Good morning welcome to Worldwide Exchange here on cnbc im sara eisen im mike santoli in for wilfred frost. Lets check in on the Global Markets before we take you to europe show you what futures are doing in the wake of yesterdays session which really showed markets little changed the nasdaq did outperform. It broke its threeday losing streak plenty of moves to talk about. Tesla down 7 costco reporting great samestore sales overnight well get to that. Heres the future setup. Nasdaq down 13 dow futures down 8 s p down 3. 5 the tenyear treasury note yield, took a step back after climbing pretty steadily over the last week or so. Looking at the tenyear now, a little bit firmer, 2. 34. Kind of a mixed message from the big event yesterday which was the fed minutes from last meeting, not really a consensus on when to start shrinking the Balance Sheet or raising Interest Rates in a period of low inflation. The word is that that will proceed as planned dent give traders much to trade on in terms of new and different. Theres the tenyear treasury yield. The top story the president kicking off his second trip to europe since taking office just wrapping up a News Conference with the polish president in moscow. Plenty of headlines to get to. Eamon javers joins us now from hamburg, germany good morning reporter good morning. The president is in poland this morning where hes just wrapping up, as you say, a press conference here with the polish president , duda. The president on International Soil criticizing American Media and american intelligence agencies, but also saying that the United States is preparing to work with poland to confront russian destaebilization of that region heres what the president said a few moments ago. Were working with poland in response to russias actions and destabilizing behavior the president on his way to hamburg, germany where i am right now hell be here for the g20 starting tomorrow. A lot of anticipation about the president s various International Meetings here tomorrow including with president xi jinping of china and with president Vladimir Putin of russia. Its unknown what the president will say in that meeting with Vladimir Putin here in hamburg tomorrow white house aides not saying that theres anything specific on the agenda. So a lot of questions about exactly what will transpire in that meeting the president was pressed in warsaw just moments ago on the issue of russian interference in the 2016 u. S. Elections. Some questions about whether hell bring that up with Vladimir Putin tomorrow. Moments ago, though, the president said he believes that russia interfered in the u. S. Election but also believes it could have been other people he questioned u. S. Intelligence conclusion that, in fact, russia did take steps to interfere in the u. S. Election, saying he remembers weapons of mass destruction in iraq and the u. S. Intelligence got it wrong there. So the president raising the possibility that the u. S. Intelligence agencies have gotten it wrong again. Back over to you just in general, a bit of a series of hard line comments by the president with regard to north korea as well as with regard to russia and its destabilization of the region. As well as, you know, it seems he took the opportunity again to hit at the nato allies and say they have to start paying more across the board he took that tone yeah. Absolutely hes standing in poland this morning. Thats a country where they have been contributing money to the Defense Industry at the rate at which the president wants them to so the president very much pleased that poland is contributing he said his rhetoric on getting other nato countries to contribute their defense spending numbers has worked. Theyve been increasing their defense spending so the president facing a warm reception here in poland today ultimately on north korea he was asked whether north korea is beyond redemption or not the president saying i dont know well see what happens but also saying that the United States is prepared to deal strongly with north korea. Like how he thanked the polish americans for voting for him in the last election as well he did. Thats what he opened with any sense of what the next hes speaking later this morning also in poland he says theres a big crowd gathering. The white house, as i understand it, has been billing this as a major Foreign Policy speech. Whats it going to be about . Yeah. That thats right its going to be about the u. S. Approach to the world. The white house has released some excerpts of the speech. Well wait and see what the president has to say in the full comments later today this is an opportunity for the president to kick this international trip, his second off in sort of high gear here. The president is in a country in poland where hes very welcomed. Hes got close relations with president duda who is also elected on a nationalist ticket in poland. Theres question theres about immigration and the polish approach to the European Union as well. So the president in much more comfortable territory in poland than here in hamburg i can tell through were a numyoa number of protests here in hamburg when we arrived. Must have been about 10,000 to 15,000 protesters marching in the street here in hamburg against the g20, against capitalism, against donald trump. In specific some of the protesters angry with this president. He will deal with an gela merke who is very different than donald trump, defended nato, defended the Paris Climate Accord his reception here in hamburg will be much different than there in warsaw. Weare glad youre there for us, eamon, to fill us in on this story from poland. At the president makes his way to germany for g20, very important visit. Well see you later. Because the president has been in poland, poland has been a strong, emerging economy other than some other brick nations, its growth is sustainable and not as dependent on a single commodity. Their economy is growing around 4 , its on this trajectory. The polish lotti is one of the stronger currencies so far this year its been a tremendous beneficiary of being right in the smack of the yureurozone, n being a part of the euro, and competitive in several different fronts lets get back to the Global Markets. Look at asian markets overnight. Weakness in japan. I think it narrowed losses a bit. The nikkei down less than half of a percent hang seng down less than that a quarter percent. Shanghai comp above the flat line south korea is about flat as well even as we hear more headlines about tensions in that region ratcheting up looking over at europe we had modest losses, seemed like we were backing off slightly yes, that seems to be the case across the board in germany. Everyone gathers in germany for the g20. France down a half percent the ftse down slightly italy still benefiting from another Successful Bank rescue out there. And spain down 0. 6 . As for the broader market, oil was a laggard in yesterdays session. The Energy Stocks got slammed again after going up eight straight days. Were back on the rise this morning. The api inventory report did show a decline in stocks well see what the government do we get the government report today . Its thursday. 11 00, thank you 45. 81 wti. Brent crude 48. 47. Up. 4 . Reversing yesterdays declines and back on the rise that could help out those Energy Stocks as for the dollar, lets show you the trade. Firmer against the euro barely, barely against the japanese yen as well. 113. 27 its also a little bit stronger against the pound. Fractional moves here, i would say, for currencies early this morning. As for gold prices on the other side, gold got a bit of a geopolitical risk aversion boost yesterday. Higher again by a tenth of a percent. Nothing panic mode or panic buying kind of thing well watch it and see where the trend goes as you can see not much of a trend m kind of stuck. Stocks to watch today, yum china reporting earnings that were in line with analyst estimates. The companys Quarterly Sales coming in below consensus dragged down by slow growth at the pizza hut chain. The stock backing off about 4 shares of huerman miller rising. Q4 earnings beat forecasts and offering upbeat guidance the market taking stock up 6 after that report. Pri pricesmart shares falling this morning, despite costco having strong numbers, down 8 before the market opens some other stocks to watch. Fords china sales surging 15 in june. The automaker says it is optimistic about the outlook for the second half. Shares of merck under pressure the fda putting a clinical hold on three studies involving a potential treatment for a type of blood cancer this comes after more deaths were reported in patience receiving that therapy. And eqts deal to buy rice energy has been criticized by jana they argue eqt could save 4 billion if they scrap the transaction and separate pipeline assets instead. A new crash test is questioning teslas claim that the model s is the safest car in history. The nmodel s got an acceptable rating when a drivers side corner hits a tree or another vehicle. The seat belt didnot have enough tension to keep the head of the crash test dummy from slamming into the steering wheel. After tesla said it fixed the problem, the result was the same in a second test the ihs is not saying the model s is not safe but argues tesla needs to make improvements tesla is defending its Safety Record i cant tell if this is a big deal tesla usually gets high marks for safety its a big enough deal and comes at a time when sentiment towards tesla is being tested. Yesterday was rough and people feeling it was an underwhelming announcement about the model 3. Some analysts warn being delivering those model 3s as promised on time third time is a charm for xs x. His Space Company successfully launched a falcon 9 rocket last night after two previous launches were scrubbed in the final seconds. It is the third successful launch for spacex in the last few days it is delivering a satellite weighing 13,000 pounds. The fed has posted the living wills of eight of the largest u. S. Banks detailing how they could be dissolved in a crisis regulators are giving aig and Prudential Financial more time to submit plans extending the deadline by another year from the end of 2017. The extension will allow the companies to include guidance regulators may have on the plans. The monthly adp report is out at 8 15 a. M. Eastern followed by weekly jobless claims and the trade deficit numbers at 8 30. 10 00 a. M. , ism Services Index fed governor Jerome Powell is speaking about Housing Finance reform and Stanley Fischer will be talking about Labor Productivity later this evening, which is one of the topics du jour they should be talking about that at g20. Every economy is struggling to boost productivity its a globalthing. Has bearing on Monetary Policy probably wont move the markets much well get this load of data including adp which could be a signal for jobs tomorrow coming up, consumer goods ki warming a cyberattack has hurt sales. A look at Global Markets. 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Largely flat day the dow was down one point down very fractionally near the alltime highs look at oil. Beg down day yesterday towards the bottom end of the recent range. It is firming up today a stock to watch this morning, costco reporting samestore sales rose 6 that was much better than the 4 that analysts expected youre seeing a 2 pop in the premarket. I will go over some highlights from this report it was strong. You dont get this every day from retailers, especially big box ones these days when it comes to results this is a report of june sales that 6 number also traffic up 4 u. S. Comps were up 3. 6 . U. S. Traffic was up 4. 5 costco had a little bit of a blip over the last few months in terms of slower sales growth but ramped that back up. This has been a favorite for some for many investors over the years because of its subscription model and its better performing sales. The stock always trays at a premium. Its reliable but does not give in the monthly numbers some of the chatter after the m amazon whole foods deal, you know who might be in the sights of amazon is costco when it comes to grocery and prime offering, prime being a replacement for that model i wonder if this changes the thesis, they can withstand it. I dont think amazon will sell a lot of gasoline or drive traffic that way costco, one of their big customer bases is Small Business strong areas, midwest, bay area, tecxas and san diego. Watch costco today other stocks to watch today. Cypress semiconductor reached a settlement with its former ceo, t. J. Rogers. The company will nominate his candidates at the next two meetings aigs new ceo is tapping a former msh sha mcclellan executive as ceo celgene will buy a 6 stake in Beigene Celgene will help develop and commercialize an investigation treatment for tumor cancers. Reckitt benckiser warning it will report lower sales for the Second Quarter due to a cyberattack from ukraine last month. The maker of lysol says revenues will be around 2 lower when compared with last year. The stock backing off a bit on that news. Sodexo is cutting fullyear sales growth goals after the firm saw weaker performance in the third quarter. Stock down just about 6 Associated British Foods reporting stronger than expected results for its latest quarter reporting to low cost fashion and positive Exchange Rates feed nothing results. Sir Richard Branson is lashing out against brexit and some of trumps policies branson speaking with cnbc on board Virgin Australias maiden flight between australia and hong kong. He said he is dismayed with the rise of protectionist policies, particularly in the u. S. And uk. Trade protectionism is so unhealthy. You know, i think whats happened with brexit was a terrible, terrible mistake, both for europe and for Great Britain. And it will set Great Britain back, you know, i dont know it may take years for it to recover. We want to go straight to warsaw where President Trump is making some Public Comments. Lets listen many billions of dollars of brandnew equipment. The United States is doing very well very strong. Weve taken off restrictions, people are really moving hard. So when i say that the stock market is at an alltime high, weve picked up in market value almost 4 trillion since november 8th which was the election 4 trillion. Thats a lot of money. Personally he pii picked up not, thats all right everybody else is getting rich thats okay. Im happy. Greater access to Energy Markets. Fewer barriers to energy trade and development and strengthening Energy Security is what were looking to do the three Seas Initiative has the potential to accomplish all of these essential objectives and very quickly, because you have incredible people they will get it done quickly. I congratulate your nations for already beginning the critical projects that open us up to greater access youll be totally open and have access to Energy Markets and remove barriers to energy trade such as floating lng terminal on the croatian island of kshg urk . Did you know about that . I bet you know all about it. The greece bulgaria interconnector these projects and many others are crucial to ensuring your nations continue to diversify your energy sources, suppliers and routes i also applaud bulgaria, romania, hungary and austria for pursuing a pipeline from the black sea. We just approved a big pipeline also, the keystone pipeline. It was under consideration for many, many years it was dead and i approved it in my first day of office, its now under construction and another pipeline besides that big ones, dakota access. The United States is proud to see our Abundant Energy resources are already helping the three seas nations achieve much needed energy diversification. I want to take this opportunity to congratulate the government and people of poland for receiving their first shipment of u. S. Liquefied natural gas last month you made a very good deal, i understand let me be clear about one crucial point, the United States will never use energy to coerce your nations, we cannot allow others to do so. You dont want a monopoly. The United States is open to fair and competitive markets for Global Energy trade. America will be a faithful and dependable partner in the export and sale of our high quality and lowcost Energy Resources and technology we make the best technology, and we make the best technology for fighter jets and ships and equipment, military weapons, theres nobody even close. Thats acknowledged all over the world. They talk about the greatness of our military equipment when you buy military equipment, hopefully you will be thinking only of the United States. With the expanded trade and new infrastructure we will unleash new Energy Innovation that is safe, responsible and environmentally friendly the United States supports a commonsense approach to protecting Natural Resources one that resowe invite all coune to achieve this objective and empower anything thats around t nations around the world. The three Seas Initiative will not only empower your people to prosper, but it will ensure your nations remain sovereign, secure and free from foreign coercion the three seas nations will stand stronger than they ever have stood before. When your nations are strong, all the free nations of europe are stronger, the west becoming stronger as well together our nation and yours can bring greater peace, prosperity and safety to all of our people this summit ushers in the next great energy frontier. This is largely about energy because we are that great exporter weve just become whats going on in our country sin credible i hope you tyke advantage of it by using these resources im thrilled to join you today i want everyone to know the United States supports your bold efforts. These projects will improve countless lives across the region and throughout the world. America will be your strongest ally and steadfast partner in this truly Historic Initiative congratulations to everybody and we stand ready, willing and ability to help with your energy neat needs and other needs as they come along thank you very much. President trump in warsaw, poland making some preliminary comments at the start of the three Seas Initiative. Its a gathering of about 12 countries, all members of the eu, mostly former communist countries gathering to talk about infrastructure, energy, topics that President Trump is actually very eager to talk about in ways that the u. S. Can contribute in his previous speech he talked about the first lng shipment going from the u. S. To poland, saying he wants to negotiate a higher price boasting about Domestic Energy the three seas, adriatic, baltic and black sea. So eastern chunk of europe, north to south so well continue to monitor, see if we get more Public Comments from President Trump. Those were just sort of early ones he repeated the stock market rising 4 trillion in value since he became president. He loves that number. The market is still up. Still to come, well round up the Global Markets and todays top stories. Heres a check on u. S. Equity futures. Theyre pointed lower. We get a ton of Economic Data later including adp job les claim jobless claims well sh right back. Todays market tests, attention turns to employment with two key reads on the agenda ahead of fridays big jobs report were setting you up for the trading day. Breaking overnight, the president just wrapping up a major speech from polands capital. Were live from warsaw with reaction. And add it to the list amazon reportedly entering another business it pairs perfectly with the latest food push details coming up. Its thursday, july 6, 2017. Youre watching Worldwide Exchange on cnbc. Good morning welcome back to a busy Worldwide Exchange on cnbc im sara eisen im mike santoli. Love it when the president is traveling overseas all the action happens this hour checking in on Global Markets. U. S. Equity futures are under remember sure aftpressure aftere nasdaq actually finished the day higher had some exceptions including tesla down 7 . Dow futures down 42. S p down 8 nasdaq under pressure, down 33 points we get a ton of mick dat econom yields took a step back from higher levels yesterday, but a tick up this morning at 2. 36 we will see if that boosts gripes ligrip boosts groups like financials. We go to matt bradley in warsaw to recap some of the highlights weve heard so far. Good morning, matt reporter good morning, sara. This is something of an interesting morning for the president. He had an adoring crowd greet him at airport last night when he arrived around 10 00 in warsaw then this morning he held his first foreign public press conference with a foreign head of state that was president duda. As you saw earlier, this is kind of an awkward pairing. Of course president duda is a farright populist, the same sort of ideological ilk of President Trump, but widely criticized by the European Union and human lights organizati rigs for his authoritarian turn President Trump chided north korea. Came down on russia just a little bit then he attacked his usual enemy, the u. S. Domestic press after that the president addressed the three seas summit, a gathering of some 12 mostly former communist nations in Eastern Europe he told them more or less exactly what they wanted to hear he said he was going to help with providing them with liquid natural gas that would allow them to wean themselves off their Energy Dependency from russia the russians have been able to use Eastern European countries depe dependency on gas to have some political pressure over these countries. At the same time he bolstered the Eastern European countries a lot of these countries within the European Union, they hope they can provide a counter weight to the german french axis of power to their west so President Trump in addressing these nations elevating them over riussian breasinterests an interests of the west. Now he will go to the site of a 1944 uprising against the nazis. This is going to be another interesting moment for President Trump. He will be standing next to the monument that commemorates this historic uprising, and he will be describing in his usual darker terms some of the current threats against modern western civilization these threats no longer the nazis that once occupied that square and characterized that uprising, these threats are now bureaucracy, terrorism, extremism, the threats that donald trump considers and some of the ideological partners in poland and Eastern Europe consider the real current threats to Eastern Europe and all of western civilization. This will be a very interesting moment for donald trump. His second trip abroad a warm welcome just before the president heads to hamburg, germany where there have already been protests against the g20 summit gathering there he will be facing awkward questions from some major World Leaders including Angela Merkel of germany and emanuel macron of france theyll ask about his environmental record, his policies on trade, and of course the issue of north korea thats going to be a major confrontation for donald trump but here in warsaw he gets to eat his dessert before his meal. This is going to be a good look for the president. Sara good way to put it matt bradley, thank you very much for markets, for investors, i guess theyre focused on sort of President Trumps sideline meetings at g20, make sure everything goes smoothly with some of our key allies and biggest economic trade partners, even though the president does want to talk about more fair trade the. The side meetings, facetoface with putin. Hes taking the chance to have a bellicose posture about north korea, about russia. I dont think thats a change. But definitely seems to ratchet up tensions rather than drain them away. When we come back, Oil Prices Trading higher right now lta tof Inventory Data. Wel lko an Energy Analyst next your joints. Or your digestion. So why wouldnt you take something for the most important part of you. Your brain. With an ingredient originally found in jellyfish, prevagen is now the number one selling brain Health Supplement in drug stores nationwide. Prevagen. The name to remember. Welcome back to Worldwide Exchange. Look at oil prices after a selloff yesterday back on the rise this morning wti 45. 70. Up 1. 25 brent is above 48 a barrel. Joining us is tamar nester good morning good morning. We heard President Trump speaking in poland one of his big talking points in that nation and hes currently in this meeting of three seas with 12 other eu members, croatia, czech republic, poland, others, talking about energy and infrastructure how big of a market is that for the u. S. If President Trump wants to increase oil and natural gas sales from america instead of russia to these countries . Its an important factor. Countries in Eastern Europe have been trying to diversify supply outside of russia. So its an opportunity for the u. S. To increase exports the other day qatar announced they want to increase their lng exports by 30 we have a parallel market between lng and crude oil. Both of them are oversupplied. It gives this picture of lower for longer if Everyone Wants to bring supply forward for now lower for longer, but how low . Theres a general sense that the crude oil price is capped because of the persistent supply issues then we get kind of oversold in the bottom end of the price range. Everyone gets bearish and we bounce a bit is this what were in for . I think the rangebound market is what persists. I think well end the year sub 50. Theres no geopolitical risk premium priced into the market if anything its a deficit the increased tension in the middle east which would otherwise boost prices high ser pressing prices lower because of increased competition in these countries. Thats true of crude oil and natural gas. All the supply concerns weighing on the price, is there too much focus on the weekly Inventory Data every week yesterday we had this selloff then we got the api report we will get the government report this week it seems hard to predict, always market moving. Sort of a lot of hand wringing about how much excess supply there is here. I would agree with that theres a lot of skepticism about the numbers. I think the critical thing has been that the gasoline demand in the u. S. Has not been. There theres been the crude numbers which have been generally positive last week, we did see a draw on gasoline inventories which is what you need to see seasonally. This should be the strongest time of the year we also imported less. So the employed demand for gasoline in the u. S. Was lower gasoline demand from drivers in the u. S. Comprises 10 of demand for crude oil. U. S. Motorists are an important determinant of crude prices. So theres 10 of Global Crude Oil demand yes the single largest source of demand from a segment. Well see what the government report shows today thanks for having me. And time for our top trending stories. Amazon getting into the wine business the label is called next amazon calls the brand the first wine ever developed from conception to release with amazon wine. The bottles cost 20, 30, 40 a pop. Obvious comparison is costco, its neighbor up there near seattle. Much lower price point trader joes also has its own wine, which is even lower price point. Jay zs album has gone platinum in less than a week 444 was released on june 30th to tidal subscribers exclusively. And it was met with widespread buzz as it was dubbed the response to beyonces hit album lemona lemonade. They dont talk about their marital problems, they release record selling albums on them. Artistic creative expression they seem to be doing okay they just had twins, right youre all over that when we come back reads. Why the focus of the g20 summit may be wrongly directed. First a look at european markets this hour. Mostly lower france, the losses have accelerated in the last half hour or so down almost a percent. Germanys down a little over a half percent stay tuned, youre watching Worldwide Exchange on cnbc exchange. Im sara eisen time for some mustread stories. My pick in the ft, focus on the g20 summit will be wrongly directed it comes from mohammed elerian. Rather than help in mastering and shaping the challenges of our age, the greatest interest will be in how individual political personalities interact in a world struggling to muster enough enthusiasm for the collective action needed to address shared problems. He dives into the g0 concept that ian bremer has repeatedly talked about that theres little leadership in the community of g20 to get the problems done with Donald TrumpsAmerica First policies he says germany doesnt have it. Japan is not in the right position china has not embraced the smaller responsibilities as a global leader. Its worth a read. Its a consistent theme from mohamed. He thinks there has to be a coordinated fiscal reform. This is what the imf continues to Christine Lagarde puts these she put out a blog post yesterday, they need to tackle productivity, fiscal and monetary cord anything that. It seems like an increasingly politically polarized world. The focus will be on the geopolitical threats part of it is because we have no financial emergency now last year early in the year there was more focus on that the only time the g20 resulted in actions is when they all committed to spending a ton of money and that put a floor under the markets. Otherwise a lot of xhun kaye co and photoopes we are approaching the top of the hour, that means the start of squawk box. Joe kernen has more on whats coming up. Becky is here, we will be talking about that a kindered spirit, the president is finding in poland not quite as infatuated with germany as our last president. And the globalist liberal stance of merkel on many issues its like a heros welcome its interesting well have corker on im reading dan henningers piece in the journal today, which is what i would have talked about that is the real story behind medicaid and how tough it will be to get any governors or senators in some of these moderate states that have adopted medicaid, it will be tough to get these guys to do anything now theyre using the opioid this horrific adetection were seeing all over the country, using that as a reason not to do negotiate about medicaid its a revealing piece, i didnt realize some of this i didnt realize doctors get paid by medicaid 66 of what they get if it was medicare. So doctors are not excited about it most of the states that have paid that have medicaid, e their second biggest expense they had to push other things aside like education its a mammoth sort of allencompassing entitlement at least its turning into that. Beckys back im here, as you say, the team the team. The team, two of us santoli yeah. Mr. Market timer, the dow transports hit another alltime high yeah. One of the most positive indicators for the extension of the bull market as i saw in another service. I saw holbert pointing that out. So i dont know, man are you ready yet . You ready to say, okay, maybe this i think im ready for the longer conversation about how markets have gone. We had three hours the other day. We didnt hit on that. I know. 2316 i was right next to you it didnt come up. You have great reasons why 2316 was not a great reason to buy into the market. I can get into them is it a good time now probably not. Have us as part of your team. Joe, thank you all right still to come, futures trading lower this morning well discuss the wall street agenda including the adp jobs report stay tuned, Worldwide Exchange will be right back exchange. Looking at u. S. Equity futures pointing to a lower start for wall street. Dow futures down 40. Nasdaq down 30 after the nasdaq did outperform on the session yesterday and break that threeday losing streak. Talle leger is with us you have a few pushes and pulls on the market, energy, oil market, the banks with the tenyear yields making a move higher who will take the leadership position . Look, i can understand investors willingness to pay the price for growth strategies, thats what theyre doing by pursuing technology. Running after the revenue and Earnings Growth that that sector provides but as i say, its an expensive sector it is a heavy price to pay on the other hand, when it comes to financials, i like the evaluations there. Year to date the yield curve has been flattening, thats pressuring interest margins, and we still dont have the deregulation to unlock some of that value so you dont like banks or tech here . I like tech for the growth strategies, but its expensive market seems like its trying to contend with what will be the next leadership story, at the same time the fed along with other central bankers are saying we feel as if its time to start flo normalizing policy yesterdays minutes seem to say theyre focusing on financial st stability. Is is that something the market has to come to terms with or do you still feel its high liquidity, game on i think this is a serious concern. Investors are not starting to embrace and think about. Were in the point in the cycle where the fed is withdrawing monetary support i wouldnt go as far to say the environment is hostile for u. S. Stocks but certainly less friendly were watching the g20. Weve been talking a lot about it this morning. Certainly poland ahead of the g20. From an investors point of view, what are you watching, listening for . What matters here . I think this notion of unwinding massive fed Balance Sheets, im coming at it again from a Monetary Policy perspective, its something that we really have to consider even europe now judging by marios comments last week, theyre starting to remind us that emergency monetary settings wont be with us forever i dont think Monetary Policy is on the g20 agenda sorry to disappoint. I dont think trump and merkel will be talking about that maybe. You never know thats a good question. Who knows. I think in terms of politics in europe, things are going pretty well cant say so much for the u. S. I think we still have many absent fiscal policies that investors would like to sink their teeth into here. We have expensive markets, lighter in the cycle where does that bring you as an investor were talking about Central Banks withdrawing liquidity, emerging markets maybe wont be safe i think as long as the dollar remains relatively stable to weak, eamericans mmerging markey given the improved or better fundamental back drop over there. But i think, you know, the point in europe is, you know, weve had a french victory for macron. Even merkel now is polling well. I think things are shaping up well in europe thanks for checking in, talley good to see you as always. That does it today for Worldwide Exchange. Thanks for joining us, mike. Squawk box is next good morning President Trump speaking in poland well bring you his comments live and tell you what to expect from the g20 meeting in germany. Its jobs week again its going to be august. Summer is almost over. Its jobs week in america. Adp, private payroll data will be out this morning. A full market rundown. And teslas model s falling short of perfect in a new safety test calling into question the companys claim that its the safest car in history. Its thursday, july 6, 2017. Christmas before you know it squawk box begins right now. Live from new york where business never sleeps, this is squawk box. Its just starting we have a long way before labor day. Days are getting shorter. Its getting darker. I just the beginning of the summer welcome to squawk box. We are live from the Nasdaq Market site in times square. Im becky quick along with joe kernen andrew is out today. Look at the u. S. Equity futures. Right now things are down with the dow futures down by 40 points s p down by 8. 5. Nasdaq off by 38 yesterday the dow was down by 1 point. That was the smeallest decline since 2015 did you see gains for other markets. The transports posting new alltime highs the s p broke a threeday losing