days? can we take anything away from the data or are we just seeinging rejigging from very low levels? >> well, i'm aphrase you're right, from very low levels. surprisingly, the manufacturing index was not that good. we would have expected better figures on that side. production picking up was a fairly good sign and, therefore, would continue towards the end of the year. but the key, honestly, are the consumer figures and the consumer figures remain extremely weak. that's a key point, not only for the months to come, but probably for the beginning of 2010. this is the worrying part. therefore, i would not expect all this indices to continue to move up forever, but probably towards the end of the year and the beginning of 010 we may be looking for lower indices. >> i guess the key is also whether or not the service sector continues to see growth. we've seen a slight turn around

in manufacturing. this is, after all, the vast majority of the underlying economy when you compare the two together. employment, though, hugely important. when looking at the current expectations as opposed to future expectations, you're still seeing a jump in business expectations to 3 1/2 year highs to this month's reading. is optimism filtering through enough into business, do you think? >> i wish it would be the case. i'm afraid there could be a little bit of delay the on some decision. i am not so sure that that will come into real figures regarding unemployment. i'm afraid the figures are likely to deteriorate with the unemployment rates moving up towards the end of the year. so i'm rather surprised by the figure. i'm not sure it will be reflected in real figures. >> francois, stay with us. we'll talk more about the equity markets and get some of your

strategy tips, as well. for now, let's show you our markets index. the ftse cnbc global 300 has opened slightly higher this morning, 9.52 points higher. we get the fed rate decision tonight. no change expected, but a lot of focus on their quantitative easing strategy and whether or not they'll give an indication of unwinding there. but all the markets are broadly higher across europe. at the molt, we're being led higher by still some of the basic resource stocks that are continue to go be bought up. but it seems this week, at least, that a lot of focus is on the forex markets, on the currencies. it seems one of the talking points is the which we will pursue in the next couple of hours. >> here in asia, with investors

are staying on the sidelines. japan is closed for public holidays. the second reason is the fed meeting. everybody is keeping to the sidelines. the kospi down 0.43%. shanghai composite down 1.9%. comments from president hu jintao did not help. the aussie is getting a spike up 1.5% because of crude prices. the weak u.s. dollar is giving a boost to oil prices, nymex light sweet crude at $71.55 a barrel. brent is trading down 19 cents, $70.36 a barrel. we are waiting for u.s. weekly inventory data out at 0:30 a.m. new york time. 6/a dow jones survey calls for

gasoline to rise by 1.5 million barrels. julia, it's always good seeing you, too. >> good to see you, christine. here in the u.s., we are anticipating those notes come out at 2:15. the dow is trading about 22 above fair value. futures are just slightly higher. i'm sure everything is in a holding pattern ahead of that fed meeting. let's take a look at the 10-year bund yield at 3.41%. the treasury is auctioning $40 billion in five-year notes today. and the 10-year note is up 0 the 018 to 3.46%. gold is up above that 1,000 mark. it's now at $1,015.

louisa, over to you. >> sounds good. well, the federal reserve is expected to maintain its edge to keep the benchmark at an expected low. it could signal that the u.s. economy has started to recovery. not all analysts think a v-shaped recovery is going to recover. >> i think it's like the teeth on a crocodile and the crocodile chews on you as you come out of the slowdown. you think, oh, i'm a survivor. what they haven't adjusted to is the old growth trajectory is not the same as the new one. >> let's take some of those points and talk about it. fran swoi, we just heard that the old standard of growth is no longer and we're looking a

crocodile teeth shaped recovery. how does the world look from your perspective? >> i'm not sure about the crocodile. for sure, we are looking for growth, yes, coming back in 2010, but at the slower pace. so i don't know if it's going to look like a crocodile, but as i was mentioning earlier on with the latest figures we got this morning, i'm not so sure that we're looking for a soft and strong recovery in 2010. i think it's likely to be a rather modest, unlike what we're seeing with the figures suggest in the v shape. so no, not so sure we're looking for a strong rebound. with slow growth in 2010, 2011. >> okay. lorraine, how does your version fit with that?

pretty much the same. i think our standard & poors economists said that a w or a v is unlikely. you can't get a w without a v first. we are looking at very much of a lazy u situation for the global economy. i think in asia things tend to move a little bit more. i think probably what we're seeing probably looks more like a u more than anything right now. >> lorraine, it's julia boorstin here in the united states. there's so much attention on what we might hear from the fed here in the u.s. what do you expect to hear and how do you think that will affect things moving forward? >> well, we're not expecting too much news. we are expecting things to be in line the what thooeb saying which is a slow and gradual recovery. s&p we're looking at a 6% gdp rise in 2010 for the u.s.

although i wouldn't expect too much details on all that line at this point in time. >> francois, what about you, what are you expecting to hear from the fed later today? >> mr. bernanke has been saying it for many times, that he will continue to if a sill date the financing, suggesting that interest rates are likely to remain low for long periods of time. >> we've seen a little bit of stockpiling, particularly in the first half of the year. people are playing with a new change in pricing policy that's

been going on. having said that, however, i think a lot of it is genuine demand. we are seeing basic purchases that have been driving crude up recently. we are seeing better than expected demand in gasoline, etcetera. that's not surprising. as the economy moves up, we would expect to see the energy portion move up, as well, because so much of it is tied into equity markets. >> francois, how about you? >> i think the cyclicals are likely to perform. something that drives me by talking to investors is that in the u.s., and even in the uk, we're starting to see some in flows. to some extent, probably the financials, as well.

>> thank you so both, francois and lorraine tan from asia at standard & poors equity research. if you want to get involved in the conversation, worldwide@cnbc.com. that's been printed up for me because i can never remember it. write it down and use it to get involved in our discussions here at the show. the confederation of british industry has predicted that the uk has returned to growth in the third quarter, but warps that the recovery over the next year will be slow. the forecast is an xwro improvement that the group's previous call would not end until next year. the director of the cbi told us that an unbalanced british budget could cause problems moving forward. >> in the uk, fiscal consolidation needs to be such to move us into a place where the budget is balanced sooner. so we think around 2015, 2016

would be a time to end. >> the american people still hold president obama in high regard, although his approval rating has come down from the losty highs he enjoyed this spring. the latest poll shows the president's approval rating holding steady at 51%. nearly a quarter are satisfied with the state of the economy, up about 10% from july. job creation and economic growth continue to be top issues. >> shares in geely automobile skyrocketed today. this after china's privately owned carmaker confirmed it would issue more than 350 million worth of convertible bonds and to capital partners. the fund-raising would help free up capital for its parent

holding group as it potentially considers a bid for volvo. however, geely shot down speculation that his company is participating in the volvo talks. >> this company is not involved in equities. >> well, the skies of sydney, australia, was shrouded in a red glow today. a huge outback duststorm swept across the country, stripping thousands of tons of topsoil from farmland and disrupted transport and flight. officials warned that the unusual duststorm was likely to continue until friday. not a pretty sight if you want to visit australia right now. something for you to consider.

>> christine, the photos are terrifying. you can't imagine that that red light is actually real. thanks for sharing those videos. you can get more news, videos and blogs on today's market-moving news at cnbc.com. >> i have been in sandstorm before. it wasn't a pleasant experience. anyway, president obama and chairman bernanke will battle for investors attention tonight. will there be any clear direction on the shape of the economy? sinopharm jumped 20% on their debut. and we have apparently averted financial armageddon. that's what we're being told. uuu

and we would never know. >> i assure you, that smot the case. >> that's because louisa is wearing her pajama bottoms. also doing well today is prudential, which is moving higher by about 2%. prudential got an upgrade from the analyst at cataneau. they also increased their ratings on iviva. another story i want to mention, uk construction stocks are on the move this morning. pay particular attention to barretts and we have confirmation that both of tho those companies are raising money on a rights issue.

750 million points from barrett and 150 points from redrow. those companies are crying to use that money to repay debt. barratt is getting a particular bump up on the back of that tuesday, as well. stephane, what's going on in france? >> on the french market, the banks are trading higher after the ceo told the financial times that he plans to stop repaying the government pailout money before next month. he says the government money is not cheap and the price will increase from june 200. therefore, bnp paribas wants to repay part of the money before that date. air france klm is trading higher on the back of comments from the ceo that the company may break even before the end of the next

fiscal year. however, it's hard to say when the airline will be profitable again. the company continued rumors. investors were worried this morning about the potential cost of this acquisition for france telecom. the stock is still up more than -- well, close to 1%. let's have a look at the german markets in frankfurt. >> a nice turn around. we are trading close to indiana ra day session highs. merck and adeed das, merck came through with the announcement that one of its cancer drugs has had positive test results. on the back of that one, it's up about 2.7%. adidas got an upgrade this morning. same sort of story for puma. so these sportsmakers moving

higher in today's session. infineon, back on the main gainer boards up about 1.8%. watch out for freqenias medical care. fresenias has been downgraded, a straight downgrade and a straight reaction in the markets, down 0.28%. fresenius medical care also down 0.8%. watch out for a smaller stock, but one in the focus as of late, kiagen trading down almost 5%. we were lower as much as 5% earlier on. this is a genetic testing company. first of all, they're looking at further cash increases in the markets as well as further takeovers and they just took over uk company dxf. and the market at the moment, not reacting very positively. down 0.5%. that's frankfurt. over to christine in asia. >> patricia, thanks for that.

here in asia, markets are mostly weaker today. trade in south korea, shares ended 0.4% lower after hitting a 5-month previous low in the previous session. hynix is down 5.4% after news that there is only one bidder for the company. hyosung is down almost 15%. in china, shares sank to a low on supplies worrying about sentiment despite president comments from president hu on the economy. meanwhile, the hang seng closing 0.5% today at 21,595. we have shares in geely

automobile was holdings also in focus that climbed after the carmaker confirmed that goldman sachs is making a $334 million investment in the company. in australia, the s&p/asx 200 was the winner with a game of 1.5% today. strong commodity prices lifting shares there. new zealand stocks, we don't always focus about that, but today we do. why? because q2 gdp data surprised to the upside, ending the company's longest recession ever. julia, on that note, let me throw it over to you. >> thanks so much, christine. the calendar in the u.s. is free economic data today, but there will be plenty of action in washington. treasury secretary tim geithner goes before the house financial services committee at 9:30 a.m. new york time to testify about financial regulatory reform. prepared remarks, geithner says that the u.s. economy is recovering but the regulator's system is broken and must be

fixed. and the office of the comptroller of the currency. the government accountability officer gao will release his report on implementing progress in the economy's $787 billion stimulus package out at 10:00 a.m. new york time. on the earning he front, we'll get numbers from general mills, retailers autozone, bed, bath & beyond, cintas and red hat. that's your global stock watch. christine. coming up next on "worldwide exchange," china has reportedly sent gasoline to iran. we'll discuss the implications of that with our next guest. >> and also the unique recession will be over by christmas. what do you know? that's according to the federation of industry. ccccc

i'm christine tan. in asia, investors place their betts on china's health care sector. >> in europe, the sector sees

its first growth in 16 months. we'll see the release of the bank of england minutes. and good morning. i'm julia boorstin in the u.s. investors are playing the hurrily up and wait game as futures are slightly higher. >> hello, everybody. welcome to the program. as mentioned we are just sitting tight waiting for the bank of england minutes to come through on our wires. david, first of all, we just had the service sector pmi data out. a little on the weaker side in comparison to expectations. >> yes. markets hoped to have more rise. germany, it was a big jump that came through there. there was increase from the other countries. but just slightly disappointing. >> do you think with the minutes that we could see governor kij once again be a discenter as

he's been in the past? >> we doubt it this time. we think it will be unanimous this time around with most of the qe remragz based on that. but what we will be looking for is more powerful over what the bank had in terms of reserves, remuneration. we think that the markets are carried away in terms of the softer, overnight rates. >> do you know what? it's out hitting our wires and the bank of dwlnd's minutes, the mpc, the bank of england voted 9-0 for the bank of england rate action. the mpc was unanimous in leaving the bond buying program at 175 billion pounds. king and miles still saw reasons to increase bond buying. king had done that previously, that he wanted the bank to spend more money in their buying. the asset price rise could boost

credit ratings. downside risks to the economy, to economic growth have lessened and they're looking at cpi being higher in the short-term than was thought likely in august. a lot of other comments, as well. let's get your initial reactions, david, to what we've heard from the bank of england, from the mpc. >> first, there's no mention of this deposit reserves at all. >> yeah, none. >> and i think that shows that the bank of england is not taking this as seriously as we expected them to. they had they could make some changes. we don't think it's a high priority or what the bank sees as a major policy shift. the bank is seeing inflation higher and we would concur given what we've seen the recent months for positive inflation.

i suspect that taking the market -- although king is still talking about maybe additional bond purchases and it should give some support to service. >> hear what they're saying, as well, brought money growth has picked up. the bank of england has a 2% target, as we know. they're saying that the pick up in the financial markets could prove a quote/unquote false dawn. >> yeah. there has been some uncertainty about this. in the last minutes, we heard comments about significant doubt of sustainability of the recovery. so there are some objectives and certainly concerns that the financial markets have run so hard and so fast this martha some retracement is possible. the real question is do they see

economic growth coming back. if they see sustainable economic growth going forward, then you would spec to see interest rate policy rising possibly in the first quarter of next year, as we expect. >> david, you're staying with us. i'd love to hear from viewers. what's the most important thing that's come from quantitative easing, from putting all this money into the system? write in and share your thoughts, worldwide@cnbc.com. our european markets are higher by around 0.5% or so. we're seeing buying in some of the banks. and the currency markets continues to be very driven by whether or not we're looking at a weaker dollar policy and whether the dorm has more to go to the down side.

>> japan, indonesia still closed for a public holiday. this is how the picture is looking for equity markets here in asia. the kospi is down 0.4%. the shanghai market continues to be playinged by concerns of oversupply coming on to the market. and the aussie market is getting a brief -- a big spike as a result because of the spike in xhoding prices. overall, the fed is going to be front and center over here in asia. >> it is also front and center here in the united states. the futures are pointing slightly higher. the dow drifted up about 50 points yesterday. there was a strong auction of

$43 billion in two-year notes. today we're going to see $45 billion auctions in 5-year notes. now let's get back to david page, economist at investec. so, david, the big question that we're all thinking about is what are we going to hear from the fed? what do you expect to hear? we think we'll hear relatively little this time around. we know they are tapering down government bond purchases. we'll be looking to see whether that is mirrored the equities backed program. m2 growth, if you exclude some of the action that the fed is taking is still pretty weak. and without the action market, we think we'll be falling back

quite sharply. the other thing markets will be looking at is whether or not the fed chooses to drop the phrase that it's going to keep policy low rates for an extended period of time, but i think really it's too early to expect the fed to do that. bear in mind, we've got the g-20 meeting which is likely to tomorrow reinforce the point that stimulus policy should remain in place. the timing doesn't really work here. i suspect we'll see that commitment to low rates last until early 2010. >> we will be carefully watching the wording from the fed. looking at bond auctions, there was a strong response in two-year notes. ahead of the five-year notes auction today, do you think we'll see this strong demand continue? what should we make of that? >> there's lots of worries that suddenly interest in government debt auctions, not just in the u.s., but elsewhere are likely to dry up and i think that's not the case at all. there is still a strong demand

base out there for that. what we may well see is the macroeconomic background shift is a situation where yields have to start rising and we think that's likely to be the course across 2010 in the u.s. and doubly so in the uk for that matter. but there is still going to be a continued demand for that. >> david, i'm watching new zealand. the country unexpectedly grew in the second quarter. do you think this could push the central bank to hike sometime this year or maybe even next year? >> maybe even next year. i think it's too soon to see it come through just yet. clearly, new zealand is benefiting in ways that have already been beneficial to australia. the growth in china and the resumption of sucking in of imports from around the area has had has sernlt fueled australia,

looks like it's having a similarly beneficial impact on new zealand, as well. >> you know, the jump in the kiwi dollar is pushing the greenback lower. do you think the weaker dollar, the falling dollar is going to be a key concern for the fed? >> no, we don't. in some ways, it's a key policy transition mechanism. the fed is probably quite relieved to see the dollar take some of the strain. the fed doesn't talk about treasury. but it probably is quite relieved to see that come through. we really don't have any inflationary concerns, given the u.s. i think that's a view that's slightly shared by most on the fomc. and so i think it will be relieved to see that dollar weakness come through. that said, we don't think that that is something that is going to continue. we may see the dollar remain weak over the next few months. but as soon as the federal reserve suggests that it's no longer holding rates low for an extended period, even if that

means we have a couple of tightening policy, we think the dollar will start to reconsider. the dollar does look cheap when one looks at interest rate differentials and we think that 20 so is likely to see reappreciation rather than depreciation. >> david page, economist investing, thank you for that. the energy markets, crude oil right now staying above that $71 range as far as nymex is concerned, $71.55. brent is trading a little lower, as well, down 26 cents, $70.27. we are watching for weakly u.s. inventory data due out at 10:30 new york time. a dow jones survey calls for crude oil to fall by 1.5 million barrels, gasoline to rise by 400,000 barrels and distillates by 1.6 million barrels.

victor, it's good to have you with us. we are approaching that winter season. could we see a revival in demand? >> well, it will all depend on the wildcat of weather. if we follow the seasonal pattern with a cold winter, that will help remove some of the excess diesel fuel and heating oil inventories that are stored on shore and more importantly offshore in floating storage. we have a supply dmruts of diesel and heating oil and the high inventories are keeping products breaking through the low 70s in oil. so the oil market has been really range bound. >> how much does china play in your price scenario? we did get the asian development bank saying china will continue to grow this year as well as next year. how supportive is that for the price of oil?

>> that is supported to a limited extent. china is considerably smaller than the u.s. market. china will show pretty good oil demand growth this year. but then the u.s., even though the economy may be stabilizing, will still show demand destruction. on a global basis, we still expect oil demand the to be destroyed this year. so it's a bear situation in terms of oil fundamentals. demand remains quite low globally. looking at this news that china is selling oil to iran ahead of this specter of u.s. sanctions looming against iran, how is that going to affect the global energy market? >> i think it won't really have any significant impact.

it actually didn't surprise me that china would be selling gasoline to iran. iran needs it and china has an increasing surplus of gasoline this year because their domestic market has shown some slowdown in demand and they have added a lot of new capacity. iran sells crude oil to china and china wants to maintain good relationships with producers. so there is a market need and the market simply fills it. and by the way, supplying a fuel to iran is really not against the economic sanctions imposed against iran at this point. >> victor, hi. it's louisa in london. i want to pick up on a point that you just made if i heard correctly. you said oil demand would be destroyed this year. not many people are saying that at the moment despite the fact we could be in for another leg down.

but is oil demand, nirp, going to be destroyed regardless of what the equity markets do? in other words, if the equity markets continued to test new highs or continued to stabilize, are we still going to see a drop in oil demand? >> i think we are still going to see a drop in oil demand. what has happened is that the non-oecd countries are indeed showing demand growth. china is growing, india is growing, but in u.s. and europe, we are not seeing, really, a growth. growth may be starting to return later in the year. but on the -- a full year basis, i expect decline. but the oil market has already priced in a strong demand recovery and supply tightness. so it makes the $70 plus price level vulnerable to any bear economic news that may arise.

>> and quickly, victor, what do you think opec is going to do in the mist of all this? >> in the mist of all this, i'm sure they are ecstatic with the current price level and they are unlikely to change output. >> okay. victor, very good talking to you, as always. thank you very much for dropping by. well, reema ten duke ka joins us live from the india business report. tory about that. >> hello. down about 1. 5%. sensex, as well, trading lower by about 0.2%. on the gaining side, we have fewer gainers. but on the gaining side, it's the royal bank which has announced $4.3 billion worth of

loans to india out of which $2 billion will be marked for the banks. $1 billion to power grid. so we have all the entire banking space which are holding up smartly and on the losing side, it's the three companies which are looking to raise money. they raised over 950 under pressure. the promotors have sold shares and stocks are down about 4.5%. and the other one, the mtn deal has hit a road block, as well. >> reema, thank you so much for that. a couple of stories, we're looking at optimism after sin know shares had a boost today. the stock rose more than 20%

today. sinopharma sold shares at the top of the indicated range raising $1.1 billion. that makes it the world's fifth largest ipo this year. sinopharm says shares will be used to upgrade its logistic capabilities as well as expand it retail operations. >> euro zone pmi data shows that the service sector grew for the first time in six months. it still grew, though, compared to the august figures. >> mean wheel, in the uk, the bank of england voted unanimously to keep its quantitative easing program on hold. but minutes from the last meeting showed that the governor and one other member thought future expansion of the program may be warranted.

julia. >> thanks, louisa. bank of america has agreed to give the government more information about its takeover of merrill lynch last year. the chairman of the oversight committee says b of a will provide lawmakers with all the documents they asked for except those protected by attorney-client prifk. b of a's board will back ken lewis over the deal. but if the s.e.c. files charges, it's likely lewis would resign. in frankfurt, it's up 0.33%. that's bank of america up 0.the 3%. christine, over to you. >> hey, julia. if our viewers missed the first part of "worldwide exchange," if you want to catch up on videos, fwlogs, anything moving news today, catch them all at cnbc.com. coming up, time is the enemy of reform.

that's the message from u.s. treasury secretary timothy geithner. but will a pick up in the economy bog down legislation? >> and so much focus on currencies. some are insisting that the dollar is vulnerable. much more in a second. t. oh please. you got the presentation? oh yeah right here. let me stow that for you, sir.

thank you. you know, just to be safe i used fedex office print online. oh you did? yeah -- they printed and bound 20 copies of the presentation, shipped it to portland, they're gonna be there waiting for us. that's a good idea. yeah. you have a nice flight. thank you. (announcer) print online...you upload your document -- we'll take care of the rest.

welcome back. you are watching "worldwide exchange." there's so much activity going on right now, not just with the fed, but internally when it comes to dollar positioning. sterling higher by 0.3% this morning. let's talk about the dollar story. hi, paul. >> hi there. >> is there any way around it that the dollar is -- wouldn't continue lower? >> there's not a lot of interest at the moment. we think they will lead the u.s. out of the session.

the fed is fairly set on keeping rates unchanged. we won't see a rate hike until 2011. so i think the world has shifted. the euro zone interest rates remain sort of fairly high, comparatively, anyway. but essentially 150, i think the next level is at 147.65. doesn't the dollar have more back than, say, the euro would if we have another breakdown in the economic climate? >> i think so. when you are the world's main reserve currency, there is only one way to go. but the dollar has a track record which is euro doesn't

have. trouble is, most people have got dollars. it's waiting there in the background. >> hey, paul, this is christine. the kiwi dollar is getting a boost after strong economic data. how attractive to the kiwi -- dollar look to you now. >> we have a joke with the currency because you've got a big boost on milk prices going up. he think gdp will be a surprise. i think the key going up is certainly a worry and slow to voice their worries about the strong kiwi and very, very slow to do anything about it. >> if the kiwi does better, how

much money will that take away from the aussie. >> i think quite a lot. a couple of days ago, they were showing calls in the u.s. and trade on that. plus you have to buyback down 86.5 as we've seen this week. so yeah, as money goes into kiwi/aussie, i think the kiwi is certainly a worry at the moment. >> paul, it's julia boorstin here in the u.s. looking again at the weak dollar, other than the federationing interest rates, is there anything else that could reverse the dollar's decline or halt it? >> i don't think so. i think it's on a fairly slippery slope. it's going on in quite a nice manner, as well. i don't think this is particularly stretched, to be honest. i think we could see euro/dollar at 150. we'll start to see more serious noise from european politicians if not european central bankers. but yeah, i think euro/dollar has more.

we think yen is weak. >> why would you advise people to head in the surntsy markets? >> you've got the dollar index plays, which is weak dollar tends to play to sweden's strength. they're keen to see that the swedish is still undervalued. euro/dollar, it's fairly good at 150. >> our next ge guest will be discussing whether or not the dollar is oversold or undervalued, but is there a difference between being oversold and undervalued right now for the dollar? >> i don't think so. i think that's all the question is going to concern people. we say a really, really big picture view.

for instance, when sterling is coming from 2 down to its lows, we heard of an awful lot of people who have interest at 170. so i think that's important. i think basically most people trading today are looking at the next couple of weeks, the next month and trading on that. i think the dollar is probably oversold because sterling is oversold. >> paul bednarczyk, thank you so much for joining us, currency strategist. coming up on "worldwide exchange," can the fed fine tune its policy without giving that impression? >> and we'll bring you the latest eu orders for london's fashion week. we'll look at how the iconic british fashion house weathered an image crisis.

i'm christine tan. in asia, the shanghai composite drops nearly 2% on three-week lows on concerns about supply. >> and i'm louisa bojesen. in europe, the bank of england

has voted to keep rates the same and govern mervin says an expansion could be warranted opinion. >> and i'm julia boorstin. futures in the u.s. are relatively flat. if you're just joining us in the united states, welcome to the start of your global day broadcast live from the u.s., asia and europe. futures are trading slightly higher ahead of the market open, pointing to a higher open for the dow, the nasdaq and the s&p. this comes on the heels of the dow gaining about 50 points ahead ahead of the fed comments after the fomc meeting. the 10-year bund yield is up 3.4%. the yield of the 10-year note is up to 3.46%.

louisa. >> julia, thank you. the european markets opened slightly to the upside. that can be seen on this the ftse cnbc global 300 index. and the same goes for most of our european markets, higher by approximately 0.5%. and, of course, so much focus on the dollar cross rates. let me tell you about the euro zone july industrial orders. the forecast was for a 2% rise, so higher than anticipated and the industry orders for june have been revised and we're looking at a figure for july industry orders down by 24.3% year on year, which is a slightly better than anticipated drop, as well.

christine. >> hey, louisa. it's a lackluster session because japan and indonesia are closed for holiday. the kospi ended lower by 0.4%. the shanghai composite down 1.9%. the hang seng getting dragged down 0.5%. the aussie market, the outperformer today after the spike we saw in oil and metal shares resources. this is how the crude oil picture is looking for nymex and brent, staying at a $71 range. and brent is down 28 cents, $70.25 a barrel. julia. >> thanks, christine. joining us now for market strategy is ashraf ladie, and he'll be with us for the next hour. ashraf, i want to start off with a big topic on everyone's mind today. the fed will be giving us

comments at 2:00 p.m. eastern. what kind of insight do you expect to hear from the fed about quantitative easing moving forward? >> yes. for the past two fomc meetings, julia, the fed has been able to tell us to improve its outlook for the u.s. economy. and i think a time has come where the traders are basically telling the fed, well, we dare you to put your money where your mouth is and so show us to the extent to which you think there is an xwres improvement in the economy. we were able to withdraw some of that liquidity, would you be able to remove some of that accommodation? and if the fed does not do that and it keeps the purchases of the treasury and the mbs unchanged, i think that the traders will continue to sell the dollar. >> ar raf, what will it mean for

the equity markets? how will the equity markets react if the fed does that? >> well, if they do not withdraw or show any sign of withdrawing this liquidity, i think that the equity markets would have some levels that it wants to test. i think the dow would probably want to test, you know, 9,800, the 9,900 or even the 10,000 level. and i think traders would want to try and test below levels. the g-20 is telling the world, well, you have to continue to expand your liquidity. but as the stories we've been seeing the last two days, there's been chatter that the fed will have to remove some of that liquidity, either in the form of the reverse repos or saying we're going to be done with the purchases of the u.s. treasury beyond october.

ashraf, it does seem like we've become a bit more positive in the past couple of months. the moon is quietly shifted and it's been doing so for the past couple of weeks. bob says quite suddenly, many people seem to have bought into the belief system, you give me $1,000 and i'll turn it into $2,000 by next month. he goes on, it's quite a long e-mail, but the point of it is, if it all seems to be too good to be true, then it probably is. are we getting ahead of ourselves in the equity markets and in the currency markets, for example, putting on positions too quickly before we know some of the underlying changes to the fundamentals? >> before i answer that question, i can't help but think that i was saying we're getting ahead of ourselves three months ago and we continued to get ahead of ourselves and out of everybody. you know, the average bear market rally, since march of

last year, lasted around two months. well, this one lasted three times as much, six months. why? because the liquidity has been amazing, historically large. >> nobody wants to be left out. >> and nobody wants to be left out. there's a lot of cash on the sidelines. so to what extent will firms be able to successfully cut costs? there is the fashion week here and i'm trying to integrate that into the conversation. >> you just want to see the pictures again. >> yes. so basically, it's like a model that wants to walk in in the cat walk. it's nice pore them to be nice and trim and slim, but to what extent will they be too underweight? these companies, to what extent

will they look too lean and to the extent of what, of a continued rise in the unemployment rates? they need to have a rise in sales and that is a function of increased and demand and that has to be out of people's pockets. if that does not come in, then we can say that this rally is definitely getting ahead of ourselves. >> ashraf, it's julia back here in the u.s. as the third quarter wraps up, what do you expect to see as the companies cut their expenses? will the consumer come back and help drive some of that growth? >> well, it depends really on the sector, julia. i think maybe, yes, there has been some sort of improvement in consumer demand, whether it's a result of the cash for clunker wes b which even though it has expired, i it still has a long-term effect. i think this evidence will she quite scattered improvement in the top line revenues.

but really, overall, the pictures need to be sustained higher in order to justify staying, at least, what we are at these levels. >> well, ashraf, we are going to continue this conversation later. you're sticking around. still to come, "worldwide exchange" brings you politicians and business leaders from around the globe. adding to our list of guests, we'll hear from none other than victoria beckham, posh spice.

hello. welcome, everybody. london fashion week is ongoing. talking to cnbc, angela angst, the company's ceo has seen confidence of the power of the brand. >> we had a great first quarter. it's been a challenging market. you know, we said at the end of the first quarter, there were absolutely markets that were starting to turn. markets in asia, like korea have been very strong.

>> berberry wasn't the only one excited about the industry. >> doom and dmroom in the real world? >> there is a recession, but you know, i think that you come in here and you want to feel pretty. >> i'm sure guy johnson felt very uplifted being in that environment. he's usually in the studio. for more on the london fashion weekend, we're joined by nicola copping. it is always good fun when you go to events like that. they're theatrical, fun, imaginative. but we're in a recession. >> we are. and although posh spice said it was fun, i think london is

commercial bent. normally london is extravagant, conceptual. this time, it was very serious and these were clothes that were wearable and clothes that will sell. that is sign of what's going on economically to me. >> i did see that the that the white shirt has been revised. you want to keep it slim lined. white shirt, black trousers. there were some things going on with some using plus size models. >> he did use size 14, i think, women b, and they're in tight-knitted dresses. he does knitted dresses. that was his point, he was showing that we'll women could wear them. i personally felt that the models looked rather uncomfortable. >> i loved it. i actually loved it.

>> it's a message. he was saying something to the industry, look, this is not just about skinny models. this is about real women wearing real, sexy clothes. >> nikala, it's julia boorstin in the u.s. just curious, what usually works in recession? is this the idea of returning to a white shirt? is it part of a strategy to sell classics that women will be more inclined to buy in this day and age? >> absolutely. it's not just about the white shirt. but it seems like the shoulders, you must have seen everybody wearing these huge shoulder pads. it's about looking tough, getting back to business, being professional and being provl at work. that's why the white shirt has made a heroic return. >> this is christine over here in asia. has the recession somehow affected pricing or had labels come up with second tier labels that could somehow make it more

affordable to consumers out there? >> yeah. armani is a perfect example. he has his main line and then emporia, a cheaper line. so they're doing things like high street collaborations, all the people at top shop, all the new generation designers like christopher cane, a huge name here in london, has recently done a line for top shop. that is a small way in which the average person on the street combines the quality london design. how much, though, is luxury fashion suffering at the moment? i mean, we can'tly have this debate and whenever we have a luxury company on, they're very keen to say, no, we're doing absolutely fine. but then you have an analyst on

saying, well, no, they are suffering. >> inevitably, they're suffering. apparently in august, the buyers that were meant to come over here haven't come because it has been a very tough august. inevitably, fashion is suffering. they will say everything is fine, everything is fine, but they're not. but i think we are starting to see the green shoots, to use a well used phrase. people are starting to think about clothing and shopping dpen, i feel. and this feeling of september, i think you want to start investing clothes again and investing in good quality shows. it's less about fashion now. it's less about buying 25 things in one go. it's about investing in quality pieces that will last you for years. >> the other thing, of course, is how much of an indication we can take away from the retail sales figures these days or from what's going on in these fashion

houses with a glance towards the holiday season. are there any indications now of what type of december we're looking at? >> if it's bright and sunny in august, you don't want to buy winter clothes. winter clothes have come in early and you don't want to be buying that in the middle of august when it's sunny and it's summer and a lot of people are away. but now, it's back to september. inevitably, when it starts to get cooler, we'll turn to christmas. and people want to spend. so i think we will start to see an improvement in terms of sales and more people on the street and more people buying. >> good. thank you very much, nicola. i have to do something about my own wardrobe, but that's another matter. >> i would like to see louisa in one of those outfits. you can get more news, videos

and blogs, anything moving markets at cnbc.com. still to come on the show, darned if they do, if they don't, it seems there are major downside risks to either decision the fed could take to quantitative easing. which choice could it make? first, let us know what you think. will the fed begin to wind down its quantitative easing today? e-mail us. worldwide@cnbc.com. hn park's he's saying "toodel-loo" and switching to sprint rcle. - with any mobile, anytime. - hi, john. now, on the sprint network, he can call any mobile phone, on any network, anytime he wants. without worrying about the meter running. so he's decided to call every mobile phone in the country. he'll finish... just after his 93rd birthday. welcome to the now network. get unlimited calling to every mobile phone nationwide when you switch to any mobile, anytime. only from sprint. the now network. deaf, hard of hearing and people with speech disabilities access www.sprintrelay.com.

welcome back to "worldwide exchange." becky is here from lopped. becky, what's with going on? >> we're looking at the ftse 100 up by 28 points or so. just over 0.5%, we've been in that territory all morning so far. bank of england minutes came out a few moments ago, we found out they were unanimous in keeping rates where they are. the governor of the bank of england decided with his colleagues decided that there was a case for an increase in the quantitative easing program. elsewhere, we'll see a fairly steady market today at these levels. burberry is very strong this morning. this is a uk fashion house.

they showed at london fashion week yesterday. there's been a gate deal of media coverage and that seems to be helping the shares move higher today. basic resource stocks are looking pretty strong. we'll have analyst upgrades in the insurance sector. peru debtal has been doing pretty well this morning. stephane, what's going on in france? >> we've got more indications that it will start to repay soon their bank loan. the ceo of bnp paribas told the financial times that the government capital was expensive and would become more expensive afternoon june 2010. therefore, they want to start repayment before that date. the ceo of societe generale said they would soon start to repay their government loan.

however, it's unable to say when air france-klm would return to profit. and france telecom, one of the biggest decliners on the cac 40. the company this morning denied some press reports about the company being interested. the selling agent, telecom group, has no telecom to make an offer. the stock is down by 0.7%. patricia, how are things in frankfurt? >> not different from the last time around. in terms of volume, pretty much like yesterday, about 27 million shares have traded, so not too much on the volume front. inphenomenonon, up about 3.7%.

a lot of euphoria in that stock. it is now more or less the third day, i think, in the dax included and so we have a nice rally. what is interesting here is delayed comments coming through from commerzbank reiterating comments from 2012 and they see break even at least in 2011. at the moment, commerzbank down 0.7%. they're just reiterating what we heard. tuesday thyssenkrupp confirmed their outlook for 2011 in terms of their savings target, in terms of their profit for loss target and they say they will book quite a bit of costs and that cap ex this year will be below the 4.5 billion euro level. at this moment, the dax is up 0.5%. christine. asian markets mostly weaker

today. japan remains closed with a public holiday. volume appears to be a little bit light. in south korea, shares ended 4% lower after hit ago 15-month high in the previous session. i think that is the wrong picture we're showing. hyosung group was the only bidder for hynix. and over in china, shares sank nearly 2% to a three-week closing low on concerns of supply ending lower there. we have sinopharm in focus as shares surged 20% in their hopping congress debut. shares in geely climbed after goldman sachs confirmed an investment in the company.

lifted shares in miners and new zealand stocks posted a small gain today. we have q2 gdp data and that surprised to the upside ending the country's longest ever recession. on that note, let me show it to you, julia. >> thanks, christine. the calendar is through economic data today, but there will be plenty of action in washington. tim geithner goes before the house financial services committee to testify about financial regulatory reform. in prepared remarks, geithner says the u.s. economy is recovering, but the regulator system is broken and must be fixed. at 2:00 p.m., the same panel many will hear from the fdic, office of thrift supervision and the office of the comptroller. that's out at 10:00 a.m. new york time. meanwhile, on the earnings front, we'll get numbers out

today from the likes of general mills, makers of top food brands such as pillsbury, petty crocker. then we'll hear from autozone, bed bath & beyond, cintas and red hat. coming up on "worldwide exchange," 10,000, not a probably at all. how about 11,014?

in the u.s., ahead of the fed decision, investeders are playing the hurry up and wait game as futures are relatively flat. >> hello, everyone. i'm louisa bojesen. in europe, the bank of england voted to keep quantitative easing at current levels and the sector sees its first growth in

six hoz. and geely automobile spiked up after confirmation that goldman sachs a making a multi million dollar investment. >> here in the u.s., let's look at how futures are trading ahead of the market open and that much anticipated commentary from the fed at 2:15 p.m. eastern time. the dow, nasdaq and s&p futures are all pointing higher. the dow is now trading 17 points higher than fair value. looking at the 10-year bond yield, we'll be seeing the treasury auction at $40 billion. right thou, the 10-year note is at 3.47%. louisa, how is it looking in europe? >> we're slightly higher by around 0.5% or so for most of the european equity markets. it is a scenario of just waiting to see what the fed says, as you were indicating, and g. 22. it looks like we've had a lot of

money continuing to flow into the sectors, but not by as much. dollar cross rates still continuing to be discussing. the euro now lower by approximately 0.4% against sterling. so seeing a bit more activity there versus last hour. christine, hi again. >> investors say sidelined, japan and indonesia closing with lackluster. the shanghai economic down 1.9%. the hang seng is down 0.5% and the you asy market joet performing the rest of the region because of the spice we saw in commodities. nymex, in terms of oil, this is how the picture is looking. nymex light sweet crude, $71.55 a barrel.

and brent also pulling back, down 35 cents, $70.18 a barrel. louisa. >> christine, the federal reserve is expected to maintain its pledge to keep the benchmark interest rate near a record low for an extended period today, but it could signal nat u.s. economy has started to recover. however, not all analysts believe that a v-shaped recover is possibly. >> i don't believe it's a v, i don't think it's a w, i think it's like the teeth on a crocodile. we're going to face some volatility and the crocodile chews on you as you come out of the slowdown. it becomes dangerous for a bus. >> joining us is judd pyle. still with us in the studio, ash love lidie, as well. judd, the way we look at the markets, earlier on the program someone was indicating that valuations are different, the

market levels are different and the levels we're coming off of are very different, too. is it a given that we're not looking at this v-shaped recovery? >> no, i don't think it's a given. but i would tend to agree with it because as she mentioned, the trajectory of growth that we're going to get is going to be different, i think, over the course of the next five years. it's still going to take a little while to work off some of the excesses, if you will, that we had in the mid to late part of the -- of this decade. so i think from a valuation perspective, though, we are going to have some really good comparable growth levels because we're coming off of a very low, obviously, the fourth quarter of 2008, the u.s. economy practically, you know, shut down or ground to a halt, if you will. but i would tend to agree that the groekt rate we've seen in the past in the u.s. will be

close than in the past. jeff, do you think we're going to see a correction at some point, either before or after we get to 10,000? >> yeah. wink we're hard pressed to correct prior to 10,000 because the technicals are so strong. and i'm not a believer in round numbers, but i'm a realist. regardless of why it happens, it still tends to happen. i think it could be one of those things where we hit 10,000 and get a little pullback. but i take heart in the fact that 10% to 15% down in this level is about as far as we would go. so i think the risk is to the downside. i would be very careful and make sure i own companies that i'm comfortable with even if the share surprises slid 0% to 15%. >> and do you think we're going to get any inside from the fed about earth quantitative easing or the health of the economy?

>> i think we would insdiets on our view of the company. the market is not expecting them to change interest rates at all, obviously, and to your point about quantitative easing, i think that would be the real sticking point of where we could get volatility. if they say something there about what they're doing with quantitative easing and their activities in the bond market, that could cause a little bit of volatility, if anything. >> so, judd, what do you do with your money in the meantime? >> well, this rally has obviously surprised a lot of people. wall street climbs a wall of worries. what i like to look for is make sure that you're not reaching for valuations. i would be careful that have multiple strongs that has a low of 50.

i'd be very careful speculating on memories. i would look towards a johnson & johnson or a conco phillips, where you have a dividend yield, something to back up your investment thesis if you're looking to be conservative. that could give you a downside protection in the event that the sellers come back into the market. >> judd, of the companies or of the sectors that you mentioned, disclosure, please. do you hold any of this in your books? >> no, sorry, we just do analysis on them. >> caller: open sure. ashraf. >> hi, judd. two questions. what happens after the market does go down? do we necessarily go back up to these level or do we stay

basically one question. the other thing, i'm looking at the bond markets and the bond yields in the u.s. in the last three or four months, whenever the stock was was at an intermediate high, bond prices were high and bond price eggses were down. this is not the case right now. equities are doing well, but bonds are really off their lows, bond prices are off their lows and bund yields are off their highs. do you think the bond market is worried about growth? what is that? >> some of it is that the fed is involved in quantitative easing. that is kind of what i meant today where if they talk about using quantitative easing, we could you could start to see the bond market sell off.

because i think if we still off 10% to 15%, i think what you'll wind up with is a rotation of who is owning the stocks. there's still a lot of money managers out there who have a lot of cash on the sidelines. so i think if we see that 10% to 5% pullback, i think it could just take a while to get the market to grow back to where we are. i don't think we're necessarily going to stay down around the 9,000 level on the dow for very long. but i think that, you know, it might take a couple of months. but it would be a result of technical trading that gets us down there and that would enable us -- i think the fundamentals are strong. sorry. >> no, judd pyle, thank you very much. ar raf, michael writes in

interesting message, he says i have to take a comment about the current status. he says that the last couple of months state that this would not happen. now there's no basis for fundamental values, this is pure speculation. he goes on to mention some of the unemployment levels. jeff e-mailing through saying 15 states have unemployment of 15% or higher. a couple more details, as well. but basically, as unemployment is expected to get worse in the last couple of periods, recovery, question mark? >> yes. no matter how much money the fed throws at the banks, as long as the barngs do not lend, whether it is in the united kingdom or the u.s., than we are not a consumer inflation.

yes, there is a lot of inflation in the system, but the transmission mechanism into people' pocket is not happening. therefore, you are not really seeing a consumer-led recover. you're not seeing a consumer inflation and not only unemployment rates are pushing higher, but there is also the foreclosure rates are not showing a sign of really coming down. you may ask me, what about the job less claims. after six months, a lot of their have sxeerd. .so the number of people on unemployment have fallen, but it doesn't mean because they have a job. >> thank you very much, ashraf. coming up next on "worldwide exchange," president obama has

set his sights on health care reform. is that what americans care about right now?

welcome back to "worldwide exchange." "squawk box" will be coming up at the top of the hour and today, becky quick joins us, not from the studio, but from a hotel. tell us more. >> actually from the mayflower hotel in washington. it's holding the national energy summit by the council of competitiveness. today we have a high powered lineup for you. get it? we're at the energy summit. it includes jim owens, chairman and ceo of caterpillar. these are fellow dow components from one chairman, one ceo and chairp chairmen who will be sitting down to talk about everything from energy and the state of the economy. and we have the council's president, deborah win-smith. they are going to be joining us

with their perspective on staying energy competitive with the rest of the globe. we'll cover it all at the top of the hour. things are still getting set up here. there's a lot of activity here. people are getting ready for the summit. >> it seems sparks are flying. get it? >> very good. i like that. a high energy lineup, sparks are flying, we are ready for all of this. anyway, it's coming up at the top of the hour and we've got a big show. >> good. good, good, good. we look forward to it, becky. we'll see you here in a couple minutes' time. >> the american people still hold president obama in high regard, although his approval rating has come down. the latest wall street journal poll shows the president's approval rating holding steadit at 51%. nearly a quarter are satisfied with the state of the economy, up 10% from july.

about half believe the economy will improve over the next year and job creation and economic growth are top issues folted by health care reform. president obama's biggest domestic priority as well as reducing the budget deficit. the fed had moved them, particular attention is being placed on firm's trading positions so ensure profit are being based on real profits. last week, it ways said. and bank of america has agreed to give congress more information about its hastily arranged takeover of the merrill lynch last year. the chairman of the oversight committee says b of a will provide law eshgmakers all of document they've asked for,

includes those of us. if the s.e.c. files charges, it's leakly lewis would resign. in frankfurt, b of eight is up 0.5%. louisa. france's oil giant total is teaming up with venezuela to develop an oil field. hugo chavez has promised a huge increase over the next ten years with the help of foreign investors. part of these investments include the building of refineries to clean the crude into exportable oil. christine. shares of geely automobile

rising after confirming it would interest more than $30 billion. the fund-raising will help shore up capital. however good bp is concerned that his company is participating in talks. >> there company is not involved in any deal in equities. so we are -- we never talk about. >> well, the skies in sydney australia were shah rouded in a red glow today. a huge outback duststorm swept across the country, stripping tons of soil from groin. while officials warn that the

usual likely death toll is expected to rise by friday. al ya, it seems like thaking would be that, as well. we'll have more details as well as a round yun of the trading day coming up next. oh, hi! welcome to progressive.com. are you all right? a ferocious white whale wrecked my boat. well, i'm sure we can help you, captain... ahab. well, it looks like you haven't had a claim in over four years, so you don't have to pay a deductible. that means you saved $500! $500? i could get an electronic fish-finder. that's the spirit. saving you money on boat insurance. now that's progressive. call or click today.

let's get a look ahead to the u.s. trading day with allan knuckman at agora financial in chicago. allan, the big headline today is obviously is fed and what they're going to say. how do you expect the market to trade ahead and after those fomc notes? >> well, the market has been strong regardless of the data or the information that's been happening around us for the past um couple of months. very, very resilient. it may be quiet going into that number just in case. there's more announcement. we had the quantitative easing issue about six months ago that really kind of shook things up. so hopefully that is behind us. but you never know, there might be some people that might be aphrased of more news on that

front. >> hey, allan, christine over here in asia. what are you expecting this week? >> i'm expecting the market to keep trudging forward. my gold is 1,200 on the s&p which was the original breakout last fall before the precipitous drop. i think 1,200 is not that far away in s&p. it's another few percent here. but my big concentration is on crude oil and looking at how that relationship between that and the stock market has decoupled a little bit. i think there could be a nice surge in crude oil with more weakness in the dollar. >> allan, hi. it's louisa in london. do you think we can avoid hyper inflation? if not, how do you best play this trade? >> wbl you know, hyper inflation, i haven't seen really in my lifetime as a young child, obviously. but that is a concern.

that's one of the fed's objectives is to get the money flowing and to create an inflationary environment. so we want to see movement on that aspect and right now, we're seeing the dollar getting below 76 which was this recent low. if it breaks below that, then the dollar index could get down to last december's low and we could see prices jump because of that. oil and gold, we've seen that short to move. we could see another 5% move in some of these commodities. but i'm not concern about inflation right now. the price of crude is not even at the halfway point of the high to low that we saw from last year. so we would have to get to $90 just to get to the halfway point. >> allan, we've been talking about the dollar and the dollar's move down. what is your mid and long-term outlook for the dollar's move coming up snch. >> well, number one, i want to see it get below the 76 level

and close below that. we've been in a tight range here for the last couple of weeks, but we continue to make new weekly lows. so that is a bearish sign for the dollar. and that is not a bad thing because here in america, that helps our ex ports and helps generate quarter corporate profits. but looking for the dollar to get down to that 72 level, like i said last summer, that was the actual -- that low in the dollar was the exact day that crude oil made appear all-time high. so i'm looking for that kie to back off. part of it is that safety asset unwinding. people will be looking for a higher return and the stock market has more upside. there's a lot of money on the sidelines that can help funnel and continue this rally. >> allan, thank you so much for joining us, senior market analyst at agora financial. let's take a look at how futures are trading ahead of the market open and ahead of the

commentary from the fed today. the futures have moved down over the course of the morning. the dow is now only pointing up by about 5 points in fair valuable and it looks like we're heading pretty much towards the flat open. >> i'm julia boorstin in the united states. and and i'm louisa bojesen in europe. >> and i'm downtown county in asia. before we go, we leave you now with pictures of london's fashion week. welcome to the now network. right now five coworkers are working from the road using a mifi--

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good morning. it's decision day for the fed. does the central bank have any tricks up its sleeve? the world stage, president obama makes his united nations general assembly debut this morning and becky is reporting live from washington. >> good morning, everybody. we are at the national energy summit this morning. we're talking to industry leaders and government decision-makers, the deciders themselves. "squawk box" begins right now. good wednesday morning. i'm carl quintanilla along with joe kernen. becky is in washington from the national energy summit. a lot going on today and some

major guests coming up as a result. becky, what have we got on tap today? >> we have an electric lineup on tap today, carl. we are at the national energy summit being held by the council on competitiveness. this is where corporate, academic, scientific and political leader are meeting to talk about the need for our nation's competition and competitive drive going. this is not new on squawk. yesterday we spoke of energy and all kinds of things with former president bill clinton. >> the world is organized for yesterday's energy patterns, not for tomorrow's. we have to use the nongovernmental movement in a way to organize for tomorrow the's energy. >> and this morning, we have an all-timelinup over the next three hours. we're fog to be can deborah win

smith. we have the coshare of the energy security sustainability notion. we also have the ceos of arch coal and constellation energy group. former governor john engler, as well. right now, we will send it back to the studio for today's headlines. we're at the may flower today. >> you had to say that, didn't you? you had to name the hotel. >> what is that room in the shining? there's a room at the mayflow mayflower -- it's legendary. >> you know what i have? you know what i have? >> one of the robes. >> look, i do. they have these in our room, they