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tv   Worldwide Exchange  CNBC  March 20, 2017 5:00am-6:01am EDT

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♪ good morning. under pressure. the g-20 drops its pledge to support free trade as finance chiefs of the world fail to find common ground. three more leave the ride sharing firm. and duke is out after a surprise loss to south carolina. we'll bring you all of the highlights from this weekend's thrilling wins and upsets. "world wide exchange" begins right now. ♪ so live your life hey hey hey you're steady getting that
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paper ♪ good morning and welcome to "world wide exchange on cnbc. >> let's check in on the market action this morning. last week we did see slight gains for the week as a whole. the dow was slightly higher, the nasdaq was up 3/4s of a percent and a the significant out performer of the pack. and 7 out of 11 sectors were positives. it was a risk off week in terms of performance utilities were the best fperformer. financials down 1%. the dow around 11 points. there was a big talker for the week was what happened to bond markets and what we saw was a flattening of the yield curve. the two year moved up slightly. and the 10 year down quite below
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the 2.5% level. having been 2.6 over a week ago. and we did see green from shanghai and hong kong. hong kong sfands by the way at more than one year highs. that stock market has been on fire. shanghai comp closing by almost half a percent. economic data showing property prices slowed in february. and economic data out of europe. rising 0.2% month to month. both figures came in short of estimates. it's pull back mode, kind of. nothing extreme but we are seeing declines of 3/10 of a percent for germany, for france. the five candidates actually meet for the first debate. >> a televised debate that we'll
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need get a translation of. >> and does seem to be something important to watch. and the centerest independent and marine le pen the far right leader. no one's expected to win 50% in the first round. so we'll go to the second round. and worth noting on the european board, it's the energy sectors that is weighing on the markets with oil prices declined this morning. first up the oil price which did see last week a rebound but only 0.6% for the week as a whole. ended slightly higher but 0.6% gains and being eradicated this morning. 48.3. dollar board is well worth looking at. we're in and around a five week low. last week we did see over a
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percept of declines, particularly against sterling. up over almost 2% for the week as a whole and continuing again as you see up slightly. the euroal rebounding. the japanese markets are closed today. and to round things off for you. there we are. slightly higher this morning. thursday, we will get new home sales and friday, february durable goods. some big names including general mills, nike, game stop and the action heats up on tuesday, that's when we'll get nike and fedex. on the cnbc agenda, don't miss an interview with patrick harker.
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that's steve leasen voting member interview. among this morning's top stories, g-20 finance ministers, change coming amid pressure from the trump administration. steven mnuchin did not support the free standing trade. >> we do have a new administration and we do have a different view on trade but i want to emphasize that view is making sure that trade works for the american workers and for our counterparties, that it's a good deal for both. >> while they argued about trade, they back their long standing warnings against disorderly foreign exchange markets. meanwhile, christine leguard says global strength is gaining strength but warns the wrong moves -- and leguard did say
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global corporation is crucial to achieving future growth. g 20 is a group of the biggest nations of the world that get together to make the these sort of blanket agreements and while maybe it's not considered the biggest deal for the markets, it's a symbolic statement. the fact they removed pledges for antiprotectionest measures shows the u.s. has clout and b, that this is going to be uncomfortable going forward. and buys more moves for a new president trump. the fact that he came to first g 20, got the language out from companies like germany and japan is a big deal. brace yourself for potential changes here. >> very big symbolic move. we always question coming out of these markets, will it lead to
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any action and will it lead to any action? but certainly a surprisingly symbolic development and comes off another contentious international meeting the president had on friday. >> he tweeted out he had a great meeting, despite the fake media and went after germany for not supplying 2% to nato. and shinzo abe taking free trade jabs at the u.s. speaking at tech fair in germany, both called for a free trade deal to be reached quickly between japan and the european union. their comments did come just after the g 20 meeting ended without the long standing open trade. and in other geopolitical news,
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he rejected president trump 's claim that he owes the nato and the u.s. vast sums of money. after meeting german chancellor merkel he argued germany owes vast umises of money to nato and the u.s. must be paid more for the valuable defense it provides to germany. germany disputing that. >> i think what's really interesting at these meetings is a, i felt was a much colder vibe around the press conference than the other previous ones with teresa may -- >> the handshake. >> i know. which had a lot of attention. but what's getting a lot of criticism and attention after these meetings is the way president trump makes promises and agreements in the room and soon after criticizes them and it makes empty any gains they
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make, the fact they arrive and the day after he signed the executive order to teresa may. she had left being commitment to the two and felt very much stabbed in the back and with this meeting as we just discussed, those tweets, whatever progress is made, he seems to undo it. and that's the reaction internationally that's hard to know where they stand with them. i don't think they know he plans to do it and it leads to difficult -- >> new sources of tension with very close friends and allies is going to lead us to unforeseen territory and the market does not seem disrupted too much by it np equity market holds near recent gains. and even the currency marked where you see the geopolitical tension and trade worries play out, relative laecalm. the u.s. dollar has been under
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selling pressure and that streak has gone on the last several sessions. but so far everything is calm and they're giving trump the benefit of the doubt. one place i would look to in the markets and the wall street journal wrote this up over the weekend, the small cap stocks. the u.s. small cap stocks was -- those have started to underperform the overall stock market so far this year. perhapts a sign that agenda is not coming together. and we'll see if higher rates in the fed. > meantime, conversations seem to strike to cordial accord.
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still, the two made little progress on the north korean nuclear progress. president trump criticizing kim jong-un saying he was quote acting very badly. saying administration officials had meetings during the weekend about north korea among other issues. the house intelligence committee will hold its first public hearing on russia and the 2016 election. the senate judiciary committee will begin hearings for president trump trump's pick for the supreme court. and president trump trump has a meeting with microsoft co founder, bill gates. jeff jones this time president of uber has out quit just after six months on the job. he joined uber from target. in a statement he says his
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believes and approach to leadership are quote inconsistent with what he saw at uber.. the company also suffered a loss when a judge in washington upheld an ordinance in seattle allowing drivers to unionize and could give them the ability to negotiate fairs and benefits. reports say the company is planning to sell its floor margarine and stock butter brands. cbc are said to be working on offers. deutsche bank to shore off its books hopes to raise over 8 billion yuros by selling at a discount. barrens thinks apple stock could jump 10% in the next six
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months. when we come back international business leaders are meeting with china's top decision makers and planners today. live report from the annual forum in bejing. i'm in vests and as a vested investor in vests, i invest with e*trade, where investors can investigate and invest in vests... or not in vests. this is my retirement. retiring retired tires.
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welcome back to "world wide exchange" and good morning. macron remains the favor toot win.
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and tonight is the country's first televised debate. french voters go to the polls in early april, end of may. and closely watched globally with one of the main candidates, marine le pencome paining acts vly for france to leave the euro. >> and a france for us to brush up on our french. >> for you. because i know-nothing. >> apart from ordering meals. and chooirn, the annual meeting attracting ceo's from around the world. and brushing up on his mandarin is from bejing with an update. jeff. >> reporter: yeah, hi, very good morning, guys. this has been a fascinating event over the last few days. i think we've had at least three nobel prize winning economists talking about the cunundroom of the trump administration and the
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free trade agenda and lots of former members of the u.s. administration are caught up with u.s. treasury secretary larry summers and cohen about the north korea dilemma and he a former u.s. defense secretary. i also spoke with andrew liverest from dow chemical. they generate 2/3 of its revenues from outside of the united states. and a key part of bringing manufacturing jobs back to the united states. the america first policy agenda, if you like. so when i spoke with him, that was one of my questions. did he feel there was any potential conflict of interest with him or the share holders feel like that with his involvement in this america first policy? let's have a listen to how he responded on this whole issue of protectionism and free trade.
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>> i'm part of president trump's activity to retain manufacturing. so it's not a zero sum game. this is not a zero sum game. people who trade in the global system, we know what has to happen here. and to satisfy populations feeling of inequity, globalization hasn't been fair. >> reporter: well, andrew liverest, quite comfortable, i think with the role he's playing along side donald trump bringing back the manufacturing jobs but i have to tell you quite a lot of ceo's here, not only from the united states but around the world who are feeling a little bit concerned that they think that we are gradually moving towards a more protectionest agenda and don't think it's going to serve them or not least the people here in china. back to you. >> jeff, is this a private sector event or a government
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event? >> reporter: well, inevitably everything that happens at this level in china has some state counsel involvement, some chinese government involvement. and this was attended by the premier of china. he had a closed door session with a whole group of international ceo's and policy makers. they see it as an opportunity to get frank in dialogue with ceo's from around the world who quite frankly there may be concerned about protectionism and they don't feel that they get fair market access into parts of the chinese economy. so they've been here pressing the issues, open the doors, embrace free trade. if you want to head off further friction with donald trump. so i think there have been very clear messages. >> thank you for us in china.
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still to come a march madness stunner between duke and south carolina. but before we head to break, here's today's national weather forecast from the weather channel's. >> good morning. happy spring. spring gets underway this morning of course and look at these temperatures. we are going to be in the mid70s in atlanta. a little windy and a little too hot in dallas. we skipped spring and went to summertime. that 60 degrees is above average for this time of the year. we have been waking up to a few thunderstorm warnings. chicago heavy rain, perhaps thunder. moving towards columbus and cleveland ohio as well. and on the west coast we finally have rain back in the forecast for san francisco bay. a breezy one as well. l.a. temperatures in the upper
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60s. we'll be right back. inspecting towers way up high avoiding turbulence in the sky. personalizing treatments with dna and recommending who should play. a dress that thinks, which crops to grow, tax prep to help keep payments low. you can find me on an oil rig, i answer questions small and big. hello, my name is watson. i answer questions small and big. say hello to at&t's best, unlimited data deal ever. it's a total game-changer. so now the whole family can binge, surf, shop, navigate, listen, game, stream and more. all without the hassle of worrying about overages...
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♪ what we do every night is like something out of a strange dream except that the next morning it all makes sense. to power global e-commerce fedex networks are massive far-reaching and, yes a little magical. ♪ . welcome back. lots on tap today in washington including a key hearing that could shed light on two issues that have dominated the headlines, russia and its involvement in the u.s. election and the president's claim that he was wire tapped by the previous president. good morning, jay. >> reporter: good morning. sarah. always great to talk and anything but usual in d.c. as
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you discuss the glare of the spotlight and wire tap allegations. those expected to intensify as we move through the morning here but also the administration trying to put its last stamp on the supreme court. >> you -- >> reporter: it's the start of what will be a critical week for the trump administration. fbi drengt irector james comey speak pub lackly for the first time about allegations of russian hacking during the election and whether president trump's team may have had ties to the situation. >> there was circumstantial evidence of collusion. there is direct evidence, i thipg of deception. >> reporter: opinions are divided along party lines. >> no evidence of collusion. >> reporter: leaders of both parties have said there's no evidence to support that the
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obama administration wire tapped trump tower. an issue expected to be a big part of today's hearing as well. >> it was a reckless statement. he charged the former president with a criminal act. >> reporter: also on capitol hill, the senate judiciary committee opens hearingings for president trump's supreme court nominee. >> i will use every tool at my desposal to block the nominee. >> reporter: that hearing and nomination process expected to last all week. thursday the house expected to vote on the controversial gop plan to replace obamacare plan. back to you. >> thank you very much. jay gray for us in washington. moving on to sports and a big upset in the ncaa tournament. second seeded duke was knocked out by south carolina, the 7
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seed in the east region. they trailed by 10 points before storming ahead. the stunner end would a score of 88-81. south carolina earning a trip to madison square gardens in new york to play baylor on friday. the first time the school has reached the sweet 16 since 1973. >> i had duke winning. >> this is the one i was meant to pick. >> south carolina? >> no. duke. sorry. duke is it? >> yeah, duke. >> anyway, here's the rest of the bracket. wisconsin plays florida in the east. gonzaga faces -- gonzaga, excuse me plays west virginia, it's kansas versus perdue and oregon versus michigan. and ucla taking on kentucky. >> i had duke winning the whole thing, even though i don't even like duke. my husband did it to punish me.
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and it's a problem and not just for me and the busted bracket. the ticket prices are plummeting because duke is a popular team. south carolina, not so much. >> maybe we should go. nice cheap date. and alas your husband's soccer team did better than mine. >> chelsea? >> yeah. smashing the balk office records this weekend. stay tuned. you're watching "world wide exchange" on cnbc.
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♪ good morning. crude crashed. oil prices crashing on a rise to u.s. drilling. saks fifth ask new inadvertently releases information online. it is monday march the 20th, 2017. you're watching "world wide exchange" on cnbc. ♪ hey hey hey good morning and welcome back to "world wide exchange" on cnbc. >> good morning to you from me as well. let's check in on the global markets. checking off monday on a little decline from u.s. futures. the action to the down side. dow futures down 10 1/2.
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nasdaq futures are down about five. and as for asia overnight, real strengths in hong kong and shanghai. there you see the hong kong zooming ahead to about 8/10 of a percent. shanghai comp also closing higher by 4/10. action in europe is a bit weaker. energy stock are the laggers here. and for france as well, we watch the politics. the ftse 100 and the swiss stock market sticking in better. >> and oil prices are slipping, not too significantly given the fours we've seen in recent weeks. you'll see they're round about 1.4%. 48.09. wti did recover last week.
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it was up 0.6% but clearly not a significant recovery in light of some of the polls we've seen recently. 10-year treasury note. and when we did see that fed rate hike, bond yields fell from 10 years and longer out on the yield curve because we didn't get a forecast for further hikes or as many as had been expected. we're back below the 2.5% level. the dollar also in light of that slipped, it fell about per of the dollar index and it's near a five-week low off the course of last week, it was down a percent. and the pound up almost 2%. dollar yen's been more flat. hasn't moved quite so much and isn't moving today with japan on holiday. gold prices bouncing back, up about 2/10ths of 1%. and on wednesday we'll get
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existing home sales. thursday, new home sales. and watch out starting tuesday, general mills, lenar, fedex, nike, winnebago, game stop, that's over the course of the week. nike reports after the bell. the dow component that i watched. that has come back a little bit in term oz of the stock action this year. don't miss an exclusive interview with the president of the philadelphia federal reserve bank. he's a voting member of the federal reserve. can the strength continue? stocks are up for the last seven out of the last eight weeks. and this comes despite what is increasing cracks in the politics when it comes to congress for the presidential agenda but they're still giving president trump and the republicans the benefit of the doubt when it comes to
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deregulation as a stimulus for stocks and profits and lower taxes. >> resilience. i think that's the key way to frame what markets have done in light of various head winds. how much was already pricesed in. it's a five week low. we always talk about this difference around the world but clearly a lot of that already priced in. >> you've also got this defensive theme where you see stocks like utilities doing a little bit better but there's this idea it continues to be a rotation that's turning stocks a little bit higher not being driven by the banks and small caps. the tone and dynamic has changed a little bit. so we've got new narkt leaders continuing to propel this market. >> i can't believe we're still going on q run earners. >> we're starting the next round
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with fedex and nike. the washington company says it made more than $1 billion bil bid to buy dominion diamond last month. the cash offer is a 36% premium to dominion's closing price friday but they said the terms were unacceptable, including the ability to veto the new choice for a ceo. sacks fifth avenue says its inadvertently exposed information online. saks sacks guilt and lower and taylor were storing data and it showed phone numbers and product id's. hudson bay has taken the information down and it's working quickly to resolve the situation. prosecutors in munich rev w
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reviewed volkswagen ceo. they searched audi's headquarters and the factory as well as the base of parent company vw. reports say prosecutors search personal calendars and memories cards in their smart phones. and he's chairman of audi's supervisory board. money gram is making money available. moneygram already has a deal in place to be in china affiliate for $880 billion. and they're teaming up to bring more cloud services to companies. they'll go live next year. vodafone to merge with idea
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cellular. and operates at nearly 300 million customers. some more stocks to waump. grub hub could lose more than 25% of its value in the next year or so. increased competition and higher costs as reasons for the potential dip in the stock price. shares of abbott labs and had a higher rate of serioused averse heart events than those treated with the extents. speaking of medical news, johnson and johnson and buyers xarelto getting pausesative study. the blood thinner cut the risk of rekerring blood clots compared with the low dose aspartnersha
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aspir aspirin. and here with more on that. good morning. >> that's right. disney's "beauty and the beast" debuting with a roar. it was a beauty at the box office opening at $170 million domestically and $350 million globally. easily making returns on $160 million it took to produce the film. surpassing disney's finding dory and became the number seven launch of all time for any movie, leaving out the final harry potter film which also starred emma watson. and the live action remakes, the what's old is new again strategy is playing off. and previous live action hits such as alice and wonderland.
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moulin, little mermaid, and aladen as the beast seems destined for the billion dollar club. up about 14% in the last year. back over to you. >> there's a new lion king coming. >> beauty and the beast i caught it this weekend. you've got to catch all of us who cauggrew aup with it. >> that's my fear is the original was such a major part of my life. >> landon thank you, very much. how do they do a live action remake of the lion king? that's going to be hard to film, isn't it? >> that's sort of what they did with jungle book. >> i didn't see that. did you? >> no. if you're traveling this spring leave a little extra time. a record 445 million passengers
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will fly up 4% from last year. and airlines are adding more seats. time for top trending stories. the tributes are pouring in for legendary musician chuck berry after he passed away at age 90. he's best known for johnny be good and roll over beethoven. and mick jagger "i am so sad to hear of chuck barry's passing." >> and bruce springsteen. "greatest pure rock and rollest ever seen." >> and "it genesis behind the sound of rock and roll." another passing of note, jim jimmy breslin was 88 years old. the pulitzer prize winning
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journalist wrote a column for "till the time of his death. writing mourning the passing of jimmy breslin. he was one of the great newspaper men of all time and a great compassionate man. david axelrod tweeting i grew up reading it. he captured new york city like nobody else. sesame street is adding a new character to its main cast. a new muppet is autistic elmo. saying quote we really like julia. she is really special to us. oh, elmo. excuse me. elmo making the introduction. >> amazon and a team of stylists want to help the latest version of the e commerce app. users can upload photos wearing various outfits to the app and
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real stylists will base their choices based on fit. >> i don't want to send in a picture to a website of myself. >> you take selfies daily and you're on tv daily. >> because you don't want them to have that data. i guess they have every other data of my life. >> i can see certain individuals being against that. >> when we come back -- >> i almost just want to wear what i want to wear and be stuck with it. >> you're confident. we've got today's must read stories coming to you. but as we fwoe to break. a look at equitiess at this hour. u.s. futures falling in their foot steps.
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what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers) what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley
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may not always be clear. but at t. rowe price, we can help guide your retirement savings. so wherever your retirement journey takes you, we can help you reach your goals. call us or your advisor t. rowe price. invest with confidence. welcome back to "world wide exchange." futures, as you can see down about nine points on the dow off the back of gains for the week as a whole. the dow was basically flat np dow was up 3/4s of 1%. and oil prices are slipping yet again today. they gaind and bounced back. and slipping 1 1/2% this morning
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and wti's decline is weighing on the energy sector in europe. will have an impact at the it open state side as well. the dollar index has hit a five-week low. declined over a per sent last week, particularly against the likes of the pound and euro. and the yen also flat this morning in light of the fact that japan is closed today for the japanese equity market is closed today. the dollar is continuing to slip just a little bit this morning. moving on to must read stories. my pick in the financial times. three ways the economic and financial cycle could end. as for the down turn, we currently prescribe a higher probability to the fed because of rising inflation risks related to the other two stories." he outlined what the other two could have been. a down turn in the financial
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super cycle and the chance of it ending in the next 24 months is higher around thur30%. always technical but very accurate. i find a very good person to keep an eye on. not next 24 months but next twelve months to watch out for. >> my pick is in the u.s.a. today. on the hearing that we're finally going to get nomination for neil gorsuch. and one of the questions should be an unheard of in -- it is unheard of in modern times for a president to fail to complight to an order of a judge. if a president did not comply, what should happen next? one question they say from neil
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gorsuch. of course referencing what is happening with the immigration executive order and the fact that it is facing chal mlenges the court and they dwell on this tradition for these judges not to answer too much and not to weigh into the political opinions on the issues, to uphold the integrity of the court and understand the way they think about these issues. but not so much weigh in. we'll see what happens. mike bloomberg writing that the democrat should not fall victim to republicans. just listen and consider even though they're still mad at president obama's choice not getting a hearing. john manly is with us chief equity strategist at wells fargo.
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welcome back to "world wide exchange" and good morning on a monday. wednesday we'll get february existing home sales. friday, february durable goods. earnings to watch this week including general mills, lenar, fedex, nike, winnebago, gamestop. quick check in on futures pointing lower at this hour. slightly 11 points down on the dow. chief equity strategist at wells fargo. thanks very much for joining us. we did see gains in the equity markets once again. but the bigger story was the reaction to the fed rate hike, very much sung esting it was a buy the rumor, sell the fact type moment. >> you had to be living in a cave not to know it was coming. if that's what she wants to do,
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that's exactly what she should do. >> buying of stocks. bonds. >> because it's over. i worry that you might sell. you worry that he might sell. we're all worried about somebody else selling. we know this is a good thing. we know the economy is stronger, healthier. we take it for what we think it is, rather than what someone else might do. >> and in terms of the belief we were only going to get one or two mikes this year. are we stuck around the 2.5% level? >> i think so. i took the right choice to become an equity strategist instead of a bond strategist. i think the rally in bonds is over. that rally started when i was 27 years old. what do you want out of life? it's been a long time coming. rates are not going to go up
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dramatically in the short term. no one wants them to. but i think 2 1/2 is as good a number as any. >> we were talking about what has led us higher over the last few weeks and it's not necessarily post election. the small cap. they've all taken a backseat and we're getting back in defensive mode. this rotation. do you see it continuing to propel the stock market high snr. >> they'll give you good earnings but not surprisingly good earnings. i think you have innovation. so that could continue to do well and don't think they can damage it that much. you look at tech -- not necessarily inflation butted i think tech infor's a good examp. they're going to face wage pressures, benefit pressures.
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don't want to give in but they have to. so they use tech. >> are you concerned about the levels we could see a more meaningful return to the oil price lows we saw last year? >> only if there's an overreaction. i'm not swlur the fundamental price of oil should be. we do have stoppers. we do have things, especially with opec. they want to intervene, they don't want to intervene. so it may look like it's slipping towards negligentable amounts and all the sudden it rallies. i think oil prices are probably stuck around where they are now. i don't see very high or low price, just stuck here. >> do you see earnings as a head wind? >> no, as a tail wind. i think what's happened is they
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went nowhere. earnings have started to rise. and mr. trump ariechbed for a very fortunate time for mr. trump as far as earnings are concerned. that's money caused by efficiency -- >> the earningsing will keep the market go toing? >> i think so. forward consensus numbers, bottom up. the markets around 17/18 times. it's not cheap or outrageous either. >> what about the rest of the world? >> they're good. not necessarily -- they are where we were a few years ago. they can do things we've already done. so it's not a question of good and bad. it's a question of good and better. >> it's hard. because sometimes -- i think the
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u.s. -- i'm not as wild about tokyo as i should be. china could do well but it's a mystery for me. i think continental europe can do really well. >> do you worry at all, finally and it gets to our watch to watch segment, but do you worry about the trump administration coming through? >> yeah. i've got to say i think the scariest thing any wall streeter could see is any politician getting everything they want. >> i'll be watching that hearing on russia. it's the first time we'll hear from fbi director james comey on the election hacking. >> and mr. harker midmorning.
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he's a voting member this year off the back of a soft week for the dollar this week. "squawk box" coming thekst. on select 2017 models for these terms. experience amazing at your lexus dealer.
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good morning. g 20 finance ministers meet with free divisions on free trade and steve mnuchin holding firm to the u.s. agenda. it's another day, right. fbi director james comey ready to testify today as law makers investigate russian medaling in the 2016 election. and a blockbuster weekend for disney. but a bracket busting sunday for duke. it is monday march 20th, 2017. and "squawk box" begins right
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now. ♪ live from new york where business never sleeps, this is "squawk box." ♪ good morning everybody. welcome to "squawk box." we are live from the nasdaq market site in times square. our guest is senior managing drengter at investment partners and great to see you here. >> joe's very enthusiastic this morning. i appreciate it. for a monday morning. wow, he's fired up. >> something about -- >> the markets. >> the nasdaq market site. >> i'm working on the bacon. we talk about it last week. >> this is an issue. joe wants bacon in the morning. >> i have can tell joe gets what he wants. i'm without a jacket right now. >> joe made the mistake of showing up

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