Live from new york where business never sleeps, this is squawk box. Good morning welcome to snark box. And whats new about that andrew is off today sitting in with us for the hour is Peter Boockvar, editor of the boock report very clever. Well done. Boock report yes i like it also a cnbc cribber we have a lot to talk about. Lets start with the u. S. Equity futures. Rattled rattled. Dow was down by 16. The s p was off by 3 nasdaq down by 10. Its the first time the nasdaq and the s p have fallen in 2018 it had a sixday winning streak up to that point well watch things this morning. Right now modest advances with the dow futures indicated up by 20 points. S p up by 4. Nasdaq up by 7 well see. Still early in the session well see as we head towards that opening bell what will happen overnight in asia, stocks in hong kong closing higher for the 13th day in a row, extending the record rining stre inwinning st index. Shanghai up by 3. 2 the dax is the biggest decliners of europe, down by 0. 2
If it closes up higher again today that will be eight days in a row of gains thats the first time the nasdaq would have done that since february of 2015 got a whole lot of earnings coming out that will very likely influence where we trade today look at the dollar dropping to a tenmonth low against a basket of currencies the euro rising above 1. 15 for the First Time Since maze of 2016 look overnight in asia the nikkei down by 0. 6 . Markets in china were higher with the hang seng up 0. 2 the shanghai up by 0. 3 . In europe, in the early trade, you will see dax is weaker down by a half percentage point. The cac is down by a third of a percentage point markets flat in london with the ftse sitting just fractionally higher lets get you through the big corporate story of the morning netflix shares soaring to new highs. The company added 5. 2 million new streaming customers in the Second Quarter thats 2 million more than wall street predicted most new subscribers came from foreign markets. T
Were presuming that everything is too high until proven innocent. At one point today precisely at 11 43 a. M. We saw sheer, raw, panic. The kind you get when investors just capitulate because they cant take the pain. The the house of pain any longer. It seemed like a crescendo selloff, thats what i like to call them as the averages rebounded in the afternoon and the dow slipping four points and the s p advancing. 1 and if we get the wrong employment number tomorrow, too strong or too weak, i think well see another 11 43 a. M. Like panic. What can you do . You know what i say . I say nobody ever made a dime panicking, but plenty of people have made a dime taking the other side of a panicked trade, a panic occurs when those with weak hands violently dump sell, sell, sell, sell, sell all their stocks at once, the good with the bad which allows you to pick among the rubble and maybe pull some babies out of the bathwater. So tonight im taking the other side of the panic trade and giving you
Welcome back. Time for the last word. Jim chanos is our guest today. We started out talking about china. Why dont we end up there, too . Avoid anything with the chinese property markets, steel, cement, iron ore. Can you short australia too, jim . Certain parts of australia are going to feel this, not the whole country. This is the bubble is just being blown bigger and bigger and bigger and it is hard to avoid. Three years ago this was somewhat controversial but when a property bubble is visual, you cant miss it. Emerging markets somewhat dependent on china, too . Asia . Depends. Some are. Some less so than others. To be on your radar screen. Should just be careful, anything dependent upon the chinese economic miracle, i would be careful of. Bigger shorts on, stuff we have been talking about for years . Broadening out from china to construction equipment, things like that. Jim, thank you very much for being here in studio. Always a pleasure. Andrew, jeremy siegel, thank you guys so much
revised up 0.10 to 12.2%. a road map. auto sales optimisticed by a weak employment chatter. and pimco posting the weakest month since 2008. and the xbox s gaming ceo jumps ship for zynga to play retooling with friends. and the proposed too big to fail banking regulations are to release headlines in a moment. and dunkin brands are initiated with a buy over at lizzard. a kickoff with the markets as the futures are pointing to a slower open as the futures running down, and pimco, the world s largest bond fun falling in june and logging the weakest monthly performance since 2008. and the new york fed president bill dudley is to speak today at 12:30, and we are waiting for reports from ford and gm and chrysler is out. but broadly, jim, people are saying until we get over to the 50-day trading average, it could be a trader s summer. yes, that could be a case, carl, but i m not expecting big things from the earnings, because we have a disputed global picture, and we is wh