The hang seng was up about half percent. And the shanghai up about. 6 . The European Equity markets. This is the early trade. Relatively flat. The dax is flat. Cac is down less than. 2 . The ftsi up about a. 25 . And the italy index about 1. 5 . And spain just over 1 . And up about 0 30 cents. Brent up about 33 cents. Couple of big stories this morning. Bp reporting overnight. Quarterly profits dropping 80 . That topped expectations, oddly enough. The company says it now could cut Capital Spending further as a result. Ceo expecting prices to recover towards the end of the year as pruszers stop work on fields and demand strong returns. Also dupont is raising its full year guidance. The chemicals and seed producer planning to merge with dow chemical but last year regulators needed more time to review materials related to the deal. And today were expecting results from dow components 3m, numbers from Pharma Company eli lilly and hear from its chairman and ceo at 7 30 eastern time. And facebook is reported by developing a camera app similar to snapchat. The social Networks Goal is to try to increase user engagement. Facebook is also reportedly working on a feature that will allow a user to record video through that app to begin live streaming. They Just Launched facebook live. People are already doing that. And steve did facebook live. And now i see people constantly snapping the pitcher from their snvp and putting it on instagram. The point with snapchat you send a picture and within six seconds it disappears . I think that was the original plan. What are the other advantages . Well you can add also animation to your picture. You can write animations on. You can stick your tongue out there are all sorts of do dads. Do i get to decide . No you decide. If im receiving you decide how long its out there for. Thats what concerns me. If you put your kids on these things. Somebody sends them something that disappears and there is a reason you want it to disappear in six seconds i think its moved away from. If i could move it away interest that away from that entirely we should also tell you an Fda Advisory Panel from sarepta did not meet requirements because it involved only 12 patients and didnt have an adequate placebo control. This is the story we talked about yesterday with howard dean who on top of being former vermont governor and politician is also a medical doctor and he said situations like this are incredibly important because patients using this dont have other options. They are in pain and so those are things the fda panel could consider at the end to. Im not a doctor on so im not im not here so im just repeating what he said yesterday. Yes. Little bit of the Corporate News for you. Alibaba and closing a funding round. Lets check the broader markets. We also want to look another the treasury. The treasury market right now. The 10 year note is yielding 1. 904 . While expectations are not that well see a rate hike from the fed this time around, you could hear language that suggests there is a hike coming potentially as early as june. That is what the market has been moving on. And weve been looking at improving economic conditions. Also if you want to look at the currency markets today. Looks like the dollars down across the board. Right now the euro is trading 112. 86. The yen at 110. 88. Finally gold prices which settled up yesterday are down about 4 this morning. 1236. 20 an ounce. This morning, again, you see fair value with the stock markets indicated slightly higher but the fed is kicking off its two day meeting today. No policy changes are expected in this announcement but investors will be looking for hints about whether the fed are raise rates in june. Joining us now is Global Market strategist of j. P. Morgan asset management. And david joy. Chief of somewhere. And the bank of england, the ecb and what the boj are doing because that seems to be driving our policy here. What do you expect to happen to rates globally over the next 612 months . I think there is a team here. Used to be a theme here. You have a fed talking about the gradual rate hike. You have the ecb pushing out further measures to really attack the Corporate Bond market as well. So they have been cutting Interest Rates in negative territory. Now buying Investment GradeCorporate Bonds to try to bring down costs for companies in the euro zone can the uk keeping things completely on hold. Very much an easing mood here in uk and European Central bank. In terms of who moves first, it seems to me like the fed is tied in and waiting for something to change overseas. I guess whos going to blink first and say okay we have to get out of the negative Interest Rate mentality . Is it going to be the ecb . The bank of japan, or the Federal Reserve which is okay, were going it alone even though everybody else is looking so much weaker . The strength of the u. S. Economy and the fact that janet yellen and the others have been signaling so long there is going to be a gradual rate hike makes us certainly think the u. S. Is going to be the first to move. Definitely not this week but if she hints for june, then that is on the table. Maybe december this year. But the ecb and bank of japan are certainly in easing mood and bank of england a wait and see. Particularly because we have brexit. Lets talk about that dave. Stocks have been on a tear because the fed has sounded so dovish. Do you expect that to change today or tomorrow . No i dont. I think they will leave the possibility open for a rate hike as early as june. They want to leave their options open. There have been as you pointed out just a moment ago you are starting to see the yield curve steep an little bit here. Rates have moved up across the yield curve and that is suggesting that Economic Activity may be picking up. The fed may be getting a little bit of a whiff that the disinflationary pressures in the u. S. Are coming to an end. But i think they are a long way from moving. I think the next central bank to do something is the bank of japan. Its not going to be higher rate, right . No. They are going lower. And they also need to do some fiscal stimulus it looks like as well in the wake of the earthquakes. But they have to be careful. Because the last time, when they moved to negative rates. They are going to have to finess it. Pointed out that she thinks the fed rates could increase as early as june. If that did happen what do you think would happen in the u. S. If it had happen i think the stocks would take it poorly. And were just going to find out what happens with the First Quarter in the end of this week and it was decidedly weak it appears. Thinkty market would say that is way premature and i dont expect that to happen. Under so much pressure because of this low Interest Rate environment . Valuations are part of our attraction. But if you listen to their earnings reports earlier in this reporting season they were fairly upbeat. And you are seeing better activity in march and april. Net interest margins moved up fractionally. Although corporate loans are a little weak consumer loans are strong. The Financial Sector looks a little brighter to us but again valuations are a big part of that and you saw a big example of that last week in the kb index up over 5 . So that stock starting to get a little attention here. The issue of brexit, because you are in london. For us here in the United States it is always a bit of a distraction. Or at least it doesnt feel as real. Does it feel very real to where you are . It does feel real in the referendum is coming up soon and you have a lot of media pushing agenda on either side. So the discussion and the back and forth does feel real but the implementation of what will actually happen is still very abstract. If there is a vote to lead we dont know how quick trade deals can be negotiated or what will happen to the residences here in london etc. So thats all very hayes but the voting itself is very distinct. What was your reaction to president obamas comments on this issue . There is a bit of backlash in the media here where you have the comments on the length of time it will take to negotiate a trade agreement is far too long. But again this just illustrates the fact that there is so much unknown or uncertainty and both sides are using the language that obama presented over the weekend or even the language that certain politicians have followed up obamas speech with as campaign measures. Because we are in the official campaigning period. You know, the polling the general sentiment keeps switching back and forth day by day. So it is going to be a hard one to predict in june. In terms of how the market is going to be reacting to the immediate knee jerk reaction from the fed tomorrow. Do you expect the tone from the Federal Reserve to be any less dovish than what janet yellen was just a few weeks ago . I dont think so. You know, she indicated more or less the possibility of two rate increases. We think that is still a realistic possibility. Although probably one is more likely between now and the end of the year. But no. I think they are going to leave it exactly where she indicated. You know, for the reasons that i mentioned. It likes like wages are starting to accelerate here in the u. S. The market remains very strong. We saw a multi decade low in new claims the other day. So we could see inflation by the end of the year. We think the headline level up around 1. 8 and the core rate maybe as high as 2. 5. So well leave our options open and watch the data. And leave it at that. Thank you both for being with us today. Coming up it is primary day, again. John horowitz has a run down right after the break. Back this a moment show me top new artist. Ah, ha ha. Show me top male artist. My whole belieber fan group. Its not a competition, but if it was i won. Xfinity x1 lets you access the greatest library of Billboard Music awards moments, simply by using your voice. The Billboard Music awards, live sunday may 22nd, 8 7 central, only on abc. Welcome back everybody. Steph curry will miss some game time. Injured his knee sunday evening after slipping on the court. Right now it is a sprain and it is said hell be out for at least two weeks. Jordan spieth losing the masters in the final round. And yesterday deflategate blew up again when a court reinstated the courts four game suspension of patriots quarterback tom brady. And looks like he might have to sit out. I am it makes no sense. This of course is the opposite. The court didnt even rule on whether he did or not. It was the contract. And basically goodell can do whatever he wants. This is very important for Labor Relations in any negotiations taking place. Because what the Appellate Court said in the leading opinion that came out on this is that we dont have to figure whether he was right or not, just whether or not goodell had the authority to do this. And based on these contracts he does have the authority. More and more employees are signing over things, handing over more power to employers in situations like this. And for labor relation raises the question why you would even have the debate . Why even have any arbitration if they can make the decision. All the lawyers involved. If you cant appeal it. It doesnt matter. This is Labor Relations writ large. There is ive seen a trend in employment where lawyers are saying look were not going through the court system. If you agree to be an employee here. You are going to agree to our arbitration system along the way. Sara eisen has a rare interview with phil knight, nike chairman. Thats 10 30 a. M. Eastern time, squawk on the street. Democrats and republicans hitting the polls in five more states. This is a northeastern flavored primary. Pennsylvania, connecticut, rhode island, maryland, delaware. If you looked at what happened in new york last week, expect a replay. And on Hillary Clintons side she almost has an unassailable lead on Bernie Sanders. And on the republican side donald trump isnt going to get to 1237 tonight. The polls show hes ahead in those with significant numbers of polls. But he can break the will of the opposition if he shows that hes winning across the board. He can get closer to 1237. His campaign argues they will get there on june 7th in california. It is unclear whether hell get just over or just under 1237. But the better he does today, the closer he gets to that number. And the significance of this northeastern primary is i think it is going to clarify the focus on a trump clinton race in the fall. Does that mean you will see either one of those candidates dropping out. They are not going to give up. Just their hopes get bleaker and bleaker. We saw yesterday the hail mary pass that cruz and kasich threw in trying to come one this deal. They werent even talking about the races today. They are looking beyond today because they know trump is going to do very well. And they are talking about indiana on the third where cruz is going to try to come from behind now that kasich is diminishing operations there and kasich is going to try do the same thing this oregon and new mexi mexico. But when you start to have deals like that you communicate to voters that none of us really have a chance to knock off this guy and you are taking desperate measures. So today i think is likely to brighten that fairly bright picture for donald trump right now. Were moving ahead of ourselves. Could we talk Vice President ial candidates. What is the Carly Fiorina story . Whats happening here . That is a ted cruz vet. And so one of the things you do if you are trying, you know, hail mary strategies before a convention is to name a Vice President and hope that brings you some support if you get to a contested convention. So for example if donald trump falls short of 1237, if hes not guarantee a first ballot nomination. Donald trump would say well im going pick Carly Fiorina and hope the attractiveness pulls a bunch of delegates. Ronald reagan tried that in 76 against ford. He was behind and named a pennsylvania senator as his running mate hoping to convince mott moderates it was okay to go with reagan. In the end ford squeezed him out. Thats purpose who would be the perfect pairing for donald . Who is the perfect pairing for cruz . And is Carly Fiorina that person . You know, what is a perfect pairing . The Vice President ial candidates dont add all that much electorally for a candidate. Carly fiorina is from california. Is it possible she could help get suburban women in virginia to tip that state to ted cruz . Not likely. But it is possible. The case of trump, he said he wants some political experience. And then hes got to find somebody with political experience who is willing to run with him. Because it is a more consequential decision given trumps reputation for somebody to decide to join his ticket. Because trumps baggage becomes their baggage. It is more likely you are going to get somebody towards the end of the their career than somebody at the beginning of their career who might welcome forward to running for president on their own. Could we play the vp game with hillary too . The speculation i find most compelling is about tim keane, the senator from virginia. You also hear talk of the castro, the hud secretary. Mark warner, the other democratic senator from virginia. Moderate, businessoriented guy. Sherrod brown, a populist, closest thing in the senate to Elizabeth Warren or Bernie Sanders. Those are all possibilities but were all guessing at this point. I think it was interesting what Hillary Clinton said to Rachel Maddow if he continues to win, her point was she has more than 2. 7 million more voters. There is a much bigger lead between her and Bernie Sanders than between her and barack obama eight years. And she didnt sound like she was bending. Im not going to adopt his strategy just to hope that his voters come along. Thats a reasonable position if you are about to lock up the nomination. And shes not about about to adopt Bernie Sanders tax policies and spending policies because she knows she would get hit over the head with those in a general election. And fur close to locking up the nomination you are the one who gets to dictate whats in the platform. They have to find a way to pull the sanders supporters back into the fold and prevent deflections but they could be fairly confident. But because democrats tend to think alike. Because tribal loyalties in politics are so strong now. That is likely to occur. John, thank you. When we come back were going to talk about a new survey of rookie ceos that found that most werent initially as prepared to run a company as they thought. Lessons from first time executives next. Plus earnings due for the opening bell. Well bring you the reaction and numbers from the street. Take a look at yesterdays winners and losers. Were back in a moment. Today, were seeing new technologies make healthcare more personal with patientcentric, digital innovations; from selfmonitoring devices that can interpret personal data and enable targeted care, to Cloud Platforms that invite providers to collaborate with the patients they serve. 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