Good morning, everybody. Welcome to squawk box here on cnbc. Im becky quick along with Andrew Ross Sorkin and Michelle Caruso cabrera. Joe is off today. Lots to cover on this friday morning. Everything from this civil gop debate in miami to apple and the fbi trading blows over its encryption battle. Check out the futures. Theyre in rally mode this morning. The ecb moves still in the market. Yesterday, the knee jerk reaction was a positive one. You saw markets up across the globe. By the enof the conversation, though, the ecb head mario draghi making comments that this might be the last that they needed to offer easing. You saw the markets go down before eventually finishing flat. This morning, doe up by 170 points, s p futures up by 20 and the nasdaq up by 52. In europe, you see big rallies there, too. The dax is up by 2. 8 . The ftse is up by 1. 5 . If you check out the currency markets, this is the story. The euro was down to 108 initially on this news all the way up to 112. You can
Mia is watching equities and on the holiday shortened trading week. Peter cook has the latest etails on newest government rules coming for unmanned aerial drones. Known as and julie highman tells us about sectors, n the retail stocks, that is. Get to those stories and more. Top stories the were following at this hour. Fewer americans bought homes a the slowest pace in six months. The National Association of existing aid sales of homes fell 6. 1 . Over the last 12 month, sales risen 2. 1 . A recent decline in mortgage buyerss yet to lure more into the market. He latest from the equities markets on this monday. The s p 500 is up fractionally. The dow is up over half a 17,903. At and the nasdaq composite index a quarter of aup percent at 4777. Saudi arabia and the united arab emrates are pledging not to cut to prop up on prices. They blame nonopec producers for them toly glut and urge cut back. The Saudi Oil Ministry says hes onfident prices will rebound along with Global Economic growth.
You are watching the pulse. Im guy johnson. This morning shell was the first Major Oil Producer to post earnings since crude prices fell by more than a half area that has happened over the last six months. Oil is down today with crude below 45 a barrel. Lets bring in mark barton. Mark, lets start with you. I think the line that i took away from the interview was, we enter this period with strength. We knew volatility would came back. We aimed to preserve flexibility. It goes back to what he did a year ago. He said, he wanted to make these hard choices on new projects 15 billion of assets over 2014 and 2015, and slow the investment growth. I just cut to the taste. They missed earnings estimates. They had a horrid quarter. Faltering production, escalating costs, trimming earnings to a fouryear low. I cut to the chase, you missed earnings. Why the gap . It was the sharply Lower Oil Price coming through in our upstream earnings. Our downstream earnings were pretty strong. If i look at the
Janet yell enand the fed. It is not enough to prevent the biggest twoday selloff this year as the oil market plunges investor confidence. Change under the golden arches as mcdonalds chief executive quits, to be replaced by a brit. [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. Visit ncicap. Org hello and welcome do countdown. I am mark crumpton. And i am annie edwards, and i am mannus cranny. We are hope to go get the numbers for Deutsche Bank. We are waiting on those numbers. It is going to be all about litigation costs of course whether they have been reduced to some 885 million. When we get those, we will put that all in context. The debate on investment banking, and how much of a hit. Lets look at some of the other stories we are following. Patience is still the word for janet yellen and the fed. Patience remains the feds key word on raising Interest Rates. The feds statement noted that Economic Activity in the
2 . Road map begins with earnings from hp a big hit from the stronger dollar. An exclusive interview with meg whitman in a minute. Beat from lowes and from target. Those stocks both higher in the premarket. Hawkish or dovish . Janet yellen day two, heads to the house for her second day of congressional testimony. First up, the dow and the s p coming off record closing highs. The nasdaq aiming for an 11th consecutive day of gains. Better than expected results from retailers, target and lowe and yellen back to the hill for testimony, before the House Financial Services committee. Jim, three sessions left in february. Weve had records on the dow, the s p, the mid caps the russell, the dax, the ftse. Whats left . It all makes sense. When youre in a Conference Call like i was, listened to the amazing cfo from home depot, really is the dean of cfos, and shes tracing out a story which says, you know what people are spending much more on their home and we have homes coming off of renting and b