welcome to "worldwide exchange." the headlines making news today, out of the united states as president obama gets set to sign the health care bill, another piece of major legislation hits the agenda, financial regulation. >> more m&a, as bp accepts a buyout from its rival. and here in asia, china says it could swing to an $8 billion trade deficit in march. weakening the argument for a

yuan revaluation. >> great to have you with us here on "worldwide exchange." i'm nicole lapin. it's 5:00 in the morning on wall street. welcome to the start of your global tradinging day. let's take a closer look at how u.s. markets are likely to open after a great finish yesterday. markets were up across the board as traders were conceptual to see how health care would affect stocks. but stocks and oil, both up. consumer discretionary both up. right now, nasdaq futures basically flat and s&p 500 futures are up about 3 above fair value, ross. so again, we will continue to see if health care stocks will get a boost out of the legislation going on in washington. what are you guys giving to us from across the pond? >> we have slim gains, nicole. we're one hour into the tradinging day in europe. up about 0.75% for the ftse

yesterday. legal insurance was the standout there. we've got some m&a back in the scene, as well. elsewhere, just up under 0.5% for the german market, a little more than that in france and switzerland. christine, what kind of day have you had today? >> here in asia, it's a mixed session, of course. but shares are inching back. we have commodity prices recovering today, japan coming back from a two-day public holiday to move slightly higher. we don't have japan on the board, but i'm told that it's actually moving lower. the kospi is up 0.5%. hang seng up 0.3%. the shanghai composite is down 0.7%. the bombay sensex is up 0.2% and the aussie market is up 0.9%. we're looking for the key housing data to come out today in the u.s. dollar/yen, 90.26.

euro continues to be in focus as european powers continue to debate the fate of greece. sterling/dollar, 1.5029. euro/sterling, 0.8992. joining us noud is marino valencince. good to have you with us. first of all, here in asia, we're watching these trade deficit numbers that we are seeing coming out of china. the country is going to report its first trade deficit of $8 billion in march, first in six years. does that surprise you? >> well, i think that the -- that number is a very volatile number. and the substance doesn't really change. in an environment where global consumption slows, i think it's not unusual to see this type of numbers coming out. i think it doesn't change the story on the renminbi.

it doesn't change the story on a potential revaluation of the renminbi which should probably occur not so much because of the yuan, but because of china. there are inflationary pressures in china, as we have seen in the last few months. and in an economy which really needs to enhance consumptions, well, taking the renminbi higher will enhance the capacity of the domestic consumers to buy foreign goods. >> but that argument aside, do you question the timing of the data at a time when washington is turning up the heat on bay junk to do something about its currency? >> well, i think that as usual was as we have said many times, talking loud will not solve the issues because the chinese are going to consider what to do with the currency when the situation is quiet. so if i were in the u.s. administration's shoes, i would stay still for a while.

and then you will see that the chinese authorities will decide to do something with it for their own good, not because the americans are pushing them to do so, but i think that the stronger renminbi is also in the interest of the chinese. but we'll have to wait n some time. >> marino, this is nicole lapin in the united states. you were talking about global consumption growing, that's something that google definitely wanted to do getting into china to see more growth there. obviously, this is coming at the same time as google is taking operations out of china, moving them into hong kong. is there going to be a winner there, a homegrown rival that is potentially going to benefit out of that? >> well, we know that in china, baidu is the corporate which is going to be advantaged by what is happening there. i find the whole google

situation quite extraordinary. obviously, the give up in terms of revenues is not big because china represents still very low percentage of the revenues of the company. but in terms of future growth, it is obviously the largest market in the world. but i don't know how to react to the fact that google is doing this and it's not clear if google is doing this in a kward nated manner with u.s. government or not. does the u.s. government know about google's decision? did it know. >> advance? and, you know, what's behind? >> what difference does that make? >> well, i think it makes a huge difference. because in this case they didn't know, google is managed in a very bad way. i.e., you don't take this type of decisions at a time where the u.s. government is probably

negotiating behind the scenes with the chinese on a variety of issues. and when the chinese are financing, most of the borrowing requirements of the united states. if the u.s. government knew about google's decision, then you wonder, you know, what's the overall strategy? and, you know, we don't know. >> maybe they don't know. >> maybe they don't know. but i think that probably the u.s. government didn't know about the decision. >> okay. marino, you're sticking around. >> thank you. some of the other stories we're watching today, there's more m&a in britain. the ceo of bp group has accepted a bid from babcock international. babcock will say 7 pounds 35 p per share of vt group. vt has rejected two previous offers from the defense equipmentmaker rival. but the ceo has told us that

this deal is now the right one for the business. >> ross, president obama will also sign the health care reform bill at 11:15 in the morning and will travel to iowa on thursday. the landmark legislation passed on sunday. republicans say they're going to put up a fight to get a package of changes designed by house democrats to approve the bill which may be taken up by the senate today. it would require most americans to have health insurance and bars insurers from denying coverage. health care stocks moved higher on monday and they are still up across the board. the senate banking committee has now passed health care ledgis legislation. the measure moves to the full senate in april. republicans believe they have a better chance to block reforms that they and banks oppose.

speaking in washington, geithner says america's leadership on global financial matters is at stake here. >> if we fail to act, we will lose the opportunity to set the global agenda and to lead the debate in shaping a level playing field on terms that play to our strengths. >> by the way, geithner also testifies about the future of mortgage giants fannie mae and freddie mac and with the house financial services committee at 10:00 in the morning. the government took control of the companies in 2008, injecting $217 billion to keep them afloat. geithner is expected to defend the administration's actions as unfortunate, but necessary to offset a much bigger decline, christine, in housing prices, the first step in what is likely going to be a long, long discussion on capitol hill. >> right. and nicole, google has decided to end censorship at its chinese

portal and will direct all search inquiries there to its uncensored site. >> hong kong. it's unlikely to discuss sino-google ties unless it's widely advertised. it was said google's other services in china, such as its smart phone software could be endangered by the decision. foremore of the developments of google in china, we're joined by cheng lei. lei, what can you tell us? >> google met with its 700 employees today, and get this, the employees now don't want to leave, unlike before where with we heard as many as one-third wanted to leave. and, of course, some of the hundreds were going to lose their jobs, anyway. so now employees are more hopeful about the situation than last weekend.

not just rerouting to hong kong business. so there is a belief that business can continue in research and in searches, just move the service over to hong kong. this is what i'm getting from the employees. we are expecting more news from google china after 5:00. it is now after 5:00, so do stick around for more developments. so basically, employees are on joining google in the act of defiance. there is now a search engine called bai-google-du. >> interesting. thank you for that, chang lay reporting live on the live from beijing. nicole. >> still much more to come on "worldwide exchange." nissan is reportedly in talks to join the alliance between daimler and renault. find out how shares are reacting in our global stock watch after the break.

ahead of the u.s. open, global equities are firmer in europe. these are doing fairly well. vt group is doing fairly well. ba rebounding up 3% as we continue to look at a second strike action this weekend. over in germany, slightly less are the gains.

patricia is with us in london. >> yes. the actually gains are a bit less. however, we managed to regain our 6,000 level. psychologically important, that is very important, indeed. we closed below that level for the past two trading sessions. hanker was already very much up yesterday. they made positive comments more or less indicating that they may raise their outlook for 2010. but let me tell you about one of the stocks that is suffering. that is merck. merck this morning came out and said they have to pull a trial seg for one of their liposome vaccines because it seemed to have adverse effects during the trial. that is always bad news for pharma stocks. pharma stocks live through their pipeline and wharchb goes on there will have a direct impact on investor sentiment, as well. the techs are being bid very

well and i think the car stocks are in focus in paris for stephane. hi there. >> absolutely, patricia. the car sector is in really good shape, including renault, after a report in the papers saying nissan could join the alliance. nissan would bring its experience with electrical vehicles and will receive larger engines from daimler. however, the paper says daimler would be still in a capital tie-up for renault. nissan aims to increase production by 17% for the next fiscal year and that also is very good news for renault. up 1.7%. also in focus today, eads, the company confirmed that the deadline postponed by 90 days to consider whether or not to rejoin the race for the refueling air tankers of the usair force.

there's no confirmation that the company would rejoin the race, but that's another understand occasion. the stock is down 0.76%. >> thanks, stephane. we have a bit of a mixed picture in asia. japan is bank from holiday. the nikkei falling about 0.5% lower. now, something weighing on sentiment, as well, was this nikkei report that japan's government faces a huge shortage in fiscal 2011. they may have to issue bonds or cut back spending, so that sort of fiscal situation weighed a little bit on sentiment today. as for exporters, a couple of stocks to note, we talked about nissan, closed up 0.1% higher. nissan is in talks with daimler to pro cure big engines. large engines may supply some electrical vehicles and batteries, as well. and given that nissan's partner, renault, is already in talks with daimler, that this could

lead to a three-month negotiation. the other talks we've been watching with toshiba closing up 0.3 higher, another report that chairman bill gates would team up and develop nuclear reactors. and get this, it could operate for about 100 years without refueling. so that stock is putting on gains, as well. greater china, hack sang index, paring back some of those gains. we saw gains in some of those mainland banks. just want to mention bank of china reporting results. better than expected earnings. q4 coming in at $1.8 billion. >> 100 years. >> 100 years, new technology, yeah. >> what will they think up next? still to come, guess who is short of money these days? no, we're not talking about greece. find of what fresh trouble looms in japan shortly.

welcome back to "worldwide exchange." it is 5:21 on the east coast of the united states where you're looking at a live picture of times square. not very many people there. reminds me of the volumes in markets yesterday. but still, the dow ended at the highest level since october 2008.

10,785. the futures are up right now, toward the dow about 24 above fair value. nasdaq futures are basically flat and s&p 500 futures are up slightly. the u.s. housing sector is also on the spotlight today, shall we say, february existing home sales are out at 10:00 in the morning new york time, forecast to drop 2% to an annual rate of 4.95 million homes. philly fed president charles plosser is in praug speaking. at 3:30, san francisco fed president janet yellen will be talking about the economy. u.s. pay czar ken feinberg will issue its ruling for aig's top

25 executives at 1:00 p.m. he's expected to issue a look back letter, which states how he can examine bonuses paid at the 419 firms that received t.a.r.p. money to see whether those funds were used to pay bonuses or not. so let's continue this conversation. joining us now for a closer look at the global economy is tom vossa, the head of global economics at europe at national australia bank. still with us, by the way, our guest host, marino vanentano. we have a huge bond auction this week. but today specifically, $44 billion for two-year notes at 1:00 p.m. what are you expecting there in terms of appetite? >> i think the appetite will be there. remember, the fed has been telling people for ages that they have no intention of raising rates quickly. if you're therefore looking at getting a higher return, you want to be at the shorthand.

i also think for investors worried about inflation, better to be looking at short paper than long dated. we're more worried about the longer end of the market. >> what does it mean when james tells us keeping rates low for an extended period limits the central bank's policy flexibility? >> the flexibility is you can't cut rates should there be another recession. the argument at the moment is should central banks be looking at normalizing policy as quickly as possible so they have scoped to cut again if they get a downturn. if you get in that, you'll be looking at not only a w-shaped recovery, but a www shaped recovery because you'll be pushing down interest rates. i think most central banks don't believe that the policy reacts that correctly and to some degree, i think there's a talk about normalizing rates is really a bit too preemptive. >> marino, as an asset allocators, you've got all this

treasury being issued this week. would you want to pick up any of this treasury issuance? >> well, i don't think that the treasury issuance is going to run into trouble at all. >> would you buy some? >> no. >> why? >> i don't like bonds in terms of an asset classes for my asset allocation. i don't like bonds because although there is going to be no inflation for the next 6 do 12 months, and i strongly believe in that, one in one or two years, we may have a surprise. and i don't want to be with bonds which are going to lose value, real value because inflation goes up. it's very tempting as a trade, if i look at the 10 year, the 30-year, the curve is extremely steep. for a trade, it's quite tempting to go in and capture that steepness. but from an asset allocation review, i don't have any appetite for that. >> hey, tom, this is christine.

over in japan, the government is now debating whether to use the bond market to finance public finances, it's debating to issue new bonds to cut back on spending. what do you think on about this dilemma faced by the japanese government? we've been here before. the only surprise is they haven't talked about inflating various bids from the public sector, too. the issue with japan is yes, the government will have the ability to finance investment, but what are they going to do with it? unlike china, from the infrastructure investment is creating productive capacity, in the pass, it has been the bridges to nowhere and the real question isn't the funding mechanism. they're still a nation of savers. but what actually will be the return on that investment and will it be positive? and what's your guess, will it be positive? >> unless we can see a complete change in that system, i very much doubt it. we're still in the old public works, defensives which are not needed and creates local jobs

and some degree of a return for the economy, it hasn't shifted japan into a new industrial structure. >> all right, tom, thank you very much for that. we want you to continue this data. we want to break with you. of course, our guest host, marino, will continue to stay on with us. coming up next, china will probably run its first trade deficit since 2004 in march. what will be the implications for its currency? >> and we're looking at the housing data coming out of the u.s. plus the inflation data coming out of the uk right after this.

welcome back to "worldwide exchange." the headlines making news today out of the united states as president obama gets set to sign the health care bill, another piece of legislation financial reforms takes a step forward. >> europe and britain, february inflation data is due. it's expected to ease a little bit on the month. >> here in asia, we continue to watch china. the country says it could swing to an $8 billion trade deficit

in march, weakening the argument for yuan revaluation. >> you're watching cnbc's "worldwide exchange" with christine tan, nicole lapin and myself, ross westgate. we're just about to get some inflation data out of the uk. we're about to get to february's figures out. so has it, indeed, come back? that is the case for the central bank of england. february cpi has indeed come out. it's up 0.4% on the month. the annual rate is running at 3%. it's the first fall in the annual rate since september 2009 opinion that's a little better than the consensus. that's cpi. the rpi, up 0.6% on the month. the annual rate, 3.7% as expected. the rpix, annual rate of that, 4.2%. cpi up 2.9% year on year. the biggest downward inflationary impact from toys and gains the biggest upward

impact was from women's outer wear. sterling, just nudging back from where it was before this data, 1.5017. tom vossa is with us. tom, 3% annual reflation? do you get some assurance from that? yes, we do. remember, the argument that thooeb running with is that inflation peaked in january due to the increase and inflation would fall back below target which is why they were in no hurry to tighten policy. this story starts to tighten that one up. we thought it might be around 2.9% year on year, 3% or thereabouts. mervyn king no longer needs to count this month. bigger question, though, is the impact of tax on actually the underlying inflation rates. cpi, which excludes taxation, is

currently running around half the rate of the cpi index and that suggests most of the inflation we see is due to fiscal policy. >> how might that muck things up? >> obviously, the key question for that is indirection taxation. we all know that the treasury has been looking at that. i think the question -- the budget will reveal whether we'll have one party that is willing to rule it out. but if we get an increase in vat, then it will elevate inflation throughout the course of this year. >> guilt is getting a tick higher after that cpi. you talked about some concern on treasuries down the road. have you got a short-term concern over gilt? >> inflation as we know may be the only way out of our massive debt problem. i am a great supporter of inflating away some of that

gigantic nominal debt that is effecting our acts at the moment. and if we believe that is the way out, we don't want to hold a large quantity of gilts. i think tomorrow will be very interesting to see how much the treasury plans to issue an inflation linked securities versus conventional securities. because at bigger amounts in inflation linked securities will make it understand that the government still cares about inflation and if they plan, instead, to let inflation go, then they will not issue many of inflation securities because then they will have to pay the consequences in years to come. >> okay. just some other data, mortgage approvals for home purchase, 35.576 in january.

uk net mortgage lending up 2.8 billion in february, as well, plus 276 billion in january. tom, marino, stick around to both of you. we'll come back to you. we want to look ahead to the u.s. futures now with nicole. >> ross, we'll take a closer look at how markets are likely to open right now. they look like they're higher, especially the dow right now, about 25 above fair value after finishing at the highest level since 2008. just yesterday. of course b, we will be watching health care stocks closely today. they got a bit of a boost. energy utility were the laggers yesterday. how are you guys fairing just in the last couple of minutes? >> yeah. we've been up. we were clearly flat yesterday for european stock markets. an hour and a half into the trading day, we're just nudging higher. commodity stocks are higher, insurance stom stocks are higher. we had good numbers out from legal and k&rg, as well.

how is it looking on the currency markets, christine? >> the dollar looking like this at the moment. that data on oouts housing will be front and center for the dollar today. dollar/yen, hovering around the 90 of 41. dollar looking stronger across the board. euro weaker against the board. a lot of european powers are now debating the fate of greece. sterling/dollar, 1.5016. euro/sterling, 0.9008. uk inflation data is coming out as we speak. nicole. >> christine, president obama will sign the health care reform bill into law at the white house today at 11:15 in the morning and travel to iowa on thursday to try and promote it. the landmark legislation narrowly passed the house on sunday. republicans say they're going to fight a package of changes designed to improve the bill which may be taken out by the senate today. the $940 billion measure would require most americans to have health insurance and bars

insurers from denying coverage. health care stocks moved higher yesterday and are up across the board right now. joining us live right now is hank smith from haverford investments. hank, you know, i want to bring you in. we'll continue the health care conversation in a moment. but let's talk about housing today. timothy geithner is on the hill talking about fannie and freddie really for the first time. is this just a reminer that this is going to be a long process? >> nicole, it's going to be a very long process, no question about that. and you're looking at losses with fannie and freddie for years out. and really, with the only way through this is through growth and growth in the economy. so we better hope that we don't go into a double dip recession, which we think is actually a

very, very low probability here. we're in the camp that we are in a below average, muted recovery and expansion. but if we're wrong with that, we think the odds favor at least average growth as opposed to a double dip recession. >> and tom, i want to bring you back in, as well. tom vossa is with us, as well. you were talking about a www as hank was just mentioned, a double dip potentially in the last segment. we get housing data today, as well. what are you expecting there? >> i think in terms of the level of sales, we think they'll be quite weak. there are clearly weather effects which have distorted the weather in the whole of the northern hemmis near. what we see is a slight hangover coming through from the tax credit. in terms of the u.s. economy, i absolutely agree that where the numbers look solid. house prices have stabilized, oil has stabilized. you're seeing now job creation,

difficult to slow the u.s. down much below 3%. but, of course, when that trend rate of growth is 3.5%, it's not going to feel like a recovery. >> tom, does the health care bill have an economic impact, or not? >> no, it doesn't. it's tiny, largely political. if there's going to be any impact from the health care bill, it's just that one box has been ticked off by the obama administrati administration. the next box is to deal with china and the trade deficit and the renminbi. >> tom, china is now reporting its first trade deficit in eight years. do you think this is going to take some of the pressure off beijing to do something about its currency? do you think washington will pay any attention to that somebody? >> well, christine, we certainly hope so. i think the broader issue here is hopefully the rhetoric out of washington is just that, rhetoric, in terms of trade protectionist threat because the

last thing global economies need at this point is a neighbor up in trade protectionism. hopefully this is a sign that the u.s. should be backing off a bit on their rhetoric and our hope is that that is all it's been over the last year is talk as opposed to material action. >> and speaking of talk, hank, washington apparently has threatened to label china as the currency manipulator and china is fighting back saying, if you do that, we're going to retaliate. what do you think one of the actions china could take would be to reduce its holdings of u.s. treasury. >> well, look, tweng odds of that are fairly small. it would not be in china's interest to sell treasuries, see our interest rates go up, potentially choke off a recovery

that would certainly have a delaterious impact on them. so we're both in bed together and we need a little cooperation here. >> thank you all for your cooperation. hank, we appreciate yours. do stay with us. tom, we really appreciate your cooperation, as well, especially in putting into context with what's going on in the united states with health care as not necessarily being a macroeconomic one. marino, stay with us as our guest host for the hour. still much more to come on "worldwide exchange." james bond may have a new boss. find out who that is going to be. no, not ross westgate. here is a close look at how oil is trading as we go to break.

welcome back to "worldwide exchange." let's cross live to tokyo and check in on the trading day there with asuka kondo from the nikkei returning from a public holiday to end weaker. kondo-san. >> hi, credits teen. as the yen remained strong against the euro, exporters with high exposure to europe underperformed the market.

real estate shares also suffered another day of heavy selling while the outlook for prices is still gloomy. looking at individual stock mergers, toshiba rose 3.5% after reporting that the firm will work with bill gates to lead an effort to develop a next generation nuclear reactor. sony shares rose 376%, hitting their highest level since the start of 2009 on hopes for its 3d tv businesses. it is reporting that sony may form a partnership with google. finally, the nikkei has learned that nissan motor has entered negotiations with daimler to pro cure large engines and cooperate in development of environmental friendly cars. renault, which has a 33%

stake in daimler, is discuss in discussions with daimler. >> kondo-san, thank you very much for that. >> and christine, the world trade organization is set to rule today on the dispute between airbus and boeing. boeing is claiming that airbus relied on heavy government subsidies between 1998 and 2003. airbus argued that boeing got equ equally subsidies from nasa where its assembly operations are based. airbus expects the case will be resolved through a negotiated settlement, which the eu has offered rebeatedly to the u.s. boeing and airbus shares are lower right now. james bond may soon after to a new boss. time warner has reportedly put in the highest second round bit

for mgm studios. however, the offers were far less than mgm had expected. the studio has been saladsed with nearly $4 billion in debt from a 2005 buyout. and gm's creditors are expected to meet today to assess the company's situations. ross, one of your favorites. >> yes. nicole, three former british cabinet members have been suspended after being secretly filmed claiming they could use their positions. they were approached by documentarymakers posing as staff of an american lobby firm. just what we need, christine. >> not something you need right now, ross. >> no. >> well, china could run a state deficit of more than $8 billion in march.

the first search deficit since april 2004. this is according to state media. analysts told cnbc it's not surprising that china could rake up a deficit as chinese trade has been volatile for quite a while and that it has been stocking up on resource related items. now, the trade deficit, if truth, would weaken the argument for china to revalue its currency. speaking of the u.s., health care is one of the hottest topics in the country right now at the moment, but there is no question that health varies greatly from state to state. check out our slideshow on cnbc.com to find out which u.s. states have the healthy evidence populations. all at cnbc.com, ross. >> always want to check those things out. marino is with us for a final comment. what are you overweight? >> we're overweight global large

cap growth because we think that these global firms will find it very easy to fund. they are cash rich to start with. they don't need to go out and borrow money. we think they may enjoy a higher growth because they are selling everywhere in the world. so you're buying western stocks most of the time. >> western stocks from what sectors? >> in any sectors. that's why we like the u.s. markets and particularly the ftse 100, which has nothing to do with the uk economy, but which has a global miners, global mobile companies such as vodafone. >> global banks? >> not so many now. >> are you buying global banks or not yet? not yet. we are unconvinced about the base for banks going forward. >> good to see you today, mar o marino.

thanks for joining us today. >> coming up next on "worldwide exchange," home saeps will be out in the united states. find out what so expect on everything you need to know to have a successful trading day. back after the break. 

welcome back to "worldwide exchange." the u.s. housing sector is in the spotlight today. february existing home sales are out at 10:00 in the morning new york time, forecast to drop 2% to an annual rate of 4.95 million homes. philly fed president charles plosser is in prague speaking about the european center. at 3:30 p.m., san francisco fed president janet yellen is in las vegas to talk about the economy. let's talk about some of those key things with hank from haverford investors who continues to stay with us.

>> the good news is, we finally have clarity with health care. add on top of that, the health care sector is one of the most attractively priced areas. it is the cheapest sector in the market. so it isn't too much of a surprise we have an uptick. going forward, particularly if we're right about a below average sluggish economic expansion, it is going to favor those companies that are both higher quality, but can provide consistent and more predictable earnings growth, regardless of whether we're in a 4% groeth growing economy or a 2% growing economy. health care and pharmaceuticals fit in that category. >> who are the winners and losers in terms of drug companies and medical equipment companies? >> well, again, it's the

companies that have the clearest earnings visibility. so we are definitely a little concerned with pfizer and their patent ex operations. but that is one of the cheaper stocks right now. we would stay away from both the insurers and the hospitals. there's too much uncertainty there. >> and there is some set of refirm on the financial regulation,s a well. this has been an uphill battle, hank, for about nine months now. still, do you feel any sense of certainty? it's been nine months of basically a pregnancy of uncertainty. >> well, you know, financial reform is something we put under

the headwind of uncertainty from washington. cap and trade, financial reform, where the tax code will play out in 2011, that's are all uncertainties that should be cleared up as we get towards the end of 2010 and, therefore, clarity is better than uncertainty and that headwind will dispaid for the market. so it is still, with the economy, a babble such as the powerful head winds of monetary stimulus and fiscal stimulus versus the leveraging of uncertainty. >> volumes have been a bit on the low side. wa do you make of the market right somehow? >> well, we still feel equities are the place to be right now

and both the psychology favors the market and the fundamentals. the fundamentals are we are in a powerful profit recovery and valuations are very attractive and the psychology is, while they're no in the fear and panic of a year ago, there is still some fear and there is a lot of anxiety. just look at what investors have been doing only recently in the past month have they nibbled back into equity mutual funds. they have been buying bond funds for the past year.that's not indicative of green. >> yeah. well, there's a lot of money still left on the sidelines, hank smith, as you know. >> right. >> we appreciate your time very much, sir. dow futures are up about 24 above fair value. time to say good-bye to our u.s. viewers. but for everybody else to come on "worldwide exchange," we

continue our who's who prices of u.s. the eu is pushing for a greek rescue, but facing opposition to a bailout at home.

google, going, going, gone from china. changing the face of reform, treasury secretary tim geithner calling for a new mortgage finance system. the white house says it won't accept financial overhaul from congress that does not provide strong consumer protection. the markets at this hour, stocks higher across most of europe and asia and u.s. equity futures pointing to a higher opening at home as "squawk box" begins right now.