a very warm welcome to worldwide exchange. i'm wilfred frost. >> these are your headlines from around the world. >> investors cheer. a change at the top. shares in the swiss banking giant slump as it replaces it's long standing ceo with pru prudential. >> they have shares in the red this morning. they'll announce a successor shortly. >> apples stock barely moves after tim cook unveils range of

new products including the smart watch. >> qualcomm puts it's stock to work. several banks upgrade the firm as shares push higher after hours. >> you know yesterday i told viewers i was going to tell them something. you reminded me before the show began but you love the new music. >> i do. i welcome the new music. it's uplifting and gets the energy going. we have a big show ahead of us. >> wilfred you do a little dance before the music comes on. >> it's a fist pump. >> a little fist pump. >> whatever it is its great. >> well enough on that story. let's get to our top story, swiss banking giant credit suisse has replaced the ceo.

he cams over after brady steps down after 8 years in the helm. he had been under pressure recently due to a number of legal and regulatory issues and the banks share price which fell around 50% over his ten year. let's get out to karen who is live with the latest on the story. >> good morning, well, brady stepping down is no surprise at all. that's been a very very long time in the making. look, there's been plenty of criticism on top of regulators. they struck this $2.8 billion settlement deal last year. that was on the tax evasion issue and there was plenty of criticism and calls for him to step down. i asked him then are you willing to go now? because you've been at the helm of this company for seven years. he said no i have no plans to

go. it's no secret that shareholders were disgruntled and disappointed with the share price performance. if you look at shares they have massively underperformed the banking sector. down more than 50%. ubs in that same period gained about 8%. there's been a lot of focus on the return on equity target. that was 15% over the medium turn. take a look at what it was back in 2014. it was only 4.4%. here's the thing, brady held on to it for much longer than some of his peers. it was pretty apparent that because in the change in regulatory and market environment that 15% return on equity target that was no longer feasible. brady dougan also didn't deliver quite the turn around in the strategy many investors and shareholders had been hoping for. regular what happened at ubs two or three years ago.

they announced a major retrenchment to focus on the wealth management and private banking side of the business. credit suisse did that too only to a certain extent. we got a piecemeal approach. yes we did get a streamline of the rates business but it wasn't enough for investors. >> let's talk about the successor. he lead prudential since 2009. shares are up nearly 160%. right now trading lower, however, this morning they hiked the dividend after reporting a strong set of 2014 earnings. although investors don't like it's get agoway to credit suisse. you alerted me to the asian ambitions which is a really interesting angle. could that mean that credit suisse could be look east perhaps. we know that failed take over of aia has expanded the business in

the region. >> well and that focus toward the east toward asia that certainly wouldn't be new for credit suisse in the last previous couple of years. they have been heavily expanding their private banking business. will we see that increased? it remains to be seen. we also know that tidjane thiam is a go getter. he likes to go after m and a. he has his work cut out for him on the regulatory front. we know that by the end of the year. the swiss federal council will be announcing capital levels including the leverage ratio. then he will have to revive the share price. i was talking about the share

price before he will have to talk to regulators but he'll have to like every other ceo on in industry. he'll have to navigate through a choppy and volatile market environment. but beyond all what investors want to see right now is a clear and very credible strategy over at credit swiss. will there be a further retrenchment and deeper cuts at the investment bank for example, that's the big question out there. >> he has his work cut out for him there. thank you very much. let's take a look at how markets are trading here in europe. this is the second day that quantity native easing is in europe. you're seeing a lot of reaction. the equity markets not so much. this is the second day of decline. the indexes ended yesterday. we're seeing the sell off continue in today's session same story for the cac 40 and ftse

down. it's set to play out state side and this is on the back of deal actions. i'm not sure -- i'm sorry. i'm looking at the wall. they're right in front of me. here's what we're expecting at the u.s. markets out of the open. weak bs there and perhaps caution as the fed gets ready to hike rates. little reaction for qe in the equity markets but take a look behind you, the bond markets. >> absolutely. the moves has been a little confusing but the moves in the bond markets very been very clear. if we look at the u.s. ten year it's at 2.2%. it's relatively higher to the rest of the developed world and is rising. if we look at european yields germany below .3%.

and italy 1.24%. those yields very low and, indeed falling. the euro dollar highlights that policy as well. it's down .84%. and the move over the last 14 day. just two weeks is over 5% for a major currency pair. quantitative easing on the other in europe is making hah move. but the broadest index is also very strong. it is the u. s. dollar breaking out once again because of the policy divergance. >> factory prices were still below forecast paving the way for further stimulus measures. let's get to sri and check in on asian markets today.

>> let's just pick upton data you were talking about. the caveat here is a lot of the numbers released in the beginning o of the year are going to be distorted because of the effects of the chinese lunar new year holiday. take these numbers with a pinch of salt. we'll only get a clean read around april. however the headline number consumer prices was better than expected 1.4% and your rise in february but producer prices continue to be decline and that was symptomatic of the internal demand picture within china. this is an economy that still needs stimulus to consolidate growth at around 7%. i want to highlight the bangkok market. hast the rank underperformer off by more than .3% at the close. the banks are leading the index lower and there's talk that ahead of the policy meeting the expectation is that the rates

will be kept on hold at around 2%. elsewhere the mood is still jittery after that number from the u.s. and expectations that the fed could move sooner rather than later with it's first rate hike. currency appreciation also the order of the day. apple in the news. it unveiled details of its much anticipated apple watch. it ended the session up .4%. just below where it traded before the spring forward event began yesterday. josh has this from the event. >> tim cook today unveiled the

first new product category in five years. apple watch. >> it's not just with you, it's on you. and since what you wear is an expression of who you are, we designed apple watch to appeal to a variety of people with different tastes and different preferences. >> the watch is available in three collections. apple watch sport beginning at $349. apple watch collection available starting at $549. and apple watch edition, an 18 carat gold model with prices at $10,000. one potential problem for apple it's competing in a crowded field of smart watches with rivals such as motorola and lg. only 720,000 android wear devices shipped in 2013 according to research. but apple says it's new watch isn't just a very accurate time

piece. it also lets users send messages, read e-mail and answer calls right from their wrist and it's a fitness companion as well. measuring calories and providing a snapshot of daily activity. it only works with an iphone 5 or higher. it could prove a big hit with apple loyalists. >> there's 400 million iphone owners out there and if 10% of them buy a watch you get to huge numbers potentially. >> apple is betting it can compete and succeed in this market. the stock is up nearly 70% in the past 12 months. for cnbc i'm josh lipton in san francisco. >> we want to hear from you here on worldwide exchange. what were you watching at the apple event yesterday? perhaps it was the price point, the look or the battery life of the am watch or new apple tv and tie up with hbo. >> if you want to join the

conversation here we want to hear from you. get in touch. e-mail at worldwide at cnbc.com or get in touch on twitter@cnbcwx or our personal handles. we have been having a debate today. you think it will be the tv if it manages to evolve into something and i say the watch. people weren't that impressed. >> i think the watch could be very big. you have to put it in perspective compared to the iphone. 74 million dollar iphone 6s in the fourth quarter. most expectations for the watch is 10 to 20 million. it hasn't been that strong yet. so it will be a descent boost to the bottom line but nothing significant and that could be a game changer. and it could be big. >> interesting. well i also see remember when the ipod game out there was a

lot of mp 3 players out there but it changed the game. i'm going to be seeing if apple can do that. >> are you going to get one? >> yes, i just don't know if i'm getting the sport or the $17,000 one. just kidding. qualcomm is launching a stock buy back. the company says it continues to generate substantial operating cash flow. they showed surprising growth in the fourth quarter earnings with a strong performance from chips used by am but it lowered sales targets shifting fortunes from smartphone makers and shifer competition in china. lots of home grown companies there. qualcomm rose by more than 3% at one point. >> next up we'll be focussing on markets. we're joined by jp morgan's global strategist. he still likes european equities over the u.s. stay tuned here on worldwide exchange.

. apple unveils details of its highly anticipated watch and rolls out a new mac book air and

investors cheer a $15 billion stock buy back from qualcomm with several banks upgrading the stock. u.s. markets were banded from friday's sell off in yesterday's trade. another solid day for wall street but jp morgan is staying bullish on european equities over the u.s. citing earnings trends and acceleration in activity. it reversed it's u.s. call to underweight. since then it outperformed about 16% compared to 3%. joining us is the global equity strategist on jp morgan. so you upgraded europe in november. which worked out well for you. are you maintaining that call at the moment? >> yes, this is the main call we have for this year. the regional rotation and the big story is really that u.s. market is getting tired.

>> and is that as strong as ever? back in november of course it was european equities -- they rallied strongly this year. are you still as confident as in november. >> back in november it was a little bit of consensus. now i can say people are making the call. we think you should stay with it because in our view the positioning is yet to change in a big size and also we think there's going to be a second leg up in the market momentum. mpis are going to move up more. it's extremely high. the differential is at 40 year peak and we think this is going to be diversing for a few years now. >> how does quantitative easing fit into all of that? we haven't seen much reaction on the upside from the equity markets and some are are worried that we've seen all the effects

before it actually happened because mario dragi is able to talk such a good game but will it deliver? >> if you look at the equity market move they're up 25 to 30% since last october. some of this is in the prize but in our view the next leg is really the economy, delivering the growth coming at 2% 2.5% over the next three quarters. >> let me challenge you on that then a little bit because you think that euro zone eps revisions caused the buy into the european markets but in the medium term it's going to be actual growth. the forecasts are riegzsing but they come from such a low level. are you talking this year or do you think we have a longer bull run ahead of us? >> it's a relative story where for the u.s. if you think about what were the three big drivers over the last six years and it was fed was printing money like there was no tomorrow.

the multiples for the equity tarkt are going up and that is basically finished because they're widening now and the third was the profit margin expansion. profit margins went from record low to record high and you're seeing the big change in the last few months. you have a number of u. s. retailers raising wages. so the profit margins are peaking. in europe on the other hand the current rate for the growth is extremely low. last november people were saying deflation, politics is a mess. europe has never grown. it will never grow. compared to that there's a lot of positive surprise in store and if you look at the u.s. earnings today they're 35% above all time high. europe is still at lows. >> you just upgraded energy.

that's a bold call. >> yeah people say don't you think the oil price can fall another few dollars from here. this is interesting because last may and june when the oil price was $110 people thought oil price could only stay high and now when it's around $60 people think it can fall again. it's about risk reward. earnings already collapsed. energy sector lost 40%. price to book is at a 40 year low right now and the yield is now double the market. so a lot is in the price. over the next 3, 6, 9 months we think it will start to perform. >> thank you for joining us. that's the global equity strategist at jp morgan. >> gm seals a deal to avoid a proxy fight but is it the same thing to come from multinational? we discuss shareholder activism

coming up next.

less talk and more action. that was the message from the head of the euro group who said technical talks between greece and it's creditors will start tomorrow. athens has four months to prove it is serious about reforms to

unlock it's bailout cash. let's get to julia live on the ground in brussels. and this seems like more of the same. i said yesterday this keeps it exciting for us but understandably you are tired of all of this back and forth. you have been covering every single word it seems like from all sides. >> it keeps me busy. i have seen this once or twice over the last three years, certainly. but president of the euro zone finance minister not mincing his words saying they wasted the last two weeks going back and forth. just where the critical and technical discussions will take place for grease. they're going to begin tomorrow and they're going to begin here in brussels. that looks hike a symbolic victory for the greeks but the finance minister was forced to admit they will head to athens and talk to officials there and just crunch through the numbers. this they can't escape from.

we have been trying to come up with reforms we can implemented quickly. we were also talking about this yesterday they need to start implementing measures because the real signals coming from the likes of the ecb and other euro zone finance ministers was we can be flexible. we can give you cash but we have to tie them to the implementation of reforms. we have to wait now and we wait to see what happens as far as the technical discussions. what comes into light as far as the financing and the economics of the situation is concerned. that's the real risk here perhaps but until then we wait for more reform announcements. and i've been here once or twice before. >> thank you for that as ever. after this short break we'll be live with the lady on brady duog dougan's departure. >> we'll give you a look at how the futures are trade ago head of the open on wall street.

lower after yesterday's rebound on the back of share buy backs but today it's going to be a down session at least at the beginning. we're back in two. heroes charge! ♪ (explosion) ♪ (explosion) ♪ (explosion)

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welcome to worldwide exchange.

you just missed wilfred's fist pump. >> here are your headlines from around the world. investors cheer change at the top of credit suisse. it replaces it's long-term ceo. >> but prudential mourns the loss inspite of earnings this morning. they will announce a successor shortly. >> only time will tell. apple stock barely moves after tim cook unveils a smart watch. analysts questioning howell it will sell. >> qualcomm is the latest u.s. firm to put it's cash to work announcing a $15 billion stock buy back. several upgrade the firm as shares push higher after hours. >> if you are just tuning in thank you for joining us here on the show. here's markets ahead of the u.s.

open it was a bounce back day yesterday after friday's big sell off and now back the other way today. the s&p expected to open down 11 points. the dow by about 91 points and the nasdaq down by about 15 points. that sentiment is also reflected in european markets as we look at things today despite the fact that quantitative easing started yesterday yesterday. we have seen markets sell off today. it was tightening monetary policy that hurt them on friday. quite surprised that the converse policy in europe hasn't spurred markets higher. we're red across the board around .3 and.4%. now the policy while it's not really driving equity markets has been driving bond markets and currencies most clearly highlighted by the dollar which sold off significantly. another percent today. 10744 and over the last 14 days

just two weeks, the euro dollar has slid over 5% which is a massive move for a major currency pair. highlighting that monetary policy that he we have got between the u.s. and europe. >> we want to bring our viewers up to date this morning. swiss credit giant has poached thiame to run the bank. dougan was under pressure due to a number of legal and regulatory issue and the banks share price which fell around 50% over his tenure today. it's higher on the news. carolyn set out for zurich this morning to report on the story for us. stepping into his place. what are you hearing about his ability? his skills that he will be bringing to credit suisse?

>> he is certainly a go getter. he also had an eye on mna. it did fall through in 2010. will there be more? that remains to be seen. he has his work cut out for him. there's a lot of regulatory and market issues. this is a very difficult market environment to navigate through. will he be the right guy to do that? also there's a lot of question marks with regards to his strategy. so far we're seeing the investment bank over at ubs. the retrenchment at credit suisse some say it isn't kradradical enough. is thiam the right person? that's a great point. he'll also have to talk to regulators and by the end of the year we're expecting more stringent capital levels here for ubs and credit suisse.

he is a foreigner. brady dougan was american too. you don't have to speak german if you want to be the ceo of swiss bank but you have to have a credible strategy and convincing one. you have to revive the share price. he will have to revive the return on equity. both of these have been lagging the last couple of years. >> thank you very much. bring us back some chocolate when you get a chance. moving on. who is credit suisse's new ceo. head to cnbc.com to get a look at thiam. he's an arsenal fan so he won't just be celebrating his appointment but arsenal's glorious victory. >> wrour an arsenal fan? >> i am indeed. >> i think you know you're an arsenal fan if you spent about five minutes in this newsroom. >> exactly. >> general motors agreed to a $5

million buy back to appease harry j. wilson. he will no longer push for a seat on gm's board. mary bara said they would continue to invest in innovative technologies and world class vehicles. gm stock closing up 3% on the day. >> coming up today harry wilson will weigh in on his discussions with gm and the company's decision to buy back stock. that's today at 8:00 a.m. eastern time. >> now the gm case is part of a growing trend where shareholders are asserting their influence. activist action has surged more than 200% in north america over the last five years in europe action has nearly doubled since 2010. we have more on this. so a lot of action but this recent story we had harry wilson. his motives were questioned a little bit.

he had a vested interest and that leads to a broader question. activist shareholder, do they have too soon to say if these effects are short-term? >> that's the million dollar question. the research shows that short-term there is a pop when the activist is first announced on a company's register and there's often a further rise in the share price like we saw yesterday when there's a resolution with the activist but there's a concern with the long-term institutional shareholders that it can be driven by short-term horizons so if you look in some sectors like the oil sector where there's been a lot of volatility is paying big dividends a good tactic? not if the oil prices dropped. >> what's the main thing they're targeting? it's share price performances. >> they'll often look to target one or more factors that they

think a company is probably undervalued and what we saw on the gm case was harry wilson and the hedge funds looking and seeing a company with a lazy balance sheet, too much cash sitting on the balance sheet and they wanted more of that returned to shareholders. >> you know i wonder if companies because we have seen this huge rise in shareholder activism are they humbled to fight back against it? harry wilson wanted it to happen. so to avoid you getting a seat on the board we'll do this anyway. how can companies resist this activism? >> they often claim victories in these situations. >> it's a newer universe with shareholders but the odds are are still stacked in the favor of the company and if the company holds it's nerve, believes in it's strategy it can defeat the activist and often

companies are a little frustrated that the activist takes all the credit when they're saying this was something we were thinking about in any event. >> we mentioned seeing the growth in activism. any in particular looking forward to the rest of the year? >> stats show the highest sector given what happened in 2009 and then it was oil services and then i think at the moment we would say no sector in particular probably oil aside given the drop in the share price but it's more are there company with some of these factors either sitting on too much cash or big one where they push for it to be sold. >> had a change in the leadership this morning.

>> it's a very effective tactic whatever their strategy is to go personally at the management and look to put one of their own on the board and boards are quite private bodies. they like to be in there with their own people and independent directors and it's a pretty uncomfortable place to be and often they'll work hard. >> that was charles jacobs. an mna partner. they're filing for chapter 11 bankruptcy. the second texas oil company to do so in as many days. the houston based firm sites oil prices and inability to find financing. skipped a $60 million payment to bond holders earlier this month. on sunday they filed for bankruptcy after a proposed merger fell through. >> part of the houston ship channel was shutdown on monday after two ships collided in

heavy fog. a gasoline additive leaked after it hit a carrier. it's part of the port of houston. one of the busiest seaports. it's the second collection in less than a week. >> coming up keeping up with the joness. facebook and instagram let users upload and share videos for some time. now twitter is trying to stay one step ahead of the competition. details coming up after this break.

say you're a finance guy. a farmer. a researcher. you used to depend on experience. the internet. your gut. today you can use ibm watson analytics. it can make sense of all kinds of data. uncover hidden correlations and new opportunities. and give recommendations with more confidence on who will buy. what to make. where to plant. which helps you make smarter decisions. there's a new way to work and it's made with ibm.

we showed you shares of gm that barely budged over that period. take a look at qualcomm. shares down more than 5%. the company following gm saying that it's going to be rewarding investors and has announced it will repurchase up to $15 billion of its common stock. it will be boosting it's dividend by 14% saying it marks a major increase in the capital return program. in new dividend will be 48 cents a share up from 42 cents and shares jumped more than 3% so

we'll be watching shares when they open today expecting a bump upwards and brokerages reacting to this how else but racing to upgrade their targets among hose that upped their price targets for qualcomm. >> taken well by the market. constantly evolving in order to try to become some. twitter wants to be your one stop shop on social immediate yachlt it's snapping up a promising start up. let's get all the details with landon dowdy. >> that's right. twitter bought parascope. it's for lightly less than $100 million. that would make it one of the more expensive acquisitions. it was made about a month ago. it's yet to be launch to the

public. the app has been in beta testing around four months. several members of the board and management team including the ceo and co-founder and chairman. the deal comes as another app that lets users show live video streams from their phones has exploded exploded. it allows interaction with the host and other viewers. it's attracted about 60,000 users. the move was part of the efforts to boost it's video capabilities. the company continues to build out vine. twitter has also started testing video adds and allowed users to upload and edit their own content. streaming live video makes sense capitalizing on twitter strength as a real time service. shares rose 1.8% on monday and the stock is up about 33% this year. wilfred back to you. >> landon thank you very much.

>> meantime uber pledged to hire 1 million female drivers over the next five years. they look to repair it's image following assault. riders will not have the ability to request female drivers yet but stress the importance of the apps other safety features. in the u.s. about 40% of its 160,000 drivers are currently female. >> now as we head to break let's remind you of the headlines. credit sussie taps thiam to replace brady dougan at the swiss bank. apple rolls out a new mac book air and several banks upgrading qualcomm stock. >> and coming up on worldwide exchange apple may be the darling of the tech world but our next guest says look elsewhere for real returns in the sector. we break down his top stock picks. that's coming up.

40% of the streetlights in detroit, at one point, did not work. you had some blocks and you had major thoroughfares and corridors that were just totally pitch black. those things had to change. we wanted to restore our lighting system in the city. you can have the greatest dreams in the world, but unless you can finance those dreams, it doesn't happen. at the time that the bankruptcy filing was done, the public lighting authority had a hard time of finding a bank. citi did not run away from the table like some other bankers did. citi had the strength to help us go to the credit markets and raise the money. it's a brighter day in detroit. people can see better when they're out doing their tasks, young people are moving back in town the kids are feeling safer while they walk to school. and folks are making investments and the community is moving forward. 40% of the lights were out, but they're not out for long.they're coming back.

take a look at u.s. futures. we're expecting a softer opening. this is after a rebound yesterday on some deal action and i want to mention that yesterday was actually the first day of trade after the chocks changed in the u.s. for daylight savings. the major indices ended higher but that's not the norm. going back equity markets around the world sell back on the first trading session after the chocks move forward. around the world, the worst performing index has been japan's nikkei 225 up about .7%. the biggest loss was 6.2%. that was march 11th 2011.

that was the day the massive earthquake and tsunami triggered the disaster. they're also lower after the game change with average returns of 0.4 and 0.3% respectively. the relative best performer is the dow jones average but it's also been historically lower a day after clocks spring forward. stocks do not perform well when they change. >> it also means we have a slightly shorter slow but always action packed. now the bulls are out in europe at the moment and shares in the region could surge 70% according to citi group. head to cnbc.com for more on that story. now a day after wowing the public with the new apple watch and macbook air tim cook will be face to face with shareholders.

apple holds agm at 12:00 p.m. eastern time today. it includes al gore and ieger. it is just slightly below where it traded before the spring forward event. let's talk more about apple in general. joining us is mark horton. good morning to you. thank you for joining us. let's kick off on apple first of all. do you think the apple watch can be a game changer? >> i think it's unlikely to be a game changer. i think we need to look at where wearables have come so far. last year samsung sold about 2 million units of their wearable device. the market has huge huge expectations for apple. people are expecting 20 30 million units of this watch to be sold and having seen the launch yesterday there's not a great deal that's new.

it's more evolutionary than revolutionary. i think many people will be looking for apple watch 2 rather than necessarily diving in for the first version. >> so we have been having this debate this morning. i'm on the side that the iwatch. the watch, i've been saying that i think it could be this revolutionary product and i don't know -- when you look back at the ipod did anyone think that was going to change the game when it came out? i don't know. did you? were you covering apple at this time? was there something else you think was more important out of the announcement like the deal with hbo as a bigger push into tv? >> okay. so on the first point, the ipod brought something very new at the time. the watch doesn't bring anything particularly new. >> did you see right when it came out? >> this was obvious signs in general and the opportunity for music in that format so i think it was easy to see that

opportunity. i think it's much harder to see this opportunity because we already have watches and a whole array of fitness brands. the only thing it brings is fitness oriented applications and they exist on bands that are a third the price. it's going to come down to whether the people want to wear an apple branded fashion item. i can see some people wanting to do that but i don't see it being a 20 or 30 million unit market taking a huge share of the traditional watch market. >> let's talk more about tech in general because today marks the 15th anniversary of the all time high. since that time the i.t. services fund has been the best performing tech fund returning an average of 11% a year. that's more than double any other tech fund by the group. you are also someone that doesn't hold apple at the

moment. why is that? >> there's been returns elsewhere in the technology sector. i'm not voting against apple in terms of it as a quality of company. it's a fantastic company. it's not overpriced. it has a good boost in growth from the iphone 6 launch but it doesn't have the growth profile many of the companies have. and the players change dramatically. we go back about 15 years. they were top technology companies. we don't hear about them anymore. where will it be in ten years time? my guess is while apple will still be a big company the bigger returns will be got elsewhere. >> now of course as we just said 15 years as nasdaq hit 5,000. we also had the anniversary of the more current run. do those statistics worry you about the tech sector? are we in a bubble? >> i don't think we're in a bubble. we're in a very different world.

it's hard for companies to come to the public equity markets without a serious amount of credentials behind them. in many cases without having profits. it's not 2,000 again in terms of companies that were mere concepts. i do think there's something of a bubble developing in the un unquoted world. san francisco i was out there two or three weeks ago. it does feel like the wild west out there at the moment. getting angel investors involved. many of whom i think don't necessarily know what they're getting involved with. there i think there is a bubble developing. >> thank you for joining us today. much appreciated. that was the investment director after the gam. that's all we've got time for on today's show. thank you very much for watching worldwide exchange. i'm wilfred frost. >> and seema returns tomorrow and you have to keep the fist pump going.

>> we will. >> you'll get to hear it again. >> absolutely. squawk box is coming up next.

y. city group says that euro shares could surge 70%. we'll give you the rational behind that call. a drug war of a different kind breaking overnight. new data finds spending in some categories is up as much as 31%. consumers, insurance companies and many others are and thing up and taking notice. your cup of coffee your latte could be getting more expensive. coffee prices are down more than 20% this year but analysts say the numbers are are about to perk up. it's tuesday, march 10th 2015 and squawk box begins right now. ♪

good morning and welcome to squawk box on cnbc. andrew is on assignment today. a scary situation on the tracks. another train crash to tell you about. this time a new york city amtrak train hitting a truck. it derails in north carolina. it got stuck on the tracks while trying to make a difficult turn. one of the trains cars flipped and at least 55 people including the conductor were hurt. >> other big stories we're watching today, credit suisse naming a new ceo. tidjane thiam will replace brady dougan. shares are rising on that report. in other news global news a new report