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tv   Worldwide Exchange  CNBC  May 13, 2019 5:00am-6:00am EDT

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it is 5 a.m. here at cnbc. here's your top five at 5. wall street pointing to a big drop at the open futures down nearly 300. is it trade war fears or is it something else? what should you be doing with your money on a day like today we get big money advice from guggenheim's scott minerd. he will join us from asia. secretary of state mike pompeo canceling a trip to russia what's his take on the china talks. you will hear from him ahead. hitting the brakes uber shares are down in the pre-market following their dismal review. hey, it's not all in the
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red. bitcoin crossed another key level. we'll give you all of the details on that and other big stories on monday, may 13th as "worldwide exchange" begins right now. ♪ ♪ hi good morning, good afternoon, good evening and welcome from wherever in the world you may be watching i'm brian sullivan very busy monday on cnbc it looks like another volatile session from stocks. friday's 450 point turn around, we went way down to finishing higher that was so last week. it is a distant memory futures, look at this, implied open down 266. s&p and nasdaq are down as well. nasdaq futures are down triple digits we don't see that much so nasdaq may be the one to watch. tech had been the market leader. looks like it may be the leader on the down side it has been very, very weak. we had the worst weak as the giant red banner says at the
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bottom of your screen. as stocks get sold, bonds get bought we are seeing the yield continue to get dropped 2.42% on the 10-year note. all yields down and now in asia, china's market fell as well. the shanghai comp down 1%. nasdaq and china tech heavy. hang seng was closed they've got a holiday on monday at hong kong we are seeing the nikkei and south korea down as well in the european markets, you're seeing a trend here, folks look at this, red across the board. losses in europe not necessarily the same we saw elsewhere. example, the ftse and the u.k., we'll call that flat as well we bring up the bund again the bund is the german bond and the yield, again, negative -- whatever goes negative we're going to highlight that for you because it sort of signals fears
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about growth in the european market fourth biggest economy in the world and the yield on the benchmark ten year german bond is now negative again. you've got to pay to borrow money in germany global look at commodities in the oil market, not a lot of move here. up 1.5%. euro dollar at 112 gold not being bought. despite all the worries, nobody coming in here bitcoin, all the red on the screen except for bitcoin. up another percent back up 7,000. long way off from the 20,000, i get it, we were at december, but still above on bitcoin are. president trump not backing down white house economic advisor,
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our former colleague larry kudlow acknowledging over the weekend that it is you, the american consumer, that pays for tariffs on china that is a bit counter to what president trump had been saying. here's what kudlow said on fox news on sunday. >> fair enough in fact, both sides will pay both sides will pay in these things and of course it depends -- >> if it's a tariff on goods coming into the country, the chinese aren't paying. >> no, but the chinese will suffer gdp losses and so forth with respect to a diminishing export market and goods that they may neat. >> i understand that the president said china pays the tariffs. they may suffer consequences but it's the u.s. business and u.s. consumers that pay, correct? >> yes, to some extent i don't disagree with that both sides, both sides will suffer on this. >> kudlow added that he does expect trade talks with china to continue in the coming weeks let's get right now to eunice
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yoon with beijing with more on where we stand if, indeed, we stand anywhere. >> well, the chinese agree the talks will continue. the chinese vice premiere gave an interview to the state media. that interview has been played up a lot in the press over the past couple of days. one of the main points he said was that the negotiations did not break down but that the two sides did stalemate and it was when they would lift all of the additional purchases and finally he said that the next in the trade agreement would be balanced where both sides retain their dignity. there's been a lot of talk about the u.s. wanting to change
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chinese law. they want the process to go through the legislative branch here, however, the chinese have been arguing that a very high level decree would be here they have seen those decrees before and they haven't made a whole lot of changes now there's a lot of speculation as to what is going to happen in terms of retaliation there's been speculation that the chinese are going to retaliate with tariffs a lot of that is because they had said that if the u.s. increases tariffs, we must respond. also, the foreign ministry just moments ago had said china will never surrender to foreign pressure what is interesting is how unusual it was that the chinese have not made an announcement unlike in the past that's being explained, brian, as tai chi, they want to see how
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you calculate a little bit more and how the tariffs will affect economic growth here. >> there's no date set for economic talks, is there we can say we're going to continue but there is no hard, fast date when the two sides will meet again. >> no, there is no hard and fast date at all so that's one of the big question marks as to what's going to happen. but i think what's interesting is that the chinese are still trying to project this idea that they are very calm in the face of this all and, again, in terms of the tai chi philosophy, they are saying we remain sober we have our utmost rationality and that we are looking for endurance in this trade war. >> doesn't look like the markets have utmost reality.
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joining us is daniel morris. welcome back a couple of weeks ago it was sort of, you know, money in the bank that we were going to get a deal everyone said, don't worry about it, a deal is coming the discussions broke off earlier in the day what's your take of how this works out? >> i think the point you made just now that a month ago we had assumed that the whole deal was finished and invested in london. we figured that was a risk there was also the risk that you did get a deal and it wasn't quite good enough for the markets to continue to rise afterwards and a lot of that would have focused on whether or not you actually did see the tariffs that have been put in place on both sides reduce which is actually the issue that the chinese are on as well
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they want to see the tariffs removed as well. all of that uncertainty it seemed inektable it's not simply an economic consideration. it's quite clear they're going to suffer more we know everyone suffers, but the chinese more vulnerable to the tariffs in terms of the economic impact on their economy. it's the political considerations, saving face, all of that that make it so much more difficult to predict with the reaction of the chinese even though we can guess better how trump will react. >> we have to put everything in context. last week was the worst week for stocks but the u.s. stock market, as you know, has done very well in 2019. one of the best starts to a year ever how much does the strong start to the year play into what we have seen the last couple of trading days this market has the ability to come down a bit i would imagine.
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>> i think you can see that as well if you look at how different parts of the market reacted last week. if you look at say the performance of growth versus value, they were all kind of the same there was a little differentiation, perhaps just a bit of profit taking which had been time and to make take a little bit of profit on that, see where you're going to allocate and where everything grows. if we get a little bit of stabilization. paem are going to reject it. >> so still relatively constructive on the market daniel more morris, thank you very much. the woes of uber's ipo look like they will continue today. shares are down in the
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pre-market another drop at 40.70. it's getting the decidedly cold shoulder on friday deal logic said uber was the fifth worst ipo of a company with a value of $10 billion. uber's first day problems tackling through to other companies. softbanc, they are a major investor in uber through their vision fund. lyft, their problems continue as well lyft hitting another new low down more than 2% right now to 49.90 per share. we are just getting started on a busy monday here on "worldwide exchange. up next, the iranian threat. michael pompeo canceling a trip to russia. he sat down with cnbc. do chinese investors fear the trade war?
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guggenheim's scott minerd joins us stick around ♪lean on me, when you're not strong.♪ ♪and i'll be your friend.♪ ♪i'll help you carry on.♪ ♪lean on me. so, servicenow put your workflows immhm. cloud, huh? your employees must love you. [ chuckles ] thank you. you could say that. i love you. servicenow works for you.
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friday with no sign of resolution joining us is guggenheim's leader back from a trip in china. i know you were in shanghai for a couple of days meeting with investors. it's interesting you and i had a chance to speak over the weekend about it. you have an interesting take one would think that chinese investors would be upset about what is happening right now with the trade fight but, indeed, you may have discovered the opposite >> well, i'll tell you, brian, it will be one of those things i remember for the rest of my life, which is sitting down with a major investor at the very moment that the tariffs went into effect. and it precipitated a very interesting conversation you know, when i was somewhat defensive or apologetic about
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the swaituation, the feedback i received from the investors in china was they actually saw this as perhaps a positive for the nation they see the pressure that is being applied by president trump as also perhaps causing the government to have to reconsider some domestic policy and, ind d indeed, on balance this could be a positive step forward for chiep na as the united states forces more reform within the country. i would say, well, ever kwrs, that's what they are going to say because they don't want to show the weak hand. >> it's interesting. the client went out of his way
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to remind me about the long and deep friendship between the chinese people and the american people he referred back to the chin dynasty when the united states supported the open door policy to support the open door policy by the powers. he was grateful for the liberation of china at the end of the second world war and also referred to dr. kissinger and how the americans have been a positive influence on china in terms of opening the country up and bringing about a lot of reform and progress. >> so people forget, i certainly did. the chinese middle class is larger than the entire population of the states this is a pow to be reckoned
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with the middle class is looking for more reform. they're looking for better jobs. they think that the administration by putting pressure upon the government actually could expedite some of those things. >> any indication from those comments or others, scott, that the chinese are going to cease buying u.s. treasuries in the volume they have been and potentially spike interest ratsrats rates? >> no, i don't think so, brian the pattern we've been seeing is that the central bank continues to reinvest their portfolio, but, you know, the one thing they don't want to do at this point is drive down the value of the dollar which would result from selling their treasury portfolio because, you know, the depreciation of the juan since the first round of tariffs have done a lot to upset the impact
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domestically i think the real wild card for us right now is not so much whether they retaliate with tariffs but if they just decide to weaken the juan further and essentially offset part of the impact that the tariff >> we don't sell that much to china. they don't have that much power on the tariff side they can wouldn't specific u.s. companies no doubt, but do you believe the weakening of the juan, the chinese currency that we have seen, is kind of a form of soft retaliation, if you will, that will continue >> i think so. i mean, i think they don't see it as soft retaliation as much as they see it as a way to reduce the impact of our aggressive acts towards them what's really interesting, brian, is if there's not another round of tariffs here, you know,
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there's approximately $250 billion worth of goods now that are being tariffed there are approximately another 300 billion which were not if the juan were to devalue by 10% and they would become much more competitive and the goods that do receive the tariff will have increased probably 40% of the total tariff a net net depreciation of the juan could be positive they have made it clear they're not happy with a weaker juan but the chinese could say, look, you're forcing this on us by our acts. >> larry kudlow saying something that i think every cnbc viewer already knew the tariffs are going to be paid by the u.s. consumer they're paid by the u.s. companies, u.s. government that is going to trickle
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through. that is inflation. >> right. >> you have a trade amount in that >> how do you balance that scale? slowing of economy and sbl hi higher in prices >> well, brian, the federal reserve is more concerned about the strength of the economy than they are about potential weakness when we saw the first quarter gdp data it surprised to the up side when we got the employment data a week ago friday it was extremely strong that was april employment data that's second quarter. there's likely to be a consumption bounce back as a result of the inclement weather and the government shutdown in the first quarter. we'll get a gauge on that this week with retail sales but right now i think the fed is saying to themselves, look, we can't really justify a rate reduction
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even though inflation is soft based on how the economy is because that's going to feed into inflationary pressure when you layer on top of that the tariff which will cause an increase in prices, either that or a decrease in commodity -- or operating margins for corporate america, then, you know, they have to consider the fact that this is going to show up in consumer price data, producer price data just as they're now saying that the soft patch in inflation may be transitory, they're probably going to spend some time trying to figure out if the increase in inflation from tariffs is transitory i think where they're focused is on the realtor tori. >> from everything you've seen that big brain of yours, scott, do you see the fed on hold all year >> brian, i've gone on record before that i think that there's
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a risk that they're going to raise rates in the fourth quarter. we got a lot of data between hire and there with the direction difference the only time i would see a sudden rate change is if the financial markets began to spiral out of control as a result of the tariffs and then the fed might actually do what they did back during the asian crisis and react by an emergency rate cut. >> any reason to own bonds sneer people keep buying them, scott yields keep going down. >> brian, it's interesting bonds looked so expensive. i've always been an advocate people should have long duration, high quality bonds in their portfolio. that served our clients well during this period to add to that exposure at this point, i think you're a little late coming to the party.
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>> scott minerd, i know it's getting late there in tokyo. didn't get a chance to talk about the art. we'll do that later. safe travels thank you very much, scott. >> thank you, brian. up next, what is wrong with ub uber today we'll give you the latest trade on uber. plus, another big win for disney at the box office can anything stop "the avengers"? dow futures down 250 we're back after this. unpredictable crohn's symptoms following you?
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all right. welcome back it is 5:26 in the morning. dow futures are down 273 points right now. no sign of an end to the trade fight. investors are taking it out on the market we are coming off the worst week of the year for stocks last week dow futures indicating a big open nasdaq futures, something we haven't seen in a long time. they are down triple digits. technology appeared to be the leader on the way up it may be the leader on the way down futures are off 111. is it crazy to think that president trump is not being aggressive enough with russia? secretary of state michael pompeo says it is. t gwi tsi wthat plus his take onherongenonith iran is next. naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up!
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buckle up. wall street pointing to a big drop at the open dow futures down 270 points. the trade war shows no sign of slowing down is the u.s. ready to take military action in iran? secretary of state michael pompeo going on the record with cnbc. it's not all bad bitcoin, the big mover of the day. what it just did that it hasn't done in nearly a year as "worldwide exchange" rolls on right now. ♪ ♪
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all right. nobody's taking a chance on the markets right now. welcome back and thank you for being with us on a very busy monday i am brian sullivan. dow futures down 270 points right now. a lot of red on the screen all around the world the trade fight showing no sign of slowing down. friday we had a 450 point u-turn down 350 to finishing higher that's a distant memory. futures off right now. buyers coming into bontsds the yield on the ten year, it's at 2.42% what's ticking up? the price of oil oil up to $62.60 per barrel. there's a lot of numbers there arguably the biggest number of the day is negative 0.05 that is the current yield on the benchmark ten year german bond called the bund.
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a negative yield means you pay to borrow money from the government instead of the other way around, you pay them that should tell you about the state of nervousness joining us is james camp from eagle asset management james, what does 2 tell you when the benchmark bond has a negative yield. >> good morning. seems like a year ago we were talking about 30% solid debt for me the german situation is really the unresolvable nature of what's going on in the eurozone, at least in the financial system clearly all central bankers need to realize and probably are coming to the conclusion that this idea that they can target inflation if they're going to get any meaningful move out of inflation because of monetary
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policy is a bit of folly i think the markets are saying slower global economy. inflation is non-existent. >> how much instability? is it just nervousness or is it real fear? there's a difference >> and i think that's a great point, brian the point that i would make about the eurozone vis-a-vis the u.s., think' never really had their recapitalization moment. i say early after the 2008 crisis we had a massive stimulus in the form of very cheap borrowing for a long time and a cap on long-term interest rates. that helped recapitalize our banking system that hasn't happened the failure of the deutsch bank points to the failure of the financial system and credit quality by and large across the region. >> right now it appears to be about the trade fight. dow futures down 272 points.
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how do you think -- both sides can say what they want friday, both sides saying oh, things were constructive the reality is this, they left midway through the day on friday and have no signs right now, no concrete number on calendar dates to meet again. how does this play out >> brian, my interpretation of the trade war is that if it dings confidence enough, then they stop the reacceleration of capex. we're seeing a broadening of the breadth and we're seeing an uptick in u.s. productivity which can be a great scenario for a late stage bull run here if confidence gets up ended, if the trade war pro tracts and there does not appear to be resolution, i'm going to watch what do capital budgets look
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that's the longer tail thing that i'm interested in and how the uncertainty plays out. >> how can we make money right now, james >> well, i think you have to stay diversified i know that's sort of a tired financial adage, but if you look at what's balancing in asset allocation, it's performing extremely well in the post tightening period. up until 2015 we had a high degree of correlation between u.s. stocks within the market. that correlation is broken down. the asset allocation is back non-correlated nature of fixed income is working especially year to date what i looked for is companies with modest leverage to their balance sheet, an ability to reinvest and generate free cash flow importantly, if we do have a downturn we want the companies thathave not simply relevered their way but have long
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sustainable bonds. they have a lack of correlation or negative correlation to risk manageme management that's as we move post central bank exclusive focused economic policy. >> james camp, we appreciate your insight on this very busy morning. thank you very much. see you soon. >> thanks. switching gears. secretary of state michael pompeo canceling a trip to moscow instead he will head to belgium to address escalating tensions with iran. cnbc's hadley gamble sat down with secretary of state pompeo over the weekend to talk about the iran threat and much more. hadley joins us live from los angeles with more on her exclusive over the weekend wafs the main -- two or three, we hit so many highlights. we talked about russia, we talked about venezuela, we talked about china, we talked
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certainly about what's happening in the middle east with the gulf arab states. the potential for saudi arabia to go nuclear and frankly whether or not we're on a collision course towards conflict with that country listen in to what secretary of state mike pompeo had to say >> what led you to the uptick in military pressure that you're placing in the persian gulf. >> we've seen from the iranians is increased threats and we've seen this reporting it's real. it appears to be something that is current, that is things we're worried about today. we've done all the right things to increase our security posture to the best of our ability but we wanted to make sure we had deterrent things in the right place. in the event that they came after deterrent interest, in afghanistan, iraq, yemen, we were prepared to respond in an appropriate way. >> i pushed back on the secretary of state there and i
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said, hey, listen, that's a heck of a lot of military hardware you're putting into the gulf it's not just the united states. allies are there as well as powers in europe this is a pretty crowded space i asked him how often and how much do you worry about this he told me we are not going to make any mistakes with regards to the potential of military force. taking a step back we heard from president trump, he said, hey, we're open to conversations from tehran i'm weighting on a phone call. they've talked again and again about actions versus words frankly we've heard it from the trump administration, they've been open to another deal, another potential jcpoa but when you look at the actions of the trump administration, whether they be back in the middle of it in the belt way, over the last
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24 hours varying reports of two sabotage vessels off the coast of the uae the first reports coming from media, russia, iran. they were saying there were oil tankers on fire. then the uae came out. they said four vessels destroyed? two -- aramco customers say they had been stopped and been damaged. that speaks to the level of tension we're already seeing in the persian gulf itself and of course impacting oil prices. when we take a step back and we look at all of these words versus actions, so much pressure has been put on varying countries from russia, frankly, to north korea to china even venezuela by the trump administration but has that really yielded any results >> what president trump has
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done, we've spoken the truth previous administration just ignored china. we've called them out. they ignored the fact that intellectual property was being stolen we tried to push back against it, the previous administration turned a blind eye we won't previous administration saw that nato countries weren't paying their fair share this administration has called it out previous administration has allowed the human rights commission to be occupied by some of the most grow tess being human rights abusers in the world. we're realistic. >> so i asked him there, bribe, is this real poll particuloll particular. >> did he talk about the china fight? >> did he. such an uptick in the pivot to
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asia the biggest investor in the uae is china we don't have a problem with our allies looking to china. we want them to be an economic actor in the global hemisphere but he did push back and say they're not doing it right every time that we see them doing something wrong, we're going to push back on them it's a debt trap that was really, really interesting particularly in the context of national security when we talk about the security of the middle east, there are a lot of players in that region as you very well know most of them require the united states for their own security, like the uae in saudi arabia it was an interesting conversation a lot of highlights. i have to mention though, as you know, the secretary planning on meeting with president putin as well as his counterpart, sergei lavrov in sochi not too long from now when people push back on the
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trump administration, say hey we're not being that trump or that tough on russia, we just interview it we appreciate you getting up or staying up. >> i've been up for days for days. >> thank you very much appreciate it. good stuff. on deck are the high tax states like new york and new jersey really starting to come to grips with the new tax regime in real estate we're going to get a pulse check next and one of the most incredible basketball shots you will ever see that was a heartbreak to the city of brotherly love scotts turf builder triple action. it kills weeds, prevents crabgrass and feeds so grass can thrive, guaranteed. our backyard is back. this is a scotts yard.
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memories. what we deliver by delivering. welcome back as you can see, it's 43 degrees. raining in new york. break out the blanket. get some apple cider i want to be the first to welcome everybody a happy thanksgiving it's shaping up to be a great fall here in the east coast. welcome back is the hottest time for home sales going to be doomed by the new law that reduces the deductibility of state and local taxes or can real estate rise above? joining us now is the president and ceo of marcus milichap he's thinking in l.a what are you talking about it's 74 and sunny here every single day not the case here. this salt cap deduction issue has been massive in new jersey,
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new york, maryland, massachusetts. when you guys put your numbers together, do you see a long-term impact from this can real estate do well in the spring ceiling system. >> it's a paper cut. there have been several coming the way of the housing market. the first was the fed slowing down sales and now there's been a reversal, which is a good thing in that interest rates are coming down. the fed kind of gave the markets whiplash by saying rates are going to keep going up people reacted to that rates are coming back down because of economic concerns that's one people prefer to rent. the housing market has preferred the pinch and people prefer to rent whether it's young or older renters, some people selling their homes and opting to rent
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put on top of that the tax concerns and it's been a multiple factor slowing down the housing market however, for some of the markets you've mentioned, they're creating jobs. new york added 95,000 jobs d.c. added 65,000 jobs as long as the jobs are there, but i'm really concerned is that we're not over building housing. housing is not going to be the reason to cause the next recession as it was the last time around. >> is anybody putting their home up for sale? that's been the problem. can't buy something, hadsam, if it's not for sale. >> inventory has been very limited and people are staying put. the more important thing about all of that is who's coming into the market and people are preferring to be in urban markets they prefer to have the flexibility of renting so when
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they're chasing a job they can be nimble anwe're seeing more in this expansion than other expansions 30 somethings, 40 being it the younger generation is starting to form families. the shift will be back to it in the next ten years we're seeing the preference to rent in urban areas. >> is that going to be the long-term trend? do you think renting is the new owning >> it really has shown to be that, brian. i think it's more of a structural change, not a cyclical change. anyone that you see come out of the rental market to buy homes tends to be renters of single family homes professionally done
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apartments are where it's at so as an investment, apartments have been a preferred choice on the commercial real estate side. the lowering of interest rates in the last three months or so bodes very well for that as rents are going up and supply is very much in balance with demand, you see those yields continue to track new capital coming into apartments. >> hessam nadji. thank you very much. have a great day. >> >> great to be with you. now to the sports world. if you missed the ending of the 76ers/raptors game last night, wow. it ended on a shot that no one in toronto or philadelphia will ever forget. not kawhi leonard. with less than 1 second he threw up a crazy shot from the baseline falling it away watch this
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the ball bounces away from the rim. once, twice, three times in. somehow the ball went in and the raptors win the game 92-90 they will take on now the milwaukee bucks in the eastern conference final one of the greatest ball shots of all time. >> on deck, a crypto come back bitcoin breaking out in a big way. the real cost of a trade war we want to know, would you, america, pay more, 20% more to buy an american-made product over the similar item made over seas the surprising results to your rbi coming up next
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welcome back in. 5:52 in the east you can see from that graphic that right now we are in for potentially another market selloff at the open. friday we had a 450 point turn around down 350, came back to finish
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higher distant memory dow futures off 250 points right now but there is green and it's in crypto. bitcoin. look at that, back above 7,000 for the first time since august. bitcoin is now up 90% so far this year. all right. simple question, will the stack be all about the numbers >> let's bring in michael from weeden and company 75% of the companies beat the street guidance good. rates keep going down as far as bond yields go is it all about trade? >> right now it is, right? i mean, look, you can check that box, but it's in you know, you have to sit back and remember that we've had just a ferocious rally off the december lows. two pe points added onto the s&p 500 so to get at your kwi, trade
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tensions, what's the catalyst to take the market higher here so much of the good is already priced in. there's not a glaring catalyst we know the put is there earnings are good. we know the inflation growth narrative is here. we know rest of world weakness is -- >> does the trade war influence the fed's thinking here's the problem tariffs are going to raise the price of goods that's inflation yet the fed probably also knows it's not real inflation because it's only caused by the tariff issue so how does that work? >> tariffs and trade tensions are both sort of -- can be inflationary and deflationary all at once in this sort of crazy way. of course, you know, inflation momentum to the up side, we have -- you know, we've really yet to see despite a trillion dollars of fiscal stimulus eight years of economic expansion and so forth
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the trade tensions, the tariffs spilling into it, sort of a stagflationarr is more than we've seen in the data the fed is going to be looking at that. they are data dependent. the data shows inflation, that will get them into, you know, inflation management gap if you will that's not palpable at this minute. >> back in october he didn't have powell put the leverage
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now he does. his equivalent ratings are stable 2020 is a long time away if he wants to put the chinese aggressively, now is the time. the markets have to be prepared for that scenario here just hiding something nicely right now doesn't make sense i think you have to be prepared. can trump afford a 6% selloff in the markets? yeah, he sure can. >> well, we know he watches the markets closer than anybody. appreciate it. thank you. >> great to be here. time now for your morning rbi. would he focus on trade. the president wants manufacturing and jobs to come back to the united states so we asked you a very simple question would you pay 20% more to buy an item made in the united states versus a similar good over seas? most of you said no. 61% of people who voted in our poll said no you would not you would not pay more for a good made in america
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maybe not the answer the white house is looking for random but interesting on a topic everyone is talking about. dow futures down 250 we'll see you tomorrow "squawk box" is next the united states postal service makes more e-commerce deliveries to homes than anyone else in the country.
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investors waking up to a selloff. trade tensions weighing in on the factors we'll show you what president trump said about china and get a live report about beijing about some possible retaliatory measures you have one job, open the thing and let it trade above it but, no, uber shares falling after friday's rough stock market debut what happened? who do you point fingers at? i thought for sure it would be -- if uber can't trade
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higher, what can a toll on investor sentiment and softbanc it's monday, may 13th, 2019. "squawk box" continues right now. ♪ ♪ live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. we're watching the u.s. equities at this hour and it is not looking pretty dow future down by 243 points. s&p futures off by 28. the nasdaq off by 103. we did see the markets close up on friday even after some red arrows in the morning. last week was the biggest declines we have seen from the markets in the dow, the s&p 50

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