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tv   Worldwide Exchange  CNBC  March 21, 2016 5:00am-6:01am EDT

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♪ good morning! markets now. oil prices dropping. and that's putting pressure on global stocks. an historic visit. president obama travels to cuba along with a host of american business leaders. and legislate the guessing begin. apple holding a big launch event in california today. a smaller iphone, a new watch. we'll tell what you to expect. it's monday, march 21st, 2016, and "worldwide exchange" begins right now. ♪ good morning. welcome to "worldwide exchange." i'm sara eisen along with
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domenic chu sitting in for wilfred frost. we've got the new single out empowering women's education. under some pressure, this comes off of five straight weeks of gains when the s&p 500 closed at the highest level of 2015 on friday, giving a little back this morning. modest moves with the s&p futures down 5. dow futures down 20. it's earlier, nasdaq down 12. showing you the ten-year yield right now, slower in weeks on the impact of fed caution that helped to fuel that rally in the stock market. 1.87 on the ten-year. >> more on the markets in one minute. first, the political start on the geopolitical front. three days after south korea
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said the north fired a median range missile into the sea for the first time since early 2014. north korea has condemned ongoing annual south korean/u.s. military joint drills which pyongyang sees as invasion rehearsal, sara, this is such an interesting move here only because the geopolitical systems and stories happening out of there do shape what happens in the region. in the meantime, other story, president obama is in cuba, marking the first time a u.s. president set foot there since calvin coolidge in 1958. he will sit down with president castro. president obama is joined by government officials and a host of ceos. more from michelle caruso-cabrera live for us in havana in the next half hour. to today's top corporate
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story, an $8.9 billion deal, sherwin-williams is buying valspar for a 35% premium over value par's friday closing price. >> nice deal in paint. >> it becomes number one and number three is trying to get access globally in term its of some of the spots. now on to the global markets here. if you take a look at what's happening in asia. we did see a nice move higher in terms of hang seng and hong kong, and also the shanghai composite on the mainland. 2.2% on the shanghai. kospi down 0.1 of a percent. shanghai composite there, is this, again, a little bit because of what happened overall with margin requirements. >> they loosened. >> they loosened a bit to give a bit of to the stock market. >> as for the european markets we'll say it's mixed.
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german dax down, france cac down by.5%. the ftse mib in italy and spain just about flat. no huge moves. >> broader market moves right now, i'll show you what's going wouldn't the dollar which is soap part of the story. the weakening of the u.s. dollar last week helping to fuel stocks and to rally mode. the euro weaker, 1.1247. the dollar is weaker against the japanese yen. always a sign of risk aversion. we saw japanese equities closed overnight. you saw broader risk aversions. the pound is also under some pressure this morning. 1.43. gold -- let's do oil first. oil has been causing the moves early this morning that's at least what early traders are attributing it to.
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wti 1.7%. brent down 1.146%. and then gold, gold had marched higher throughout the year. it rallied sometimes with stocks and sometimes when stock, not in such a great move. it's under pressure with $9.40. on oil, it was a surprise to see the rig count actually go up. >> first time in three months or thereabouts, but it was one rig. plus one rig. it wasn't a huge move higher but for people to at least restore hope so production does pick up in the future. >> or not hope for the oil bulls who are counting on an output cut in the united states. >> correct. we should also say it's one rig. >> one rig. >> it did. and we should note there today is the expiration for the wti crude contracts so you'll see a little bit of discrepancy there. you can see some quotes there for, again, the april contracts. we're going to roll towards may
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it will be an interesting dynamic. >> if you zoom out on this market, here we are, monday morning, yes maybe some profit taking or fallout on what's happening on oil, but we have seen some nice gains. a pretty stunning come back from february 11th. five weeks up, 13% higher for the s&p 500. and the question people asking, can it continue? and what do we need to see to see that continue? could it be earnings? could it be economic data. >> we're going to have a whole lot of that. it's a holiday shortened week. look for home sales, on wednesday, new home sales. thursday, it's of course, jobless claims day. friday, we get durable goods. a volatile read there. the markets may be closed on good friday, but we'll still get the final revision to fourth quarter gross product reduction that day. and the action is light. however two big names reporting, nike after the close on tuesday,
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sa sara, and general mills on wednesday. you've got a couple of large companies that could give you a read on what's happening on the stationary and equation side. >> and stocks. feds out of the way, they're going to be patient. oil prices as long as they stay supported here, maybe you can go back and do the research on stocks. as kramer would say, go back and created the conference calls. >> the micro becomes the macro. amazon has taken a nearly 10% stake in the air transport services group. alibaba announcing it hit a milestone on its website hit 3 trillion yuan. foxconn to likely reduce its offer for sharp $900 million. that's according to a report there could be concerns about
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sharp's action. other stocks to watch. shares of buyer trading hider. monsanto reportedly approaching bayer about the purchase. and also affymetrix rejecting a bid standing by a $1.4 billion merger deal with thermofisher. and barrons saying that fedex shares could rise by another 20% over the next year. this after the firm soared 12% on thursday in the wake of earnings. so fedex shares just down by .5%. an interesting story from barrons over the weekend. also keep your eye on apple, today say big day where apple will be holding its first event of 2016. landon dowdy joins us with three things to watch. good morning. head lining the led us leap
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you event. the smaller four-inch iphone s sa e. it's about bigger, being better. but today is about going smaller. besides the phone, the smaller 9.7-inch ipad pro. the company could also reveal a new mac book. apple watch updates, the firm isn't expected to launch a new watch but new bands. of and apple has been working on software updates it's likely we'll see upgrades. i was just getting used to a larger screen now they're switching up on me. >> they're they're trying go for those who need to upgrade from the 5s and 5c, because those are still small. underlining this isn't getting the hype that we're supposed to get out from the phone in the fall iphone 7. >> maybe you're right.
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the second attempt at the smaller cheaper, the 5c, the colorful one. it's a tough market mostly dominated by android. they're saying we could see a small boost by this but apple doesn't have that wow product to replace the iphone especially after we've seen the sales drop recently. >> you know, it's interesting, sara and landon, the average price is about $33. you're talking the update over the next 18 months. you wonder whether today's event will be a catalyst or people do get that disappointing feel. >> or they're just too bullish. they've stuck to their bullish guns. >> landon, thank you for the update. of course, today's apple update comes before tomorrow's big hearing with the tech giant's inscription fight with the u.s. government. amid that battle apple has reportedly hired a new executive to oversee its corporate digital
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defenses. this is george stathakopoulos who was head of security at and before that, ahead of security. he's been a chief in charge of mechan mega tech giants. >> do you think the timing is correct here releasing a new phone and then the event in court. >> conspiracy theorist in me, sara, i always think there's a plan. >> i wonder if he'll make his case which he's done in the public for interviews. that continues. coming up on the show, oil prices dropping for a second straight session. we're keeping an eye on that.
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the among the reason, the u.s. rig count rising for the first time since september. joe kill duduff will be here. you're watching "worldwide exchange."
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asian markets, hang seng just about flat. the shanghai composite up about 2.2% again on perhaps some optimism on larger lending requirements being eased in the chinese mainland security markets. we're watching those shares higher. kospi down by 1.10%. german dax up. by .71%. cac and france just about flat. ftse in italy and spain showing flat gains. as for u.s. equity futures we are set up for a fractionally lower action. s&p down 2. and dow jones up one whole point. nasdaq down by 2. >> we'll keep an eye on it for you. prices at the pump are moving higher. the latest lundberg survey shows
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the average price of regular unleaded jumped 24 cents in the past four weeks to $2.20 that reflects higher oil prices mainly due to the weaker dollar. wti crude up more than 30% in the last month. lundberg says gas prices could further rise as refiners prepare to switch to cleaner burning summer grade fuel. so we're at much lower levels than we were back a year, two years three years ago. joining to us find out what's happening with oil, john kilduff, a cnbc contributor. good to sigee you. >> good morning. >> this action do you think it's because of that rig count moving higher in the last weeks? >> not necessarily. the rig count is at a low since 2009. i'm not sure how many rigs they can take out of service at this point. also, too, i think this market,
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the oil mark has priced all it could in terms of giving the full benefit of the doubt to opec and russia about the upcoming meeting next month and the freeze deal they're trying to fashion and the new hopes of working together that they've exhibited. >> you bring in an interesting point. we talk about the cartel, there are some that argue they don't have as much power as they used to. you've got russia, the biggest producer in terms of oil productionwise. is there a sense even if they can agree to some sense of a production freeze or cut that they would actually stick to it longer termy. >> that's certainly the issue. i would dispute they don't matter. oil prices have rallied 50% off their lows in eight weeks' time now mostly on this freeze deal which struck me as ridiculous almost. but just of the fact that they're ill wering to cooperate even to this mildest of degrees, you're seeing the bulls buy this market up.
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but as al naimmy said himself, he doesn't see the kingdom conduct because he doesn't trust his counterparts. he literally used the words, i don't trust my counterpart. >> you seem a little skeptical. the question i guess has this dash to the $40 a barrel been a real pin in the underchanges to supply and demand? >> no, absolutely not. the glut persists there's not a single barrel that's been cut. as a matter of fact, we are seeing iranian production surge. and so the only thing, there's seasonal strength right now because gasoline strength has been very strong but there's cargos of gasoline literally floating around the world work think way here. that, too, is going to ease. >> how does the risk set up -- we've gone a long way very quickly. is the setup down for the move?
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>> you sound bearish? >> i am, i'm bearish. it's going to be the buy the room sell phenomenon. it's not going to hold together. it's certainly going to disappoint the market. really the other big thing that i'm watching, the big catalyst for me has been what the chinese are doing with respect to their currency and their markets. because the forward currency market had priced in a yuan devaluation right around now. right after the chinese new year and the g-20 meeting that they had. it was priced in 100% that they were going to devalue. when they came back from the lunar new year and didn't do that, that's what sparked this whole rally across the board. i think it also saved for oil prices and producers. >> the u.s. dollar which bought them some room. do you think we're going to go back an reseftest the lows back a $25 region. >> i think it's very much on the table. the glut is remaining and
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persisting. there's no sign out there. this aggressive action by the central banks, it's because conditions on the ground are poor. since there's no cutback in production the one plus one equals two for me to go back down. >> we'll see if you're right. a lot of opinions on the price of oil, bull and bear. john, thank you for joining us this morning. john kilduff. coming up decision 2016, the latest for the race for the white house. more violence for the donald trump rally. we'll tell you why the gop's front-runner campaign manager finds himself in hot water. plus, the facebook question of the day, president obama visits cuba as the country opens up. would you want to visit cuba, too? that's the question on facebook. >> here's your forecast from the weather channel.
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>> good morning sara ando dom. yes, we have a snowstorm under way. looks like the eastern part of new england are going to get the jackpot where some places will see up to a foot. new york city, philly, minor accumulations if anything at all towards the philly area. 49 degrees, high in chicago. you've got the shine. a little breezy across the plains. upper vs in atlanta and charlotte. back to the west, we watch a new system work into the west coast. even thunderstorms a possibility in seattle and portland. that's a look at your national weather. friends coming over?
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welcome back to "worldwide exchange." now on to politics. gop front-runner donald trump will reportedly meet privately with leaders in washington before addressing the apec conference. tracie potts is here. >> good morning, everyone. we are looking at arizona and utah and idaho today. donald trump is leading arizona for the republicans. ted cruz is leading in utah. and in idaho, the democrats have a caucus where bernie sanders is hoping to catch up. >> the poll has us ahead in utah by 11 points.
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>> reporter: bernie sanders is in utah today ahead of tomorrow's primary, while all the other candidates speak at apec, a pro-israel conference in washington. while here donald trump is reportedly meeting privately with nearly two dozen top republicans calling for party unity after another weekend of violence at one of his rallies. >> let me tell you, nobody has been hurt at one of my events. that he make it sound so bad. >> reporter: trump remains the front-runner headed into utah and arizona primary tomorrow. >> donald has a ceiling at about 35% to 40% that he can't get above. >> maybe ted ought to get out because he can't win in the fall. >> reporter: but cruz has more money. ftc reports show that cruz has raised more money. bernie sanders has raised more
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but he's also spent more hillary clinton. >> tracyie, as we approach what's happening in term of this overall next round of primaries and caucus-type situations we do see a different dynamic for donald trump. is it safe to say on the trump side of things he's on the defensive right now? or he's more getting back to his original story about how he's going to try to make america great again? >> well, it's almost like nation building for him within the republican party, the closer he gets to the nomination, the more successful he is, the harder pushback it seems from the republican who just don't seem to like the idea of the party's nominee. because of all of these meetings happening with people who don't favor donald trump looking at other ways to get the nominee or get someone else out there. now, we've got donald trump sitting down with him trying to pull things together which is essentially about this meeting today. look if i'm going to be the guy, let's all work together to beat
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the democrats. let's not pull against each other. that's sort of the main focus what he's here today, besides the apec conference. >> what do you hear, tracie as far as the republicans, they are prepared to launch a third party candidate or talking about getting behind donald trump? >> reporter: well, you're hearing a little bit of both, depending on who you talk to. there are elements of the republican party, we saw some last week who said, look, we don't want donald trump. let's look for alternatives possibly a third party candidate which could very much split the party. or someone trying to boost ted cruz or someone else, not necessarily cruz someone is saying at this point to make a more aggressive move to grab the delegates. there does not seem to be a consensus right now behind donald trump within those who are the shakers and movers in the party. clearly there has been a
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consensus among more, not most, republican voters as who they prefer. >> thank you, tracie. when we come back, a live report from cuba. historic day there as president obama makes the first visit by a u.s. president since calvin coolidge back in 1928. we'll talk about the impact it could have on american business next. plus, an elementary school student has a great excuse for being late to class thanks to bruce springsteen as you're listening to right now. stay tuned. you're watching cnbc, first in business worldwide. ♪
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good morning. president obama making an historic visit to cuba. foreign relations could mean big business for u.s. companies. a live report from havana, straight ahead. and painting investors a deal. sherm win you williams is buying rival value par for $8.9 billion. if you have an older kindle, amazon has a warning for you. we'll tell you what the tech giant says you need to be doing by tomorrow. it's monday, march 21st. 2016. you're watching "worldwide exchange" on cnbc. ♪ good morning, welcome to "worldwide exchange" on cnbc. i'm sara eisen along with my
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friend dom chu in for wilfred frost. >> always a pleasure. let's check on global stock. we've seen an improvement on u.s. futures in just the last half had hour or so in terms of sentiments pointing to a higher point. nasdaq futures up a little less than 1 point. this comes after five straight weeks of gains with the s&p with the s&p and dow closing at the highs. year, wiping out what was the worst start to a year ever for u.s. stocks. the earlier action also improved with earlier losses with german dax in positive territory and inches even higher. throughout the morning, the only index in the red is france. modest moves to start out the week. let's show you what happened in asia. the japanese nikkei is closed for a holiday but green in hong kong. and a notable green day if shanghai. up 2.2%.
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this after the chinese security regulator actually moves to loosen marginal requirements to add speculation into chinese stock trading that was seen as a positive. >> you get a feeling it's very tactical for them right now, they kind of react short term for what's happening with the market policywise. >> they're communicating and there was a warning from some of the bank officials on corporate debt, trying to deleverage. those are the global markets let's go for the macro side of things overall. if you take a look at oil trade. wti crude, 38.91 on the april contract about to expire. ice brent futures right now $41 right now. down by .5%. the may futures, $1.90 down a third of a percent. at the ten-year note, 1.87%.
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the last for note yields in the u.s. interest rates holding steady. we did see a nice rise. as for the dollar. what's happening with the dollar, if you take a look at that, 1.1262 for the euro down a fraction, 0.8 -- actually barely moving. dollar/yen, down 0.8%. and gold, givie ing you a check with gold prices we have seen a movement off gold, 1.247. >> as for the stock rally that we've seen over the past month can continue. u.s. futures have gone positive. >> yes. >> potentially, we could seal better economic data, at least not pointing towards recession, continuing to fuel us, we'll be
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looking for housing data this week with revision in gdp. and big nationals like nike and general mills. and today's corporate story could play into it $8.9 billion deal announced sherwin-williams buying rival paint company value par for $8 billion. both stocks are up in. sherwin-williams goes in terms of number three global paint producers to number one. it goes to international exposure and a pretty big deal. >> absolutely. you see those brand names at lowe's and home depot. >> you see them at lowe's and home depot. do you paint yourself? >> i like to do as much as i can myself. >> apparently, sherwin-williams is looking for exposure into food and beverage packaging paint. >> could be a big deal. >> i don't know much about the
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paint world but apparently it's worth billions. well, president obama landed in havana, cuba, last night for a 48-hour visit. it's the restore of diplomatic relations. star hotels have signed a deal with the cuban government to manage three hotels. michelle caruso cab berera is l in cuba. it's diplomatic, not full trade relations, right? >> as you say, exactly, dom. president obama arriving in air force about 4:00 in the afternoon. it was a sight that most in cuba and in the united states thought they would never see, a u.s. president arriving in havana. his entire family is with him,
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including his mother-in-law. upon arrival, they did a walking tour of old havana. weather wasn't so welcoming. you can see they're carrying umbrellas. he's got a full range of activities he's going to do including a meeting with the leader of the country raul castro and told he's going to meet with dissidents. and also the budding few that are here, 99.9% of the cuban economy is still controlled by the government. imports, exports, all of it run by government, not individuals. we have seen one of the first deals that the american company has signed with the cuban government. you mentioned starwood hotels is going to manage santa ysabel. great location in old havana. just underwent renovations. the renovations generally bring the hotels up to two-star
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european. here they would call them five-star luxury. the quinta, and the one near the capital as well. we don't have financial details. here's what's significant. starwood signed a deal with the cuban government. by default, that's the only institution with which you can sign this deal. so you be sure that there are going to be complaints that this is somehow a violation of the embargo which still exists. saw senator marco rubio's comments over the weekend calling this trip the most disgraceful by a u.s. president. this deal will be steeped in conversation. sara, there are two during raenss, neither of which are tradeable, but still, two of them. >> you're right, what's better than that. it's actually kind of confusing, part of this, michelle, right, the cuban government had to lift the 10% tax to exchange their
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money for dollars. that was a big deal in terms of getting money in? >> reporter: yeah, they call it an embargo tax because the embargo is so steep to the international system, it's difficult for them to do anything with the u.s. dollar. they can't. imagine, we tourists, i'm going to call them tourists, that's who's coming here, right? tourists even though it's illegal. cuban dollars, they can't do anything by them. they have to physically transport them to some other place, change them to euros or pounds it's very expensive. they call it an embargo tax of 10% whether you use the dollar here. if they can start using the dollar with the executive order of the president then they can start with that 10% tax. >> "the new york times" has a picture of obama with the umbrella. daily news has the tweet "qeu
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bola." >> reporter: it depends on whether or not they are talking to a journalists. they say it's good that the president is coming, they're so circumspect. when they don't know you're a journalist, they say we're so excited. it's been difficult to be divided from our families for so long. the reason they might be are more circumspect speaking to a journalist is because to be enthusiastic about an american president, perhaps, they'd be worried about getting into trouble for demonstrating that kind of attitude. >> michelle, thank you for that report. michelle caruso-cabrera live in
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havana. time for today's top trending stories twitter turning 10 years old. jack tweeting today. warren buffett is in the house. oprah started tweeting. 2009. the stock market down 61% the last year. jack dorsey has been on a charm offensive. he's been on the "today" show, cnbc in the last few weeks. all you have to do is show the celebrity tweets all he has to do is show president obama got 27,000 retweets when he tweeted as ed cuba. one place where the jury has
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spoken, the hulk hogan trial. hogan had sued gawker for moving a nearly a segment in 2012. some people says it doesn't have a huge precedent. >> what about the gawker? they're probably going to appeal it. >> absolutely. time to update your kindle. amazon is warning customers with older kindle readers if they don't update by tomorrow, they'll lose access to the kindle store and won't be able to sync with the cloud. i haven't used my kindle in years. >> i bought my wife one for christmas, and she said she use her religiously. but hers is win of the newer ones. a young bruce springsteen fan had the ultimate excuse for being late for school. the 9-year-old was in l.a.
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tuesday night holding up a sign saying quote, i will be late for school tomorrow, please sign my note. springsteen did, scribbling a note saying that the fan had been out, quote, very late, rock 'n' rolling, please excuse him if he's tardy. yes, look at that, bruce springsteen hanging out, signed a note. i would keep that note forever. >> i have a feeling he will. i'm surprised springsteen has young fans. >> it's the generation. >> i have a feeling it's more the parents. when we come back, it's must reads, including getting help from your friends how people thing that china reached out to the federal reserve during the country's meltdown. thisis a juicy one.
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welcome back to "worldwide exchange." now for today's "must reads" the stories catching our attention. this is in reuters titled a plea for help. how china asked the fed for its stock crash playbook. the report saying that the people's bank of china new york-based chief rep asked the director of the federal reserve could you please inform us asap about the major measures
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you took at the time. and it was a 259-word summary of how fed worked to calm recession after the s&p tumbled in october of 1987. during the crash, just notable that china seemed pretty desperate. but also on top of asking for help from the fed. >> yeah, the first step to recovery is admission, right? if they admit they cannot handle it and they need help, that's a good sign, i believe? >> correct. >> they're also talking about a developing economy. i guess they do need that help. interesting to note that chinese regulators would ask the u.s. for help. >> unlike the fed, they're constrained awe litt eed a litt party. the fed operates, although it's mandated by congress, it can do what it wants to fight the crash. the people's bank of china hamstrung a bit. getting the orders from beijing. remember on that day, its worse
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day in years resembled what the fed would do, providing liquidity and other measures. >> we should also note that they only provided information that was publicly available. we're approaching the top of the hour, so that means the team is getting ready for "squawk box." joe kernin joins us live from new york. joe, there's so much stuff to talk about. we've got a paint deal. we've got stuff in cuba. we've got javier aka xavier not going as far as what people expected. what's on your radar, joe? >> you would think that people from cincinnati would pick xavier, and go with or live with their team or die with their team. but not everyone has done. >> i'm playing to win, joe. >> playing to win? i took villanova last year. that was not that smart. but my question is, wilfred doesn't know -- he thinks that you have to kick a basketball around and you can't use your
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hands. why is he like second in the pool that we have? >> it just goes to show you that you don't need to know anything about it to pick the right teams. >> how am i doing? i think i'm doing pretty well? >> you're doing pretty well. >> did you will wilf, sara, honestly? >> honestly, he received help. >> from who? >> he has a lot of friends here. >> no, dom, dom, i was tied for second after saturday. and if it wasn't for that -- i didn't see that last night, i'm sick to my stomach reading about it, supposedly there was a fadeaway jumper in a charging call. i'm glad i didn't see it. all of these games it comes down to one unbelievable shot or lucky shot. i would be right there, i would be right there, damn it, i could have been a contender.
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>> are you out? are you fully out? >> no, i'm sixth. i still got a lot of teams. i have virginia, oregon. i'm at 43 points which is -- you're at 45, sara. so, i'm right there. i can't win. i can't win it all unless some crazy team that someone picks. >> i had virginia winning it all. >> i thought you had villanova. okay. i saw the insignia. when i did it, i said i'm going to hope for xavier. if i didn't take them all the way and they went all the way, how bummed would i be. kansas -- villanova looks -- >> there we go. we got our basketball update. >> and sticking with this, dom, you know, the valspar championship was like a week ago. i wonder what happens to that, charl schwartzel, i wonder what happens to the valspar champ, does that stay with
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sherwin-williams? does it become the sherwin-williams championship. didn't you win last year, dom? you don't want to talk about it because you're like 80th in the pool. >> i was in the one second. >> dom, i think my favorite comment was -- springsteen, i think of that as my parents. that was my favorite time. >> i'm going to get a lot of hate mail for that, i have a feeling in new jersey. >> joe, stay tuned. joe kernin and the rest of the crew of "squawk box" will be at the top of the hour. and the gains for five straight weeks. investors are still skeptical about this. bob doll is joining us. you're watching cnbc, "worldwide exchange."
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joining us from princeton, new jersey is bob doll, he's the senior portfolio manager at
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nuveen asset management. bob, thank you for wake-up call. oil is down, stocks may be up. what will we see in terms of coupling in terms of the markets? >> that would be great news. oil didn't go to $20. we didn't have recession in the u.s. china didn't suck us into some big black hole. now, we're going to look to the real economy in growth and earnings. but the decoupling of the stock market and oil are necessary at some point in time because we know lower oil is good for the u.s. economy and markets. >> so if earnings are going to be a catalyst to take us higher or provide some sort of relief, what in anything shows you that earnings can bounce back after a pretty ugly few quarters? >> well, i think it's not going to be great on the earnings front, sara, but remember the biggest negative last year. there were two, declining oil and rise in the dollar. and both of those things at least for now have reversed themselves. if we can get some of that we'll
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have modest earnings improvement for the full year. that is what is necessary for stocks to do okay. >> earnings are a huge part of the story, we've been talking energy for a long time. what about banks? will we see a turnaround in them soon? >> at the bottom, the thought was the fed will never raise interest rates again and the banks were full of bad energy loans. neither of those were true. and i think the banks have some proving to do and it's got to be through earnings, and that's not going to be overnight. my view of the banks are trading vehicles and i don't think we'll have any big runs frankly until the next cycle. >> the only place doing well is health care. what is ailing these stocks which were the bright spot of last year's market. >> in the election year, health care tends to not do well.
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we've made a lot of money and we have issues in terms of pricing and that bothers investors, so health care will not be one of the favorite sectors of the year. >> what is your favorite? >> technology or more generally, cash flow. give me that free cash flow. >> bob doll, thank you so much. nuveen asset management center. the answer to the twitter and facebook question of the morning, president obama visiting cuba as the country opens up. would you want to go to cuba as well? 59% of you say yes. >> 23% say not interested, though. >> people are interested. conde nast has a cuba section on its travel list. >> cuba commentary is fast and furious. ted cruz in politico said in cuba obama will legitimize and corrupt and ignore the oppressed. cuba a huge topic.
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>> that's all there is for "worldwide exchange." have a great morning. "squawk box" coming up next. ♪
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good morning, the cubans saw president obama becoming the first visiting president to visit the country in nine years. we'll get a live report. >> apple unveiling smaller versions the iphone later today. and a $9 billion paint deal, valspar your primer. it's a primmer if you're studying, it's a primer if you're painting.
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it's monday, march 21st, 2016. "squawk box" begins right now. >> announcer: live from new york where business never sleeps, this is "worldwide exchange." >> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernin and drew ross sorkin. check out the u.s. equity futures. last week the dow was up by 2.3%. you can see green arrows. these are modest advances. the dak up 28 points. s&p is up by under a point. nasdaq but by 2.5. oil prices were up, ended the week below $40, you can see they're giving back today. down by 1.27%. brent is above $40 at $41.01. overseas, nikkei was closed.


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