all right. i like to say there's always a bull market somewhere and i promise to try to find it just for you here on "mad money." i'm jim cramer, and i will see you tomorrow. hello. you're watching "worldwide exchange." the headlines today, russia says it wants to continue contact with the g-8. the families of missing passengers from flight 370 demand more answers. thinking outside the box, online storage company files for an ipo on what is becoming a very competitive market.

and from geek to chic, google signs a deal with rayban to develop a new range of google glasses sending the italian shares higher. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> warm welcome to the show. today we kick off with the latest snapshot of business sentiment in germany. the ifo says the climate index has come in at 110.7 in march. a little lower than consensus of 111. the consensus index was 111. above forecasts at 114.6. the expectations index in march, 106.4. below the consensus forecast of 107.6. they say there is no revision to

the february indices. euro/dollar, unmoved by that. it's a little bit lower than the headline number. there might have been a thought this could have been worse. we did see pmi come up off a 33-month high in germany. joining us today for the first part of the program, richard kibbington from jpmorgan asset management. the concern here, richard, will be with germany, the blow back from eastern russia and the markets. >> i don't think that's going to have a big impact on the german economy. it's far more about sentiment, i think, than real economic significance. although, clearly, german companies repatriating money out of russia at the moment. but i think that's a short-term event. >> yeah. we'll get into that. i suppose it's the politics. with politics, you can never

quite know where that leaves you. >> well, that's the difficult. it's so unpredictable. is this going to blow over in a matter of weeks or is it going to develop into something much more serious? politics by its nature is unpredictable. >> richard, good you have to on. meanwhile, we are over an hour and 2 minutes into the trading day. after a bit of a sell-off for german markets, right now, the dow jones stoxx 600, we have out-pa out-paters decliners by around about 8/1. yesterday, the dow down. right now, the dow is some 24 points above fair value, nasdaq is around 5 points above fair value and the s&p 500 at the moment is just over 0.7 points above fair value. so the ftse cnbc global 300 is up around 0.3%.

the dax down 1.7%. worried about what happens in russia, worried about the potential slowdown. today, the ftse is up nearly 1%. back up another 0.75% fort xetra dax. cac 40 is up 0.8%. about 0.3% for the ftse mib, as well. as far as bond markets go, we wouldn't worry about what's going on with treasuries. ten-year treasury yield at the moment is 2.72%. yesterday, we had a 2.78% yield. the five-year, 1.72% is where we are. of course, sparking higher, as well. we keep looking at what's going to happen with this yield curve. on the dollar index, dollar index has been fairley steady. euro/dollar, 1.3834.

dollar/yen, 102.125, 102.65 was the monday high. let's keep our eyes on sterling, 1 .65 at the moment. we have uk inflation data coming out in around 25 minutes' time. sixuan is with us to tell us what's happened in asia today. she's in singapore. sixuan. >> thank you for that, ross. asian bourses understanded the day on a mixed note. we lacked investment rules for companies. the shanghai xotit ended just about flat. the pboc is expected to drain more liquidity from the markets this week after last week's $7 billion drain. in hong kong, the hang seng index fell as investors

positioned themselves ahead of earnings for chinese lenders. tech shares rallied on positive earnings. the taiex ended higher by about 1%. else where are, data to stop manufacturing data. japanese exporter traded mixed and the nikkei 225 lost 0.4%. south korea saw profit taking with the kospi ending down 0.2%. and the australia asx 200 ended lower by a modest 0.2%. but old and gold stocks took a dive today as this hurt by lower prices after weak china manufacturing data from yesterday. that's a look out 06 asian markets. back to you, ross. >> thank you. catch you a little bit later.

g-7 have threatened russia with more economic sanctions. a kremlin spokesman says russia wants to continue contact with the g-8. it will be the first time since russia joined it in 1998 that it has been shut out of talks. annette joins us right now. what's going to happen today? what more comments do you think we might get out? >> from president obama or the g-7 that is -- it, i should say, what they heard from yesterday evening. when it comes to talks, it's about nuclear energy here on the agenda. we will see a lot of those bilateral meetings briefings with a press conference on the topic. today, later in the afternoon, president obama will travel to

brussels where he is holding talks with the eu tomorrow around lunchtime and a little bit later and with rasmussen in brussels. so the big topic for tomorrow will be to beef up operations with nato in central and eastern europe, perhaps to prepare for an adverse scenario in that region, ross. >> thanks for that, annette. at the same time, russia is warned but capital outflow for $70 billion in the first three months of the year. the economics minister said the outflows were expected to come in at a top end of 65 to 70 billion. fears of tighter sanctions hit the economy and investor sentiment. the number is higher than the 63 billion that flowed out of the company in the whole of 2013.

these companies include russian railways. >> well, that depends on the scale. russia has had capital outflows for the last few years, but it still runs a very significant current account surplus because of oil and gas revenues. if you see those outflows rising significantly above the government's estimates, but obviously, that is a negative. i think you'll likely to see that reflected in the currency. i think we should look at the currency market as an indicator of where flows are going. >> short-term, a little volatile. obviously, there are a lot of

russians with assets. clearly, there are -- there's a lot of money coming back into russia that's being held overseas. i think you do have municipaled individuals and corporates. the flow is obviously too -- it will take a while for this to clear. >> how strong is the russian economy and economic pressure? >> well, it's very strong in the send that it's primarily driven by oil and gas. it's weakness in that it hasn't developed much beyond in the last decade at the moment. unless europe gets really serious in terms of stopping purchases of russian energy. then actually, the economy is going to be very resilient.

>> richard, stay there. meanwhile, on the agenda today, the latest s&p case-shiller home price index is out at 9:00 a.m. eastern. prices forecast to have risen 13.5% in january. we get february new home sales, they're expected to drop nearly 5%. also at 10:00, march consumer confidence is out expected to rise slightly from last month. dennis lockhart is speaking about the economy this afternoon. carnival, hd supply, mccormick and drugstore chain walgreen report results today. philly fed president charles plosser will be a guest host on u.s. "squawk box" today from 7:00 a.m. eastern. you don't want to miss that. still to come, greece is turning to anger.

people are marching on the embassy in beijing wanting more answers. answers.

kwek check of the headlines, g-7 leaders threaten russia with more sanctions.

chinese families demand more answers on the missing air malaysian plane as poor weather slows down the search. and u.s. cloud company box files for an ipo looking to raise around $250 million. relatives of chinese passengers on board flight mh-370 have marched on the embassy in beijing demanding more answers about what happened to the flight. this as is temperature for debris has been halted due to bad weather. sri has more details for us. >> ross, that's a -- of grief, sense of denial. all those emotions are fast turning into rage now, especially -- chinese relatives on board mh370.

we have a statement yesterday from the prime minister about the plane -- and he didn't use the word crash, but he did say it did go down somewhere in the southern indian ocean. that statement was reiterated by the -- of malaysian airlines who -- >> right. unfortunately, that is not quite good enough sound as far as sri is concern, so we'll try and repatch into that. our apologies. online storage firm box is filing for an ipo lose to raids around $250 million. box, founded in 2005, posted a loss of $168 million last year. versus 112 in 2012. that lot includes a 73% jump in sales in marketing costs. revenues more than doubled to $124 million. listed on the nyse on the ticker box.

>> as you can imagine, we're very, very focused on getting to every business in the world with our software. so we want to change how all companies work with their information and we're going to be growing as aggressively as we can to make that possible. >> and king digital, the mistaker of the video game candy crush is expected to post its ipo today after the closing bell. king is expected to offer shares for $21 to $24 each. but analysts are worried that king could be a one-trick pony. candy crush generates the bulk of its business. revenue soared more than 1,000% last year, but slid substantially in the fourth quarter. shares will tray on the nyse under the ticker king. brazil has been downgraded to one notch above junk.

the s&p says the country has difficulty with fighting external shock. it expects gdp to grow at 1.8% this year. richard, brazil is cheap if you're an international investor, but there's a reason for sglipt yeah. brazil is a lot like the other emerging market countries. it's cheap because people are pessimistic about growth and it's going through a cyclical downturn and things are likely to get worse before they get better. >> and that includes the rate -- no need to pick this up, you would avoid it? >> well, obviously, it's very difficult to say when is the bottom of the market? it is cheap. a little bit like europe in 2011.

you probably want to buy these markets before things get better. is it going to get better this year or next year? impossible to say. >> and you prefer india? >> i think india is ahead of the other bric countries, it had its mini crisis last year. currency is very weak. central bank took the pain in terms of interest rates. >> the rupee has been one of the more table emerging market currencies this year. and given, you know, the turmoil that you see in the market, i think the rupee has come through this period pretty well. and you've got the election come up. >> always difficult to speculate on the outcome of an election. but i think almost any government is going to be better than the current situation.

because you have paralysis. you see capital investment has collapsed in india. as long as you have some government that is relatively stable, i think that's a better environment for business. still to come, selfies, we'll find out how social media is getting teens to buy into the latest fashion trind. those reports, coming up in just a few moments. ♪ geico motorcycle. see how much you could save.

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now, teens are buying into social media more than ever. 85% of millennial that was surveyed said they were driven to purchase something after seeing it on social media. and by far, the most popular is selfies on instagram which is owned by facebook. with his thoughts from new york, jeff, thanks so much indeed for joining us.

why do you think instagram and pictures are having such an impact? >> well, it's such a visual media. consumers love it, inspires creativity. it gives them a chance not only to have a creative outlet but to care about those in the fashion and beauty space in particular. >> you did a survey of young women age 13 to 29. what role does it tell you is playing in what they consume? >> well, it's a very important role. you and i talked about this on this program before. social is a critical part to the retail shopping experience. it's helping consumers figure out and inspire what they want to purchase, actually. and it's driving traction to the online locations, as well. it's critical that retailers figure out a social media strategy by platform that's going to work for them. >> how would you break that down? we can look at the different -- you know, the different platforms that there, whether

it's tumbler, twitter, facebook, who is winning here and who is being used for what? >> well, we talked about instagram. that's key, for sure. but when it comes to specific marketing objectives that brand marketers have, building awareness is something we see across the big websites, like twitter, youtube. but if you want to do something, you'll go to a website like pintrest or tumblr. the trust and overall sentiment scores are off the charts compared to the bigger networks. >> you say beauty, pintrest and instagram. fashion tumblr. you really have to decide which segment here and get it out on that platform. >> absolutely right. fashion, tumblr is key. instagram, why we like it so much is great across port of those important categories for retailers. it's important that marketers figure out what's going to work

for them best. there is no one size fits all social media solutions. we often hear marketers say the word social, but they don't know exactly what that means when drilling down by platform. that was the purpose of our research, ross. >> what could brands tap into? >> the future is instagram. we talked about that. they want to purchase towards opportunities. 65% say they want to know where they can buy product and find that out through social media. >> is there an opportunity here? if you want a simple -- if you were posting on social and you saw a product that you liked, if you could just click on it and buy it, would people do that?

85% have responded, but right now only one in four have made a purchase. there is a phenomenon of showrooming. that pertains to social media. either they see something they like on pintrest or insta fwram. they then search for it and get more educated about that product. lastly, they're shopping and comparison shopping and using things like pintrest or facebook to find deals and locations where they can find the product and buy it. >> can social, though, be tend tunnel for making a purchase? >> i think it can start and end in the funnel, absolutely. we're seeing that more and more with this millennial consumer who is more savvy than any generation prior. >> jason, thank you for joining us from teen vogue. futures are trading right now, higher at the open. dow the called up 32 points.

s&p up just over 1.5 points. po.

you're watching "worldwide exchange." the headlines today from around the globe, not giving up yet. russia wants continued contact with the g-8 after leaders in the netherlands suspend the country's membership. families nand demand more

answers for flight 370. thinking outside the box. the online storage company files for an ipo, but discloses it's still in the red. it's becoming a very competitive market. and from geek to chic. ray-ban maker signs a deal with google sending shares of the italian firm higher. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. all right. you're watching cnbc's "worldwide exchange." we're waiting for the latest press conference for missing malaysian flight 370 due to start short only. meanwhile, we have inflation data out from the uk. and the february cpi up 0.5% on

the month. the annual rate, 1.7%. it's the lowest since october 2009. it is what was forecast. rpi, 2.7%. that was forecast at the annual rate of 2.6 rpix, which is the old one that we used to look at. a bit higher than 276%. the o&s, the biggest down contribution came from motor fuels, gas and electricity bills and clothing. sterling nevertheless spiking at 1.65. on the cpi data and january house prices up 6.8% on the year. they were up 5.5% on the year in december. it's the biggest rise since august 2010. london prices increasing at an annual rate of 13.2%. january on january.

up 13.2% over the course of the last year. but cpi has fallen. now, 1.7%, the annual rate, the lowest since october 2009. a nice position to be in for the bank of england and the uk government. they have falling inflation and rising growth. who would have thought that? more reaction on that in the second part of the program. meanwhile, g-7 leaders have warned the kremlin it will face more sanctions if russia escalates the ukraine crisis. president barack obama met his counterpart at the hague. he has so far -- directly criticized russia. the economics minister says the outflows are expected to come in at the top of the government estimates at 65 to 70 billion. this as fears of tighter sanctions hit the economy and investor sentiment. the number is higher than the 63 billion that flowed out of the

country in the whole of 2013. richard is from jpmorgan and he's an emerging market equities market management. just recap here. you were saying earlier that the manageable outflows, but if you have the outflows in the first three months than all of last year, there is a concern. where does this get to a point where it may influence what the russian government does? >> if we get to the stage where the current account which has been quite strongly in surplus last year turned into deficit, then i think the government would be concerned. but you're quite a long way from that point. and outflows from russia have been a fact of life for the last four of five years. so things have got to deteriorate markedly from where we are now. >> and in terms of the ruble weakness, what would be levels that would be concerning? >> well, we've seen the currency

come down about 10% over the last 12 months. interestingly, the russian central bank has more or less come out and said we're not going to do anything about it. so i think you've -- as long as the currency market is orderly, i don't think the russians are going to be terribly concerned. if you had a dramatic move in the currency, then they would interve intervene. and you saw them putting up interest rates recently. so i think what they're concerned about more than anything else is stability. >> you've talked about how -- as far as emerging market space is concerned, you like india, you prefer the brics in india as the one you like. tell us how you play in terms of investments. do you like kia motors? >> yes. >> why? what is that benefiting from? >> well, i think in general, across emerging markets, a key theme is the middle class. what do the middle class buy? they buy cars. and emerging market car companies i think are very well

positioned for long-term growth. and kia is a very good example. it's a very cheap stock, trades on less than half the multiple of a european car company, gets two-thirds of its sales from emerging markets. it's under pressure at the moment because of what's happened with the weakness of the yen. but if you look out two or three years, it's going to be a much bigger company than it is today. >> richard, thank you for joining us today. just a reminder, where u.s. futures are indicating the start later today for north american markets -- well, that's -- there we go. thank you very much. currently called higher by around 22 points on the dow. the nasdaq is around 9 points above fair value and the s&p 500 at the moment is around 1.5 points above fair value. we had a sneak peek of european equities. ftse 100 up at the best levels of the day, 1.2% as is the xetra dax. yesterday, fall of 1.7%. cac 40 up 1% higher and the ftse mib up nearly 1 is%.

what are investors to do today? here is a recap of what some of the guests on cnbc have already told us. >> as markets -- price in a stronger u.s. economy and must stay maybe we actually need the yields close to 2%, 2.25%. then you're looking at that 3.5% or 3.6% at the moment. it will be rather over -- well, not offering insufficient returns. >> it's generally been positive on the pound. i think it's very good for the uk economy. clearly aligns very much in terms of the electrical tracker. but i think it's the underlying consumer sentiment.

>> this is -- the indonesian -- there's been a loss of market share past the european retainers over the past few months. also looking at them is a good run for pala did i um. >> folks we've already had on today. we have comments out from the ecb's simon. he said negative interest rates are in unchartered territory. that's debatable, but nevertheless to counter the consequences of the strong appreciation of the euro for the inflation outlook makes it to be a more appropriate measure than others. he doesn't say they're going to happen. he says we are talking about a sna scenario here. nevertheless, euro/dollar has moved lower on the back of that,

1.3814. they say we still have to employ conventional policy measures and the scope is limited and quantitative easing program is not out of the question, but they must avoid monetary financing. more reaction on those comments from the head of the bundes bank. meanwhile, the latest press conference on missing malaysian flight mh-370 is due to start sharply. we will bring you that briefing as soon as it begins. now, this is after relatives, as well, of chinese passengers on board flight 370 have marched on the malaysian embassy in beijing, demanding more answers about what happened to the flight. the malaysian prime minister is concerned that the flight did crash into the indian ocean with no survivors. but two weeks after the incident, details are still scarce. the search for debris has been halted because of bad weather. strong winds and waves up to 30

meters have now delayed search efforts. we'll keep our eyes on that impending press conference. also still to come, aaron levy could soon become a pretty rich man. he's decided to take box public. details coming up. coming up.

the headlines from around the globe, g-7 leaders threaten russia with more sanctions. families demand more answers on the missing malaysian plane and u.s. company box files an ipo looking to raise about $13.50 million. and more on that, the wave of tech firms looking to come to the market continue with box, the latest firm to file for an ipo. bertha joins us out of cnbc hq in the states with all the details. bertha, good to see you. >> good to see you, ross. box, the softwaremaker and storage firm ends months of speculation about whether it would go public. it now looks to raise about $250 million when it lists shares on the new york stock exchange.

the company didn't specify how many shares it's selling or the expected price range. those details will likely come as the ipo gets closer. box is the latest high profile ipo after twitter to bypass nasdaq, which has lost favor as the nyse has cut fees and a number of investors are still feeling soured over the nasdaq's handling of facebook's ipo. even though facebook has gone on to put in some new highs. box released some financials with its filing. revenue more than doubled to $124 million last year, but its losses would it widened to $168 million. the company says it does not expect to be protble for the foreseeable future. box has about 125 million users as of the end of january. the ceo aaron levy brushed off worries about the company's finances. >> as you can imagine, we're very, very focused on getting to

every business in the world with our software. we want to change how all companies work with their information and we want to grow as aggressively as we can to make that possible. >> levy co-founded box in 2005. he owns just a 4% stake, which is low for a founder at the time of an ipo. venture capital firm gerviston, one of the earliest investors of the 25% stake. another high profile ipo, king digital, the maker of the wildly popular mobile game candy crush is expected to price its ipo after the closing bell. king is selling 20 million shares for in the range of $21 to $24 each. we'll see where they price this afternoon. if they stay in that range, it would value the company as high as $7.6 billion. analysts, however, are worried that king could be a one-trick pony as candy crush generates the bulk of its business,

although it is very addictive apparently. revenues soared more than 1,000% last year, but slipped sequentially in the fourth quarter. unlike its mobile gaming rival zinga, king is profitable. and the big price in the ipo pool, at least to date, is expected to be alibaba. bankers and lawyers are reportedly meeting in hong kong to work on its f-1 documents. reuters, according to reuters, ross, they are skipping on about $100 million so they don't work out and participating in this one. it's going to be wicked big, as they say. >> wicked big, i like that. bertha? >> yeah. >> we'll look forward to that. that you can for that. that's the latest. meanwhile, the latest press conference on mh-370 on is under

way. we'll listen in to that. >> the difference between -- this difference is the result of the -- and is known as the best frequency. the best frequency of that depending on the location of the aircraft on an arc of positions is the direction of travel and speed. in order to establish -- in its series, we have to check predictiones and information 777 aircraft flying in various directions. while on the ground in kuala lumpur and during the early stage of the flight, mh-370 transmitted several messages. at this stage, the location of the aircraft were known.

characteristics for the aircraft and the -- through the flight, the ground station lost the transmitter and received different -- at each handshake. knowing the system characteristics and position of the search line, it was possible the aircraft performance to determine where on each arc the frequency -- it shows poor quality in the northern corridor. but good correlation and depending on the -- of the aircraft, it is possible that the position at zero-zero. that is not the final position of the aircraft. there is evidence of a partial handshake between aircraft and the ground station at 0019 zero

tc. at this time, the technician is not understood and is subject to further possibilities. the aircraft was below zero 1 tc. >> we'll just leave the press conference at that particular moment. we'll take a short break. they're seeking more specific resources for the search. still to come, can 2014's start be maintained when february numbers released today? oday?

google glass is making look like a character in a good spy

movie. google has just signed a deal with luxottica to create a more stylish design for the eye wear. the company sells ray-ban and oakley versions of google glass. starting to get cool now. google is pretty flat in frankfurt now, luxottica up nearly 4.5%. percentage gains for the german, french and uk markets, the ftse 100 is just under 1% higher. as far as futures are concerned, looking for a tick higher at the open this morning. currently called up around 38 points above fair value for the dow, the nasdaq around 9, 10 points above s&p as it moves higher by around 3.5 points above fair value. as far as the agenda is in the states today, we've got the latest s&p case-shiller price index. prices are forecast to have risen 13.5% in january.

we'll get february new home sales, expected to have dropped nearly 5%. and also at 10:00, march consumer confidence is out, forecast to rise slightly from last month. atlanta at the time fed president dennis laockhart speas this afternoon. carnival, hd supply, mccormick and walgreen report later today. in washington, d.c., david, nice to see you this morning. thanks for joining us. what's your -- >> good morning. >> what's your estimate of what's going on with house prices? on the one hand, we're going to get, you know, prices forecast risen in january. but new home sales dropping. so is the market helping out? >> no, i don't think the market is topping out. we're get something strange seasonal fluctuations here, even though the figures, particularly the new home sales figures are supposed to be adjusted for

seasonal differences. we've had an unusually cold and snowy winter. and so it's a little hard to trust the single month data. in fact, the january sales data were up significantly, even though construction and activity was generally down. and so i think the reason the forecasters are figuring for a little lower number in february has more to do with an adjustment to that large number in january and the fact that it's been difficult for buyers to get out and actually see models and sign contracts. >> you expect new home sales to increase by 30% this year over last year. what's driving that? >> a lot of pent up demand. we've had three, four, even five years of low demand, even though our demographics continues to move forward. we have people still getting married, still having children, still changing jobs, and all of

that activity normally results in some of those people buying a home. that hasn't happened. so there's a lot of pent up demand. many people did not lose their jobs. did not see any income flu fluctuations. so that waiting is finally beginning to release itself. we have relatively low mortgage rates by historic standards. and so i'm expecting to see some of that pent up demand begin to release itself in this year. >> which is the market that's going to attract most of the buyers, though? we still have tight lending, so i'm presuming new builds and things like first time buyers are fairley difficult. >> you're exact lit right. first time buyer is the one that suffers the most from those tight lending standards. they may not have a perfect lending score, not as lock of an employment history or as much down payment. so we've seen the first time buyer sink away from the marketplace. it's mostly the trade up buyer

that's pushing the market right now. first time buyer will come back as we finally settle down, get more reasonable lending standards, get more certainty into our mortgage market. of course we still haven't -- the congress still hasn't decided what to do with fannie mae and freddie mac. those uncertainties have caused mortgage rates and mortgage underwriting standards to be tougher than they need to be. >> good to see you this morning. thanks so much for joining us. also coming soon to the walls of aspiring teenage investors, warren buffett's head, apparently. fathead.com, which sells oversized stick on decalls is launching a warren buffett big head. it costs $29.99 and all the proceeds go to two detroit area charities. buffett says he's flattered and a bit surprised that anyone would want to buy a fathead with his face on it.

fathead, incidentally, is owned by dan gilbert who is teamed with buffett to sponsor a $1 billion perfect bracket challenge for the ncaa. nge for .

good morning and welcome back to "squawk box." a big day for housing. and disney doing some online shopping. the magic kingdom adding maker to its empire after -- do you know this guy? dan shuler? i do. and the obama administration will reportedly propose an overhaul of how the nsa collects phone records. it is tuesday, march 25th, 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 and andrew ross sorkin. coming up in just about an hour, we have a very special guest house, philly fed president charles plosser. we want to start this morning with the markets. you can see this morning the futures are indicated higher. dow futures up by about 38 points above fair value. s&p futures up by just over 3 points and the nasdaq is up by about 9. in europe right now, the major averages are at least at this point looking pretty strong. in fact, the gains of better than 11% across the board. the ftse, the cac and the dax all looking up by better than 1%. prices in ukraine, the united states, the world's largest economies have kicked russia out of the g-8 in reaction to russia's