tv Worldwide Exchange CNBC May 18, 2018 5:00am-6:00am EDT
it is 5:00 a.m here are your top five at five cbs's board voting to slash the power of its biggest shareholder. china rebuffing reports that it voted to cut its trade deficit with the u.s. by 2$200 million. new evacuations ordered in hawaii as mount kilauea roars to life. and paypal shelling out 2$22 billion for start uup izettle it's friday, may 18, 20e 18,
"worldwide exchange" starts now. >> happy friday. good morning from wherever in the world you may be watching. i'm brian sullivan future rinsedy ka eare indicati markets are set to open higher we'll have much more on the markets coming up. first we have a big development in the ongoing saga for control of cbs the company is now postponing its annual meeting, this after cbs's board moved to dilute the voting power of its biggest sharehold shareholder. let's get to leslie picker >> there's a lot to unpack here. today is supposed to be cbs's annual shareholder meeting, but late last night the company postponed it in the accelerating war between most of the board led by ceo les moonves and shari redstone i was outside cbs's headquarters last night as the board was
meeting inside we saw several board members walk in. they voted to approve a special dividend that diluted redstone's voting power to 17% from 79% the board said if consummated the dividend would enable the company to operate as an independent non-controlled company and more fully evaluate strategic alternatives redstone is the controlling shareholder for cbs and viacom and has been seeking to combine the two companies. a delaware judge yesterday temporarily blocked the temporary restraining order against her that moonves' camp was trying to impose that means the special dividend most likely will certainly be challenged in court. national amusement said in a statement today's vote, while couched as an effort to prevent such a transaction was pure pretext. cbs management and the special committee cannot wish away the reality that krscbs has a
controlling shareholder. investors say the markets are concerned about moonves leaving as this battle ensues. they see him as wall street's ceo, and they're supportive of the job he's done so far >> leslie, we'll see you all day on cnbc. appreciate it. there are new developments on the trade front china is shooting down reports that they offered a deal that would slash the u.s. trade deficit by 2$200 billion let's get more with eunice yoon live in beijing with more. >> thanks. so this is a very unusual move the foreign ministry flatly denied today that the chinese were preparing to offer a package that would help reduce the trade deficit by 2$200 billion. this was a key demand of the trump administration when they came here to beijing for discussions about the whole trade issue. those reports had claimed that the steep reduction would then lead to greater sales of boeing
aircraft as well as natural gas and potentially lead to cuts of existing tariffs for agricultural products like pork and sorghum. it was said the 2$200 billion figure was not accurate though no further details would be provided he said it's not true. according to what i know the relevant discussions are still ongoing and are going in a constructive direction nevertheless, it looks like the two sides are moving towards some sort of deal. and that's because the commerce ministry today announced it's ending its anti-dumping investigation into u.s. imports of sorghum they said imposing duties would negatively impact chinese consumers, and that investigation was seen as a way for the chinese government to pressure president trump by threatening to impede u.s. agricultural imports to china.
this comes after president trump had entertained and met with the chinese delegation also i've been speaking to a lot of american executives here, they say they are worried about where the conversations are headed because jeremy waterman, one of the heads of the u.s. chamber of commerce said he is concerned that the focus is too much on the trade deficit, and that some of the longer structural issues are going to be sacrificed. >> eunice yoon, i'm sure we'll hear more from you all day in other trade news, america's top trade representative, robert lighthizer, saying the maft naf countries are nowhere close to a deal he said there's gaping differences on topics such as intellectual property, agriculture and market access. his comments come hours after canadian prime minister justin trudeau said that nafta
negotiations were "down to the last conversations" and adding that there's a good deal on the table. let's talk more about trade and what it means for your money. joining us is peter boockvar a i guy we like to see on a friy to navigate us through this stuff. trade, where does it fall on your list of topics when you talk to clients and people about the stock market how important is it? >> i think it's hugely important. because of the disruptions that it's causing, not because of the actual tariffs with china. it's affecting decisionmaking. it's putting make some things on pause, people waiting to see how things play out. so it's paralyzing in terms of the most important thing, i still think interest rates, monetary policy, that is above that in terms of
importance but you still need to pay attention hugely to the trade news >> is there an outcome of naft cnafta, china negotiations that would be negative for the dow dand s&p 500? if all this led to lack of a deal and the actual implementation of these tariffs, and china responding to what we do, and japan responding to what we do, yeah, that would be a growth inhibitor i think that would be a big deal >> dow futures up 23 you are surprised the market is not moving more on this news >> i still think at the end of the day people think there will be a deal. >> there's an inherent confidence that despite the bold print headlines,s will work out >> i'm hopeful there will be a deal, and that this is rhetoric
and tough talk >> trade is not a huge deal for you. what is? 3.1 on the ten-year? is it argentina, which has come out of nowhere saying we need some help from the imf what's the top macro issue for you? >> i think the rising interest rates. we've become very dependent and addicteded to low interest rates for a long time. now we're seeing a change. certainly it's offset the great earnings season that we've seen in q1 in terms of having the markets somewhat flat in the face of that i think now there's going to be a test as to how does the u.s. economy handle the rising interest rates >> answer your own question, my friend how does the u.s. economy handle it >> considering how dependent we are on credit and debt -- >> i have spoken with a couple of people in real estate in the last couple of weeks family members, friends, et cetera they've said that the real estate market in their towns,
ones in maryland, ones in new jersey have shut off >> to residential or commercial? >> residential that's a huge driver of the economy and consumer spending. >> right >> all because mortgage rates are at 4.5%. do you worry about consumer spending >> yeah. we have a credit dependent economy. we have credit cycles. we ebb and flow with the cost of money. we ebb and flow with monetary policy it will have an impact to the extent it remains to be seen, but housing is one of the most credit and interest rate sensitive groups out there autos one of the most sensitive groups out there >> you know what autos need? gasoline oil at 72 now. gasoline is also gone. >> we have not even hit memorial day yet. >> you think consumer spending may be a story to watch? >> we have those headwinds hopefully the tailwinds of tax cuts and higher wages will offset that.
but there's not a clear road here because of the rising costs that we're experiencing. whether it's the cost of money or the cost of commodities, the cost of wages to companies it remains a tug of war. >> peter boockvar, the way to sum that up is everything is up. appreciate you coming on corporate news here, united airlines says its chief financial officer is stepping down after less than two years in the job the company will begin a search for his replacement. the departure comes as united's financial performance has been lagging rivals and it suffered through a number of pr disasters. uber's chief product officer is also leaving the company. this is the latest of more than a dozen senior executives to exit uber in the past year his name was jeff holden, he oversaw the flying car project, uber elevate let's get a check on some other big stock movers to watch
this friday morning. kate rogers has those. your big individual stock stories include serner they won a $10 billion government contract to overall the electronic medical records of millions of veterans. the contract with cerner is one of the largest in the va's history. paypal is buying european payment service izettle for 2$22 billion, its largest acquisition ever izettle builds devices and technology used by about half a million businesses in europe, brazil and mexico. and paypal's coo will join "squawk box" live at 6:40 eastern. carl icahn disclosed a 9% stake in amtrust financial applied material's second quarter results topped forecast on higher demand from memory from smartphonemakers and cloud services providers
nordstrom's first quarter earnings beat forecasts but same-store sales missed estimates. the department store says shoe sales were challenged and bad weather after feblgtdaffected t. amgen has a drug that will help migraine prevention in adults it is 5:12 we are just getting started on "wex." on deck, hawaii on high alert. new evacuations ordered. mount kilauea continues to roar to life. the latest on the big island straight ahead first a mystery chart for you on this friday folks, it's early. are you awake? are you paying attention this stock celebrating a birthday it is officially six years old as a public company today. what is the name tweet us, tweet me stick around the answer coming up you know... ave a garde,
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look, that's a beautiful chart beautiful to see you this morning. >> appreciate it >> facebook made a lot of investors a lot of money do you think that willcontinue to do so is facebook still a good bet >> yes because they have really captured a huge user base. they are the internet. >> they are. they are an order of magnitude larger than the next person. on top of that they figured out a way to monetize it and have a chance now to go like what apple and amazon are doing and starting to go into other directions, using their user base and the ecosystems. you have to have your ecosystem. you start to build out your revenues per user in your ecosystem. >> it feels like instagram is the new twitter. but i mean that in a good way. not the bad twitter, the good twitter. >> we like twitter >> you do. >> we just initiated with a buy. >> how can you like twitter and
facebook >> they're different the reason we're interested in twitter is because they figured out they're not a social media company. >> they're not don't tell them that >> they are essentially like a cable company that has lots and lots and lots of different channels to deliver realtime news and content directly to their users. so now they can sell their ads and they're selling essentially pre-roll tv ads that go on their channel. it's easier sell for them. >> so you don't have to pick -- you can like facebook. >> it's a bunch of channels. it's a news delivery service it's not facebook. it's not the new yo"new york t." it's in between. >> the amount of power, electricity, that it takes to run these apps is insane if you look at the actual numbers in terms of electronics, energy delivery. is this why you are also bullish on many data center companies? >> absolutely. we're bullish on the energy
companies. data center is one of the biggest drivers in tech now. even though it's being used as a buzzword, it escaped investors attention how big it is. for companies like intel who everyone has thought has been a pc company, they keep screaming we're a data center company, people understand these are real revenues this is the driver for a lot of tech >> so opportunities for viewers over the weekend, facebook, twitter and some data center companies. >> we think one of the best plays in data center is intel. >> so you're buying into -- you're picking up what they're putting down >> we had a hold rating on it. we upgraded to buy in september because of this. >> eric ross, i love it a little optimism and money making ideas heading into the weekend see you soon >> up next, the countdown is on to the royal wedding with the wedding comes a
king-sized bill. wilfred frost live outside of windsor castle for us. what is the scene there in the uk >> the scene is beautiful, brian. stunning weather stunning atmosphere. the breaking news here, it's been confirmed that prince charles will be the one to walk meghan down the aisle. estimated to cost about $50 million. we'll break down that cost and al iwealthy the royal family relys when "worldwide exchange" returns.
the royal countdown is on. tomorrow prince harry will marry meghan markle. it is expected to be one of the most watched events of the year. wilfred frost is there live for us this morning for more on this and how wealthy the royal family really is. wilf >> brian, yes, great to hear from you less than 24 hours away until the kickoff of this huge event we learned in the last hour that it will be the father of the groom that will walk the bride down the aisle the prince of wales will walk meghan markle down the aisle this whole ceremony is expected to cost up to $45 million. that cost will be taken by the royal family, not by the bride's family or the taxpayer, because this is not a state occasion the queen can afford it, but how
wealthy is the royal family? >> reporter: the queen's total personal wealth is estimated at 4$490 million that stems from an investment portfolio of around 1$150 millin and large amounts of property including two estates. she doesn't own windsor castle nor buckingham palace. they sit in a charity along with the crown jewels the queen can use them but not sell them. most of the queen's income comes from the crown estate which she also does not own. it has a value of $16 billion, stemming from large amounts of property in london and 2 million acres outside of it. she receives the sovereign grant each year, 15% of total income generated by the crown estate. last year that came to $5 million. the remaining 85% goes to the uk government she also gets $20 million per
year from a private pool of capital that existed for the sovereign since the 1300s. again, she has no access to the capital. similarly her son, charles, the prince of wales, gets his own income of about $20 million a year it's up to the queen and the prince of wales how they disperse that income among their children brian, prince william, when he becomes prince of wales and king, will inherit those sources of income. prince harry always has to make sure he's on good terms with his older brother. that's not what tomorrow is about. it's not about the money it's about the love. i for one, along with the estimated global audience of a half billion people, can't wait for it to begin. >> did you say it's about the love >> i did, brian. >> that's what you said? it's about the love? >> it is it's what i believe as well. i can't wait for it to start >> for pete's sakes. $45 million. even you would not have a wedding that expensive
how much of that is on the dress and flowers versus security and stuff, boring stuff like that? >> so, all of these estimates, that figure, $45 million comes from bride book. we don't know how much the dress will cost. the vast majority of that costs is security. the policing, making sure everything goes off without a hitch. a huge audience expected here and around the country, not just on tv but in person. security is the vast majority of that cost as it was for prince william and kate's wedding back in 2011. the total cost for which estimated by bride book was a bit lower, because of that security aspect in london between westminster abbey and buckingham palace. there's more of a treaded path in terms of how to police. windsor, out in the countryside a bit more the costs there for elevated >> just between us, i want to
know you're -- we're just peasants in new jersey what is wilfred frost's weekend going to look like >> my weekend will be a lot of work over the next 36 hours or so >> no fun? >> i guess come -- i think 4:00 p.m. local time we wrap. then, yes, certainly a couple of cheeky drinks to celebrate >> cheeky lagers are you going to be -- is there a wedding -- are there wedding parties? seriously. are you going to the wedding what happens what is the fun part of frost -- give us the frost fun. >> i will give the attendees fun. after the service, 600 people will have dinner or lunch in st. george's hall, more on this side of the castle. it's so vast we can't fit it all into the shot. after that, 200 will go to frogmore house, about a
five-minute walk they'll have a party late into the night. away from the castle so they can stay up late and not keep the queen awake. i guess people all over the country will be partying late into the night >> would you say frogmore house will be hopping? did you say that >> i think it will be jumping. no doubt about it. >> wilfred, appreciate it. i just have a feeling life will be good for wilfred frost this weekend. a sneaking suspicion see you soon thank you very much. >> life's always good. i'm a lucky man. thank you very much for having me still ahead, on a much more p prozaic topic, how high will gas prices go? and one part of the economy that's in demand right now ch"wlddeh us, orwi exange" will be right back y for♪ ♪ you and me together
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. welcome back happy friday 5:30 in the morning. let's check on some of the top headlines. frances rivera is in new york with more on that. >> developing this morning, police in vegas are searching behind an active shooter scare police evacuated boulevard mall last night no shots were fired but they have video of an individual they believe armed with a long gun. hawaii's big island had a
rude awakening when the kilauea volcano erupted again. it spewed a tower of choking ash six miles high the plumes of smoke so massive they are even seen from space. the latest eruptions is not the big one they've been expecting. and two desperate parents returning to court to get their son out of their home. christina and mark filed an eviction request with the new york supreme court giving their son michael 30 days to vacate. the couple says they've asked him several times to find his own place and offered him $1100 to use towards an apartment. he doesn't wantto leave. he is 30 years old maybe he has a great basement. >> they offered their son 1,100 to leave, he's 30 years old, and he won't get out of the house? is this a real story >> legit
>> wow pull the plug on the x-box >> i'm telling you it's the basement. >> good grief. thank you very much. all right. we have a double dose of trade news that is topping your headlines. why this weekend is key for china and nafta. get ready to pay up. gasoline prices may be ready to soar heading into summer we'll tell you why and we may have found a top in this yanny or laurel debate. what the white house tweeted it's 5:32 a.m. as "wex" marches on this friday ♪ what is this music is this "sesame street"? >> this is a viral video >> it's what >> a viral video four years ago ♪ friday friday
>> then the girl got cyberbullied i will circulate the link. >> hi. happy friday thanks for being with us on the worldwide leader in business and annoying song news we're halfway through the 5:00 a.m. hour. in new york stocks futures indicating we are likely to open up a little bit higher the bond market is the key to watch. 3.10 the yield on the ten-year like we said yesterday, we're nearly a percent more in borrowing costs than eight months ago take out a million dollar mortgage, 1%, that matters a lot. the price of oil also continues to go up we'll have more on oil in just one minute leading your news, a double dose of trade news making headlines. china shoots down reports of a major trade deal, and nafta negotiations appear to be hitting a wall eamon javers is live in d.c. with more on both.
>> good morning. it's a double dose of setbacks on the trade front dealing with china and nafta. officials in beijing overnight are knocking down reports that the chinese were considering offering the u.s. 2$200 billion in concessions the chinese official saying this rumor is not true. this, i can confirm to you the idea here for this deal would have been the chinese would have offered to purchase about 2$200 billion of additionl u.s. goods in exchange for the u.s. lowering or eliminating tariffs and allowing zte to remain in business that telecommunications firm has been threatened by u.s. action according now to the beijing side that deal is off the table. you might have seen headlines about that overnight the president yesterday took a hard line when talking about china. he said that nobody had negotiated as strongly as he had before in terms of dealing with the chinese.
here's what else he said >> will that be successful i tend to doubt it the reason i doubt it is because china's become very spoiled. the european union has become spoiled. other countries have become spoiled because they always got 100% of what they wanted from the united states. but we can't allow that to happen anymore >> so the president saying that it was unlikely that the deal or the negotiations might reach a deal that spooked markets a bit yesterday. that was seen as a negative sign, but there was also a positive sign in the negotiations that have been going on in washington yesterday, that is that the president met with the chinese vice premiere at the white house yesterday. that was not necessarily a guaranteed meeting that was going to happen. it was my understanding that the white house was waiting to see how negotiations went before they decided whether or not to go ahead with that meeting the fact they did decide to have the meeting indicates there was some progress behind the scenes in the talks on china.
setbacks and maybe a bit of green chutes there on chinese negotiations on nafta, there are just setbacks look at this statement from robert lighthizer yesterday laying out the u.s.'s position saying the nafta countries are nowhere near close to a deal there are gaping differences on intellectual property, agricultural market access, energy, labor, rules of origin, geographical indications and much more. there was a may 17th sort of self-imposed u.s. side deadline on coming to an agreement with mexico and canada on nafta in order to get something passed through congress by the end of this year. that deadline has been passed. it's possible they could do something this year, but every day that goes on, it's less and less likely. >> big week of trade talks,
eamon, appreciate you wrapping it up. if you're hitting the road this weekend, pump prices are on the move jackie deangelis with here -- >> is here good morning >> it's been a long week how bad will it be >> i'm less concerned about this weekend. it's supposed to rain. next weekend is memorial day weekend. that's what everyone is focused on aaa saying the average for a gallon of regular now across the country is $2.91 we're just 9 cents away from that critical $3 mark. it is a psychological mark for consumers. we could get there by next weekend. certainly we'll get there this summer that's something to watch for. that's because oil prices have risen. wti is up 45% since this time last year. brent crude is up about 50%. we hit some major milestones yesterday when brent crossed 80. we are focused on geopolitics,
watching the middle east the second sis the iranian barrels, when those will start coming offline and how much they will spook the market higher then you have a situation in venezuela where their production is decreasing at the same time and demand forecasts are robust around the world so this is a picture to see these prices go higher memorial day is when it starts, july 4th is the peak we have a lot of time until then to see not only $3 or past that. >> jackie, stick around. let's bring in helema croft. we talked about venezuela, the economic, humanitarian and oil disaster they have elections this weekend. iraq has elections this weekend. your latest note is titled "what's happening. what is happening with those two nations? >> everyone is watching venezuela. venezuela has been the big production loss story this year. we talk about geopolitics, but it's become a market reality
story. venezuelan production is about 1.4 million barrels. the lowest since the 1950s we could end this year below 1 million barrels in production. the key thing to watch this weekend is does the u.s. put more sanctions on venezuela? we potentially block venezuelan crude coming into the country. you now have creditors moving to seize assets conocophillips is moving to take assets in the caribbean. if more creditors do that, that could be a catalyst for venezuela imploding. >> we have venezuela, the iranian barrels. you have iranian supply going up now you're in a situation where this all starts to rebalance and people are worried about the markets starting to tighten. >> that's something we didn't think we would be in a couple years ago. all eyes are on opec what happens in june do they put additional barrels on the market? the saudis have come out and said we will answer the call if
necessary. they say look, there's barrels out there. this is geo politics to be fair to the saudis, they're underproducing their opec quota, so they could add barrels, still be quota compliant and not break up opec. >> there's always a speweet spo when it comes to oil producers when we look at wti over 7 0 and seeing brent cross 80, are we getting past the tipping point where it is sort of starting to have a chilling effect we're talking about $3 gas already. >> no, this is a big issue for u.s. consumers there's questions about what does this do for recession people will get worried as we move significantly higher. in abu dhabi they're saying these prices are pinching us now. for certain key consuming countries, they'll be watching these rising prices koesly
>> can you give us an indication of how far venezuelan oil production has fallen? >> 1999 venezuela was producing 3.5 million barrels. >> they're down by 70% >> huge. one thing i'm concerned about is the scale of the crisis is so enormous >> kellogg just pulled out the food company they pulled out. people are not getting paid. >> 1 million people left the country. even if maduro does eventually go, rebuilding venezuela will be such a huge challenge. >> can we talk about margins in the united states? break even costs in terms of production have come down. it's different for every producer depending on where you are. that's an issue. with prices rising now, are margins for the producers increasing significantly at this point? >> this is the thing, we were at there type of price range, you would have been like it will be gang busters in the u.s. but the challenge is they're a victim of their own success.
pipelines are full this is the challenge. the infrastructure is not necessarily in place to meet the soaring u.s. production. >> we talked about this. i was in houston there was a price differential about $12, $13 a barrel because some mid-sized companies don't have the capacity to get their oil to market. they have to sell it at 58, 59 bucks when the market is at 71 because they have their thumbs out like a hitchhiker and nobody is picking up their oil. >> it's incredible because a couple years ago we didn't think we would be in a situation where we would have to go to the saudis asking them to put more barrels into the market, no we have to go to them saying please, cap this upside. >> it puts extra pressure on the trump administration who has been drying to work on our infrastructure how does the market view what president trump is doing is he doing enough for oil >> the national petroleum council has been trying to upgrade u.s.
barrels to the market. we have this bridge period where we need to go to the traditional gulf states and say help us out. we're back where we were >> never-ending opec news cycle. can you stick around let's have fun on a friday it's friday. it will rain all weekend stick around time for the top trending stories. we have the whole gang here. kate rogers is joining us now with more on what's trending as well as music trivia a fresh sign we've hopefully reached peak talk in this ridiculous yanny or laurel audio debate check out this video from the white house. >> yanny so clearly laurel. >> yanny >> it's laurel >> definitely laurel >> it's laurel but i could deflect and divert to yanny if you need me to >> definitely yanny.
>> yanny is the winner >> sarah, it's been reported you hear laurel. how do you respond >> clearly you're getting your information from cnn, that's fake newsment anewsment all i hear is yanny. >> that's laurel >> laurel, america >> laurel. wlofrnlgts >> who is yanny? >> i hear covfefe. >> larry kudlow -- >> i know, a couple familiar faces. i think we reached total yanny/laurel fascination i heard yanny the whole time >> no, you didn't. you're joking. you're messing with us >> i want to be contrarian >> how could you hear laurel >> that's what i think laurel laurel >> you're outnumbered here. >> all right >> helema croft, thank you an australian man took his travels to a new level
yesterday. after being told he was late for his flight, he sprinted across the tarmac and up the stairs and attempted to force the plane's door open. it wasn't even his flight. the man was taken into police custody after injuring two airline employees who managed to restrain him >> wasn't even his flight. and if you can't afford the trip to the royal wedding or a couture wedding dress of your own, play-doh has a solution they have a scaled replica of the dress out of its modeling clay it stands over 18 inches tall and used over 60 cans of standard white play-doh. >> scale of 1 to 10, 10 being your obsession with taylor swift, 0 don't care what is our interest in the royal wedding this weekend i'm a 1. >> yeah. >> i've been up early with you on this shift this week, i will slip nfrmt. >> give me a number, kate.
>> i care on a large scale a 9. but i don't know if i'll wake up i'll recap >> you'll record it? >> zero. >> you're a zero not even a 1 why a zero why do you hate england? >> kind of a brash statement, bold statement to make i don't hate england i don't know not feeling it the younger brother. i don't know how many in line to the throne >> he'll never be king >> but he can go crazy >> he's the supporting actor >> helema? >> i'm all in. 10 >> yes >> he's the cute one he marries the american one -- >> he's the cute one >> he's the fun one. >> he's the cute, fun one. >> he marries the american divorcee i'm all in on this he's wallace simpson
>> i'm no longer king because of wallace simpson. >> you know what's exciting? this is the same day that ann berlin had her head cut off. >> happy thought >> i'm all in on this. >> heads will roll zero to 10 hey, we made a market. >> it's early, we're extreme >> wallace simpson -- was it albert what was his name? >> albert. >> yeah. >> shocked i even know that. we're going global the best places to put your money to work overseas stay with us "worldwide exchange" will be right back for your heart... your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish,
all right. welcome back we're seeing the dow futures continue to gain stream. the implied open for the dow is up 62 points. looking good on a friday on deck, your global playbook. tim seymour is here on where you can find big money opportunities overseas. and do you know which part of the world has the most billionaires it's not what you think. it's your morning rbi, the most tngom but interestinghi you'll hear all day.
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sorkin getting ready for "squawk box. we'll talk about the soap opera that is cbs and viacom and also the royal wedding. we'll talk about that. ken aletta will be spending time with us. richard trunka will talk about where nafta is or isn't. we'll see you in a little bit. >> w looking forward to joining me now is tim seymour. we have to talk argentina. nothing funny about it the currency is plunging they're asking the imf for a bailout. is argentina greece and will it infect other things? or is argentina just its own problem that is isolated >> argentina has idiosyncratic issues in terms of certain account and inflation that we have dealt with forever. there are tighter financial conditions that have certainly
surfaced globally. what the fed is doing. the dollar's move over the last three months but, you know, looking at it as a linchpin for a broader em sell ya selloff, no, i don't think so. i'm impressed by the move that the argentine central bank has taken. it's an aggressive move. i think they'll get their imf loan i don't think it takes away the austerity they're facing i don't look at it like a pan-em asset problem. >> argentina is a tiny nation, because it caused so much worldwide concern for years. so argentina you're convinced is a separate, isolated thing >> as a guy who has been investing in em for over 20 years, i don't take a pollyanna view i'm surprised that the fear people have seen in a 5% dollar move after a 13% selloff over
the previous 18 months i look at em growth differentials in the first quarter. this is what matters it matters for em eps. people look at is em cheap or is it not it grew 1.5% versus 1 1.7 globally that's building an argument in favor of em investments. the dollar's resurgence had a big deal in em under-performance. there are levels to watch. >> every friday i want to make this sort of how do we make money friday it's a good way to go into the weekend. >> every day we want to make money. >> but friday will be the friday focus. i just made that up just now tell us about, we have the chinese in town for trade talks but you still love tencent, we chat you said the chinese internet stocks are better than the u.s.
stocks >> i think f.a.n.g. and b.a.t., which is alibaba, baidu and tencent are crowded trades but tencent is the ultimate story. they are making massive investments not just in social online platforms wechat is the facebook of much of asia. they have major investments in gaming, in ai, across iqi, which is youtube it's a broader pan asian play but also a tech play the tech story is not without issues, but if people are looking for ways to get -- the china tech play will be also based upon what's going on in u.s. tech. >> tim seymour, always appreciate it. >> good to be here on a friday let's wrap it up with the morning rbi. today we're talking big money. for the first time ever, asia now home to more billionaires
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good morning the cbs board voting to dilute the power of its largest shareholder, shari redstone. the latest on this is straight ahead. china denying reports that it offered to cut its trade surplus with the u.s. by 2 00 billion. and breaking royal wedding news we just learned that meghan markle will be walked down the aisle by prince charles. we will take you live to london. it will be wilfred, i will do some translating for you it's friday, may 18, 2018, "squawk box" about be right wilp
♪ >> live from new york where business never sleeps, this is "squawk box. good friday morning. welcome to "squawk box" on cnbc. we're live at the nasdaq market site in times square i'm andrew ross sorkin with joe kernen michelle caruso-cabrera is hanging out with us today. look at u.s. equity futures at this hour. things are looking to shape up with a little bit of green dow up about 74 points nasdaq opening up higher s&p 500 up about 5 points. let's show you treasury yields ten-year note right now at 3.1%. we have a big development in the ongoing saga for control of cbs. the company postponing its annual meeting after the board moved to dilute the voting