obviously, because if something really bad happens over the weekend, you get another chance to buy it on monday, but that's the way i would trade it. for those of you wanting to know what i would have done back at my old hedge fund. there's always a bull market somewhere and i try to find it right here on "mad money." i'm jim cramer and i'll see you tomorrow! hello. you're watching "worldwide exchange." i'm ross westgate. >> and i'm susan lee. >> intensifies global investors and sink into the red as china default fears continue to rappel. russian accents are heavily under pressure. ukraine's prime minister tells cnbc exclusively the outcome of the vote is a foregone conclusion. >> i can't believe the referendum is already preordered and we can easily predict the outcome. >> and the latest reports now

suggest missing malaysian report flight 370 could have been deliberately flown west. the white house says the search may be moved to the indian ocean. we'll bring you the latest press conference in 30 minutes. >> announcer: you're watching "worldwide exchange" bringing you business news from around the globe. >> hello. warm welcome. terrific to have you on the program this day. >> come on to the bigger and the better program. >> and you have to warm up. >> and done on a day when we're not feeling great, investors. >> yeah, investors are not feeling great. in fact, take a look at the markets. they're all in the red this morning, aren't they? >> look, decliners outpacing investors. >> that's a lot of red. that's why i put a red tie and

poppy square on this morning. take a look at this, the russian markets are being hit hard this morning ahead of this weekend's referendum in crimea. u.s. secretary of state john kerry has just arrived in downing street. in london to meet with the british prime minister. kerry will then meet with his russian counterpart sergei lavrov in the next hour or so. this is after a tension filled session at the u.n. security council. moscow's ambassador to the united nations said russia did not want war after being directly asked by the ukrainian leader. michelle caruso cabrera caught up with the ukrainian prime minister after that meeting. >> how did it go today? is there anything at this point that can be done to stop the referendum? >> you know, all members, all

members of the u.n. security council have expressed support and -- the referendum is preordered and we can easily predict the outcome. but russia is perceived to be in charter in -- national obligation. >> so what does ukraine do on monday? >> on monday? >> yes. after the results come out. >> preserve its integrity. >> how? >> in all possible means. using all leverage, from the international community, from our international obligations and russia -- >> do you use your military? >> steve is back in kiev ahead of that referendum, steve.

those were the words. i wonder whether there is any meaningful action. >> yeah. i thought it was a question for michelle, actually, what happens on monday? because unless sergei lavrov and john kerry can come up with something which they haven't managed to come up with in their almost daily contact in the last two weeks, then this referendum will go ahead in crimea on sunday. as was said to michelle there, it does seem a foregone conclusion about the results. there's been very little monitoring from international observers about the validity of the process of getting towards the referendum down in the crimea. the u.n., they just couldn't get in there before now, as well. of course, huge reporting restrictions. but, of course, ethnically, the mix in crimea is circa 60% russian or of russian ethnicity. it's not concluded that they should want a form of due process.

but i think the eu, u.n., united states has their biggest issues with. and the session at the end of a gun barrel is not the way to go about this. as michelle pointed out, what happens on monday? it depends a lot on what mr. putin does, as well, whether russia and the federation goes ahead with some form of annexation of the crimea or let's it become some form of quasi self-autonomous russian state so to speak. it's very interesting how the russians react and if there is some subtext on those discussions between kerry and lavrov, as well. what is interesting, as well, is the reaction from those such as frau merkel who seems somewhat dovish than many in the eu due to their enormous trade links with russia. angela merkel was a lot more aggressive talking about how this should not be the way to conduct things, how diplomacy was key and how, as our foreign minister pointed out, as well,

if this goes ahead and there is some form of annexation, the sanction pressure should be ratcheted up. that won't benefit anybody because, of course, the economic fallout from this and especially for ukraine, which is in a terrible economic situation, could be absolutely enormous. ross. >> steve, thanks very much for that. plenty more to come from steve in kiev. if you've just joined us this morning in north america, welcome to the start of your global traiting day. this is where we stand with the futures. >> we are 20 points above fair value at the moment, around 5 points above fair value for the nasdaq, it was down 1.5% in thursday's session. and the s&p at the moment is about 2.5 points above fair value. those falls are despite better than expected weekly jobless claims, tensions around crimea and chinese data rattling investors' nerves.

european markets today continuing the falles from yesterday. the ftse yesterday down 67 points. down another 24 this morning. 0.75% for the xetra dax as well as the cac 40 and the micex index off 2.5%, as well. commodities, gold up at a six-month high this morning. 1376 is where we've been. show you where we stand at the moment as far as commodities are concerned. spin it on for you.the spin it on for you. i don't have control of this, so you must excuse me. thank you very much. 1370 is where we stand. aluminum copper, up 24 points this morning, but it's on course for its biggest weekly fall in around 11 months. down over 9% so far this week. and on the currency markets, the euro has been taking a focus. he's trying to talk down the euro. 1.3862 is where we stand.

falling away from the 3 1/2 year high. that's where we stand in european trade at the moment. let's wrap up the week for you out of asia. hi, sixuan. >> hi, thank you, ross. we saw across the board selling in asia today hurt by worries over slowing growth in china and the ukraine. meantime, chinese banks cutting low to industries and there's a big drop in copper prices. the shanghai composite ended down by 0.7% and the shenzhen down by 0.4%. the hang seng index in hong kong slipped 1% today. over in japan, hurt by a stronger yen, the nikkei 225 suffered its second largest percentage loss this year, ended lower by over 3%. exporters, china play, utility stocks, financials and delisted shares were broadly lower. in south korea, pouring outflows

continued for the fifth straight session with the kospi ending down by 0.735%. in australia had its biggest weekly fall in three months with miners and banks leading the losses. in terms of individual movers, tangseng holdings slipped 4% today after reports that the pboc demanded payments made by scanning the stock hold for its mobile devices be halted. reportedly, the central bank has issued such a notice to china citic bank which operates credit cards in cooperation with tencent and alibaba. citic and h and a-shares are both suspended this morning after losses of over 8%. that's a look out of asian markets. back to you, ross. >> thanks for that, sixuan. catch you a little later. >> we have a global sell-off

because of concerns of growth in china and also this ukraine tensions right now. michael pervis joins us live. michael, would you be taking money off the table in these conditions? >> yes. i would be. certainly on a tactical basis they put out another couple of days ago recommending for investors. this is a little bit u.s. focused to be using the russell 2000 to hedge. and you can use put spreads or simply reducing exposure, shorting the iwm. but i think there's the convergence of a couple of factors here. we have a massive overextension of particularly small cap equities here in the united states. we had a vicious rally, a very impressive rally off those early february lows. but once again, we are getting into the same overbought signals. so maybe the ukraine and the china concerns, they are very

real fundamental issues. maybe there are excuses to sell. but the selling comes, the selling comes and clearly, i think, you know, we could see they're down in the markets here, down to the early february lows. >> with treasuries rallying, getting more money, as well, are you ignoring the positive signs we're getting from the u.s. economy, retail sales beating last night and unemployment benefits, jobless claims coming down for the week? >> well, just to put this in context, this is tactical call here for the sort of -- the next four to five weeks here. i'm actually quite bullish on the broader perspective. i think the high s&p target of the year of 2,100 for consensus. so i think -- and i'm not wildly bullish on the u.s. economy here, but what i do expect to happen is that this, you know,

so-called great rotate will ultimately get back in gear as some of this economic data continues to trend in a nonpotential way. and the fed continues to taper. that's going to put more pressure on the fixed income and that pressure ultimately results in flows into equity. when cash comes into equity mutual funds and etfs, the money has to be some place. that will put significant upper pressure on u.s. equities over the broader term. near term dip, but i'd be broader over the near term. >> michael, how long do you think we might have this patent that we saw at the beginning of the year? is this going to be a patent for the first six, eight months of the year? >> i think the broader pattern should be similar, two steps forward, 1 1/2 steps back, maybe

it's 2 steps back right now. we didn't neatly touch the 200 day falling average on the correction. we dipped below that. that's sort of the natural outcome of a market that is increasingly flow driven and increasingly expensive, certainly not just on the p/e ratio, but also a p/e ratio adjusted for growth at a mid to later stage bull market. so i think, you know, one of my views is while equities climb higher here, the volatility will jump with them. and the s&p put in a very impressive 30% rally, but also with some of the lowest volatility we've seen in decades. >> we're going to continue this conversation. >> new reports, this is another new report, extraordinary. a new report missing flight 370

was deliberately flown west towards a set of islands. we'll have the latest on that. t.

these are your headlines this morning. sell-off in asia as china growth

issues persist. the crimea referendum is already decided and the hunt for the missing air malaysia passenger plane may be extended now to the indian ocean. >> more on that. malaysian authorities are set to hold the latest press conference of any issues surrounding flight 370 in around 15 minutes. we'll bring you the briefing as it happens, particularly in light of a new report. the white house is saying authorities are considering expanding the search for the plane to the indian ocean. faint pings from the aircraft continues to suggest the system operated hours after it lost contact with air traffic reporters. meanwhile, a report from reuters says the plane may have been flown towards andamam islands,

which sit in the bay of bengal. >> the regulators recorded 303 deaths when air bags didn't deploy n. the crash data was analyzed by the nhsb. gm says it has reports of is 12 deaths in 34 crashes. the company didn't recall the cars unless last month despite learning of these problems with ignition switches back in 2001. in a statement, general motors says the new report is based on raw data and is pure speculation to draw any conclusions without rigorous analysis and particularly gm shares, we're looking at some declines, pretty easily given the broader markets. >> the target says its computer security team was alerted to

suspicious activity when hackers broke into the retailer systems during the holiday shopping season. they decided not to follow up on the warning. the attacks began during the black friday weekend. target executives have said it wasn't until they were contacted by the justice department on december the 12th. the company may have been hit by a security breach. target didn't notify customers about that breach until december 19th. >> we had retail sales beating last night. >> didn't help us out. >> no, it did not. let's show you what's on the agenda in the u.s. economic data point to the february ppi, producers pricers due out at 8:30 eastern time. producer prices are forecast to rise 0.2%. and by 0.1% when you actually slip out food and energy. so we're looking at core. just before 10:00 a.m., we get the first report on march consumer sentiment. and the parents of ann taylor

and the buckle, so more on the health of the u.s. consumer. >> let's take a look at that. mike burke is still with us from weeden and co. michael, you say we're going to get a transition to a slow driven market this year. just explain the impact of that. >> sure. if you look at 2012, coming out of that, you know, all that risk off we had due to eurozone and u.s. debt crisis, etcetera, the market was pretty reasonably valued. it looked very attractive. it had dividend yields, noticeably higher than the ten-year treasury yields. and that set this rally in 2012 and another 30% rally in 2013. but you can't really make the argument that the u.s. equities are cheap any more. but i still am very bullish on the market. and i think the reason why is

simply because the largest asset preallocation really in the history of the world is sort of under way. that's from, you know, this three decade build up in treasuries. that is being sort of met with the unwind of quantitative easing is going to put a lot of pressure on fixed income investors. so in a way, the u.s. equity rally is a fear-driven rally, but it's fear of the bond investor and all those bond jitters that we saw last summer, i think those will start coming back, you know, later on this spring. you know, unless we get a noticeable reset lower in u.s. or global gdp or an escalation of macro risks out of the ukraine and china. >> is it a smart play to buy into gold? gold prices are sitting at six-month highs. there was a consistent bearish call going into this year. did you make any money on the gold trade in the last few months? >> yeah. i had been long gold. i sent out a note in january recommending call spreads on the

gld. i took some profits on those, but quite -- i actually think there's more to come in gold. and, you know, just to back up a second, sure, this is a ukrainian situation that is putting upward pressure on gold prices there. but i would argue it even without that. i think we would still see gold at the very least stabilizing and probably rallying further. a lot of on those geopolitical movements in gold are very fleeting and you can't really trade those. but i think what is happening is over the broader -- the broader perspective i have is simply that long-term demand seems to be intact in the far east. not quite as perfectly as it was two years ago and the price res cheaper. and, you know, it's one thing to short gold from 1900 down to its marginal cost of product. it's another thing to take it from 1200 to way below its margin. >> michael, thanks for that.

it's good to see on you. we have to go because still to come, facebook's mark zuckerberg attacked the u.s. government over surveillance activity. we'll talk to the wick k wikipe founder. founder. it's a bit like asking if they want a big hat... ...'scuse me... ...or a big steak... ...or big hair... i think we have our answer. geico. fifteen minutes could save you fifteen percent or more on car insurance. she thought she'd feel better after seeing her doctor. and she might have if not for kari, the identity thief who stole jill's social security number to open credit cards, destroying jill's credit and her dream of retirement. every year, millions of americans just like you learn that a little personal information in the wrong hands

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i want to pick up on a story. mark zuckerberg has recently called president obama to vent his frustration regarding government surveillance programs. what's your view on that story? >> i'm glad that mark has chosen to speak out in this way. because i think it's important that we all take this very seriously and put a lot of pressure on our politicians to knock it off. >> do you think the government is a threat to the freedom of the internet? >> well, in general, the government shouldn't be. it should be here to empower us and to protect our rights, our rights to privacy, our rights to free speech. but, in fact, the recent revelations have shown a government that's completely out of control, lying to congress, doing things that are blatantly unconstitutional. i think it's a huge scandal. >> jim, what are you saying there about where wikipedia goes

now? what's your future and your monetization looking like? >> oh, it's fine. you happen, we are supported by the general public, people donate money. they've been very generous in supporting us. we always have to take fund-raising seriously, but people are very passionate about the idea of a free, neutral, open platform for sharing knowledge. >> it's been very brief. but a very about talk to you. maybe we'll hold you over the break and come back to you. thank you for now, jimmy wales. still to come, the latest press conference for missing flight 370 is due to begin. we'll bring you right back. t ba.

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you're watching "worldwide exchange." i'm ross westgate. >> and i'm susan lee. these are your headlines from around the world. >> the sell-off intensifies. global markets head into the red as chinese concerns continue to weigh. >> russian stocks are under pressure ahead of that crimea referendum this weekend. ukraine's prime minister tells cnbc exclusively that the outcome of the votes is already a foregone conclusion. >> seems to me that the referendum is already preordered and we can easily predict the outcome. >> and the latest reports are now suggesting that the missing

malaysian flight 370 could have been deliberately flown west. the white house says the search may be moved to the indian ocean. we'll bring you the latest press conference, coming up. and several companies sotheby's, pepsi co.and ebay are fighting back against activist investors calling for them to shake things up in key operations. >> cancer oofr a sell-off of u.s. equities, things are looking slightly better this morning. the dow down 231 points, the worst day since february 3rd. right now, futures are suggesting we are trading some 28 points above fair value. it is currently called up by around 7.5 points.

the u.s. futures indicating it might open higher four points after being down 21. the nikkei off 3.3% today. >> the worst this year. >> and european markets two hours, an hour and a half into the session, the ftse down 0.25%. 0.5% lower for the xetra dax, the german markets and italian market both down 0.75%. >> how do you make money in these conditions? here is what some of the sterts have been telling us so far this morning. >> i look at three things. i look at volatility, yields, target and balances. if you look at target two, it's continue to go contract. so the main things we look at are all indicating this direction including in the eurozone.

i would say long euro dollar. >> long euro dollar. >> yeah. >> for the time being, i would say it's very time limited, we have very low inflation, we have quite high real yield for these economies. i think it's probably best on the global economy is puttering other than going forward in a way we thought. and so those real deals are relatively, and i say relatively attract i. >> now we're starting to see data above expectations. we think that our bullish tact on the united states is the right one and it's going to accelerate from here. >> what's interesting is how gold has performance.

>> given that going into this year, people were having bearish feelings about the metal. we're looking at the biggest monthly gain for the yeb in two months, basically. >> yeah. we consolidated the break above 100, but then it never really moved on. there's gold at 1370, as you were saying, up near that. copper is the interesting one. it is a little firmer at the moment, but lme copper, the biggest weekly fall in 11 months, down 9% on that price over the last week. and it's -- you know, we're just rebalancing our thoughts about china. >> right. and copper, copper futures in shanghai sliding 4% in one day this week. sitting at its lowest in almost five years since 2009. it is concerned about copper because copper has been used as collateral in some of these corporate loans, industrial loans have been doled out in china. we have a rising level of defaults.

>> it's all at the margin because the economy is now so much bigger than it was in 2000. growth at 7% is probably just as big as the -- the impact of that is just the same as it was in 2000. >> that's a good argument, but 7.5% for the gdp target this year is actually the lowest since 1990. can you believe that? >> yeah. and that's fine, but the economy is so much -- you know, the numbers mean the aggregate demand is going to be the same as it was when when you were growing at 12%, 15%. >> i get what you're saying. i think we have to come to the relation that china is going down and the data supporting that with the retail sales and the trade data we got -- >> for the market, it's a good thing. it is more -- we get to a more balanced growth as we start to deal with the credit. these are good things. >> but then how does that relate to gains of 7.5%? because that's what people are saying. if you're going to reform the economy, you can't hit 7.5%.

>> does it matter when you've got a -- does it matter between 7.5%, 6.5%? these are marginal changes. you get hung up on those. if you have a marginal trader, fine. but i don't -- >> you tell them, ross. you tell them. >> right. besides china, what's going on with malaysian flight 370? they're about to hold their latest press conference. we'll bring you up to speed on that. it's just started. let's listen in. >> for some time after losing contact. that is standard procedure. the investigation team will not publicly release information until it has -- and corroborated with the relevant authorities. nor do we want to be driven into specifics that unnamed officials have reported in the media. we are working with our

international partners, including our u.s. team. officials have been here on the ground in kuala lumpur. we will share more detailed information as it becomes available for verification. the teams are currently working on very fine, detailed information. but we have nothing to confirm at this moment. the search area is expanding. two days ago, the search area widened. together with our international partners, we are now pushing further east into the south china sea and further into the indian ocean. we want nothing more than to find -- as soon as possible, but to widen out search. a normal investigation becomes narrower with time, i understand. the investigation focuses on the search, but this is not a normal

investigation. in this case, the information forces us to look further and further afield. engine data, yesterday we had media reports in which unnamed officials said that engine data shows the plane kept flying four hours after last contact. we checked with -- who said reports were not true. and i quote, this is a statement -- continues to provide support to the authorities and the malaysian airlines. it's been confirmed on a statement on the 13th of march by the malaysian transport minister regarding engine health monitoring from the aircraft. authorities -- in the south china sea. 15 nautical miles south of last

contact. firstly, it was investigated and analyzed. in the base, we do not believe that -- for 370. some seconds were investigated and analyzed and did not any gesture. the investigation team has been -- all these that could help locate the missing aircraft. when you receive new information and it has been verified, we will -- wherever there is a possibility we have a duty to investigate. from the beginning of the crisis, we have worked hand in hand with all the authorities including international agencies, experts and aircraft manufacturers. we are gaining technical -- of all the key players. to follow the course set out by the authorities who have been in regular contact with our

countries and we welcome all international offers of assistance. we are committed to find mh-370. >> okay, laemg, we'll start our q&a session. [ inaudible question ]. >> let me just answer the second part of that question. in regards to the turn back, it

was very clear that the chief of the airport on saturday, if i'm not mistaken, that there were direct information of a turn back, but it was not 100% that it was mh-370. and that is why we have extended our search to the strait and now further on. that has not changed. >> we are now working very closely with our team from -- to obtain whatever information of satellites in the u.s. and we are working that to -- we cannot reveal the information right now because it's still under investigation.

and also this ending the team from the aircraft accident investigation -- and experts will vault and this indicates that they are studying the possibility of satellite communication and will share this and that investigation right now. so we cannot reveal, again, until they have very fine -- and confirm the -- of whether or not the aircraft is. >> okay. [ inaudible question ]. >> all right. we're just listening into the latest press conference in malaysia. they say they have expanded the search in the south china sea and the indian ocean. there's information which they

say they're checking. they can't really comment about it, but there have been reports of a plane flying towards the indian ocean. they refuse to say whether that's the case or not. but as a result, they have expanded the search and are working more closely with u.s. authorities, as well. we'll keep our eyes and ears open for more news out of that press conference. meanwhi meanwhile, bank of russia has kept its key rates unchange at 7%. russian inflation data will slow the finish for 2014. inflation risks remain fairley high. this as we wait for this cripple ya referendum over the weekend. okay. we're going to get a break, but coming up next, the ceo of says don't get distracted by all the noise being called by carl icahn's call to break up the company. we'll get you some big name investors and boards coming our way, next. way, next. ctancy in the u.s.,

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a recap of the headlines today, a speedy sell-off in asia as china growth persists. ukraine's prime minister says the result of this weekend's crimea referendum is already decided. and the hunt for the missing air malaysia passenger plane may be extended to the indian ocean.

russian market is down fairley heavily today. the micex off well over 2%. we just heard from the russian central bank. they're keeping rates unchange. this of course is all against the back drop of increased tension around ukraine and the crimea. u.s. secretary of state john kerry has just arrived in downing street in london to meet with the british prime minister david cameron. who will then be meeting with his russian counterpart again, sergei lavrov. steve is in kiev again, as well, ahead of this crimea referendum. it's been described as a foregone conclusion, steve, by the acting ukrainian prime minister. i thought the question is when we get to monday, if it is a foregone conclusion, what happens then? >> yeah. i think that's absolutely the key. it's the question michelle was asking yesterday. there are a lot of questions about what do the russians do

next? some of those in the crimea do not feel they should take part in this. i'm talking about who make up around about 12.5% of the population, which would mean that the ethnic majority are an even larger percentage of those voting. so you've said yes, it does seem to be a foregone conclusion that this would be a yes vote. what happens next depends very much on diplomatic efforts between lavrov and kerry which have so far failed to deliver and are the russians do. they are conducting even more military maneuverers around this country and there are great concerns about what happens in the east of this country next. areas such avenue damasc and that, of course, has a lot of european union, central eastern asian countries like lithuania, like estonia, like latvia. they are very worried because they have large ethnic russian populations. what does it mean for the security of those nations, as well? so a lot of ramifications next and, of course, as merkel said

yesterday, real concerns that this could be lead to go a huge round of sanctions between the russians and the west, as well, which will drag down everyone's economy. >> for now, thank you. carl icahn, bill act man, dan loeb, some big name companies are now pushing back against campaigns being waged by activists investors. bertha coombs has the story like from cnbc headquarters this morning. what's the latest in the icahn/ebay battle? >> well, actually, let's start with sotheby's. the art season is getting under way, heating up here in new york. but sotheby's board is pretty busy with this battle with activist investors. it's rejecting three board member needs put forward by hedge fund third point, the company's largest shareholder. third point owns just over 9% of the auction head.

the founders, including dan loeb has what it calls no relative skills, experience or expertise that isn't represented on the board. loeb hedge fund marcato shareholder have been pushing for change at the auction house. sotheby's has taken some action increasing its share buybacks and announcing plans to split its auction and financial services businesses. checking sotheby's shares which, of course, have the iconic ticker bid, it is down about 3.2% at this hour in germany. melton pelt meantime is once again blasting pepsico, demanding that company demand details on its operation and corporate strategy. they have been calling for pepsico to split its struggling drinks unit from its flourishis frito lay snacks unit.

peltz has been calling for a strategy and it's argued selling both drinks and snacks together gives the company clout and weight with retailers. a spokesperson says pepsi's board believes peltz's proposal will not maximize pepsi's value. shares are flat and slightly to the down side at this hour. john donahoe is saying carl icahn's campaign to get the company to split off paypal will only get louder. ebay and icahn have been sparring sometimes on a daily basis when icahn went public with this message. the board believes paypal works best when it's integrated with ebay's core marketplace business. >> our customers want seamless experiences. customers don't think about shopping and paying as two

separate things. the noise is going to get louder over the next four to six to eight weeks. don't pay attention to the noise. stay focused. and don't be distracted. >> certainly not just talking to employees. they are addressing shareholders, i would imagine. icahn owns just over 2% of ebay. earlier this week, smead capital, which owns less than 1% spoke out in support of management's view that paypal should stay in the fold. those shares are flat to the downside. it's going be a very, very busy shareholder season this year with these activists investors making so much noise. the interesting thing about ebay, guys, is that it used to be that pay pal was fast growing, ebay was slower. now ebay is actually in pretty good shape and paypal some analysts say needs a little more work. >> okay. bertha, thank you so much, bertha couples joining us live

from cnbc headquarters. a reminder where the futures are trading as we head to break after yesterday's sell-off, we are called a little bit higher. we'll be back in just a moment. . [ children yelling ]

[ telephone rings ] [ shirley ] edward jones. this is shirley speaking. how may i help you? oh hey, neill, how are you? how was the trip? [ male announcer ] with nearly 7 million investors... [ shirley ] he's right here. hold on one sec. [ male announcer ] ...you'd expect us to have a highly skilled call center. kevin, neill holley's on line one.

ok, great. [ male announcer ] and we do. it's how edward jones makes sense of investing. ♪ u.s. futures suggest we might get a bounce early this morning. dow is currently called up 33 points. joining us from the cme in chicago, mark sebastian from swan wealth investors. good to see you. what happens today? >> you know, i think today is going to be kind of a sit and wait. you know, yesterday what we saw was really a resetting of risk. you know, the futures, the s&p is down a little bit on the day. then that story came out that russia was amassing troops along the border.

so what i think yesterday was, really, a resetting of true russian annexation and this crisis really heating up potentially beyond sanctions on monday. so today, i would expect treasuries to be built a little bit. the stock market, we're up right now. don't be surprised if we stop throughout the day. we're 40 points off the all-time high in the s&p. i'm trying to think of a really good reason that someone would want to step in and buy here. i'm not sure that the risk/reward is there this morning. mark, thank you very, very contained detailed analysis and we have to go. but thank you so much. we'll see how it pans out. mark sebastian joining us from swan wealth investors. >> if you're watching us in the u.s. or asia, that does it for "worldwide exchange" with "squawk box" coming your way. >> but for viewers in europe, don't you worry, we have another hour of this coming up. good-bye for now.

good morning. global markets tumble in ukraine about china. the uk slides in the major european averages open sharply lower. that's based on yesterday. we'll see how we make it on the day. and more developments in the gm recall, including a report blaming hundreds of deaths linked to air bags failing to deploy in the cars that were recalled last month. and the mystery deepens mind the missing malaysian airlines jet. more about what could have happened to flight 370. it's friday, march 14th, 2014 and "squawk box" begins right now.

good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen. andrew is off today. our top story, two major global pressure points leading the markets. russian troop movements along the ukrainian border raising the tension levels ahead of the weekend's referendum vote involving crimea joining russia. that combination creating a wall of worry for investors. overnight, the nikkei tumbling more than 3% today. it's down more than 6% for the week. a couple trading hours into europe, the markets there are lower, as well. the cac is the biggestdy cliner, only d b