Transcripts For CNBC Worldwide Exchange 20170515

Happy monday morning. Welcome to Worldwide Exchange. On cnbc. Im sara eisen. And im wilfred profit. Very good morning from me as well. Lets check the markets, low volatility. Little action. The dow and s p closed lower for the week. The nasdaq marching to its own beat closed higher for a fourth week in a row. Dow futures up 40 points. S p points up 4, nasdaq futures up 6. Retail earnings are going to be dominant as they were last week. Looking for results from walmart, home depot and more. Going straight there to show you the big boost. Wti 2. 6 higher. Present is above 52 this morning. 52. 15 up 2. 5 . As i mentioned on the Energy Minister comments. Nat gas up by a percent. And last week helping the market up 3 breaking the threeweek losing streak. So perhaps thats a sign to spur the market this week. Asian markets, hong kong, up. And the Industrial Production and fixed investment, both significantly rising but significantly below estimates. The ftse was the outperformer, 2 . Germany slightly higher, france slightly low. We have seen both germany and the ftse 100 hit record alltime highs. And the ftse still positive by 0. 1 of 1 . The treasury note yield, yields took a spill lower on friday after soft index price data. Soft retail sales data. Inflation data particularly low. On the tenyear unchanged this morning. As for the u. S. Dollar, it eked out a bit of a gain last week. The dollar is a big weaker against the euro. Stronger against the yen. The pound weaker against the british pound at 1. 2925. The gold finished higher on the week. Just fractionally, though. Dollar, i have to say, is still higher. Finished noticeably higher which is a turn from recent weeks. Earlier in the week, ppi had come out strong. Cpi the big different yateer. A bit of a china story overall, the market has been weak for the past few weeks. Right, developing story out of north korea, the country announcing the missile can carry a heavy Nuclear Warhead and capable of hitting targets in the pacific. The missile landed in the sea between north korea and japan. The latest was largely condemned by japan. The white house calling north korea a fragrant menace. Business hospitals, government agencies, at least 150 countries are reeling from a massive cyber attack that hit over the weekend. And the separation could get worse today. Our landon dowdy is here to fill us in. Thats right. The worldwide ransom attack hitting over the waekdeekend, t malware calling Wannacry Ransomware demands payments up to 600. It has reached 200,000 computers. Taking advantage of flaws in Microsofts Windows systems. And Officials Say that number is like likely to go today as people head back to work and turn on their computers. It has impacted fedex and among others, germanys rail system, as well as Britains National Health Service where operations were cancelled. Xrays and patient records became unavailable and phones didnt work. It brought it to a halt when a 22yearold Cyber Security researcher unintentionally found a socalled kill switch left in the code. His actions may have saved companies and governments millions. The researcher warns there are some concerns. The attackers will realize it has been stopped. Theyll change the code and start again. President trump met with his security adviser. Landon, thank you for that. Has microsoft done anything . They posted a blog post, look, we wants to stop this earlier. Landon dowdy for us. Separate news, United Airlines said culprit door access may have been made. The access to doors were mistakenly posted on a public website by a flight attendant. United said procedures have been in place to secure the flight deck. The flow Economic Data is light but there are plenty of earnings reports that list included home depot tomorrow. Wednesday, target and thursday walmart and gap. And the Manufacturing Survey and home Builder Sentiment today. Tomorrow, well get housing starts, and industrial protection. On thursday, jobless clays and the philly fed survey. Economic date is important. Theres this narrative out there driving the marks about Economic Growth picking up. The weaker chinese story, you wonder where expectations are as this market continues to hover at record highs and barely move more than 0. 2 any day. I would say its not just over the weekend with china. Its the last month, we started to see the trend of prior 12 months improving chinese data turn in the opposite direction. So thats definitely a concern. The is it going well, the ma markets outside of europe, the bottom line for markets, though, has been corporate earnings. Thats been a big factor both to the upside and the downside, we should point out which is kind of a reassuring fact when you do see the Companies Miss like macys and others. They were so ugly, they managed to underwhelm even low expectations. If you look at the reporting this week its a lot better in terms of recent results. Walmart has been pouring money into ecommerce. And home depot, people are spending money on home improvements. There are stories we want to watch. And the deadline day, well be waiting for regular filings of what some investors bought and sold in the first quarter. And Western Digital is taking actions to prevent toshiba from selling its chip arm. Nintendo is reportedly offering its legend of zelda game for smartphones. Looking to expand its mobile game lineup. Bhp drops the billiton in rebranding it. To change its corporate structure. And australias Fairfax Media receiving a proposal from tpg consortium. Tpg sending sales to sixmonth high. You 6 . Gold producer el dorado looking to buy the remaining shares of integra gold in an Eastern Region of canada. And Deutsche Bank making calls in the coach. Downgrading jcpenney and michael kors to hold. Really, jcpenney down about a percent. In tech news, lyft is teaming up with car developer waymo to develop a program. Waymo has some of the most advanced technology out there. And it just started testing cars in phoenix, arizona. Lyft offers ride sharing in 300 cities. The exclusive will continue to work with selfdriving programs with a major investor in that company. Were learning more about which high profile investors bought into snap which went public in march. And fidelity with 33 million shares. Blackrock at 9. 4 million shares advantage guard, only 7 million shares and downlights third point 2. 25 million. And the stock price went up. Its up a little bit today. Still love that 17 level. When we come back, european politics are in focus for macrons picks for prime minister. To merkels big time win with the implications and the move in oil. Today is the 21st anniversary of am dawns ipo, the shares have gone from 2 to 961 on friday. What investors likely stuck it out that time, pullbacks at least 20 , including a 64 plunge during the crisis. That chart tells the whole story. Amazon on a tear in recent years. Were back in a couple minutes. Where . San francisco. When . Friday. We gotta go. [ tires screech ] any airline. Any hotel. Any time. Go where you want, when you want with no blackout dates. [ muffled music coming from club. Blue monday by new order. Cheers. ] [ music and cheers get louder ] the travel rewards credit card from bank of america. Its travel, better connected. The shlike a bald penguin. T card frohow do i look . Ica. [ laughing ] show me the Billboard Music awards. Show me top artist. Show me the top hot 100 artist. They give awards for being hot and 100 years old . Well take 2 [ laughing ] xfinity x1 gives you exclusive access to the best of the Billboard Music awards just by using your voice. The Billboard Music awards. Sunday, may 21st eight seven central only on abc. Welcome back to Worldwide Exchange. Last week, the nasdaq led the charts once again about. 3 asa hole. The earnings kept the market supported for the most part, very much the leading factor for stock prices. All prices also have a decent impact. They were high tore the tune of 3 last week as a whole. Theyre higher once again this morning as you can see, 2. 3 against the wti, the saudis, the russians and others may well extend that opec supply agreement in that spread oil prices nicely higher, another 2. 5 this morning. Futures as we just showed you pointing higher off the back of that. That saudi Russian Joint statement moving oil. Chinas premier is reassu reassuring investors that they can keep the stability. The premier also says that china will keep iran basically stable. He did meet with rift teen la guard yesterday in the foreyum in beijing. This is important because theres recent returns in the Chinese Markets with the regulatory crackdown, who is getting intense, catching investors off guard. You always wonder with china how theyre able to keep growth up and trying to regulate. You have to say slightly tightening the credit markets. Its definitely something to keep an eye on. They havent gone wholeheartedly against credit forecast. Gdp still pretty much in tact. Angela merkels party got a boost yesterday. The leftleaning social democrats in a leading election. North ryan westphalia is home for 20 of germanys population. It delivered a blow to merkels main challenger Martin Shultz who hails from that region. So a significant local victory for the cdu, german chancellor merkels party. Albeit, they tend to be led by local issues but definitely a did marker gauge. Gauge. And that election in later in the year . That election is likely to be around october. They havent set the date for it. It will be later this year. Either way, its between her and Martin Shultz, very much proeuropean. Speaking of proeuropean, the new french president Emmanuel Macron isnt wasting any time. In his first day in office, hes expected to meet quickly. Hes meeting with Angela Merkel in berlin and may unveil his selection for prime minister. It centers on edouard philippe. Very good. I was going to help you with that one. But its quite simple. Hes a member of the mainstream right Republican Party. To be seen as an effort by the centrist macron in building a majority in parliament by drawing lawmakers from the right. Yeah. That would be an interesting appointment. Hes a spokesman for mr. Jiuppe. Clearly, lots of work, macron, to do, to build a coalition that is going to be delivering action, rather than despair hope. Well see what happens when that announcement comes today. Still ahead here on Worldwide Exchange, well head to washington you cant read the french wordsi cant read the english ones were getting ready for the next search for the new fbi head continues. Nbcs bill karins. Good monday morning, sara and wilfred. Were watching a big pattern change. All of the warmth is in the middle of the country and that air is head to get east. A really cool day in especially areas of new england. And then later, new york city, 80, and all of the 80s and 90s are spreading to the midatlantic. By the time we get to wednesday or thirst, the Nations Capital one of the hottest in the country, 90, 93. Were going to have cooler type of weather in the west and watch out for spring storms in areas of western kansas. Thats it for weather. More Worldwide Exchange when we come back. I love you, couch. You give us comfort. And we give you bare feet. Backsweat and gordos everything. I love you, but sometimes you stink. New febreze fabric refresher with odorclear technology. Cleans away odors like never before. Because the things you love the most can stink. And plug in febreze to keep your whole room fresh for up. To 45 days. Breathe happy with new febreze. We, the entertainmentloving people, want all our rooms to be tv rooms. Because those are the best rooms. Because they have tvs in them. And, when were not in those rooms, we want our shows to go with us. Anywhere . You got that right, kid show thing. Get a directv allincluded package for 4 rooms. Only 25 a month, price guaranteed for 2 years. Available for at t unlimited plus customers. Welcome back to Worldwide Exchange. Lets get you caught up to speed on the Market Action this morndz mornin monday morning. Futures strong. Dow futures up 17 points. 18 now. S p futures up 1. Nasdaq futures just turned positive. Nasdaq outperformed for another week last week. Finishing higher for the fourth week in a row. Dow and s p were lower. Just fractional. As weve been seeing. Thats certainly been a pattern, low volatility, low move for markets. As for oil, its rocketing higher. After a 3 move last week. Wti is back up 49. Up 2. 5 . Brent up 2. 5 . This after a statement by the russian and Saudi Oil Ministers saying they back further production cuts. Its something that the market probably knew and was anticipating coming but just having the Energy Ministers out there in this kind of official way giving the market a boost. And 3. 5 gains as it was last year. Just for the reason why futures half their gains this morning. Europe lost a bit of ground in the last half hour. Beef seen the uk, 100, german dax stepping back. Germany is down. 25. United states is close to completing a series of arms deals with saudi arabia totaling 100 billion. This according to a white house official. President trump will visit riyadh later this week. The package could reportedly end up surpassing more than 300 billion over a decade. As President Trump prepares for his first big trip overseas, hes also searching for a new fbi director. That dominated the weekend. Nbcs tracie potts joins us now with the latest. What do we know about who will replace james comey, tracie . Well, we dont know. We know that the search is under way at the Justice Department level at this point but theres still a lot of focus on the old fbi director and his conversation with the president , pressure coming from democrats on republicans here for President Trump to turn over whatever recordings he may have with the conversations of the director he fired. Reporter this afternoon, President Trump meets with Abu Dhabis Crown prince while preparing for his trip with saudi arabia. He suggested the u. S. Should stop buying the countrys oil until they crack down on isis. Is he serious . I would never say its anything offer the table. Reporter President Trump leads the search under way for a new fbi director. The Justice Department interviewed eight candidates. Very wellknown. Reporter including two from capitol hill. Democrats want to subpoena the tapes that the president hinted about in a tweet with his conversation with former director james comey. First of all, we have to make sure that these tapes if they exist dont permanently disappear. Reporter they could speak later at russias interference on the election. President needs to back off here and let the investigation go forward. We need to call comey and get to the bottom of all of this. Reporter the former director of National Intelligence says he cant say whether Trump Associates conspired with russia. I dont know i cant refute it, i cant control it. Reporter that investigation continues. And as growing pressure here on capitol hill, mainly from democrats, for the Deputy Attorney general Rod Rosenstein to appoint that special prosecutor to oversee the russia investigation. Among the biggest buzz out of the beltway, axios is considering a shakeup. The report says that the president is irritated with cabinet members including wilbur ross. Attorney general Jeff Sessions and tom price. No cabinet is expected to go but a west wing shuffle does look likely one of those stories that gets a lot of buzz and attention. We get these rumors every so often. This one a little more specific in that trump was getting advice to go big with regard to the shuffling. I think we had individuals there on their own mentioned over the last month or so. That would be a huge shakeup. Did you watch snl this weekend . I didnt. Good one . Melissa mccarthy did it. There was a crisis reenactment. And the dare eck jecerricekd number 2 with his wife hanna and daughter by his side. He won five titles in hist over to. Nobody will be number 2 now . Yeah, retired it, exactly. When we come back, top stories around the global markets. Plus the top trending stories. What former director james comeys neighbor did to help ease the pain of the firing. Stay tuned. Youre watching Worldwide Exchange. People who rely on us every day to deliver their dreams. Theyre handing us more than mail. Theyre handing us their business. And while we make more ecommerce deliveries to homes than anyone else in the country we never forget. That your business is our business. The United States postal service. Priority you good morning. Crude climbs, Oil Prices Jump to a twoweek high. Saudi arabia and russia back at extending production cuts. The future of europe. From the uk to france and joining us with his take on the politics right now. Plus, endorseyminute plus, endorseyminutndors. Good morning. Welcome back to Worldwide Exchange, im sara eisen. Lets get straight to the global market. Futures have been higher, 40 points on the dow, weve slipped a little bit in the last half hour. Now about 14 points, one point on the s p, nasdaq was leading the markets, once again up about a third of a percent. With the dow down about half a percent. As you look around the rest of the world, asian trade is a little muted. Up 6. 5 , and fixed investment was 9 . It was expected to be a little higher than that, so, both decent reads but a little than expected. Shanghai up. 02. The dax now in negative territory. Last week, the ftse, the best in european markets up 2 . Oil is a big mover up 2. 5 . Wti 2. 42. Brent is higher, up 2. 3 . This after saudi arabias and russia ministers coming out trying to curb Global Supply to get Prices Higher again. As for the treasury note, around the 2. 33 level after big dips in yields last week. Especially friday. On the back of very soft inflation levels out of the u. S. Soft retail sales as well. Combining pushing the yield down to 2. 32. As for the u. S. Dollar, a slower week for the dollar last week overall. But a mixed picture this morning. Stronger against the yen, 1. 095. Weaker against the euro and the pound. And eking out a gain last week, up by 1. 3 . The flow of Economic Data is light but plenty of earnings from the retailer sector, home depot tomorrow. And target on wednesday, and well get more from campbells soup. As for data, home Builder Sentiment. And thursday, jobless claims. Focus to europe, 22 days to go until the uk heads to the polls for a general election. Today, the ftse 100 hit a record alltime high. Editoratlarge at brexit central, the former ceo the vote lee which delivered the famous exit vote last year. Good morning. Were heading for another vote if june in the icuk. Last year, the polls got things wrong. This year, theyre suggesting a very strong victory for the conservative government theresa may. Whats your opinion on whats to happen . We have seem people behind. And now, its a very big solid big lead for theresa may. I think shes likely to get a very big majority. Perhaps even three figures. Of course, off the back of that weve seen markets pretty strong. The pound has rallied on the calling of this election. Why is that . Because on the face of that she may deliver harder brexit than otherwise would have been the norm. I think there are two reasons for it. I think the first one people know she should have a strong mandate in the negotiations. The second reason is, if she gets such a big majority, thats two terms of conservative government. Ten years of conservative government that will be more promarket, more progovernment. It was warned that british households are in for pain. Have you seen a turn in the data where the actually been weaker after it was resilient postbrexit . Yes, in terms of optimism, it hasnt reached the public yet. In fact, people are very surprised and pleased about how well the economy has done postbrexit. One of the bullish arguments why brexit could be a good thing for britain, whether new trade deals could be struck up with exiting the current deals. But also with other countries around the world. Steve mnuchin and President Trump are quite confident they will find a deal with brexit. Is that realistic . I think a whole signature trade deals. And in terms of the precedent for this sort of thing, how complicated are these deals . And realistically will that be ready to go on the day that britain leaves the eu . In terms of the eu and trade that should go forward. Because we do have zero there. In terms of the rest of the world, i think if we dont complicate, if we dont add other regulation and sundry things, it should be quite forward. How has france reshaped the vision for europe . And what can we expect for the rest of the countries waiting for italy . Sure. Interestingly, president macron said he wants to see reform which i think is necessary. And now were looking at germany, how well will Martin Schultz do, she didnt he didnl in the recent election. Particularly if migration returns. That could make things quite different from the negotiation. Seems like theres a sense that the victory of Emmanuel Macron has led many people to say, the biggest populist opinion is those who voting for antieu candidates. Actually, macron, himself, he had to reinvent himself. He has a league of socialists, and the party becoming a figure. Matt, thank you for joining us, Matthew Elliott of brexit central. Former ceo of the vote to leave campaign. Businesses around the global briefing for more fallout from a global cyber attack that hit 200,000 computers in more than 150 countries. Britains National Health service were the first to be hit friday morning. The virus known as wannacry has spread to russian banks, university of china and fedex in the United States. It was spread very quickly to an Organizations Network locking computers encrypting files and demanding 300 in bitcoin to unlock them. A 22yearold Cyber Security blogger may have saved the day. He accidentally found a kill switch for the virus to slow it down. Experts are warning to brace for more fallout today, monday morning. Exactly. Extraordinary reach to this is the warning thing about it. Not a clear answer from microsoft yet as to their statement. Time for top trending stories now, twitter Ceo Jack Dorsey is speaking out against President Trump. Dorsey sitting down with sunday today and responding on why he has the platform to feet. I believe its really important to hear directly from our leadership. And i believe its really important to hold them accountable. And i believe its really important to have the conversations out in the open, rather than have one behind closed doors. So if were all to suddenly take these platforms away, where does it go . What happens . It goes in the dark. I just dont think its good for anyone. I couldnt agree more. And for someone that believers that the president shouldnt tweet, i think we should get through them. James comeys 9yearold neighbor say a mom saying her daughter abby grace thought that all of the report on comeys driveway were quite hospitable. Abby grace dressed in a School Uniform was allowed past security to hand him chocolate chip cookies, the note said were proud for all youve done and thank you for making america america. Im not sure the youll would be allowed rightfully, i think it would be rejected. The District Of Columbia winning backtoback u. S. Titles. Working for the u. S. Regulatory commission took home the miss usa crown. The contestant taking home the crown and saying she hopes to give d. C. Backtoback wins. Now, she gets to well see if she can go on and take that for america. I havent seen a beauty pageant for a while. No. When i was a child, i used to watch a lot of miss america. I cant believe that. Katy perry is a judge for American Idol revival. This coming as Ryan Seacrest is forced to resume talks with his new duties on live with kelly and ryan. Hes a busy man. Katy perry i havent seen her on tv. One of the big things is the salaries of stars are who tie. Too high. Maybe theyre just pretending theyre trying to get katy perry. Maybe trying to get viewers. When we come back, the search for a new fbi director. And well see what preet has to say. Remember him . Some projections in the last 20 minutes. Ftse 100 stayed positive. The dax and cac, france and germany staying negative. Well be right back. Unlock a realization thathat wn often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. Welcome back to Worldwide Exchange. If youre just getting up, lets get you up to speed on Market Action. Weve slipped a little bit in the last hour or so. The dow as up 40 points its now up 17. The nasdaq up 1. 5. Coming off the week with the dow down. 05 . Last week, snapping a threeweek losing week in gains, a big 3. 5 . Adding a 2. 5 this morning. Talk from Oil Ministers of russia and saudi arabia that they are prepared to extend that supply deal that, of course, was made recently, to send oil prices up 2. 5 . And now must reads in the papers. Mine is the Washington Post because its pen bids preed by bharara. Saying are there still Public Servants who will say no to the president . You he be preet, he was the most public. Bharara saying the new fbi director must be apolitical and sensitive to the Law Enforcement mission. Not someone with a long record of reflexive partisanship or commentary on the very investigative issues. And needs to be a stabilizing hand who hasnt spent much of his or her career pandering for votes, groveling for cash or putting party over principle. And over the list that President Trump has been poring over over the weekend, there are some actual politicians on capitol hill. Preet bharara has worked for james comey, admires him a great deal, says this is not the way to go about it. Albeit, President Trump is probably thinking that way, maybe for other reasons because he knows hes going to get a vote. The Republican Party mostly has been very loyal to him. Has been, even despite the bumps of last week. My read is the wall street journal entitled trumps pretty good china deal. In the back of the deal announced last week, Editorial Board righting while its good that mr. Trump has pulled back from protectionism, dampening the swings in the way his administration portrays china relations would bring better ruts. Essentially the take on the trade deal is very positive, saying this was more than we expected with such short notice. But to overcelebrate the results is a mistake. And theyre saying that they tried to trumpet too much. And therefore, we disappoint. And it should have been better to get it done. Dont take a victory lap. Dont take a victory lap just yet. Exactly. Weve seen it, on the plus side, hes very transparent and open. Talk about the moves. A lot. Maybe this one went a little too far. Exactly. Still haahead, retail and economy on wall street front and center. Well set you up. Back in a couple. She cant become a guitar legend just by playing air guitar. The babys room wont build itself. And her paw wont heal on its own. Were all working forward to something. Synchrony financial can help your customers make it happen sooner. So she can plug into her dreams. And theyll have a new addition for their new addition. Whatever youre working forward to, even if its chasing squirrels, Synchrony Financial can help you get there. Tha. Oh, burnton gravy . Ie. Even if its chasing squirrels,. Gotta rinse that. Nope. No way. Nada. Really . Dish issues . Throw it all in. New cascade platinum powers through. Even burnton gravy. Nice. Cascade. Welcome back to Worldwide Exchange. Were approaching the top of the hour. That means the team is getting ready for squawk box. Andrew ross sorkin joins us this morning with a lot of whats coming up. We know you have a lot of big guests . Not just big guests we have embarrassment of riches is what it should be described as. Arod is joining us. Maybe we should stop there. And John Barrasso joining us, and youre looking at the screen right there. We have marc lassry in the 8 00 hour. Larry robbins. I dont know where to end or extend this conversation, orth say im excited. Squawk box coming up in ten minutes time with outstanding lineups. Well be tuned into that. But in the meantime, lets discuss markets with bob bell, futures at the moment mixed. Following a mixed week last week. Bob, the headline for you at the moment for markets, is it at the moment, earnings are just about Holding Things up . I think so. If we didnt have that strong earnings backdrop, wed probably be pulling back more significantly. In the meantime, we just churn, because theres so many close turns. On the good side, you mentioned earnings. We also have improvement, Economic Growth around the world. We have Monetary Policy around the world that is at least neutral and in many places accommodative. But on the other hand, weve got structure problems. Low productivity. Inability to get things done. So, you know, the tradeoff continues and markets reflect that by going nowhere. If you were to ask that, going into the year, whats going to happen with stocks this year. Even if they predicted that stocks would gain. Everyone said theres a lot of volatili volatility. We dont know whats coming out of washington. Volu volatility, volatility, volatility is dead last week closing at a threeweek low. I think its the markets, index funds, epfs. But its this back and forth that causes no one to break out on the upside. Thankfully not on the downside. Volatility stays low. Uncertainties around the world would be geo commpolitical issu. Its not normal as you point out. Bob, whats the easiest way to get projection on your portfolio . Is it volatility or assess classes like gold . I think to have diver diversification in the portfolio, a little gold, im not going to fight you on that. We know oils had a little more volatility, more recently for the upside. So theres lots of ways to get volatility. The overall stock to bond markets have been. As we watch from last week, whats the overall strategy for retail right now . Seems like you have to be really specific. Thats right, while im not of the view that amazon is going to but every bricks and mortar out of business theyre certainly struggling to figure out inventory. I dont think its area you have to try to be a hero. Earnings have been good. But the retailers are, you know, bringing that back with late reporters in the quarter agency you kno as you know. All in all, is chinas Growth Holding up for what it means for the u. S. . I think china will continue to slowly but surely weaken. I dont expect any kind of financial crisis there as some are predicting. But i think that they had some issues that are going to cause the economy to continue to slow. Dont forget, the long term, one birth policy that existed for such a long time is critical, as those folks are entering the workforce. So chinas workforce growth is going to slow significantly in the next few years. We mentioned how theres little action on days like fridays. But we did see a drop in trish sorry yield, and utilities. Is that a trend along low yields going to continue to work . Would you be a buyer of that, high yield rate sensitive stocks with financials that are hurt by that . Well, it seems to me that the pattern is likely to cause Interest Rates to go back up. Remember, we had that move from 1. 37 last summer. Pretty quickly on the 2. 62, and it seems that rates will creep higher and that should be good news for the financials but im not holding my breath. So, you go the other way on that one . Yes. Bob, just final thought in terms of the political landsc e landscape, is it easier to gain here as opposed to lose . In terms of the legislative agenda in terms of tax cut and legislation, if that isnt priced in, we get that kind of de, we go forward here upwards in the market . I think that is a plus in the terms you just mentioned, that it is to say, deregulation is happening on the executive side. Regulation being rolled back. Its getting some but not a lot. On the more visible tax cut reform issue, the market would be disappointed if tomorrow morning we knew it wasnt going to happen. But i think theres still upside if we get something of meaning. Of course, it gets delayed and watered down. But i wouldnt hold my breath on that one either. Bob doll, thank you for joining us. Weve got a minute or so left. Im going to look at the ftse 100 oneyear chart. Because we hit a fresh alltime high this morning. Quite a roller coaster ride for the ftse 100. And looking very pretty at the moment. The declines spread off the brexit, but now looking very small. Of course, this has come in the face of a weaker pound. Not all British Assets rose off the back of the brexit decision. The ftse 100 alltime high. Were about 25 days or so out from the uk election. Up 17 . Ill be watching u. S. Retailers today. That is the story of the week when it comes to earnings. After an ugly week for Department Stores will names like home depot, target, walmart turn it around. But also to report in gap, see where the companies are in the turnaround stories. Retail has been a point for jobs as well. Implications for the economy, the biggest employment sector. Thats what we have. A quick look at futures as we dougo, the dow up. And another 2. 5 with gains. Thats it for Worldwide Exchange. Squawk box next. Theyre experts in things you havent heard of. Researchers of technologies that one day you will. Some call them the best of the best. Some call them veterans. We call them our team. But weve got the get tdigital tools to help. Now with xfinitys my account, you can figure things out easily, so you wont even have to call us. Change your wifi password to something you can actually remember, instantly. Add that premium channel, and watch the show everyones talking about, tonight. And the bill you need to pay . Do it in seconds. Because we should fit into your life, not the other way around. Go to xfinity. Com myaccount good morning. Its a blockbuster hack attack, a cyberbreach holding 200,000 computers ransom. The malware, well tell you what you need to no before you boot up. Russia and saudi arabia on the need to extend production cuts. Plus, replacing james comey. Well tell you whos on the short list to run the fbi. Its monday, may 15th, 2017. And squawk box begins right now. Announcer live from new york where business never sleeps, this is squawk box. Good morning, everybody. Welcome to squawk box here on cn cnbc. We are live from the Nasdaq Market site in times square. Im becky quick along with joe kernin and andrew ross sorkin. Take a look at u. S. Equity futures. Going a bit higher this morning. Yesterday, the s p was down after three weeks of gains. You also saw the dow get down. Nas danger was higher. Dow futures up by 20 points. S p close to 2 points, nasdaq up just fractionally at this moment. Take a look to see what happened overnight in asia. This is where we were looking for some sort of a reaction, after the cyber attack that joe just mentioned that is prevalent in places like china. You can see the chinese stock markets ended