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tv   Worldwide Exchange  CNBC  January 9, 2017 5:00am-6:01am EST

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good morning "markets now." slump following teresa may's latest brexit comments. why gm's not caving to donald trump's criticism. and it was a record breaking evening at last night's golden globes. it's monday, january the 9th and "world wide exchange" begins right now. ♪ good morning and welcome to "world wide exchange" on cnbc.
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happy monday. >> very good morning to you from me as well. let's check in on the global markets this morning. the session after the dow came in a fraction. >> 0.37 of a point. >> tat was wild. dow futures up six points. nasdaq futures are up five. and as for the 10-year treasury note yield, what kind of read we're getting after the jobs report came in weaker than expected on the headline. best since 2009. that was taken as a positive, certainly in the bond market and the dollar. god bless you and 240. so we remain in higher yield territory post jobs. >> the yields differential was interesting. we saw yields slip and we went to a low of 2.33. and a similar path for the dollar that rallied towards the end of the week to end the week
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flat. >> the chief economist sugge suggesting that the bond and currency market was calming down. not so much in the equity market and he says always bonds are right on that front or maybe they just sold off a little too quickly too fast. >> let's look at global markets this morning. teresa may indicating an exit from the single market is part of her brexit plan. are you suggesting we'rer leaving towards a hard brexit rather than a soft brexit outcome? may says she has no plans to keep bits of eu membership. >> it's wrong to look at this as just a binary issue as to eitherer you have control of immigration or you have a good trade deal. i don't see it as a binary issue. we will, outside the european union be able to have control of immigration and set rules for people coming to the uk for member states of the uk but also
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as part of that brexit deal will be working to get the best possible deal in the trading relationship with the european union. sharp move south in the british pound 1 and 1/4% against the u.s. dollar. so reiginaniting some of the po weakness. and we're hovering around another record high. and it highlights to me the fact that there is still a lot of potential weakness on this brexit story as in article 50 still to be invoked. i'm sure that will spark another issue of weakness. pretty surprising to see such a big move. >> and you have to wonder does the pound move reflect the fact that the fundamentals of the british economy will deteriorate under a hard brexit type
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scenario that she spells out. you look that ftse 100 high but that's really only aflection of the weaker pound. the clear ramifications on the global and british economy are unknown. we have not seen the brexit yet and that reflengts the fact that there is a lot of uncertainty. >> and i think the ftse 100 is highlighted that at least in the short term, the pountd has been the big shock absorber. and we haven't seen the other negative effects, not the type of good reflation we're expecting in the u.s. >> or potentially -- banks leaving. if this trading relationship doesn't go smoothly as planned, especially with europe, that could mean big changes. >> but either way, pound sharply low. and the euro zone november jobless rate coming in at 9.8%.
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german exports and imports rising both more than expected in november. industrial production was up for a second month but fell short of consensus. in asia, china's vice finance minister says they're confident it reached economic growth of 6.7%. >> surprise. >> yeah, they seem to meet that target. china's foreign exchange reserves fell to six-year lows. they held just above that critical $3 trillion level. a lot of people thought it would drop below that. and people stepping tine support the weakening yuan. the more costly it is and that's why the cushion of financial strength is important to watch and it really has fallen. >> last week we saw the biggest rise in history a 3% move
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upwards. that was the short squeeze, china trying to stem flows and allowed it to bounce. since that it's continued to fall today and people are waking up, but yes they're trying to put these capital controls on but it's expensive. december, $41 billion fall in china's fx reserves. but this is a tide that they're working against pretty heavily and that's what is lallowing th currency to fall. >> sent shivers through the entire forexmarket last week. japanese markerates clots are c today. second monday of january they celebrate the maturity of those who turn 20 years old in japan. i wikipedia'd it this morning and shanghai not spooked.
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up about half a percent. >> tomb sweeping day in hong kong. it's a market holiday when it comes around. as for broader markets, let's have a look at oil prices which did end the week in praat territory. and you can see, down the best part of 2%. down and slipping to start the week -- sorry, positivity the final day of the week and softness in the middle of the week, either way, ending flat. and there was quite a bit of divergence against the smaller nations and the yen ending pretty much flat. we're not doing much apart from the pound which is much weaker apart from the pound. bitcoin big story last week.
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record all time highs and about 10% of profiting, down a little bit this morning, 3%. and gold prices to round things off is up a little bit. a quarter of a percent at 11.76. it's a light day on the economic front. a pair of fed officials are also speaking. eric rosengren in atlanta. with less than woo a week to go before president elect trump is inaugurated. powell, although he didn't mention the incoming president by name, he did elude to his proposals, suggesting that u.s. may be moving toords more balanced policy with what sounds like more fiscal support. robert kaplan more cautious when he spoke at the aea conference.
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he said it's too early to know if they'll boost economic growth. and then kashkari wants to force u.s. banks to hold more capital to head off future financial crisis and he revealed he's optimistic about his plan's chances under president elect trump. they have to be careful not to weigh too much into the politics. but they have to be reassured by the fact that fiscal policy is back on the table. it's been a huge frustration. i would argue of not just u.s. central bankers, but around the world. how many times has he told politicians, it's on you too? you have to stimulate fiscal policies to stimulate growth? >> i'm not sure where he's getting the optimism from because he's the out liar in terms of calling for more capital. the rhetoric since the election has been expecting them to
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soften. so i'm not sure why he's optimistic. >> that poppialest wave. i don't know. there's lot of goldman ex-bankers if they get confirmed. sticking with politics, foreign secretary boris johnson met with top advisors of president elect trump including stephen bannon and kushner and including house speaker paul ryan, senator bob coker and senator majority leader, mitch mcconnell and after late last week the conformation tat teresa may will be visiting donald trump in a couple months time. and thawing otherwise icy british relations. >> it it was moving in this direction, trump saying he backed brexit and nigel being
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best buds. >> that was seen as negative in the u.k. general motors isn't caving to donald trump. gm ceo says they have no plans to change where it produces small cars. last week trump threatened to slap a border tax on gm for importing the compact chevy crews from the mexico. it says decisions made two to four years ahead of time and stressed most chevy crews are made in ohio with only a small number being imported from mexico and looks forward to being part of the solution. she a part of the group of ceo's that will be advising trump on economic issues. out of the auto show, chrysler will invest $1 billion
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including one to make the dodge ram pick up truck currently produced in mexico. it will create more than 2,000 jobs and three new jeep models in the u.s. we'll have more from detroit and the auto show later in the show. things are heating up between trump and china. state run global times that china would take revenge if he tries to reverse the one-china policy. the comments come just hours after the president of taiwan met with cruz -- saying she should not have any formal government meetings under the one-china policy. saying sticking to that policy is not a cupriapricious request an obgiegz respect the existing order of the asian pacific. and reportedly in deal talks
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with jared kushner. discussing plans to redevelop the flagship new york building at 666 fifth avenue. kushner who is married to donald trump's daughter -- this is according to the new york times. kushner is studying with lawyers how he would have to devest and distance himself from the family business if he were to take a position in the incoming administration. add it to the list of potential conflingt conflicts of interest. and to an update on the alleged hacking of russia. trump's incoming chief of staff says the president elect accepts that they conducted cyber attacks and speaking yesterday, kellyanne conway stressed on
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"meet the press" that they did not succeed in their attempts to sway the election. the fbi arresting a volkswagen executive. that and much more still to come.
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welcome back to "world wide exchange." the fbi arrested a volkswagen executive on fraud charges le s
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linked to that emissions scandal. oliver schmidt who was in charge of the office in u.s. volkswagen does say it continues to cooperate with the justice department to resolve issues from its cheating scandal. they sold nearly 6 million cars in 2016, helped by significant growth in china that's been paying big tabs to try to put this emissions scandal to rest. spacex has delayed the falcon rocket. it was supposed to lift off yesterday. the new date is this saturday. it will be the first take off since the accident that it blames on fuelling problems, and. still to come, winners,
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losers and the moment everyone is talking about including quite a few british wins. and as we head to break, here's the national weather forecast from the weather channel's kelly. >> good morn morning, sarah. it's a cold one, especially across the south. even floridians are freezing this morning. we'll have a good deal of sunshine in the southeast melting whatever is left from the snow and ice over the weekend from raleigh to atlanta. a nice mild day in dallas albeit a little windy. cloudy in new york. 25 degrees. our next big weather maker causing problems in california. mud slides as well. those snow levels were running very high, adding to the run off. but the snow levels will be dropping today. we'll see cooler temperatures, mid-60s in l.a. and only 8 degrees in bismark. we'll be right back. cont
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cogsporon tarar
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welcome back to "world wide exchange" and good morning. pretty much flat this morning. dow futures are up one after high drama in friday afternoon's session where it came less than 21.away from 10,000. and s&p futures barely negative. as for actions and currencies.
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more dollar strength against the yen, euro and big time against the british pound. the pound done more than 1% after comments from the prime minister, teresa may indicating a tough stance, hardline position when it comes to brexit negotiations. no economic data but we have a lot of conferences and potential ceo interviews from the detroit auto show, retail conference tomorrow so that will be in focus for wall street this week. president elect donald trump's incoming chief of staff says repealing and replacing obamacare at the same time would be ideal but it may take time to get all the elements ready. president obama was asked his opinion over the weekend. >> -- obamacare going to survive? >> i think it will. it may be called something else.
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i don't mind. if in fact they make modifications, sh of which i may have been seeking previously but they wouldn't cooperate because they didn't want to make the system work and relabel it as trumpcare, i'm fine with that. >> last week house speaker, paul ryan said congressional republicans will replace health care. and a fairwell address at chicago's mccormick place. close to 7,000 people waited in line to grab one. tickets then appeared on online sites going for as much as $5,000. donald trump will be sworn in as president on january the 20th, just 11 days away. among the changes this time around, the announcer will be different. 89-year-old charles brockman has been the voice of every parade since dwight eisenhower in 1957.
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the trump team is replacing him with a 58-year-old washington free lance announcer who has worked with the washington nationals and says he will be honored. the golden globe award are in the books honoring the best and worst in tv film. jenna kim wraps up the highlights. >> "la la land." >> reporter: it was a perfect night, winning all seven awards including best director and best musical or comedy. the film's hall also included acting honors for ryan gosling and emma stone. on the drama side, a coming of age story set in a dangerous miami neighborhood took top prize while casey afflec won best actor for "manchester by the sea."
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even more surprised by best actress winner for "elle." in the tv realm, rookies led the way. donald glover won best actor in his first year series, "atlanta". and the netflix series about young queen elizabeth ii winning best drama and the actress winning best actress. and best actor went to billy bob thorten while tracee ellis ross won for blackish. and the sessal b. demill award for lifetime achievement. >> hollywood is crawling with outsiders and foreigners and if we kick them all out, you'll have nothing to watch but football and mixed martial arts, which are not the arts. in a break with tradition,
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jimmy fallon opened with a nod to "la la land." gina kim, nbc news. >> "la la land" has been a big source of contention. >> we both agree it was good but seven out of seven is pretty impressive because it's also a nod to the industry. >> if this were the same film about new york and not hollywood, i don't think it would have done as well. >> "the crown". >> "the crown" is excellent. i think it's one of the best shows. >> congratulations to the creator of that show. the new york giants travelled to a frozen green bay to take on the packers yesterday. the packers ended up dominating the giants. green bay beat the giants 38-13. they will face dallas cowboys this coming sunday. >> i'm still looking at the
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outfits of the golden globes. i'm reading the worst dressed which is my favorite. i'm not into yellow. the necklines are too deep. when we come back, a round up of the global markets and we'll head to the detroit ought so show. live a live report on big headlines already coming out of there. you're watching world wide exchange on cnbc. n the s t tt so finans,ur
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good morning.
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markets now. the british pound slips p ftse 100 rises after teresa may's comments. and meantime fiat chrysler announces plans to retool u.s. plants. a live from the detroit ougauto show. it's monday, january the 9th, 2017. you're watching "world wide exchange. "on cnbc. ♪ ♪ it's going to be all right we don't even have to try ♪ >> welcome back to "world wide exchange" on cnbc. let's check in on global markets this morning. after another solid week for stocks, the dow came less than a point away from 20,000. high drama in the stock market. right now we're seeing futures having a mixed picture.
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there we go. dow futures slipping to the negative territory. they were up a few points half an hour ago, now down two. nasdaq futures remain positive, three and the s&p 500 futures down one. tech was a strong performer last week. as this continued rotation pushing the overall industries higher. >> and nike up 6%. big loser last year. 10 out of 11 s&p sectors led by health care. so by the end of the week we ended positive territory but with a lot of rotation out there that goldman sachs having been a big winner. and the dollar picks up strength this morning against the yen about 2/10 of a percent and stronger against the euro. a lot stronger against the pound. that move sharp about 2%.
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it's actually off the lows of the day but still 121.37 after comments from the prime minister, teresa may to sky news about a tough stance on brexit. >> main point saying we're not going to have a special deal, we will leave fully, e.u. and have a direct bilateral relationship. the main take away is that negative brexit news still moves the pound. and i'm sure as we get closer to article 50 being invoked by the end of march -- >> there's still uncertainty. and as for the action in europe, stocks across the continent. one notable bright spot which is the u.k. ftse 100 which is higher thanks to the weaker pound. that makes the exporting companies that dominate the ftse 100 very competitive and so it lifts that stock mark toet to a
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record high. stock in particular down by more than half a percent and spain and italy. >> it's more that the footsy ae wy 1 -- ftse 100 is high with foreign nationals, as for the pure fundamental it boosts the economy because of export. it's just translation of foreign earnings for a company that happens oo be in london. japan closed for the coming of age day holiday. but the rest of asia looked solid. the shanghai comp up half a percent and -- excuse me. up a little more than 2/10 of a percent. hong kong action up a quarter of 1%. >> oil prices soft today. we had a fourth positive week in a row. albeit only slightly. it was half a percent friday and
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down 1 1/2% today. bitcoin which hit record highs last week and then saw sharp profit taking by the end of the week is soft by about 1% today at 898. gold prices slightly positive this morning. earlier up about a 1/4 of a persechpe perce percent. the u.s. senate will be busy with several confirmation hearings. they begin a two-day hearing on jeff sessions nomination for attorney general and the homeland security panel will review general john kelly's nomination. on wednesday the house and education committee will consider betsy devos for secretary of education and elaine chao to be secretary of transportation and on thursday, a hearing on james mats
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nomination to be secretary of defense while the banking and housing committee will consider ben carson to lead housing and urban development and wilbur ross for secretary off commerce. the world's largest automakers are gathering in detroit this weekend. good morning to you. >> reporter: good morning, you know president elect donald trump will not be coming to the detroit auto show this year. a couple of pieces of news from yesterday. and this from fiat chrysler. it will be investing $1 billion as it invests in its jeep line up in the united states. investing in plants in michigan, ohio. 2,000 jobs will be added. they're bringing a jeep pick up truck and bringing back the jeep wag nooer and grand wagoneer.
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sergio marshen is no fool. he realizes that keeps their production in mexico less -- makes it less likely to be a target of a tweet from president elect. and meanwhile, general motors unveiled the new gmc terrain. the ceo says the company has no plans to change where it builds its vehicles right now but will work with the trump administration in whether it can do more in the united states. and with you take a look at volkswagen, it's in the news because of the arrest of a volkswagen executive yesterday reported by the new york times. last night the company unveiled what they're calling the id bugs. this was the future vision of the vw microbus. the ceo would not talk about the
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criminal investigation but believes the company is slowing putting the investigation behind it. in going forward, we see they're very optimistic and narrowing this gap because in november and december we're highly successful year after year. so tloherefore with the product to come we're very optimistic we will recover solidly. >> and there was news yesterday from wamo. formally known as the google self-driving car project. a squawk box exclusive. we're sitting down with the ceo of waymo. they announced yesterday it has dramatically lowered the price of self-driving car technology and eventually to millions of vehicles not only in the united states but around the world. autonomous vehicle drive
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technology, all of the automakers are making an even bigger push to bring that to market as quickly as possible. >> you mentioned that donald trump's presence can be felt without him being there. what is the sentiment towards that? sentiment to markets has been more positive broadly but specific issues that have hurt certain companies including automakers. are they positive or negative? >> reporter: i would say they're positive whether it comes to the corporate tax code or potential changes in the trade policy for the united states. having said that, when the president elect says i don't like these vehicles being built in mexico, production needs to be brought back to the united states, you talked about it earlier in the show. they make these decisions four years in advance. so the production in mexico has been for years. and if a new plant is being
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built, that decision was made in 2013. this is not an industry that can change on the dime. it can't happen like that. >> so does this give a leg up to the foreign automakers? the japanese automakers and the europeans. is there a feeling that this gives them a little bit of an edge because they're not dealing with the same political pressures? >> reporter: no. because they are dealing with those political pressures. tl you heard from the president elect last week when he sited toyota and the production of the corolla which is going to be built in a plant in mexico. it's still being built in mississippi but future production plans are for mexico and he said no, i don't want the corolla being built there and shipped back the united states. there is this theme saying it's just the big three in the target sights for the president elect.
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no, it's the entire industry. so when you talk with foreign automakers and executives, they are as concerned as the domestic automakers about what policies will be inhenacted. >> because everybody wants to sell here. phil, thank you. >> it's the most lucrative in the world. political pressures over shadowing what's supposed to be looking at pretty cars. host jimmy fallon welcoming the audience to the golden globes, calling it one of the few places left where america still honors the popular vote. i don't know if that's true actually. "la la land" winning all seven of the awards it was nominated for including best director, best screen play. meryl streep accepting the sessal b. demill award for her
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political statements and statements about carrie fisher. >> and a nice opening sequence for jimmy fallon as well. >> did he do a "la la land" skit? >> yes. >> because he can sing. he's on the "hamilton" mix tape. >> big "hamilton" fan. >> "hamilton" fan and jimmy fallon fan. authorities make progress in kim kardashian's robbery case. several people were arrested in connection with the robbery. reports say 15 people were arrested in total. kardashian was robbed in gunpoint in october with near millions stolen in jewelry. and a trolling campaign against free lance reporter, lauren dukau. shkreli photo shopped an image of her and her husband.
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>> he's going to the inauguration? that's a surprise to me. >> i don't know if he was just speaking on twitter. she's on a couch in this image next to him. duka tweeted how is this allowed? shkreli's account was suspended soon after for targeted harassment. we get so many twitter trolls and hate -- this is the main problem with twitter. i'm glad something was done about it but it doesn't get done about enough. >> and perhaps they acted. >> good to know you can tweet dorsey about it. maybe he'll respond. the #alexa's problems -- they covered a story about an accidental amazon order. a 6-year-old girl who accidently ordered cookies and a doll house
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from amazon. during the show one of the anchors said i love this little girl's take on it. alexa ordered me a doll house and they are eceived multiple reports from their echo devices that tried to ordered doll houses when they heard the tv broadcast. disappointing for amazon but quite amusing for the children. when we come back the must-read stories. and as we head to break a look back in history 10 years ago today. steve jobs unveils the first iphone. two versions a 4 and 8 gigabyte model went on sale in june with lines around the block.
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welcome back to "world wide exchange." time for our must-read stories. my pick in the washington post titled trump's job jawboning may be good politics but not good economics. we just talked to phil about how the political pressures are looming large to build the cars in the u.s. samuelson writing by itself manufacturing can't sustain strong u.s. jobs growth. the employment base is too small out of a total 145 million. that's about 8% of the work
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force. and he sites data and research saying the hypothetical supposed optimistically that trump saved one factory job a week with 1,000 workers a week from moving abroad. after a year that would only be 50,000 jobs which is a 1/4 of one months job average. yes, it was disappointing but about 150,000 jobs created every month. while he is focusing on jobs and manufacturing jobs for good reason because that's been a sector decimated over the last few years, globalization, technology. it's not enough to move the needle. >> and because say you do save the odd thousand here or there. in the long-term, a big company like toyota that has auchoption
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produce all around the world, are they going to change their decision making to do the next bigger part and at the moment, it's not highlighted enough. my pick's in the financial times. it's titled u.s. tax reform is vital but donald trump's plan is flawed. he says there is no doubt that the status quo where america has the highest statutory rates can be improved on, unfortunately the reforms identified by paul ryan, speaker of the house and donald trump appear to damage the tax base and global economies and a number of factors from the current plans which is focussed on taxing cash flows it will lead to long-time eroding the tax base and protectionest measures. and even though we're thinking of tax reform as a simple measurer, he says that will be leading to other countries
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having to retaliate as well and that's going to be a big negative. >> something that relates to automakers, retailers. >> and markets will see this as a big positive. >> so summers has been warning there's too much optimism in the trump rally. and you have to remember summers, u.s. treasury secretary. obama advisor. and he comes from the other side of the isle. when we come back, the dow coming within a fraction of one point of dow 20,000. we'll speak to paul hickey next. you're watching. sese bst ncofna nknyny
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it is a busy week ahead with many potential market moving events on the agenda as the dow flirts with 20,000.
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paul hickey, co founder of the spoke investment group. the fact we're starting off a new year and a new presidency just around dow 20,000 does that mean expectations are getting too high? >> it could. you compare 2017 to 2009, you couldn't have more different world environment. with trump, the market has gone nothing but up since election day. we had one pull back of a percent 1/2. when obama was elected it was down and we had more than 35 different backs of at least 2%. it was a very zig zag pattern whereas now it's been nothing but steady up. the expectations are a lot higher now than they were in 2009 and so it just leaves the potential for more room for disappointment. >> and something very different
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from 2009 to today is that banks were leading the market down and they've since led the market up. is there scope for rotation, even if markets do improve in general, are we going to see rotation from what we've seen since the election? >> you're bound to see some rotation. i think coming this friday when we see the first bank earnings report, that will be good indication. they have been reacting horribly to earnings throughout this whole bull market. so we have high expectations coming into earnings. so if they can keep that momentum going and do well on these reports, that will be a good indication. >> you mentioned the markets have gone straight up since the election and that leads to higher expectations. we've seen a dead locked congress getting basically no pro growth stimulus, no tax reform. corporations are still paying
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this high tax rate. all these things should change the peckture, should they not? >> a lot of trump's policies, tax relief, are good. could be positive for the economy but with the last eight years have shown us is that the economy and the market are not always the same animal. we've had one of the most sluggish recoveries so we could have a strong economy and not so good. we're not necessarily dawe're n bearish on the market but there's less to get excited about. >> in terms of the u.s. dollar, what's your forecast? it was clearly struggling for direction, ending pretty much flat. >> i think in an environment where we saw brexit last summer where as much as people are disappointed with what's going on in the u.s. right now.
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i think the u.s. is a bastion of stability and that's going to be positive for the dollar and when brexit makes the british pound less safe as we've seen in the last two days of trading, more capital comes to where it's traded better and right now the u.s. is one of those places. >> you got me thinking about this multiyear bull market starting with 2009 and how tremendous it's been. and the sentiment has been negative throughout. so it continues to climb this wall of worry and while they're feel nothi feeling enthusiastic, are you feeling it's too much a time to pull back? >> we've seen sentiment improve over the last several weeks but individual investors have sat out this bull market. if we can get individual investor sentiment back in the market, that can get stocks
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higher. we've had 105 week wheres the bullish sentiment has been below 50%. that only happened one other time, and got above 50% in 1995. >> but nowhere near like 2000 levels, right? >> no, far from it. >> 2007. >> the sentiment right now is we've seen a big rebound but it's coming off exceptionally low levels. >> picture around the rest of the world? constructive? negative? is that a risk the u.s. markeratmarkets are ignore sng. >> we're seeing accelerating growth, inflation pick up. so i think it's a healthy environment and in some areas of asia, china and even asia showing pick up in data. >> about 15 seconds left. watching the pound? >> i'm watching the automakers.
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political pressures weighing big time in detroit. >> that's it for "world wide exchange." thanks for joining us. "squawk box" is next.
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the dow was less than a point away on friday but i watched and cabrera kept talking about 20,000 and then it pulled back. like we didn't know that was going to happen? plus the pound getting pounded after comments from the prime minister, teresa may on the brexit, we'll show you what she said. and news out of detroit, fiat chrysler investing a billion dollars in two u.s. plants. it's monday, january 9th, 2017,
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and "squawk box" begins right now. ♪ living in america >> live from new york where business never sleeps. this is "squawk box." ♪ >> i'm making you cuban. that's a very cuban way to think. it got within a point. >> i was on call to come on and talk. >> really? >> on the phone. >> wow. extending your thanks for us. >> i was on the couch. >> good morning and welcome to "squawk box" we're live from the nasdaq spot and u.s. equities future suggest a lower open for the dow, and the s&p. pretty flat open so dow, you kn


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