Tonight everybody just have a good time very good morning and warm welcome to Worldwide Exchange on cnbc im wilfred frost alongside seema mody. Also joining us for the next hour, ron. Great to be with you all. Lets get you up to speed on the markets movements. Yesterday we were higher but only slightly by a quarter or half a percent for the nasdaq. Were just losing about that amount this morning. The dow called lower by 72. The nasdaq by 30. The s p by 11. Although we are down at the moment we are still up for the week. Sorry slightly down yesterday. Got it wrong. Slightly down yesterday but all three are still up for the week as a whole. Lets have a look at the bond market. As well the 10 year treasury note has seen significant yield compression in the last week or so. We are near the lows as you can see from the chart. 1. 67. One of the key drivers though is bonds elsewhere. And well get to that. Currencies and commodities are a big overall Market Drivers right now. Take a look at the u. S. Dollar slightly lower against the japanese yen. The euro though lower against the u. S. Dollar. So a mixed trade for the currency market. Of course two important Central Bank Meetings next week. Investors sticking to the side lines ahead of the fed two day meeting and the boj meeting as well. Japan introducing negative rates earlier this year. And keeping rating on hold last meeting. This meeting is mounting speculation they may move the market. Oil losing steam as cruising to fresh highs. We get no u. S. Oil rig data this afternoon that could move the market. And gold shares have been on the move. Up about 20 year to date. A couple of factors here. Of course the weaker dollar and also a Central Bank Stimulus hoping gold in 2016. Global stocks overnight have been take an bit of a hit today. Particularly in europe but asia first up. Were down about half a percent. Hong kong opened a bit more sharply down. It was closed yesterday for the dragon boat ld holiday. Quick also at the japanese 10 year bond. A record all time low today. Negative 0. 15 . The german hit a record yesterday just above zero. And oil prices which are led the Energy Sector higher all week are down today and seeing a bit of correction in that sector today. The german 10 year as i mentioned did hit a record alltime low yesterday. And ron, i suppose the first point, the dig driver this week has really been oil prices. And i think global rates when you see the 2 year german bund with a half percent negative yield. You have to pay the german government. And makes the u. S. A relatively safe trade. Combination of three things. Weakening global, economic activity. China still a concern. They had soft inflation data the other night. Fears of the brexit. And then fewer fears of the fed. But the fact that the the fed is probably holding off an raising rates makes people worry again that the u. S. Economy is following the rest of the world into Slower Growth territory. It is a bit of a canary in a coal mine. Never seen rates fall this fast, particularly into the negative territory. Maybe the brexit is real. Maybe there is something out there we dont know about but clearly investors are worried. Investors have been trans fixed by this move in gold shares. How high with gold go . And what is driving investors into the. Both. We have some clarity around the u. S. Election in november. It is going to be Hillary Clinton against donald trump. She the polls are beginning to favor her a little bit which migra might actually be a better outcome for wall street. The brexit i think is a bigger deal even than most people realize and the polls seem to be getting closer and closer as we move towards the vote. So clearly european trade . I doubt it. If you look at the technicals. One could argue that 1350 would be the next stop if gold was really going to take off. The one mitigating factor if you are an american investor is the dollar goes up again so that restrains gold to a certain extent. How proud ar pleased will the fe fed be about the lack of sell off . U. S. Equities just in positive territory for the week as the whole if you take the negative move in future this is morning into account. If our a macro investor it is a relative value trade. Safest place to be in the united states. Whether or not it keeps up is on open ge but so far, so good. If the u. S. Is the best why are emerging markets you have 8 this year while the dow is only up 3 . Dy would imagine this keeps up that wont be the case. Sticking with markets. Investors pulling money from u. S. Based stock funds for a sixth straight week. Lipper reports outflows hit. Taxable bond funds. And money market funds posted their first weekly withdrawals since late april. A light day of data as we wrap up the week. A pair of reports. Tesla responding to reports this morning saying that the u. S. National Highway Traffic Safety Administration has not opened any investigation into a defect in its model s or model x vehicles. The regulator said yesterday that it was reviewing reports of suspension problems in the model s and looking to get Additional Information from the company and car owners. Tesla saying the investigation was a routine screening. The review followed reports of a possible defect that could cause a driver to lose control of the car. Were looking at shares down about 2 in pre market trade. Year to date performance though down about 6 . Mattress firm reporting a loss. The company also offering a weak outlook. Hr bloc upping its dividend after posting better than expects earnings and revenue, despite the fact that tax return volume was down. And Urban Outfitters have been slower than expected. Southwestern energy agreeing to sell nearly half a billion dollars worth of land. Applied materials announcing a 2 billion Share Repurchase program. The Semi Conductor also approved a 10 cents a share dividend. 1 and a half . Wendys discovering more unusual card activity. Another day and another shake up in the saga of sumner red stone and the battle for his empi empire. A story that keeps giving. The wall street journal reporting National Amusements has started the recruiting process for potential Board Members of the via com board. Redstones daughter is said to be leading the efforts. Here are some of the candidates. First kenneth lerer. Second nicole sligmeligmanselig mchale. And im starting to think i do this story so much. Will you need to do latest in the bio come variety. Last week to catch you up. Still to come on Worldwide Exchange german 10 year bond yields hit record lows. Hovering close to zero. But first as we head to break here is a look back at this day in history in 2002003. The musical wicked opened on broadway. Wicked became just the third musical in u. S. History to pass 1 billion in sales. Back in a couple of minutes here on Worldwide Exchange yup, shes gone noseblind. She thinks it smells fine, but her guests smell this. Ding, flies, meow febreze air effects heavy duty has up to. Two times the odoreliminating power to. Remove odors youve done noseblind to [inhales] mmm. Use febreze air effects, till its fresh and try febreze small spaces. To continuously eliminate up to two times the odors. For 30 days febreze small spaces and air effects, two more ways. [inhale exhale mnemonic] to breathe happy. Thank you. Ordering chinese food is a very predictable experience. I order b14. I get b14. No surprises. Buying business internet, on the other hand, can be a roller coaster White Knuckle thrill ride. Youre promised one speed. But do you consistently get it . You do with comcast business. Its reliable. Just like kung pao fish. Thank you, ping. Reliably fast internet starts at 59. 95 a month. Comcast business. Built for business. Welcome back. Word today that a pioneer of modern Venture Capital investing has died. Thomas perkins was 84. Among his most successful investments. Genentech. He stepped back from active investing in the late eighties after recruiting others to the firm. The firm would go on. He worked at Hewlett Packard and years later joined the board. He resigned as an hp director in 2006 to protest a board investigation into press leaks. Perkins sabecame a more controversial figure later in his life. He was convicted in france of Involuntary Manslaughter from a yacht collision. More recently published that letter to the wall street journal comparing the wall Street Movement with nazi germany. Mr. Perkins was out there and created really the premier firm in the space. And after that was created really most venture firms emulated them. Certainly perkins had a huge impact on the technology in the u. S. Switching gears back to the markets. Julia chatterly watching the european picture from london this morning. As you can see european markets in the red for the second straight session. For the week it was just the ftsi that was managing to hold in the green overall but now actually in the last half hour weve tilted further to the downside. Similar so what you guys saw in the u. S. Equities session yesterday. The financials in particular that are really weighing on the markets. Actually for the week overall. Financials losing more than 4 . Financial resources. Oil and gas all continue that selling trend weve seen in the u. S. Yesterday. Risk off in equities. Bond prices march higher and this has been clearly on a global basis. Ill just give you look what were seeing here. The uk 10 your yield. The 10 year german bund and this is the key. Three basis points off the flat line. Looking at the entire curve virtually in negative territory. Watch the head lines today for when that tilts into negative territory if we get it. Japan also interesting. Out to 15 years now you have to pay the government in order to allow them to borrow. A real head fake i think. Germany today. Wolf gang schaeuble saying they are watching very closely. And a here it is, some record lows being hit here in europe. Great stuff. Thanks very much for that and have a great weekend. Ron, i just wanted to bring it back to this discussion. Because interesting Sector Performance we saw there in europe. Absoluteliful. If we look at the u. S. Year to date and week to date only one sector in negative territory. The financials. Is this a buy opportunity. I dont think so. Not yet. If the yield curve continue to flatten. Not that banks are making much money on the spread but as the yield curve flattens it is harder and harder for banks to make money. They are facing greater capital restrictions. I dont think were there jet. Q1 earnings are better than expected. Better than lowered expectations. Sure. Since then some of the main fears of the q1 which was not so much in the Interest Rate sensitive parts of the business. It was Investment Banking side. Energy, defaults. Trading volumes down. Oulg after no thats a improved. Could these earnings suddenly surprise . And part depends on how they are trading. Activity in First Quarter was pretty brutal in most cases. Only a couple of banks did well in that regard. I dont know i feel the economy is slowing down. I dont think were at that point yet until we see some catalyst for change with respect to the outlook for the economy or even for fed policy that would get the yield curve a little steeper, i think it is kind of hands off on the banks. Earnings season starting in about two and a half years. The u. S. House of representatives have overwhelmingly passed a bill to help puerto rico deal with its massive debt. Working with investigators, the legislation is backed by the Obama Administration and now goes to the senate. Puerto rico faces a july 1st deadline to make a 1. 9 billion debt payment. And still to come Hillary Clinton picks up two new powerful backers. But before we head to break here is todays National Forecast from weather channels jen carfagno. Hey seema and wilfred. This friday is going to feature a lot of sunshine. One thing were lacking over the next several days is cloud cover. Nothing to break the heat. Slots of sunshine. Hazy hot and humid over the middle of the country is continuing expand. Chicago, our first 90 of the season. 93 degrees. There will be storms and possible Severe Weather in fact starting the day rolling from north dakota into minnesota. That cluster will be on the move continuing into the wisconsin, eventually chicago. Maybe the chance of storms later today plus more rain back in florida again. That moisture is still in place. Were still going to see big heavy thunderstorms with a lot of rainfall. Record breaking heat over the weekend from parts of the mid west into the southeast. That is your coast to coast forecast have a great weekend. Im meteorologist gjen carfagno. Worldwide exchange continues after this wearing powerful sunscreen . Yes neutrogena® ultra sheer. Unbeatable protection helps prevent early skin aging and skin cancer with a clean feel. The best for your skin. Ultra sheer®. Neutrogena®. A Memorial Service will be held in louisville kentucky today for muhamed ali. Former president bill clinton and actor Billy Crystal will be among these giving eulogies. Will smith been a pal bearer. Before the services thousands are expected to line the streets for the funeral procession which will go throughout alis hometown. And Hillary Clinton is on a roll today after picking up two key endorsements, including one from president a bomb. More on what this means. Senator sanders has no way to win the nomination now. It also means that Hillary Clinton can spend 100 percent of her focus on the republicans. Hillary clinton had a geekood w. Widing a wave of momentum. Collected two key endorsements first from obama. I dont think theres ever been someone so qualified to hold this office. Then from senator warren. I am ready to get in this fight and work my heart out for Hillary Clinton to become the next president of the united states. Tweeting shes proud to get the support from someone whos his exact opposite. I think his conduct is literally undermining and threatening. And Vice President joe biden literally attacks trump during a speech yesterday and indicates. Secretary clinton. Still senator Bernie Sanders has not thrown in the towel. However a facetoface with president obama at the white house, sanders hinted at party unity. I am going to do everything in my power. And i will work as hard as i can to make sure that donald trump does not become president of the united states. And the last primary is here in washington d. C. On tuesday president obama says that he will start campaigning for Hillary Clinton next wednesday in green bay, wisconsin. Thanks ed. The World Health Organization says women who live in areas where the zika virus is spreading should consider delaying getting pregnant. Health officials have long told pregnant women not to travel to zika effected areas and returning travelers should avoid sex or use contraception for a period of time if they are exposed or effected. Mosquitos that can carry the virus are now found in four states. And trying to i void elimination thursday night. The sharks managed to keep their hopes alive thanks to the acrobatic feats of the their goalie. San jose wins 42 and heads back for game six on sunday night. You can catch all the action on nbc. Will. Seema yes. Switching focus to soccer. Today is the start of the european soccer championship. A huge money eastern for adidas and nike. Just this week. Cristiano ronaldo was named by forbes as the highest paid sportsman in the world. 88 million a year, over 30 million of which is endorsements, highlighting his value to brands. Other soccer players include lionel messi. So how important soccer is to these companies. A at the euros adidas has the biggest present. Followed by nike. They sponsor 25 at teams. Indeed soccer is one of the few sports where adidas and nike are pretty much matched. As for player endorsements, Cristiano Ronaldos nike deal dwarves all other european players. He gets 22 million a year from nike. Rooney, ibrahimovic, the other top players. So adidas has more exposure but nike pays more. How does that weigh up in terms of Consumer Engagement . Nike has more followers in terms of soccer followers on twitter and facebook but adidas has better engagement. Hosts france go off as favorites. Followed by germany and spain. England are 8 twun. Come on england. We can do this. Rounding off to top five. Have a look at austria, 33 1 or wales at 80 1. The total Gambling Market is estimated to be worth 2 billion globally. The crucial first game england versus russia tomorrow at 3 00 p. M. Right, still to come here on Worldwide Exchange we take the focus off sports back to stocks around the world. They are selling off right now. Well tell you why and the factors at play when Worldwide Exchange comes right back. Dinner may i be excused . Get the new xfinity tv app and for the First Time Ever stream live tv, watch on demand, and download your dvr shows anywhere. Good morning. Global market alert. Oil prices dropping. Yields falling to record lows. And Global Equities are selling off. A complete market round upcoming up. The race for the white house. Hillary clinton picks up two key endorsements. From president a obama and elizabeth warren. Its friday june 10, 2016 you are watching Worldwide Exchange on cnbc. A very good morning and warm welcome to you this friday morning. Worldwide exchange on cnbc. Im wilfred frost alongside seema mody. Sarah will be back on monday. Seema good morning to you. And also good morning ron ansana. And the dow down. This after the dow and s p yesterday broke their three day winning streak. Oil coming off fresh 2016 highs. And the 10 year very much in focus. The reach for yield continues. Treasury yields trading at lowest levels since february. Currencies and commodities are big overall Market Drivers right now. Lets have a look at what the u. S. Dollars doing this morning. Not too pronounced the moves as you can see. The yen higher by about. 2 . The dollar index is up a little bit this week as well. So a sharp move down about a week or so ago but its e rebounded since then. Oil prices are perhaps the key driver of markets this week. They have been very strong. Up 4 for the week. As an indicator oil prices, energy has been the top performer of the s p this week up 3. 4 . Lets have a look at gold prices. They were soft in may as the u. S. Dollar rebounded. They are strong this week as the u. S. Dollar has gone the other way as you can see gold at 1270. Chinese stocks still closed but the japanese nikkei closing lower fractionally. The boj meeting coming up next week mounting speculation that this time around kuroda will act. In india closing down. And european stocks also trading lower. We had very strong german export numbers but despite better than expected headline data out of europe. France down about 1. 5 and keep an eye on the ftsi 100. The mining stocks continue to sell off. Looking at those moves were seeing in european equities is Continental Europe outside of the ftsi 100 now waking up to the threat of a brexit . Seems so. Not to mention there are deflationary pressures broadly speaking around the world and this could consistently move down rates to negative yields. Is concerning in a variety of ways. Whether Slower Growth globally whether it is the real risk of a brexit and the polls have been relatively close i guess. But if it happens people do believe, at least here that it would leave to the dissolution of the European Union ultimately. So a great deal of nervousness. If fears rise that a brexit vote will win do you short the euro . You would think but the euro has confounded everyone. Its gone up during the greek crisis. When ecb launched its quantitative easing programs. It hasnt fallen nearly as much as one would expect. If people really believe we went back to individual currencies you would actually have to short the euro. The dollars going to be the beneficiary and the yen will be the beneficiary no matter what. So the better play it that way. Back to u. S. Equities. We mentioned oil prices and energy has been the best perform they are week and this year. That is an extraordinary turn around from the start of this year. February oil was 2605 was the low we virtually double in the face of a matter of months above 51 a barrel just a a day or so ago. So Energy Stocks has to move with the price of ill. It does take some pressure off oil companies. It helps them service their kets. So great share Price Performance in energy names. And talking about search for yield as well. You have also got a good yield on some of those energy names. And those who have been brave and bold enough to make those calls and buy those bonds on the assumption that somehow it would get worked out. I would imagine the easy money in that regard has been made now that you see the flight to safety u. S. Treasury bonds are getting attention. Wouldnt you go to likely which also has Earnings Growth versus energy where there is too much distressed activity . That is another safe haven play. Sure. And its been a sector also rebounding. Even bio tech which is on the more speculative end of healthcare, that too has rebound noticeably the last couple of weeks. Ron, thanks so much. Lets get to the top trending stories of the morning. Jennifer lawrence and director adam mckay are teaming up for a movie about theranos, the scandalplagued blood testing firm. Lawrence is set to play Elizabeth Holmes in the film. Actually the title for her net worth. Four billion to zero. Capturing our attention this mornings a man dressed as an Apple Store Employee stole 16,000 worth of iphones this earlier this year. Wearing a blue shirt and managed to make it out of store with 19 iphones. Apple store workers used to wear different color shirts for each new Product Launch but last year the company made a permanent switch to the current blue shirt. I have to say kind of smart. We never want to commend this kind of action but it is a gopl. There are so many people w r wearing blue shirts and yet it is actually hard to get good help. Need to make an appointment. There are a lot of people there but it doesnt seem to actually lead to good service, i find. But anyway. And particularly when they are not actual employees. The social media wars continues. More time spent on snapchat over instagram. Also overtaking whatsapp and messenger. This is interesting. Can i give you an insane number . My 18yearold daughter has either sent or sefrd over 180,000 snapchats in a five year period. About a hundred a day. Encouraging you to snap and share photos and content and instagram has become like a portfolio of your life. Fin sta gram now. Snapchat there are three faces for that. Tongue out to the left, to the right. Duck face. Those are your three social whos been teaching you . I own three millennials. Well you are two millennials. Im not sure that this one is particularly representative of the term but. Mine are generation z. Okay. There you go. Great insight from ron on snapchat. While people might be spending more time on snapchat, advertisers are turning to instagram for the first time ad agencies are using instagram more frequently than twitter for social media ad campaigns. And i think that is obviously given that instagram has been around longer, they have been able to harness the advertising strategy. Snapchat still new, figuring it out. Dont push it too hard ips gr instagram. Too many ads nowing. Drives people away. President obamas appearance on the tonight show is trending this morning. Take a watch. Through the actions of my administration we were able to stimulate the economy and get our country back on track. Ah yeah president obama stimulated longterm growth many both the public and the private sector. Cant wait to watch the full episode tonight. Can you imagine donald trump or Hillary Clinton doing that is this. That is just so epic. President and jimmy fallon. Im watched the full clip of the slow jam. Awesome stuff. And donald trump did do hot line bling on saturday night live. That was a little weird. They should all get on can and do it. Its great exposure and great wrars. A good show. Good to see their permi personality. First on this day in 1967 the gateway arch opened to the public in st. Louis. It was built as the monument to western expansion in the u. S. And at 630 feet high it is the worlds tallest arch and one of the worlds top tourist tractions with more than 4 million visitors a year. Wilfred you are planning to visit it soon. A great read and a great fact. I learn something new every day. U. S. History for you. Back welcome pack to convectiwo exchange. Tads must read stories. In the telegraph. Historic hillary . Hardly. The writer, i would say the content of the article is less harsh towards hillary than the title suggests. Shes commendable about both senator clinton secretary clinton, excuse me. And Margaret Thatcher. But writes when i was 8 Margaret Thatcher came to power in 1979. And 19 i was when she left in tears having finally been ousted by her rested men folk. For the first i finally became a world beyond my mothers skirt and a world ruled by women. The article is very commendable about the significance of secretary clintons achievements but it is important to note as well Margaret Thatcher of course a very powerful successful Prime Minister for over a decade. Shes obviously been given the respect of saving britain from economic collapse. But some say she was too aggressive in her approach. Nice article. My pick is from the wall street journal titled beware the economic allure of the strongman. Retreat of democracy is entering a new phase. Parties led by autocratic personalities have won a string of election victories from poland to philippines. He says this is not a good thing. That autocracy can a bad bet and china being a good champ of this. And one could argue one of the reasons we havent seen chinas economy turn around as fast one would have expected. Right. And clearly going to be crucial in the u. S. Election. And globally as well. Nearly won in austria for. We are approaching the top of the hour. So that means were getting ready for squawk box. Andrew joins us now with a look at what is coming up. Good morning. And im adding one article to the list. Back in favor of must reads today. Yesterday you were destroying it as a segment. I was suggesting sometimes it is not a must. Today i have a must for you. Article called why timestarved people are happier. It is about whether you like time or money and which people would prefer. It gets to interesting issues about the psychology of the way i think many of us and i know our viewers think about the world. What do you want andrew . Time. Time. I want sleep. Cant you have both . Arent there other choices . Its zero sum game. One of the two. Real quick what we have coming up. Were going to talk a lot of polit ticks as you can imagine. Bill richardson and judd greg going on on the show in the 8 00 okay. And thun the life and death of tom perkins and what hes meant and also some of the controversies in his life as well. That is on tap this morning. Andrew we look forward to it. Squawk box coming up in 13 minutes time. Thank you. Coming up on Worldwide Exchange, economist chris rupkey coweito weigh in the sl, oil price, brexit fears and much more. Cnbc, first in business worldwide to match customers to gear. Watson, lets give it a try. Say its midjune and im backpacking in yosemite. Of our 353 jackets, i can recommend nine. Watson, what if it rains . There is just a 3 chance of rain, so i recommend the breathable stretch fleece fuse form dolomiti jacket. A Perfect Choice watson. No wonder our Customer Loyalty numbers keep climbing. I believe we can do even better. I like the way you think. Weinto a new american century. R. Born with a hunger to fly and a passion to build something better. And what an amazing time its been, decade after decade of innovation, inspiration and wonder. So, we say thank you america for a century of trust, for the privilege of flying higher and higher, together. Welcome back to Worldwide Exchange. Quick check in on markets right now. The dollar in particular we are looking at a bit of a move of the yen again, higher 106. 8 106. But the a little more reserved today. The pound 144. 39, is weakening about ten basis points this morning. Lets discuss markets in more detail. Chris rupkey, managing director and chief financial economist at mufg union bank. Lets kick off with brexit. It is clearly on the front of a lot of peoples minds at the moment. So far we do just focus what it means for the pound. Do we need to broaden that out to other Asset Classes as well outside of the uk . Well, you know, it is possible many of the fomc members have said they are concerned about the brexit. I mean they are frankly afraid of their own shadows. But it is one of those events that could, you know, make them pause and not go in june, certainly. But, you know, usually it is to get americas attention, if brexit is going to be like grexit or syria or ukraine. Our stock market has to fall like 150, 200 points. That would be a sign that it would be a real concern. But it is not. A brexit vote would probably hurt the uk economy. Probably the uk as well. Is it just the uncertainty that is weighing on the minds at the moment . Once it is actually happened then everybody will move past it . I was looking at our trade with uk. Britain is roughly top five exports. About 55 billion imports and exports. But i think the concern is dont forget academic economists for years have not liked the concept of the euro. I think the worry is if europe in itself if some countries within the European Union are getting out what does that mean for the euro zone itself. Perhaps you wouldnt have these brexit votes even happening. One of the big questions. I think it is a risk. And if britain goess, then you have a Scottish Referendum almost immediately behind that to secede from Great Britain and then you also have worries in other countries in the union fiscally or monetarily. And equity markets pretty resilient. Does that surprise you it hasnt moved in tow bond market. The bond market is kind of dead right now. Yellen when she spoke on monday sounded like she was concern about the slowdown1 in payroll jobs the last couple of mouns. Prices are not moving. Nothing is happening. Fixed income is even more fixed. I dont know what news event we are waiting for. The market is very quiet going into an fomc meeting. Negative yield bond, good or bad for stocks this summer. I wish the negative yields idea would go away. Our chairman of the mufg in tokyo is not in favor of negative rates. I think it is one of those issues that academics like and Central Banks think they can do something. But negative rates, you know, scarce people. The u. S. 10 year is below 1. 7 now. Where do people go if they want a little bit of yield. Relatively speaking to the u. S. 10 years. Obviously they are gone into high higher yielding corporate securities. Is question is whether you make money from the Interest Rate or make money on the principle side as the trade and you have been capital gain. So far if you have been long bonds you have made money on the trade and not on the yield. We talk about the Global Outlook picture in terms of the economy. Chain was a big worry earlier in the yearly. We seem relaxed about the Global Economy here in the u. S. At the moment. But what can we learn from the fact that german and japanese bonds are record lows. Doesnt suggest the economies are doing anything positive at apple. I was shocked when they came out, the ucb and bought volkswagen bonds. You wonder whats going happen in the u. S. Are they going to buy apple bonds or something . I think most of the Central Banks, they are at the limit of what they can do. And i dont know. I mean, the negative rates thing kind of concerns me here. But i think were getting in the final stage where is Central Banks feel they are not going to be able to do anything more to stimulate investment in their economies. A lot of these negative rate policies arent going to stimulate investment on the part of corporations. They would invest if they saw opportunity in companies. They dont need the lash of negative rates to get the money out in and lend it. We would lend it if there was a good opportunity. Brazil, china, india all come back. A lot having to do with the up tick in commodities also a weaker dollar but longterm fundamentals still havent changed. Yeah growth is slowing. Many countries in the world are certainly aging. If you look at the u. S. , the baby boom generation. We are about five years into a 20 year wave of baby boomers that are retiring. There are a going to be spending less. China was a Growth Engine for most of the world. We didnt realize it. We kind of keep waking up every day how important that was for growth. They are just they are not going to have the same demand for commodities they did. Thank you chris rupkey for you joirng us this morning. Ron, before we let you go. Whereas your chart of the week . The 2 year german bund. Negative yield of a half percent. I think this in a way constrains the fed. I dont think this rates go up this year until elsewhere in the world keeps happening. Thanks very much. Seema your chart of the week. Gold up 4 this week. 20 year to date. This is just investment led. Monetary policy. With oil prices thats been the main driver for u. S. Equities this week. Before today. Wti was up 3. 9 for the week and that meant the Energy Sector was the best performing in the s p. It was up 3. 4 so far this week. As you can see wti giving up 1. 5 . Thats weighed on u. S. Futures as well this morning. That is it for Worldwide Exchange this morning. Great to have you with us. Have a very lovely weekend. Squawk box is coming up next. Good morning. A big 24 hours in politics. Endorsements for Hillary Clinton, as new developments though unfold in the email investigation, which is josh earnest used the c world, criminal, yesterday. While donald trump sees a drop in the polls it is going to be a long hot political summer. I mentioned that yesterday. Five more months of this, three hours at a time. Winni winning streak snapped. Futures are under more pressure this morning and a real life Silicon Valley drama about how you get some hollywood treatment with Jennifer Lawrence taking the starring role. Friday june 10th and squawk box begins right now. Live from new york, where business never sleeps, this is squawk box. Good morning everyone, welcome to squawk box here an cnbc. Im becky quick along with joe kernen and andrew ross sorkin. Stock prices retreating after a three session winning streak. Oil prices pulling back today. Wti dipping below the 50 mark of a couple days ago. Lets check u. S. Equity futures at this hour. Right now futures are down pretty sharply. Dow futures down about 90 below fair value. S p down 14 and nasdaq down 34. Overnight in asia, china closed once again. But in japan that market was down about. 4