Reportedly subpoenaing records related to the 787 dreamliner. And megadeal making in the sports world kevin durant, irving, Deandre Jordan all look ready to take their talents to the Brooklyn Nets its monday, july 1st and Worldwide Exchange begins right now. The greatest, the greatest good morning, everyone im con tessa brewer here at World Headquarters for cnbc. Brian sullivan is in vienna this morning. Good morning, brian. We took our talents to vienna, austria, the scene of an opec meeting well get to what is expected in just a minute, but we have to check stock futures because it alongs like the markets are going to surge today they surged in asia overnight, stock futures we could hit a new record on the dow. Remember, we hit records on the s p 500. Will today be the day the dow 30 does it . Stock futures are up more than 200 points a the moment as well. On that trade optimism that you referenced at the top, the asian markets up over 2 in hong kong and the nikkei in japan and the european this is going to be okay. Brian, youre breaking up there just a little bit, but were seeing there how the implied open looks this morning. Its going to be a big day on wall street. Lets get you caught up to date on some of our top headlines President Trump and chinese president xi jing pig agreed to hold off on any new tariffs on goods. The two leaders met on the sidelines of the g20 summit in japan. President trump said they would ease restrictions on u. S. Companies selling products to huawei after leaving japan, mr. President became the first sitting president to cross the border into north korea. The two leaders agreed to restart stalled negotiations over north Koreas Nuclear program, but trump says the sanctions will remain in place for now. More from washington in just a bit. In corporate news, watch boeing today federal prosecutors reportedly have subpoenaed records relating to the companys dreamliner. The Justice Department was already probing the 737 max and how the aircraft was developed and certified, but the request for documents related to the dreamliner now expands that investigation. And lets go back to brian in vienna now. Brian . All right were joined now by somebody who is well known to our viewers here on cnbc its so hot here, i think the wires might melt its literally a record heat outside and might indeed be a record heat inside as well because despite Everything Else thats gone on, iran remains the big story. Heli helima croft, its a scorcher. How hot is it inside that everybody is in agreement except for one of the founding nation iran how hot are they the rollover is essentially set. Every country has a revenue imperative they all want higher prices so the rollover of the agreement is done with the exception of six or nine months its a very fraught political backdrop opec is one of the few places where countries have very, very severe differences have to all come face to face. So will the iranians raise a lot of issues is why was an opec agreement made in osaka instead of here. So this is one of the key story lines and this is really fascinating. Russia is not a member of opec this is a 59year Old Organization over the weekend at g20, the russians and the saudis together effectively said what opec is going to do but it was not even the Russian Energy minister, it was Vladimir Putin himself who did it how frustrated must the other opec members be that russia is big footing the rest of the group . This is a big issue Vladimir Putin essentially came out and said im the decider for the sovereign producer king of oil. Russias cut has been not that large compared to saudi arabia so the question is some members might be saying quietly because i dont think anyone is challenging them publicly why is russia getting the top seat at the table. Answer your own question. Russia is the guest that moved into your house, moves the furniture around and leaves twice 00 year. They decided in 2016 getting russia in the organization was essential, a shotgun marriage driven by shale looks like a relationship made to last. It is widely expected to get 1. 2 million barrel per day cut extended either six or nine months u. S. Oil production has doubled in the last five years the russians, theyre over 11 Million Barrels a day. The price of crude oil in the high 50s, wti little higher on the brent side how frustrated do you think opec is with the u. S. Shale boom because they may have to cut deeper and deeper when they need the cash flow . If they were a member of opec, they would be the third largest. For opec and saudi arabia, how long do they want to continue adjustment on their backs alone . They keep cutting and the u. S. Keeps rising so, i dont think its a discussion for this meeting, but if were in the current price environment 12 months out, 18 months out will there be ary assessment they do want higher prices in the middle east, two thirds of the population is usually under the age of 30. They have a youth demographic they have to answer to. Yeah. Theres a lot more intrigue there as well. Helima, thank you. Well see you later on we have to go cool off here. Those are the three main story lines. How frus ratsed is opec with the fact that russia and the saudis basically made the decision for them how frustrated is opec with the u. S. Shale boom as well . What about iran . Do they stick around well see if iran sticks around. That meeting is set to begin in three hours time here in Vienna Austria. After the break, more on these markets. Stock futures look like theyre set to surge could be a day of new records. Record heat here, record hot u. S. Markets a lot more to do youre watching Worldwide Exchange and were right back ho bakhis srtre just ok . in dutch tell him we need this merger. in dutch its happening. just ok is not ok. Especially when it comes to your network. At t is americas best Wireless Network according to americas biggest test. Now with 5g evolution. The first step to 5g. More for your thing. Thats our thing. Did you know that feeling sluggish or weighed down could be signs that your digestive system isnt working at its best . Taking metamucil every day can help. Metamucil supports your daily Digestive Health using a special plantbased fiber called psyllium. Psyllium works by forming a gel in your digestive system to trap and remove the waste that weighs you down. Metamucils gelling action also helps to lower cholesterol and slows sugar absorption to promote healthy blood sugar levels. So, start feeling lighter and more energetic by taking metamucil every day. Welcome back to Worldwide Exchange on monday morning im Brian Sullivan live in vienna, austria. Dow futures are soaring up 268 points on hopes of a breakthrough at the g20 between china and President Trump as well as that historic footstep into north korea by the president. Either way, it is july 1st the markets had a red hot year economically the u. S. On sure footing but what can we expect from the second half of the year its all about what you have did for us lately. Here is Steve Liesman with your second half play book. For the second half of the year the Federal Reserve will be focussed on when to make a move on rates and how big a move to make here is what to watch. First, the economy ahead of the meeting in july unless the strength is measurably from the 2 growth forecast cut Interest Rates. Second, how much to cut . Perhaps a you are the kwaer point with a few more in the months ahead, or perhaps more muscular 50 basis point cut. The fed could pause for a few months while taking pause of the outlook for growth and especially for inflation ahead 2 target. Third, when to stop. The fed will be reluctant to do more than a few cuts the fed will want to avoid another long spell and wont want another quantitative easing unless it really has so look for some nearterm rate cuts from the Federal Reserve but theyll be limited unless the economy gets measurably worse. That was Steve Liesman with your kekd half economics play book what does the economic setup going to mean to the investments you may have after what was a very solid first half to the year lets welcome in now mark of Penn Mutual Asset Management mark, listen, its july 1st, its a new quarter, its a new month and dow futures are soaring. Does the market have a right to seem or be this optimistic given the headlines over the weekend well, i would say that given the outlook for the fed, you know, six months ago the outlook was for more rate cuts, so clearly those tables have turned and with the expectation for rate cuts now looking ahead as opposed to rate hikes, i would say that the outlook is pretty favorable, 2 ten years is not a great alternative relative to equity, so if you look at the valuation for todays equity market at 17, 18 times earnings, that looks pretty reasonable to me in light of a 2 ten year i think the rally we have seen to date has been justified you know, in math you im going back to high school here you multiple two negatives and get a positive i do wonder is two positives a negative what i mean by that is if we get this trade deal, if we get this breakthrough, do we still need then the rate cuts that the market is not only expecting but basically begging for . Well, you know, the markets i would say bullied the fed to turn nuch more driven by the equity markets in the Fourth Quarter and this year i would say the bond market is trying to bully the fed by inverting the curve, pushing tenyear yields i think the bond market is trying to push the fed around at this point, but the history for this Federal Reserve since the financial crisis is it never really disappoints in terms of Investor Expectations for a rate move, so i would be very surprised if the consensus is so high for a rate cut in july that they dont move by 25 bases points you think theyre almost backed the fed is backed into a corner now, mark i think they have and i do think its likely now that the Trump Administration is probably going to delay any type of a big trade agreement with china beyond the july meeting date for the fomc, basically to have his cake and eat it too i think he would expect a rate cut by the fed in july if a trade deal is not done then if he does a trade deal after july, that would basically be two positives for the economy heading into next year and heading into the election. All right listen, we have fourth of july, its a big holiday week, holiday shortened week where does penn mutual see good places to invest this week, where is there still value well, we focus really on the fixed income markets and even though clearly with tenyear treasuries at 2 i would say the opportunity set is somewhat diminished relative to where we were seven or eight months ago, however, we still do see opportunities in certain parts of the structured security markets, commercial Mortgage Backed securities, certainly highly rated collateral Loan Obligations we view as relatively attractive here we think they are opportunities to add value in fixed income in light of where treasury yield sit today. Uhhuh. Mark heppenstall, we have to leave it there we appreciate your insight have a Great Holiday eek thank you very much. Dow futures up big, 268 points, europe up as well but its not all green on the screen or good News Deutsche Bank melee off as many as 20,000 more employees well give you more on that, more on trade, more on these markets when Worldwide Exchange returns live from Vienna Austria right after this. Heres another cleaning tip from mr. Clean. Cleaning tough bathroom and kitchen messes with sprays and wipes can be a struggle. Theres an easier way. Try mr. Clean magic eraser. Just wet, squeeze and erase tough messes like bathtub soap scum and cakedon grease from oven doors. Now mr. Clean magic eraser comes in disposable sheets. Theyre perfect for icky messes on stovetops in microwaves and all over the house. For an amazing clean, try mr. Clean magic eraser, and now, new mr. Clean magic eraser sheets. Happy monday and welcome to Worldwide Exchange. Lets get a check now on some of the stocks on the move today brookfield Asset Management has struck a deal to buy geesee in wyoming for 110 a share sources say an announcement is expected as early as today genesee owns or leases 100 freight railroads in the u. S. , canada and there you see k see stock on the move. Deutsche Bank Supervisory board is expected to meet july 7th to discuss a major restructuring reportedly resulting in 20,000 job cuts Deutsche Bank ceo flagged the overhaul last month when he promised investors tough cutbacks ahead of the 2020 president ial election, facebook will start banning ads that discourage people from voting. It was announced as part of facebooks Second Annual civil rights audit the company says the new dont vote policy likely will only apply in the United States and wont include policing users posts. Last year facebook expanded its policies against Voter Suppression and banned posts that spread misinformation on election dates, times and on polling places coming up, forget about wall street m a, we have some major deal making in the sports world to tell you about. Thats next. But as we head to break, check out the best performing sectors in the first half. Stay tuned, this is Worldwide Exchange on cnbc. You should be mad at forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. And good monday morning and welcome back to Worldwide Exchange im Brian Sullivan live at opec headquarters in vienna, austria. Huge twoday meeting, by the way, a huge bump in the futures this morning as well dow futures if youre just joining us look like the dow could hit a new record high. Trade optimism over the weekend has equity futures up about 250 points above fair value. Oil, by the way, speaking of opec, is also up more than 2 . It is likely the group here will extend their 1. 2 million barrel per day Production Cut either six or nine months, but that does not tell the opec story and well be here live all day with record heat outside and maybe some record heat inside as well. But for now, lets talk more about what is happening in d. C. Which is contributing to your equity gains this morning and find out what the major headlines are in washington with tracie potts tracie, good morning. Reporter brian, good morning. The big nudes is the fallout from President Trump stepping 20 steps into north korea, the first sitting american president to ever do so, raising the question whether this was just symbolic or if it could lead to disarming one of the worlds most Dangerous Nuclear powers. I never expected to meet you at this place. Reporter President Trump stepping into history. Stepping across that line was a great honor. Reporter the First American president to stand on north korean soil, shaking hands with north koreas leader, kim jongun. This is an expression of his willingness to eliminate all and open a new future. Reporter its historic, but is this just symbolic . Could it actually lead to north korea giving up nuclear eapons the next two or three weeks the teams are going to start working to see whether or not they can do something. Its a tall order to convince the North Koreans to give up these things. Reporter north korea wants relief from economic sanctions, the u. S. Wants to end their nuclear program. Two summits have produced little progress the u. S. Is going for a third led by special envoy steven bagan. I want to see them stop Testing Nuclear weapons. We want to make sure that japan is safe. Reporter President Trump is down playing recent tests as small missiles, not long range with nuclear warheads. Its not just feasible to imagine kim jongun dismantling his entire nuclear and missile arsenals just on the promise of economic sanctions relief. Reporter skepticism about the small step forward, the impact unknown now, the president has said that hes in no hurry to work this out. Brian, we may actually see chairman kim in washington that would be historic, too, if he visits the white house. President trump said he extended the invitation reporter tracie potts in washington thank you very much. Check on this mornings other top world and National Headlines go to phillip mena in new york good morning, phillip. Hey, brian. Good morning important first for the u. S. Armed forces Major General laura yeager is now the first woman to