Figures for the euro dollar coming in at 1. 2688. There are a few Trading Economics out there coming in. The dow jones had it at 1. 5. Euro dollar is at 1. 2688 up ten points. It moved fractionally lower off that data, but we expected slightly lower Business Sentiment. The recent string of Economic Data is weaker than expected data out of germany. Trade data, industrial production, factory orders have a Sentiment Report coming in weaker than expected. Putting into question germanys growth strategy. The euro very dollar trading at 1. 2693. This is the sixth fall in terms of the sixth month in a row of falling expectations. Were also getting the m3 data. How does that look . Thats come in at plus 2. 5 for september. The previous reading in august was plus 2 . So m3 has just ticked up a little more than expected. Of course, such a crucial gauger to know whether theres more lending where the money supply is reaching further down the system following the Central Banks expansion. It was forecast that it is coming plus 2. 5. Just to recap the main data, the Business Climate index at 103. 2. The previous reading is 104. 7. The Current Conditions index came in at 108. 4. The previous was 110. 5. So all three of the german Business Sentiment is slightly lower that last month expectations were. The euro dollar hasnt reacted with the dax off the back of that. Well hear more about the european markets. Seema . We saw 25 European Bank that is failed the ecb stress test which have exposed a 25 billion capital shortfall among the banks that have failed. The biggest capital shortfall of 2. 1 billion euros, you can see that stock down 15 in todays trade. But a better picture for german banks. Commerce bank had a better than expected rate at 2. 7 . The same is the bank enjoying a boost today. Hav spain with Banco Popular has passed the stress test while major banks fared well. Lloyds banking group, the lender narrowly passed the test. You can see lloyds bank down 2. 6 . Now, well take a look at how the european markets are responding to the bank stress tests. This week there will be earnings in focus with the german inflation data later this week as well as u. K. Housing data. Right now in terms of how the markets are responding to the stress test, negative across the board. We are looking at the ftse 100 down seven points. The german index down four points. France and italy trading in negative territory. Interesting to see how despite the stress tests coming in slightly better that expected, the markets right now responding negatively in terms of looking at the u. S. Futures. Stocks stabilized last week recovering from the bottom hit on october 15th with the s p since january of 2013. Right now futures indicate a slightly lower open. It is still early in trade so well keep an eye on premarket trade on wall street, but the rebound on wall street is something traders are eyeing. But interesting to see how the european markets are not responding positively to stress tests. 25 out of 130 failed the test. That might be the perfect number because we need to have some failures for the test to be credible. But no systemic banks did fail, so the markets opened positive off the back of the german Economic Data, which was expected to be a move down from last month but perhaps slightly more than expected. So the European Banking stocks doing well overall earlier today, but they have just come off the back in the last 15 minutes or so. Lets also have a look at bonds because last week it was a strong week for u. S. Equities meaning it was a bad week for bond prices ticking up just a bit at 2. 27 . So overall in october we have seen yield compression from the start, but yields are a lot higher that a couple weeks ago. A similar story for the major bond indexes with germany up close to. 9 with the u. K. Pushing closer to 2. 25 . Lets also have a look at the biggest mover to focus on the euro dollar today that found a bit of strength up a quarter percent, 1. 2694. The u. S. Dollar has weakened against the yen today, 107. 74. The aussie very dollar at. 8807. Now to give you a rundown what to watch this day, the september pending sales is out at 10 00 a. M. Eastern time with the previous reading coming in 1 down. We also get octobers down survey. A jampacked day for earnings with mayor companies to report from merck. Twitter and Buffalo Wild Wings report today. And back to the bank stress tests, the banks did not pass the stress test and have yet to start raising capital. They have two weeks to submit a plan to meet the ecb plans. Italy fared worse with nine banks falling short. The worlds oldest lender, they need and additional 2. 1 euros. Greece and cyprus each have three banks that failed. Belgium and slovenia have two. Responding to a question from annetta at the press conference, the Vice President said a low inflation scenario was factored into the stress test. Listen in. My question would be on how credible these tests are, looking at the ad verse scenario, you have not included deflation. You have not included a hold in gas imports to europe. You have not included fullon sanctions on russia. So please elaborate and convince us. The scenario for the stress test was published earlier in the year, so some of the things you mentioned have not been considered. But indeed what was considered is a severe sharp growth in the other countries. If you look to thecy for a o c there is also a big deceleration of growth, which is part of the scenario. And also for other country that is are the markets of the euro area. So that is embedded in those assumptions of indeed a big drop in extent of demand directed to the euro area. Thats the first point. The scenario of deflation is not there because indeed we dont consider that inflation is going to happen, but let me highlight that nevertheless whereas the baseline scenario, which is in the stress test, has inflation at one point sticks in 2016 in reverse falls to 0. 13. So this drop is indeed factored in the exercise and is a very significant drop. So it cannot be said that we did not consider the impact of a scenario of very low inflation. Cnbc also spoke with christian, the governor of france, and asked him whether the tests are credible enough. The tests are tougher than most tests that have been taken in other countries. If you compare to american tests, for instance, the scenario of the recession is quite comparable. Maybe even a bit tougher. But thats good on the industry side. And i do not see you can always imagine other scenarios, but really this one has been extremely strong, including for instance the enormous falls in the value of real estate assets. I think the scenario is really very tough and very credible. We are joined by phillip bordeaux, we spoke last week about the need for the banks to fail the tests in order to be credible. Is 25 failing out of 130 the perfect amount for the bulls out there . I think its a bigger improvement in the p. R. Technics of the ecb compared to the exercises which sets a pretty low bar. But the 25 number is the headline number. Thats how many banks would have failed based on the Financial Statements at the end of last year. In relative, the actual amount of banks to raise capital after the remedies that were take in 2014 is a lot less than that. We are looking at 3 to 4 billion euros from capitol hikes and not much else. Indeed, as expected the likes of italy and greece face the biggest problems according to the tests, but as you say the capital that still needs to be raised is not up surmountable. So this is quite a positive reading for the European Banking sector . I think its a positive reading. You have seen the rally ahead of this last week and today is a positive reaction. On the greek side was the headline that they are going to have to do much if you read the small prints. I wouldnt expect capital increases in the banks any time soon. And you have seen this rally today. And in italy, it was the worst hit country on the headline basis. You are talking about two banks to raise equity. To be fair, i saw they failed but not by quite that much. So i think theyll find a solution. From the perspective, i think the market will take this exercise positively. But how reliable are these European Bank stress tests . As we know, previous tests managed to miss the collapse of the Banking Sector in 2008 as well as the belgium bank that ended up needing a bailout . Yes, so the level of exercises were widely ridiculed and i think theres been much improvement in this exercise. I think this exercise is much tougher to pass, number one, and compares with a stress test done by the fed president and is viewed as credible. So to give you the big picture way to assess that is to look at what is the average hit to your quarter ratio from this stress test. If you look at the stress test that the ecb has completed, its about 130 basis points. And that compares to 470 basis point points that compares to 120 basis points in the southern level version of the test. Remember that test in 2011 number one had a much lower hit to quarter ratio and was also done at a time before a lot of capital has been raised so the banks are in better shape today. The big question with the aq behind us, does Monetary Policy have a better chance of feeding through to the real economy . I think this is necessary but we are headed in that direction. So i think you need to have, remove the overhang of up certainty about the quality of the banks balance sheets. And i think that box is broadly ticked. Now it doesnt mean theres much growth in the eurozone but banks are fit to survive a tough environment. It doesnt tell you they are able to run a sprint or a marathon. And thats one part of the equation. The other part of the equation is lack of demand and growth in the eurozone that quite frankly doesnt have much to do with the banks but it has to do with Monetary Policy. And the ecb still has more to go on the government. Lets take a look at todays other top stories. In modern news for u. S. Drivers, the average price of gasoline is up 18 cents in the past two weeks to the lowest level in the last four years according to the latest lumberg survey. The receipt drop in oil prices is dropping down prices at the pump. Well have a look at this as you can see just above the 80 level at the moment. A google executive has another achievement to add to his resume. Stratosphere freefall jump that set the world record for the highest sky dive to break the sound barrier many the process. Still to come, twitter reports after the markets close after another busy day for the u. S. Earnings. Find out more after the break. From fashion retailers to healthcare providers, jewelers to Sporting Good stores, we provide Financing Solutions for all sorts of businesses. Banking. Loyalty. Analytics. Synchrony financial. Engage with us. Welcome back. Well look at the european markets in the green following the results of the ecb stress test. Only 25 of the banks failed. The stoxx 600 weakened after the first couple hours of trade largely because of the results of the german index that came in at 103. 2 for september. It has been 107. So continued worse anything sentiment in germany. He also saw zero growth for the German Economy in q4 to lead the dax down for the session. We are just above lows in the stoxx 600 and the xetra dax opening a quarter near the green. And german ecodata as wilfred just mentioned after the stress test painted a rosier picture than expected. We saw pledges to crack down on the second term after rousseff wins the election. And the white house is putting pressure on the ebola screaming procedures. Now her maam majesty is exhibiting her tweets. She says she hopes people will enjoy visiting. Within minutes the line was retweeted 1,081 times. And now her account has been updated. We are asking if the queens first tweet is good or bad news for the social network. With virtually everyone of all ages on twitter, is the site running the risk of losing its cool status . Join the conversation here on Worldwide Exchange by getting in touch with us at worldwide cnbc. Com or by twitter cnbcwex. Her majesty tweeting, thats probably good news. Facebook is losing its cool amongst teens because more of their parents were joining the social media site. So theres something to be said about the social media sites losing their cool edge once people from the older generation join. Twitter is more information generation than the kind of cool young thing, i would say, but well see. Well see. All right. In other news, what well be watching today, its the brazilian election. Will she stage an economic turnaround as promised . Well discuss that after the break. Big day . Ah, the usual. Moved some new cars. Hauled a bunch of steel. Kept the supermarket shelves stocked. Made sure everyone got their latest gadgets. Whats up for the next shift . Ah, nothing much. Just keeping the lights on. laugh nice. Doing the big things that move an economy. See you tomorrow, mac. See you tomorrow, sam. Just another day at norfolk southern. Welcome back. Take a look at u. S. Futures and how they are faring at this hour. They will focus on the read on u. S. Gdp. The dow jones indicating a higher open by 4. 5 points. The tech and nasdaq had the best weekly gain in over two years up two points in premarket trade. But the s p indicating a lower open near one point. Now investors withdrew 9 billion worth of Market Equities in october according to the institute of international finance. Thats the biggest amount in a year. Potential monetary by the fed is cited as part of the outflow. Flat for the day, down almost 9 the last few months, quite an interesting topic here because theres so many risks out there. Is it just the risk assets of the emerging market or are there more fundamental reasons for that . I think its a bit of both, really. And especially the prospect of results hitting investors and pulling out funds for emerging markets. But interestingly enough, if you look at brazil, russia, india and china, do you know the best performing . Im going to guess india. It is india. Dilma rousseff is hoping to revive the economy. Now, another market that well focus on is brazil. Dilma rousseff was elected after securing 51 in the closest election in many years. In her victory speech, she said she wanted to be, quote, a much better president than i have been until now. She faced protest last year against corruption, record spending on the football world cup and poor public services. Now joining us is James Lockhart smith at maple croft. James, thank you for joining us today. Of course, the stock market hasnt been dilmas best friend, but now that shes voted president , what does she have to do to win the confidence of investors . What shes going to do in the immediate term is come to the markets saying, well, having been criticizing you the last two months in the context of the election, now lets be friends again and will try to make some moves to engineer a the finance minister is likely to be replaced in term os of the peace market. But im not concerned that rousseff is going to make major changes in the short to mediumterm to try to fix things. I mean, shes been essentially elected by her coworker as party vote. And i think you may see some cosmetic changes, but basically it will be business as usual. Perhaps unfortunately for investors. In the immediate shortterm, youre going to see a Strong Negative reaction in the bra skill yan stock market, the brazilian stock market. Its the brazilian rial more at risk. But you think the market will move sharply today . I think probably investors dont fully price in this in the first round. They did much better that the polls indicated. Although the recession is shown as pulling ahead in the last weeks before the election, i think a lot of people are still believing that she might lose. There was a chance she might lose. Now i think its confirmed that you have another four years that is essentially valuable. And we have seen surges and plunges in the real and the stock market in the last two months in line with the fortunes as the government candidates. They say the worst she did the better the stock markets did. So i think today just in the shortterm we are going to see it pretty bumpy. Dealing with slowing growth, high inflation and widening current account deficit, what do you think really held dilma to win the election given the laundry list of challenges the economy is facing . Social welfare and houses. So the Media Program has won the loyalty of a large portion of the population. Indeed it is based on cash transfers. When i say houses, im referring in shorthand to things like sub saidization and having the expansion of housing credit to improved Living Conditions of the lower to middle class and middle working class. She and her predecessor have social gains over the last decade. And thats really essential to understanding loyalty for her now. Now, of course, going forward, sure, poverty rate in brazil has fallen quite a bit, but i think about half the country still lives on 10 a day or less. And so theres lots and lots of people in the emerging middle class who have seen gapes but now seen the gains really threat upped by stagnant growth that remains above target. I think it was 6. 6 in the months prior to october. So you have big protest in 2013, i think the next four years is going to be one for increased risks of social unrest. James, thank you so much. We appreciate your time. And a look at brazil and its economy, James Lockhart smith, associate director for maple croft. Qe is not on the table. We have that interview and more after the break. Its 5 30 a. M. In new york. Welcome to Worldwide Exchange. Im seema mody. The ecb Vice President tells cnbc that the stocks should continue to rally. There was in the market already the recognition that the low profitability that the banks had in 2012 and 2013 was indeed very much affected by cyclical factors and it will continue. Dilma rousseff vows to be a much better president after gaping 51 of the vote. U. S. Gas prices slump to a fouryear low giving consumers a welcomed stimulus thanks to lower oil prices. And the white house pushes back on several states to open force quarantines for medical workers returning from west africa. Youre watching Worldwide Exchange bringing you Business News from around the globe. And if youre just tuning in, thank you for joining us on Worldwide Exchange. Heres how the markets are faring ahead of the u. S. Open. Slightly lower for the s p 500. Well keep an eye on the nasdaq that did witness one of its best weekly gains in over two years. Earnings will also take center stage with over 160 s p 500 Companies Reporting this week. Well put a lot of focus on oil prices as well, which will continue to drop trading down by around 25 since hitting a high back in march. It will be interesting to see how chevron, exxon, the oil giants respond to the volatility in the commodity markets. Now, in terms of the european markets right now, after we got the European Bank stress tests, take a look at the red across the screen. The ftse 100 trading lower by 12 points. We got the german data weaker than expected. Germany responding negatively to that 30 points on the day. Italy showing a drop around 220 points by around 1. 1 . Wilfred . Well, lets give you the rundown of what to watch this trading day. The september read of pending sales is out at 10 00 a. M. Eastern time following a previous gape. We also get octobers data fed survey. A jampacked day for earnings with Major Companies set to record. Look at the results of merck, allergan and amgen as well as Buffalo Wild Wings. And the failed ecb stress tests exposed a 25 capital shortfall among the bank that is failed. The biggest capital shortfall was 2. 1 billion euros. As you can see thats up 17. 5 . By far the biggest faller from these results for bmps. Even with a rise in 2. 76 for commerz bank. And soc gen is down while major banks fared well. One to mention is lloyds bank that narrowly passed the test today down 2. 2 . Now annetta is back to join us from frankfurt with more on the stress tests. Reporter thank you very much. Well, the big hope by the ecb is that the stress tests are now for capital lending, but there are some concerns that this is not going to help the economy as it is weak. So i had a chance yesterday to ask the Vice President of the ecb whether in the case that the unconventional measures to partake and dont bear fruit, they would also consider buying corporate bonds. Take a listen. That was not discussed in the government council, so it is not on the table. There were all these rumors that in the media, but instead the decisions we took are the decisions we took and we want to see how they work before we may have to do any rethinking. But right now we stick with the measures that we have taken. Talking about additional measures, of course you need to wait until those finally will change something or not, but looking at the deterioration trend or inflation, i should say, just the fiveyear Inflation Expectation thats dropping. So what is the plan . Are we seeing qe next year . Well, the decline in expectation is of great concern to us. Any central bank is always very concerned if Inflation Expectation are anchored, because then all Central Banks know they are difficult to correct. So the why we took measures in september after taking measures in june, it was precisely as a result of having seen the Inflation Expectations coming down. So we hope that the final problem will change the overall perception in the market and that we can indeed normalize Inflation Expectations and also inflation itself. Reporter we talk about the credibility of the test. Now im joined by a professor at the university of frankfurt. Thank you very much for joining us. Do you think the tests are credible that we saw yesterday . Well, i think for them to be really credible, they are too pictureperfect. The tests came out exactly the way the ecb wanted to. There were some Smaller Banks that have problems. So there the outcome wasnt there were no banks with problems, but also the big banks seemed to be fine. So from the perspective of the ecb, this was a great outcome. Would you say that the Banking System now in europe is more stable than some years ago . Also, because of the stress test from the ecb . Well, the way ive described it just now with the outcome, one could argue that the stress test had no effect at all. Markets didnt react to the stress test announcement. But i think thats not true. I think it did put pressure on some banks to raise fresh capital. Also this year also before. I think the ecb is much better up formed now ahead of the supervisor mechanism next month. I think this was very important for the ecb to have this information. So that said, the stresses may have made the system more stable. Officially there are not a lot of failures here, but there are quite some banks who just made it who are in the gray area would say. Do you think the ecb is going to put more pressure on them also to raise capital . I would hope so. I would hope that the ecb will use the stress test and also the marginal banks to put pressure on those marginal banks for them to raise more capital as well. Because overall capital levels are still quite low for the European Banks. Reporter thank you very much for joining us. Thats it for me for the moment here from frankfurt. Back to you, seema. Thank you. Now well switch to earnings because better than expected earnings are a reason the u. S. Market is rebounding and the earnings season continues with 143 firms to report. Among the highlights, we have two drugmakers, amgen and merck along with citizens financial and tmobile. After the bell well focus on social media, twitter reporting Third Quarter earnings. Lets take a look at todays other top stories. Is it a bird, is it a plane . No, just another drone in the sky. State farm is the latest company to announce plans for testing drones. The insurance policy company filed the application with the u. S. Federal government seeking permission to use drones for research in evaluating Property Damage and responding to catastrophes. And another news topic today, a google executive has another achievement to add to his resume. Stratosphere record holder. The president was lifted up some 135,000 feet by an enormous balloon and he plunged to the earth. He stayed in a freefall for five minutes before landing. The jump set the world record for the highest skydive and broke the sound barrier in the process. Still to come on the show, the white house raises questions over ebola. Well be crossing live to washington after the break. An Unprecedented Program arting busithat partners businesses with universities across the state. For better access to talent, cutting edge research, and state of the art facilities. And you pay no taxes for ten years. From biotech in brooklyn, to next gen energy in binghamton, to manufacturing in buffalo. Startupny has new businesses popping up across the state. See how startupny can help your business grow at startup. Ny. Gov a few specific users like twitter are expected to see a rise in monetary likes of facebook. The stock has been on a volatile ride over the past year. In fact, so far this year its down about 22 underperforming the global X Social Media index. It will be interesting to see if twitters earnings can change the story. Of all the earnings we have had, the tech ones are in focus. Microsoft did very well but netflix did poorly. It will be interesting to see which bucket twitter falls into. Now moving on, the white house is pushing back on several states on the policies that forced medical workers returning from west africa to be placed in quarantine. Hampton pierce is joining us now with more on the story. Hello, wilfred. The Obama Administration is in fact pushing back against state governors on ebola quarantines. The senior white house official said sunday that the new federal guidelines under development would protect americans from imported cases of ebola adding that the administration has concerns with the unintended consequences the quarantine may have on efforts to combat ebola at its source. This news comes as governors of new york, new jersey and illinois and other states instituted procedures to forcibly quarantine medical workers returning from west africa. New jersey came under fire for putting a nurse in quarantine upon her arrival in newark from west africa. She was quarantined at a hospital after returning from sierra leone and working with doctors without borders. Nurses lawyer said they will sue to have her released and file a constitutional challenge to those state restrictions. New yorks governor, meanwhile, Governor Cuomo also said anyone arriving in the state after having contact with ebola victims in west africa will be asked to stay home for 21 days. As of now, it is not clear what action the Obama Administration will take to end those quarantines. Back to you. Hampton, thank you so much. And these are your headlines at this hour, u. S. Futures point to a mixed open as european equities dip on the disappointing data. And Dilma Rousseff claims her second term in the election. And more on the white houses ebola screening procedures. How could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the Aerospace Industry in the u. S. . At t. Rowe price, we understand the connections of a complex, global economy. Its just one reason over 70 of our mutual funds beat their 10year lipper average. T. Rowe price. Invest with confidence. Request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. Welcome back. The european markets did open three quarters a percent in the green at the start of play today following the better than expected results of the stress tests where 25 out of 130 banks failed. As you can see, the european markets are weakened throughout the trade today. The stoxx 600 is down 1. 67 . Thats the lowest reading for 22 months. Coming to the individual markets, the german dax index is down with weakness across the board, which is a stark difference from two hours ago at the open. Looking at u. S. Futures indicating a mixed open as investors digest weaker than expected out of germany. Earnings will be in focus for the likes of merck and amgen. That can change the story here as we have seen the couple of days. Well get you a run down of what to watch this trading day. The september read on pending home sales is out at 10 00 a. M. With forecasts calling for a 1 gain. Previously august readings were at 1 . Octobers Dallas Fed Survey is a jampacked day for earnings. Lookout for results from merck, allergan, amgen, tmobile, twitter and Buffalo Wild Wings. We have within talking about the keep who tweeted her first personal message over the weekend. We have been asking whether the queens first tweet is good or bad news. Is the site running the risk of losing its cool status . Well, john tweeted in and said, good for the king. Long live the royal tweets and long live the queen. I quite agree with that sentiment. If you want to join the sentiment on Worldwide Exchange, get in touch with us at worldwide cnbc. Com or via twitter cnbcwex. The average price of gasoline dropped 18 cents in the past two weeks to the lowest level in nearly four years. That according to the latest lumberg survey. The receipt drop in oil prices is driving down prices at the pump. Take a look at brent trading down by around 19 over the past six months. Trading just above 80 a barrel. Well talk about oil and gas. Bob iachino is joining us now. Bob, we have seen a step selloff in Energy Stocks because of the drop in price of oil. But do you think the selloff is overdone and actually bargain hunters should come in to take advantage of this reset evaluation . I do. I think its well overdone. I think one of the things people have to understand is the real factor in terms of the spoil price fall. The wti brent spread, not necessarily the flat price of brent or wti. When you compare the two, when that spread is normalized, oil floats around the world in a marketbased sort of way. So when that spread tightens up, when it is as tight as 1. 50 at one point, normally it is in the range of 5 to 7. 50. When it normalizes, the oil prices can sustain and take effect. When you have that spread tight anything, the physical oil guys have problems moving oil because that spread is where everything globally is priced on. That was my next question. When do you think well see oil prices cut production and Capital Expenditure because of Weak Oil Prices . Well, you would really only be seeing that in some of the fringe opec nations like iran and to a certain degree even russia who is not in opec obviously, but you wont see that in the u. S. For quite a while. One of the things people dont understand is the break even level of 65 in terms of the cost per barrel is really widespread. Theres shale deposits as low as 45 a barrel or 35. And then there are some in the 100 range. But once a drill is dug, they are going to keep pumping the oil out even if its at a temporary loss. I think youll see oil come in at 75 and will sustain there. Thats when the lower prices of oil and subsequently gas at the pump take effect. When theres about 8, 12, 16 months of sustained lower prices, and i think that can happen. I dont think its going to be much lower that 75 though. Bob, lets move from commodities to equities. Generally a strong week in the u. S. Last week, was that a bounceback from the crazy volatility from the previous weeks or based on fundamentals, better earnings leading the stock prices high her . I think you hit it on the head with the better earnings necessary to get past some of the oversold scares. I think were past the ebola dip. Ive been saying we should buy the ebola dip and did buy the ebola dip. Everyone says we have all been asking for and looking for a healthy ebola market. Now we get it and you see a lot of and lists and traders have fear it will go lower than that. Really if you believed what you were saying, which i did, the 10 correction is necessary to sustain a healthy market, you should have been buying it down 7 to 8 down. Which we were. So theres going to be a spike in volatility this week and next week, but it is climbing slowly just like if you were rock climbing and fell down a cliff, you dont scamper back up. You gradually climb back up and thats happening right now. What about this week, we have of course a series of Economic Data coming out in terms of the labor market as well as durable goods on tuesday. But arguably the most important datapoint or event is the fomc meeting. The market will try to interpret the feds process of normalizing rates. Do you think janet yellin and the fed will take into account the recent volatility . I dont think. I think that would have to be sustained a little longer as well. One of the things the market perfects is that the fonc is like and ocean liner and doesnt turn on the dime. It takes a long time to turn their policy. The market expected them to get out of qe and tighten a lot sooner than they planned. Once they got into a schedule, its going to take an awful lot to get them off that schedule, especially when talking about a fed thats probably more dovish than the bernanke one. So i agree its the most important event, but we look at it too closely on a month to month basis. Bob, chief Market Strategist at te isco partners. Which asset is spooking you . Head to traderpoll. Cnbc. Com and you can see the trend. You can say on twitter using traderpoll. Before we go, lets have a quick update on european markets. They have traded down to session lows over the last hour. They opened three quarters of a percent up but the german data is weaker that expected to lead the market down just under half a percent. U. S. Futures also indicating a lower open, but will earnings change the story . Well watch that today when wall street opens. Im seema mody. Im wilfred frost. Squawk box is next. Quarantine controversy. Governors in new jersey and new york change their policies after pressure from the white house. While a nurse plans to sue for a violation of her civil rights. Ready, set, report. Another round of results on the way from merck, facebook and twitter among the highprofile names about to turn in their report cards. And a google executive just got into the record books for an amazing sky dive. Its monday, october 27th, 2014. And squawk box begins right now. Good morning. Welcome to squawk box here on cnbc. Im Andrew Ross Sorkin along with Michelle Carusocabrera who is here since becky has the day off. Country singer aaron lewis made an error singing the star spangled banner before the game by the dawns early light what so proudly we hail were so gallantly streaming well talk more sports stories of the morning. Later we have david brigs joining us, but well talk about the week ahead for the markets. Its a packedge
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