welcome to "worldwide exchange." i'm wilfred frost. >> and i'm carolin roth. >> less than 24 hours until scotland votes. we hear from one of the country's most influential managers on what this could mean for markets. european stocks follow a laterally on wall street. investors won't chic the language in the statement, indicating the central bank is in no rush to raise rates. russian stocks rise after the chairman of sistema is put

under house arrest. fears of political metaling spooking investors. sony slashes its guidance against. the ceo is due to give a press conference any minute now. happy wednesday, everyone. i'm seema mody. coming up on today's show, the pressure piles up for the nfl after its sponsor budweiser says it's concerned surrounding a number of incidents surrounding its players. and fedex's tells us why he thinks the stock will outperform in the next year. our favorite moment from

"friends" as the tv sitcom celebrates its 20th year anniversary. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> and one day left until scotland votes. who would have thought four weeks ago that markets globally would be so focused on scotland? >> you're absolutely right. but you know what? i think we've seen the worst of the jitters. over the last two or three days, especially now that we've got so many in the camp, markets have been more or less sanguin about what could be happening. same story with the fed, really. who would have thought we whipped ourselves into a flurry. what's his track record, seema? is he usually right?

>> he could be right, but considerable time will tell us if the fed will raise interest rates sooner than expected. >> seema, let's move on to one of our top stories. sony has slashed its full year guidance with the net loss expected to widen to 230 billion yen. the company was hit by 180 billion yen impairment charge. sony says it won't we paying a dividend this year. sony's ceo is due to hold a press conference any moment now. we will monitor that and bring you any news as we get it, of course. >> still neck and neck. scottland's no camp holds a slight lead as we head into the final day of campaigning. >> minister alex hammond said highs team is working flat out,

but they're still slight underdogs. they're showing their support for a yes vote. but the three main uk parties are knocking on doors across scotland. scottish chief executive martin gilbert of aberdeen management has weighed in on the debate. speaking to louisa, he sounded confident of scotland's economy would be able to define -- regardless of the referendum outcome. >> i think what we've done, really, as a business is tried to remain absolutely neutral and, really, sort of just say basically that we think scotland can thrive, if it's a yes vote or a no vote, clearly if it's a yes vote, then we go for independence, it will be the currency, what we do with all the legal documents, etcetera, etcetera. if it's a no vote, it's going to

be what powers are going to be further evolved for scotland. the interesting thing about this referendum is you don't actually know what you're voting for. both of them have uncertainties. >> with regard to sterlingzation, you've said in the past you think it could be a pretty good option. marconi suggested something why is he gone? >> it's almost like a halfway house. it puts a discipline on scotland if we did have it. which i think would be good. so you can't just account for a nation that spans. so i think i see his point, but i also think it would be good for scotland. >> helia is in edinburg for the latest. helia. >> good morning.

we're here, just hours in the day to go before people go to the polls. one of the things gilbert has said is that whatever happens, whether it's yes or whether it's no, the polls are so close and opinion has become so bitter that we're leaning towards a dwight divided scotland and a quite divided united kingdom either way. whether they vote to remain in the united kingdom, passengers so -- at the moment, especially when you speak to people on the ground, you talk to everyone has an opinion, everyone is talking about this opportunity of a lifetime that alex hammond is telling them to grasp by the neck and they want to do something. they see the eyes of the world looking not just at the markets, but looking at scotland at this em policemen of democracy.

now, there's growing concern that politicians have woken up too late for this crisis. just now in the village, we saw alistair darling looking very -- and there's growing criticism not just for the better campaign, but for david cameron, as well. and not just from scotland, but from a lot of his own centers saying you haven't realized the threat here and you're offering the scottish people too much. so radically different. >> helia stays with it, phillip is joining us. phillip, some investors are saying stick to the sidelines, wait until the vote is taken and then figure it out.

>> a lot of investors are standing by right now with considerable uncertainty and whatever the outcome is, there's going to be big news on friday. but no change is no option as far as the politics and the markets are concerned now. we're looking at a variety of different things and it's pretty standard unwinding the recent moves with the exchange rates and some replacement, particularly on the bank stocks. however, you could see much larger moves in all those areas in the event of a yes vote it's basically the liquid uk assets get hit as a proxy for scotland on the day. >> and phillip, it seems ultimately the polls have been incredibly close for the last week or so. yet the betting markets still massively favor a no vote. do you know why there's that disconnect? >> yes. the opinion polls themselves are

very reasonably close. the probability that we assign to a yes vote is at 25%. that's nearer to where the betting markets are than what economists have been saying. there are two big reasons why we think the narrow ps of the polls is probably overstating the probability of of independence. essentially they'll vote in line with the yes and nos where there's a bias in such things. there is also the possibility with a vocal yes camp is putting off some people from revealing their own intentions to vote in favor of the union. along the day, there could be a swing back in favor of that.

you see similar things with the actual votes and the republicans in the u.s. we suspect it may be the same sort of buy kwas in the opinion polls this time around. >> phillip, nomura talked about the effects on selling earlier, warning that a vote for independence could lead to market digiters. how seriously do you take that? if it is a yes vote, what are you factoring in for what happens on friday? >> if it is a yes vote, the exchange rate is one of those channels that will get hit the fastest. it should be very responsive to it. if we get a yes vote, then we're probably talking more than 5% in terms of the depreciation. we could see ultimately a rebound from there.

but the respect of some of the positions in long positions in sterling unwinding. policy rate hike expectations being pushed back and also some ca flow, nonspeculative from overseas accounts those three things combined would likely weigh very quickly in the event of a yes vote. >> phillip, thank you very much. and thank you to tell ya for now who will who will be joining again later in the show. >> timing for a look at the markets. the stoxx europe 600 is pretty 67 recouping yesterday's losses. a couple factors. firstly, reports about that massive stimulus in china and that is lifting the basic resources stocks today. that is perhaps the best performing sector on that index. secondly, we've got the report or the statement coming from the

journals. don hiltonwrap saying that the fed statement will remain dovish. so that's listing markets overall. the xetra dax up by 0.3%. the ftse 100 ahead of that crucial referendum tomorrow is staying on the sidelines. we are pretty much flat moving higher to the tune of 0.3%. a couple of stock interesting stories i want to tell you about. they are trading lower to the tune of 4%. this is after sales growth slowed to 4% in the five months for the month of august and that compares to 9% growth in the same period last year. the company said weak demand in asia, that was largely to blame. we've heard that story before, haven't we? daily mail off 6.5%. this is after the british newspaper group says its operating profit for the year will be at the bottom end of market expectations. and moving on to smith group,

4.6%, as well. this is after the company's full year profit slumped by 10%. it was hid by the strong pound and weak performance at its medical and security detection unit. last but not least, i want to talk about zoed yeah aerospace, trading at the bottom of the french index after the company said it was a current cost to resolve production delays. weaker operating margins will affect its income for 2013 and 2014. shares off by a little more than 3%. let's move on to the fixed income markets where we saw treasury prices edging just a little higher yesterday. basically what the treasury market is telling is that yes, the fed will remain dovish stuck at 0.25%. the 10-year bund yield, 11.06%. gilt yield steady ahead of the boe minutes, the unemployment, wage data later on today and ahead of the scottish

referendum. last but not least, the currency market, back above that 107 on the u.s./yen. after that big slide yet following the reports from the "wall street journal" about the fed statement. euro/dollar, range bound. 1.2960. and i want to you can ta about the aussie dollar again. it continues to slide. let's check in on how markets were doing in asia today. sri jegarajah is standing by in singapore. is this the big stimulus that everyone was waiting for in china? >> billion, we don't really know. the government, beijing, have

rejected around $80 billion u.s. equivalent into the banking system. so it looks as though it could be the first step. sony has slashed their guidance for the sixth successive time under the tenure of ceo. now expect a 2.5 billion loss in the fiscal year that will end on march 311th because of a struggling smartphone division. the stock down by almost 2% in tokyo. as i said, this is the sixth guidance warning under this ceo. elsewhere, we are seeing some reasonable gains just ahead of the fomc. so the market, once again, is positioning itself for a dovish outcome at the fed this week. are we going to see that?

well, it's anyone's guess, isn't it? carolin, wilfred, back to you now. now, the 19th may be dead and gone, but you can still have a coffee at central perk. details after the break.

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welcome back to the show. i want to bring you comments from the ceo of sony. they broke down the entire amount of google in that segment. it says we're now revising our strategy. this is according to the ceo. he says we'll now focus on achieving stable profits in the mobile division. and they're cutting 15% of staff in that fiscal year to march 2016. they will aim to start paying a dividend as early as possible. that was the other big news coming from sony this morning.

they've essentially written down the value to zero. why would they do that? >> i think that's the move that a lot of tech companies are suggesting and maybe sony has done it too early and they're planning on having success yet. >> now, moving on, the moscow exchange has restricted trading in shares of sistema after the stock slumped 30% on the news that the company's chairman has been placed under house arrest on charges of money laundering. russian investigators said they opened an investigation into the alleged theft of shares in the energy-rich region. this suspended the shares of bashnet. shares of bashneft were suspended in july. meanwhile, mobile telesys also fell on the news yesterday. >> sistema responded by saying

the allegations are, quote, completely groundless. the announcement of the house arrest comes amid reports that the state-controlled oil group is interesting in buying bashneft. obviously, this is a very complicated and convoluted story. it's worth pointing out bashneft is one of the few oil companies that is not under state control. >> this definitely doesn't bode well for investor confidence. we've seen russian equities under pressure given the heighten dollars impressions between russia and ukraine. not good in general for investor confidence. >> no, exactly. as you say, it's not coming at the right time, those links between bashneft and the russian government. the people are alluding to no confirmation of that yet.

france's ruling socialist party avoiding near disaster tuesday, winning a confidence vote in parliament by just 25 votes. speaking to stephane at the national assembly, socialist party mps warned the french economy is still at risk. >> there is a government which received a strong signal that the republic is not in danger. what is dangerous is to keep going without changing anything in the economic policy that has been chosen and there is the risk of sustainable economic crisis and maybe an economic disaster in 2017. so if we want to meet nicolas sarkozy or the national front, we must roll up our sleeves. we need all the left, serious people with realistic proposals.

>> so work on cutting expenses, on helping the business to invest because it's the only way to create -- and also to reinforce the structural reforms which are needed for the french economy. that's a tough job. this job that was started two years ago. >> the problem is, he has no majority in the assembly. how difficult will it be for him to push through a reform? >> absolutely. that was a tiny victory for him to push through the vote of confidence at the time when the prime minister had an absolute majority of the national assembly. yesterday it was only a spin majority given the opposition within the socialist party. more than 30 socialists yesterday decided not to vote the confidence to the prime minister which means that the situation could be even more

complicated in the future. yesterday some socialist mp decided to vote the confident, not to push the country into a very complicated institutional situation. but these may not vote the budgets when it will be submitted to the parliament in october, which means that perhaps the worst part of the job is coming next for the prime minister. despite these socialist, he said yesterday that he would continue economic reforms. you would push for the agenda and this is what he explained before the national assembly yesterday. >> stephane, thank you so much. in other news, want some coffee with your friends? a pop up peppily ka of central perk, visited by openling up in new york to celebrate the 20th anniversary of the series. it includes the iconic orange

count and the actors who played the barista, gunther, will be making a special appearance. this makes me nostalgic over new york city. what we want to know is what tv set would you want to visit? sit on the iron thrown from "game of thrones," have a drink in the bar from "cheers" or do a hard day's work on the set of "the office." worldwide@cnbc.com,@krns wex and our handles for us are on the scene. what would you like to do? >> i would i would go to new york city and i'd like to meet guenther. he seems like a nice guy. >> i'm sure he is. the problem is he'll never get rachel. i'd like to hang out. >> i also wouldn't mind a selfie

sitting on the iron throne. that would be pretty handy, i think. moving on, is the bank of england rate hikes still just a humble duo? we'll have many more members jump aboard. we'll break the latest mpc minutes after the break. how do you beat the number one seed? you just have to win 70% of your points at net. and keep unforced errors under 10%. on the ibm cloud, the us open analyzes 41 million data points

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less than 24 hours before scotland votes. we hear from one of the country's most influential money manager owes what the results can mean for market. european stocks follow a laterally on wall street as investors bet the language won't change on sentiment indicating the central bank is in no rush to raise rates. russian stocks slide after sistema's is put under house arrest. fears of political metaling spooking investors. sony says it will cut 15% of jobs in its struggling mobile unit after the japanese electronics guidance slashes its forward guidance again.

and we are just waiting for the bank of england minutes. sterling is up about a quarter of a percent so far today. it has rallied strongly in the last five or ten minutes ahead of this data. it hasn't come out yet. we will break it as soon as it does. we'll have a quick look at the ftse so far today. the ftse is basically trading flat in expectation of this data. we are still waiting for that, both the mpc minutes and unemployment data. the bank of england says there is considerable degree about how much slack remains in the uk markets. there is, of course, no change in the interest rate decision two weeks ago. we're having a look at the minutes now. the mpc notes sterling has been weaker. the meeting released still members martin will and voted to raise rights to 7.5% from their

current record low of 9.5. just those two members still voting for a rate increase. >> we've got a bit of a surprise in terms of the unemployment rate. it fell to the lowest in august 2008 to 6.2%. this is higher than expected. july alone, 0.7%. all right. let's get to kit jacks. what do you make of the data? this is a hawkish surprise, isn't it? >> well, last month, the numbers were very distorted. so if you take where we are now, it's a less distorted number. i'd like to get my pay moving

on. so it's still very low. yet unemployment rates are still falling steadily. it's edging down. but it's a reminder away from the scottish vote and everything else that, you know, we have a strong economy, with low wage growth. inflation which we saw yesterday well behaved and a policymaker that really does need to put interest rates up. it's a question of whether it's late this year or in the first quarter of next year. then everything that comes from the scottish vote. >> but do we even care about the data? because in 48 hours from now, the importance of this data could be long forgotten. it could be completely obsolete in the case of a yes vote. >> absolutely correct. if we get a yes vote, the shock to the scottish economy would be -- to the uk economy. i would have felt the chance of a rate rise at all before the election could be significantly diminished and we would all be revising down our estimates of growth for the next nine months just with the encurrenty. exactly that.

that's implying -- but on the other hand, on a no vote, the momentum of this economy is currently growing at a rate above 3% and showing no signs of slowing down right now. >> and the only developed economy that the oecd didn't lower its gdp forecast, the same two members of the nine in total voting for a slight increase, does this mean that we're still quite some way from that increase? and you mentioned the election. surely the election should be considered by the mpc. >> they won't consider it, although markets will consider it because, you know, we've seen expectations flip-flop between november of an inflation report month and february. if not february, the natural month is may. the may mpc is on the monday after an election. it's really hard to see how you raise rates that close after an election. so the market will be more uncertain if it thinks that february is less likely to do

that. >> 97% of citizens in scotland are registered to vote indicating a high turnout. if we get a delayed result on friday, how do you think the market will react? will we see a bigger movement in the sterling than already is expected? we're expecting to hear something pretty early in the morning. if it's increased at all -- the main thing about this vote, bearing in mind the opinion polls are so close, the betting shops are telling us it's a no. the pound is rallying this morning thinking it will be a no because the nos are still ahead. the only place you can see proper concern is in the markets

with the sterling. >> what do people do? they speculate, they play the what if game. not ohm are citizens doing that, investers alike seem to be doing the same. >> they are. by who are by and large long the currency continue to remain long the currency. those directly affected have seen some selling. but i'm surprised that people are speculating. >> thank you so much for your time, kit. and lets remind you what markets are doing in europe this morning. we're actually higher ahead of the referendum and the ftse 100 ticking modestly to the up side, up by 0.2%. and wages edging higher pt the

dax moving to the 1% as we move higher. basic resources, in fact, the best performing sector across the stoxx 600. >> and if we look at forex, as we just heard from kit, sterling has strengthened a little bit on the expectations that we might get a no vote. tomorrow, sterling is up nearly 20 basis points. the dollar has strengthened a little further against both the yen and the twis franc and it continues its strengthening trend against the aussie/dollar, which is hovering around that 90 cent level. as we were discussing, scotland's no camp holds a slender lead as we enter the final day of containing. all three polls suggest the better together side is just four points ahead.

>> it comes as around 1,500 pro independent supporters gather to show their support for the yes vote. but the three main uk parties are still knocking on doors across scotland in a last push to save the union. we spoke with the scottish chief executive martin gilbert on the issue. we asked him if he thought capital could flee the uk if we were to see a yes vote tomorrow. >> i think if there is a yes vote, it will be a tough day on friday and then i think things will settle down. but it will certainly surprise the markets, i think, if there is a yes vote. they're not really prepared for it. i mean, no one has really prepared, as any contingency plan is in place. >> helia joins us now live from edinburgh with the latest. >> hi, wil. as you can see, there's the loss

of contentious opinion going on in scotland. and markets may have calmed down, but actually on the ground here in ed inborrow, you're seeing electric to date. the bank of england minutes just now and those wages numbers. scotland unemployment is below the uk average. that may be a case for alex hammond to take up later in the day. i'm joined now by your namesake, in fact, david frost, chief executive of the association. david, talk about, obviously, this is huge by a part of scottish industry. surely it would be an opportunity. >> we are not part of either

campaign in this great debate here. we're not telling people how to vote. what we are doing is bringing a contribution from the business point of view and from that point of view, we do see risks. we see risks around international support for the industry, around continuity of eu membership and around the business environment potentially. about 4.3 building strlg is exported. >> massive demand. where is that going? >> it's going all around the world. we export to around 200 markets globally, top markets, u.s. and france, but we're export increasingly to emerging market. >> and can you picture a situation where you have an independent scotland, you might have your own uk ti, wouldn't that be a boom for the industry? >> i think there could be gains from great focus on an independent scotland. but to be honest, we see the risks as greater. at the moment, we have a uk

diplomatic service with nearly 270 missions around the world. the scottish government and his paper has been talking about 70 to 90. we don't yet see how that difference is going to be filled in an independent government. >> and diaggio talks about these massive players. you representative much smaller. what are they saying to you? >> they have by and large the same concerns as everybody in the industry, everyone in this industry is a huge exporter. of every six bottles of whiskey produced, five of them are exports. we all depend on the access to the international markets, to the eu single markets, freedom of trade. >> thank you very much, that's david frost. i don't know if there's a family connection this, whether you're getting a discount on some whiskey, wil, but we've been talking about expensive whiskey. apparently there's a bottle that's gone for $100,000, right?

>> pounds. >> 100,000 pounds. we'll see what the pound does on friday. might be considerably cheaper. >> indeed, you can ask david if i can get a family discount on that bottle, it would be great. moving forward, spain's foreign minister says the government will use the full force of the law to blocked a planned nonbinding river republican dumb on independence in catalonia. jose margal garcia says it will use the full force of the law to block the referendum. adidas shares up 1.7% at the top of the german markets. this is following a magazine report in germany saying that hedge funds were considering purchasing a stake in the company. of the hedge funds that were mentioned, they include third point, neidzinc and tci. this is the latest on that

front. having said that, tci and third point have not come out and refuted that comment. maybe that will come throughout the day as they wake up to this. did you send in your e-mails to worldwide@cnbc.com? tell us where you would still boy a bottle of scottish whiskey even if we get a yes vote. sony plans to cut 15% of jobs in its mobile unit saying the focus will turn to stabilizing process for the group. speaking in the last hour after the company cut its guidance and suspended its dividend, the ceo said the group aimed to restart shareholder payments as soon as possible. speaking to lisa at the ifa technology trade show in berlin two weeks ago, the ceo told us why the company's turn around is taking so long. listen in. >> i think that especially with the electronics business, this is a large organization. it is a japanese company and

sometimes things, perhaps, take a little longer than one is per expecting. we have now exited the pc business. we have exited a lot of the smaller businesses, like our tentacles business, our small lcd business. also the joint venture for its panel business. we took the tv business and it's a quicker turn around. we're moving the bar on a lot of different fronts. >> ma keyco nasuto now has more from tokyo. >> its initial forecast was a net loss of around $500 million. the sharp increase came as a shock. the sony ceo was holding a press conference as we speak. tlm be no annual dividend.

sony suffered sluggish sales in the smartphone market faced with fierce competition from its chinese rivals. in july, it lowered its sales target 40%. sony is shaking up with mobile communication communications arm by narrowing its lineup. and that is all from the nikkei. still to come on the show, comedian danny boy says he'll stay in scotland unless there's paperwork in the yes vote he doesn't know about. tall ya will be speaking with him at 11:10 cet. don't want to miss it. ♪

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let's talk alibaba. options trading is expecting to start on september 29th. the chinese e-commerce giant's options will be listed on the cboe holdings, trading in the company shares are expected to debut or to start on friday at the new york stock exchange. of course, raising its ipo price

as demand for the biggest tech firm in the world. it highlighted one major criticism of the firm. eunice yoon reports. >> alibaba is a big player in e-commerce. but many brands campaign it's a titan in china's counterfeit trade. >> we decided to look into it for ourselves and what better way than with their own brands. we found a shanghai vendor offering up cnbc stickers, bookmarks as well as magnets and they can deliver in a couple of days. i think i'm going on order some cnbc stickers from the shanghai vendor and see what happens. a couple days later, my order arrives. oh, my official cnbc stickers. not so official, as it turns

out. cnbc doesn't authorize the production and sale of these types of stickers in china. we decided to call the vendor, mr. shun. shun told me he makes the stickers in his own factory. after copying the cnbc design from a special database off the internet. i asked him if he had legal authorization to use the logo. >> translator: we are not authorized. there are very few people who are authorized until they have special franchise stores. i asked if alibaba has ever told him to stop. >> no, no. if they want us to stop, they'll let us know. >> alibaba declined to comment on our case. but the firm said it's taking down counterfeit and making it easier for brands to report infringement. now that alibaba is listing in new york, the question is will

the company feel investor pressure to truly stop the fakes? eunice yoon, cnbc, beijing. and the alibaba road show has rolled into london in recent days. seem ma, you'll be going out to cover that later today? >> that's right. i'll be going out to where the road show will begin here in lopped, try and get an assessment of what investors think about that in alibaba. their meetings will start at around 8:00 a.m. today and further on to 11 on o'clock a.m. after that, i think a lunch around 12:30 where jack ma is expected to be present, as well. let's have a look at commodity prices and how they reacted to the weaker dollar in yesterday anticipates trading session. brent crude down by 2%. yesterday we saw a $2 gain on the back of that weaker dollar, but also on hopes that opec could be cutting production. spot gold is up modestly.

in fact, this is the third day in a row where gold is actually rising. this is once again on hopes that we'll get a fairley dovish statement on the fed. but i do want to draw your attention to what copper is doing. today it is down by 0.5%. but keep in mind that yesterday's copper twaeg actually saw the biggest daily gain in about four weeks and futures spiked, triggering a 10 second pause in trading on the cme. as the news coincided with a report indicating that the pboc would provide liquidity to banks and this would, inturn, be positive for the mainland's economy and imports such as copper. keep in mind, china accounts for 40% of copper consumption. >> indeed. andrew, tell us what happens in the copper market yesterday. >> that's very much the case. and the copper market is right to be nervous of any significant

amount of stimulus by the chinese government. the thing that we missed is the underlying copper market has been tight in that period, which falls in inventories, we have seen a lot of -- in the industry coming through and supplying. and what the market often messes is around 9% of global mind supply. that's a strategic compliance in.copper. so the chinese are sitting near a large structural and strategic buy of copper. >> why doesn't china, given that its production cost is so much higher than elsewhere, why doesn't it shut down and import copper from elsewhere.? >> it could do that.

effectively what the chinese are trying to do is to solve their problem. the easiest way is to expand the opportunity. we saw that in the second quarter when they came out and because -- from glencore for $6 billion. they're building mines. we've seen that in peru. they're buying physical metal, as well. there's a lot of different strategy toes try and solve this structural issue. that's putting a bit of a floor under the copper market. every time you see periods of weakness, copper is not quite behaving in the same way as the commodities and it's that strategic balance. >> andrew, are there any specific companies that you think could benefit from this movement? >> generally speaking, we still like the mining sector. we think there's great balance sheets, there's good dividend yields. the big copper names that we highlight are names that have good brand filled growth later on in the decade. that is what the industry is missing at the moment.

oddly, some of the big mining companies out there have backed away from that kind of organic growth because that's what investors have been telling them to do. but the companies with brownfield growth, large companies, like freeport macmaran in the u.s. and glencore in the uk who are both two of our top picks for good growth copper exposure at the moment. >> glencore because it's a capital return story. why kazakmes? >> it's growth at the right price for us. it's going through a significant restructuring. it's coming back to be a story where you are going to see a much more focused organic growth story in that. there are others where we think the markets are getting too enthusiastic and overpaying for that growth. so what we've been doing lately is filtering to say which companies are going to be able to deliver the growth into what is going to be probably a very significant deficit in the back half of the decade. >> and what about the nay sayers

that say most of china's urbanization has happened and, therefore, demand for its other commodities as well as copper. but we've seen the biggest amount of that demand and now we're on a downward trend? >> it's a very good question. it's relevant for copper. it doesn't tend to peak and retreat like iron does. we all continue to assume copper in electrical goods and consumer goods. it's a real constant development story. in the u.s., for example, copper demand picked up 40% above per capita demand in china at the moment. back in 1960 and it stayed close to that level for 40 years. we all worry about cyclical growth in china at the moment, but actually, the structural story is something that's not about to go away. >> andrew, thank you very much. that was andrew keen, head of metals and mining at hsbc. let's get back to our viewer exchange. if you want some coffee with your favorite friends, a pop up replica of central perk, the coffee shop visited by the

characters on the popular nbc sitcom is opening up in new york city to celebrate the 20th anniversary of the series. the venue includes the iconic orange couch from friends and the actor who played the barista, gunther, will be joining them. which tv set do you want to visit? i've got to say, guys, if i was to pick one tv set, right now i'm obsessed with "house of cards." i would love to visit frank underwood's house, if possible. >> the office or the house? i think the office looks comfy, too. >> they have that basement where he does his exercise. beautiful house. >> nothing compared to "game of thrones," particularly if they lend you a dire wolf for a selfie. so we want to know, what would you like to visit? get in touch with us. e-mail us, worldwide@cnbc.com. or tweet us. we've already had one tweet. adam tweeted in to say he would like to visit the cunningham's house from the happy days.

the happy days was before my time. do you know what that is? >> no, i don't. but we have jose writing in. he says i'd like to try cheesecake factory "big bang theory." >> i'm more focused on "game of thrones" recently. "friends" i love. >> i'm not really a science fiction fan, but i hear great things. still to come on the show, time to trade language. have your thesaurus ready. today's fomc meeting could be packed with new ways to say considerable. we talk fed speak next. you know what my business philosophy is, reynolds?

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welcome to "worldwide exchange." i'm seema mody. >> and i'm wilfred frost. >> investors betting the fed won't change the language in its sentiment, indicating the central bank is in no rush to raise rates. less than 24 hours until scotland votes. the latest poll suggests a no campaign is just ahead. we hear from one of the country's most influential money manager owes what the result could mean for markets. sony says it will cut 15% of jobs in its struggling mobile

unit after the japanese electronics giant slashes forward guidance again. and alibaba's road show lands in london with just days to go before the highly anticipated ipo. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> i'm carolin roth. coming up on the show, the pressure pause on the nfl as its largest sponsor anheuser-busch says it's concerned about a number of incidents surrounding the actions of its players. how much could these events cost the league? fedex hikes shipping rates ahead of earnings, one analyst tells us why he thinks the stock will outperform over the next year. and we recommend nins on all our favorite moments from "friends" as the tv sitcom celebrates its 20th year anniversary.

>> you're watching "worldwide exchange," bringing you business news from around the globe. and as we said, just 24r hours to go before scotland votes. we'll play a bit more later. people don't really know what they're voting for, there's so many uncertainty. the terms of separation have not been defined. there is a yes vote, 18 months where both sides argue how they're going to separate. >> there is 97% citizens in scotland have registered to vote, indicating a high turnout at the polls. we have to discuss how the markets will play the scottish referendum, how to play stocks as well as the currency market ahead of that vote. nomura recommending clients short sterling ahead of the scottish referendum. >> i think sterling has a dip about a week or so ago. but it's settled more recently

and it will be interesting to look at currency markets as we go through the show. >> interestingly enough, global investors are watching the stock. let's take a look at premarket trade in the u.s. you'll see a cautious start to the day, at least in premarket trade. and the dow trading higher in premarket trade. the nasdaq slightly lower on the day, coming in as energy stocks led the week in the u.s. oil dropping in about 5% in its recent low. the dow hitting a new intraday high. let's take a look at the ftse cnbc global 300. trading at 6,394, higher by around 111 points on the day. green across the screen. the ftse 100 currently up about 11 points digest iing the data that came out yesterday. french and italian markets

showing a considerable amount of green. you can see italian markets up 1600 points on the day. european markets in general watching the scottish referendum. trying to get some clue on what happened and what type of vote we could get. >> it's not just about the scottish referendum. it's also about what the fed is going to tell us in that statement later on today and dropping the bomb yesterday saying we're fought going to be seeing a change in the statement. is he right? we'll find out in a few hours' time. the ten-year treasury yield didn't react greatly to that. 2.57%, off the recent highs we saw a couple of days ago. and the ten-year gilt yield, after we saw the unemployment rate dropping by more than expected to 6.2%. in the currency markets, we did see a move on sterling on the back of that unemployment report on wages. growing more than expected. the cable rate, 1.6294.

up by 0.1%. the aussie/dollar, still under pressure. and it's interesting. the dollar/yen's pair still above 107. up by 0.1%. the fed wrapping up its two-day policy meeting with a decision announced at 2:00 p.m. eastern time along with members' latest economic forecast. that's followed by janet yellen's news conference at 2:30 p.m. u.s. markets rallied on tuesday, a bit of a bounceback followed by "the wall street journal's" john hildenrath. he says it's likely the fed won't change the words in its statement. simon evans is head of em research at commerce bank. he joins us now to give us some

perspective on how emerging markets could potentially react to the fed's statement pp. simon, obviously, a lot riding on today. and what janet yellen says. two words the market will be looking for. that's considerable time. how do you expect emerging markets to react? >> quite strongly. we'll see the dollar em crosses jump and yields especially in the u.s. dollar paced currency such as south africa, brazil, jump as well on that. it's quite interesting because if we go back, if you like, 12 months, we're in exactly the same position in emerging markets when mr. bernanke was expecting announcing tapering to start. it's a big jitter in the markets at the moment. >> and a stronger u.s. dollar can be quite beneficial for certain emerging market economies. but it's almost always negative in the short-term for equity market. how would you be positioning yourself ahead of a possibly stronger dollar at the moment?

>> we entered into q3, actually, with some kwaut cautious positioning on the local currently bond space. we actually yesterday increased the close to positioning on the higher yielding currencies to underweight. obviously the equities are going to be hit by this. interestingly, the u.s. is the one story which is doing pretty well globally. economic downside, be hit by what's happening in ukraine. the big question is can this really support emerging markets? we don't think so. >> same yop, in between the take placer and tightening tantrums, the emerging markets have a very, very short window to work on structure reforms. asset prices help bounce back.

but the fragile five, have they worked enough on fundamentally strengthening their numbers, their economic growth profiles? >> so if we take that fragile five story from last year, you remember the currencies being hit there in indonesia, brazil, obviously to a certain extent russia, but south africa and turkey, as well. india and indonesia have gone through two major elections this year. what the markets expect is for these two countries to start reforming. so if they can import the stiff inflation trend out of china, then we'll see the currency in support of that. their current account deficits will come down, especially in india, indonesia. but the two currencies that stand out as the most vulnerable are the south africa and turkish lira, as well. today, martin wolf wrote that

russia is our most dangerous neighbor. i see that you have an underrate rating on ukraine and russia. would you change your view or do you think there's too much uncertainty when it comes to that region? >> the sanctions have hit russian entities very clear. from the mid to long-term perspective, people ary advising expectations as far as growth now in russia in the future. so there's definitely been an adjustment to this. we've seen this in the equity space. we've seen the arrests, happening in the next couple of days shaking foreign investor sentiment there. but if you look at russia, if you look at south africa and brazil, all of them are on triple b minus from standard & poors. clearly, it's a very fine line. we would look to increasing again this exposure recommendation if we see sanctions stabilizing at current levels and if we see the situation in eastern eye crane

and the cease-fire continuing to hold. and i want to talk about that longer term strength rising u.s. dollar trend. how dangerous is that for chinese companies to have borrowed in hong kong dollars pegged to the u.s. dollar as both interest rates and the currency in the u.s. starts to rise? >> well, since the beginning of this year, what you've seen are the authorities to come out about some news or companies and their adjustment that they're going through. clearly the authorities will use their research to make up any -- that you like, any deficits that you see there. the chinese authorities will control the situation as much as we can. >> okay, simon, thanks very much.

and reuters is just reporting that the european bank test results are set for sunday, the october 26th. once again, the stress test results everyone is waiting for, finally, they've got a date, mark it in your calendar. october 26th. moving on, china's central bank plans to inject 500 million renminbi into its banks. the loan is expected to be just three months in duration and comes amid weak economic data out of china. let's get to eunice yoon standing by in beijing. if that report is confirmed, is that the big stimulus everyone is waiting for? so far all we've seen is targeted, many stimulus. >> well, that is a question that a lot of people are asking. i think there's a joke that if you put three economists in a room, you get nine different opinions. that's what's happening here in china today. there are divergent views on this. most people are saying, this looks as though it's normal.

it's in line with the overall government policy. one of the reasons why they say that is because they're saying, you know, the economic data for august was poor, the government naturally would want to respond and that this was a targeted measure from their perspective because it's the equivalent of a 50 basis point rate cut. but at the same time, it's an abridged version. there are others who are saying that is normal in a kirchbt way. that's because china is moving into a holiday and naturally around this time, there's a cash shortages. this is a lot of companies closing their books and because of that the government from this point of view is looking to take a preemptive strike. but it really -- what we're seeing here, though, is that the news hit upon a larger debate that's been going on in china. that is is the leadership going for growth or is it going to accept the structural flaws

within its economy and deleverage. that would mean there could be a contraction here in the economy. there are a lot of people pointing at this move today saying this was just easing and what we're seeing is just more money thrown at a system that isn't really working right now. >> self-easing, thank you so much for that. let's get you a look on the rundown for today's trading in the uk. september cpi is out at 8:30 a.m. eastern time. they're expected to rise 0.2% with food and energy. at 8:30 westbound we get the second quarter account. as for earnings, look for results from fedex, general mills, lennar and cracker barrel. comedian danny bhoy saying

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these are your headlines. just one day to go before scotland places its votes on whether to go independent. sony slashes jobs on a smartphone unit as it cuts guidance again. new polls released last night shows scotland's no camp holds a slender lead as we enter the final day of campaigning. all three polls suggest the better together side is just four points ahead. >> first minister alex hammond said his team is working flat out but they're still slight underdogs. it comes as 1,500 pro independent supporters gathered in glasgow to show their support for a yes vote. the three main uk parties are knocking the doors on scotland in a last ditch perch to save

the union. >> helia, we've been looking forward to our next guest. >> yeah. carolin, i'm not even going to waste time giving you the opinions. i'll get straight out to danny bhoy, a comedian here in scott olympic. danny -- welcome to edinburgh. >> thank you very much. but the welcome is -- >> you can see it's electric, the atmosphere. >> atmosphere is diller, the weather is amazing, as usual. >> calm before the storm, quite literally here. >> tell me about the kind of furrius and passionate campaign that we've seen. has it actually brought anything new to the scottish people? >> well, it's strange because there's divided opinion and there's divided opinion about how divided the campaign has been. people are interested in polls. that has to be a good thing, right? >> yeah, but is it just good for

jokes or is it good for the future of scotland, do you think? >> it's not particularly good for jokes because you can't do anything at the moment because everyone is reading everything into everything you see. you can't -- i mean, it's been a very kind of tentative openings in shows at the moment. you can sense people are going, is he going to? is he not? >> is it tense at the moment smp. >> it is tense at the moment. i guess there would be massive exhale on friday and people will get back to enjoying themselves and not thinking about it so much. >> but what happens next week? if you're a different country, are you going to come in and do a tour in the rest of the uk? >> no. i'm going to keep her. >> that's all the comedians are going to go and live over there. i don't know how different it's going to be because i've noticed in england it's fine. i've done quite a lot of stuff about the referendum. i've started the scottish tour

up here. it's not been too bad. >> and just a final question. david cameron is pleading to the scottish people to give his heart and everything. has he been alex hammond's best secret weapon? >> it's looking that way, isn't it? last week when they came up, it was a bit like sending the top year presenters to sort out the middle east or something, deeply unpopular. but they seemed to think that was the right course of action. >> thank you very much, danny bhoy. back to you, wil, you heard it here first. and a big corporate story on our radar, sony cutting 15% of its mobile unit. what does that mean for the japanese electric igs giant? we'll discuss next on wex.

welcome back to the show. sony said in the last hour that it would cut 15% of its workforce. the ceo said the group wanted to restart shareholder payments as soon as possible. let's get to our tokyo bureau

chief. every time you get a profit warning from the company, we think it's kitchen sinking. is it kitchen sinking this time around? >> the concern here is this is only the beginning of perhaps another series of downgrades from the company. this is the sixth warning around the ceo. what's happening today is we all knew that the sony smoeps aren't selling. they've cut the mobile from the smartphone unit and they're saying results are going to hit a loss of 1.2 billion. they are now saying 1,000 job cuts at their mobile communications unit, but it wasn't clear whether or not this is going to be the end of it. also, the ceo explaining to us that they're trying to adopt a new strategy in the smartphone business where they focus on different models, focus on different geographies, but they're not explaining to us right now what those focuses are going to be. and they said today that we will have to wait until november

until we get clarity on that. and in addition to that, if you're talking about job cuts of 1,000 people, it may not sound like much. they're not explaining to us what kind of restructuring costs this is going to curtail. so it was fairley clear today from the comments that sony has failed to restrict temperature as quickly as the market, competitive market environment has changed. and he said that veries anditly. >> you have i phones telling well and continuing to grow. as sony outlined today, it's been dominated by the chinese factors.

they're starting to do well in other markets, as well. sony was counting on some of their products to do well in emerging markets. the numbers anterior showing up. >> kaori, thank you so much for that. appreciate it. briefly, credit suisse saying its raising its year-end target to 17,000 from 16,500. it rays the year in s&p 500 target to 2,050 from 2,020. let's move on to some tech news with just days to go before alibaba's highly anticipated ipo in new york. options trading are expected to start on september 9th. alibaba's road show starts in london following today's solid demand coming after alibaba

raised its price range from 66 to $68. i would be heading to that event later on and get you to the buzz later on. >> fund management is calling for the break-up of dupont. "the wall street journal" reports the company is's loaded and complex corporate structure is overburdening its seven business lines. dupont says it welcomes open communication with shareholders. let's have a look at how shares are doing this morning in germany. for that matter, 1.3% to the upside. never mind the fed decision. we are going to be talking fed and earnings. we'll talk about that many times seen as an economic indicator. we'll get those results and the market action.

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welcome to "worldwide exchange." i'm seema mody. >> and i'm wilfred frost. >> u.s. futures point to a cautious open after a laterally on wall street, investors betting the fed won't change the language in its statements. less than 24 hours until

scotland votes. the latest polls suggest the no campaign is just ahead. we heard from one of the cup's most influential money managers. sony says it will cut 15% of its jobs in its struggling mobile unit after the japanese electronics giants slashed through forward guidance again. and the nfl comes under growing pressure as leading sponsor anheuser-busch voices concern about a string of streent player scandals. hello. if you're just tuning into "worldwide exchange," thank you so much for joining us. u.s. futures, the dow and s&p 500 indicating a positive open. the nasdaq, though, currently trading lower in premarket trade. k, the fed will be in focus today. two words the market will be holding on to the and that is

considerable time. that will give us an idea of whether the fed will raise rates sooner than expected. on that note, let's switch over to the ftse cnbc 3 hup. up about 12 points on the day, diving into the european markets, as well, you will see that it was positive across the screen the last time we checked. gains continue throughout the day. the italian, german market up about 40 points. the ftse 100 up about 111 points. but, again, as some studies or polls suggest, the no vote is gaining momentum. we're seeing the ftse 100 higher on the day. and the day is finally here, seema. the janet yell.'spress conference comes this afternoon and much of the anticipating will rest on whether the fed

will tweak its guidance. how do you trade on these markets? >> it hasn't changed through the entire career. a rate hike discount around the middle of next year and shallow rise in rates thereafter. we are in the minority that think the language changes very little at the fomc meeting and that that profile again stays pet well anchor to where it's been for the whole of last year. the dollar has a bit of a correction on the back of it. the bottom line is, yes, monetary policy becomes less easing. but we have appear interest rate regime. where monetary policy is still

very easy. the market sell-off will be very slow. >> there's a number of issues weighing on the market, concerns about what's happening millie certainly are there, as well. by the same token, up 32% in total return, probably natural if you have 8%, what is natural, i think, for the s&p to take a little bit of a breather. >> german september 2015 bid to cover asiao, the cover was relatively strong. it's interesting looking at the yield. the yield was actually slightly negative in that option. negative 0.07%.

versus zero percent. >> we've had an s&p return of 32% last year, 8% this year. is it time for a breather, as one of those guests just said? perhaps today the fed meeting could spark investors to take their lead off the gas. >> the fed has held short-term interest rates at more than three row for the past five years. that has helped increase business loans. at this point, we have to focus in on language. that will help us understand whether the fed will raise rates. >> i don't think anybody will happen today. much ado about nothing. i just wish john would have come out last week and told us what we know today. we could see a pick up in bond yields. this time, fedex hiking

shipping rates by an average of 4.9%. the changes are affected in january and apply to shipments in the u.s., canada and mexico. earlier this year, fedex announced it will start charging for box size as well as weight. strong demand for air freight and fuel prices are expected to boost results. but by how much? let's bring in scott from oppenheimer. on that note, a hike in price rates, how do you think that will impact fedex going forward? will that result in customers not shipping as much? >> sure, good morning, seema. i think it's a very good sign, a bull yush sign that fedex can achieve such prices. those price increases start at the beginning of calendar 15. but very strong, as we've seen

in the industry. some others have been cutting prices. it's a solid sign. it's a little earlier than we normally get an announcement from them. i think it's a bullish sign. >> many times it's an economic indicator because it transports a wide variety of goods across the world to give us an idea of consumer demand and how much people are shipping. this time around, what are your thoughts in terms of the rise in e-commerce sales? is that going to be a big catalyst for fedex? >> yeah, we think so. it's been a multi year story now, the rise in e-commerce. and it remains double digit growth and we think it will be that for years to come. fedex is in a late position domestically and internationally to capitalize on that. so we think that's going to be a big driver. we also think business to business is strengthening, as well. some of the indicators we track economically are leading us to believe that this could be a good quarter for that, as well, and going forward. >> scott, you've got an

outperform rating on the stock. yet it was underperformed on the dow. what is going to fuel the stocks? that pun is intended. >> sure, thanks. fedex had a very nice outperformance last year. and it's still trending quite well this year. we think there's more to go. one of the big drivers that we haven't discussed here outside of an improve iing global econo improvement is a major realignment in profit improvement blanplan. it was kicked off a lot more than a year ago. through fiscal '16, they anticipate $1.65 billion in profit improvement, 75% of that they expect to achieve in this fiscal year where we're going to

hear the first quarter of fiscal '15 this year. we think that is a big margin mover for them. it makes a nice story in addition to the growth highlight trends. >> we're looking at a high level of gdp and global trade. it highlights the correlation between the two. is a company like fedex able to break that and grow regardless of what growth is doing? >> yeah, obviously, i can see the chart and what you're showing is a very important global indicator for them. historically, global trade has outperformed global gdp and that hit a rough patch over the last year so so. we anticipate that to improve. they're very focused as part of that realignment program. i mentioned on getting their operations in line and the

global business. they are well positioned, as well. >> thank you so much. now to our question of the day, we've been getting your tweets. do you want to have coffee with your favorite friends? a pop up replica of central perk is opening up in new york city to celebrate the 20th anniversary of the series "friends." so we've been asking what tv set would you want to visit? josh tweeted in saying he would like to visit "cheers" and have a beer with norm and cliff. anthony wants to visit freddie's barbecue joins from "house of cards." teddy wants to visit the set of "the walking dead." get in touch with us and tell us which set you want to visit. worldwide@cnbc.com or @cnbcwex.

let's take another look at today's other top stories.chnei to dismiss should be deposited. schneiderman allegeds that barclay's failed to ensure the best possible price wag going through for trade. barclay's claims the activity is outside of the new york venue. speaking of banks, credit suisse is coming under fire from u.s. regulators. "the wall street journal" reported that the fed has asked the bank immediately to address issues related to its underwriting and sales of level raej loans. the fed says the bank hasn't seen guidance issued last year about avoiding deals that issued too much debt or too few protection in case of default. the last time i checked, credit suisse was flat on the day. coming up, the nfl may be

the most powerful sports league in the u.s., but it's coming under heavy fire from the public. could this end up costing the nfl? that's after the break.

welcome back to the show. voting for the scottish referendum kicks off in less than 24 hours. overnight, we got three fresh polls indicating that the no campaign has a very, very slender lead. we have 49% in the opinium, 45% in the icm and 48% in the survation. 14% in one of the polls is undecided. that tells you it simply is too close to call. what's interesting is bookies have paid out for those who bet on no. i guess it's really because they want more publicity, right? >> that's true, as well. the bookies have always favored a no vote because of that undecided. but either way, massive turn yoeout is expected.

we spoke with martin gilbert if he thought capital could free the uk if we were to see a yes vote tomorrow. >> i think if there is a yes shoet, there will be quite a sort of tough day on friday. and then i think things will settle down. you about it will certain surprise the market. if there is a yes vote. they're not really prepared for it. i mean, no one has really prepared, as any contingency plan is in place. and the top stories of the day, just one day brg before scotland casts its vote on information. european stocks follow wall street in the green. alibaba's road show lands in london with just days to go before the highly anticipated ipo.

the national football league is far and away the most popular and profitable sports league in the u.s. about but the nfl has come under fire in recent weeks for its handling of actions by its players. let's get the latest from morgan brennan. good morning, morgan. good morning, carolyip. major sponsors of the nfl are adding to the growing course of disapproval over the league's recent moves involving the conduct of some of its top superstars. this includes how long the envelope knew about a video showing ray rice beating his phi an say unconscious the. and the decision to led adrian peterson play while they're pulling just short of citizenment. the league says it is

disappointed. these and campbell's soup say they've voiced similar concerns. a lot is at stake financially. consulting firm ieg says the money companies pay each year to be official sponsors, not including ads and promotions is worth more than $1 is billion to the league and its teams. in the case of anheuser busch, those sponsorship fees add to an estimated $15 billion. they've put him on on a -- to thank his 4 yield son. the vikings came under heavy criticism for their original stance to allow peterson to play this week.

peterson has lost endorsements, as well. back to you. >> morgan says great to hear from you, misty girl. coming up next on was, we e "worldwide exchange," we're going to talk about language. don't miss out. more coming up. know that proper allocation could help increase returns so you can enjoy that second home sooner. know the right financial planning can help you save for college and retirement. know where you stand with pnc total insight. a new investing and banking experience with personalized guidance and online tools. visit a branch, call or go online today. is what if there was a credit card where the reward was that new car smell and the freedom of the open road? a card that gave you that "i'm 16 and just got my first car" feeling. presenting the buypower card from capital one.

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. we have the fed meeting later today. yet the markets must have sold off enough already. across the board in europe, we have a little bit of strengths. italy up almost 1%. that's leading the way. france is up about 65 basis points. germany up about 0.5% and the ftse 100 up about 23 basis points. seema, as things stand, people

aren't too concerned about this fed meeting later today. >> even though there's a certain amount of uncertainty on the table, markets moving higher in europe. even if you look at the premarket trade here in the u.s., dow futures indicating a positive open, s&p 500 flat. let's also give you a rundown of what's is trading today. >> consumer prices are expected to rise. also, the second quarter of current account. at 10:00 a.m., it's the latest survey from the national association of home builders. after earnings look for fedex, general mills, lennar and cracker barrel. want some coffee with your

friends? on popular restaurant central perk is expected to open in celebration of the 20th anniversary of the television series "friends." >> anna wants to visit the set of "happy days." rebecca wants to visit the bronze and the expresso pump in sunny dale from buffy. and our colleague agrees with wilfred that he wants to visit the game of thrones with his buddy, kalisi. >> sri and i would like to be on the game of thrones with felici. >> you guys have your special "game of thrones" bond. just days to go before alibaba's highly anticipated ipo in new york. other exchanges are making way for the e-commerce giant. options trading is expected to

start on september 29th on the international securities exchange. meanwhile, alibaba's road show lands in london today following investors from new york and asia. it comes after alibaba raised its ipo from $66 to $68. i will be heading to that event later this afternoon. and microsoft is hiking its quarterly dividend by 11%. the software giant is replacing two long standing board members, david marquar and dena dublin. the ceo for visa will join the board next month. and activist investors trying to fund management is calling for the break-up of dupont. "the wall street journal" reports that the corporate structure is overburdening its seven business lines.

and dupont says it welcomes open communication with shareholders. shares up by a little bit more than 1% in german trade. the fed wrapping up its two-day policy meeting today with a decision announced at 2:00 p.m. europe time. that is followed by janet yellen's comments at 2:30 p.m. again, this really comes down to language. that is what traders and investors will be watching closely. >> absolutely. i do think, though, i know we've discussed what the fed is going to say a time already and yields and bond markets rose to price that in. but equity markets continuing, up 32% last year, up 8% this year in the u.s.

for me, one of those two market faces a big construction when we start to see the fed changing red rick meaningerfully. >> we thought that correction would come earlier this year. it hasn't happened. we're stuck just about that 2.5% level. if you are right, we could see a huge rise in yields. is that going to choke off the rally in stocks? >> dividend stocks have been outperforming this year as investors look for yields somewhere in the market. and another indicator, of course, worth touching on is the russell 240 00. our colleagues yesterday pointing out that the 50-day moving average is just approaching the 200 day moving average. could that be a bearish signal?

that's all we've got for today's show. >> "squawk box" is next.

good morning and welcome to "squawk box." fedex unveiling its new year's resolution. higher rates for shipping are on the way for 2015. and could the iphone 6 be the best smartphone ever? well, it should be. right? the latest launch. reviews are in for apple. it's wednesday, september 17th, 2014 had, and "squawk box" begins right now.

good morning, everybody. i'm becky quick along with joe kernen and andrew ross sorkin. we start this morning with some breaking news from the scandal plagued envelope. the minnesota vikings have reversed their decision to reinstate adrian peterson. now they have placed peterson on the exempt commissioner's list that means he will have to stay away from the nfl activities while he addresses child abuse charges. this could mean that peterson misses the rest of the season as the case goes through the court. this decision comes as more sponsors like budweiser are speaking out about how the nfl is handling these off field issues. coming up, we have a sponsor that says the culture of the league is broken. an exclusive interview with bob mcnair, coming up at 6:30 eastern time. right now, let's get to andrew.