>> wilfred frost great to be back together. >> on vacation like two months. >> one week, and you've not been here various different places. >> i am teasing. >> happy birthday for last week. >> and to you. >> thanks very much. >> let's take in global markets. have a look at futures which are pointing higher. we mentioned we've got gains around the rest of the world, and that's helping bounce back following last week's declines small gains friday, for the week as a whole, between 1% and 1.5% for each of those. all sectors were negative apart from consumer staples, energy was the worst, but in terms of sub sectors, banks stood out as decline. >> russell 2000 small caps, lot of people thought it was bearish. >> the banks down almost 4% because we saw that risk of buying bonds, compressed yields and that hurt the banks' performance. seeing it tick up, below 2.2 on friday yields rising a bit. you can see trend over august is down >> economic data out of asia overnight. this was a wow number out of japan, gdp grew at annual rate of 4%. higher than 2.5% they were looking for. mixed bag in china, disappointing data industrial output, retail sales, fixed asset investment came in below expectation. add it up, you had a rally most of asia. japan was closed at the end of last week when u.s. stocks fell sharply, so they did decline about a full percent and japanese yen weakened. european action. best day in a while for the german dax, france up a% as well coming off the pull back, results are notable last week. cramer has been tweeting about this as well how many big names came out and proclaimed their bearishness, howard marks, for instance, who follows the debt markets and says credit is more value than equity cautionary signals, some bearish big bets which work when the market is falling and north korea headlines are ramping up the question is is now the time to sell. august is traditionally a big month. >> lot of volume, you get bigger reactions in august. and i agree it is important jim makes that point also important to point to the north korean issue, often geopolitics provides a buying opportunity. i would say one other slightly bearish factor, this earnings season not as good as the prior two. we need big beats, had that prior two quarters, this quarter mixed bag, big movers both directions, more notable lows, less underwell amming. >> price action has been interesting. >> technology, a stand out again. >> european markets, big bounce back last week, particularly soft some main markets down 3%. border markets, oil prices for you quickly which last week did decline around 1.5%. rallied slightly friday, giving up a little of that today, 48.6. gold prices a beneficiary of korean risk of trading buying, safe havens. gold up 2.3%, down a half percent today. did see the dollar react down last week, a half percent, could have been more given yields are slipping today dollar is clearly strong as you can see, particularly against the yen, up a half percent. >> risk gone yen strength was the dominant theme of last week. >> the dollar was also a safe haven against other currencies, the yen overall arching the safe haven. >> ultimate safe haven >> look at it. trading above $4,000 first time ever 4123 that move after last week, up 1.5% bitcoin is the place to be sadly i haven't been there >> i don't know if it is a safe haven, hard to explain what's driving it a lot of it is in yen dominated bitcoin. japan has been more open about it than the u.s., there's demand in china, korea. rallying with gold rallying with everything up 400% this year. following the latest from charlottesville, virginia following this weekend's deadly attack many are calling a domestic act of terrorism. kayla tasha made it to charlottesville and is live for us this morning. kayla? >> reporter: sara, official vigil in charlottesville scheduled last night was cancelled because of safety concerns and out of respect for the family of the victim, 32-year-old heather heyer, part of a crowd marching against a white supremacist rally in charlottesville when a car rammed straight into the crowd last night, impromptu vigil did assemble around her memorial there were 19 other people injured who remain at area hospitals. this rally, this alt right rally, the fourth of which has taken place in this town just since may descended on charlottesville on saturday. it featured confederate flags, torches, nazi salutes, military fatigues, the message universally panned by politicians on both sides. charlottesville has been a flashpoint for the debate because there's a multi year conversation about removal of confederate statue you see behind me. yesterday, the organizer of saturday's rally, jason kessler, attempted to hold a press conference, that evolved into disarray, punches were thrown and that was cancelled university of virginia a mile from where i'm standing now over the weekend cancelled all of its events because of the rally coming here and has since restored regular operating schedule its president, teresa sullivan, strongly condemning violence that took place and message of the rally in a message to students saying the weekend events don't define charlottesville or university of virginia our community comes together in times of great need. in the coming days, we will continue an important dialogue and begin the healing process. important to note, guys, the university makes up the lion's share of population. students move in this weekend ahead of classes next week businesses here are open after being closed saturday and they say this is not what this town is about sarah, will? >> thank you for that report live from charlottesville. president trump will break from his working vacation in new jersey with a trip back to washington today he will sign a memo to have the trade negotiator to launch a probe into chinese trade practices. this is forcing them to turn over intellectual property appearing on "meet the press," national security adviser suggested the action signals a tough new approach to china. said the u.s. isn't looking for trade war. >> the operative word is not punish, the operative word is compete effectively, demand fair and reciprocal trade and economic relationships with not just china but with all countries. what the president is doing is everything he can to ensure a fair playing field, to make sure american workers, american businesses are not disadvantaged by the theft of intellectual property or unfair trade or economic practices >> getting response to potential u.s. trade crackdown good morning >> reporter: president trump hasn't signed anything the chinese government and state media are signaling the move could set back u.s., china relations. officially trump administration officials have been saying that this directive on ipr is not related to what president trump might perceive as lack of action on the part of the chinese to reign in north korea in conversations with chinese officials, because of the past statements of trup and tweets, they see him linking the two and are bothered by it just a couple of hours ago, foreign ministry addressed this saying the korean peninsula issue and trade issue are two different categories it is clearly inappropriate to use one issue as a tool to press the other issue. before that statement, the chinese state media was already threatening retaliation. the china daily this morning said the u.s. action could trigger a trade war, then the global times, a communist party paper, said yesterday we should make washington realize that china is not the one to be messed around with so if you take the chinese words on their face value, the concern at this point is that this could descend into a tit for tat trade war that the business community has been worried about. >> does it push china closer to north korea? where does china stand in the standoff between kim and trump >> reporter: well, i think that china is really trying to find the right balancing act because we have seen that china just a couple of hours ago said that they are following through with the u.n. sanctions, they're going to implement those when it comes to coal, iron ore and seafood. they want to be sure they're taking that action but clearly china has been very frustrated by the war of words there's a lot of rhetoric going around over the weekend saw president xi joining state leaders to get him to change his mind, tone down the rhetoric. that hasn't yet had any effect what is interesting as well is whether or not this approach of trump's linking the two on economic issues really will work one of the things the chinese government doesn't like is public pressure. open confrontation this administration is looking at its domestic situation, wants to be sure it is seen as defender of the nation against all things anti-chinese, and with that type of context, makes it so much more difficult for the chinese to cooperate with the u.s. >> absolutely. see where it goes, what president trump announces on the trade front. thank you very much from beijing. up next, firing on all cylinders, japan's economy did something it hasn't done in more than two years, putting it at the top of the global growth speerfor the developed word. we head to tokyo straight ahead. and check in on the early action in europe up about a% for germany and france bounce back from soft performance last week. back in a couple of minutes. whether it's connecting one of the world's most innovative campuses. or bringing wifi to 65,000 fans. businesses count on communication, and communication counts on centurylink. that's why at comcast we're continuing to make4/7. our services more reliable than ever. like technology that can update itself. an advanced fiber-network infrustructure. new, more reliable equipment for your home. and a new culture built around customer service. it all adds up to our most reliable network ever. one that keeps you connected to what matters most. welcome back to "worldwide exchange." good morning to you if you're just getting up. the market looking pretty. futures higher by about a half percent. dow 0.4. s & p and nasdaq up nicely off the back of declines percent of declines for the dow last week. worst sector was energy down 2%. oil prices slipped after having a couple of weeks of rebound, down 0.4 48.64. in all, positive morning japan reports second quarter growth of 4% that's fastest pace in about two years, well above 2.5% analysts were expecting bring in peter wells, tokyo correspondent at the financial times. what drove the surprise growth spurt in japan, peter? >> hi, sara. mosey con misses put it down to two things, one is jump in private consumption and capital investment proving stronger than had been forecast. >> is it likely to continue, it's a huge -- >> i think that given it is the first estimate, probably is some expectation there might be a bit of tweaking in weeks to come i think the positive part of this is because a lot of this has been through the private consumption channel. there are quite a few economists point out it is not, for example, due to increase or decrease in something like inventory, revised higher or lower in subsequent revisions, i think there's more positive feeling that with what we've seen, that could be sustained for third quarter and through end of the year. positive signs there >> market is never intuitive you look at the weaker japanese yen and yonder why it is weaker when the economy is stronger can you explain reaction to the data, the nikkei closed a percent lower today? >> i think for one thing we had a public holiday in japan friday lot of traders have been away. during that time period, a lot of pressure built up with tensions around north korea that have seen the yen appreciate that's one read through, it had been bid up in recent sessions, maybe coming to a point where the market had been primed in a way for further strength and then it has been a little bit of -- take a step backwards today. >> quickly, sum up the political situation for us shinzo abe is under pressure does this ease pressure on him >> gives him a little comfort, there have been broad questions over the general abe nomics. he has been facing a little trouble in the polls this will make it a positive reading. bigger question, economists and investors playing out in the coming days and weeks is whether or not this would have any impact on the bank of japan, whether they consider winding back, at what point in time they consider winding back the programs. >> joining the global taper party happening now. peter, thank you nice to check in peter wells out of tokyo on that number. uber is considering opening books to three new investors details are coming up. as we head to break, today's national weather forecast by bill karns >> we are watching tropical storm gert it could become a hurricane. forecast has it becoming a category one hurricane, well north of bermuda, heading out to sea. maybe sending waves and rip currents to the east coast, but that's it. that's the only impact we should experience again, tropical storm winds, very low anywhere on the eastern seaboard typical storms in the southeast. no flash flooding expected, just minor travel inconvenience hot in san antonio at 101. beautiful today in the great lakes, northeast and atatntic th's the business travel forecast more "worldwide exchange" when we come back the baby's room won't build itself. and her paw won't heal on its own. we're all working forward to something. synchrony financial can help your customers make it happen sooner. so she can plug into her dreams... and they'll have a new addition for their new addition. whatever you're working forward to, even if it's chasing squirrels, synchrony financial can help you get there. their leadership is instinctive. even if it's chasing squirrels, they're experts in things you haven't 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. welcome back get you up to speed on market action strong gains in places like hong kong shanghai with growth questions with data coming in light, like industrial production and retail sales. the japan nikkei was lower, closed friday during the global stock market route the best news came out of japan, gdp grew 4%, better than expected as for early action in europe, very strong. rebound from what was a messy week for global stocks, heightened north korean rhetoric, they're up about 6%, france up a% all of that influencing u.s. equity futures that show a strong rebound dow futures up, nasdaq up six-tenths, it was hit hard. last week they had the second worst week of 2017, dow and s & p, nasdaq third week i think you saw underperformance of winners like technology, and underperformance in groups like russell 2000 index small caps, leading to questions about whether the bull market rally was over august is traditionally a pretty weak month though with easing tensions you could call it, lack of headlines out of north korea, after those trump fire and fury comments, that was too much. >> we have seen things like gold up last week pulling back this week as well that risk off last week, little risk on. uber is considering three investment offers to buy the company's shares the board voted to move forward with proposals from two investment groups and is considering a third offer. uber voted to take the next step of investment interest from softbank the board okayed going ahead with proposal from coalition led by dragoneer investment group. in other tech news, facebook has started testing a photo sharing app in china "new york times" says the social network giant had colorful balloons shares the look, function and feel of facebook moments app doesn't carry the facebook name. some believe it is a way to skirt chinese sensors. they band facebook in 2009 since then, mark successor berg -- se thrks filing friday shows trian cut 4% led a proxy fight of the snack maker, and the filing shows they raised shares in general electric, boosted its stake by almost 3%. that's the dow's worst performer of 2017. third point disclosed new stake in black croc r the fund brought 1.6 shares of the firm they called them an asset gathering machine. it owned alley ba ba shares. facebook increased shares, holding worth nearly $600 million. also sold his entire stake in snap, if you bought that during the ipo, would have cost $38 million. round up of today's top stories, including the big move that we are witnessing do you futures up 107. why solar eclipse enthusiasts are feeling burned by amazon. we'll explain that story when "worldwide exchange" returns where's jack? he's on holiday. what do you need? i need the temperature for pipe five. ask the new guy. the new guy? jack trained him. jack's guidance would be to maintain the temperature at negative 160 degrees celsius. that doesn't sound like jack. actually, jack would say, hey mate, just cool it to minus 160 and we're set. good on ya. oh yeah. that's jack. good on ya. if they knew just howers rich they were.ed the average american home value has increased $40,000 over the last 5 years. but many don't know you can access that money without refinancing or selling your home. with a home equity loan, you can pull cash out of your house for anything you need- home improvement, college tuition, even finally getting out of credit card debt. come to lendingtree.com to shop and compare home equity loans right now. because at lendingtree, when banks compete, you win. the rally is back on futures up triple digits, investors gear up for a new trading week we'll tell you what's driving it. president trump is expected to launch a crackdown on china we're live in washington with the latest. some solar eclipse enthusiasts feeling burned by amazon we'll explain. it is monday, august 14th, 2017. you're watching "worldwide exchange" on cnbc. ♪ good morning happy monday welcome back to "worldwide exchange." i'm sara eisen. >> i'm wilfred frost >> a global rebound is what we're seeing, that includes for u.s. stocks. futures in the green after a week of losses last week second worst for the year for u.s. stocks. dow and s & p, futures up 111, s&p 500 up 15. nasdaq futures bouncing back to tune of 41 points in the early action kind of a quiet week for economic data. we get fed minutes and retail sales. overall, teeing off of what are fewer strong statements when it comes to north korea over the weekend, we'll get to your op-ed from tillerson and mcmaster, and teeing off friday's inflation data which was pretty benign for consumer price inflation, indicating maybe the fed won't be in a rush to raise rates, pay for its balance sheet. ten year yield at 221 indicates still pretty easy policy happening in the u.s. >> absolutely right. that slippage in yields did mean banks were underperformer in terms of last week's declines. japan says it grew its economy at 4% last quarter that's much higher than 2.5% they were expecting. by far, best performance since 1 x of 2015. china reported a batch of disappointing data the result is rallying across the board, apart from the japanese market. the japanese market, does this mean bank of japan will reduce easing program, elsewhere rebs after disappointing week same true in europe, rebound after disappointing week france, germany and uk off around 2% last week, rebounding to the tune of 1% mostly across european market this morning. as for broader markets, show you what's happening with oil prices this morning, under a bit of pressure, wti lower than 49 48.64, and brent is down, the market continues to grapple with oversupply and glut in oil as for the u.s. dollar, notable move in the yen. strong dollar, weak yen. risk back on after a few weeks the yen was gathering steam against the dollar and everybody else as a safe haven on the heightened geopolitical tensions, it is going the other way. got better growth number in japan that's helping it. 10968. euro dollar, it is a fight for what's the strongest safe haven. the euro has been firm at 1.18 the pounld weaker, 1.2973. gold prices pulling back after a strong week last week, in demand, following losses from stocks down a half percent. following the latest developments out of charlottesville, virginia, following this weekend's deadly attack that many are calling an act of domestic terrorism. good morning >> good morning. a morning of racism and violence in charlottesville. >> he didn't condemn the white supremacists and nazis, seemed to suggest moral equivalence of violence that took place on both sides, emphasizing the phrase on both sides here's what the president said saturday. >> we condemn in the strongest possible terms this egregious display of hatred, bigotry and violence on many sides, on many sides. it's been going on for a long time in our country. not donald trump, not barack obama, this has been going on for a long, long time. >> that comment came under criticism from republicans and democrats who said that the president should have named the white supremacists and neonazi groups and criticized them specifically sunday, the white house put out a statement saying the president said very strongly in his statement yesterday that he condemns all forms of violence, bigotry, and hatred, and of course that includes prietsz and kkk and called on bringing all americans together that statement is not attributed to the president himself or attributed to any specific named white house official all of that coming under criticism as well, given that the president seeming not to put that statement in his own voice. however, hr mcmaster, national security adviser was on television and said of course the president condemns all of that here's what he said. >> when he condemned bigotry and hatred on all sides, that includes white supremacists and neonazis and i think it is clear, i know it is clear in his mind and ought to be clear to all americans. we cannot tolerate obviously that bigotry, that hatred that is rooted in ignorance, ignorance of what america stands for, what america is >> hr mcmaster saying he knows it is clear in donald trump's mind we might have opportunity to hear from the president today. he is coming back to washington today, still on working vacation, spending at least part of the day in washington before heading to trump tower in manhattan tomorrow >> i am not sure it is clear back to that statement, and certainly in the minds of fellow republicans. this weekend i spent hours digging through some very noteworthy republican statements, mostly on social media, saying the president needs to call it like it is, terrorism, nazis, he needs to condemn this type of behavior and these types of groups. is this going to be what's the republican party we've asked this countless times, but we're all still wondering whether the legislative agenda -- this seems to have push back from some of his key allies within the party. >> well, there's no question this is emotionally intense. you saw criticism from the republicans from the likes of orrin hatch, cory gardner, who are not typically people that are critics of the president statement from marco rubio saying it is very important for the nation to call it like it is cory gardner's tweet mr. president, we must call evil by its name. not all of them are traditional republican critics he's now under fire from quoters he wasn't under fire from before complicated by the fact that the daily stormer, a neonazi website praised the president's remarks, said didn't have any condemnation in his remarks, they were heartened what they saw by mr. trump if you're an american president, you don't want a neonazi website praising your comments, period, end of sentence. this is a very difficult for this president to be he's got to find a way to come back to the center on this but he really flubbed an opportunity to stand up and show leadership against these groups that were so violent and hateful in charlottesville. >> and risk off moves in the market was the rhetoric in and around north korea any more on that since friday? >> no. we're going to wait and see where we end up on that. actually the fact we had a flareup in charlottesville over the weekend may have lowered the rhetorical pressure on north korea. didn't see the president focused on it over the weekend, see him coming out, making statements like fire and fury may give diplomats and negotiators behind the scenes opportunity to do what they do without the sort of intense glare of the media and also the white house. we'll wait and see where that develops, but nothing now. >> thank you very much. on the d.c. agenda, president trump signing a memo this afternoon ordering top trade negotiator to launch a probe into china's trade practices. this has to do with chinese policy, forcing u.s. companies operating in china to turn over intellectual property. it has been a story we have been following. u.s. investigating, taking further escalation in terms of looking into anti-trade behavior, anti-fair trade behavior as relates to intellectual property and how china might respond. >> exactly other things on the agenda, north korea, can they separate the two or is it one issue >> he said i'll feel kinder on the trade front if we get more help on north korea. china very much rejects that, two separate issues. onto this week's agenda on wall street. plenty of economic data. jewelry tail sales and import prices, wednesday, housing starts and minutes from last month's fed meeting, meantime, several retailers report home depot, tjx. walmart, gap hear from cisco systems and alibaba. baron's negative on netflix. says increased competition from the likes of disney and others could cut the company stock price in half by end of the decade lockheed martin winning an $8 billion sichdefense contract danone could be a takeover target could be brought by kraft or coca-cola. shares trading higher in europe on that report. time for top trending stories. and more fallout to the major hack attack on hbo they released episodes of larry david comedy series "curb your enthusiasm" more than two months before scheduled to air. hbo saying the hacker may continue to drop bits andpiece of stolen information in attempt for media attention. that's a game we're not participating in they announced they were victim of a hack attack late last month. >> i'll still watch it when it airs shonda rhimes making a big move away from abc, the show runner behind hits like grace anatomy and scandal is headed to netflix. signed a multi year deal to produce a new series, another project for the streaming company. netflix saying she's one of the greatest story tellers in history, we are so excited to welcome her. >> competition of content -- >> making moves to bolster its own portfolio of individual content. david letterman, now rhymes, fighting back against the disneys of the world. amazon handing refunds for solar eclipse glasses sold on its site they say they might not meet safety standards needed to protect your eyes during this month's total solar eclipse. they are removing them out of abundance of caution. >> i didn't know you had to protect your eyes. >> must not look straight at it. >> so many people are going around just looking at it. >> are they? >> yeah. they're traveling. >> you have to protect your eyes. >> i guess so. >> if you bought those glasses, you get money back. a horror movie takes top spot at the box office something scarier happening in the movie world. landon dowdy has more on the box office story what's going on? >> increase in content is impacting. warner brothers and annabelle, not eating up the milk duds. the sequel raking in $35 million in opening weekend according to comscore "dunkirk" finished at $150 million domestically after 24 days despite that success, comes in the midst of disappointing 2017 summer season following a steady stream of lackluster major releases with pirates of the caribbean and the dark tower admissions down about 5% year after year, according to nielson, and magnifying concerns about the health of theater chains and studios analysts attributing that slow down to shift in the landscape as audiences shift toward digital screening, especially among millennial generation. shares of movie theaters chains taking a hit regal down 19% amc down 60% back to you. >> thank you very much for that. still don't know why anyone would go to scary movie in the first place, it is not enjoyable. >> scary >> yeah. >> horror movies aren't enjoyable to watch i don't get it myself. >> the reason i go to the movie theater, popcorn it is exceptional, you cannot replicate it you can also go there and buy it and not see a movie. i'll go to any of them they're all good. onto sports. another 20 something etched his name into golf history at the final round of the pga championship justin thomas was two strokes behind leaders, but was masterful on the course. he would tap in on 18 for the win and his first major title. it is the 8th time in the past nine majors a first timer raised the trophy it is the first time under 25 won back to back. >> that's a good thing for golf. young winners. young rivalry going. they're also good friends. when we come back, secretary of state rex tillerson and defense secretary james mattis have a new op-ed out and as we head to break, checking in on u.s. futures, up higher back in a couple of minutes. ♪ there's a denture adhesive that holds strong until evening. fixodent plus adhesives. just one application gives you superior hold even at the end of the day fixodent. strong more like natural teeth. these birds once affected by oil are heading back home. thanks to dawn, rescue workers only trust dawn, because it's tough on grease yet gentle. i am home, i am home, i am home good morning welcome back to "worldwide exchange." i am wilfred frost with sara eisen. time for the must reads. my pick in "the wall street journal" titled we're holding pyongyang to account penned by james mattis and rex tillerson, definition of a must read they write north korea face as new choice, take a path towards peace, prosperity and national acceptance or continue down belligerence, poverty. the u.s. will remain vigilant against the latter important reminder of the story of the week. the focus taken off it perhaps one of the reasons allowing markets to rally a bit. this firmly worded article from the secretary of defense and state, something well worth a read. >> firmly worded, headline is no fire and fury. let's work toward a diplomatic approach, right? >> it is but very firm and clear on that. i think this can be no further escalation on north korea's point is their message. >> my pick is also from a power duo, power combo, titled business rivals agree on policy. interesting that it is penned by david ab knee, ceo of ups and ceo of fedex getting together, saying we're coming together as deep rivals to agree on some policy. they go through taxes, infrastructure and trade i found trade most interesting they say some may think american business and the administration are out of synch on trade, we're not. we agree on the need to grow and reach new markets and enforcing fair and objective rules if we all play by the same rules, competition will thrive, so will innovation, entrepreneurship and growth. they said we're okay with renegotiating nafta to modernize with commerce standards and make it more fair for u.s. companies. but sort of a rallying cry to congress, they say to the american people. look, if we can come together, then maybe congress can come together and agree on some policy objectives. not sure it will move the needle, interesting to see them together in an op-ed. >> yes optimistic to think it will pull politicians together long way to go when we come back, get you set up for the week ahead. futures suggest a strong start tus s are back in control, dow fureup 117 you're watching "worldwide exchange" on cnbc. you mi vacation vng. your joints... or your digestion...acatg so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish, prevagen is now the number one selling brain health supplement in drug stores nationwide. prevagen. the name to remember. i love you, droolius caesar, but sometimes you stink. febreze car vent clip cleans away odors for up to 30 days. because the things you love can stink. welcome back to "worldwide exchange." i am wilfred frost with sara eisen. futures up joining us, anthony chan, chief economist at chase good morning >> good morning. >> thanks for joining us last week was risk off, this morning seeming to shape up as risk on. what was the reason for risk off and why the turnaround over the weekend? >> little more uncertainty, when you see more than 40% decline in vix, you see the market go down. good news was that the equity market measured by s&p 500 went down 1.5%. every time you see average more than 40% decline, you see more than a 3% decline in equity markets. that was mild by historical standards. >> what about the fundamentals, is it a trade on north korea and heightened risk around what happens there or something else underlying this market >> well, because that is such a huge picture of uncertainty, obviously there was going to be nervousness. as cooler heads prevail, we will see the markets settle we're seeing indication that vix is going down. fundamentals are still helpful to the global economy. >> sit tight coming back to this. quickly, a preview of what's coming up on "squawk box." >> we have a lot to talk about most important thing to tell you what's going on on "squawk box" is that joe conceis back. he is screaming sarcastic, i don't know if his mike is on, not true, we are thrilled to have him back. melissa lee is here. that's the most important -- those are really the things that are most important we're going to talk about new shonda rhimes deal with netflix, talk about what's going on with snap, and then going to talk obviously about the serious news of what took place over weekend and the implications of that in terms of what it means for tax reform and other issues. >> andrew, great stuff look forward to "squawk box" in about six minutes. back to anthony chan in studio anthony, big news over the weekend, great data out of japan, soft data out of china. is that a swing factor for the u.s. and what it does to currency the dollar has been in focus. >> the dollar has been weak, almost down 9% that gives us much better opportunity to get better corporate profits, that's why the s&p 500 corporate profits have been so strong, unlike from 2014 to 2016, now we're seeing the other side of that trade certainly seeing more calmness in the financial markets with things going on, and data is so strong china, not a huge surprise they're trying to slow credit growth going to see a slowdown second half of the year from 6.9%, second quarter baked in, a good number, 6.seven or eight for economic growth. >> wednesday we have minutes from the last meeting. did friday's inflation number, very soft, change calculus for the fed for the rest of the year >> i think it changes calculus over the next 12 months. i think that tightening in december is still in the cards, unless things really deteriorate. i think next year instead of three rate hikes pencilled in, may see only two next year sfwl we're not seeing inflation. >> we're not seeing inflation, and there's some talk the economy is not really overheating. we're still growing at only 2% on a year-to-year basis. >> what about earnings, you mentioned strong s&p 500 earnings growth. relative to expectations and valuations, has this quarter's earnings been softer, more disappointing than the prior couple >> you look at the facts and numbers, earnings come in almost 6% above expectations. again, everyone is getting used to the numbers now, so even the companies that are reporting earnings above expectations are not rallying that much seeing more things that things are getting much better. >> anthony, thank you for joining us anthony chan from chase. the rally around the rest of the world is fueling futures, every market apart from japan, strong gdp, that's raising questions whether the boj will pull out >> watch bitcoin, it is above 4,000, people are obsessed tc is fascinating, up 400% wah the retailers. more reports this week including walmart thursday ♪ ♪ ♪ ♪ live-stream your favorite sport at the airport. binge dvr'd shows while painting your toes. on demand laughs during long bubble baths. tv on every screen is awesome. the xfinity stream app. all your tv at home. the most on demand your entire dvr. top networks. and live sports on the go. included with xfinity tv. xfinity, the future of awesome. market alert dow futures surge, data from japan send stocks higher the market shakeup straight ahead. is a trade war brewing president trump expected to announce a crackdown on china. china state media calls it poison. and new, a coup for net liklik -- netflix. "squawk box" begins now. good morning welcome back to "squawk box" here on cnbc we are live at the nasdaq market set in times square. joe keis back. equity futures, keying off stuff we'll talk about in a moment cow would open higher, nasdaq higher, s & p 15 points higher overnight in ashz, show you what's happening in japan and elsewhere. close to 1% everywhere quick look at crude. if buyin

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