Placed under investigation. Jamie dimon says he will continue his work at the bank after being diagnosed with throat cancer. Announcer youre watching Worldwide Exchange, bringing you Business News from around the globe. Warm welcome to todays edition of Worldwide Exchange. On todays show, under pressure, s p has warned argentina it could get a default rating if it doesnt pay its half a billion Interest Payment within the next 28 days. Well be discussing later on in the show. The u. S. May have been knocked out, but tech giant google is still looking to win big inside the world cup. We take a look inside googles board room. And finally, 200 protectors are arrested in hong kong as pro democracy demonstrations break new records. All that and more coming up on Worldwide Exchange. Well, as i was saying just then, a bit of consolidation right now in the European Equity markets. We see the stoxx europe 600 up and we saw gains 0. 7 to 0. 8 yesterday. That was more pmi data. It was the u. S. Session that gained towards the european trading session. Right now, 0. 2 gains. Were seeing the french session under pressure. It is the telco stocks weighing on the market right now. Well bring you up to speed with those stories in particular. The first one is whats going on in orange french telco stocks. Down around 3 after announcing it has ditched plans to take part in the french telecoms market. It said right now conditions just arent right. Orange, bouygues and iliad are going to try to bring to the talks right now. Down across 3 and 4 across the board. On the top side, Alcatel Lucent which says this morning after jpmorgan raised its rating on the stock from neutral to overweight. Taking a look at the Foreign Exchange markets this morning, muted reaction from the data. Remember the new orders rose in that data. Also the employment hounding the level. I wonder whether the Inflation Department being more muted reinforced yellens message longer. Right now, weve got euro dollar consolidating. The momentum seems to be towards the top side but, of course, the risk as draghi leads on strength into the trading session. Point out sterling, also, 17150 the level. It seems that we do have construction and services pmi tomorrow. Unlike europe, the Asian Session taking their cue from what we saw on wall street earlier. Sri. Thats right, julia. Risk appetite alive and kicking here in this region. The asci asia index ex japan at a threeyear high. Speaking of japan, though, equities markets over there are coming off the highs. The nikkei as a guide. So were still looking fairley elevated, coming off the fivemonth highs for the nikkei. Let me talk about one of the outperformers here, the indian market, the s p sensex, up over 1 . It is going to be one of fiscal discipline and fiscal consolidation. Theyre reaching this conclusion but the finance minister has been talking about mindless populism and policy making needs to be checked. And that stokes expectations of a pragmatic budget on july the 10th. But really whether these gains can be sustained, julia, you and i know it all boils down to the barr payroll. If they do beat expectations by a sizable margin, many economists are telling us perhaps we could see the market retrace, it could collect lower on the fears that the fed could hasten the normalization process, so less prospect of easy liquidity on the market could upset the markets and could be equities negative for Global Financial markets, including equities over here. So a lot riding on the payrolls, julia. Back to you now. Okay, sri, back to this idea that good news is bad news perhaps. Well catch up with you later on. Jeffrey joins us in the studio. Whats the risk that a strong payroll number knocks a bit of optimism here . Well, the question is how much is it going to be from u. S. Treasuries, the yields, and how much is that going to flow into volatility . Note chairman yellen has former Monetary Policy perhaps she would like to talk about volatility in a more another topic right now because its what central bankers are starting to concern themselves on and without the injection, i cant see anything moving at this point. Were seeing fx put on the carry trade and thats it. Is that the sense of caution right now as they look at the equity markets . Yes, theyre making fresh highs, volatilities low, volumes are pretty anemic right now. Is some of the question were seeing in the equity markets feeding into the f xw market right now . I think thats feeding into every single asset class right now. You put on the position carry, follow equities, but at the same time, any residual cash you have you probably want to put into equities ahead. That perpetuates itself. Then eats going below 250 or maybe its a signal the fed is going to be lower for longer. What choice do you have but to just go long risk again. . I just want to know about the ism manufacturing yesterday. If you look at the inflation components, its pretty muted. Do you think thats something investers pulled out to reinforce yellens message . Right now, lower is Going Forward. I think they are still converging to the view that the fed is going to grasp any low expectations print and stick with that because youre not going to see them in the scales in any way. The only central banker weve seen try to do that is mark carney here. Hes trying to inject some volatility. How volumes and mortgage approvals, maybe theres going to be caution there, too. Yellen is going to stick to the script, surely, and the message from the imf most recently has been, look, this is a situation right thou. If we look at the employment situation, if we look at the inflation situation even now, the hold even longer than the market is pricing right now. I think so. They are really just very, very tightly sticking to the vehicle of the economy and it can be improved, youre not seeing inflation pressures coming anytime soon. Some are asking about oil, is that going to be an issue . Id say outside of japan, the monetary authorities are going to say look, its transitory, were going to dismisses that for now. Well watch wage growth. As long as wage growth doesnt come through anywhere, theres no reason to tighten. Seeing the risk carry trade and if you look at china in the last 24 hours in particular, the geopolitical risk we seem to be putting that side in particular, do you expect the rally continue . As much as i hate to say it because it goes against our core views for a stronger dollar and more volatility, that looks to be the case. I look at all the performance this week clearly people put on risk and it seems like theres no other choice. I dont like it, but i have to. How do we trade this . Right now, i would say relative value. If youre long aussie, youre short kiwi. If you want to be long scandinavian currencies, for example, i would go for the shortterm and maybe go for norway over sweden. Theyve been a bit of a thriller already. You have to go with sterling right now because theyre the only central banker moving ahead. But i do advice short u. S. sterling. Positioning in short . Positioning in short u. S. sterling is crowded. Jeffrey. If you really are long dollar yen, thats what the positioning is vouning. Great to talk to you this morning. Now, the uk without europe would be a catastrophe. Thats the line from wolfgang shoibler. His comments come as David Cameron tries to rebuild relationships with the newly elected president of the European Commission which the uk tried to block the role of. Annette is in frankfurt. Is the minister willing to give david concessions Going Forward . That actually was my question yesterday because i think that must be key to a piecen in the best interest of the united kingdom. That is why when i said that the uk is not europe, so dont ask me what the uk is without europe. Not a lot. It could be a catastrophe, even more for the uk than for europe. This is a concern for european leaders. Its a point that growth is stubbornly low. Germany is not deciding the g7 group for the remainder of this year and next year. They have chosen, as the off ruling topic, sustainable growth. And i was asking him, as well, what he means to do to actually spur growth in the eurozone. Have a listen. Translator the deciding factor is that we need more investment for more growth in europe. That is the key point. We do know necessarily need the investments made by governments, but even more important are private investments. And for private investments, investor, but consumers need to have trust as private consumption is vital for a growing economy and thus for investment. A nonsustainbility budget policy is thus very harmful to these connections. That is why the interest of the ecb are not the solution. They are, if so, solutions to accommodate. Solutions need to come from political decisions, implementation, structural reform, again and again. That is key. So while sitting through their austerity track focusing on discipline, one would argue that there is a share of wolfgang schoibler towards supporting domestic consumption. He was confident that in germany consumption will add to Economic Growth and not just exports. Bottom line is that he and the german government, the ecb might go down the path of further additional easing because he thinks that that is actually creating bubbles, which we are already seeing here in germany when it comes to the real estate market. Julia, back to you. Annette, thanks so much. Great work. Now we have the take a quick break, but cat bonds are making a comeback. After the break, well be asking whether the investment is a purrfect investment or whether its running out of lives. Yes, please come back after the break. Shares in uk mother and baby retailer mothercare announced it rejected two bid proposals for rivals destination maternity after the Company Issued a profit warning at the beginning of the year which september shares tumbling. Their most recent proposal comprise 230 pence in cash as well as shares in the new Holding Company which has been listed in the u. S. Mothercare has so far refused to he gauge. Mothercare has been forced to close stores in its main uk market amid fears of online establishments. Nationwide, house prices were up 12 on the year by continuing sales in london. However, the ceo of home builder persimm persimmon told cnbc earlier the real numbers are misleading. We would estimate so far this year weve seen about 1 increase. I think its certainly a very millionble level outside of london. Jpmorgans Ceo Jamie Dimon has been diagnosed with throat cancer. The 58yearold says its curable. His doctors caught it early and theres no evidence it spread elsewhere in his body. Dimon will undergoing chemotherapy and radiation that is expected to last about eight weeks. He plans to remain actively involved in daytoday operations. Sources tell Cnbc Jpmorgan has a short, medium and longterm Succession Plan in place. Check on jpmorgan shares this morning, up by 0. 2 . Pfidelity is telling client outside the u. S. They will no longer be able to trade and Exchange Mutual funds after january 1st. It will affect less than 0. 3 of fidelitys 20 million accounts or about 60,000 members. Its been over two decades since the market for catastrophe bond estimates in the 1990s. Last week, the World Bank Issued its first cap bond, a 50 million bond to 16 caribbean island nations. The chairman of 12 capital is joining us. Lets start by talking about bonds first. Record levels of issuance so far this year, i believe. Talk us through the benefits of these potential investors. The lack of correlation among the broader market. Yes, exactly. The main benefit is the fact that these cat bonds are un correla correlated, such as equities or Interest Rates or corporate bonds. The Main Investors in the Capital Markets are Pension Funds. European Pension Funds. But more the u. S. Pension fund. And then yeah. Thats the main benefit of cat bonds. The likes of hedge funds to more Mainstream Investors right now. Is that right . Yeah, thats right. Its really a shift from the hedge funds prior to the Financial Markets to the Pension Funds. Typically Pension Funds are among 3 in this asset class below 1 . We havent seen that much because it would make sense. Its investment below 1 and 3 is always top. Weve seen it come down 3 . Thats the risk particularly given talking about Pension Funds and more ordinary bonds, whether theres an acceptable appreciation of the risks here. No. I think the spread in fixed income market. Those in corporate bonds, its pretty much similar. So its nothing unusual, what receive seen in the cat bond markets. Even with the spreads coming in, i appreciate it happening more broadly across the space, but still an appreciation of the risk. No. The risks are still the same. The risk of an earthquake enough of an appreciation of the risk for investors that were talking about right now. Do you believe that they actually are investing in the tools that they understand well enough . Most of the investors with, who specialize in investment management, theyre not doing this themselves. So there are no Pension Funds out there. They go to Companies Like us who specialize investors to understand the risks, and they allocate to the categories within this asset class. Its interesting. I looked at some report about hurricane sandy. 17 billion worth of damage on the u. S. East coast in 2012. Because cat bonds are typically that much higher in the risk. 17 billion is not sfusht to take the cat bonds. Cat bonds are really to attach in 50 years. There are cat bonds out there that attach 11 100 years. These are the types of events. In terms of the size of catastrophe banking, can you give us an idea what were talking about . Hurricane billion would basically lead to some loss in the cat bond market, not big losses, but some of them. Were talking about something bigger than Hurricane Katrina to lead to significant loss in cat bonds. Theres talking down or perhaps in some ways to stem these products. But youre in direct competition, arent you . Yes, of course. What the cat bond market is doing, the cat bond market is part of the ls market. So its a smaller part. Another 25 billion, they basically take away the most predictable reasons and the nat cap business is the highest margin. Its the competition for the Insurance Companies. More Insurance Companies are in cat bonds. Very quickly, we came into this talking about bond issues. Is there some concern that investors are looking at the price of these and secondguessing right now how much value theyre getting . Yes, exactly. We believe it has come to an end, the floor, and it will be difficult to lower coupons at the moment. Great to chat with you this morning. Now, former french president Nicolas Sarkozy is accused of offering a judge a top job in exchange for more information in a case that has since been dropped. Sarkozy was questioned yesterday and has now been released pending further investments. The case is likely to take months to review. Stephane is in paris to give us the latest. He may be under reform or review right now, but that doesnt interfere with the plans to launch a campaign bid for the president ial elections . Legally, no. But it could seriously impact his reputation and his nature. Because that, of course, has not been officially announced by the former he approximated, being placed under formal investigation is only a step in the legal procedure. That being said, its a step and a very, very serious state, placing someone under formal investigation means that there are some serious or consistent evidences pointing to, one, a possible implication in a crime, thats the definition. The magistrate is expecting not only Nicolas Sarkozy but his lawyer. If found guilty, sarkozy faces up to ten years in jail and a maximum fine of 500,000 euros. Thats obviously extremely heavy and would be a major blow to Nicolas Sarkozy. Its not the only problem for sarkozy. There are now six legal cases, including this one, hanging over him. So if he wants to run for reelection in less than three years, the road will be full of obstacles, julia. Thanks very much, stephane. Well have to wait and see on that one. Now, could it be the worlds most expensive bed . Takessy emmonss controversial piece of art my bed sold in london last night for 2. 2 Million Pounds. Thats ridiculous. The r the installation features an unmade bed surrounded by cigarette butts, clothing and it represents a time in her life after she suffered a breakdown. Has the buyer invested in a constitutional piece of art or is this beyond any level of justification or is it just an example of the rational exuberance right now in the market . Get in touch with us by email, by twitter cnbcwex or tweet me directly. I want to hear from you. Tell us your thoughts now. Coming up on Worldwide Exchange, google moves to the beat. The fx giant snaps up songa. Details after the break. Consolidation in wall street markets offer top gains. Investors keeping their eyes on the private sector numbers due later. Orange called time on its takeover bid for bouygues. Former french president Nicolas Sarkozy is placed under formal investigation as being detained for questioning. And jamie dimon says hell continue with his daytoday work at jpmorgan after being diagnosed with cancer. As we mentioned there, consolidation in the european markets in the session today, higher by 0. 2 , 0. 3 for the uk and the german market. The names there supporting strong sales in the u. S. Yesterday, lifting the index this morning. Of course the french markets, the telcos, just leading the market lower putting a little bit of pressure on the index overall. As a result of orange stepping out this morning saying theyre shelving any tieup plans with bougyues. Quick check on the markets this morning. We did see europe in that u. S. Ten note putting towards that 257 level in the session yesterday. We are seeing a mixed bag of peripheral bond spreads this morning. The market there in the italian session, too. The dollar pretty muted after that data yesterday, under a bit of pressure in this session. 1. 3665. Back on the 100day moving average. Were keeping an eye on whatever draghi said yet. Dollar yen trading right now at 101. 49. The turkish Prime Minister end dollars longterm speculation by announcing his candidacy for the countrys historic president ial election next month. It will be the first time turkly directly elects a head of state. A vote on august 10th and the second round then on august the 24th if needed. Meanwhile, iraq has been left in political limbo. The minority sunni and kurdish members of parliament walked out and the new Prime Minister was not put forward by the ruling shia competition. The dead lock comes amid further military success for isis who claimed a Syrian Border town. Theyre strengthening their calls for muslims worldwide to help build an islamic state. Hadley, lets start fist on the governments formation in iraq. Right you to, it looks as though this were struggling to elect a House Speaker yesterday. This was a bit kay oddic. You would think in the gates of baghdad that they would have made some effort to stay in the chamber, but unfortunately thats not the case. Were assuming that they will need some time next week. Its an interesting thing when you look at how close isis is coming to baghdad. Ive heard rumors about the u. S. Even thinking about strengthening their presence in the country. Theyre getting quick to the Baghdad Airport and thats how theyre going to get people in and out. Youve got another major structure threatened in baghdad. You would think that would push the politicians in baghdad. Obviously, they have some major, major issues to resolve. But another development in the last couple of days, which has been very interesting, by ku kurdistan to come forward and say we have a referendum. Whats interesting about that is the energy question. Theyre already holding the kirkuk oil fields. They could add about 9 billion to 10 billion barrels. Turkey has long said we dont want a kurdish state. But that could change. It will be interesting. I think youll see others in the region. The saudis have never wanted this with a knock on effect in the tribals. This will be another game changer for the region. Talk to me more about the turkish angle here. They have their own turkish population. Theyve obviously in the past took on this bid for independence in iraq. How do you see this playing out . Obviously, hes going to be running for president , he has a strong support regionally. His base is still strongly in support. And the ppk has been a problem for many, many years. We saw some moves by the turkish government to asewage that issue. The turkish government has been very helpful. Turkey is not an Energy Independent nation. The fact that they could get deals from the krg independent from baghdad is majorly attractive. To be voted in by popular vote rather than president ial vote, it will be a huge shift of power. How is this going to change things . It will bring turkey into unchartered waters for some time. That is extremely popular with temperament not particularly moderate. In the shortterm for investors means two things. Whether this new arrangement will work, whether a relationship between the presidency, the government and the parliament will work. Secondly, no report for the next 12 or 10 months. If you look at the election in august, there will be a change of leadership in their party. Were going to have a general election in june 2015. You can forget about reforms right now. What about the fact that these policies are intrusive as far as the central bank is concerned . We have a far different Central Bank Policy than we need in the country. The pressure in the central bank will continue. The cabinet will become weaker. There is a question mark looking over next year. We will take economic portfolio, as well. What is done is seen as leaving his job. The pressure on the central bank is said to increase. Why are the markets more concerned about this . I think the market has been distracted by lots of government. I think the issue that erdan goes for the presidency was priced in. The question is whether this arrangement will work or not. That is where we are at this point. How are you going to come in there, anyway . I was going to ask, as well, when you look at the Economic Issues turk theky has faced over the last 24 months, how difficult is that going to make this compensation for erduhan . His only competition is a more liberal, more constitutional candidate and hes not getting any press right now. He probably wont considering who owns all the media in turkey. What would you say in terms of the economic implications . Are people going to come out and say our situation is were not better off . The impact is going to be minimal in the sense that inflation is still under control. We have a 10 figure. The economy is not down, but it is still doing okay. The opposition, they said some candidates are appealing. The only question is whether he wins outright in the round or weather he has to wait until the 10th of august. Right now, theresing go to be some relation point in the markets to realize, actually, this should be far more right now. I think the market would be looking specifically who is going to care whether he will remain in the cabinet. Then the other issue is what happens after the june 2015 election. That is what the markets are looking for. If he goes, things seem to get more complicated. Thank you so much. Now, in tech news, google is beefing up its music lineup buying Music Streaming Service songza for an undisclosed amount. Its best known for its technology which uses variables such as the time of day, the day of the week and users location to create customized play lists. Quick check on google, higher by 0. 8 . Outperforming the broader market. Now, the lenovo market is expecting ibm deals to close by the end of the year. Last week, the wall street journal reported that the ibm deal was in limbo due to u. S. Security issues. Those deals are currently undergoing approval by u. S. And chinese regulators. Investment banks are circling around the group as the founding lee family get ready to pass the baton on to the next generation. The loaner is expected to be more than 100 million. But the restructuring may help ease a 6 billion tax bill face ed. Japans june samestore sales were up 2. 6 for the year brushing off the effects of the sales tax hike. Makiko has the story line from tokyo. This is the eighth month of rising sales for the retailer. Although the number of customers shopping at its stores fell slightly, sales declined 6. 7 . The hot and humid weather helps with sales of the summer clothing line. Are retailer was largely unaffected by the consumer tax hike. While there wasnt much of a pretax hike rush, sales didnt slow in the month following. It will be the first at the same time, price tags have become rather confusing with the edition of an 8 tax usually making them odd numbers. So the company is raising prices to set tags ending in 9s and 0s making the prices look more attractive. Thank you so much. Samestore sales, there you go. Also on the agenda in asia tomorrow, australia retail sales due out at 11 30 and wool get results on seven and i as well as familymart. And chinese president xi jinping visits souel. Still to come on the show, Police Remove protesters kicking and screaming. Over 1. 2 billion eyeballs are on us during the two weeks at wimbledon. True tennis fans want to know whats happening. They dont want to just see whats happening, they want to know and understand why its happening. Anybody can just put data up, but we want to get a reaction, make it far more interactive. We rely on the cloud to provide that immersive digital capability. Give fans more then just the game with the ibm cloud. Argentina beat switerland yesterday in the world cup. Star player shaqueria dubbed the messy out is always looking dangerous. The game remained goalless and went into extra time. They finally break the dead lock after 120 minutes and argentina is headed to the quarterfinals. Belgium took on the usa and savlador. Neither team were able to make a break until extra time. Belgium took the lead on the 93 minute who providing lukaku with an assist ten minutes later. Green scored for the u. S. Ten minutes later, but it wasnt enough to prevent the americans to crash out to set up a belgium argentina quarterfinal. He led chants of i believe that we will win. I believe i believe i believe we will win i believe that we will win i believe that we will win oh, what a shame. The usa may have lost, but the team did make the history box last night. Goalkeeper tim howard make 16 saves breaking all previous records. Good morning america launched a possible election bit. I wonder if president obama would have been shouting quite so loudly had he realized that . What does this all mean for the quarterfinals . French takes on germany this friday at 6 00 cet in rueos americana stadium. On saturday, argentina face belgium and the netherlands play costa rica in savlador on the same day. Now a change of pace. Police have been forced to remove protesters kicking and screaming from Central Hong Kong has more than 1,000 people refused to leave following tuesdays democracy rally. More than half a million prodemocracy protesters took part in the march on tuesday. They want more power, but the government says that idea does not comply with basic law. What is the main perception about this rally . I think it will move to summer. I think it will be later this month or even next month. But for the hong kong business, its really business you show. You can notice this from the hang seng market up 850 points today. The Chinese Government and the Hong Kong Government in conjunction with the business you need. That is despite the largest number of people, i dont think anything changes. As far as investors are concerned in the market, nothing is going to change regardless of how much violence we see, actually, it makes little difference. Well, yes. I think so. We havent seen any violence, frankly. But they will try to manipulate it so that a pro china businessman will be the next ceo for hong kong. A lot of focus in the Hong Kong Market. 44 firms going public raising 10 billion. Its create ago huge demand for the hong kong dollar where the central bank is having to intervene. Yeah, yeah. Both yesterday and today, i think the amount is even bigger today. Yesterday, a big the authority had to buy. Most probably for ipo. And thats what drove up the market today by such a large margin. So i think the Hong Kong Market is still looking good in the second half. Whats the risk that they withdraw their hong kong dollar Going Forward at some point in the future and encouraging investors in particular to get chopped around in this pair . Well, you can never eliminate the risk. But as of now, because there are so many Mainland Companies to raise money in hong kong, the number of ipo applications exceed i think Something Like 300. So we will have another 100 companies go to the markets for the rest of the year. The demand is Something Like 100 billion or more. I think the hong kong dollar will remain strong and then the hong kong stock market also will remain strong. Now some other top stories for you today. Next month, if the country cant make good on a missed 539 million inch of payment within the 30day grace period. S p has put argentinas currency rating on credit watch negative. The government missed the payment deadline on monday as its embroiled with a dispute to restructure debt back in 2002. That is seen by investors as a departure to the islands commitment for both holders. Puerto ricos constitution prevents the government and Public Companies from bankruptcy protection. The countrys tax exempt bond is widely held by pension and mutual funds. Weve been asking could this be the worlds most expensive bed . Tracy evans controversial piece of art my bed sold last night in london to an anonymous buyer for 2. 2 Million Pounds. That far outbid the auction estimates of 800,000 to 1. 2 Million Pounds. The installation features an unmade bed surrounded by dirty clothing, cigarette butts and bottles. Nice. She says it represents a difficult time in her life avenue she suffered a dramatic relationship breakdown. We want to know has the buyer invested in a crucial piece of art or is it a 2. 2 Million Pound unmade bed simply beyond justification . Thats my question. Have your say here on Worldwide Exchange. Get in touch with us by email, worldwide ad cnbc many come, twitter cnbcwex or tweet me directly. Meanwhile, galleries from all over the world have been gathering in london to offer some of the best works of art sale in one place. The market brings together art, design and collectibles. Joining us now is the ceo of masterpiece. Thank you for joining us. Tracy evanss bed, is it art . Tracy evans bed is an incredible work of art. It has history. When it first came to our attention back in the sensational show at the world academy, she put together. So that was a very that was when it shocked the world. And tracy is one of the foremost female artists of our century. So yes, i would say it is art. Tell me why you bought the masterpiece sale to london. Is it about a concentration of High Net Worth individuals . Yeah. I mean, london is one of the Great International hubs in the world. It attracts many, many visitors. N not only do we have people out here, but we also have people passing through london. So its got a real mix of High Net Worth people in the city and particularly at this time of year in june when they hear not just for the art which youve just shown, but fort masterpiece, wimbledon, etcetera. Theres so much going on in town. For moore most people, 2. 2 Million Pounds for a messy bed is not acceptable right now. What are the price ranges were talking about fort art this week . So masterpiece has a wide range of art available. They have pieces from 700 pounds and we also sold, for example, a 1912 corsage on our opening day for over 20 million. So there really is something there for everybody. Its Museum Quality work, you know, in an accessible formal. How do you spot an artist with spoeshl . Im not an expert, obviously, but if somebody showed me tracy evans my bed back in the the day i would have gone this is an emperors new clothes moment. Absolutely. How do you spot new challenges . You watch the market, you see where they are showing, who their gallery is. And in the contemporary art market, anyway, theres usually dealers that do quite a lot with their artists. So you really just have to be savvy and look at was going on. The contemporary art market some people would say is over but theres such an array. We have work from 2,500 bc through to an masterpiece made a few months ago. I just brought up the fact that it could be overheated right now. People dont say its off the charts or unreasonable, but its definitely a huge activity going on at the very top level. Right. In the last week alone in london, they sold over 150 pieces of art. Its not about investment potential, actually, its about something that moves you and its about a talking point. Are they using art to diversify do you believe at the top level youre talking about there . I do. I think its a combination of factors. Art is an investment of passion. Theres no doubt about it. So these people are buying for investment, but also theyre passionate about what theyre buying. Quite often, theyre buying a piece of history. An investment in passion. Nice. Nicely handled. Thank you for joining us. After gains in yesterdays session, record highs, well be discussing it right after the break. For now, as two socalled first ladies of finance, janet yellen and Christine Legarde prepare to go head to head in d. C. Well preview their conversation and ask what investors should be looking out for. Stay with us. Is. Welcome to Worldwide Exchange. Im julia chatterley. Investors are keeping their eyes on jobs numbers due out later. Orange pulls its bid discussions with bouygues. Former french president Nicolas Sarkozy is placed under formal investigation. And jpmorgan Ceo Jamie Dimon says he will continue his daytoday work at the bank after being diagnosed with throat cancer. Youre watching Worldwide Exchange, bringing you Business News from around the globe. If youre just tuning in, thanks for joiningous Worldwide Exchange. The ism numbers, yesterday, of course, with the manufacturing seconder a touch light versus expectations. But i just wonder if they take note of the muted Inflation Numbers and reinforcing the numbers from yellen that rates are lower for longer and what well be hearing from her later on in this session. Yesterday, as you can see, Strong Performance across the board right now. Thats not right. We didnt make those kinds of gains or we would be making some comments today. Around 0. 7 to 0. 8 higher across the board. 1 , too, for the nasdaq. Lets take a look at the european markets right now. Weve got some really strong moves in the telecom sector. Orange putting aside any plans for its tieup with bougyues. A bit of consolidation here in the european markets in particular. Lets take a look at the fx rates. A muted performance. The dow at one point, of course, just a couple of points off that 17,000 level. Well be talking about that later on in the show right now. The dollar slightly firmer in the session today trading around that 200day moving average. Expecting perhaps draghi to make some comments yesterday. I think investors are cautious about getting involved in that one in particular, too. Keeping a fair mind on sterling after the rally we saw in yesterdays trading session. Weve got more pmis, construction in the Services Sector and were going to continue to watch that, too. But what about the Asian Session right now . Lets check in on sri who is in singapore. Sri. Hi there, julia. Risk appetite alive and kicking here, really, thanks so the performance of the u. S. Markets overnight. And the Strong Manufacturing activity numbers. The nikkei did come off from a fivemonth high, though, earlier on in the session. So we ended still in positive territory. But just moderate gains at the close. It was up by about 0. 3 . There was a lot of foreign buying there, very much in evidence, especially with the blue chip names like toyota. Elsewhere, if you look at the broader sage, asia pacific index was at a threeyear high. So its really going to be the activity out of the u. S. On the basis side thats going to keep feeding the bulls and feeding the momentum and the Risk Appetite out here in asia. Were looking stateside for the lead, so all eyes, of course, on the nonfarm payrolls. You and i talked about this earlier, julia. If we do see an upside surprise, that may be the proverbial good news being bad for the markets. The markets interpretation is that could hasten the first rate hike. We could see a little bit of a knock for the fed induced liquidity rally on the Global Market and that could affect us over here, as well. So all eyes really on the payrolls data. Back to you now, julia. Sri, thanks for that. Lets give you a look at whats on todays agenda in the united states. The june adp employment report out at 8 15 eastern. Forecasts call for an increase of 210,000 jobs in the private sector versus 179,000 back in may. At 10 00 a. M. , we get may factory orders expected to drop 0. 3 . Janet yellen giving the inaugural lecture in washington at 11 00 a. M. Eastern. And as far as earnings, wine distributor constellation brands. Janet yellen will have an onstage conversation with the imf chief Christine Legarde. Investors will be paying close attention to comments on the length of the gap of stimulus and the start of rate hikes. The conversation directly after the speech will draw attention after the imfs legardes leadership has criticized the winding of qe ensuing impact on Global Markets. Joining us v in d. C. Now is ji canterly. Thanks so much for joining us. The latest message from the imf, rates can stay on hold longer than even the market is pricing right now. Will yellen lean towards that today or do you think shell stick to the script . I think shell stick to the script. In particular, i think the fed is following a very laid out path right now of exit from the latest round of stimulus. I dont expect that shell give us any indication today that they are deviating from that. As well see earlier in the show, theres questions about whether changes in Economic Data might change that, hasten the exit a little bit. But for now, janet yellen remains very concerned that the unemployment rate, while coming down does not reflect the over all weakness in the labor market. I think they focus on continuing on the wind down and the path its been on. The top of this conversation was about instability in the markets. The imf pointed to insurance oversight. Right now, the underwriting in leverage loans, the fed has pointed to what could come out of that discussion potentially that could give the markets here pause for thought, do you think . I think its going to be a fascinating discussion as its between two of the most powerful women in the economy. Theres not much that janet yellen has the potential of saying about how the fed sees Financial Stability that will change the way people view the fed. Its unlikely, for example, that she would endorse the idea of popping a bubble. On the other hand, she has been saying Financial Stability is something that should be something we think about. Do you think theres anything she could say as far as the data is concerned right now that could potentially give the market pause for thought . I know youre saying shes going to stick to the script here, but there does seem to be a lot of optimism in the markets right now. They read across some of the data, at least reading between the lines on some of the data here, too. I just wonder whether she could talk about that with analysts out there that only believe were getting back to where we were before the dip in q1 rather than giving the markets more reason to rally here. I dont think that theres anything that shell say that will give the markets reason to think that the fed is going to do more. I suppose that its possible that she could welcome some of the very, very recent data as a sign that the rebound is starting after that very disappointing q1 and theres a chance the market could interpret that as a sign that the fed is more bullish on the economys prospects. But janet yellen tends to be pretty cautious with the data and i would be surprised if she comes out and says, things are picking up faster than we thought they would. Shes also learned her lesson, of course. Jim, thank you so much for your insight. Jpmorgans ceo jamie di has been diagnosed with throat cancer. He will undergo radiation and chemo threat thats expected to last about eight weeks. In a mote to staff, dimon says he plans to stay actively involved in daytoday operations. Jpmorgan does have a short, medium and longterm plan in place. Trading in the session up 0. 2 . Now, judges dropped two security sport charges against Rengan Rajaratnam in the trading case. Rengan still faces one count of conspiracy, but the judge dismissed claims related to improper trading in tech Company Clear wire. Next up on Worldwide Exchange, google moves to the beat. The tech giant snaps up Music Streaming Service songza. Details up after the break. [ male announcer ] some come here to build something smarter. Some come here to build something stronger. Others come to build something faster. Something safer. Something greener. Something the whole world can share. People come to boeing to do many different things. But its always about the very thing we do best. Welcome back to Worldwide Exchange. Europe holds on to slight gains following a strong day on wall street. French president Nicolas Sarkozy is under formal investigation putting his political comeback on hold. And jamie dimon faces a cancer diagnosis and will continue to head jpmorgan while undergoing treatment. French Telecom Stocks entering a dip in the region. In may, it was reported that orange held informal talks with bouygues. But those discussions have stopped. All trading lower in the session today between 2 and 4 . Google is beating up its music lineup, buying streaming Music Service songzsa for an undisclosed amount. Songza has 5. 5 million users. Its best known for its technology, which uses variables such as time of day, day of the week and the users location to create sus tommized play lists. A check in on google in the german session, higher by 0. 8 , so outperforming the broader market. The u. S. Marshall service says one unidentified bidder won the auction for a stash of 30,000 bitcoins worth more than 90 million. Authorities alleged the site operated as a black market for drugs and other illegal goods. Default watch, argentina faces a ratings downgrade if it cant pay a missed Interest Payment. What are the countrys Legal Options . We get a perspective right after the break. Welcome back to the show. Former french president Nicolas Sarkozy is under investigation. Stephane, any idea of how long this formal review could last . It could take months if not euros. And for the time being, sarkozy plans to come back and run for election on 2017. Its only a step in the procedure. It also needs to try and not always, but a full investigation will send sarkozy to report. The inquiry will need to find out if the former president sxdz lawyer will use the information to get about the financing of his campaign in 2007. The judge will need to find out. If found guilty, Nicolas Sarkozy could face up to ten years in jail. It could also lose his Voting Rights for a while. So that is for sarkozy to jeopardize his political comeback, for sure. Lets take a look at the u. S. Futures now ahead of the equity market open over in the u. S. , higher for these futures, weve got the doubt indicating lower. Above that key 17,000 level yesterday. We got within two points of it in yesterdays trading session. The second half of the year, really kicking off with a bang yesterday in the u. S. Session. No football references, i promise. Moodys has cut puerto ricos bond ratings further into junk status. This allows some Public Companies to restructure their debt. That puerto ricos constitution prevents the government and Public Companies from seeking bankruptcy production. Puerto ricos tax exempt bonds are widely held by pension and mutual funds. Now, s p says it will issue a default rating against argentina next month. If the country cant make a payment. The government missed a payment deadline on monday what time its in hold out for debt from 2002. I believe law and Court Decisions are generally coming behind financial innovation. Essentially, argentina have payments, can hold out in such a way to enable them to make payments on the restructured bonds. They can try and restructure the bonds in order to make payment outside of u. S. Jurisdiction or they can default. Each of those options carries with it difficulties for argentina. In terms of the settlement, first of all, theyre likely to face claims not just ml capital should they reach that. Do you expect to be a settlement within the next 28 days . Right now, the market is trading like it does expect that to happen. I understand the rhetoric has been quite hostile for that prospect. I think there are good arguments on both sides in terms of the morality at this point. Does it vet a quite dangerous president for further hold out on restructuring . Even if you have whats known as collective auction, its something for prices. It certainly provides rights for a hold out creditor to obtain orders which will help him getting paid in respect of his entitlement right now. It remains to be seen whether that emboldened creditor, here the terms of the bond and the jurisdictions in which the claim can be made. But you would certainly expect it to affect the price. It will demand more effectively Going Forward. You can demand a higher price, whether youre getting bold or not. Thats right, yes. Dangerous. Do you think, given the rhetoric youre hearing now from both sides, do you believe this could drag on for several days at least . Because getting threats from the ratings agencies . It could drag on for several days. The real deadline is at the enof the month when argentina will officially be in default. The u. S. Court has appointed a mediator and a special master to try and help the process negotiate. But as far as i know, there hasnt really been any steps taken so far. The headlines in the media, at some point the markets are going to wonder whether or not argentina is going to push this mark. Great you have to on. Mark stefanini, the lawyer at mayor brown. Google is still focused on the world cup in brazil, analyzing search data from all over the world. Josh lipton has been taking a look inside its world cup ballroom. Were here in googles world cup war room in San Francisco. Fans around the world use google when searching for information about this world cup. In fact, google tells me theres already been 1. 5 billion searches. So google employees come here from San Francisco every day. Analysts mine all those searches. Theyre looking for the hottest trending topic and then designers and writers put together info graphics that post on google as well as share with social media and news outlets like espn. In 2010, the world cup had more interest than the olympics, the Tour De France and the super bowl combined. So i think we shattered that even more this year with 1. 5 billion searches. Other big sporting events are generally in the hundreds of millions. So seeing this so far and were only twothirds of the way there has been really exciting. For example, when colonbia made it to the quarterfinals, James Rodriguez became the most searched for player on the planet. Google and twitter are combining efforts on this project. Google is saying its every bit as capable as twitter when it comes to realtime analytics for these events. Google has done similar projects like this for the super bowl and the oscars. But it has never done a project on this global skam. Now well wait and see whether advertisers are impressed at these realtime snapshots of what fans are thinking as the players battle for that world cup crow fee. Josh lipton, cnbc, San Francisco. Well take a closer look and ask you, can team usa help revitalize the way america thinks about soccer . Weve been asking all morning, could this be the worlds most expensive bed . Tracy evans controversial piece of art my bed sold at auction in london for 2. 2 Million Pounds. It far outsold estimates. The installation features an unmade bed surrounded by dirty cloth clothesing, cigarette butts and vodka bottles. The art ist says it represents difficult time in her life after a breakup. Is this modern art or madness . If you had 2. 2 Million Pounds, what would you be spending the money on . Somebody writes in, actually, richa richard, are you serious . All that money for difficulty clothes and cigarette butts . Yes, were being serious. Have your say here on Worldwide Exchange. Get in touch with us via email, twitter or tweet me directly. Still to come on the show, no dog days for the dow as the index inches close to that 17,000 mark. Your check on the markets after the break. Welcome to Worldwide Exchange been consolidation in european markets after strong gains on wall street and across asia. Investors keep things full focus on the jobs numbers due later. French Telecom Giants lead the losses after orange calls time on its takeover bid for rival firm bouygues. Former french president Nicolas Sarkozy is placed under formal investigation after being detained for questioning as part of a corruption probe. And jpmorgans ceo jamesmy dimon says hell continue his daytoday work at the bank after being diagnosed with throat cancer. A warm welcome again to Worldwide Exchange. If youre joining us here on the show, as always, ill give you a quick look at the futures. Minor gains across the board for the u. S. Majors right now after the second hour kicked off with a big bang yesterday. 16,000 and 17,000 in the dow gaining 6 while the nasdaq gained 12 , the s p gaining 10 . We see a bit of the die vergence there. Barrels tomorrow and janet yellen and Christine Legarde speaking later today, too. We were just talking about the french telcos weighing on the french markets, the german markets, auto, likes of bmw yesterday boosting tin decks higher. A bit of consolidation across these markets this morning. As you can see, the s p asx 200 over in australia. Gains for the nikkei 225, but we are trading at recent highs across the boarders in the asian trading session. The crucial question is given trading in the u. S. Market, how do you make money . Its what theyve been telling us this morning. I think well see a 3 wage growth, probably yet this year. Once we see that, that will eat into margins. But those higher wages are going to eat into demand. With countries leveraged to revenues now, theyre going to have greater total profits. I think theyll flipflopped. We know hes not going to rate raise rates ahead of the election. So anything that jolts the uk economy in the next six months is going to be politically pretty unpopular. What we see now, its the worst is over. We see its not necessarily going to improve immediately, but its not going to lose any more. Lets bring you up to speed with some of todays other top stories. A u. S. Job has dropped charges against Rengan Rajaratnam in an Insider Trading case. His younger brother Raj Rajaratnam is currently serving an 11 year prison sentence. Rengan faces one count of conspiracy, but the judge dismissed one claim regarding improper trading in clearwire. Those living outside the u. S. Today will no longer be able to trade and sell mutual funds through fidelity after january the 1st. So coming up on this show, the health of jpmorgans Ceo Jamie Dimon and what is in place just in case. The dow yesterday closing at less than 2 points off that key 17,000 level. Thats why we sit right now. As far as the futures are concerned, were tilting to the top side. The dow higher by 15 points as far as the futures are concerned and the nasdaq 3 points higher right now. Joining us now is peter garvey. If you look at the balance, the data coming through, the message from the central bank, does it justify fresh highs for the u. S. Market . Yeah, i think ap valuations have gone back up to the average if you look at Global Equities and specifically the u. S. Equities. I think if you look at Economic Growth and the policies and your central banks, its clearly equities. Especially compared to bonds. Our expectation is that the situation normalized over the coming years. In that market, equities would be preferred over bonds. What does that mean, though . Youve been overweight equities for years in the u. S. Are you still saying we should be involved here . Yes. I think we have to distinguish between Global Equities and u. S. Equities specifically. So in terms of u. S. Equities, we have now moved to neutral as the s p 500 is now trading at 16. 1 times 12months forward earnings per share. And that is, on the average in the last 15 years. When you are in that level, then what happens is you turn to get in that equity group just goes down to the average. So more in line with the growth rate in earnings. And growth in earnings is normally around 8 . So that is our information for this year, so around 2050 for the s p 500 this year. Within the u. S. Markets itself, you like citigroup, bank of america and tell me why you like those names. It has high growth rate compared to valuation. We think thats a given. It has a margin expansion. They have come to this ip flexion point where every dollar added on the top line is filtering all the way down to the bottom line. The bank of America Citigroup is quite simple. Qthe would be a trading income from last year. But we believe that a u. S. Economy is not celebrating, it will be positive for lending, positive for Interest Rates. But all that will be positive for banks. Specifically citigroup and bank of america with the larger commercial banking operations will be favoring this. If youre shifting your focus away from the u. S. On the whole though right now, where do you see value or where are we looking inspect do you see emerging markets as having potential right now, potential for outperformance, at least . Yes. So we think screaming bias right now in emerging markets when we look across the Global Equity markets. There is russian equities but chinese equities. South korean equities are tightly linked to the global economy. When we have a shift in the global economy, which we think is happening right now, south korean equities to the conversation of the equity market and there Auto Companies and such. China will manage the hurdles its going through right now. If you look at the valuations, and russia is even cheaper. So we think if you have a former time horizon, russia and china look very attractive. Peter, great to talk to you this morning. Now, we were talking about the ipo market in hong kong earlier in the show. Interesting to get some news right now from wh Group Dow Jones reporting. The group is considering revising its ipo bid at the end of the this week. Its standing out invests around 14 times forward earnings. The initial 5. 3 billion ipo plan in april valued the firm at 50 times forward earnings. Well continue to watch any further headlines on that right now. These are your headlines for now. Asian markets in the green, europe holds on to slight gains following a strong gay on wall street. Former french president Nicolas Sarkozy is under investigation for putting his political comeback on hold. Jamie dimon has been diagnosed with cancer. As youve just heard, one of the worlds most recognizable Corporate Leaders jamesmy dimon has announced hes been diagnosed with cancer. Morgan, bring us up to speed on this story. Dimon made the announcement in a memo to jpmorgans shareholders and employees on tuesday. He says he has throat cancer. But it is curable. Dimon says the disease was caught early and it hasnt spread. Reports say it was discovered after dimon wasnt feeling well and went to see his doctors. He will undergo radiation and chemo therapy. That will last about eight weeks. Dimon was set to travel to europe today where he had meetings scheduled with the leaders of greece and italy with additional stops in spain, germany and the uk. He has since canceled that trip. In a memo, dimon says, quote, while the treatment will curtail my travel during this period, i have been advised i will be able to continue to be actively involved in our business and we will continue to run the company as normal. He says the board is totally supportive. In february, the company avoided a Third Straight showdown with shareholders at its annual meeting convincing activist investors to drop on whether it should split the chairman and ceo. Those are titles dimon has held since 2006. Jpmorgan has seen a high level of departures in the wake of the london whales investigation. Reports say the most obvious successor successors includes dpordon smith, mary erdoes and matt zanes. Checking jpmorgan shares in europe, they are up about 0. 23 . Back to you. Thank you so much. As you quite rightly said, we wish jamie dimon well. Switzerland faced argentina yesterday in the world cup. After a dull first half, quickly in the second, the game remained goalless and went into extra time after a convincing display. Putting argentina through to the quarterfinals. Neither team was able to make a break through until extra time. Belgium took the lead on 93 minutes through kevin debruin. It wasnt enough to keep americans from crashing out against argentina at the quarterfinals. Barack obama turned cheerleader for the game leading the chants of i believe that we will win. I believe i believe i believe that we can win i believe that we can win i believe that we can win the usa may have lost, but the team did make the history books last night. Goalkeeper tim howard make 16 saves during the game. Breaking the previous world cup records. Good morning america got very excited about this, even launching a possible election bid for the everton keeper. Wow, how about that beard . What does this mean for the last eight quarterfinals . Germany will take on friday france. The netherlands play costa rica in savlador. The u. S. Team may have knocked out or been knocked out of the world cup, but soccer definitely won over americans thanks to the International Comp tegz. According to the world governing body fifa, its the world cup fans who have been by far the most active online. Over 37 million penn fans have engaged in world cup online services. Is soccer about to revolutionize american sport . Rob ert joins us from new york. Why has this world cup been so pivotal and the u. S. Going forward . Theres no doubt, this world cup is really the first time i have seen or weve seen here in the u. S. Just so much support. And i think the main reason is first off we have a team that is finally decent, that has the opportunity to be a winner. And i think what has happened over the last several years is that here in the u. S. , we finally can watch the best soccer in the world. On the weekend, we can turn on the premier league, we can watch the best players in the world. That is what has captivated the kids, the fans, and thats put this interest behind soccer. Definitely when they say its soccer, there is no doubt it is on the uptick here in the u. S. The current team is littered with players. You say they got hooked on the games back in 94 and 2002. As we push forward now over the years, do you think some of the strength youre seeing in the team is going to continue and gain further support . Yeah, no doubt. Look at the guy that scored the last goals, liam green, 19 years old and really is supposed to be the next great u. S. Soccer player. But in any case, theres no doubt, little kids nowadays and over the past several years, 10, 15 years have been watching soccer and understanding one day they can play in the world cup. And what that means is theyre choose to go play soccer over sports here like american football and basketball and baseball. And when you have that, youre starting to get the better players or the better athletes to play sock he. Thats going to increase the chances of the u. S. Team having better players. If you look at how much tv, how much Advertising Money is to be made in the likes of american baseball, basketball, football in the u. S. , it seems to me that soccer is going to have a hard time getting funding and support Going Forward. How is it going to win that airtime back in the u. S. . Thats a great question, but if you look at what this world cup has meant and whats happened in terms of the following, i mean, you know, even showing president obama, its kind of funny, slide there, showing him cheering on everyone. Who could have is ever imagined it . Its gaining popularity. 1. 4 million people, i think, stream the u. S. Game versus germany. There was a crash. Youre definitely starting to see a lot of that popularity over social media. Thats going to win the advertisers dollars at the end of the day. A lot of money is being poured into the social aspect of it. And ive never seen an event like this capital excavate the entire country. At the end of the day, advertisers are definitely going to staurt pouring money into soccer. But again, the one big issue is that when the world cup isnt going on, you have the premier league and you have Major League Soccer. And Major League Soccer isnt the best players in the world, so where is that money going to go . Is it going to go overseas to europe . Is it going to go into mls . That is going to be the big question for advertisers, but theyre going to want to get behind soccer. World cup 2018. Ahead of the game yesterday, batchel house showed its support for team usa with a ban on other than belgium waffles. The company pledged to back a boycott of the bell june variety of the waffles saying they support america. Whats the difference between bell gum and american waffles . American waffles are round while belgium waffles are square. He added american waffles also have smaller and shallower indentations, which allow for better syrup distribution. Someone should let the bem jumps know. We just had news come in across the wires, the eu has approved telefonicas acquisition of kp germ yapss unit eplus. We were talking about this in yesterdays show in particular. It does have continues. Telecom has to sell up to 30 of the merged countrys Network Capacity in germany. Its going to divest radio waves and assets allowing new entrance into the markets. Now moving on with potentially strong job growth in the u. S. , will it spur higher u. S. Markets . Well see. Well talk private payroll and the economy right after the break. The adp employment report is out at 8 15 eastern calling for 210,000 in private sector jobs versus 179,000 in may. This ahead of tomorrows allimportant nonfarm payrolls report. Lets talk about it. Darrel, thank you for joining us. Manpower recently said were virtually at the point where the longterm unemployed on equal footing with the shortterm unemployed in the u. S. At the pool of available workers shrink. Would you agree were at that point . I agree. I think werecertainly at that point where were entering into the talent. Its a pretty exciting time to be both in the job market as a job seeker as opportunities present themselves. Theres a little bit more confidence in people to make a move that they might not have chosen to make a couple years back. I think all indications are that were heading into a really exciting time. Were seeing an improvement right now in the longterm unemployment stats. But what is this or to what extent is this about people leaving the workforce. Theres always a focus on payrolls, thursday or friday, on the Participation Rate right now. What are you seeing . Well, were seeing, you know, some equal footing on both sides. I think that as, you know, the numbers come out again in the week, i think it would be very telling to see which direction were heading. As i said, were excited about what were seeing basically in the employment sector here. A lot of opportunities have been presenting themselves to both passive and active seekers. We know yellen focuses on the quick rates and how confident people are to leave jobs in search of other ones. Does your view of the market tally with what the data says . Yeah, i agree. I think in certain sectors, specifically in the finance and accounting and the i. T. Fields, theres a wealth of opportunities out there for those highly skilled professionals. Were talking about people with college degrees, maybe a couple of years, a few years under their belt who have gained the experience to have the confidence to go out and look for opportunities. Were optimistic. Thank you for that. Thats it for todays show. Im julia chatterley. Thanks for watching Worldwide Exchange. Squawk box is coming up. Thankr defending our country. Thank you for your sacrifice and thank you for your bravery. Thank you colonel. Thank you daddy. Military families are uniquely thankful for many things, the legacy of usaa Auto Insurance can be one of them. If youre a current or former military member or their family, get an Auto Insurance quote and see why 92 of our members plan to stay for life. Good morning and welcome to squawk box. Jpmorgan chief jamie dimon announced that he has throat cancer, but its curable. He will remain in charge of the banking giant as he undergoes treatment. The s p 500 finishes higher while the dow just misses. A closing above 17,000. And the u. S. Is knocked out of the world cup falling to belgium, 21 in extra time, dashing the hopes of american soccer fans across the nation. Wait a second. Now the countdown to the nfl season begins . Not with the reds above. 500. Squawk box begins right now. Good morning, everybody. Welcome to squawk box here on cnbc. Im becky quick along with joe kernen and andrew ross sorkin. We have the june adp employment reports. Forecasters say the economy probably added 208,000 private jobs last month. Todays 8 00 p. M. Eastern number comes up as a leadup to tomorrows pregovernment holiday payrolls report. The dow coming in within two points of the 17,000 milestone for the first time earlier in the session. It ended up closing up still, but up at 16,956. This was its best day in more than a month. The s p closing at a record high. Check that out, 1,973. This is Something Like the 23rd record high close for the s p this year. Take a lookth