tv Worldwide Exchange CNBC May 29, 2018 5:00am-6:00am EDT
it is 5:00 a.m here are your top five at 5:00 italian stocks plunge, yields soar and that's impacting our money. teams from the u.s. and north korea are in singapore trying to salvage talks between president trump and kim jong-un. the food takeover by ja holdings continues nissan reportedly planning to slash north american production by 20% to cope with falling car sales. and solo goes it alone at
the box office the latest "star wars" film falling well short of expectations it's tuesday, may 29th and "worldwide exchange" begins right now. ♪ >> good morning from wherever in the world that you may be watching i'm brian sullivan it is a very busy global tuesday for you and your money we'll start with the likely drop for u.s. stock investments at the open the dow implied open is down 216 points the yield on the ten-year treasury note well back below 3% the dollar rising against the euro it's all because or mostly because of italy the country's president blocking the nomination of a euro skeptic finance minister there are now growing concerns that italy could face yet
another election the italian stock market is down nearly 3% or actually a little more than 3% on the news selling is heating up. the italian bond market is the top story today, reacting in a big way. that chart is not wrong. look at that italian two-year note yield what does that signal? it means that risk for italian debt is growing rapidly. that note yield at the highest level in five years. it's the biggest intraday jump today since 1992 italian banks are selling off as well there's concern that could infect the rest of europe. we have coupled this on top of the deutsche bank issues, which adds to it you can see unicredit, monte dei paschi is down 6%.
intesa sanpaolo is down 5% these are banks we don't talk about much, if we are talking about them it's because they're important. as we mention, the euro hitting the lowest levels of the year against the dollar joining us to talk about this and everything else have doing with your money is jeff hirsch, chief market strategist at probabilities fund management. i know you're by no means a european political expert. what's the italian political section. >> they all follow the four-year cycle. >> with italy it feels more like the four-month cycle do you worry generally that what's happening in italy, what's happening with deutsche bank, there's a feeling that europe has got a bit of a contagion that could trickle over to our money? >> it used to be when france sneezes, europe catches a cold this is another thing where
we're having more uncertainty out there. it's amazing this is happening in this may through october period and i do worry that it will affect the markets >> when we first began talking about greece so many years ago, tiny economy, nobody cares about greece then we saw what greece could do from a debt perspective to the eurozone in general. not saying italy is at the level of greece, but when your bond yield jumps the most since 1992 that's worth mentioning. >> totally it has the u.s. futures worried. europe is having a growth issue. they've been a bit behind the curve with us with the squeezing. there's something to worry about there. it's another risk factor for me during this weak summer period >> that's it, too. first off, this is your ballpark sell in may, go away that strategy what it worked the last couple of years >> couple years it's been off.
>> not nearly been as good >> but nobody ever said sell may 1st. here we are at the end of may. the nasdaq is strong technology issues through june it hasn't been perfect the past couple of years, over the last 20, 30, 40 years it's done well. even over the last ten years we're seeing it more pronounced in the midterm year with all this going on in the washington political arena, the current administration pushing things through before they have a switch over in the congress. i think it's in play >> it feels like we have a bizarre tug of war you look at the history of the market, i'm not sure in 20 years we ever talked about on one side north korea may actually be good -- be good news because -- >> can you imagine >> because they're trying to
come together and salvage this trump and kim jong-un summit you have italy now on the other side it's a bizarre tug of war. >> there's not much going on this week in iran. not hearing anything there which is another big issue we're dealing with there's a lot of international diplomatic issues impacting the market now that's something that you see in midterm years. >> you think we'll end the year higher >> i do. the fourth quarter is the beginning of the sweet spot of the four-year cycle. we're here in the weakest spot, q2, q3, we could have a big rally from october through probably next june >> so your belief is -- >> bottom picker's paradise. >> buy on the weakness >> i would wait until that august/september volatile time frame. look for a better buy point for the stock market >> if this keeps going, we may have a volatile summer
thank you. >> thank you. china's ant financial continues to get bigger. this is china's biggest online payment company and it closed its latest funding round this puts ant's financial evaluation around 1$150 billion that's compared to 60 billion after the previous fund-raising back in 2016. the jab holdings continues its shopping spree expanding its growing food empire. it's buying a majority stake in a british coffee shop chain. j.a.b. is buying from bridge point for an undisclosed sum the dieeal may be worth $2 billn and debt
this deal is the latest in a string of deals for j.a.b. holding. you may not know this, but j.a.b. holding now owns green mountain, pete's, caribou, krispy kreme and about 5 or 10 other brands including panera. time for the big money stories. contessa brewer is here with those. >> miysterious and delicious. japan display shares stel as mu fell as much as 20% after apple is planning to use oled screens for new iphones next year. nissan may cut north american production by 20% it's struggling with falling profits in the united states japan's nikkei reports cuts are already in progress at two plants in the united states and three in mexico, but no workers
will be laid off and the assembly lines won't be halted there you can see trading is flat in the premarket. jeffries is upgrading ford to buy from hold, increasing its price target to $14 a share. the firm points to the automaker's reconsideration of how it's allocating capital. verint is in talks to buy israel's nso group for about a billion dollars. nso develops mobile surveillance tools and has reportedly developed ways to hack iphones. halliburton won a three-year contract to handle the fracking operations for saudi aramco. the deal comes a month after the saudi crown prince capped a three-week u.s. visit in houston. halliburton shares down 4.3% in
making a big bet on china. let's get to eunice yoon with more what is hyatt doing in china >> i'm coming to you from western china. this city is famous for the terra cotta warriors, and the hyatt opened a grand hyatt here about a month ago as part of the strategy to push into secondary or more far-flung cities outside of beijing and shanghai. so this city with 9 million people is critical to hyatt's future because china is the fastest growing market for hyatt. this is what the ceo told me in an exclusive interview >> if i look over the next four, five years we will fully double our presence here, moving from the 58 hotels or thereabouts that we have today to more than double that number
and from a financial perspective, more than $50 million of fee revenue coming out of greater china, that will more than double over the next four, five years because of our growth consequential and an increasingly important part of our total business >> you may think most of the people who would stay at a high yet would be foreign clientele, you would be wrong because the ceo told me that 70% of the guests who stay in a hyatt in china are chinese this is really important for hyatt's future strategy because they see it as critical to make sure that chinese people feel comfortable lehere, build up brd loyalty so the chinese will stay with hyatt as they travel overseas more and more this is what he said about that. >> one of the most important things we can do is respect the local culture through the food of the local culture being able to really deeply
immerse ourselves in not just ingredients we're sourcing but also the actual means of preparation, so it's authentic in terms of how it's prepared. also taking a core cuisine i joke sometimes that the best way to loyalty is through someone's stomach. that's what we've been practicing >> brian, i've asked him about the trade tensions between the u.s. and china he said he is not seeing impact on the business right now. over to you. >> we'll wait and see if he eventually does. thank you. switching back to the markets and your money as you know, while it seems everybody here is focused on the big cap tech stocks, amazon, facebook, google, there's been some big under the radar tech movers that presented some nice opportunity. who else by dom chu to dig in on the sectornomics of those. >> we have been talking about
mega cap technology stocks, but some have been beaten up so badly and posted some healthy returns and bounce backs over the short-term that they have made investors money if you timed it well. timing is tough, but we wantsed an idea of the kinds of stocks we were talking about. we looked at the s&p 500 sector. 69 stocks in that sector 12 hit 52-week lows or worse just this year alone in 2018 among those stocks, 10 have gained 10% since those lows. if you look at those really beaten up stocks and the ones that bounced back, they may provide a sentiment gauge. some names, skyworks solutions this stock you can see had fallen way down and now it's up about 16% since those lows also on the semiconductor side of things, qualcomm. those shares have been hit because of their own stories and issues
but a big move down, then a 23%, 24% move higher off of the lows. one more, another semiconductor stock. advanced micro devices, which had a lot of volatility this year you can see from that low down at the right-hand side up to where we are now, a near 50% return when it comes to the tech sector, some of these things have had a nice momentum to the upside, but a lot of these other chip stocks could provide real opportunity and could be sentiment gauges on whether or not the rally can continue >> dom, come on over and let's bring in dan ives. it has been an investment market of horrors for certain tech stocks what do you make of dom's thesis, that some of these lesser attention getting names are getting a lot of
opportunity. >> the larger f.a.n.g. names have had massive runs, but with some of these next deetier, your seeing such a jittery market when you look at skyworks, qualcomm on the antitrust issues, there's a huge opportunity there. there are a lot of diamonds in the rough. it's finding it for investors and in times of volatility there's massive opportunities. >> brian, one big issue is a valuation concern for a lot of these tech stocks. at the lows back in '08 and '09, you were talking about evaluations for the entire sector that were eight, nine times trailing earnings. now we're up to 27, 28 i guess if you look at the overall sector, do you have to stock pick or can people go into etfs and buy the overall sector? >> it depends on what you're looking at i think now from a valuation perspective, i think you should
go half and half i think the sector, we continue to think tech overall, semis, cloud computing those names continue to outperform there is a stock picker market here it's finding those short dislocations there's a handful of them as we're seeing post earnings going into q2. that's the opportunity for investors to have sort of that approach >> one of your favorite stocks is the sound that a rock makes going into a river, splunk why? >> when i look at sectors, big data, along with cybersecurity, splunk is one of those that i view as just -- >> that's what they're in. >> splunk is really what i view as a core big data play in the market that's one, even though it's had what i'll call a great run, the multiple expansion and that growth opportunity continues to make that a great opportunity. >> as we talk about the overall tech sector, it's not just the
semiconductor stocks that have been hot as we look at the story developing for these companies like a splunk or a box, is that where people should be looking now? those charts have been nothing but up, up and away for a good while now. or do you look for the beaten up ones >> it's a combination. there's certain areas, like big data, cybersecurity, those are great opportunities. >> palo alto >> that's a great opportunity. >> what about symantec >> we view that as an opportunity where the bark is worse than the bite. you can own a palo alto where the chart is parabolic or also own a symantec where you could have a fundamental story that's a turnaround >> there's also a lot of headline risk. that doesn't mean investigations
will go well >> clearly with all these, any stock, as we saw the one dom point out, they'll have headwinds and risks, but as investors you put your toe in the water on some of those names where the valuations, discrepancies have been there. as long as it's not draconian the stock rebounds from here as we've seen many time >> dom, dan, thank you >> thank you. on deck, the push is on to save the summit between the u.s. and north korea. a live report from d.c. after the break. and the latest on those devastating floods that southwest maryland over the weekend. here.
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welcome back hope you're having a good start to your day. the stock market doesn't look like it. futures indicating a drop of 200 points this is on fears that italy is becoming increasingly unstable politically and maybe risk to the european economy italian stocks down about 3% yields on italian bones sobonds.
in political news, the white house is on fora big push to save the summit between the u.s. and north korea. susan mcginness is live in washington with more good morning that's right this summit between the u.s. and north korea may happen and on the original date of june 12th the question remains even if there's a meeting will there be a deal >> reporter: the on again off again summit between president trump and kim jong-un is still up in the air, but president trump appears convinced it's on. tweeting this weekend that it will happen. a u.s. team is in north korea trying to make it happen, working this past weekend with official there's to revive a june 12th summit a date that the president canceled days ago but is now intent on keeping. experts are guardedly optimistic >> this problem is 70 years in the making and getting to a solution will not happen with a one-day meeting. >> reporter: skeptics see the
main sticking points keeping the leaders apart remain unresolved. whether kim would give up nuclear ambitions and what the u.s. would offer in return some lawmakers doubt kim jong-un's intentions >> i have concerns that the north koreans are not serious when they talk denuclearization. >> reporter: but south korea is serious about the talks. leader moon jae-in pushed for the summit at a surprise meeting with kim jong-un over the weekend and floated the idea of joining in, making it a three-way summit and president trump also plans to meet with japan's prime minister before the north korea summit brian? >> susan, thank you. to more of your top stories across the nation including more on those terrible floods over the weekend in maryland, let's get to frances rivera in new york >> a south carolina news anchor and photojournalist were killed after a tree fell on their suv
as they were covering the weather in that area they were both part of wyff, that's the nbc affiliate in greenville, south carolina officials mean heavy rain saturated the ground causing the tree roots to become loose states of emergency are declared in several regions. the search is under way for 39-year-old edison harmon. he was swept away in the flooding that ripped through ellicott city in maryland. as the water recedes, the town faces a monstrous clean up in hawaii, kilauea's activity is growing relentlessly officials are knock on doors warning residents to flee their homes as the fast-moving lava closes in. the evacuation orders are due to the danger from the newest fissures there back to you, brian >> frances rivera, thank you
very much. coming up, what coca-cola just did that it has never done before later on, the morning's rbi may lay out why this week is not a good one for stocks and it has nothing to do with italy stick around no matter how much you clean, does your house still smell stuffy? that's because your home is filled with soft surfaces that trap odors and release them back into the room. so, try febreze fabric refresher. febreze finds odors trapped in fabrics
economy and possibly your money. housing alert. why stock investors need to care what's happening now in real estate. and investors beware, why this could be a rather rough week for stocks. it's your morning rbi and it's straight ahead welcome back thanks for being with us on cnbc we're trying to find middle ground because the market is going one direction. here's how your money and investments look on this tuesday morning. stock futures indicating it could be a rough start to your money. down 201 points now. the reason is actually coming out of europe. political instability in italy is the big reason. yeah, et italy. european markets are all down in the red. look at the italian market
the ftse mib is down 2.75% italian bond yields, both longer dated and short-term are spiking as well. the two-year italian note is having its biggest intraday jump since 1992 the euro selling off on this as well let's try to figure out why we care about this. j j joe, this is one of those stories where we're talking about italian two-year bond yields, that probably makes them want to go back to bed this is an important story in italy. tie that there to here >> italy is the fourth largest bond market in the world we know from the crisglobal cri that economies are integrated.
there are concerns you're seeing interest rates rise in italy reflecting some perceived new risks as italy is trying to form a government. my guess -- here's the good news, with draghi still at the helm and the ecb yet even beginning a tapering of -- or the ecb allowing their balance sheet to unwind, that is still going to protect the eurozone. my guess is this is one of those volatility events that will pass at some point over the summer. >> we always joked about the ben bernanke or janet yellen fed here, having the investors back. it sounds like you're saying that about europe. it feels like the ecb is a couple years behind us, where if things continue to go where they're going, that draghi and crew will come in and rescue us. >> absolutely.
you're correct europe -- we took our pain and our medicine sooner. the u.s. is a bit ahead of europe in the business cycle we've started raising rates. the ecb owns about 15% of the italian bond market. they maxed out on what they could bay of the german bond market the ecb is massively involved in the european sovereign market, even more so than the u.s. is. their balance sheet is around 30%, 35%, in the u.s. it's 23% and falling. you're right it's the bernanke policy but on steroids >> will it work? >> will it work? that's an excellent question it will work in the short-term if you're asking whether the ecb has enough to keep everything
contained, relatively stable, yes. the other thing is for a long time italian ten-year yields were well below u.s. yields. that fundamentally doesn't make sense. part of what we're seeing is actually adding some rationality back to the market, just because the move as you see on your screen is so big, people might be making a bigger deal than it's worth >> listen, i hear everything you're saying. when we say stuff like the biggest intraday move since 1992, you know, that's kind of a big deal >> sure. it is. absolutely keep in mind we had yields at all-time record lows as well we had huge intraday moves to the down side. this is normalization. we're at the point now where rates have been repressed for so long that this is at least adding some two-way flow back into the market. i would be more concerned if yields were at 7%, 8%, 9%.
we're still talking relatively low yields the thing is with inflation in europe only around 1%, my guess is the ecb will continue to be a dominant player in the market. and not allow rates to go where other investors think fundamentally they should go >> let's focus quickly to wrap this up. the biggest story not getting attention is that maersk raised rates because of higher oil. pretty much everything that we buy pretty much touches a ship with the price of oil up, do you feel this is the beginning of a new round of inflation coming from the transportation andmod i commodities side >> oil is -- >> not just gasoline, right? summer driving season, it's also known as summer. >> higher oil and higher energy costs are the fastest way to take cash flow out of the
household, business can't reinvest it as quickly as they would like it's a reason why the fed should go very slow, even slower in raising rates than they've been doing. these higher energy costs could be a temporary break in economic activity >> joe lavorgna of natixis, thank you. >> thank you time for our trending stories. contessa brewer is back with those. >> starbucks will be open this morning for your caffeine fix, this afternoon 8,000 stores will close for racial buy kas trainitraibias training this after a clash in philadelphia last month where two african-american men were refused the use of the restroom in starbucks because they had not purchased anything the store manager called police and the two men were led away in handcuffs. the incident sparked a viral video and national outrage starbucks said today's training is not a solution but a first step we saw kevin johnson come right
out and take full responsibility for tit, apologized for some of starbucks policies and practices. >> if you're starbucks, what do you hope to get out of this? tell your employees treat everybody the same way all the time >> yeah. being a human being. >> pg&ebeing away of implicit b is a way of doing that look for big moves on social media when people who were not aware of this at all try to get into starbucks this afternoon. a warning from the fbi the feds are urging everyone to reset their internet routers the fbi says russian hackers created a malware that can expose your router you should do it once a quarter any way, it's good for your
router coke is making a big bet on booze for the first time in its 132 years of selling soft drinks coca-cola will now pedal alcohol. the company is producing three varieties of lemon seltzer water spiked with a grain-based alcohol. coke is testing the drink out in japan. it's called lemon dew. it is available in 3%, 5%, 7% alcohol. you can also get it in a salty lemon or a honey lemon what do you make of this somebody threw a case of this thing called spiked seltzer on my yard over the weekend i don't know why some teenagers -- >> it was gross. >> they were driving by, maybe saw a cop or their parents i'm thinking spiked hard cider do you worry kids will be confused >> no, i don't worry about that at all
not something i lose sleep over. the box office this weekend was dominated by a galaxy far, far away despite taking the top spot "solo" came in well below expectations the newest "star wars" installment took in 1$103 millin in north america over the holiday weekend. not chump change >> for that movie it is. >> right the last "star wars" film made a 2$220 million debut maybe disappointing. >> do you think -- i'll tell you something. the last jedi movie, but maybe the last movie i've seen >> wow you could probably get a job with rotten tomatoes that's a scathing review >> i note just a touch of int
inter intergalactic sarcasm. >> i watched it on a plane >> going it alone. solo going it alone the nba times afinals are st the warriors taking down the rockets last night by a score of 101-92 the warriors rally ied and pulld out the win against the rockets. on the ice, game one of the stanley cup finals kicking off last night in las vegas. the golden knights topping the washington capitals. it was all tie when the knights got the lead for the rest of the game the winner of game one has gone on to win six of the last six
stanley cups coming up on "worldwide exchange," we're getting real on real estate. why housing may be a threat to the stock market we'll explain. and later on, oil prices finally coming back down we'll find out what russia and saudi arabia may do that has the world scratching its heads now a? oh yeah a? one bottle has the grease cleaning power of three bottles of this other liquid. a drop of dawn and grease is gone.
welcome back thank you for being with us on "worldwide exchange. stock futures indicating a likely big drop for stocks at the open the implied open is down 200 points now you can blame italy. the ten-year bond yield below 3% just over 2.8% 2.85%. that's turned down a bit we've seen a few hiccups on the housing front. housing starts missing the mark for a couple months, couple that with rising mortgage rates, it's got us asking is the housing market and a slowdown there a big threat to your money let's talk about that and what's going on globally. joining us is peter boockvar two things, maybe three things to worry about deutsche bank, italy and housing. we'll get to italy and deutsche bank in a second
let's start with housing every home sold, it puts 40,000, 50,000 back into the economy you buy stuff, pay realtors, movers everybody wins if housing continues to slow down, is that a risk to the economy and maybe the stock market in some fashion >> there's no question for just that run there's a stand off. you have the positives of stronger income growth, strong labor market, millennials that want to own a home they don't want to keep paying higher rents on the other hand, 5%, 6% home price increases over the past couple of years on top of higher mortgage rates, a lot of people focus on their monthly cost in determining whether they'll buy a home or not, you see a slowdown in transactions >> yeah. >> so i don't want to say there's a downturn in housing yet, but there's a moderation in the level of transactions which gets to your point, if you have less buying, that has this
trickle down effect. >> that's the thing. viewers may be listening or watching and say why do i care about housing. i'm not selling my home. maybe you care not because of your house but because of the money that real estate adds to the u.s. economy if even some of that is pulled back if you're a home depot, you want people to buy homes, to fix them up >> of course what we do need, because there is low inventory which is exacerbating the rise in prices, is more building builders are having difficulty making homes profitable because of higher labor costs, higher lumber costs >> now mortgages >> exactly >> let's move on the big story this morning is europe the italian two-year note, something idon't think we ever talked about on this program, it's making its biggest intraday move since 1992.
why? >> two and a half weeks ago the two-year yield was minus 20 basis points >> so you were being paid to borrow >> you were being paid to borrow they created an epic bond bubble which is unwinding in a matter of weeks in italy. you had four weeks of monetary suppression giving back in two weeks. that's a sign that this global bond bubble, which i call it a bond bubble because when you have negative interest rates, that's the epitome of a bubble, to see there unwind so quickly is astonishing >> joe made an important point, who we just had on there's two-ways to look at this story. things are chaotic in italy again, bonds are spiking, something is going on. his whole point is, yes, but it should have never been that low
in the first place, and this may be a semi healthy return to some form of normality f we can ever describe the european bond market with that term. it's not an implied negative but maybe a longer term positive to get us back to where we should have been. >> long-term, y yes, but a lot distance between we've had a massive amount of debt limits. you normalize interest rates but at a much higher level of debt so that combination is where it becomes more dangerous >> more pain to come, peter? >> well, it's interesting. the italian bond bubble has unwound. but it's intensifying in german with the ten-year quee yooe-yea 10 basis points. >> peter, appreciate it. >> thank you. on deck, we'll drill down more on oil. the big reason why crude oil is
falling this morning have not said that in a while. and today's rbi, the most random but interesting thing on stock moves. we're back after this. - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life.
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together, we can tackle every elephant in the room. and save the rhino while we're at it. because, whatever the problem, business can help. and i know who can help them do it... oil prices a bit lower this morning because of some interesting possible developments surrounding saudi arabia and russia's crude oil production jackie deangelis joins us with more on this >> good morning. a huge drop for prices at the end of the week last week. another 2% decline today this is a be numbers game the opec cut is nearly 2 million barrels a day but the market was worried about the iranian barrels coming off line, about 500,000 barrels, and worried about venezuela. estimates there say we could see another 500,000 barrels come offline out of that country.
add those together, that's 1 million barrels we're worried about. now opec, the russians, saudis, they're saying maybe we don't need to stick to this 2 million barrel a day cut the market is tight right now, maybe we can start bringing production back to make up for the short falls of other countries. so all eyes on the opec meeting june 22nd. >> all right joining us is helema croft from rbc capital markets. okay the saudis and russia suggesting they may want to raise production do you buy it? >> he thethere will be some inc. reports said it would be a couple hundred thousand or a million. i think it will be the lower end of the spectrum. i can't see them putting 1 million barrels on the market. the saudis have their own revenue needs. there are a whole host of opec countries that like the
agreement. there will be negotiations involved donald trump put the call in to the saudis, the emiratis saying help me out here >> peter boockvar just left the set, he said why is this happening, helema will know, probably the president making a phone call to the saudis >> that's traditionally what happens. if you look at the iran sanctions decision, that's something the saudis wanted, the emirateties wa emiratis wanted it, and donald trump i was told made repeated calls saying you have to help me out here >> so brent crude has turned around it's higher -- maybe the market is realizing, the saudis need or want slightly higher prices. >> maybe the market is assessing it won't be a million barrels hitting the market on june 25th. >> that possible even?
>> no. it will be staggered but everyone is just waiting to see what's the volume going to be the saudis have to walk a fine line helping consumer anything thats out and helping the trump administration out >> we have a gigantic opec meeting in a couple weeks. what do you think will be the outcome? what do you think they're talking about? i know you're close to barkindo, the head of opec >> i think they're talking about the production increase. you'll have a group of producers saying the deal was working. then saudi arabia and russia, the two countries that will put the barrels on the market. it will be a negotiation between the whole 24 country alliance on how many barrels, how fast >> their production cut agreement goes through the end of the year. >> goes through year end >> you think they'll stick to it >> that's what the opec president has said, the uae oil
minister kept saying it was a full-year agreement. the question is what is the pace of the barrel return going to look like? >> i guess we'll find out. opec in a couple weeks >> yes >> big move in oil you'll be there. >> i will be there super bowl for oil watchers. >> we'll see you there let's wrap the show up with the rbi, today it is this. according to jones trading since 2010 the s&p lost 0.93 during the week of memorial day memorial day week has underperformed historically every day except thursday. the worst day of the week historically, friday, which averages a loss of more than 1% for the s&p 500 on the memorial day week going back about ten years. why? i don't know that's why it's random but hopefully fairly interesting that's it for "worldwide exchange." "squawk box" will pick up your market decline, the big move in the price of oil and all the political turmoil overseas
global fears italian stocks getting slammed amid that political turmoil. could italy's problems actually spill beyond its boarders and affect the eu? u.s. futures pointing to a nearly 200-point drop for the dow. and off and now back on again. why the u.s./north korea summit may happen after all it's tuesday may 29, 2018, "squawk box" begins right now. ♪
good morning welcome to "squawk box" on cnbc. i'm andrew ross sorkin along with joe kernen. melissa lee is with us today becky has the day off. our guest host is noah blackstein let's show you u.s. equity futures at this hour tuesday morning, after what was a three-day weekend. those celebrating and honoring those on memorial day yesterday. the do you low looks like it wi off about 162 points the s&p down about 18. the nasdaq down about 38 italy's president blocking the nomination of a euro skeptic finance minister this prompted the leading populist political parties to ditch their plans to form a government there are growing concerns that fres