today to figure out what will happen. >> shares trade lower after the luxury watch maker sees earnings

plummet. we talk about the impact of the stronger swiss franc and slow down in china. >> the price of oil is volatile but in an exclusive interview saudi arabia's finance minister tells cnbc the government won't change course on spending despite the huge drop in prices. help us sustain our policies policies. >> you're watching worldwide exchange. bringing you business news from around the globe. welcome to the show everyone. the focus today here in the stock market and bond market is greece. ecb will no longer accept greek bonds as collateral. we're seeing volatility.

investors selling greek debt sending yields sharply higher. take a look at the 10 year greek debt yielding now 11%. the 15 year greek debt yielding about 10.5%. we're seeing similar moves in the equity markets as well. keep in mind right now we're looking at european shares despite moving lower in today's trade still trading at a multiyear high but the focus, the concern right now is on the greek negotiation terms. >> absolutely. athens stock index down about 6%. greek banking index down over 20% today. this follows the announcement from the ecb that the greek finance minister says the central bank put pressure on the euro group to reach a deal. he is potentially headed for a show down as he heads to german for a meeting with his counter

part. annetta it's a coming together of two pletty strong egos. what can we expect from these meetings? >> we can expect that berlin is staying put on the demands that greece should first do its homework. they're going to hand over a things to do and not the other way around. so that's what we can expect from that meeting. germany wants greece to ditch those promises they have done during the last weeks after they won the elections. they want them to stick to original bailout and enact reforms as promised under the

original bailout. the talk in berlin is that greece can't really change the contract unilaterally and then they have to stick to their obligations and that is what he will actually be confronted with during the press conference. it will be interesting to see whether there will be minuscule movement between the parties from the side because the expectations are that berlin is staying tough with greece and yesterday's move from the ecb was widely expected to happen at the end of february when the program would come to its end and nobody really believes that. greece is currently up for an extension of that program or another program. the timing is crucial. nobody had expected the ecb to

move two weeks prior to the next governing council meeting or to the end of february and that sends a harsh warning to the new greek government that it's not just fun. it's about serious negotiations and they have to stick to the rules rules which were in place before they got elected. that's what we hear from the ecb and same story from the minister of finance. >> live with the latest thank you so much. joining us to discuss more sean marr. thank you for joining us. a big question is what will germany say around greece's bailout terms? we know the finance minister has been particularly tough. one of the toughest critics when it comes to greece's bailout terms. he said in the past couple of months elections change nothing. these are the rules in place. >> first on all on the ecb

decision you could interpret this as a form of diplomacy but i think the ecb has been in an impossible position and asked for a backstop on the debt taken from greece so they preempted the group next week. this is a preliminary issue. the big decision is whether greece asks for an extension of the bailout because i don't see another short-term solution. they're still in the left bailout which could be used. but they said it won't ask for a extension. that's the 28th of february. the decision has to be made by then. >> let's go to the ecb decision quickly. given the exact timing of important political negotiations has the ecb just used monetary policy for political means? >> if the ecb continued to accept t-bills as colallateral it

would be in this awkward hybrid situation way beyond it's mandate. so i think the statement this week by the greek finance minister on u.k.tv that this is an insolvency issue. how they can continue to accept not on that basis. >> i think greecehas already made significant concessions. it walked away from the explicit hair cuts. germany at the end of the day if you go back to the original 2010 bailout terms the forecasts were way off the pace. greece has cut 6% off government spending of gdp. it's done a huge amount of heavy lifting in the context of an economic depression of almost 30% decline of gdp in that period. greece is very weak.

tax collection is a huge problem. you now have a government for the first time in greece willing to make the hard decisions to fix the institutional shortcomings and for germany this is what they need. so the growth bond scenario something like that has been suggested is something i hope the germans will run with. europe is in a good place right now. i think it would be very destructive if they were to play hard ball with greece in the next few weeks on this issue. >> what do you think the big concern is right now in the market? in the u. s. it was interesting to see developments out of these negotiations. that sent stocks slightly lower and today here in europe greece is the focal point for investors. is is it that greece would have to access without access to the

emergency funds. >> if you don't use the emergency liquidity program, the greek central bank you face a liquidity point in the next few weeks. private greek depositors will continue to accelerate the plight of greek banks. in the short-terms there's a massive funding problem for the greek bank itself. they're talking about t-bills issued in the next couple of months but who is going to buy them? the greek banks. you end up with the same situation. so it's a knot. who is going to cut it? the ecb put it on the euro group and germany. >> and the ecb saying it's going to make access to capital more expensive by not accepting the collateral going forward. >> and the politicians on both sides. >> stick with us. we want to discuss more about greece and the fall out across

europe. >> now markets in europe unsurprisingly low today weighed by issues in greece and an oil price pull back today. but we're not actually as weak as we were at the open about 17 minutes or so ago. we're down about .3% for the broader stock 600. let's have a look across and see where the weakness is spread out. you can see the ftse 100 is suffering because oil prices are weak today. late yesterday we raised most of the gains, all the gains we had this week. not all of the gains since the middle of january but significant pull back in oil yesterday. germany down a quarter of a percent and russia is down .4%. let's look at bond rates and see what we're looking at there because yesterday there was some descent data out of both the u.s. and europe. we had lots of services pmi out of europe.

bond prices did see yields come up a little bit but that's been unwound today as risk off is the story. 1.76 in the u. s. .35 in germany. the focus on greece where bond yields spiked again. 11% on the ten year. a 2.2% move on the three year up to 18.8% and a 1.9% move on the five year up to 15%. let's look at commodity prices. we saw as i said the euro strengthening slightly. it did touch, in fact 115 in it's bounce but it's now 1137. that's where it's been the last couple of trading sessions. interesting to see the aussie dollar bouncing back after the rate cut earlier in the week. let's look at commodities

because the oil price has wiped out the gains it had in this week. today less muted than yesterday. brent 53.9. down .4%. let's have a look at markets in asia. >> that's right. let's take a look at trade in asia. interestingly enough despite the news from the central bank of china to lower the rate on that rrr markets shrugging off the move by the central bank. the shanghai composite up about 1%. and the nikkei 225 down about 1%. still with us is sean marr. i find this interesting that despite the move from the central bank investors are shrugging that off and perhaps it's worries around greece that it's weighing on stocks in asia. >> i don't think so.

that's the minimum move they would make. that's under about $100 million in hi quiddity to the system. in the second half of last year you lost about $150 billion in terms of fx coming out of reserves. so you had a net tightening of liquidity in china. this doesn't fully offset. then you have real interest rates rising with disinflationary problems in china as well. you see a crash in investments and through the system and half a point off although there were bigger ones down and it isn't enough and we'll probably still see a managed depreciation over the next few months. that's been our call. we certainly think it's expensive. you have a 10% discounty last summer on mainland shares. it's going to an over 30% premium. that will go the other way we think. they look expensive and will continue to try to cap margin

debt growth in the last six months. >> let's touch on the chinese currency. the central bank is facing competitive issues against the likes of japan, easing very significantly but then a lot of corporates will be struggling having borrowed in hong kong dollars in particular. >> they have lost competitiveness. on a real effective basis people think it's competitors are vietnam. but the biggest competitor is actually mexico and mexico has dramatically improved it's competitiveness over the past five or ten years versus the exchange rate and wages. you're seeing mexican imports soaring and it could become the biggest exporter into the u.s. and some of that loss is at china's expense. that's a huge issue at a time when the fixed asset boom is ending. that was half of gdp but you have hundreds of billions of dollars of hard currency borrowing. particularly the sector on the

other side. my bet is in the short-term they're forcing the band wider and pushing again it. they don't like to be forced to do something but over the next few months you'll see it trading weaker. >> thank you very much for joining us this morning. much appreciated. >> coming up on the show we speak to the founder of zipdial the indian mobile start up snapped by up twitter last month. we'll ask if the tech giant can catch up with it's facebook peer when it comes to emerging markets. >> and peek to the ceo of the budapest stock exchange.

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terms. the negotiations around their bailout terms. in response we have been seeing big moves in the stock market as well as the greek bond market. the athens composite has been moving significantly lower underperforming it's peers. investors have sold greek debt. that's resulted in yields rising but as you can see the focus on the greek parliament being sworn in. now to our top stocks. >> let's look at the biggest movers in today's trade and kick off with abb down 2.2% after reporting 4th quarter net profit of $680 million missing analyst forecasts. they cited a mixed macro picture with increased uncertainty. >> our direct business is about 10% of the port point of law owe and only half of that means 5% is related with capex. the rest is on going service contracts and participation in

expenses it's not that big of a direct impact. secondly, we see that the low oil price has also positive effects. some industries have lower costs in production. so they're ramping up. some governments are spending less. spending in total about 500 billion a year. in india alone they'll redirect about 40 billion into infrastructure spending. so all together it's a mixed picture. we need to address the challenges by also addressing the opportunities in other industries. >> it's capping it up as they warn regulations and taxes would eat into 2016 earnings. let's get a full run down from paris. >> they remained profitable last

year. still the net profit declined by 97%. 157 million euros. that was below expectations. the average forecast was 531 million euros excluding exceptional items bnp generated a profit of 7 billion euros. they have a strong operating profit. this is what the cfo told me. >> you had a good operating performance. it's bottom line at 7 billion euros but the bank took remedial actions. and basically all of this is reflected in the top line. the top line has grown all across the businesses. if you look exceptional elements it's up 3.2%. costs are well under control on

the back of our simple and efficient program. risk is down by 2.5% so all of that for me makes good operational performance. on top of that our balance sheet is rock solid if i can say. the aqr when by very well and on top of that we have a core equity of 10.3% which includes a dividend of 1.5 euro which includes several several acquisitions. so all in all good operating performance. >> in terms of different businesses the investment bankment was the most dialic unit. while the retailing banking was weaker than expected. down 4%. bnp said the rising taxes and new regulations will have a negative impact on its earnings next year and get the impact of 5 million euros and explains why

they're 4% lower. >> thank you very much. bnp up 4%. swatch up 4.7%. feeling the pain from a strong swiss frank reporting a 27% drop in full year earnings. net profit came in at 1.4 billion francs. coming up we'll be speaking to the ceo on swatch. that is a first on cnbc interview. daimier profit rose by 10%. they expect sales of mercedes to boost operating income this year. back to you. >> let's stick with the big movers in europe. bp trades sharing higher after announcing to buy ee for 12.5 billion pounds but the deal requires close scrutiny.

vodafone expected close revenue and sales. there's a recovery in the market. shares up slightly on the day. interesting numbers but the bigger question is how vodafone is going to respond to the acquisition of ee. >> we have a massive shake up going on in the whole arena of whether it's telecoms or tv. tomorrow we have the auction going for football rights in the u.k. you have this massive deal with hutchison swooping in. we have known about the deal for awhile. today they announced it and the terms of it. it's going to be juicy. we know they're sitting on the sidelines and going hang on a moment. we used to be the number one

mobile operator. we have been relegated to number three or four and if you look at the numbers today, in europe u.k. was really the only bright spot so it's a very important market to protect. we know these deals. this is what will have to be preferred to the competitions authority. that's 0-ee the question is will all of them will. will vodafone keep pushing. open reach is the network bt have where mobile operators use it and the claim that vodafone is pushing for awhile is hang on a moment. why would we not be worried about the deal we're getting, the network provider. and they obviously don't want to

let go of open reach because it makes about 1.5 billion of cash of 2.5 billion they have. so this will all be in the competition authorities. >> it's a developing story. u.k. a bright spot but another bright spot india. so interesting story there. thank you so much for bringing us the latest on vodafone and the telecom industry. it's been a steady run with the stock index up 11% over the past year. we speak to the ceo of the stock exchange coming up next here on worldwide exchange. >> also we have carolyn speaking to the ceo of swatch. nick hayek. we'll be back in a couple of minutes.

>> the greek government is put to the test. shares plunge and government yields rise after the ecb will no longer buy greek debt. >> but the greek finance minister unlikely to get any sympathy when he meets his german counter part in berlin today with expectations that the finance minister will stick to

demands. >> shares in swatch trade lower as the luxury watch maker sees earnings plummet to nearly 30%. coming up we ask nick hayek about the stronger swiss frank and slow down in china. >> the price of oil remains volatile with wti back below $50 but the finance minister says the government won't change course on spending despite the huge drop in prices. >> we build it to help us in sustaining our policies. >> swatch is feeling the pain from a strong swiss frank partly due to currency headwinds created by the surprise policy move. carolyn is at swatch hq.

>> thank you for that. let's get the reaction from the ceo itself. the analysts say there's slow down in the second half of the year. having talked to you over many years now you're not concerned by what you're seeing in the markets today. >> on the contrary. if analysts say something to the contrary you will be a rich man. it's always been what we had to do as entrepreneurs. you see, the share price is not something that should guide you in the strategy of the company. what's important is to share products, our watchers to consumers and the shareholders will be happy. >> but nick the selling watches to consumers, that's slowing down, right? the underlying business there is a slow down around the world, isn't there? >> you would say growing 3, 4, 5% is a slow down? what you see is an exchange rate problem also that we in switzerland since we produce everything in switzerland, we will have less revenue because we are defensive in increasing

prices we want to maintain the units and we have not lost any units. 70% are down from this watch group and here we are growing and we are not slowing down or we are not decreasing our numbers. >> look three weeks ago we saw that shock move by the snb and you came out quickly saying this is a tsunami for tourism and the swiss economy in general. the frank weakened some what. we're now at 105. do you think the consequences are that dire. >> yes, it's a psychological problem. you know what i said the boss of the swiss national bank name is jordan. jordan is a river and i said look his name is a river and it reminds me of the tsunami and it's true because the swiss national bank for which we did a swatch watch because they always acted in the interest of the whole country they took an

isolated decision very cold like bureaucrats and they communicated it the worst way and sent shockwaves to everybody and that was the action they did did. not what they decided. it can be argued but the way they did it is not in a good culture of what we are used in switzerland and tourism is a disaster in switzerland. >> does the snb have any credibility left then? >> they have credibility but they have now credibility as a bureaucratic organization. that is very quickly scared to act. so they want to react now and they showed everybody in the world hey guys we're only here to react but not to act because we're not convinced if our muscles in switzerland are strong enough and we think we have strong muscles. that's what is preoccupying me. on the other hand for swatch group i'm not reoccupied at all.

because our main business is out there, outside of europe. we have been pioneers in mainland china, india, we are everywhere. even in the united states. >> there's reports over the weekend saying the snb is targeting 105, 1010 even. is that a level you would be more comfortable with? do you think the economy would find easier to deal with? . it's from company to company but the overevaluation of the swiss frank, it's not a 105 or 106, we should say it loud. a strong swiss franc is good. but one that can be victim of speculation from whomever in the world just when he wants, this must be stopped. now of course we can live short-term with 1.05, or 1.10. i'm talking about some parts of

the industry and tourism. but if this is happening toward the u.s. dollar and everybody thinks these swiss are nice people and we can manipulate them. this is the dangerous thing. >> to what extent are you going to be rising your prices and will there be cost cuts and job cuts? >> on the contrary we're going to invest more. the product is at the heart of everything. the innovation and we do fantastic products and just to say for 2015 we have the swatch group is doing all the products in switzerland but the costs, the retailing we do. harry winston we bought for example, these are foreign countries. if you look at the balance, without doing a big deal without even increasing prices swatch corp. would probably come in with the same level of profit that we have in 201 but of course we think about price increases but what is more important? volumes. we have to fill our factories

with volume. little number. the entry brand after swatch. did last year 30% operating profit. more than 320 million euros. compare this with watches and jewelry which considered luxury much less. >> i want to move you on to the apple watch which is launching very soon. how much of a concern is that for you? are you scared? are you launching anything to combat that threat? >> listen we are in this market since a long time. swatch started in 1999 with watch access. this is a watch used in ticketing and entrance control and we have this watch in nfc. and then our electronics companies are in many devices of the smart industry. some of them you are thinking or mentioning we have sensors in it. we are well equipped to be ahead of everybody else. for us it's an opportunity. if apple comes in can you imagine the millions and

millions of people that don't wear watches anymore. so if apple comes and says we can offer you something for functional and it will really be something. we are there. there's no problem. >> let's see if that turns out to be such an opportunity for you or in fact a threat down the road. hopefully we can catch up again very soon. thank you for having us here at your headquaters. nick hayek jr., the ceo of swatch. >> thank you so much. you're looking at live pictures of kiev where u.s. secretary of state john kerry is due to hold talks with ukraine's president and other government leaders. you can see he has just left the scene but he -- as we were just telling you have arrived in kiev ukraine. this after ukraine central bank hiked interest rates to 19.5% from 14% in a bid to combat inflations. it would cancel dollar sales. the dollar has risen sharply on

the announcement. take a look. up about 12%. the currency space sees a lot of activity but another big focus is greece. another day and another headline out of the greece negotiations. they will no longer accept greek government bonds as collateral for lending money to commercial banks from the ecb and as you can see investors are selling greek debt. that's resulting in yields rising the yield on the ten year greek bond at 10.9% and we're looking at the athens index significantly underperforming it's european piers. it did see one of its biggest one day gains since 2011 earlier this week. reverses the gains down about 5.5%. growing skepticism over whether a bailout will be negotiated. >> the euro is steadying after sliding on the news the ecb will no longer accept greek bonds.

he's now potentially headed for a showdown with the germans as he heads to germany for a meeting with his counter part. that is taking place today. joining us to discuss more is g-10 foreign exchange strategist at bank of america merrill lynch. >> good morning. >> let's talk about the timing of this ecb decision. have they used monetary policy for political endeavors? >> i don't think so. the surprise is that they did it yesterday but if you look at the reaction of the euro those are pretty much priced into the markets. euro dipping down. the market has obviously talken this as a sign that increasing uncertain times but i think the market was really anticipating after the greek elections that matters were going to come to a head. >> as we go into these di discussions today there was some progress earlier in the week on the negotiations.

who is it the greeks or the germans to make the significant concession? >> the discussions are clear that the germans are going to talk hard ball. it's really for the greeks to come to the table and offer some concessions. i think the position of the ecb and germans is very clear in this situation. >> let's talk about the action we're seeing in the currency space because it's been becoming much more expensive for many countries to support their currency peg. i'm referring to denmark of course. we saw that unexpected move from the swiss national bank. do you think you could forsee the bank of denmark participating in a similar move? given the weakness of the euro it's much more expensive to defend the currency peg. >> they have thrown the tool kit at defending the euro danish peg. our view is the threshold is exceptionally high. denmark has a very strong tradition of maintaining the euro/danish peg for over 40

years. we think they'll continue to intervene. possibility of further rate cuts and even at the risk of recalibration of the trading range. >> but is it irresponsible behavior to weaken their currency in order to spur growth? >> well, the danish peg is integral to danish hopes of moving into european union and adopting the euro. it's a crucial step for them to actually -- to assume membership. so within that context -- >> out tps side of denmark when you look at china and europe and across the world. >> yeah it's a necessary step for them for even actual membership. so they see that as the be all and end all for them as far as monetary policy is concerned. >> let's talk about the bank of england as well. 9 out of 9 voted to keep the rates the same last time. we're not expecting rate rises this time. i wonder with the rate discussion, we have seen so many people forcing rate cuts. will mark carney be considering moves in the other direction?

>> well the comments suggest uneasy. so that may well be highlighted next week. certainly from our perspective the risks are that the bank of england will have to delay it's rate hikes beyond but the confidence that came out today and monday and tuesday are stronger than expected. growth is strong. the problem is inflation pressures are weak. >> does sterling stay weak up to the election? >> we think that sterling has capacity to trade higher here. we have a call of 153 up into the end of q-1 but we have the uncertainty that is the election and it will come under pressure due to the uncertainty of the outcome. >> thank you for joining us this morning. g-10 foreign exchange strategist at bank of america merrill lynch.

>> from one central bank to the next. the people's bank of china lowered the reserve requirement ratio for all banks for the first time in 2.5 years. they ended the session lower. let's get out live in beijing for an update on the latest. >> today investors were starting to move beyond the surprise cut and we're focussing on the on going crack down in the stock market on margin trading. however earlier in the day we did see a pop in the shanghai stock market and that was mainly because the chinese central bank had decided to cut the amount of money banks needed on half in their books. this was dropped to 19.5% and it was seen as a significant move because it was so broad based. we have seen the central bank come in with more specific cuts but this is the first time in awhile and we saw this apply to

all commercial banks. several economists are saying this is going to put about $100 billion or at least the equivalent of it into the whole system in terms of lending and also there are many who are saying that this is really a sign of two things. one is that the policy makers may have been increasingly concerned about the pace of the chinese slow down but also some people are reading it as interesting because they believe that the policy makers are showing a certain willingness on their part to really step in to try to prop up growth with a more accommodative stance. another big question talked about today was the timing of it all. there's some economists that said this isn't only about growth but it's also about neutralizing some of the capital outflows we have seen recently as well as an injection of liquidity at a time ahead of the chinese new year when we do traditionally see a cash crunch

but overall guys people are believing that the policy makers are signaling that they are going to continue on this trend of cutting rrr as well as interest rates in a way to try to really help support the economy here. >> that's the hope. thank you so much for that report. and still to come on worldwide exchange they hope to upgrade to msci emerging market status. we'll be asking the ceo how it plans to do so, after this break.

welcome back. we have breaking flashes coming. and he is both critical of quantitative easing. he's skeptical about quantitative easing. he sought no urgent need for it and the risk of broad based deflation was still very limited. he's also been talking about greece. he says that the greek experience is amplified by the

current discussions and shows that government bailouts happen and implementing reforms requires perseverance overcoming a crisis is more. he is putting more pressure ahead of the discussions ahead of today. he is critical and indeed saying the greeks should have persevered longer in implementing reforms. >> interesting comments around the qe. he says there's no urgent need for quantitative easing. this after mario draghi unveiled the quantitative easing. despite the downturn in europe and deflation nary concerns that not all members supported the qe push. >> now mcdonald's unit in japan posted the first annual operating loss since going public in 2001. we have the story live from

tokyo. >> yes, the fast food giant's japanese unit operates the second largest restaurant network in the world and today announced that sales had fallen 15% around $1.9 billion last year and booked an operating loss of $57 million. it was it's first annual lost since listing 15 years ago. the chain was battered by food safety centers found by it's chinese supplier. it was then faced with a shortage of potatoes for french fries. sales continued to drop and annual net loss kale at $186 million which was the first. the firm continues to face woes and an incident came where bits of vinyl and plastic were found in several restaurants in japan and figured released today show that store sales plunged nearly 40% for the month of january. they said they would hold off

until they could properly assess the impact of the incidents. >> thank you very much. >> the stock exchange is looking to upgrade from frontier to emerging market status by the msci over the next two years. in the past 12 months they have been reducing trading cost in a empt to reach that goal. shares are up almost 10% in the past 12 months. joining us now is the ceo. thank you so much for joining us. so we have been seeing continuation move to the upside in the bucharest stock exchange. the economic growth more than doubled to 3.3% earlier in the third quarter. how do you plan to bring in more foreign investors into romaine juan -- romanian stock exchange.

>> it has a chance to become a much more interesting area for investors. for that it was mainly about that and activities were focused. now romania can be a goodloe kags for international investors and, indeed in order to ease the access of international capital to romania. we had to say this it has always been a kind of nightmare when it comes to the accessibility to this market. so we needed to change this. a lot has been done and now what is essential is the kind of international recognition of these efforts and these former classifications, whether frontier and emerging market it

is decisive. it is a little bit conventional but these conventions are extremely important for getting this and in this sense transforming the whole region. >> so that's obviously one strategy to try and encourage foreign direct investment. would you think it would encourage foreign direct investment if you had already managed to join the euro? or are you looking at the current situation thinking i'm glad we're not part of the euro at least yet? >> a lot of my professional experience are, i have this comparison between the state of modern holland and romania when it comes to the euro adoption and polish people and authorities are much more skeptical and they would rather take this attitude. maybe let's wait a longer while and see how the euro zone will solve the problems while in romania the attitude is much

more positive. romania has a long way ahead of them to join the euro zone. but they think that this is in some regards a more euro enthusiastic country than poll land is. >> you mentioned at the top impressive performance at the stock index and gdp growth over the last year or so. has there been impact from the situation in ukraine and did the sanctions on russia on the remaining economy? >> no i did not observe any negative efforts of this situation. i couldn't say either that romania profited from this situation. because the common theory was that maybe, leaving these areas with increased risk that they

would make stop over in romania. i didn't see this kind of effort but it's good. romania has this country not insulated. none of us is insulated from the situation in ukraine but certainly belongs to one economic area which is this europe and, well for all of us this is a problem. not particularly for romania but all of us. >> much appreciated. that was the ceo of the bucharest stock exchange. >> let's switch to tech. highly anticipated report coming from twitter today after the bell. twitter shares take a look at the chart down about 40% over the past 12 months due to disappointing earnings growth and slowing user growth. profitability has also been a concern, the lack there of the

six biggest consumer companies by stock market cap. google, facebook amazon yahoo! twitter. twitter is the only one that doesn't make money so the pressure is on the ceo to increase the number of users that marketers can reach in the u.s. and internationally. he also needs users to stay on the servers for longer period of time. advertisers want to see it. the other big factor is mon monitizing the hashtag. it's one of the only things they have in the social media space. super bowl xlix saw, get this 28.4 million global tweets related to the game. so twitter will be in focus today. it has been expanding overseas and we learned that they're setting up a research and design facility and last month it acquired a mobile indian start up named zip dial and we'll be

speaking to the ceo from 11:15 cet and that will be coming up live. >> let's take a look at futures before we go to break. we saw an end to the balance and rally we've had. a bounce back the other direction. a slightly positive open. snp three points up. dow called 45 points up and nasdaq up around about 4 points. now we will be back in just a couple of minutes. hots coming up including an exclusive interview with zipdial.

welcome to worldwide exchange. >> here are your headlines from around the world. >> greek government is put to the test. shares and banking stocks plunge after the ecb says it will no longer buy greek debt unless athens sticks to its commitments. >> energy stocks helped drive wall street lower. >> all eyes on twitters user growth with earnings due after the bell. we're also speaking to the ceo of zipdial in just a few minutes. >> another big data breach at a

major u. s. company. this time a top health ensurer as hackers may have stolen personal information from millions of customers and employees. >> you're watching worldwide exchange bringing you business news from around the globe. >> a lot for the markets to digest today on this thursday. we're talking about oil now declining about 8% in yesterday's trade halting that four-day rally. some of the analysts we were speaking to here were saying the bottom may finally be in but given yesterday's move and today's move as well in oil the sell off is not over yet. >> it's clear it can't find a meaningful flaw the oil price, and we're certainly not out of the woods yet. that's been weighing we inquirity markets significantly and other surprise is the extent to which greece can influence broader equity markets which wasn't the fear a week or two

ago. >> we'll continue to keep you you wanted on the meetings taking place between greek leaders and european policy makers. the dow indicating a higher open by 54 points. nasdaq up about 9 and s&p 500 up about 8 points. earnings are a focal point for wall street. twitter, what will they unveil? can they actually surpass earnings expectations? looking at european markets a big focus here has been greece and ftse 100 down about 10 points. the zetra dax up about 11 points and the index down -- well trading flat at the moment down about 1.5 points. so of course greece will continue to be the focal point and there's also talk about further western sanctions on

russia. that's why we're keeping an eye on russia. >> indeed we can see the athens stock down 6% and the banking index in athens is down over 20% today. the ecb moving away some of its liquidity for greek banks having a big effect on those stocks the greek bonds have been sharp movers. the short end is at 18.44%. that's up around about 2% today. if you look at the five year it's up the best part of 2% itself at 12.9%. the ten year just below 11%. 10.76%. earlier in the week we thought we had a little bit of progress in the discussions when they said they weren't expecting an outright hair cut. that crucial meeting between them taking place today in berlin. the rest of the world, we saw a tiny bits in the bond markets

yesterday because of positive at a at a out of the u.s. and positive services pmi out of europe. that's been slightly unwound today. german yields are lower than japanese yields which is the big story of a couple of days ago. the euro has been rangebound in the 113 handle for the last couple of sessions. it has been moving but not as much as people might have expected. the bigger moves focused in greece. the yen is at 117.3. the aussie dollar had a couple of good sessions following the declines earlier this week. let's look at the oil price because yesterday saw a big sell off in the oil price after a strong start to the week. it erased this weeks gains but not all of the bounce back since it's lows a couple of weeks ago.

>> back to our top story the ecb announced it will no longer accept greek government bonds as colal collateral to borrow. the greek finance minister said the central bank put pressure on the euro group to reach a deal between athens and the eu. now the finance minister is headed for a show down with the germans as he heads to berlin for a meeting with his counter parts parts. joining us now is patrick spencer. you do focus on clients of course in the u.s. but you have to admit greece arguably a top headline when looking at global markets right now? >> sure greece is only 1 or 2% of european gdp so on the scale of the global market it's small. the key thing to look at is the other sovereign bond yields and they have virtually unchanged this morning in spain, portugal

italy. italy is the fourth largest bond market in the world and if you were to see real risk that's where it would unfold. for the moment i think it's containable. it's worrying for the greeks of course but i don't think they have a strong hand in terms of negotiating. >> in that case they must be anowed that quantitative easing was announced in europe because it made sure the other bond yields haven't moved at all and if that did that might make germany change their strong stance. >> well the key is the repayment that greece has got to make. so the repayment has got to be made and i think that's more important than qe at this stage a deal has to be done and i think it will happen. it is the right thing to do because of the inflationary

worries. it was a given that qe was coming because central bankers can't fight basic deflation. they can fight inflation but anyway they can flight deflation is with qe. >> let's keep on the central bank topic and move to your main area of expertise in the u.s. you said that the federal reserve policy is currently bullish. surely it's not outright bullish. perhaps not quite as bearish as it has been. >> sure. well the fed policy is about patience is the word they used. warren buffet said anybody buying 30 year treasuries would be mad and it's unlikely that you're going to see any interest rate rises this year. so in that context it's bullish for the market but i certainly don't see any interest rate increases this year and that has huge implications for the euro's dollar commodities, manpower it's a very leading company for us reported last week and they saw improvements in northern

europe and in spain. the business was up 20%. in italy it was up 17% so it's not all bad news in europe. so i think we should just take a lot of things. >> there's political uncertainty that an investor in europe has to account for when looking at equities and bonds and i want to talk about how there's a lack of political uncertainty in washington when looking at how to invest nmt stock market there. but president obama unveiling his 2016 budget proposing to tax foreign earnings of u.s. multinationals at 14% and future foreign earnings at 19% which is some what of a concern for traders i speak to over there. how are you accounting for that? >> it is a concern but the republicans have rekrencently taken back congress. this is the third year of the presidential cycle which is extremely bullish for the market. it's unlikely highly unlikely

that obama gets that through so great positioning. his recent speech sounded like he was a great big statesman with a lot of power but i don't think that will pass. >> that's the big concern. gridlock going forward given that you have a republican congress andth that's democratic. always a pleasure to have you on. thank you. let's get you a run down of what to watch this trading day. weekly jobless claims out at 8:30 a.m. eastern. expected to rise after falling to a nearly 14 year low last week. also we get the december trade deficit and 4th quarter productive and labor cost numbers. it's a busy day from earnings as well. we'll be hearing from estee lauder michael kors sprint dunki brands. a big day for social media. >> i'm going to bring you

flashes out of europe. we had the ecb winter economic forecast. the headline is outlook improved but risks remain. if we dive in to a few more for the first time since 2007 all member states are expected to grow again this year according to the european commission so an improvement there but they're saying that risks remain. growth is forecasted to rise 1.7% as a whole and 1.3% for the euro area. in 2016 especially for the eu and euro zone. coming up as oil volatility continues we hear from the finance minister of saudi arabia about how his country is bracing for long-term lows. we'll be back in a couple of minutes. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities.

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saudi arabia continues to slug off the recent slump in oil prices. but in an exclusive interview with the finance minister, hadley asked if the government could cope with lower prices for up to a decade. >> we have both the reserves as well as the ability to borrow because we retired almost all of our debt in the past and again,

we did that for such a period so our ability to borrow is huge so we are looking at both borrowing as well as using our others which is the budget reserve and that allows us to continue for quite some time. >> hadley gamble is in saudi arabia with more. hadley. >> good morning, wilfred. so this is basically a man that says he's comfortable with the level of spending that they projected for 2015. that's 200 $30$230 billion. they're going to continue the projects they have been working on despite a deficit for 2015. they have reserves around $730 billion. there are critics of that strategy. most notably the prince and he said in the past this is a dangerous move on the part of

the finance minister in terms of the dipping into those reserves. they could probably make more money off of those reserves if they're invested more aggressively. i asked the finance minister about that. could we be making more money off of that money. instead of that 7 to 8%. we need thely liquidity and cash at hand. you tell me where we could get 7 to 8% return at this point. another story making headlines in the united states or these reports in the new york times, the possibility of members of the saudi family having financed terrorists in the 9/11 attacks and al qaeda as well. no official line in terms of the renewed allegations but i spoke to him earlier in the week and he said this is a rehash of things we heard earlier but i did ask the finance minister about the relationship. >> my sense is that everybody

recognized the leadership of the two countries. recognized the strategic and critical relationship between our two countries since the 40s and had been over the years and clearly the visit of president obama with the huge delegation across the parties, across it is a sign of the appreciation of the united states of the role of saudi arabia and the importance of the bilateral relations between our two countries. speaking about maybe the side that's closer to me and the economic side the trade with the u.s. is very high. investments from u.s. companies and saudis in the u.s. are very high. our currencies peg to the dollar and we're continuing that because we realize the

importance of -- its not a passing relationship. >> the story of the new york times said that members of the royal family were funding terrorists. it may be gaining traction in the united states but it's not getting any traction over here and members of the royal family telling me that this is just old news being rehashed. nothing new here and certainly something they didn't have anything to do with. thank you for have that. let's have a quick update. yesterday it was sharply lower raising all of this week's gains although not all of it's bounce from early in january. we have wti 48.9 at 1%. brent at 54.9. up 1.5%. weatherford international, one of the world's biggest oil services farms will cut about

5,000 jobs this quarter. the cuts equal to about 9% of the company's work force and the majority will come from the western hemisphere. they're offering voluntary buyouts to reduce head count. rivals have also cut jobs. weatherford so far in frankfurt trade it's appearing as closed today. over the last three month os down 22%. >> coming up on the show how big of an opportunity is india for the social media giant twitter? well we are delighted to welcome valley wagner. the founder and ceo of zipdial. that's coming up after this break.

welcome back. investors are counting down to twitters earnings report after the bell. one focus will be it's expansion overseas. twitter snapped up indian mobile start up zip dial for about $40 million. joining us now is the founder and ceo of zipdial valerie wagner. it's been a tough year for the company. wall street disappointed with the lack of user growth. tell us how will zipdial's missed call technology help twitter expand into india? >> thanks for having me here. the important thing to think

abis the context of indian users and emerging markets users in general. if you compare an indian user smartphone user to a us. user they consume on average only 60 mb of data per month. that's barely enough to download most apps and then do nothing else on your phone, on your mobile energy connection for a month. it's porn to understand the fact that emerging markets users need a differ user experience and by designing for them we can drive phenomenal growth for them. that's what my company zipdial is doing in india and other emerging markets and by integrating our product platform into twitter's platform we can drive phenomenal results especially starting here in india and beyond. >> the missed call technology seems like a complicated process. is there that much demand for

social media content in india? >> there is -- the challenge is making it accessible to people. the best content is on twitter. all the time stars that are icons and heros. all the top sports icons and politicians, et cetera. the challenge is getting people access to that content. so where zip dial comes in and you mention the missed call technology as one example of that the idea that you can simply dial a number from any phone regardless of wlnhether or not you have a smartphone and start following tweets from the prime minister or the cricket national championship et cetera. how do you create access for mobile devices wln you have a smartphone or high speed internet connection today and

gradually getting into into the reacher experiences. >> how big of an opportunity is mobile in india for twitter? is data usage high enough for it to make a meaningful impact for twitter? >> there are more smartphones in india than there are in america today today, but the challenge is only one in three of those smartphones has it connected. free wifi or broadband is very sparse and doesn't exist. so it's about how do we create a twitter experience across screens which may start with the dialing and sms or text message based experience and then give people an opportunity to upgrade into mobile web and into the app based experience overtime and as they get more and more connected overtime. >> how do you see your services and technology being

incorporated and when does it start helping it's bottom line. profitability is a big concern when looking at twitter. >> one thing we're very very proud of is that everything we bill over the last five years at zipdial will be integrated into the product platform so we're proud that everything we built is becoming part of the core platform and core experience and there will be a lot more to share about the future of product road map beyond what we have built in the coming time. the focus is really in the opportunity. we lost contact with valerie. we'll hopefully be able to get back with valerie wagner. u.s. futures are pointing to a positive open today. a slight bounce back from

yesterday's down day as oil prices declined sharply. we're looking at a slightly positive open in the u.s. >> stacy joins us for a closer look at michael kors unlimited brands with report sales ahead of the open. what's victoria's secret's success? we discuss. the future of the market is never clear. but at t. rowe price we can help guide your retirement savings. our experience is one reason 100% of our retirement funds beat their 10-year lipper averages. so wherever your long-term goals take you we can help you feel confident. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. call us or your advisor. t. rowe price. invest with confidence. stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages.

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hello, good morning and welcome to worldwide exchange. i'm wilfred frost. >> i'm seema mody. these are your headlines around the world. >> shares in bairnging stocks plunge and the ecb will month longer buy greek debt unless athens sticks to bailout commitments. >> u.s. markets drive higher a day after energy stocks help drive wall street lower. >> expansion in emerging markets with earnings due after the bell. >> another data breach. this time a top health insurer as they may have stolen information from millions of customers an employees. >> you're watching worldwide exchange, bringing you business news from around the globe. >> if you're just tuning in

thanks for joining us on worldwide exchange. arrows pointing to a higher open. this after u.s. stocks retracted from their best two-day gain of the year. the dow utility average down about 1.2%. interestingly enough there's two headwinds facing investors right now. one is the oil price. falling halting a strong four-day rally and get this crude has moved more than 7% three of the last four sessions. so a wild ride for the price of oil and that continues to weigh on some of the energy stocks that of course have been rebounding as of late. but today it is another day of negativity for the oil trade and the ftse 100 which is a heavy index for oil and gas producers is trading lower by 20 points. the cac 40 seeing a loss of 20 points. the other big focus has been on greece.

the ecb will no longer accept greek bonds as collateral for lending money to central banks. it makes access to capital more expensive for greek banks and that can be seen when you look at the greek bond market. investors have been selling greek debt and that's resulting in yields rising. take a look at the greek ten year bond. the greek 15 year bond the yield at least at 10.3%. as we were saying ecb surprise decision last night that it will no longer accept greek government bonds as collateral to borrow. that has border implications on the bond market and athens index significantly underperforming it's peers here in euro. the euro strengthening against the us. dollar at 114. >> we just actually had flashes over the last coup of minutes from france referring to that ecb decision. he is saying that the decision

on funding for greece is legitimate by the ecb. he says that the ecb decision puts it on the national governments to act and says that greek debt eligibility obliges states to take responsibility. following that announcement from the ecb the greek finance minister put out a statement saying the central bank put pressure on the euro group to reach a deal. he is now potentially headed for a show down with the germans as he heads for a meeting with his counter part. annetta is in berlin ahead of that meeting. a meeting between two big egos. what can we expect? >> that's completely right. we are expecting two men to come together who actually have very very differ ideas about the future of how greece is going to

stay in the euro zone. he wants the full package where as wolfgang is known to be behien a very different idea. that idea means sticking to the original anonymous package. sticking to the reform process which the greeks have not actually completed the last program and that means they should ditch promises they have made during the last weeks when they won the election to restart hiring services and also all of these promises should go say the german government and they should actually come up with a clear and front loaded commitment to ensure a full implementation of the key reform measures. that's what could be written in a document leak yesterday to reuters which was meant to

prepare that discussion here in berlin. you see those men come from differ fronts but of course now with the ecb action there's more pressure on greece to actually act. the ecb probably has not actually decided to take them off their liquidity or to take them -- or to actually decide not to accept their sovereign debt anymore. the sequence is so interesting that we have first pressure from the ecb. the press conference is to start in roughly one hours time. >> it was a down day for stocks. the stock up about 7.5% over the past two weeks. more interestingly enough the stock hitting an all time high. it was the best thanks to better

than expected earnings. another big move was apple. shares hitting an all time high on the back of the stronger than expected earnings we got out last week. that seems to continue to fuel the rally in shares of apple. >> now a hand full of u.s. retailers reporting january same store sales numbers today. january is typically a post holiday clearance month while february is the lowest volume month of the year. the consensus forecast is for sales to drop 1.1% last month. >> this a day after underarmour posted a rise in 4th quarter profit beating estimates the company that surpassed addidas to become the sportswear brand expects sales to grow 22% this year. it hit a record in yesterday's session as you can see up about 3% in today's rate in frankfurt. ralph lauren with a stronger

dollar and macro environment for weaker than expected third quarter results. it also trimmed it's 2015 revenue forecast but raised it's quarterly dividend to 50 cents a share. the stock falling to its lowest not seen since august of 2012. to discuss more we have stacy joining us now on set. always a pleasure to have you on. >> good to see you. >> a stronger dollar is supposed to be a healthy sign of the american economy but wall street more focused on the negative impact the stronger dollar is having on earnings. >> companies always act surprised about the foreign exchange issue to ralph lauren was the latest on top of deckers and tiffany to say a strong dollar in the u.s. is bad because a lot of their business is tourism in the united states. so the asian consumer and european consumer is traveling less to the states. it's better and cheaper for them to stay home and it makes more sense for tourists to shop in

europe and buy european luxury brands. >> who is benefitting on the flip side because we're getting a much weaker euro and more u.s. retail stocks do have exposure in europe than people think. >> yes there's a big list of u.s. retailers searching for growth across the pond and ralph is one of them. 20% of their business is here. tiffany, tjx. so you have abercromibe. is almost 30% in europe. so more and more retailers are coming across the pond. >> one of the big questions in 2014 is when will consumer stocks play catch up with the rest of the market. we have seen a rally in the retail index. do you think given the acceleration in the economy, in the u.s. economy and in the outlook that could help retail stocks continue to out perform this year? >> it depends who you are. we've seen rekren new highs,

underarmour, lb victoria secret. so there's the have and the have notes. the department store space is still struggling with too big of a footprint but the best news in retail is m and a. you saw it. staples, office depot. radio shack going out of business. for consumers we're so overstored. so rationalization of the industry. sears close stores, jcpenney, this is good. >> staples agreeing to buy office depot. $6.3 billion deal. will it help them compete with amazon? >> yeah, so, you know, in 9'97 there was some turned down because they used to own the space. used to be office max, office depot and staples. amazon has been eating their lunch. stapels half of the business is online. that shows you the shift over

the years. the office space is really migrating quickly so we need to close stores and we need to focus more online and rationalize the space. >> and stacy we had that slightly weaker than expected q-4 from the u.s. but the consumer itself are you positive on the outlook for 2015 2015. >> it's mixed. comparers really easy because we didn't have good weather last year particularly in the apparel sector but still you have to pick your spots and also we have new entrants coming in from europe into the u.s. in watch out for that space. >> now, summer is still months away but it's never too early to start thinking about beach season. the cover of this year's sports illustrated swim suit issue was unveiled on the tonight show last night. hannah davis landed the highly coveted spot. it's the first si cover for the

24-year-old model who is also the girlfriend of derek jeter. the swim suit issue sales about 1 million dollars on newsstands and it's made more than $1 billion for si since becoming a stand alone issue. >> will you be buying one of those magazines. >> i didn't know it existed until now but i might well do. >> details of what could be the biggest cyberattack on the health care sector as the data million of customers may have been exposed. more on that story coming up after this break.

landon dowdy has all the details. >> wilfred, good morning to you. the number two health insurer says hackers breached one of its data bases and stole personal information. the computer network was the target of a very sophisticated attack. they have 40 million kurn customers but the data base held data for 80 million people. anthem ceo says the company has no evidence medical records or financial information were stolen. anthem woen say how many people were affected but the wall

street journal says it could be in the tens of millions. data includes names, birthdates social security numbers and employment information. it was a rare case where a large scale attack wasn't reported by a stronger party. they reported the incident to the fbi. hackers were targeting the health care industry following an attack on hospital operator community health systems. it's more vulnerable than credit cards quickly cancelled by banks when fraud is detected. the size of the breach could make it one of the largest to hit the u.s. financial institutions ranking among the records stolen last year. the u.s. health care industry still largely relies on aging computer systems vulnerable to cyberattacks. anthem says it will contact everyone whose information was stored in the data base. they set up a website and is offering to provide those

effected with a credit monitoring service. wilfred back to you. >> landon thank you very much. here's a look at the other big earnings movers. swatch is feeling the pain from a strong swiss franc reporting a 27% drop in earnings due to headwinds created by the unexpected move in january. net profit came in at 1.42 billion swiss francs shy of estimates. carolyn asked whether he was concerned about competition from the apple watch? >> for us it's an opportunity. if apple comes in can you imagine the millions and millions of people that don't wear watches anymore and apple sz here's an additional offer we can offer you something that's more functional and it will really be something. we are there. that's no problem. >> that was one of the big concerns when apple said they were going to watch this smart watch if that would take market share. >> it will be interesting to see when it launches.

now yum brands has a loss as they continue to battle food safety concerns. total sales fell 11% in china but that was less than expected. the parent of kfc, pizza hut, and taco bell plans to open more restaurants a broad. yum rose two hours in after hours trade. it's up 2.3% in frankfurt. >> fox posted better than expected results thanks to its sale of satellite business to b sky b but they're cutting the 2015 outlook citing weaker ratings at the fox broadcast network. it fell 5% trading up about .8%. >> let's remind you of our headlines. greek banking shares plunge. u.s. futures point higher with crude on the rebound and twitter after the bell with investors

honing in on user growth and overseas expansion. we'll be back in a couple of minutes.

welcome back. the european stock 600 is down 5.5%. the ftse 100 down. germany is flat and france is down a little bit. russia up 1.25%. but let's focus in on greece because after the ecb increased the pressure late last night on greece today we had comments all maintaining the rhetoric that it's down to greece to make the first big concessions in the negotiations. an important meeting taking place between him and his german counter part in berlin today and

greek bond yields striked off the back of this disagreement. 18.2% on the three year the ten year is is just shy of 11%. >> interestingly enough despite concerns u.s. features pointing to a higher open. s&p 500 up about four points. oil has been a big story. the wild ride for shares of oil over the past one week. crude has moved more than 7% in three of the last four sessions. today we are signaling a higher move. brent crude up about 2.5%. light crude at $49.41 up about 2% despite the move to the down side yesterday which caught the attention of investors. 8% move to the downside. now sticking focus to earnings that will be a focal point for wall street. they'll have their eye on twitter. the social media giant reports

earnings after the bell and the big question how will they grow users and rival facebook. twitter shares down about 38% over the last 12 months compared to a rise in stock. investors welcomed signs twitter is boosting it's presence abroad. they required zipdial for 40 murder in the second degree and they're setting up a research and design facility and we spoke to the ceo of that firm and asked about the growth potential in india. listen in. >> there's more smartphones in india than in america today but the challenge is only one in three of those smartphones has a mobile internet connection active and as i mentioned the consumption of mobile data is very limited. free wifi or broadband access is sparse and doesn't exist so it's about how do we create a twitter

experience across screens. >> let's bring in scott keisler to discuss twitter ahead of the earnings or the. you heard valley comment on the tun for twitter to expand into india using zipdial's technology. how big of an opportunity do you see for the social media giant. >> it's great to be with you. no question when you look at growth opportunities for twitter international has to rank among the top. the big question is whether they be able to push their pressure including montieization. that's the big challenge overseas and company after company seems to be indicating if they're based in the u.s. that the strength of the u.s. dollar has been a head wind for

q-4 results and well into this year. >> what are you hearing about simple browsers of twitter as opposed to twitter users? >> that's a really key item that the investing public is going to be focused on we have seen unconfirmed reports that twitter is moving forward on a plan that would seek to essentially mon tiez rough --monetize those consumable off of twitter. they apparently have signed relationships for the equivalent of an add share with firms like yahoo! japan and flip board. that would be a tremendous win

if twitter could not only announce something like that but make some traction with key partners regarding such a initiative. >> there's a potential tie up allowing tweets to appear in google services. is that linked to the strategy or is it separately beneficial if that happens? >> you know it's actually a separate kind of indication and we expect the company comment today in conjunction in perhaps advance. twitter content hasn't been available directly via google search for the part of the last year or so and if they did such a deal like that it would be a tremendous win for twitter in that, number one, that would provide them probably with significant data licensing revenue and secondly it was

substantially enhance twitter's overall groebl reachlobal reach making use of google which is one of the most well-known and used websites and brands online and via mobile. so basically over the last week or so you guys talked earlier about other developments that twitter has announced. it seems like there's a lot of building momentum that's positive. we have a buy opinion on the stock of $4712 month target price and frankly we think the sentiment has been too negative and people aren't appreciating the growth potential and if you look at the consensus estimates they indicate 87% growth for q-4. that's very substantial and one reason people should be favorable on this name right now. >> i want to switch focus to apple. is the stock getting too expensive or do you think the run can continue scott, quickly? >> we think apple is reasonably valued right here seema.

obviously it had a great run driven by the iphone 6 and iphone 6 plus but what's going to happen next? you were talking with one guest about the apple watch and that's a big question mark as to what kind of traction and success that will achieve. the launch is expected in april. >> all right. thank you so much for joining us today. >> now reminder of our top story before we go. the greek finance minister is meeting with the german finance minister in berlin. they're set to hold a press conference in about 30 minutes time. this of course coming after the ecb surprise decision last night that it will no longer accept greek government bonds as collateral. a quick look at u.s. futures. we're expecting a slightly positive bounce back from yesterday's decline. yes that's all we've got time for today on worldwide exchange. thank you very much for joining us. i'm wilfred frost. >> i'm seema mody.

squawk box is next.

the ecb plays hard ball with greece. cutting off financial firms and the ghoebl markets are taking notice and they're nervous about it. hacked health ensurer anthem hit by a massive cyber security breach. now personal data from as many as 80 million people could be at risk. new this morning, a first look at the 2015 sports illustrated issue. hannah davis fwrasgraces the cover. you might know her as one of

derek jeters girlfriends. doesn't really narrow it down a lot. squawk box begins right now. ♪ >> live from the most powerful city in the world, new york, this is squawk box. >> good morning welcome to squawk box here on cnbc. i'm becky quick with joe kernen and andrew ross sorkin. the ecb is taking a hard line on the country's debt. they'll no longer let banks use greek government debt for collateral for loans. some lost up to a fifth of their data out of the gate this morning. the other big story, oil prices swinging wildly in the last few days. the saudi finance minister saying the kingdom is okay with cheap crude for some time. >> we have been preparing for such a period. we have learned from the past. we have been through