hi everyone and welcome to worldwide exchange. >> here are your headlines from around the world. >> markets up first. u.s. futures pointing to a negative open after yesterday's rebound which saw the s&p have it's best day in a month and a half. this after the first day of the fed's policy meeting kicks off. >> the dollar takes a breather but oil continues to slide with wti hovering above a 6 year low. brent below. >> elon musk takes to twitter to defend the social media site.

>> one of uber's top executive is taking a ride home. the cfo is stepping down to spend more time with his family. >> and what a way to kick off the week. it seems like st. patty's day came early for wall street. a rebound and the nasdaq posting a better than 1% gain. what made it interesting is that oil prices hit a six year low. typically there's a correlation between stock and oil prices. this time around doesn't seem to be the case. >> that's looking at one day and one of the interesting factors of the last three or so weeks is it has been in correlation with oil prices. one daybreaking with that mold is too short of a time frame to draw conclusions from. but what is of interest as well

is its the best day in 1.5 months and the worst day for the dollar index in over one month as well. the stronger dollar and expectations of what the fed is about to to has been a big influence. >> it will be interesting to see how janet yellen addresses the currency war taking place on the global scale and if she will mention the negative impact on exports which has been a big concern for wall street. one of the reasons we're seeing volatility in equity prices on this week. on that note let's look at u.s. futures. the dow down about 36 points. nasdaq down about 8 points. we should point out yesterday one of the big losers on the nasdaq was netflix after they downgraded that stock to sell. netflix losing about 4% in yesterday's trade. taking a look at the european markets a weaker euro has been the stock markets gain but in today's trade a mixed session. we're looking at the dax up

about 1% in yesterday's trade. quite the run in german equities. investors taking a breathe r here. cac 40 down six points and a quick look at the ftse 100 with a gain of around 29 points. one of the reasons we have been seeing the rally in equity is the yields given the ultra young yields in the bond market. >> of course. and yields in the core of europe incredibly low. we had just over a week of the ecb's bond buying program. that's taken effect on the core of europe but not greece. greece elevated at 10.86%. that's not included in bond buying yet. 10 year in the u.s. above 10%. but just ticked below 2.06 minutes. 2.06% on the u.s. ten year.

let's have a look at rates as well. we've seen them bounce back a little bit. it's up a quarter of a percent today pushing that handle. we have a u.s. dollar yen flat and a little bit of weakness in the u.s. dollar against the rouble which is bouncing back again today. that's up .7%. >> iran says it is ready to boost it's oil exports by up to 1 million barrels a day once sanctions are lifted. according to the official irna news agency the increase would not have an impact on crude prices. meanwhile u.s. secretary of state john kerry is continuing talks in switzerland with teheran over reigning in it's nuclear program. the president of the united states condemned the leader calling on iranian leaders not

to negotiate. >> i'm embarrassed for them. for them to address a letter to who they claim is our mortal enemy and their basic argument to them is don't deal with our president because you can't trust him to follow through on an agreement. that's close to unprecedented. >> let's take a look at oil prices. today the sell off continued. wti crude, 43.35. we have seen a correlation between oil prices and stocks though recently that hasn't been the case. let's talk more about that senior director and global commodity strategist. always a pleasure to have you on worldwide exchange. let's talk about that. usually when oil tanks stocks follow suit but that doesn't seem to be the case. what do you make of that?

>> there's a lot of factors in the oil market that investors have been ignoring for awhile but finally fundamentals are coming back to the fore. inventories are building. we expect another 180 million barrel build until the end of the third quarter. we have the rising dollar and iranian news. so which ever way you look at it and you have to continue to see u.s. shale production growth. inventories in the u.s. keep building and building to new record highs because of the strong collection growth. >> is that the biggest factor? is fundamentals at the moment? or is it that correlation effects as you mentioned the u.s. dollar strength is not good for commodities in general? >> the u.s. dollar strength has

been and continues to be a factor. it certainly hasn't helped oil prices but i do think it's more a factor in the margin. at the end of the day it's the weak physical markets and also what's happening in other currency markets. what's happening in emerging markets markets. these have completely collapsed and are indicating that emerging markets are looking weak at the moment. that's painting a bearish picture for oil. the fact that you have on the one hand this currency war out there. recurrent countries competitively devaling their currencies. that's not a positive thing for oil of course. >> that results in a stronger dollar which pushes oil prices down further. how do markets find a flow in oil price ifs the dollar continues to strengthen? >> you need to go lower and you need to go to the levels where you start to see proper shut ins in growth.

that's the only way you can rebalance. other sources take way too long to respond and takes awhile for demand to restart and accelerate in response to lower prices. it's really in the u.s. where we need to see u.s. shale oil production growth role over and start to fall. that will unlikely happen before the second half of the year and any declines in channel production will be shallow. >> but it's not just the u.s. market. what about emerging markets? you say investor confidence on a firm recovery in 2015 is running thin. i would push back on that and say isn't it a story when looking at emerging market? there is strength when you look at countries like india and turkey. >> i don't know. i probably beg to disagree. there's a lot of issues also posing an issue for the oil markets. remember that 50% of the growth

in the last decade actually came from oil producing countries in emerging markets so the fact that the middle east is slowing down, north africa brazil russia all of these countries are shutting down doesn't bode well for oil and the fact that there is a competitive currency deval you deval devaluation there and that china may join that and devalue it's currency. and china given the rapid decline is look less and less competitive. >> now energy prices are weak globally and across various commodities but are there relative trades? a big gap between wti and brent at the moment. what about between oil and gas? >> the gas market is suffering

from high inventories and strong production growth but it's starting to look more interesting as we move into the second half of the year. particularly in 2016 because we do think that the fact that oil prices are coming off so sharply in the u.s. will of course have an impact on drilling and oil production and associated gas production. we expect by 2016 to see gas production decline which will be the first decline in a decade. a lot of demand growth and energy exports entering the market at the end of the year so we do think u.s. natural gas is starting to look more interesting in 2016 and we could see prices trade back up above $4. >> great stuff. thank you for joining us as ever. senior director at global commodity strategist at bank of

america meryl lynch. >> he has criticized his australian counter part for playing to stereotypes and exaggerating ireland's drinking culture. he called on people to have one or two or three to mark the holiday. speaking ahead of a meeting with president obama in washington today he heard abbot's message and did not agree with it. >> now the luck of the irish could translate to big wins for u.s. equities today. according to past performance march 17th is one of the average. >> you're not wearing green today. >> neither are you. >> i am just for st. patrick's day. we want to hear from you on this. will st. patrick's day inspire a second day of green? you can join in the conversation

here on worldwide exchange. e-mail or tweet us. did you know wilfred there is one stock that tends to out perform on the days after st. patrick's day. >> what is that? >> it would be about 1.1% in the four days following st. patrick's day. a big day for the beer stocks given that it tends to be a big drinking day. >> it does although i'm not sure we want to go big on that following kenny's comments this morning. but i wonder if that came a day too soon. it doesn't look like we'll have the same american. we'll wait and see. >> absolutely. >> let's move on and take a look at some of today's other top stories. the fed begins a 2-day meeting today with the decision coming on wednesday afternoon followed by janet yellen's news conference. they're expected to drop the word patient. the fed will start hiking rates

in june reflecting the improving u.s. jobs market. others don't see a hike before september at the earliest and we continue to focus so closely on what janet yellen is saying but i think it's important to be focussing on the fundamental data because markets react closer to the data than rhetoric. >> i think it's all about one word. if the word patient is removed it begins the clock on when rates will rise. i hear what you're saying. there's so much around currencies and lower oil prices. what they say on the two asset classes will be important but at the end of the day is the fed losing patience? that's a big question. >> we'll have to watch closely. >> we will. we'll be discussing more coming up on worldwide exchange. nfl fans are reeling over the shock retirement of shock over chris borland at the age of 24.

more on that story more on that story after this break.

uber's cfo steps down and san francisco 49ers linebacker chris borland at a shock

retirement at the age of 24 citing the risk of concussions. >> let's have a look at what the robule is doing today. the dollar is off .6% so far today. 61.54. >> u.s. pressure ri secretary says washington is ready to quote increase the cost to russia if it fails to stick to a ceasefire with ukraine. germany meanwhile is still refusing to recognize moscow's annexation of crimea earlier on. they warned of further sanction ifs the agreement was not implemented. for more on that story, jeff joins us live from moscow jeff. >> yeah it's fascinating. you have to think about the timing of these announcements

because you may be asking yourself why now. well we are at the one year anniversary of the annexation of crimea. this fragile piece around the agreement seems to be holding here so i think both the german chancellor and the american treasury secretary are using these opportunities just to remind the russians that they want to continue to see the separatists disarm or at least step back the heavy weapon ri to try to keep this piece in place and angela merkel reiterating the line that she held for the last 12 months since the annexation took place that this cannot be acceptable in the long run as far as the european land mass is concerned that crimea belongs to ukraine and not russia but clearly president putin has a very different idea and we are going to see

celebrations on this anniversary tomorrow and one needs to be aware that we might also get tough language from the russian president given that over the weekend we learned in a documentary and prerecorded clips that the president had even considered nuclear alertness over crimea such as the strength of feeling about where crimea should be held. the russians believing that the peninsula is very much russian territory. keep your eye on the story for the time being as wilfred pointed out. it's not having any impact on the rouble or russian stock market which is enjoying a bounce after a few week session but also consider that where we go with these assets may have more to do currently with the oil price movements than it does with some of the political noise that we're hearing. back to you guys. >> jeff thank you very much for that. you are now looking at live

pictures of voting for the izrali election which has begun. the party is aiming for a fourth term. his closest challenger is the leader of the alliance union. for all the latest on the vote including a run down do log on to cnbc.com for full break down. we will be back here on worldwide exchange with much more ahead of the fed meeting in just a couple of minutes. tlights 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.

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uber ceo is leaving the country. they joined the ride sharing service in september of 2014 after it raised money and valuation of $3 billion. a series of further fund-raising pushed that price tag to $40 billion. in an e-mail to employees he says he wants to spend more time with his family. the former goldman vice president will be acting head of finance. >> they analyze tweets and other alerts for traders governments and agencies raised $130 million in a new private round. this values the 6-year-old company at about $700 million.

pinterest raised $367 million valuing it at $11 billion. it could raise up to 211 million more and the round is expected to close in a few weeks time. it wouldn't name new investors but previous ones includes japanese firms. >> meanwhile rakuten started accepting payments made with bitcoin on the u.s. shopping site. it seeks to expand internationally. that's just one of the things at the conference in germany. de is with us live. over to you. >> good morning, seema. good morning wilfred. it may be one of the themes but i have yet to hear a single mention or reference to bitcoin at all. i'm not sure what the reason is. perhaps because it dropped out of the news some what or maybe because it had a terrible start

to the year. maybe because they have stalled but we have someone here with us to give us insight. we have cofounder and ceo of bitcoin bookkeeper. thank you for being with us today. why have i not heard about it at all. >> there's unfortunately very few events here. only one that we're organizing with others together. >> do you think that south by southwest is encroaching on it. >> yeah that might be the case and like the u.s. taking the leadership on bitcoin and other hot topics now this is something the eu is behind on and this is maybe a sign that the numbers are going down.

i said perhaps the reason is bitcoin has stalled. certainly the number of vendors accepting bitcoin is increasing but the number of people paying with bitcoin barely moved in 2014. is the virtual currency stalling. >> that's not true. the transactions have doubled from 40,000 to about 100,000 a day so the usage is more but the price is not reflecting this currently. but this is just a phase i would say. >> i read in m.i.t. technology that it was flat in 2014. >> the confusion is how you measure it. the transactions per minute per day are going up. >> are they used for other purchases? most is online gambling. is it still those areas like online gambling and goods and services? >> these areas are still one

rival of bitcoin. but in the past before we have elicit purposes to use bitcoin and now the numbers are rising so fast. >> thank you very much. guys coyno is a company that lets you track the bitcoin usage so they're trying to alter the landscape and prove it for regulations especially here in europe. back to you guys. >> thank you. we'll leave you with a look at how futures are trading ahead of the open on wall street. we did see a rebound. the dow, s&p and nasdaq with a better than 1% gain. the dow down about 54 points in premarket trade.

here are are your headlines from around the world. >> u.s. futures pointing to a negative open after yesterday's rebound which saw the s&p have the best day in a month and a half. this as the first day of the fed's policy meeting kicks off. >> the dollar takes a breather but oil continues to slide with wti above a 6 year low. brent meanwhile back below $54. >> tesla ceo takes to twitter to defend his tweets. the stock rallies after new

jersey votes to allow the car maker to restart direct consumer sales. >> one of uber's top executives is taking the ride home. he's stepping down to spend more time with his family. >> and a big move to the upside. help stocks rebound yesterday. meanwhile oil prices closed at a six year low. traders are waiting for the big fed meet chg starts today. futures indicating a lower open. perhaps a more cautious approach as they wait to see what janet yellen will say. will she remove the word patience? that's the big question. here in europe after the rally we saw yesterday the german dax with a better than 1% gain. perhaps investors here watching what the fed will unveil as well. down about 50 points. the french markets seeing a bit

of red down about 5 points keeping an eye on the russian market which is have rebounded a bit today just about 10 points and a quick look at the ftse 100 up about 30 points. usually when oil tanks stocks follow suit but that was not the case yesterday. we're looking at oil prices continuing to move to the down side. so the sell off does not seem to be over. wti crude at $43.59 down just about .6%. brent crude the international gauge also trading at $53.84. the big concern of course has been the oversupply of oil in the markets. that seems to be weighing on oil prices in today's trade. >> thank you. if you didn't know the fed begins a two day meeting today on wednesday afternoon followed by janet yellen's news conference. the central bank is expected to drop the word patient from its statement. the fed will start hiking rates in june reflecting the improving u.s. jobs market.

others don't see a hike before september at the earliest. joining us to discuss further is the managing director at hamilton place strategists. very good to see you and good morning to you. patience is a virtue but i have to say i'm getting bored of having to discuss that word in particular. do we focus too much on the rhetoric? should we just be focused on the data which aside from retail sales has been improving? >> i tend to agree on this we do focus a lot on the rhetoric and the wording but i think the fed also does have a communications challenge ahead of them. it's a mixed picture because the employment situation in the united states is clearly coming into line in a nice way with the rate down and steady job creation month to month but they're missing on the other pillar of price stability where they have undershot on inflation trying to beat the inflation

target. that's a mixed picture for the fed and they're also the fact that they're on the 0 bound, they want to get off the zero bound and start to move to a more normal situation but they are jittery in trying to figure out what the world is going to look like. that's a big challenge for them right now. >> how do you think they'll reference lower oil prices? a positive for the economy or negative on inflation? >> we tried to pick up a lot of that from the way that various members of the fomc and other fed governors talked about it. they have generally fallen on the side that lower oil prices and gasoline prices are a net plus for the economy. definitely has shocks in both directions but generally speaking for the u.s. economy it's largely positive.

in the job situation we have seen recent manufacturing activity and that's where some of the oil exploration and oil extraction and delivery services in the united states have come -- have receded a bit and that has effected some manufacturing employment and we have seen it there but overall on that it's generally seen as a plus for the u.s. economy and it seems that growth in the u.s. economy is relatively sustainable and organic right now. that's going to factor into their thinking and discussions. >> we had an equity market closure in october and january and we had another one in late february early march. do you think that becomes a regular occurrence until we had not just one rate rise but a quite a few of them and we've seen the economy manage to hold up the other side. >> i think that's true. global market participants are trying to consume lots of real information. what central banks are doing everywhere and we're seeing that show up in far too much

attention on what's going on with currencies but a lot of attention on currencies and, you know, we're not going to be leaving an accommodative monetary policy environment even in the united states. the united states is in a position to move first in this direction in monetary policy and where the policy rate is if you and i are talking a year from now, i expect that we'll be talking about a rate at the fed that begin with a number one. that's still extraordinarily accommodative and that will be in 2016 8 years after the crisis. so you know we're not really leaving that environment but it is going to be a change for market participants so i think you are going to see some bumps in equity and bond markets around the world. >> a certain level of volatility in equity prices followed normalization of rates but let's

also talk about the dollar because there's been an active discussion around the stronger dollar. the negative impact on the multinationals and their bottom line. jp morgan says the dollar will not be mentioned explicitly by janet yellen but they're expecting a discussion around the foreign exchange developments. what are your thoughts there? >> they do have to discuss it. i don't think they'll show concern with the dollar. i think it is overplayed. it's true that multinational corporations have to factor into their, you know their expectations, where the dollar is and the rise has been fairly large recently but they're fairly good at hedging. they can deal with this and we haven't seen big impacts in the past from these kinds of movements from the dollar. they have been associated with pretty good economic decisions in the united states. the members of the committee are going to see it that way. it does have big implications for what happens on cross border

movements. you know where capital is moving from emerging markets. it clearly has an impact on emerging markets and has an impact on their businesses and the way they're settling their accounts but i am less worried about it. we spent a lot of time looking at it and we think firms will be okay with where the dollar is and history tells us that they will as well. >> u.s.gdp experts make up only 14% of u.s. gdp. >> it's not a big tradeable sector you're right. >> thank you for joining us here on worldwide exchange. managing director at hamilton place strategies. >> let's take a look at other top stories. currency swings cost u.s. companies more than $18 billion in revenue in the fourth quarter. fire apps says the total negative currency impact rose more than four fold from the third quarter and was the

biggest since the height of the euro crisis. a number of multinationals said the strong u.s. dollar hurt their earnings and the impact will get worse if it holds their current strong position. >> switching to sports nfl fans are reeling state side this morning after the shock news san francisco 49ers linebacker chris borland is to retire at the tender age of 24. the promising player who just finished his first season says he is quitting over the fears of the impact of head injuries. he said he had played on despite suffering a concussion in training camp and began to question what he was doing. he told espn if he continued in the game he would quote take on some risks that as a person i don't want to take on. he becomes the third nfl player under 30 to retire in the past month on concussion fears. >> now coming up after the break, we'll cross back out to the conference in hanover where there's a bright new offering

from alibaba. >> yeah you guys i don't really know what's going on here. we have a few mascots with us. but it's not too often you see alibaba and google side by side. i have to say the security guards back here are with the android mascot. but there you have it. just got a little bit more interesting. when we get back we'll have fun as well and show you how alibaba's new facial recognition system works for ali pay which wouldn't be useful for you guys. we're back in two.

you. the bill is now awaiting approval of governor chris christie. he has 45 days to act on it. shakes up about 3.7% in yesterday's trade but the other big story was tesla ceo taking to twitter. he says some people seem to think i tweet to affect share price. this is false. a brief rise in tesla stock obviously does no good to tesla or me. responding to criticism about taking to twitter to flag up an

upcoming press conference on thursday. this is not the first time he tweeted about tesla's share price. on september 5th of 2015 they fell 33% after musk tweeted the stock price is kind of high. uber's cfo is leaving the company. he joined the ride sharing service in september 2013 after it raised money at a valuation of $3 billion. a series of further fund-raising pushed that price tag to $40 billion. in an e-mail to employees he says he wants to spend more time with his family. former goldman vice president will be head of finance. >> apple is in talks to launch an online tv service this fall. nbc universal is not involved due to a fall out between apple and comcast.

it's available across all devices that use ios. price service is 30 to $40 a month. shares of apple which have been under pressure as of late and as you can see in frankfurt, apple down .5%. in order for apple tv to be a success pricing will be key. wall street journal reporting it could range between 30 to $40 which would cost less than the average american household cable television prescription. >> it could be potentially a massive driver for apple going forward if they can get it right. if they can create a platform with the different types of content available whether through cable, satellite or online and make it all deliverable on a device. it might change what combputer they have they might change what

television they have. >> it's another revenue stream. we have to see if the watch helps and now the tv. more news to come. it's now day two of cebit. and increasing number of companies are looking to virtual reality for growth. dee is at the conference for us. hey. >> hey, guys yeah. so my mascot friends have left me here but day 2 is shaping up to be a bit of fun. cebit is the largest tech fair in the world but it's more business to business. it's not the same amount of gadgets and cool stuff for consumers like you would have seen in barcelona. still we did manage to find a few things to try. one of them was imagine a company that allows you to tryon clothes without having to undress or take off your jacket.

we spoke to the ceo this morning and for one of these screens it's 750,000 euros and he wants to put them in shopping malls so when you walk by -- i think we have video, you can actually just use your hand movements to tryon different jackets. we tried it ourselves and it's still a little glitchy but as is a lot of augmented reality. they're continuing to work on it and this could be going mainstream. he hopes to be online sometime in the near future. also another big subject here and behind me is the alibaba booth. it's been one of the most popular booths. we had jack come through here yesterday. you just saw the mascot. there's about five of those guys but there's also something you can try out as a consumer and that's the new ali pay system which uses facial recognition to actually pay for something. so we tried it out and it was actually really easy. register on your smartphone enter your name. take a selfie which is no problem for most people and you step up to the register and you

put your face in front of the register in front of a screen and it identifies you. it all happens very quickly and efficiently. we tried it five or six times and only once did it not read my face and a note comes out and says sorry we have no idea who you are. this is the innovation coming out this year. of course a lot of the big topics are stuff you can't try out like the cloud as well as big data. a lot of deals being talked about and made here but lots going on and later today we'll be talking to a company that makes apps for the apple watch. i know you guys were just talking about that. you were putting your money on the tv i'm putting my money on the watch. we'll learn more about it today when we talk to that company. back to you guys. >> thank you for that. i like the idea of facial recognition. it's only dangerous if you have a twin and he can spend your money. >> that's one thing to watch. want to bring your attention to

shares of alibaba. morgan stanley cut it's price target to $132.30 to $110.80. now it's been a rough ride for alibaba over the past couple of weeks despite the unveiling of facial recognition. we should point out that tomorrow 437 million shares become eligible for sales as the ipo lockup period expires. we'll keep an eye on it and see what kind of selling we'll see. >> before we go to break let's remind you of the headlines. investors countdown as crude hovers near a six year low. benjamin netanyahu's party aiming for a 4th term and uber's ceo raises a possible ipo. we'll be back in a couple of minutes.

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welcome back. let's have a quick look at european markets. it was a strong day yesterday and offered different reasons as to why the u.s. was strong. they were bouncing back from a bad couple of weeks where as europe was continuing it's rally since we saw the bond buying program start last monday. today just pausing for breath in continental europe. germany off .6% but it does remain above the 12,000 mark it crossed yesterday. france is just below flat. the ftse 100 is up the best part of .5%. >> taking a look at u.s. markets we did see a rebound yesterday better than 1% gain for the dow. the nasdaq as well as the s&p. when looking at the nasdaq it is now in shooting distance of 5,000. so quite the recovery. doesn't seem like that will take place when looking at the premarket picture and s&p 500 down about 8. the dollar trade has been in big

focus. the strength of the dollar and weakness of the euro but that trend reversed in yesterday's trade and today's trade. euro gaining a bit of ground at 106 but the euro's pain has been the stock market gain in europe. >> it has allowed them to rally significantly. we're pointing to a negative open today but i wonder whether the luck of the irish could swing that and lead to another day of green in u.s. equities. according to past performance march 17th has been one of the best days on average for the s&p 500. so we have been asking over the course of the day will st. patrick's day inspire a day of of gains, a day of green on wall street. do get in touch with us here on worldwide exchange. e-mail us worldwide at cnbc.com. we'll get in touch via twitter.

>> oil prices fell significantly. brent crude continues to follow at $59.49. wti crude at $43.34 better than 1%. oversupply of oil is seen as a big concern so the supply demand equation definitely in focus when looking at oil prices and of course despite that stocks rebounded. >> but focussing on one day's move is a little short-term. >> even last week we saw this. >> oil has been on the slide and we have seen this equity market correction. the correlation has been there over the last few weeks and that has been one of the factors that has been a little bit overlooked for he equity market because everybody has been focused on the strong u.s. dollar and what the fed is expecting to do and

interestingly yesterday equity's strong but the u.s. dollar index had the worst day in a month. that's a stronger relationship to be focussing on and that's all relying on what the fed is going to do tomorrow. >> expected to address lower oil prices. how they will comment on it is interesting to see. >> let's give you a run down of what to expect this trading day in the u.s. >> investors will also get the latest snapshot on the u.s. housing market. february housing starts are at 8:30 a.m. eastern. forecasts fall once again after they slipped off a more than six year high in january. we are joined now briefly by an analyst at rbc capital markets. bob of course we haven't got a huge amount of time but let's talk about the u.s. housing market. recent baseline data has been good hasn't it? >> yeah good morning, we're very encouraged by what we're seeing. we're seeing a lot of strength in the job market.

we think that's translating. it's a better demand for housing. >> despite t you know sort of recovery in some of the housing stats, housing stocks home builder stocks have not been doing that well. what's your topic in the space if you expect them to out perform. >> if you look at the stocks on a 12 month basis these stocks have done exceptionally well. we also think the strength will continue into the new year. we're at the start of the spring selling season so we're going to be getting good data today on what's happening in the sunbelt ree regions regions. we'll be pleasantly surprised. >> we have to leave it there. we have run out of time on the show today. thanks for joining us. that's all we have time for. >> next up squawk box. have a great day. we'll see you same time, same place tomorrow.

good morning. breaking overnight. more clarity on this apple tv situation. the company reportedly wants to launch it's own tv service. the tech giant could have a bundle of networks to your home by this fall. >> new this morning, pin this number for investors. social media start up pinterest now valued at $11 billion. and the luck of the irish. europe's largest discount airline wants to start flights to the united states and ryan air plans to sell some seats for less than $15 each way. it is tuesday march 17th. but you knew that. 2015. and squawk box begins right now.

>> live from new york where business never sleeps this is squawk box. ♪ >> good morning, everybody. happy st. patrick's day. welcome to squawk box here on cnbc. i'm becky quick with joe kernen and andrew ross sorkin and the fed is in focus. an announcement is due tomorrow afternoon followed by a janet yellen news conference. before u.s. central bankers gather the bank of japan coming out with it's latest decision overnight. maintaining it's massive stimulus program but it cut it's inflation outlook because of the drop we've seen in oil costs. if you want to know how things are shaping up for futures this morning. we did see a