lose money. underweight fixed income securities in general and we think the banks will be successful. >> thank you for bringing us his thoughts. and we asked the jackson hole symposium will be as important as year's past? >> 14% said it doesn't matter and 19% said no, not at all. that's it for "world wide exchange" this morning. and "squawk box" is up next. and interview up next with one of trump's key campaign managers.
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good morning, the fed in focus this week as we countdown to janet yellen's speech in jackson hole on friday. pfizer nearing an agree. to buy a cancer drug maker for $14 billion. plus your money, your vote. new numbers on campaign fund raising and spending. it's august 22nd, 2016. and "squawk box" starts right now. ♪ ♪ you got yourself a bad habit >> announcer: live from new york where business never sleeps. this is "squawk box."
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>> good monrning everybody. welcome to "squawk box." andrew is off today. wrapped up the olympics yesterday and we'll see him tomorrow. and right now it looks like the dow futures are up about 2 points and people are already talking about janet yellen's speech on friday. in jackson hole. let's check out what happened overnight in asia. you're going to see the asian markets, the nikkei was up by a 1/3 of a percent and in europe, in the early traiding you'll see at least at this hour, the dax is slightly higher and the cac in france. the ftse is down. check out crude oil prices, which over the last week or

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