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tv   Worldwide Exchange  CNBC  August 18, 2017 5:00am-6:00am EDT

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breaking new now, a massive manhunt underway in spain after a terrorist drove a van into a crowd of tourists killing 13 at least five suspected terrorists a dead following a separate incident south of barcelona. we're live in spain with the latest on this unfolding story. risk off stocks posting their second worst day of the year as terrorism fears and concerns out of washington weigh on investors. we're all over the early market action. and president trump scraps plans for an infrastructure
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council as fallout from charlottesville grows. it's friday, august 18, 2017 "worldwide exchange" begins right now. good morning welcome to "worldwide exchange" on cnbc. i'm seema mody in for sara eisen. >> i'm dominic chu in for wilfred frost. we'll have the latest on all of that barcelona action. let's check what's happening with the global markets. we're seeing a reaction to what happened in barcelona and what happened yesterday in u.s. markets. futures pointing to marginally lower opens following on yesterday's big losses the s&p 500 opening up down 3 points if futures stay where they are the dow down about 11 points as for asia, we saw weakness there carry over from the markets. indexes mostly in the red.
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the nikkei off by a percent. the hang seng off by a percent the shanghai just about flat the kospi is off by 0.1% as for europe, negativity continues there. some major markets there, the dax in germany off by close to a percent. the cac in france off by over a percent as is the ftse 100 in the uk >> travel and leisure the worst performing sector in early trade in europe. a massive manhunt is underway in spain for the terrorist who drove a van into a crowd of pedestrians in the heart of barcelona yesterday early this morning spanish police confirmed a separate suspected terror attack in the coastal town of cambrils here's what we know. 13 people are confirmed dead and more than 100 others areinjure in the barcelona attack. authorities expect the number of deaths will rise isis has claimed responsibility for the attack but has offered no proof in the town of cambrils, police
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say they killed five suspected terrorists they were wearing suicide belts, which authorities detonated in controlled explosions. police say both incidents are linked president trump responding to the attack tweeting the united states condemns the terror attack in barcelona, spain and will do whatever is necessary to help be tough and strong. we love you. we'll have more from barcelona in just a few moments. let's check in on the broader market reaction overall. the macro markets. let's check out the u.s. ten-year yield we are seeing a bit of move. here and have over the course of the past week. remember, last week it was on the north korean nuclear fears another bid to treasuries, yields falling, 2.18% the last trade. on the oil side of things, it has been an interesting trade there given supply concerns in the u.s., also some inventory numbers we've gotten over the past week. wti crude up by 0.3%, $47.20
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ice brent crude futures, $51.13. about a quarter percent to the upside turning to the currency markets, they go hand in hand seeing dollar weakness now dollar/yen 108.9 6 let's check gold prices. the safety trade was in effect last week. today up about 0.75% over 1300 nowful we ha we have hit this level a couple times. this is a level of resistance where if we can get above that, we could see higher prices for gold citi has a new research note saying sentiment deteriorated following news of the spain attack as well as new headwinds
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facing president trump in washington they say this will weigh on u.s. yields and the dollar. joining us now is one of the authors of that report joanna, thank you very much for joining us so early in the morning. help us understand what is behind your consensus and this note saying we could see a significant market impact. >> look, i think clearly with the barcelona event and what's happening with trump, that comes on the backdrop of relatively more dovish interpretation of fomc minutes, even the ecb minutes this week highlighting discomfort from the euro that will push global yields lower. i think there's concern about the policy agenda of trump what he can get done in terms of fiscalpolicy and deregulation has been set back. of course this global lower yield environment and the weaker dollar, it should be favorable
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for capital flows to emerging markets. as we talk about the overall peck ch picture, one thing you look at is how all these things interact with each other. if you were to handicap what's happening in the markets now, how much importance is being placed on a relative basis to the u.s. political situation, geopolitical risks and the terrorism stuff that just happened in barcelona and corporate fundamentals, economic fundamentals around the world. what's driving the trade >> there's so many drivers it's hard to put a weight. the weight of each factor varies day-to-day a lot of the reflation trades on the become of trump's policies have been taken out of the market for the last couple of months this is further news to that it delays expectation or dampens further expectations on the geopolitics, for now the north korea issue was a big issue, certainly when the escalation, the bluster and rhetoric coming out of kim
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jong-un, trump and guam. thaties hack recede e that risk has receded for now. but there are a number of key events people are watching for september 9th is north korean foundation day so people then will be looking for escalation most of the action overnight is focused on the terrorists and what happened, with trump over the past week. if you look at the overall pictu picture, there seems to be headwind forchead headwinds for policy norm normalizati normalization. earnings have been supportive. so we're kind of in a sweet spot where the growth kind of earnings story has been okay but at least inflation pressures and the kind of trajectory for yields have been more benign >> joanna, very interesting research thank you for sharing it with us on "worldwide exchange."
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the ceo of infosys has resigned. there has been criticism with the founder of the india i.t. services in his resignation statement, h said i cannot carry out my job as ceo and continue to create value while constantly defending against unrelenting, baseless, malicious and increasingly personal attacks shares of infosys are down as much as 9.8% in early trade this comes after sikka faced growing scrutiny he was blamed for not normalizing some of the pay packages for the chief executives, including himself at infosys. >> a big global story, many corporate managers in the u.s.
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know that name because they do a lot of the working outsourcing i.t. work for many corporations in the u.s soment we're watching here. gas shares are posting better-than-expected earnings. positive results for gap are in part due to the old navy products fewer discounts, inventory as well those shares up 5% shares of ross stores jumping this morning as well the retailer posting earnings and sales above wall street estimates. the company forecasting sales and earnings growth for the second half of the year. shares up by 11% in extended trading. profits at applied materials beating the street'se estimates don't miss gary dickerson on
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cnbc today at 11:30 a.m. eastern time many people watch applied materials as a leading indicator for semiconductors because they make the machines that make computer chips when you talk about that hot sum me c semiconductor trade last year, apply materials is one stock to look to. lenovo posting its first quarterly loss in almost two years. the pc maker warning of higher coasts and shortages of key components like memory chips and pharma, the fda is expanding the use of an ovarian cancer drug from astrazeneca and merck. the drug is being approved for pains with patients with recurring ovarian cancer.
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dillards is also raising its dividend to 10 cents a share let's get to the latest in spain. we go to claudio lavanga things are taking a turn at least in the intensity of the investigation and the manhunt. tell us the latest from the ground there >> yes, there is a little update on the investigation now spanish police are saying that they believe that the vests that were found on the five terrorists that were killed yesterday in the town of cambri cambrils, 100 miles south of barcelona, were fake that's a bit of a positive news, if you can call it that. it means that if this was a cell, if this was an organization, then it did not have access to explosives as
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previously thought that also means that the threat of any possible future terrorist attack, which is made even more possible by the fact that there is one -- at least one terrorist who is still on the loose, still on the run, that's the driver of the van, it makes that threat a little less menacing as you can see around me, here on la ramblas, the spanish people, tourists alike turn up here where the attack took place yesterday to get on with their every-day life, buying newspapers, laying flowers, getting by with their day as if nothing happened this is exactly the place where less than 24 hours ago one of the worst atrocities in spanish history was carried out. >> a horrific event indeed help us understand how what happened in las ramblas, that
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event is also linked to the event in cambrils? >> well, the spanish police have not confirmed that yet, but they believe these are not two but three events that may be linked. first of all, wednesday night there was an explosion in a small town of alcanar, about 2 1/2 hours drive south from barcelona. it was felt to initially have been a gas leak. following yesterday's two attacks, they believe it may have been a bombmaking factory the fact that they have not found explosives on these vests, that they were fake that may have lowered that possibility. the attacks, the barcelona attack and the cambrils attack took place within a few hours from each other. it's mr. liore likely they are
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linkedin solink linked in some way >> one more question, was is the next step, where is your reporting going to take you now? what are the authorities going to do? where will you follow-up your day? how will you be pursuing the story? what's the next stage of the drama playing out in barcelona now. >> all the attention from the investigators, of course, is trying to identify and find that driver that plowed that van into a crowd just here next to me yesterday. killing at least 13 people he is still on the run and he is dangerous. there is a couple names flying around that have not been confirmed by the police. certainly all the attention is to try to find this man before
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he attempts anything else here >> claudio, be safe out there. claudio lavanga with the latest. >> i want to point your attention to travel and leisure stocks in europe they are trading lower names like thomas cook, easyjet, ryanair, holdings down between 1% and 2%. even a spanish airport company, ana, trading down by 2%. tui, a travel operator in the uk, posted strong earnings last week this follows airlines in the u.s. falling 1% to 2% in the united states, names like delta and united air >> these types of companies are the companies you want to focus on as the big impact from a geopolitical concern. more reaction coming up to the spain attack. and travis kalanick fires back he's filing new legal documents
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against benchmark capital. as we head to break, another look at futures. the dow looking to open lower by 14 points. p weby 3 "worldwide exchange" will be right back ♪ ♪ ♪ ♪
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welcome back to "worldwide exchange." if you're just waking up or heading into work, let's get you up to speed on the market action on the european side of things,
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carryover negativity, the dax off by 0.75% the ftse 100 off by a percent. the cac in france off by over 1% checking in on what's happening with oil oil prices will be in focus given today's baker hughes rig counts wti, $47.85. ice brent crude futures, $51.14 the last trade there. fed chair janet yellen will be speaking at the central bank's annual symposium in jackson hole next week she says she will talk about financial stability next friday. yellen was in jackson hole last year and in 2014 but skipped the event in 2015. this could be her last appearance as fed chair as her term expires in february president trump said she is in the running for a second term
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but is also exploring other candidates. in corporate news, travis kalanick is firing back against benchmark capital. he filed legal documents against the venture capital firm arguing its lawsuit was initiated as part of a "public and personal attack on him. this is kalanick's first court filing since benchmark sued him in an effort to force him off the board of directors and rescind his power there. benchmark cites fraud and deception in its allegations so the drama at uber still playing out. still ahead, aaron levy sounding off on the president. what he told jim cramer last night. first today's national weather forecast from bill karins good friday morning to you the weekend forecast is all about the severe potential today and then a nice weekend. 36 million people are at risk of severe storms.
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be prepared for travel delays on the roads and at the airports, new york down through d.c. the rest of the country looks okay hit and mitt stoss storms in or tam po sunday, 93 in st. louis. it's warm out there. scattered storms in the gulf the big eclipse forecast on monday not too many people will have completely cloudy skies, but we're looking great idaho through wyoming. small issues in nebraska and into areas of south carolina with a chance of storms. more "rlidexanwodwe chge" when we come back ♪ top speed fifty knots life on the caribbean seas ♪ ♪ it's a champagne and models potpourri ♪ ♪ on my yacht made of cuban mahogany, ♪ ♪ gany, gany, gany, gany
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our average customer could lower their monthly bills by over three hundred dollars. go to lendingtree.com right now. the kind of tone and rhetoric coming out of the administration is horrible to see. we need strong answers and some new responses from this administration if this current administration is going to work out. that was box ceo aaron levy sounding off on "mad money" last night. he told jim cramer that mesh's ceos are standing up for what's right and it's time for the
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president do the same. president trump is headed to camp david today as criticism mounds over his hamounts over hg of the charlottesville situation. edward lawrence has the latest this is something not going away everybody is weighing in, including america's top brass. tell us what the latest is here. >> seems to be gaining support, momentum for these comments coming out against the president. this is the second time that the president will go to camp david. some say that he needs to reflect and gather himself >> reporter: president trump quickly condemned the terrorist attack in barcelona on twitter saying the u.s. will do whatever is necessary to help then an hour later he tweeted himself into controversy again repeating a story historians say never happened the speed at which he condemned the terror attack have critics further questioning his response
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to charlottesville >> the president has not yet been able to demonstrate the stability, nor some of the competence that he needs to demonstrate in order to be successful >> what we want to see from our president is clarity, moral authority. that moral authority is compromised when tuesday happens. >> reporter: others question why he also waded into the debate about removing confederate statues across the nation, tweeting it's sad to see the history and culture of our great country ripped apartment. >> they stand up here taller than any of the names of the people whose lives were ripped apart here that's not right >> i'm not sure that just removing every historical marker in america, that that heals. that doesn't heal. >> many want the president to step up, change his tone, and help heal the country. three major charities
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canceled fund-raisers at the president's mara lag -a-lago ret and kevin durant said he would not go to the white house if they are invited to the white house after winning the championship back to you. edwa >> edward lawrence, thank you. coming up, stocks on the move, including gap. why shares of the retailer are getting a pop. your trading day ahead here on "worldwide exchange.
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spain on high alert following two terror attacks we'll have the latest on this unfolding story coming up. stocks are under pressure following their second worst day of the year. more on the early market reaction. and gap up shares of the retailer popping following a strong earnings beat we'll dig into the numbers it's friday, august 18, 2017 you're watching "worldwide exchange" on cnbc. good morning welcome to "worldwide exchange." i'm seema mody in for sara eisen. >> i'm dominic chu in for wilfred frost. a lot to talk about with everything that's happening around the world
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>> it was a big market day yesterday. let's look at how u.s. futures are setting up for trade here on friday we are lower, but just marginally across the board. the dow off by 1 point the nasdaq higher by a half of a point. we should point out yesterday was a tough day for u.s. stocks selling into the close the dow closing down 274 points, down 1.2%. breaking its four-day winning streak as for the s&p, it had its second biggest one-day drop of the year s&p energy sector now officially in bear market territory, down 20.2% from its recent high hit back in december of 2016 airlines, travel stocks, all falling lower, just as investors keep a close eye on that deadly attack in barcelona which left 13 dead. investors keeping a close eye on political tensions out of washington following that disbanning disba disbanding of two business
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councils investors did flock to bonds as a safe haven you can see yields now on the ten-year note at 2.18% >> asian equities followed equities overnight, lower as well the nikkei off by a percent to close. there the hang seng off bay percent. fractional gains in the shanghai composite. as for what's happening in europe, you can maj rin timagin sentiment there is to the down side the dx oax off by 0.2% the cac in france off by a percent as is the ftse 100 in the uk >> names like british airways, lufthansa and ana all lower this morning. let's look at the broader markets including oil. we're higher today wti at $47.24, up about 0.3%
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ice brent crude at $51.09. again, the energy sektser, in terms of stocks, rough run so far this year. looking at the dollar. the big story this week has been the dollar/yen trade investors flocking to safe haven assets like the yen. the dollar trading at 109 against the yen. the pound pushed higher against the greenback at 1.28. the gold, speaking of safe havens, higher yesterday and it continues higher higher by $9 at 1,301. happening now, a massive manhunt underway in spain for a terrorist who drove a van into a crowd of pedestrians in the heart of barcelona yesterday early this morning spanish
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police confirmed a second suspected terror attack in the coastal town of cambrils 13 people are confirmed dead more than 100 others are injured in the barcelona attack. authorities expect the number of deaths will increase isis has claimed responsibility for the attack it has offered no proof as of yet. in the town of cambrils, police say they killed five suspected terrorists they were wearing suicide belts which authorities detonated in controlled explosions. police say both incidents are linked president trump responding to the attack tweeting the united states condemns the terror attack in barcelona, spain and will do whatever is necessary to help be tough and strong, we love you. joining us on the cnbc news line there barcelona, financial times correspondent michael stottard as things are playing out there now, is there a sense that at least authorities have things
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more under control there's no sense of normalcy, i understand that can happen any time soon, but are people feeling a bit better given the police actions over the past 24 hours? >> there's a feeling that with three people being arrested, with the massive police presence, there's a feeling that authorities got this somewhat under control. also there's the feeling that in europe this happens so often now, people are going about their daily business i'm on las ramblas now, about ten meters from where the attack took place, no one seems particularly afraid. having said that, there is still one person on the run, as you said, which is very much a cause for concern. >> any idea on those taken into
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custody, whether they're linked to do we know where these individuals came from? >> one appearsto be a spanish national one appears to be a moroccan national, though he's claiming that the renter of the car is a moroccan national, but he's claiming his i.d. was stolen what we can say is that there seems to be all a link between all these various attacks and an explosion of butane tanks wednesday night. the shootout this morning. the car attack yesterday there seems to be a broader cell of around 8 to 13 terrorists or extremists here in spain >> michael, i want to point out to viewers now, you are seeing live shots coming out of spain around some of the affected areas with the attack. you can see here many residents, perhaps tourist there's standing
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around offering prayers, standing there solemnly looking at what's going on around them and trying to absorb what's happening. your sense here, given what we're seeing from these live shots what is the feeling there right now? you said there is a sense that people are trying to get back to a sense of normal. if you could play out what's happening for the rest of the day, how do you feel as though residents in spain will react? how do you think they will react given the new developments we heard? will they catch this guy >> i think that the big feeling is a grim fascination with the investigation and how it unfolds. also with the prospects of some of the victims there are reports of many children there's one child that's missing. there's one that's been confirmed by local press, a 3-year-old who has died.
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there's going to be a grim watching of the ticker tape all day. apart from that, when you talk to the ministers, talk to tourists, they say we're not going to let ter rer rorists rur holiday or friday. there are people out and about, people on the beach. there's a sense of bouncing back already. i talked to some senior business figures, the former head of barcelona fc, just this morning, and he was saying that a new day and the bounce back of barcelona starts right now las ramblas is open, open for business >> michael stothard, thank you very much for your take on what's happening from the ground in barcelona let's get to the wall street agenda the consumer will be in focus. preliminary read on august consumer sentiment is owl just before 10:00 a.m. eastern.
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dallas fed president rob kaplan is speaking this afternoon and on the earnings front, deere, es tee lauder and foot locker reporting before the opening bell. gap shares getting a nice pop after a big beat landon dowdy has more. the gap results may be saying something about the consumer or just the corporate fundamentals of gap specifically? >> that's right. bucking the trend there. gap posting earnings of 68 cents a share compared to the 52 cents the street forecast. revenues stronger than expected at 3$3.8 billion same-store sales, a key metric there, up 1% this is the third straight quart wi quarter with a positive increase gap is raising ets fuits full-oe standout art peck saying he's encouraged
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of the positive trend. he says we still have work to do it's not where we want to be he went on to say we're moving in the right direction but i always want more and faster. while banana republic is the weak point, peck said we have gotten under the covers of banana republic and identified the issues shares of the retailer are up about 5.5% in early trading. back over to you landon dowdy, thank you very much for that. > >> a rare bright spot in the retail trade >> perhaps a turning point time for our top trending stories, sources confirming that luck k lucas film is looking to direct a stand-alone film focusing on oeb by w obi -wan kenobi
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>> i have to tell you, i grew up with alec guinness, rest in peace, as obi-wan in honor of the story, i wore my darth vader cuff links they were a gift from my wife. >> did you know this story was coming up? i am a "star wars" fan, so i stay abreast of what's going on. >> such a cool guy >> i also have a tee shirt that says join the dark side. speaking of popular culture, entertainment, the jetson's are zooming backly living rooms. the sitcom is 100 years into the future and will look at the jetsons through a filter
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>> that's something i watched growing up it looks like you might need to shell out more cash for avocado coast. listen up. an avocado shortage is hitting california following extreme heat and drought prices of the fruit are skyrocketing in the united states and demand is increasing to import avocados from mexico and peru this comes as the nafta talks are taking place between the united states and mexico at the same time we have also been talking about the popularity of avocado toast, specifically on instagram. so many of my friends are constantly posting about avocado toast. >> you're a millennial >> you are as well >> well -- >> i am an avenue rocado toast n it is knnutritious >> i'm not an aficionado of
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avocado toast. coming up, what one key economic adviser thinks is a lost lesson of the economic crisis. and let's check out where futures are trading. earnings this week, there's some big ones coming up deere is a stock to focus on european trading is down, but ssn.the worst levels of the seio "worldwide exchange" is back after this company that knows the weather down to the square block. this is a diamond tracked on a blockchain - protected against fraud, theft and trafficking. this is a financial transaction secure from hacks and threats others can't see. this is a patient's medical history made secure - while still available to their doctor at their fingertips. this is an asteroid live-streamed to millions of viewers from 220 miles above earth.
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welcome back to "worldwide exchange." time for our must-read stories following yesterday's market selloff, some related to concerns that gary cohn would resign from the trump administration my pick is titled trump pucks the great cohn trade in doubt. executives and investors have really been betting on for most of this year cohn trade. even as mr. trump's behavior becomes more capricious executives have continued to hope or pray that gary cohn would support them it's an interesting read, especially as we try to decide how important each individual, specifically gary cohn, steve mnuchin, wilbur ross, their roles in the administration and providing progress needed on the economic front >> you know, the stories, ever
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since the tragedy in charlott charlottesville, a lot of industry leaders and people on wall street talked about the idea that president trump needs to have competent, stable people around him many people, wloerhether or not agree with some of the views out there, some adults in the room have been viewed positively by industry >> like corporate america and wall street. >> gary cohn is one of those people it's an important story to watch develop. art cashin says he is an integral faigure in this whole trump administration. my pick is in project syndica syndicate. it's titled the lost lesson of the financial crisis this is allianz's chief economic adviser, a decade after the start of the crisis, advanced economies still have not decisively pivoted away from a growth model overreliant on lick kidity and leverage.
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first from private institutional and then from central banks. they have yet to make sufficient investments in infrastructure, education and human capital more generally. so there's stuff that can be done on the policy front to make sure we don't repeat some mistakes that happened in the financial crisis more than a decade ago as they evolve to what happened in 2009. so something worth reading in the op-ed pains frpages. >> that cautiousness referred to in the article is evident in the ecb meeting minutes, which show that even though there's a growing support to scale back on stimulus, policymakers are still divided. concern about whether the economy can handle that. >> we'll carry some of those themes into the last part of our show we have a great guest coming up to talk about that interest rate picture. >> coming up, futures hovering near the flat line following the
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welcome back to "worldwide exchange." in corporate news, the ceo of infosys has resigned vish ooshgs vishal sikka in his resignation statement said i cannot carry out my job as ceo and continue to create value while constantly defending against unrelenting, baseless, malicious and increasingly personal attacks shares of infosys are down as much as 9% in early trade. a surprising resignation from vishal sikka following criticism on his pay package, severance and perhaps he couldn't face the
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pushback that's why he's resigning as ceo of infosys that stock lower by 9% >> let's check on the u.s. futures. we have seen at least a little bit of green coming up on the board. not a lot, but something to take note of as we see stability after a big selloff yesterday in the u.s. markets the nasdaq looking to open up by 5 points the dow jones off by 2 points. the s&p just about flat right now. three minutes ago we did see green across the board, albeit marginally let's talk about the markets withdrew mattis from metlife i have to tell you, we had a great conversation with johan that chua earlier in the show with regard to the way the macro picture is setting up for waits and everything else in the markets. as we look at everything from a market vstrategy standpoint, where are you paying the most attention?
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>> globally we're looking for growth to expand the next question is with the growth does inflation come obviously in the u.s. inflation has not been doing what we would like we would like it to move higher and have an acceleration of wage growth that would lead to a positive consumer cycle in the u.s. we are focused strongly on how long the cycle will last and looking for signs that the cycle may be getting old when we look, we can't find anything there's nothing that stands out as being ah-ha, two years from now we'll point to this and say we should have been looking there. that might always be the case, but this time around the imbalances don't look like they're severe any time there has been an imbalance, there seems to be a mini correction. our view at metlife is that the cycle can continue to extend for a few years yet. >> do you want to be a buyer of stocks here as we see elevateden it shuns on elevated
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tensions on from a geo political noise and out of washington? >> we don't thient think if youd income, where do you want to be, how much do you value liquidity? these are the considerations we look at when thinking about our general account at metlife and then our investment program? >> where do you want to you ta bonds, where are you standing in terms of the best valtive vrelae and where it is? >> if you think about it from an insurance company's standpoint, the best relative value, you look for assets where you're trading liquidity for yield. you can do that because we have a longer investment time horizon. if i'm looking from an
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unconstrained view without regard to what kind of firm i work for, we like riskier assets equities play a role there >> is valuation a concern for you when you look at the asset classes? >> it is, but everything is rich if you have to invest, you have to be somewhere, you just have to look past the valuation and try to find the asset class that best matches your view of the future >> i have followed you for a number of years, throughout the course of that time frame you have been one of those economists that looks heavily to job numbers. in the jobs picture in the u.s. good enough to sustain the markets we've been seeing? no in other words, is the economy strong enough to sustain a market near record highs >> i think it is there's research out of the san francisco fed that suggests
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maybe one reason that people coming in at lower wages, they grow from there. so this rebound we've had in the labor market may have been holding back wages this is counter intuitive to anyone who got trained when i was trained. that's an interesting point. if you look at the volume of people reentering the labor market and think every person who reenters the labor market maybe have children to feed, rent to pay, they want to buy things, it's incredibly important that they are seeing this job growth. it will lead to continued expansion. >> this is all ahead of janet yellen's trip to yak son hole next week. we'll see what commentary we get from her on the state of the economy and the impact what's happening out of washington, the legislative agenda and the impact going forward drew mattis, thank you for joining us on "worldwide exchange." that's it for the show thank you for joining us
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a manhunt underway in spain for the terrorist who drove a van into a crowd of pedestrians killing 13 and injuring more than 100 police say at least five suspected terrorists are dead following a separate incident south of barcelona the latest is straight ahead stocks posting the second worst day of the year as terrorism fears and concerns out of washington weigh on investors. and president trump scrapping plans for an infrastructure council as fallout from charlottesville continues. it's friday august 18, 2017,
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"squawk box" begins right now. ♪ live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" on cnbc. we're live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. a massive manhunt is underway in spain for a terrorist who drove a van into a crowd of pedestrians in barcelona yesterday. early this morning spanish police confirmed a second suspected terror attack in the town of cambrils many things are happening so far. let's run you through what we do know 13 people are confirmed dead, more than 100 others are injured in the barcelona attack. authorities expect the number of deaths will rise isis claimed responsibility for the attack, but has offered no proof. the town o

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