tv Worldwide Exchange CNBC November 1, 2016 5:00am-6:01am EDT
zbroorng. one week to go until election day and new details are emerging about another fbi investigation this time into trump's information campaign manager and his potential ties to russia. global market a lot. stocks start the month higher as investors await fed minutes and more corporate report. earnings alert. sony's profit plunges. it's tuesday, november 1st, 2016. "worldwide exchange" begins right now. ♪
the fbi has been conducting a preliminary inquiry into donald trump's former campaign manager paul manafort business connections to russia. this comes as the backlash grows over clinton's emails top aides for clinton accusing james comey of a double standard. fbi official telling cnbc comey accused russia of meddling in the u.s. election. comey argued privately that it was too close to election day to name russia as the perpetrator of cyber attacks. let's check in on the global
market. we're seeing strength to kick off the move november after nearly 2% selloff for the s&p in october. worst month for stocks since back in january, third month of declines in a row. we start fresh with a mini rally. dow futures up 33. s&p futures up 4.5. as for the ten year treasury note yield, higher yields continue to be the theme. we're seeing the ten year yield at one, just below 1.86. manufacturing number out of the u.s. along with auto sales gearing up for a heavy few days of data. >> the bond move during the course of the month was more interesting than we saw in the stock move. slight declines three months in a row something to be aware of but below 1.6. we closed above 1.8 and a few days ago close to 1.9. i just point out on the bond
side -- strong $. on the bond side the move we've seen in yields elsewhere over the course of the month, the german moved possib. if stocks pick up what does it mean for stocks? >> rick santelli pointed thissous. when stocks stumble you have massive move. if we don't get that that could be sort of a different factor. also watch oil. we saw 4% selloff yesterday for wti. out today boj in its policy decision overnight revised its inflation forecast following disappointing data but did hold off on expanding stimulus kept their policy unchanged. board voted to keep its new anchor for the ten year
government bond yield at zero and pushed back its forecast day for hitting 2% inflation to around fiscal year 2018 which ends in march 2019 a year later than previously targeted. we also have manufacturing data out of china overnight. activity in the sector expanding at the fastest pace in more than two years in october and that's going a long way to boost confidence across asian markets. the nikkei rising about a tenth of a percent. bigger moves in hong kong and china where hong kong hang seng up 1%. subsectors in this manufacturing index were positive except for exports which speaks to global demand being soft. futures orders in the manufacturing number all good. 51 number was much better than 50 or so level that economists were looking for. >> 51.2. people saying this is increasingly domestically led.
also increasingly credit led which is the concern and why you're not seeing a huge rally off the back of this. the big headline is delaying of the 2% inflation target for japan which is why you're seeing some yen softness elsewhere, we're seeing some weakness. >> in easing mode ready to do so. it's an admission they are failing on their mandate and original target. >> european equities doing pretty well. softened in the last half and hour sore. for the course of the month as a whole about just under 1% of gains in the ftse 100, 1.5% gains for germany and france offsensitivitying that this morning as you can see down between about a quarter and half a percent. we had earnings disappointment including standard charter the international emerging market seen revenues decline across all of i was businesses in third quarter drop in profits and that's down about 3% this
morning weighing on the ftse 100. broader markets, let's look at oil markets which were soft yesterday lack of news from that meeting in vienna, unofficial meeting in via jenna. 46.9 we are just below $47 at the moment for the course of the month as a whole. we were down just shy of 3% of wti. it was up almost 3% for the month. best month since november 2015. today we're seeing for the most part a little bit of dollar weakness apart from against the yen where we're seeing sorry strength following that push back of the bank of japan inflation target. gold price this morning, which is a little bit higher about .6% higher. >> pair of economic reports topping today's agenda. the october ism manufacturing
index and september construction spending at 10:00 a.m. eastern. automakers reporting october sales will trickle out throughout morning. ford will not release its results. it will report numbers later in the week after a fire broke out in its dearborn headquarters yesterday. as for earnings pfizer, adm, coach, kellogg reporting fwochg bell. after the close we'll get results from gilead sciences and electronic arts. >> we got bank of england to watch. mark carney will stay on until 2018. 2018 to 2021 and he went for
2019. >> 10% chance fed raises interest rates. statement has to be fairly benign. few days before an election. they are careful always to recognize seen as political. the question is what happens in december if they start to lay the ground work for ain't rate hike which there's a 70% chance they do. is it going to be a dovish hike or a hawkish hike? in other words raising interest rates and signalling there's more on the way we're in this mode or we've raised interest rates, we'll monitor the situation and that's why opinion corks for instance sees the dollar as already having made its move higher because they stay fed will not be in any rush to keep raising interest rates. utilities have popped. >> wouldn't it be fun if they did hike this week >> hike this week. that would be a shock. snowboard fun. >> big surprise in the markets. stocks to watch today bp he's profit rose beating
forecasts. the company is trimming it's 2016 spending by another $1 billion. bp is maintaining its dividend, the cut in cap x is what's catching attention. royal dutch shell third quarter net profit rose 18% beating expectations. cap x spending will be about $25 billion. another cap x cut but shares of dutch shell doing well up 3%. sony fiscal second quarter profit fell by 80%. yesterday the company cut its four year earnings forecast saying costs related to its sale of its factory shares suffering a little bit. you may have noticed the price of gasoline surging a deadly pipeline explosion yesterday in shelby, alabama. one person was killed and five
others injured after part of the colonial pipeline burst. colonial shut down its main pipeline after this incident. it's the second time in two months it has had to close this pipeline which is a crucial supply line to the east coast. an update last night, colonial said a track hoe which is machine used to remove dirt struck the pipeline and caused the gasoline to ignite. we've seen a market reaction jumping 12%. we'll continue, obviously, to watch that key pipeline. there it is at the bottom of your screen. >> vie come named robert bakish as its new ceo. the news follows the departure of the company's interim ceo. analysts says the choice of an internal candidate could be unanimous die occasion how quickly viacom is expected to merge with cbs.
shares of valiaeant disclos a criminal probe. saying it is cooperating firm went on the say it does not comment on other rumors about the investigation. the firm, as you might remember, has faced intense scrutiny nor than a year stemming from prices it charges for its drugs. the question here is whether it's squuf privately are under investigation. wells fargo has agreed to pay $50 million to settle a r k rack rackete racketeering lawsuit. if it goes through it will resolve claims the bank charged much more for third-party appraisals. i would add the release from the
company late yesterday said that they don't admit wrongdoing but just wanted to get it done. the new management has a more easier ability to move things forward. >> a change in thinking as a result of what's been happening. >> change intact? >> change in strategy. big day for yum brand. the company yum brand looking to carve out its china business. other fast food firms may be watching closely. we'll have the details for you straight ahead. you're watching "worldwide exchange" on cnbc. i know you're my financial advisor, but are you gonna bring up that stock again? well you need to think about selling some of it. my dad gave me those shares, you know.
welcome back to "worldwide exchange". bank of england governor has extended his term and will stay on through brexit talks. he'll stay on until mid-2019. carney had been called upon to resign by some politicians who support an exit from the european union. early departure could have been unsettling to the markets since concern over to impact of brexit sent the found its lowest level in decades. by making it six middle ground as posed to outright extension.
>> are people upset? >> about his splpoliticalizatio. he settled for six to make sure they see-through the full kind of brexit. the pound rallying on the back it but settled down. yum brands spinning off its china business. yum china holdings will start trading on the new york stock exchange this morning under the ticker yumc. the fast food giant facing big challenges in its fastest growing market. what can we expect from yum china? >> reporter: well, sara, yum china is refaripreparing for a celebration. after the spin off the company will have $900 million in cash and no debt. with that more financially
strong position they will be able to move important aggressively into the market. that's the hope. they do have a lot of challenges in the third quarter they saw anti-u.s. sentiment hurting their same store sales and also been plagued with food safety scandals in the past. but their bigger challenge is much more fundamental. and that is that many of yum's restaurants are no longer aspirational. yum has done an incredible job in china, they are in every corner of the country. in fact they have been credited with bringing american fast food to many parts of china but now people just don't dream about eating in a kfc any more. that's a challenge. another challenge for them is the competitive landscape. it's fiercely competitive. they no longer are competing only with western brands like mcdonald's or starbucks but chinese brands that are coming up and have used the fast food model that came from the states and are making it more successful with chinese food as well. those are big competitors for
them. they have to contend with another big trend in the market and that's this explosion of food delivery apps, pretty much everyone now with a kitchen and a phone can have their food delivered to somebody else. and that is another big challenge that the company is going to face. >> it was always the case or at least yum made the case that those premium -- that american brands in china, that chinese eaters paid a premium price for that. is that still the case with the proliferation of so many chains and american chains? >> reporter: it depends on which brand you're talking about. because coffee, for example, is still aspirational. as you see behind me kfc is marketing now kfc market. they are getting into specialty coffee drinks like lattes and
c capaccinos. >> thank you very much. a programming note on that. the ceos of yum brands and young china greg creed and mickey pant will be on "squawk" this morning. still to come this morning's top political stories with just one week away from finding out who the next president of the united states will be. headlines about hillary clinton's emails have add even more uncertainty to the race. back in a couple of minutes.
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notice to politics. voters will head to the polls to pick the country's next president one week from today and drama is ramping up for both candidates. tracie potts joins us now with more. >> reporter: let's begin on the campaign trail. hillary clinton today in florida, donald trump in pennsylvania today. talking about obamacare but both of these campaigns paying a very close eye, paying a lot of attention to what the fbi is doing behind closed doors. >> i will tell you this, if they want to look at some more emails of one of my staffers by all means go ahead, look at them. and i know they will reach the same conclusion they reached
when they looked at my emails last year. right? >> reporter: as the fbi digs through hundreds of thousands of emails of a top clint aide sources confirm the agency is taking a preliminary look at the foreign business ties of donald trump's former campaign manager paul man ja afort. manafort denies receiving cash from pro russian politician at a time when trump praised the country's leaders and the u.s. suspects russia of hacking. the fbi's last minute review of clinton's emails just days before the election has energized the trump campaign. >> i guarantee you there are many. many of the emails that were missing are in there. >> reporter: wikileaks emails reveal the head of the democratic party donna brazil gave the clinic campaign a heads
up on debate questions in advance but nbc's latest poll shows temp mail controversy doesn't appear to sway voters. clinton is apaid by six points. the same as last week before the fbi review. now it's not clear if the fbi will be able to wrap this up before election day. the agency has said that they are working as quickly as possible to get through what's believed to be 650,000 emails. >> do we expect -- so no more confirmation from the fbi in terms of what they finds on either investigation before election day is expected? >> reporter: it's possible we get something. we don't know how quickly they will get through it. the fbi has said until they get through these e-mails the director won't have any further comment. no more detail on what they are doing, how they are doing it until he actually has some, you know, significant information to report one way or the other. >> thank you very much for that. donald trump reportedly avoided paying millions of dollars in
taxes in the 1990s as he scrambled to stave off financial crisis. the maneuver which was later outlawed by congress allowed trump to have huge debts cancelled. the irs considers forgiven debts as income. residents in philadelphia could face a tough morning commute as the city's transit workers have gone on strike. walk out affects bus, trolley and subway service that provides 900,000 rides per day. nearly 60,000 children also use philly's transit system to get to and from school. some city officials are concerned a prolonged strike will keep some voters away from polls on election day. skbroo to sports news in monday night football the game matched the minnesota vikings against the chicago bears. the bears acted like the better
team on field. cutler celebrated his return from injury. bears beating the vikings 20-10. still to come, this morning's top stories including fed's two day policy meeting. you're watching cnbc first in business worldwide. today, i am helping people work better... and also feel better. i am helping hospitals personalize treatments using billions of data points.
investigation. this one into trump's former campaign man general assembly his potential ties to russia. global market alert. stocks around the world are rising as investors await a two day fed meeting and corporate report. express yourself. new emojis are coming and foodies will be happening. you're watching "worldwide exchange" on cnbc. ♪ good morning and welcome back to "worldwide exchange" on cnbc. i'm sara aseisen. >> i'm wilfred frost. futures are called a bit higher after we ended with declines for the month of october. we did see down about 1% for the dow, almost 2% down for the s&p and about just over 2% for the nasdaq. so a disappointing month overall but we're called higher to start
november. dow by 36 points, s&p by four, nasdaq by ten points. it follows gains in asia, slight declines in europe. the bank of japan revised its inflation forecast following disappointing data but held off on expanding stimulus. board voted to keep its new anchor at zero. pushed back its forecast for hit 2g% inflation target to the end of 2019. that has allowed the yen to soften a little bit which helped the nikkei gain. manufacturing data out of china overnight on the manufacturing side, 51.2 against expectations of 50.4. so that was a positive return. if we look at asian trade the nikkei superslightly but hong kong and china up the best part up 1%. equities are not doing as well. earnings softer in certain areas. standard charter in particular. uk bank is down 3% after revenue decline across all of its
businesses. only slightly for the move october europe doing better than the u.s., germany and france 1.5%. as for the broader market picture after 4% slide for wti oil prices we see a little bit of strength. wti stays below $47 a barrel. up 46.93 this morning opinion brent international benchmark hitting below that 49 level, 48.92. gasoline prices that's where we're seeing the action jumping, up almost 12% on a pipeline fire key supply the line united states. as for ten year treasury note yield, higher yields as we begin november. higher yields were the story for october. we'll see what we get in terms of manufacturing in auto sales. sitting below 1.86. stronger dollar, dollar index another key trading partner up 3% in october. it is softening a bit against
the euro, 1.0997. dollar a bit weaker against the pound at 1.2248. gold stronger. the trend has been for weak gold prices all month long. a lot of bests fed raising interest rates. how about the election? we got a preview on friday when we saw that headline cross about the fbi looking into hillary clinton's emails. dollar weakened against the euro. if there's some big surprise, if trump gains more momentum watch the dollar. >> definitely. i think the dollar is the story of october as opposed to stocks. those declines in the 3% move in the dollar index hire, big moves in the ten year note started the month below 1.6%. really touched 1.9 recently. we saw the german ten year move
30 basis points. so big moves in yields. big moves in the dollar. declines in stocks not too worrying. definitely something to watch. if we do keep seeing yields marching higher could be a bad sign. >> the higher yields, we'll see banks best performers on the no surprise with hire yields. didn't lift all those because most of the industry groups ended in the red. health care worried about politics. consumer discretionary got beat up. consumer earnings started to kick off really in force. we'll get starbucks later in the week. kellogg this morning and big retailers, interesting to see what we get after limited l brands last night. >> three big foenz get through in terms of fom cbot meeting, the election and another opec meeting. let's move to politics. new details emerging on the investigation of hillary clinton's emails. source tells cnbc news authorities are conducting preliminary probe into donald
trump's former campaign manager. eamon javers joins us from washington with all the details. >> reporter: nbc news report this story last night fiic is conducting a preliminary inquiry into dealings surrounding paul manafort, donald trump's top campaign manager. what nbc news reported last night this has not blossomed into a full blown investigation at this point. they contacted paul manafort who said none of it is true. he also said no investigation is going on by the fbi that i'm aware of. now privately nbc news also reporting on an area that we talked about on air on cnbc yesterday saying that fbi director james comey argued against punily disclosing u.s. intelligence conclusions that russia was behind hacks of u.s. political institutions. this highly placed source on
that. he cited former senior law enforcement official with detailed knowledge of the matter said this might affect the u.s. election. lot of new developments on this e-mail situation. obviously affecting the campaigns. >> stunning what you have learned about russia and trump. such a strange twist. you covered the fbi. they are at the center of this election. they are supposed to be one of the most apolitical parts of our government. i wonder what happens next either before the election or after. comey's term goes until 2023? >> right. when you look at the reporting here that's come out over the past 48 hours you're looking what appears to be a lot of different factions within the fbi, the department of justice, u.s. intelligence on all of these issues and, you know, director comey managing a very difficult situation here.
decided to come out on friday and make public this disclosure that they discovered new e-mails that kpoenlly be relevant. that decision coming under fire here both on the record and off the record from sources. but comey made the decision because he clearly felt the fbi had an institutional -- it was important institutionally for the fbi to come out and put its stamp on this story. now that comey had gone out publicly and talked about it already, he did not want this to come out after the election and for to it look like the fbi was in any way hiding the ball. >> especially if it leaked. tough situation. brett stevens in the "wall street journal" called for him to resign. eamon javers in washington. back to nashts which in the u.s. were lower in october as global bond yields rose. oil prices gained. british pound posted another sharp decline. that performance was largely mirrored by the hedge fund
industry. cnbc has learned third point was down. it's up 6% this year. greenlight capital was up 1.2% in october and up about 6% for the year. p pershing swar down 3%. goldman sachs agreed to shift its technical operation to nasdaq. nasdaq will receive an undisclosed fee. the deal will help the bank save money and comes amid an industry wide crackdown by regulators. >> another busy day on wall street. pair of economic reports along with federal reserve kick off a
two day meeting. october ism manufacturing index and construction spending are out at 10:00 a.m. eastern. the fed begins a two day policy meeting. nothing expected today. the decision comes out with a statement tomorrow at 2:00 p.m. eastern. as for earnings, pfizer, coach and kellogg reporting before the opening bell. after the close we'll here from gilead sciences and electronic arts. >> pfizer will report its results before the bell. landon dowdy joins us. >> pfizer is looking to report 62 cents. break superhard to do during the third quarter pfizer announced it will abandon plans to split into two companies. instead holding on the its lower growth generic drug business pfizer deciding this was not the best course of action to produce cash flow. so investors want to know what
was the ziegd factor there. second the legacy drugs revenues are important to pfizer as they are one of the largest contributors to its top line. and the third thing to watch the pipeline, listen for any additional highlights such as it's similar to j and jarch arthritis drug that's set to launch later this month. shares of pfizer are down 14% in the past three months. >> thank you. more stocks to watch today. anada rx o petroleum reported a loss. the company does expect to raise more cash than originally planned through the sale of various anadarko. expecting a loss that's bigger than previously forecast. blackberry taemg up with ford to
expand use of its q and x connectivity software in cars. first deal blackberry has signs directly with an automaker although it sells products to parts suppliers. l brand cutting its third quarter. kriegt a slow down at victoria secret. bath and body works has been strong but not so much for the other brands. now to today's top trending stories. the first couple entertaining kids and parents last night at halloween party. highlight of the night. president obama and the first lady showing off their dance moves to michael jackson's "thriller." leading a local groups as well, a flash mob. the first couple has hosted the halloween party almost every year since barack obama came into office. they like their parties.
>> it wasn't as good as michele obama's appearance on the show. kudos to them for doing it. but it wasn't that slick. anyway i'm sure they had fun. >> they got up. >> impressive. >> president obama's term comes to an end some people have been wondering what happens to his social media accounts. the white house says it has a plan. obama will be getting a twitter handle, potus 44 where his tweets will be transferred and save. his currents potus twitter handle currently used by obama along with his 11 million followers will transfer to the new occupant. so potus 44 gets the tweet moved across. >> i don't know. i wonder how quickly that will climb back up. >> i wonder who is operating that twitter account. >> did bush 43 have potus as
well. >> no first time a president is on twitter. snee >> here's the question. if hillary clinton gets elected who is flotus. >> bill has a lot of followers on his own account. i follow him. trump is not -- trump will want to keep his name. snee has plenty. >> will he take on potus. just at real donald trump. >> am will throw out 70 new emojis. the list was previewed for doefrls. no longer have to type out an emo the icon for shrugging your shoulders. new careers for females have
been add. >> what's the top left one >> i don't know. >> a croissant and an owl. >> people will only speak in emojis. my mother only texts me in emojis now. >> anyway. >> when we come back today's must read stories. when we head to break we found out birthday wishes to tim cook. in august he celebrated his fifth anniversary at the helm of the company. apple stock up about 125% since he stepped into the ceo role. >> we'll get that back. >> he gets compared to steve jobs. happy birthday. >> happy birthday. we're back in a couple of
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benefits of a trump presidency, trump will create a colossal panic but the relief rally will be outstanding. we could see an initial shock but long term with all the checks and balances and stimulus and tax proposals that it won't be as destabilizing as many people think. andrew goes through lots of different experts views on this. >> i think it is the question investors need to be asking. i haven't heard that much about it because there's still this view in wall street, in the betting markets that clinton has it. but even more than 25% chance which is what is it now around if you look at real clear politics or 538, we don't see it priced in to the markets right now or maybe do you and maybe the markets don't think it's that big of a deal. either way one in five chance is not an significant probability. >> more interesting what happens to the bond markets. you see an initial safe-haven trade because it's a negative risk event either we see buying
of bond initially but then down the line yields rise because it's the u.s. plc being under threat in some ways. on top of that what happens of course to the fed and to janet yellen, do we see a less dovish. >> the uncertainty. the reason it's not necessarily about policy that the market seems to prefer clinton it's about the fact that they know more, a little more status quo when it comes to her pick. but, good point. michael purvis said you'll see a sell off in bonds if trump gets elected. my must read is from the "wall street journal," resign, mr. comey. he calls on the fbi director to step down. he writes in the most divisive political season in memory mr. comey has become the rare object of political consensus. his motives distrusted by trump and clinton and voters alike. his judgment doubted by
congressional republicans, democratic justice department officials and probably a great many agents in his own bureau. he needs to go. he outlined some of comey's other career achievements and highlights and goss through his whole tenure as fbi director and even before that and it's worth a read this morning especially as he continues mr. comey to be at the center of the story. >> with one week to go. we're approaching the top of the hour, the team is getting ready for "squawk box". michelle caruso-cabrera has a look on what's coming up. >> a great show on "squawk box". we have jayleno coming on. we have senator judd gregg joining us and talk about the intersection of money and politics. we're one week away from the election. we go live to china talk about yum spinning off. that stock will trade here on the new york stock exchange.
j.d. vance author of "hillbil "hillbilly." he has a throat say and why donald trump has great appeal in certain parts of the country as we gear up for the show today. tune in. >> we will. see you at the top of the hour. when we come back the fed beginning its two day policy meeting. widely expected to put the markets on notice that it intends to raise rates next month. what comes next and how does it impact your portfolio. michael gapen joins us. you're watching "worldwide exchange," first in business worldwide.
even before they earned 3% back on gas. danny's parents used their bankamericard cash rewards credit card to give him the best day ever. that's the joy of rewarding connections. learn more at bankofamerica.com/getcashback. . welcome back to "worldwide exchange". the fed begins a two day meeting later today with a decision due tomorrow at 2:00 p.m. eastern. joining us now is michael gapen.
nobody expects any action. is that right >> should be an uneventful meeting. the fed will set the case for december but don't box yourself in so that you don't have any wiggle room. >> what kind of hike do we expect in december. it will be important not just whether we get a hike or not but what they forecast for the year ahead. >> that's right. the past is any indication of the future whenever they've been raising the front end or at least talking about raising the front end they lower the back end. i do think it will be a reinforced message yes we did go, we raised rates, we thought we had enough cumulative progress to justify that. we're not in a hurry. you may see a flattening of the chart out into 2018. they expect two hikes a year all
the fed can reasonably accomplish. >> what happens to your fed forecast if donald trump gets elected president. >> you made an interesting point in the lead in. first uncertainty. something that could take december off the table if markets react in a very negative way but i do agree that the further you go out and the more likely you get a large stimulus program then it would allow the fed to be more regular and get some inflation risk premium built in to the longer end of the curve. tricky for the bond market to react but an initial burst of uncertainty and then over time it would settle down once we started to know what the agenda would be. >> michael, we saw stocks decline during the move october but perhaps the most significant market mover was the dollar. 3%. that's a significant move for a month. how worrying is it for markets generally and for the companies reporting results at the moment? >> i would say it's a modest worry.
we don't anticipate as much dollar strength going forward as we had in the past. as you've reported widely we don't have as much interest in other central banks using negative interest rates. the fed is looking at two or so hikes per year. a lot less front end interest rates. some pressure on the dollar over time but not what we saw before. something we're watching 3% to 5% is reasonable pup start pushing 10 it's a problem. >> let's talk about the data. we'll get manufacturing numbers which has been sort of the weak spot in the economy over the last few months and even years blamed on the strong $and weak global demand. what do you expect there? we looking for rebound? >> we're looking for status quo somewhere around 51 and a half. i agree with your characterization. if you look at the gdp report for q3, it looks like the industrial side of the economy whether it's manufacturing or trade or energy that there's some stabilization going on
there. if you look beneath the surface, houvgs we had we-- however we h weakness. so there's some down side risk there. it looks like manufacturing is stabilize but all the data doesn't point in that direction just yet. >> one point, i fwowonder if we didn't pick up on. gdp, was that a surprise? >> no we all pretty much had that pegged the data was showing a broad stabilization in the industrial sector. trained balance added a lot. if you look beneath that what would be worrisome to us is the weakness and imports of consumer goods not auto. there's some softness that bears further watching. >> michael great stuff. thank you for joining us. a minute left what your sfwhachg. >> ten seconds. >> go.
good morning. global markets in focus today. stocks starting the month higher. likes a little anyway as we await the fed meeting and more corporate results. dow component pfizer on the clock. company expect trortd this hour. we'll bring numbers, reaction from wall street. race for the white house newly discovered emails from hillary clinton's private server raising questions about fbi's decision to disclose the info so soon before the elect. it's tuesday, november 1st, 2016. "squawk box" begins right now.
♪ good morning. welcome to "squawk box". i'm andrew ross sorkin along with joe kernen and michelle caruso-cabrera. take a look at u.s. equity futures. dow will open higher. s&p 500 opening six points higher and nasdaq looking to open about 15 points higher. some of that coming off what's taking place in europe where we have green arrows pretty much across the board. let's take a quick look at crude. wti right now trading at 46.77. so it's been a little bit steady march downward over the past couple of days. >> there's a big stories we're watching. bank of japan out with its latest policy decision overnight. i want revised its inflation forecast lower. following disappointing data but held off on spending stimulus.