tv Worldwide Exchange CNBC March 12, 2019 5:00am-6:00am EDT
it is 5 a.m. at cnbc global headquarters wall street pointing to a higher open this tuesday this morning following a big rally overnight in asia. we'll find out what's driving global stocks higher that's coming up straight ahead. a big breakthrough in brexit talk ahead of a key vote in we are live in london with those details. still airworthy.
that's what they are saying about the airliner >> and it's show time. apple announcing a big product event for later on this month. it is tuesday, march 12, 2019. "worldwide exchange" begins right now. good morning and welcome to "worldwide exchange." brian sullivan is on assignment today. we'll hear from him later on in the show what you are seeing right now is live shots of london and the u.k. in just hours, lawmakers will hold a crucial brexit vote, we'll take you live to london with more on this developing story coming up in just a few moments. let's get you up to speed with what's happening with the markets overall.
futures are pointing to a higher open following yesterday's gains. the s&p up by just about 6 points to open the dow jones up by 36 and the nasdaq up by about 20 points on the treasury side of things, we are seeing a slight uptick to yield. so people selling off the safety of government bonds, raising those yields just a hair, two-year note yields 2.50% let's go worldwide now in asia, a predominant session that was very much in the green. and shanghai posit up by over 8% as well. that positivity is carrying in some way into european trading we're off our best levels. the dax is up by 0.25%.
oil trading up by about half a percent and comex gold up by about 1/3 of 1%, 1,295.90 the last price there mark, is it at least safe to say that the market melees we've seen over the course of the past five or six days or so has now resolved itself? are we pretty much clear to get back into risk assets? >> i'd like to think happy days are here again, but it's just going to take another headline or new blip to upset that. sunday night jerome powell gave the stock market a nice big hug. remember, what really hurt q4 in
2018 was the fed there was chairman powell talking at length over and over saying interest rates, he's comfortable where we are and took away any hint there would be a rapidly escalating rate move or further tightening with qe i think that's the underpinning and will be the story in 2019 opini2019 there will be nasty starts and tops but as long as the china talks do blow up, we could have a mid digit rise from here on out. >> are you still looking toward the health of corporate america as a driver of market gains, if any, going forward this year earnings season for q4 was pretty good but expectations have been coming down markedly for at least this current quarter we're in >> yes we've been expecting earnings to
come down, special on a year-over-your bas year-over-year basis we expect a little leveling out and we expect some good news and bad news we saw that in the retail sector some companies like walmart blew out and others didn't. so i think we're going to see a continuation of which companies are executing, who's delivering on their message but overall earnings growth is going to be slow and steady and there's nothing wrong with slow and steady we expect mid single digit earnings growth in 2019 and we think from here on out that leads to mid single digitgrowt in the stock market. so as long as earnings multiples stay similar, i think it's steady as she goes there's nothing wrong with that from point to point from here on out with the gains we've had >> we've seen at least an interesting part of this recent rally we've had, we've sceneries
bei -- seen says risk stocks and defensive sectors do okay as well how does that resolve itself are people going to be seeking the safety of consumer staples or are we going back to the names we've talked abo-- the fa names we've talked about over the lacoupst couple of years >> what's surprising is how the banks haven't broken out here. that could be a really great sign for the market if we continue to see what we saw early in 2019 with the banks coming off their lows. we have a strong economy, tremendously low loan loss rate. i'd like to see that as confirmation that this rally could have a broad underpinning. >> we'll keep an eye on those.
mark, thank you very much for those thoughts this morning. we are continuing to follow the latest developments on that deadly airplane crash in ethiopia over this weekend let's get to bertha coombs with the latest developments. >> reporter: the faa says it does not plan to ground max 8 jets following the deadly plane crash in ethiopia. the faa said the investigation into sunday's crash has just begun but they will mandate that they make a software fix to an automated flight control system that played a role in the crash of a lion air jet. singapore is suspending operation of all boeing 737 max 8 aircraft in and out of the airport.
australia announcing a similar move today boeing's u.s. customers, including southwest and american and united continue to fly that plane. the max 8 is critical for boeing analysts estimate it accounts for about two-thirds of future deliveries and 40% of profit boeing shares closing down 5% yesterday and are lower again today ahead of the open. don? >> thank you very much for that update on what's happening with boeing right now coming up next in the show, facing fallout, the u.k. up against a major brexit vote today. we'll take to you london live with the latest coming up. and later on in the show, the crisis in caracas. the u.s. pulls out all embassy workers in venezuela as the situation deteriorates in that country. we'll have more when we return after this commercial break.
there are customers saying is it safe to get on this plane? that's not the kind of question you want answered. >> you don't think this is going want more from your entertainment experience? just say teach me more. into your xfinice remote to discover all sorts of tips and tricks in x1. can i find my wifi password? just ask. [ ding ] show me my wifi password.
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well we are off our best levels of the early session there but still, the german dax by one quarter of 1% and the ftse off by about one-tenth of 1% steve sedgwick is live in london with more. what more can you tell us about brexit >> the brits who want to get brexit done, it's moving very quickly. i can tell you yesterday people were saying there's been eight weeks of failure and negotiations and mrs. may failed to get a deal. then she hot foots it to me the commission in strasburg and people thought, wow, we got a deal on three points, they basically could not keep the eu in the back stop, which stops the republic of ireland having a
hard border and to replace new technologies and a unilateral statement by the british government they could not stay in the back stop i talked to one government minister and the d.u.p. are absolutely key to mrs. may winning her vote today some of the optimism has eeroded the attorney general, jeffrey cox, he will stand up and say whether he believes legally the british can be kept in an indefinite backstop with the latest agreement so that is going to be absolutely key for the destiny of this vote this evening and the destiny of brexit. >> cuan you take us through the
time frame what time is the vote expected to take place and what can we expect in terms of follow-through with key events later on tonight into tomorrow morning? >> we don't have a hard and fast time on any of this. the debate starts in literally two hours and 15 minutes, around about 11:30 local time here. then between 30 minutes and an hour after that, we'll get jeffrey cox, the attorney general, one of the key legal experts in the british government who previously said we could be kept indefinitely in a backstop under the previous deal that's what a lot of the hard brexiteers want taken away, rather than beingkept in an eternal customs union with the e.u. and keeping basically some form of de facto customs union thereaft thereafter, there will be hours and hours of debate.
we should get the actual vote later in the evening if mrs. may loses, we potentially get another vote tomorrow and then a thirdvote on thursday which could be also two tomorrow as to whether there is an extension of article 50 as well i'm hearing mrs. may's position could become untenable with various factions saying she's given it her best shot there are a lot of different avenues this could take in london >> let bring in james smith. one of the things brought up was theresa may. what we've heard is there will be no third chance, there will be no further interpretations of
the interpretations, no further assurances of the reinsurances if the meaning vote tomorrow, aka today, fails should investors be worried given that situation >> well, taking what theresa may has negotiated, the key question course is whether or not this brings a highly divided brexiteers and d.e.p. on board not a lot has changed. this idea of an end date on the back stop or unilateral way to get out of it, none of the boxes are ticked here. the threat of a brexit delay is now on the table equally parliament may try to force some different votes on different brexit options, neither are particularly ideal we could get a second referendum emerging
so the calculation is changing the bar is still set pretty high today. that brings focus to later in the week >> what are the odd in your minds for what happens with these votes and what then are the ripple effects are we going to see an economic impact in the u.k., elsewhere in europe if so where will the most meaningful impact be >> sure. i think the probability has gone higher today with may's deal passing. i think she will lose that but it may be sub 100. assuming she loses, that brings us to the article 50 extension nobody knows how long this is going to last. the wind seems to be blowing towards a shorter time period. when we look at the economy, no deal is on the horizon and
businesses will continue making preparations for risk, preparing for single-market compliance checks should we get a move to a longer-time extension that, will give businesses a little bit of a reprieve but still, as i say, that no-deal threat still very much on the table. >> we're seeing activity right now, some of the more active issues within the u.k. in trading as we get started off this morning are in real estate and the home builders. is it fair to say this level of optimism is realtime handicapping of the potential for a deal to get done is that positivity in the real estate market at least for today somewhat justified or is this just a situation where we could see these things fade if a no-deal situation comes to the table?
>> james smith, thank you very much for those thoughts on the u.k. and the brexit vote we appreciate the thoughts this morning. >> we're continuing an ongoing crisis as well you are looking at video of an explosion that rocked caracas overnight. many have been without power since thursday the state department is pulling all remaining staff from our embassy in venezuela's capital city secretary of state mike pompeo
tweeting, quote, this decision reflects the deteriorating situation in venezuela as well as the conclusion that the presence of u.s. diplomatic staff at the embassy has become a constraint on u.s. policy. now the u.s. has called for venezuelan president maduro to step down. a very interesting situation developing in caracas and the state department pulling its personnel. still ahead on the show, an exclusive in energy. what the ceo of cheniere energy had to say but first we're talkg incars, clothes and crimestoppers, the three big stocks that need to be on your rye dadar this tuesday. stick with us. now i'm thinking...i'd like to retire early.
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>> as well as up front investments for electric vehicles and stricter emissions testing. those shares off by about a half a percent in european trading. sticking with autos, new this morning. renault, nissan, and mitsubishi are teaming up to form a new governing board. this comes in the wake of carlos ghosn's departure from the auto alliance leaders from the three automakers announcing that decision in a news conference in japan overnight. shares of all three automakers
are in the green today you can see their nissan, renault, mitsubishi, all of them doing well in their respective trading fronts in washington news house speaker nancy pelosi is throwing cold water on the idea of impeaching president trump nbc's tracie potts is live in washington d.c. where more on that story tracie >> hey, good morning, everyone she's speaking out with some democrats sitting ready to impeach the president. now nancy pelosi says they need to slow down she's not quite ready to go there yet. >> i'm not for impeachment house speaker nancy pelosi tells the washington post. it divides the country, and he is just not worth it, she says of president trump >> our day to day work is not about him. it's about the american people >> white house pokes person sarah hucka bee sanders says we're not that concerned adding, "impeachment should have never been on the table. >> to get to removal, you will need at least 20 republican
senators in the other house of congress that's just a political reality. >> a house vote today will urge the justice department to release robert mueller's full report on russian election interference this week there could be signs of where that investigation is headed a second sentencing tomorrow for former trump campaign chair paul man manafort on unrelated financial crimes >> i don't have any doubt that mr. trump is going to pardon paul manafort at some point. the question is when >> he will make the decision when he is ready >> on thursday former trump advisor roger stone gets a trial date and explains to a judge how his new book on russia does not violate her gag order. also this week status hearings for former national security advisor michael flynn and manafort's deputy rick gates both are cooperating with prosecutors after pleading guilty >> also, another investigation we learned about late monday this one out of new york
it's the attorney general who is now subpoenaed two foreign banks to get records on the trump organization and how they're financing some of their projects >> all right, tracie potts live in washington. thank you very much for that update on what's happening with president trump and nancy pelosi, the house speaker. coming up next on the show, fighting back. elan musk's lawyers slamming the s.e.c. today we'll tell you why that's coming up plus, it's show time apple announcing a big product event for later on in this month. we'll tell you what products they are expected to unveil when worldwide exchange comes back after this
breaking brexit news theresa may locking in a final deal with the e.u. ahead of a key vote in the u.k. today we'll have all the late-breaking details. that's coming up straight ahead. the faa says boeing's planes are still safe to fly following this weekend's deadly plane crash in ethiopia. we have the latest on that developing story as well and big energy goes on the record brian sullivan sitting dow exclusively with the ceo of cheniere energy. what he had to say by possible china trade deal it is tuesday, march 12th, 2019. you are watching worldwide exchange right here on cnbc. good morning, and welcome to worldwide exchange i'm dominic chu.
brian sullivan is on assignment today. we'll hear from him later on in the show let's get you up to speed on what's happening out there right now. bertha coombs has your executive recap. good morning, bertha >> here's what's leading cnbc.com right now the faa says boeing 737 max 8 jets are still airworthy following a second crash involving a plane. the agency will mandate that boeing made a software fix to an automated flight control system that plads a role in the crash of a lion air jet back in october. boeing's shares are lower in the premarket. elan musk's lawyers slamming regulators late last night they're arguing that the s.e.c. was infringing on musk aus first amountedment right by continuing to hold him in contempt of court. he explained why he shouldn't be held in contempt over a tweet he sent last month about tesla production his lawyers say the tweet in question did comply with earlier s.e.c. settlement terms. and apple announcing a press event for march 25th and tech
giant is expected to debut a new streaming tv service and a bundled subscription apple news offering. experts also say apple could introduce a new low cost ipad and a new version of the air pod. dom, i haven't gotten my invite yet. i'm still waiting. >> i know. i haven't got airpods yet. >> i haven't either. >> maybe i'm waiting for -- bertha coombs, thank you very much >> let's get a check on the other headlines. francis riviera is live in the nbc newsroom in new york with the latest there good morning, francis. >> hi, dom good morning to you. it was the biggest cocaine bust in 25 years. authorities seized 3,200 pounds of cocaine found in a shipping container in newark, new jersey. the drugs were said to have an estimated street value of $77 million. you have conor mcgregor facing two felony charges according to police, he snapped a photo of mcgregor as he left a miami beach hotel. the mixed martial arts fighter is accused of slapping a phone
out of a man's hand and stomping on it several times before picking it up and walking away he was charged with strong arm robbery and criminal miss chief. he posted bond and left the jail hours later. over 12,000 cases of flower were affected and were sold at a limited number of stores including publix and the wynn dixie. there have been no reports of illnesses so far dom, those are your news headlines. >> thank you very much, francis riviera in new york with the latest there let's get a check on the early market action so far futures right now pointing to a higher open. the dow seeming to open up just by about 35 points the s&p by about six the nasdaq by about 21 points. the asia trade was very positive overnight. the nikkei in japan leading the gains there. up by almost 2%.
you can see the heng sang to close, and the shang high composite closing up to 1% as well the european trade is positive, but it's not as good as it was earlier morning. the german dax has slipped into slightly negative territory after being up earlier in the session. the cac and france marginally higher the ftse 100 in the u.k. off by one-quarter of 1%. well, let's bring in steven whiting, chief global investment strategist at city's private bank steven, there are so many different things at play right now in the markets i mean, we've talked about brexit, the china trade negotiations, what happened with fed chair jay powell's interview with "60 minutes" over the weekend. what exactly is driving the trade right now? i came back after a week off and we lost about 2.5% on the s&p. yields went lower, and now we're starting to move higher again. what are we to make of this? is the all clear sign there?
ultimately, though, i don't think markets have fallen into a very complacent place. in fact, the vulnerability you're seeing now, the fact that implied volatility is somewhat elevated compared to where it was before the correction. it's higher than it was in either january or september. we look at equity implied volatility in the united states. those were peaks in the market at the time. we take a look at credit spreads. we haven't fallen back as quickly. what that means is that we're still vulnerable to being lurched around by headlines. that kind of environment still sets you up for constructive returns. yet, one way or the other, there's no way that we are going to annualize 60% for the year after january of that year >> so those -- i mean, those gains that you are talking about were made possible because of what many call an overshoot to the down side in the markets back in december we have tried now four times --
we're in the fourth session right now, trying to get above the level in the s&p what is it that can actually get us up above it, or are we going to be stuck in this range for a while? >> time. new all-time highs in corporate profits of which we achieved last year, after all, and i think we will achieve this year. again, the speed at which we recover from the rebound, and in the face of the news that we're going to get, let's not forget we saw what no one believes 20,000 gain for employment for the month of february.
i think they have to do that in a context that -- >> so does the fed worry you at all? i mean, we saw some -- first of all, weunderstand that the dat that we got at the end of last year and maybe even the early part of this year has been muddied a little bit by what happened >> urtsz by itself a problem >> the consumer we have seen conflicting reports on them. they are important to the u.s. economy. in your mind, are we going to see a federal reserve that is now much more measured they use the word patient quite a bit. does this mean the fed is no longer a worry for the markets >> they're doing it reluctantly. >> right >> i think the fact that jay poul's testimony to congress pointed out that there were 304,000 jobs created in january, and the economy is -- it's in a good place provided, of course, that we don't continue on the exact same policy track that was consistent with a much stronger economy in 2018, which had large
tax cuts, which are not being repeated this year and the fact that nine rate hikes and a year of quantitative hiking impact the u.s. economy that itself needs to be taken into account this is a year, again, where i think we're very fortunate the krukz late last year has changed the course of policy, and that, again, is more likely to be a sustainable growth year. we could head right into 2020 and still grow in the american economy. that's how i think they view the all-time highs in the u.s. stock market that's going to be a -- when i think about the things that have been quite uncertain, you take a look at policy uncertainty for the united states specifically, you see that trade policy uncertainty is very, very high, and room to come down and it's coming down. monetary policy uncertainty was actually very high in december talking about the american economy as if 2019 was going to be the same as 2018 was a problem for markets. i think it's a problem that we can solve.
that alone is, again, something that markets will take some time to digest. >> if i could just trouble you, what is the one thing that you would be most wary of in the coming months that could derail it >> i would say the federal reserve being a bit too confident and that quantitativ tightening, again, is not a serious policy i think it is a very serious form of policy tighterning that's still ongoing right now it has material effects on as he allocation and not just market liquidity. one status is fully accepted and changed, i think the slower growth rate will turn out to be sustainable for the u.s., and we can probably extend the second >>stein whiting, thank you very much for those thoughts. we always appreciate your insights there >> big energy and big focus in houston this week. the world's top players in the energy market are there for ihs market brian sullivan sat down with the
owner of cheniere energy and got his take on the china market trade. >> here i'm joined by cheniere energy ceo your company may be single-handedly involved with reducing the trade deficit if reports are true can you confirm that you are about ready to sign an $18 billion to $20 billion liqucquie natural gas deal with china. >> you know that i'm not going to speak about our commercial negotiations china, as we've talked about, has been a real focal point for the company. we are dedicated to that market. we've sent over 60 tankers to china so far from our facility we've got a strong relationship with the counter parties in china and, you know, we're expecting good things to happen there. if you look at asia more broadly, asia grew last year a whole cheniere in size
30 million tons of lng just in growth alone that's attributable to asia we're not only focused on china, but we're focused on asia more broadly. >> when you say good things are going to happen there, is that an indication that at least you guys are in talks? you have already done deals. it's not like this would be a new thing. are you in open dialogue with the chinese in some fashion? >> absolutely. we have a strong office in beijing. like i said, we're dedicated to market we're trying to help them request their environmental concerns we kneel like we have a good product that's reliable. it's economic. it's stable. they need the gas just as much as we want to sell it to them. you spoke with the chinese for years before any of the trade tariffs were enacted how has if, at all, any dialogue changed then versus now in your
negotiation? at the lower levels we don't see much change. there's two willing counter parties, you know, trying to talk about terms in the transaction. at the upper levels, though, there's some tension, and, you know, until i think the tension can smooth out, which we're trying to help with the two countries, it's going to be rocky and we're just going to have to be patient >> what are they saying? what do they want? >> what do the chinese counter parties want or -- >> yeah. >> well, they want -- >> besides more gas from cheniere what would they like to see? is there a -- do they feel like it's going to be okay long-term? between the u.s. and -- >> well, they're investing in major infrastructure in china, and they're building regas
terminals and building storage they're building combined cycle power plants they're investing themselves for the next 40 to 50 years. they want to feel that they can depend on a secure reliable source the recollect rick doesn't help quite honestly we hope everything comes down in the two countries skbro it was 50 pefrz year-over-year for the past three years we don't quite expect it to be that robust. just because it's heavily driven by their economic stability. as we know, their gdp is i'll
say passive ated a little bit. we're expected to be extremely robust i would think they're 50% of our portfolio. we have a lot of room to grow. >> i'm going to leave it there jack, thank you very much. >> thank you >> our thanks to brian sullivan there. that's just a bift of an appetizer. we have more big energy names coming your way right here on cnbc you'll hear from the ceo of siemens, hess, chevron, and bp all live from coming throughout the course of the day. plus, brian sullivan is sitting down with the secretary of state mike pompeo and energy secretary rick perry will bring you that full exclusive interview tomorrow right here on worldwide exchange well, still ahead on the show, may in the hot seat. today is a make or break moment in the breck it battle what it could mean for you and
a busy day, i'm sure time for the morning's top trending stories. >> a spokesperson for facebook said we removed the ads because they violated our policies against the use of our corporate logo in the interest of allowing robust debate, we are restoring the ads. >> this is the issue they are saying it's just
about -- >> the logo. >> the corporate logo. you know, there was one ad you didn't want to take down >> it would be the person who is right now running for president and trying to attack all of these social media and technology platforms >> that did not impact them yesterday. her comments at south by southwest, facebook, google, amazon all higher yesterday. this is incredible footage capturing scary moments on a car's dash cam in germany. a quick warning. this is dramatic video no one involved was injured. you can see approaching drivers slow down. after a brief moment more debris crashes down on the cars and burying one. firefighters had to help free
the passengers trapped inside. luckily, no woun was hurt. that is an incredible scare. i remember driving to work once. something fell off of a truck and we all were swerving. >> want just from a video perspective, but what happens if an accident happens? as long as you're not using your phone camera >> best news of the day. happy national pan dake day. i hop is celebrating the way it always does with a free short stack of buttermilk pancakes
it starts at 7:00 a.m. and lasts until 7:00 p.m while you enjoy your free pancakes, you can give back to a good cause i hop will be collecting donations for several children's charities. that doesn't include waffles, i don't think. >> no, but still -- >> you can still donate. >> the short stack is pretty good in my book. >> especially on a tuesday >> absolutely. facing the fall-out. it could impact global markets in a big way that's after this.
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what can we expect out of pound sterling given the vote later on today. >> well, the one thing we can be certain of is volatility i think the vote is going to be very close dlz a lot of different potential scenarios. the easiest one and the most obvious one would be if parliament or the house commons completely rejects the withdrawal agreement. >> there's a good possibility also perhaps the vote will fail with very thin margins it fails with a thin margin, and prime minister may may look at this as a mandate to basically go for another vote.
i think it's clear that the scenario is either they accept the withdrawal agreement, which i think is very, you know, basically next to nothing in terms of the odds. >> that's a key part of this whole brexit negotiation as we talk about the euro and its relationship with the pound, euro sterling certainly a focus of the brexit negotiations for traders. what can we kbp out of that big cross? >> euro today is stronger than the pound. the move is more consistent. the rally is more extended
i think for the most part it's really going to be a story of how the market perceives the next steps with the u.k. the currency should be trading lower. a two-year extension versus an uncertain void really gives us no winners i think ultimately, though, i can't see a good path out of this, and i think the euro is going to outperform the pound even though the fundamentals are just as terrible >> two currency pairs very much a focus. kathy lee, thank you very much for those thoughts on the brexit and the impact that's it for worldwide exchange a quick check on futures we are going to be seeing at least a positive start to what's happening. the s&p by about five. the nasdaq up by 13. we have full market coverage
>> good morning, elan musk striking back accusing the s.e.c. of overreaching and infringing on his first amendment rights we'll show you what his lawyer wrote in a new filing last night. potential brexit breakthrough. the e.u. agreeing with some key changes to the divorce proposal. theresa may will now take the deal back to parliament. we'll get a live report from london and the faa insisting that the boeing 737 max 8 airplane is still airworthy in his words after two deadly crashes over just the past five months. the stock under pressure again
after giving back quite a bit yesterday to close around 400. it's tuesday, march 12th, 2019 "squawk box" begins right now. >> good morning, everybody welcome to "skbuks." we are live in times square. i'm becky quick along with joe kernan and andrew ross sorkin. let's take a look at equity futures at this hour you'll see that things are relatively flat right now. the dow down by four points. s&p up by four points, and the then the nasdaq indicated up by 11.5 as joe mentioned, it came after a big market day yesterday major averages closed at their session highs.