tv Worldwide Exchange CNBC April 11, 2019 5:00am-6:00am EDT
it is 5:00 a.m. here on cnbc, and here's your top five at 5:00 a.m. president trump steadying up his attack on europe what he said about the european union that is sure to get the world's attention today. speaking of the e.u., just reset the clock on brexit, but will the new exit date spook investors even more, or could this really solve the greatest issue facing europe right now? vice president mike pence talking up the economy in an exclusive sitdown with cnbc. why he says the u.s. economy is just beginning to grow how much higher can oil really go we're going to find out. helene mccroft is here and one of the biggest pension funds out
with a big warning for uber as it gears up for its ipo. you'll hear exclusively from him on this thursday, april 11th, as worldwide exchange begins right now. >> good morning, good afternoon, and good evening you have to get the voice going in the morning maybe get on the treadmill get your cup of coffee maybe i should do those things futures right now not giving us any help about which way the market is going to go. dow futures indicated slightly down we've got much more coming up on the markets and your money in moments. first, we are following two major developing stories around europe president trump blasting the european union just hours after the e.u. approved another big brexit delay weave got a full team coverage on both sides of the story sylvia is standing by e.u. headquarters in belgium. let's kick things off right here
with tracie potts in washington. >> brian, good morning the president was up late last night tweeting taking aim at europe talking about brexit. take a look. the president tweeting about this just before 11:00 p.m. on the eastern e east coast saying too bad the european union is being so tough on the united kingdom and brexit the e.u. is likewise a brutal trading partner with the united states, which will change. sometimes in life you have to let people breathe before it all comes back to bite you this comes just days after the president threatened new tariffs on europe, which is a long-time training partner with the united states these tariffs would hit $1 1 billion worth of goods -- wine, cheese, helicopters. they seem to be in retaliation for the u.s. claiming that europe was giving illegal help, subsidies, to airbus, and that was hurting chicago-based boeing
the president seems to have a new trading punching bag, and it seems to be the e.u. >> now to the other side of the story, and that is the e. uflt sylvia is live in front of e.u. parliament in brussels sylvia >> good morning. well, the focus here in brussels has been the brexit summit that actually, i should say, the 27 european leaders alone with theresa may gathered here yesterday night for a meeting that lasted for about ten hours and the compromise that the u.k. is able to remain in the european union until the end of october. however, this extension is quite flexib flexible, so if there is an agreement in the house of commons for how u.k. should leave the european union, then before the october deadline, i should say, then the u.k. will be able to do so i asked the prime minister of
the netherlands, mark. this will be the final extension to the brexit process, and he, however, could not rule out that there could be further extensions what he did say, however, is that it's going to be increasingly more difficult for the e.u. to keep extending the u.k.'s departure from the e.u., and so if there is no agreement in line then before the october deadline, then we're heading towards a no deal brexit >> sylvia, excuse me, in europe. thank you very much. now back to the united states where stocks really have been on fire this year i mean, yesterday we didn't do a whole lot, but still, overall the market is up nicely this year cross mark global investments. victoria, answer that question do you think all the gains for the stock market have been made
this year already? >> we actually think we have more room to run one of that is based on the fundamentals we have things looking really well here. leading economic indicators have turned up lagtely you have ism housing numbers have been good labor and wages has been good, and the consumer obviously being a foundation for our economy we saw lvmh report this morning with 15% growth, so the consumer is there to help push this market forward we see p.e.s at 16.6%, 16.7% right now. we will have pullback. you have to be opportunistic in the market we will see it going higher. the denominator, that is earnings season is nearly upon us if the numbers come in big, then that will reduce that p.e. valuation, but if they don't, it will elevate that here how are you expecting earnings to come in for the first quarter, victoria?
>> if you look at earnings expectations, they're actually down about 2.5% right now for the first quarter. i think people are underestimating what we're going to see we actually think we'll have some positive surprise, and you'll see that city surprise index move hire. it's been negative for quite a while. we can see that move higher. that's going to give some tail winds to the economy and let the markets continue to move up. we think that will push yields higher on the treasury yields as well it will give us a little momentum going forward guidance is going to be key for earnings as it always is, but when we kick off with jp morgan, we're going to be pleasantly surprised where. >> if we're not, then what if earnings start to come in a little bit weak, maybe guidance a little bit soft, then what happens? >> i don't think we're going to have a huge down turn, but i wouldn't be surprised if we had a pullback i think people have been expecting things not to be great from the first quarter obviously, we had the shutdown that happened. we had bad weather in february people were expecting numbers not to be great. if they're truly negative, if
they're really poor, then maybe we'll have a slight pullback you could use it as an opportunity to add to your portfolio. we were looking at some new names, actually, just recently mcdonald's is one of those names. kind of adding to some of our value sector >> why mcdonald's? >> you know, mcdonald's is just one of those companies that if we think the economy is going to continue to do well, if we think the consumer is doing well, that's a place that's going to benefit. we have a multi-factor model in our large cap product, and it scores really well on that again, we think that there is less down side potential for some of the value names versus the growth names in the rest of this year, and that fits nicely into that space. >> anything else you like recently, victoria >> estee lauder is a name that we've added. again, for some of the same reasons we've added mcdonald's we're really looking for opportunities with the different products that we have for our clients. we have a focus on income. an option strategy is something we're looking at we've put adobe in that product just because there's a lot of
options, volatility going on there, and that's good for us. with volatility in the market, some of the u.s. trade talks going, the brexit talks, you have opportunities you wouldn't have otherwise >> i expect you own some of the disclosures, you own those stocks and other families like mcdonald's, and your name is not lauder, and your name is not fine >> that's correct. >> victoria fernandez, thank you very much. appreciate that. mcdonald's makeup and big macs >> carlos ghosn's attorneys are sounding off following his latest arrest illegal and unconstitutional that's according to documents seen by reuters. ghosn denies any wrong doing coming up, as the show rolls on, the crisis in vens waila
slamming the global oil market the new numbers that crossed this morning that show just how bad things are there helena croft is here then vice president mike pence sitting down for an exclusive interview with our own joe kernan we'll get his take on the fed, inflation, and the american economy. first, it's a $10 stock with no current operations that one analyst says could be worth $56 a share if all goes right. so will all go right on that mystery chart? you're going to hear the name of the company and hear from its o enorwi ehae returns. [leaf blower] you should be mad at leaf blowers. [beep] you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge
>> a mild rise for the s&p remember, we've got the jobless claims and the producer price index numbers. both coming out at 8:30 a.m. eastern time that could change that story oil actually a rare down morning. crude oil down .6% off about 40 cents we'll get more with alema croft in just a couple of minutes. staying with energy right now, president trump yesterday signing an executive order that speeds up the approval process for energy intra structure projects like pipelines. the president says the move had help mesh's energy sector thrive >> my action today will cut through destructive permitting delays and denials you know about that? you know about delays? where it takes you 20 years to
get a permit those days are gone. >> that should be good news for your next guest. tel telurian wants to build a pipeline to make sure they have access to that gas with you sad dolg to be sat down for the approval process, and here's what she told us. >> we're about a 3-year-old company. we are building infrastructure projects that will be about a $30 billion investment we're growing the company tremendously, and all we have to do is finish our permits and start construction and that will happen this this year. >> okay. are you confident the government is going to be able it get the permitting process done? >> yes in fact, we're almost finished we finished all of our environmental work in january, so we're just with the federal energy regulatory commission going to a vote.
>> 11 analyst says cover your stock. the average price target is 13 and change the stock is just under ten. btig has a $20 price target. stiefle says you could be a $56 stock if everything gets perfectly. what are investors missing right now? >> they're each putting the analysts they put a different amount of risk on the pro ability of us going forward. in our minds, of course, 100%, we're going forward. >> yeah. but investors out there, they're not, you know -- the stock market has been hot. the analyst community has a $13 target on you, but you're under 10 what do you think the investor, the person who buys your stock isn't maybe getting about your story yet? >> they understand the story they are waiting for those partners to get completed. that's going to happen in the next couple of months. there's about 20 other lng --
being built, thought about, plan, been approved. at what point is there no longer a first mover advantage? is there something of too much of a good thing, or do we need 20 to 22 lng terminals in the united states? >> in fact, i always tell people however much you expect can actually get built because you're right not every project that's going through permitting will be able to get built we have to have the right kind of acreage, the right engineering procurement and construction plan, the right partners in the project. it's actually hard to get these projects to the finish line. we need everything that can happen because we're continuing to grow natural gas production in this country simply because we're drilling for oil as we produce more oil, gas comes out of the well at the same time, and we don't have enough market for it in the u.s.
>> literally burning it all. literally burning the gas because we don't have the infrastructure to move it. last question is on china. china would like to have its own energy business, and they've been kind of poking around do you expect that chinese lng demand will be strong for ten, 20, 30 years >> absolutely. it's been growing at 30% a year. china will become the largest importer of lng in the world about 100 million tons compared to today, japan is the largest at about 70 or 08 million tons there are very, you know -- these are very large and growing markets. india, i would say, also will be over a 70 million ton market as you know, brian, pollution in some of the urban areas in these asian countries is extreme we are really bringing natural gas for clean air, clean air for countries all over the world >> you can see the entire interview, and there is more,
with megagentle on our website go to worldwide exchange.cnbc.com or go to cnbc.com and start poking around you'll find something. >> meantime, the crisis in venezuela having a big impact on the world's oil supplies the iea out with its monthly report this morning. it says that global supplies dropped in march as u.s. sanctions and power outages pushed venezuela's crude output to about 870,000 per day alima croft of rbc i know people, and i'm sure you know people who think that 807,000 number is too high. >> can it go to zero could it go to zero if you don't have electricity >> if you don't have
electricity, if you don't -- if we get to a situation where u.s. service companies are blocked from operating their potentially, there are a whole host of things that could really further compress venezuelan output we have to watch what's the trajectory on further sanctions on the country, but the humanitarian crisis is just so severe that, you know, just think potentially it gets much lower. >> let's put this into perspective. venezuela, 1998, produced3.7 million barrels of oil a day then hugo chavez come in now they're down to -- it's one ship a day basically. >> the venezuelan crisis is a crisis that's multi-decade in the beginning. it never really recovered from that 2003 strike this is a tragedy foretold is there a way back? >> i lot of the way maduro is hanging on >> as dictators are want to do >> this is what we have been concerned about. if maduro hung on, we are going to have further sanctions to try to get him out this crisis is just prolonged,
and the russians have really been the key savior from maduro. they are the ones along with the cubans that are providing the support that allows him to stay in his seat, and it raises a real question for the united states is this another syria? have we drawn a red line that we can't enforce in terms of exiting a leader >> is there all venezuela? >> venezuela is a part of opec they're making the cuts compliant. >> you know what i mean. >> is it a combination of saudi resolve and the venezuelan catastrophe. absolutely we see president trump making the phone calls. it's going tore another iran sanctions decision that's coming up the first week of may he is asking the saudis. put more barrels on the market saying to them iran is your
crisis you're going to help me out. that will be it is critical question of where opec is going brsh. >> >> every time we hit about 60, president trump sends out the tweet. not just the phone call. and it seemed to have worked once if oil continues to go up, you expect the president to just continue to put pressure >> i think you're going to see the social media, you know, commentary, but, yeah, the private pressure, and it's really the bilateral pressure on the saudis that's really saying, look, you encourage my to exit this nuclear deal. i did it i'm applying sanctions on iran you have to back fill the oil. the question the saudis are going to have is he going to grant more exemptions? is he going to basically get us to over supply the market? there's a sense that the saudis over supply the market last
summer >> you had him saying, look, we're not going to do anything until you show your hand on iran >> quickly, saudi aramco bonds, $100 billion in implied interest >> it shows that basically people think highly of that company. >> saudi araco, maybe the big bond offering in demand is some weird proxy on the u.s. equity market >> i think -- >> maybe it's el my brain isn't on yet. >> i do think -- for saudi arabia, again, we talked about last week. i mean, this is all good news for saudi arabia in terms of investor appetite for aramco buying the aramco stories, i think the question is now do they even need to do an ipo after this >> helene mccroft. always mazing to get your insight, and i know you know the ceo of telurian as well. snoo she's one of my idols, and
i can't wait to watch the interview where. >> thank you very much by the way, jim cramer, who is up at about, you i don't know, 1:00 in the morning, whatever time he is, he guessed the mystery chart. >> wow >> do we give him anything a worldwide ek change coffee mug? >> i think absolutely. >> filled with breakfast treats. >> thank you very much all right. we're going to stump cramer wufr these days my only goefl in life at this point. >> new this morning, a developing story out of brazil prosecutors sfwend intend to file criminal charges against mining giant vale. investigators now say they have enough evidence to charge vale and employees in the disaster. authorities say some employees knew the dam was unsafe before the breach killed about 300 people charges under consideration include murder, manslaughter, environmental damage, and false representation vale shares actually not responding that much down about .6%. still on deck here on worldwide
exchange, bed, bath, and beyond shares, they are sinking in a big way thorj. we're going to tell you why. plus, there's costco hoping to focus on e-commerce, but investors not rewarding the stock. we'll tell you about costco's quarter as well. a lot more to do worldwide exan rli ochgeolngn. stop fearing your alarm clock...
its first annual loss and sales drop in nearly three decades sales fell more than expected. the retailer facing increasing expectation on-line. stock number two is costco maybe they're taking bed, bath, and beyond's customer. costco sales rose nearly 6% in march. on-line sales in costco, jumped more than 20%. stock not responding, though down fractionally. it is official something we reported earlier this week on cnbc. stock number three, jetblue. they are announcing plans to begin service from new york and boston to london in the year 2021 they will offer multiple daily flights. the new york to london route is the busiest transatlanta market and also has the most premium traffic. when we come back, strong words for the likes of uber and lyft all from the chief investment officer of wuftd world's largest pension funds. >> usually when you have an ipo, you want to see a nice stable company with a long history of steady cash flow
we'll give you a sneak peek coming up. and strong words for uber from one of the world's biggest pension funds. worldwide exchange exclusive with calsters. all that and more as we roll on with the second half of the show right now. let's kick off the second half of the show with all the headlines from around the world. second recap with frank holland. >> oh, excuse me
my mind apparently went into a black hole we're going to get your latest on world and national news with phillip menna who is in new york now with the latest. apparently i went into that black hole >> my final mind cannot kpraend what's going on? truly an amazing feat there. it may be spring out there, but it feels a lot like winter a lot of parts of the country. areas of the central plains are seeing blizzard conditions and extremely high winds in northwest kansas this ups truck careened off of an overpass. the driver reportedly walking away from this uninjured police in pennington, issed suicide, issued a no travel advisory due to hazardous road conditions areas of that state have already reported as much as 18 inches of snow in north carolina authorities are seeking answers after a horrific gas explosion in downtown durham. one person was killed and over a dozen more were injured. police say 61-year-old kong lee died in the blast. five buildings were damaged, and an investigation is now underway man's best friend is now
helping in the fight against cancer a new study suggests that dogs can accurately sniff out cancer in the blood researchers were able to train four beagles how to distinguish between normal blood safmples an malignant blood samples. >> any time we get good news on something like that, that's a nice way to start the day. we appreciate you bringing it to us thank you. >> now your executive recap. frank holland is back with that. frank. >> welling, brian, now we have what's leading cnbc.com. president trump is blasting the e.u. over brexit and trade overnight. the president tweeting too bad that the european union is being so tough on united kingdom and brexit the e.u. is likely e likewise a brutal trading partner with united states, which will change sometimes in life have you to let people breathe before it all comes back to bite you the administration announced possible new tariffs on products zplienkts speaking of brexit,
another delay. the e.u. and u.k. have agree dodd an extension to the brexit process. the new deadline is now october 31st theresa may had hoped for a shorter delay and said the u.k. would still leave the e.u. as soon as possible the u.k. now has to hold u.k. parliamentary elections in may and leave on june 1st without a deal carlos ghosn's lawyers are sounding off calling his latest arrest illegal and unconstitutional lawyers claim that the jailed auto executive is being questioned by japanese prosecutors for up to 14 hours a day. they also say he is being denied access to prescription medications. he was re-arrested last week on fresh allegations of financial misconduct ghosn denies any wrong doing those are your headlines brian, back to you >> thank you very much >> a check now on your money we are about halfway through the 5:00 a.m. hour in new york stock futures not giving us any real indication which way they would like to go we're up about 14 on the ip plied open basis maybe we've seen a little bit of
buying pressure come into the futures. >> the benchmark ten inform year yield a 2.48%. it's kind of been sitting there for about this week. in the asian markets overnight, not a huge trend we saw japan rise. the shanghai composite fall 1.5% still up almost 40% this year. we are seeing mostly the screen. france, though, up about .5% well, the longest bull market in history is failing to fix the financial problems at many of america's largest pensions the money that is owed to retirees are accelerating faster than the assets are growing to pay for the future obligations we ask the cio of one of the world's largest pension funds why so many of them are still hurting even as the stock market has jumped over 300% from its
2009 lows. here's what the cio chris ailman told us. >> well, brian you're measuring it from the bottom of a trough to the top of a hill you have g to back and look at the other side it's almost like the grand canyon we drop down to a bottom in 2009 climb back to a peak where we are now. we're about where we were in the late 1980s the only thing that's changed in this time period, you know, longevity. people are living longer, and, therefore, the cost to retire is going up not just for public pensions, but for everybody. pensions are about where we were in the 1980s we survived. that's the headlines we survived the 2000s. now we're slowly making our way back you're not going to fix a pension just in a ten-year period from a bottom of 2009 to where we are now in 2019 >> listen, i know your views on the equity market. you think that we're sort of in the later stages of this run your job is to make the return to pay for the pension fund for
all the pensioneers have where are the gaenz going to be made is it in private equity or real estate is it in a combination >>le reality is i have to make a 7% return not just this year and not just in 20 20, but for the next 30 years i have to average that i'm going to spread my portfolio around i am going to be in real estate. i'm going to be in private equity. i definitely need europe, u.s., and jpan to have at least a positive gdp to be able to generate that 7%
>> when you say infrastructure, is that opportunity zones? >> we're starting to look that the. it's a really interesting area it's mostly tax credits. i'm trying to figure out how we can fit into that. that's an interesting new area i'm going to be going to the milkin conference and talking with steve mnuchin, or at least listening to him, to understand those better i think infrastructure is stable, lock-term assets that produce a nice steady cash flow. that's the kind of income i need to help balance the risk in my portfolio. >> and, by the way, i will see you at that milkin conference as well cnbc will be there, too. i want to switch gears to the ipo landscape. uber expected to make its debut. could be the biggest technology ipo ever, chris. we've already seen lyft with a rocky start. you think there's enough investor appetite for some of the high-tech ipos, like spotify and lyft, and they simply haven't made the return at least early in their life.
the question is with uber and lyft, it's i technology company. i kind of thought they were ride sharing taxi company that's been part of the challenge. where is the revenue knee certainly had challenges now from lawsuits and governance in the way they operate. these companies are not out of the woods, and usually when you have an ipo, you want to see a nice stable company with a long history of steady cash flow. i think these companies still have some interesting questions and challenges i'm not surprised they're getting hit with questions from the investors. the valuations are coming out at such a growth trajectory it is hard to see those companies continuing on that >> would you avoid any equity that had a dual class voting or
ownership structure? >> you know, brian, frankly, i wish i could the reality is, and it's hard for people to understand, i need to own the u.s. market as a whole bucket i believe in passive index investing. i'm going to own that whole market that includes structures that i may not like, like dual class shares, but if it's in the u.s. market, i want to own that as a solid unit then i can trade that unit very effectively. at my size at over 100 billion just in equity alone, we can move that money effectively. we're going done in those shares, but that doesn't mean we're going to give up it means we're going to be an active owner and try and change the company into the future. they need to put a term limit on these dual class shares. if they want to use it to go public, that's fine for now, but they need to get rid of it after a few years. >> now, can you catch our entire interview with chris, including his take more on the etf industry on cnbc.com might be surprised to hear what he has to say more about etf's
that's on our website. we have big breaking news out of london right now wiki leaks founder julian as aung has been arrested by the british police u.k. police also say assange has been releading from the ecuadorian embassy they removed the u.k. police almost immediately entered that he embassy and arrested assange he has been living in asylum there for many years we are still getting early details on this breaking story we'll bring you more as we get it the u.k. police said julian assange of wikileaks is now in custody. coming up, an exclusive sitdown with mike pence. his take on the economy ahead. plus, the coffee debate to end all coffee debates how do you take it do you take it black do you just fill it with milk and cream and sugar? everybody is fighting about this on the internet. mi u tk ouittoalabt congp. 300 miles an hour,
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applebee's bigger, bolder grill combos. now that's eatin good in the neighborhood. just to recap that breaking story that we brought to you before the break wikileaks founder julian assange has been arrested by british police the u.k. police say that assange has been removed from the ecuadorian embassy where he has been living for more than eight years. remember, assange wanted by the swedish police on allegations much sexual assault and rape he fled to the ecuadorian embassy where he was granted ultimately ecuadorian scitize citizensh citizenship. he is also being investigated by the united states for the foeshl leaking of top secret documents.
assange has been in the ecuadorian embassy in london unable to leave since late 2010, but earlier this morning or late last night the ecuadorians, they withdrew their asylum on assange, and the u.k. police swept in and have arrested him now, in the meantime, ecuador's president moments ago tweeting, "in a sovereign decision ecuador withdrew the asylum status to julian assange after his repeated violations to international conventions and daily-life protocols." the u.k. police almost immediately then entered the embassy and arrested assange what those protocols are, what the ecuadorian president is referring to, we do not have details on right now either way, jowlan assange, after more than eight years of living in the ecuadorian embassy of london has now been arrested by u.k. police vice president mike pence sitting down with our own joe kernan for an exclusive interview. they talked about everything from foreign policy and the fed to 2020 election and the
economy. >> there's no evidence of inflation in this economy. >> so it's inflation so it's -- we really do believe that, you know, what the president was saying is that the quantity takive tightening hads not been the right approach. he spoken out against the policies of the fed over the last two years like many presidents have before him. >> right >> let me ask this -- >> this is a president that really does believe that this economy is only starting to grow you look at nations around the world, nations we compete with every day. the president really does believe that 3% is a starting point in this economy. >> do not miss the rest of joe's exclusive interview and sitdown with vice president michael pence. that will be on "squawk box" at 6:30 a.m about 45 minutes from now. all right. time for your trending stories on this thursday mr. frank holland, what is trending >> oh, yeah. data privacy is a big ongoing story. i have one question to ask
alexa, are you listening well, apparently amazon has thousands of human workers around the world listen and reviewing private conversations with alexa that's according to reporting by bloomberg. the goal is to improve the speech assistance technology amazon has never disclosed that alexa has human interference as a part of its voice tech amazon spokesperson said the employees don't have access to any identifying information about the people who are speaking to alexa, but bloomberg reported that the recordings are associated with the account numbers, device serial numbers, and even the owner's first name. >> a little creepy i don't like thoz things around me can i say will you please turn it off >> alexa protocol. >> there you go. >> i see you have some coffee in your mug i can't see it, but what do you do >> a little coffee a little cream any cream? >> i'm trying to wean myself off it >> off the cream or the coffee where. >> go straight black coffee. right? i can't quite, so it's just -- >> there's a spectrum when it comes to coffee, and food and enter same time site delish wanted to post a pretty picture on instagram, but they
accidentally started an intense on-line battle the company posted this photo of a grid of coffees with various amounts of creams. you take a look. they have letters and numbers associated with them the photos rank from 100% coffee to 100% cream and some instagram users claim they are basically a-1s and basically all cream >> that's just milk. anything in the upper left-hand corner is milk or hot chocolate. >> i'm off the grid. i don't even drink coach you want a little something in there, don't you >> it -- to each their own, frank. >> true. >> to each their own >> truer words have never been spoken >> thank you, frank. now to the most hockey of all hockey stories the stanley cup play jofrz are underway, and the san jose sharks are diving in face-first, literal literally. the sharks captain scored the first goal of last night's game when a puck deflected off his jaw. he did lose teeth on the play, but he was able to skate off under his own power and actually returned to the bench later in the game wearing a protective
mask covering the lower part of his face they went on to beat the vegas golden knights 5-2 pavelski jaw 1, 0. the world's biggest democracy kicking off electrics today. that's india this could actually have a big impact on your money even if you are not invested in india. later, why hitting it on the green does not necessarily mean a green jacket at the masters. your morning rbi has to do with golf and why golfers actually want to lose a competition
misconduct and rape. he is also being investigated by the united states over the release of confidential and top secret documents julian assange has been arrested and removed from the ecuadorian embassy. well, the world's largest democracy kicking off its election day millions of people heading to the polls in india, and the outcome could have a major impact on your money here's sima modi with more >> it is an election like no other. 900 million eligible to vote making india's national election the world's largest democratic exercise the decision for voters comes down to this allow prime minister modi to continue as leader of the country for the next five years, or give raul gandhi, head of the congress party a shot. the stakes are high. india is currently the fastest growing economy in the world
netfl netflix, amazon pouring millions into indian content. facebook, twitter, working around the clock to get more indians on-line while also combatting fake news there's also been birth to a number of unicorns backed by major investors like soft bank, tiger global, and sequoia capital. >> the prime minister has outlined a vision and strategy for a digital india catching a business model change, a social model change, and an economic change, and a technology change in one, and he has positioned his country for the future in that >> while modi is largely seen as pro-business, experts say some of his actions suggest otherwise. >> the modi government has moved further on increasing fdi caps in a number of different sectors, but it is also moving backwards on increasing tariffs to some extent >> experts caution a more protectionist modi might make economic policy a bigger concern for both citizens and foreign
investors. earlier this year amazon and flip car were forced to pull thousands of products offline after new e-commerce rules were unveiled by the indian government in an effort to level the playing field, brian, but many people saw that move on behalf of the modi government as a political move to kind of protect his base and could certainly challenge these e-commerce players from expanding into india >> all right let's expand this conversation sima, stick around let's also bring in tim seymour of seymour asset management. tim, listen, india will be the lar largest country in the world by population very soon how much is this an emerging market giant >> well, it's certainly been the strongest grower as sima pointed out. you could make an argument that in terms of the opportunity here and demographics, people have talked about consumption and demographic goals of emerging markets and why you invest there. india los angeles the most optimistic future for that we've seen a lot of that over the last five years. again, india has outperformed
the rest of the emerging markets asset class. the question really is can this new government, which will be some type of a coalition government, have the same kind of teeth and the same will to push through aggressive reform i think that's where the market is in debate >> tim, the india election officially kicks off today won't get the result until mid-may. the recollection just takes a lot of time. >> mid-may >> may 23rd we'll get the vote >> that's a lot of votes to count. >> i want to know, tim are as an investor, what are you hoping to see? >> i want to see a little bit more normalization for banks and how they can begin to push into the broader sector i think really if this economy is banked correctly, there's an opportunity there. there's no question that if investors are looking to invest in india, they're also looking at i.t. financial services info sis and companies like that continue to effectively be operating on a global stage. the key here really, i think, for india on some level is the global macroand the short-term and medium term. as you know, historically inflation has been a big issue
itsd been called one of the fragile five, and to that extent the fact that global interest rates are trending lower, the rupee has been rallying up 7% or so off the lows. that's the stuff that i think is going to be frankly, more important to investors this is 11% of the em index. it's a big weighting for are people they may not know about i guess, tim, even with all those compelling stats, you still haven't seen foreign investor interest rise as high as you would expect given how strong of a growth opportunity india is what do you think is holding investors back >> i think, again, look, as much as we've wanted to see india push through to be a true democracy, it's still, you know, underpinned by enormous social requirements it's a fragile and i think a very complicated domestic
economy. therefore, it's not going to happen as fast, but, again, the good news, india has outperformed the asset class trades at the highest multiple in the asset class you have 15% this year that's compelling. >> they need energy infrastructure and water infrastructure a lot there a lot of opportunity as well thanks for bringing it to us thank you, tim thank you. >> thanks, brian zblierng time for your morning rbi. today it's a sports reference. it's not baseball. it's golf. the first round of the masters teeing off today yesterday was something that may even matter more to the players than today the par 3 contest. well, why would this casual event where golfers invite their family members to caddy and even hit shots matter at all? because golfers are notoriously superstitious. since the par three contest was created in 1960, no player that has won the par three contest and the masters in the same year in other words, you win the par three, you ain't winning the masters. so says history. hopefully that will reverse for england's matt wallace who had a hole in one and won the par
good morning we'll show you the wide-ranging interview that covers the u.s. economy, the president's fed picks, the china trade deal, the crisis in venezuela, and you will see a perfect pronunciation of mayor -- it's a big day for disney the company set to unveil its streaming strategy to take on netflix at an investor event we'll tell what you to expect. uber's ipo filing expected today. it will give us the first complete look inside the ride-hailing company's books this is the day after we saw a
print of lyft down at 59 and change 59 we'll tell you which numbers investors are going to be scrutinizing it's thursday, april 11th, it 2019 "squawk box" begins right now. ♪ we are live from the nasdaq market site. i'm becky quick along with joe kernan and andrew ross sorkin. you're going to see that this morning the dow is indicated up by about 20 points s&p indicated up by almost four points, and then the nasdaq up by seven probably worth pointing out that the nasdaq yesterday closed at a six-month high the s&p 500 was up for the ninth out of ten sessions, and the dow was finally up out of -- after about three days in a row of being down again, we'll see where things go as we get a little closer to the opening bell again, that's where we sta