welcome to worldwide exchange. >> hi, everyone i'm seema mody and here are your headlines from around the world. >> european equity markets among the best performers thanks to the qe boost. in asia the shanghai leads the the way. >> that's right. down to the wire. hours to go for iran and world powers to workout a deal on the nuclear program. in return lifting sanctions. oil trades lower as the u.s. says there's a 50/50 chance of an agreement. >> the same uncertainty hangs

over greek negotiations. the prime minister says he won't make an unconditional agreement with international creditors as germany says it's still waiting to see a comprehensive reforms list. >> kingfisher does some home improvement. the retailer closes it's diy stores in the u.k. as profits fall and scraps plans to merge where it's french rival sending shares higher. >> good morning and welcome to the show. we just got the numbers from italy in the form of february jobless numbers. they edged up to 7.7% in terms of the jobless rate and unemployment rising as well. data out of germany this morning. >> absolutely. german jobless claims. let's look at the numbers. march adjusted jobless rate at a

new record low of 6.4%. another data point. falling to 2.93 million versus 3.01 million in the month of february. so once again better than expected data out of germany. we should point out one of the best performing markets in europe as you were pointing out yesterday is germany. that trade continues to be in place. it seems like the bullish theme continues to hold in mace given the better than expected data coming out of germany. >> but it's interesting that a number of brokers have come out and barclays is one of them. they say sell the exporters and auto stock and switch to domestic, for example, banks. they also say that spain and italy could be up. >> switch to peripheral markets. >> portugal was even better performing and germany was up by 24% but italy and spain a little bit. >> the big catalyst being the weaker euro driving the

companies that export a significant amount of their sales. let's look at european markets or markets in general given that it's the last day of the quarter and we have investors focused on the the next quarter. you can take a look at the stock performers. argentina up 27.7%. italian markets, french markets and german markets all seeing double digit gains in the year of 2015. >> let's look at the worst performers year to date. not a surprise. if you look at the athens stock exchange off by 4.4% after we saw the drama about the extension of the bailout deal turkey not doing too well either off by a similar percentage by 4.4%. india, that's an interesting one, only up by 2.25% but that

was the best performing market in 2014. >> yeah a lot of that predicated on modhi becoming prime minister. boosting sentiment and hope that he'll be able to deliver economic reform. we got the budget in the month of february. it was more or less in line with expectations but some investors taking the opportunity to take profits off the table given the massive run they've been on over the past one year. up 40%. >> look at the s&p 500 as well only higher by 1.3%. we've seen a lot of rotations out of u.s. stocks into european stocks. >> but will that trade continue? that's the big question. >> that is the question. >> will valuation ever become a concern? >> it's not too lofty but then you also have the currency story in the u.s. we have the concerns about the strengthening u.s. dollar and that will certainly weigh on earnings. >> keeps our job interesting. >> it does doesn't it? >> let's take a look at oil as well which we just showed you.

it's down despite concerns that the pressure will continue given the oversupply of oil in the market. that will become a bigger focal point if the u.s. iran deal comes into tech. wti down by 1.8%. brent crude down 1.4%. >> then again we have the stronger dollar weighing on oil prices an later today we get the api numbers expected to show that used commercial crude stocks likely to have seen another record high for the 12th consecutive weak. >> that's amazing. it's the deadline day for iran. diplomats have entered the final sprint and they now have less than 24 hours to come up with a deal on teheran's nuclear program. progress has been made but the u.s. state department says they're just a 50/50 chance the deal can be done. the iran talks sparked a domestic battle. state side republican lawmakers are angry that an international agreement could bypass congress as the white house looks set to

agree to sanctions relief. take a listen to the back and forth. >> congress built the sanction structure that brought iran to the table and if the president moves to dismantle it we will have a say. >> when congress passed legislation to put these sanctions into place they included in that legislation presidential in order to to waive some of those sanctions temporarily. >> i think all of us should be suspicious of an administration that is so intent on keeping the elected representatives of the american people out of this deal. >> it's incorrect when it says that congress can actually modify the terms of an agreement at any time. that's flat wrong. >> as to the president, i find it astonishing that you would resist having congress look at your work product and have us decide whether or not we should lift the sanctions we created. that is an arrogance that's unacceptable. >> joining us to discuss is

hadley gamble. the big question is if a deal does come together between the u.s. and iran what kind of push back will the white house receive. >> essentially iran needs this deal. that's something that the republicans said all along. why are we giving away so much when we know iran needs this deal to be done. you have a country that their economy is suffering. they're suddenly taking on the stronger role in the region and what are they going to use to get there? that's the question. for republicans, anyone 40 or over, for them trusting iran is a big leap. we're talking about hostage negotiations back in the 70s and 80s. it's a problem for them that's not just psychological but it's also something -- >> there's history attached to it. >> it's cultural as well. you don't have just republicans worries about the deal.

>> it's one of the few areas we see bipartisan support. >> exactly. >> what if we don't see a deal now? >> they're very worried about what we're seeing the knock on effect. we have been talking about yemen and saudi arabia and what they're doing to reassert their authority and say this is the sunni belt as it were. people worry if it continues it will be more difficult to reach a deal later and going back to the stumbling blocks with the iran nuclear negotiations right now we're talk about we haven't even gotten to the technical details. we're talking about whether or not iran can continue the research elements of their program. the idea that they may or may not shift atomic fuel out of the country. they still have aways to go. >> developing story. expecting some progress perhaps today. thank you so much. we want to hear from you.

we're keeping an eye on oil prices. what do you think? hough will oil prices move if an iran-u.s. nuclear deal comes together? e-mail us at worldwide@cnbc.com or tweet us. >> 15 minutes into the trading session. on this final day of the quarter the stoxx 600 is up. we did see profit taking in the german market for example. it rose 1.8% yesterday. it's risen more than 23% year to date. one of the best performers as we saw on the charts before. retail sales in germany actually fell in february and that was the first drop since september. let's have a look at the markets one by one. xetra dax back in the green but only barely so but still above the 12,000 level. the ftse 100 lagging just a tad but what we're seeing today isn't big moves.

similar percentage gains for the ftse mib. let's move on and show you what the bond markets are doing. prices to the upside and yields to the down side. we are seeing the ten year german yield just below that crucial 2% level. it's quite interesting that despite the fact that stocks rallied in the u.s. yesterday yields didn't move very much. that is quite an interesting observation here that some of the market analysts made yesterday. 1.57%. in the currency markets, here's what's going on. we're seeing the euro just a touch lower. off by 0.8%. continued dollar strength against the japanese yen higher by 0.2%. the aussie dollar still lagging and we're getting closer to a 6

year low in that once again. quick look at the commodity markets. brent and crude still down 1.7% for wti. brent off by 1.3. 55.56 again the stronger dollar weighing as well. now the shanghai composite, that was the best performing equity market in asia in the first quarter. up some 17%. well this of course as government easing measures lifted investor appetite. tading volumes were also boosted by the new stock connect scheme with hong kong. let's check in on how markets are doing in asia today with sri in singapore. are we seeing profit taking today? >> absolutely. as you pointed out it's been a solid run in the first quarter for the asian markets. no surprises that the investment community is take chips off the table as the quarter draws to a close. we're up almost 20% over the course of this year ie the

first quarter for mainland equities. 10% for the nikkei 225. what's curious is despite the much talked about stock connect between hong kong and shanghai the hang seng up 6.5%. it hasn't shared in the fortunes in the run up in the comepcomposite. it's going to be a little bit choppy as we get closer to the possibility of fed lift off. the first rate hike. that may wrinkle the markets over here and merging markets more broadly and with a view to that, payroll at the end of the week. if we do see a constructive number that feeds into dollar strength you can see asian currencies depreciate and stock markets could take a hit as well. back to you seema. >> thank you for that update. now to greece. the greek prime minister says he's not prepared for an unconditional agreement.

just an honest compromise on its bailout. this after germany is saying it's waiting on a more comprehensive reforms list. they're scheduled to discuss reform plans tomorrow. the story continues. joining us to discuss more is alberto head of european macrocredit research at rbc. there's skepticism as to whether the bailout funds that they're trying to get access to whether that will be used for spending plans or actual economic reforms. if the reforms list is expectedaccepted do you expect they'll keep an eye on how they allocate that capital. >> i think the market often makes no distinction between a cash flow short fall problem and an exit from the euro zone. they're two very different

things. we're talking about a potential short fall during the month of april. depending on how much cash greece is able to raise through taxes or other funds that belong to the state like social security. the most likely in my view is that there will be an agreement where there will be a reform plan presented, a more detailed reform plan and potentially an extinction in the liabilities that greece owes. this won't solve long-term issues. greece faces a humanitarian crisis. so cash flow calculations interest rate discounting don't work in a situation like that but it buys time and i think it will appease markets for a number of months. so we think part of the 7.2 billion funds will be dispersed after an agreement. >> but alberto that's just a short-term fix. what about the longer term?

he said overnight that without a debt cut there won't be any repayments of the massive debt pile of the massive loans. if we're talking about long-term solutions you mentioned the use of flexible bonds. what would that look like? >> yes, so for now what europe is doing and greece is doing is to prolong the time where repayments needs to happen. extending the maturity of the bonds but with a country at 170% debt to gdp with an exchange rate higher than with it's own currency it's very unlikely that greece would grow itself out of debt best case from 150 to 160 in the coming years. in the next two or three years europe needs to either have more mechanisms to bring money from rich areas to poor areas like a fiscal union or find solutions

for small countries with more flexible debt. if you think about all the small countries in europe they don't benefit from the setting of monetary policy. it's set based in germany, france and italy because they're larger countries and they matter more in the average of euro zone indicators. growth and inflation. so in the future if germany will have 3% inflation and greece will have 1% the ecb will hike rates. so flexible debt is a way to create an additional shock absorber for small countries to pay less when they have the recession and pay more when they're growing more. >> of course alberto will stick with us. that's head of european macro credit research. coming up, choppy waters ahead. one expert tells us why the shipping industry will not benefit this year from the fall in oil prices. >> and he may have 99 problems but music streaming ain't one. stay tuned to find out why jay-z

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that signals consumption is not keeping pace with with higher incomes. now they also cited a trend in it's own growth downgrade. the bank now sees q-1 u.s.gdp rising annually. still with us is the head of european macro credit research at rbs. this is supposed to be the year of the u.s. consumer. we're betting on a housing recovery and seeing signs of wage growth. the jobless rate has come down significantly. why are they revising down their expectations? has it all come down to the negative impact of the stronger dollar? >> i think the u.s. recovery looks good on the top of the numbers. gdp forecasts between 2.5 and 3%

looks good compared to europe. the problem is because the recovery has been kick started by qe there's a lot of imbalances that are left by monetary policy. pu think of two individuals one is middle aged and has a million and the other is a young student just starting to work and has $10,000, after qe the rich one has one million and a half and the other has the same 10k because they didn't have stocks or bonds. equality has grown. the housing market is also a two speed housing market. prices have recovered. in small cities they're still 20 or 30% below so there is a lot of of segments in the labor market. inhe in inequality. i think that there are some structural fragilities and

vulnerabilities and i think the fed will keep rates low after hiking this year. they'll hike very slowly and stop at some point. >> that would be reassuring to investors. let's get trading ideas for you. you like eu credit but increasingly investors could be moving into u.s. credit and sterling bonds. isn't that space overcrowded? >> actually i think euro credit at these yields is looking less and less interesting. we have italian and spanish ten year bonds at above 1%. these levels will remain where they are because the ecb is buying a lot of bonds and there's still no supply from governments. governments at negative yields are still not spending in europe. having said that because i think the u.s. and the u.k. recovery

are very imbalanced they'll have to hike very very slowly. they're fearing the first hikes from the fed and bank of england but once they he realize it will be slow they'll do well. that's why we're considering going in these markets where yields are 2 or 3% higher compared to euros. >> thank you so much for that. alberto gallow at rbs. >> now itunes and spotify look out. one of the biggest names is teaming up with fellow artists to launch their own streaming service. julia has this report. >> well it's called tidal and it's owned by jay-z. it will relaunch under it's new ownership but it's not just owned by jay-z. joining him on stage to announce the new service designed to put control of music back in the hands of artists were a range of the biggest nails across the music business and they all own a stake in tidal, beyonce, ma

madonna, nicki minaj and daft punk. it benefits artists and listeners. it now costs $10 a month. that puts it head to head with spotify as well as beats which apple bought for $3 billion. now these museicians are looking to engage with exclusive content including behind the scenes video and extra tracks. we'll have to see if it's enough to compete with spotify. they have 60 million users. 15 million pay a monthly fee. the rest listen for free. tidal doesn't have a free option. >> ever since napster hit the market they've been critical of the streaming sites. this is the first time we have seen so many high profile

artists. not just jay-z but his wife rihanna, among others supporting this opportunity of tidal. >> but there were details lagging. we didn't see what the compensation will be like for tidal for artists on there. chris martin and rihanna and all the big artists they come out and support this and they really don't need to care about the money they're going to be paid but what about up and coming artists? how will they be compensated if they are on tidal. >> that will be the big question. they're saying they're going to offer about 25 million music tracks at first on title. that's fewer than the 30 million offered by many of the rival services. if they want to play a dominant position in the streaming space they're going to have to increase the amount of content they make available to their consumers. it's fun to see jay-z not just producing albums but venturing into the start up space and now he's a fashion icon as well. this guy is much more than just a music artist. >> maybe it has economic significance too.

spotify was added to the u.k. retail price index. maybe tidal will be added to the u.s. basket. >> i didn't know that. wonderful. more news on jay-z coming up. but also coming up on worldwide exchange the main opposition candidate in nigeria's election pulls ahead as we await the final tally. what it means for africa's largest economy as we cross after the break.

down to the wire hours to go for iran and world powers to workout a deal on the nuclear program in return for lifting sairngs sanctions. there's a 50/50 chance of an agreement. >> the same uncertainty hanging over greek negotiations. the prime minister won't make an unconditional agreement with international creditors as germany is still waiting to see

a comprehensive list of reforms. >> and a deal that is done. they agree to sell net a sporter in an all share deal. that's a little good news in the economy. let's have a look at the 2014 number. it's revised to 2.8% previous estimate was 2.6% it's down more

against the dollar now. u.k. fourth quarter gdp is revised upward for the full year. >> pretty good data here. i wonder if it's enough to change the decision on a potential rate hike in the u.k. connecticut -- consensus is up. >> it's the wage data they're really looking at. >> which you're seeing um prove as well. >> it's similar to the u.s. the u.k. election campaign began on monday after parliament was dissolved and prime minister david cameron had his last audience with the queen. the latest polls suggest cameron's conservative party has a small two point lead but indicates the opposition leader may be making gains in favor blt

ratings. >> labor did suffer a set back after the party's business manifesto launch was overshadowed by a row with a number of companies. labour took out a full page ad to promote their stance against an eu exit. however several company spokes people issued statements saying they were apolitical after quotes were used in the addvert. >> meanwhile, he is willing to do a deal with the conservative party after the elections if a number of issues were met. he conceded the 2017 vote will happen but wants eu nationals living in the u.k. to be allowed to take part. >> now switching focus to nigeria, the opposition candidate buhari appears to be leading in nigeria's closely fought presidential election with over half of allstates declared.

this comes amid protests in the oil producing southern region and accusations of election fraud. let's get out to more from legos. >> seema, thank you, indeed. we have live from legos and in less than a half an hour the independent election committee will begin counting the final 18 states that remain to report in nigeria's election. so far the picture we have is buhari is leading in terms of the overall numbers as well as the number of o states that declared. he has 8.5 million votes and his rifle has 6.5 million votes. with 18 of the 36 states reporting plus federal capital counted separately. what does the president need to be able to win? the popular vote which is the

overall number of votes and secondly, you need to be able to win 25% in two third of the states. that is in about 24 states. but what remains now is he is expected to do better than he has been expected to do. he had results coming through from the norktth and there's two states that remain. the results are expected to come through this morning. we're also expecting results from legos, the capital of the country. this has a large population here and those results will be watched clearly. as you have been saying there have been accusations and counter accusations of fraud put largely everyone has said the conduct of the elections has been right. what they are concerned about is that the collection of the final results and that's being done now as we speak and the results will be announced as i said from

10:00 west african time and we're keeping a very close eye on what happens to the man that's next going to occupy the official residence of the president of nigeria. nigeria's key in africa. it's the biggest economy. half a trillion dollars in gdp and the biggest oil producer in africa. so a properly held election in nigeria is important for the rest of the continent. it's the most populous continent and the eyes of the continent and the world are watching what is happening here and how the authorities here will conduct themselves. we already had expressions of concern coming through from the united kingdom as well as the united states and the european union warning authorities not to interfere in the process of the election. so the authorities are keeping an eye on what's going on on the ground and we'll be watching and hopefully by the end of the day we'll have a new president of

nigeria but if it's an opposition victory it will be the first time in nigeria's history that a civilian handed power to another civilian party. it's an important precedent if it happens. >> historic moment for sure. thank you for that report. now speaking of nigeria, the naria is among the worst performing currencies this quarter. down 8% against the dollar. so far the worst is the ukrainian currency along with brazil and turkish lira. the bright spots are india and russia. the russian rouble gained over 1% versus the green back in the first quarter. >> that's a 20% rally off the lows last year. we saw an 80 handle not too long ago. let's have a look at the micex that rallied 14% year to date. 15.6. that's the latest print today. it is pretty much unchanged. let's talk to an investor to fund manager invested in russia.

the managing partner. good morning to you. with the drastic moves that we saw in the russian equity markets and russian rouble which side of the trade were you on? >> that's year was a goodyear. we made about 8%. we're committed to divest invest and short oil companies, gas companies, coal companies last year. it's been a fantastic year. we don't think we have a cyclical drop in the oil price but a structural one and that means you want to be staying short any countries like mexico or russia that are oil dependent. >> the russian 10 year bond yield eased to 11.5% from 13.5% at the start of the year.

investors getting exposure to the bond market as well. >> i think it's a bit of a rebound i'm afraid. if you look at the press conference yesterday at the canadian central bank the canadian economy situation is atrocious and the reason is a structural. a power plant was built. 5.7 cents per kilowatt hour. that would mean only at $10 barrel would oil be again comparable. and in that new world countries like russia as long as they focus on oil and gas will suffer but other areas are rich on land and forestry and consumer markets. >> where do you see investment opportunities now? you have said you see more short opportunities than long opportunities. what are the long opportunities? >> if you take the opportunity of merging markets which consume four times more energy than we

do in western europe, india, russia china, brazil and you have a company that supplies these are resource efficient technology you make a lot of money. so our focus is on eu based resource efficient companies which we then help or support in going to he emerging markets with the markets growing strongly and we can make a lot of efficiency gains. >> do you have a favorite name? top pick in this space. >> difficult to pick one now. >> all right. thank you for that. still to come on the show despite tail winds from lower oil prices our next guest says shipping container carriers are still bracing for a perfect storm. find out why. we'll be back in two.

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welcome back. let's get you caught up on the stock stories we're watching this morning. king fisher in the green after the company abandoned plans to take over the french rival announcing 60 store closures as well. shares slumping in the first day of trading since the first day. why did this deal fall apart?

well it was a way to join the big, big group. it's the most profitable region for its business. king fisher gave up the plan on some concern that he would have to dispose a significant number of shops in order to get the green light from authorities. he already owns it in france. it was facing regulatory issues. almost 800 stores in france and king fisher was going to sell 44 of them in order to get the green light from the antitrust authorities but the largest shareholder had the plan and it could hurt the company. they confirmed the collapse of the takeover deal arguing also

that it could pursue it's growth. it's probably a last opportunity for them. it's down 10% and the stock was suspending on the french market since the 23rd of march. back to you. >> you're right. of course it's mr. bricolage. i butchered that name. >> it's written mr bricolage. >> then i wasn't entirely wrong. thank you for that stefen. moving on let's have a look at antofagasta. shares in the company trading higher after denying talks with tech resources. it was a tie up that would have created a giant global copper producer. worth noting the price target was cut to 780 from previously

850. up by 0.7% and last but not least shares in the swiss luxury giant trading this morning, richemont agreed to merge with the online retailer yoox. they'll own half of the merged company but voting rights will be kept to 25%. they plan to raise 200 million euros to fund future growth. is this deal a good fit? no pun intended. check out our website for full analysis. >> mergers and acquisitions this year reached their highest first quarter level since 2007. that's right. the value of global deals hit more than $8 billion. 21% year over year. this according to thompson reuters. overall deals were lower but dollar volumes were up because bigger companies were involved in m and a. health care leading the way with three deals announced yesterday

alone alone. which switch to an industry seeing a hard time. it's one of the biggest causalities in drop off for demand. measures the shipping capacity against the supply of carriers is down 24% this year. the outlook for container shipping characters will remain challenging given large debt lifls lifl levels and the inability to adapt adapt. >> thank you for having me. >> we have been putting more focus on the industry given the sharp reversal in oil prices as of late. is it just oil prices resulting in the slow down we're seeing in the shipping industry or is there a larger story here? >> well the oil prices have been a mixed blessing for the different types of ships. quite good for the tanker market because people are moving oil around and storing oil in

tankers. it's been pretty good for the container market and the effects were felt in the fourth quarter last year and in the bulk industry it's not really manifested itself and the problems with that are mostly due to oversupply and have been. >> so are more dramatic changes needed in order for these companies to survive going forward? you were mentioning that some of these companies should shed their noncore assets. you're suggesting consolidation here. >> they have been shedding assets assets. shedding port assets around the world and getting back to core business. this has to continue. the companies have to be more efficient and make better use of their data management and the cost cutting efforts. at the end of the day it's a commodity. shipping containers around the world and the people that can do it cheaper will be the survivors. >> we've seen all of these shipping alineses orliances or plans

for that. do you think in this industry bigger is necessarily better or do you think that we could still be seeing a trend toward more self-contained shipping companies. >> bigger is better no question that it's key t. ships are very expensive. the new ships coming out, 150, $250 million for the 2015 ships. those are efficiencies passed down to the end users and those are necessary in order to compete. >> is there any light at the end of the tunnel in terms of pricing? >> sorry, the container or container -- >> moving the containers? containers are cheaper, for better or worse. worse for the container lines and better for the end users but we see a problem where the

industry itself doesn't make enough money to reinvest in the ton tonage going forward. every time we see them buying a new vessel and building new capacity on a route you see somebody suffering. the smaller segment dropping off. it's a very difficult industry to continue to make money in. >> of course the slow down in china, that's also been a challenge for this industry. but now we have seen two rate cuts from the central bank. many betting on further pvoc intervention. could that result in a rebound in the economy? >> the effect of china will be felt in the market where the imports of iron ore grain are important to the economy of the world and to the shipping

industry as well. >> all right. we'll be watching. managing director. appreciate it. >> wall street has slammed wwe stock and trade yesterday despite the entertainment company reporting better than expected first quarter gdp. >> obviously not. >> but this analyst questioned if online subscribers that took advantage.

ufc picked itself up off the floor to become a nearly billion dollar business. i caught up with him as the ufc's world tour touched down in london and asked him if an ipo was on the cards. >> a lot of these companies that go public are looking to raise capital. we don't need to. we're having a great year but, you know you never say never. anything is possible but if i had to pick one i'd say no. >> there's a couple of lawsuits out there. one that says that the ufc is using anticompetitive methods to maintain a monopoly of mixed marshall arts. do you think the ufc monthmonopolized the mixed martial arts market. >> when we got involved there was nobody in it.

we built it to what it was today. we feel very strongly that he we have a good case. we'll see what happens. >> some say that the ufc is trying to run before it can walk as your company pushes ahead to expand overseas. you were talking ability asia as well. what's your thoughts on that? >> there's always critics. i love when people that have never built anything try to tell you what you're doing when you took something that was bankrupt and turned it into what it is today. this thing has the potential to go everywhere. we have proven that. there's never been a market we've gone into that hasn't been successful. we're going to continue to push and go into these markets we haven't been yet. >> talk to us about expansion. we have seen the nba and nfl try to gain stronger traction. more exposure here in europe. what's the ufc's plans when it comes to expansion into europe. is there an appetite for your sport? >> that's a great question.

obviously nfl, basketball doesn't work everywhere. like cricket doesn't work in the united states but one thing that does work is combat sports. i don't care what country you come from or language you speak. we're all human beings. fighting is in our dna. we like it. >> how important is is july 11th. >> it's a big fight. it's a global fight. the world will be watching that night and honestly if mcgregor wins it has a huge impact on ireland, the u.k. and other parts of europe and if the brazilian wins jose aldo it's huge for brazil because brazil loves his champions. >> very serious despite mcgregor showing him a lot of smack. >> under the circumstances a fascinating fight. when you're in the fight business and you have two guys in their prime, in the prime of their life two of the best fighters in the world there's

nothing better. >> that will be coming up on july 11th. we'll have to see who wins. >> tickets booked? >> not yet. i'm still learning about the professional fighting space. >> it's interesting. let me leave it here. moving on elon musk set the rumor mill in motion again on monday tweeting that tesla will take a new product on april 30th. major new tesla product line not a car will be unveiled. the company isn't commenting but it's expected it's a stationary battery storage system that tesla has been working on. jumping 3% following the tweet on monday. not exactly a game changer. a home battery station is it? >> we're still waiting to see exactly what will be unveiled but leave it to elon musk to keep wall street on the edge of their seat. you never know what he will unveil and a lot of opportunity is being seen in the battery space. question is will it be a game

changer given that there's other companies trying to penetrate the space. >> the stock has been an underperformer. higher by more than 3% yesterday. it's down 25% and in that space the s&p is flat. so now we're looking at the fourth straight month of losses and i know that the esla coo is active on twitter but i don't think they're helping. we need a better investor relationship strategy here. >> i do appreciate the fact that you're seeing more ceos take their opinions to twitter and social media to not only talk about their company but express their views on different topics. we were talking about what's happening in indiana right now. so in general, social media component is interesting and important going forward. moving on warren buffet is also in the car business. he's on a panel this afternoon for the national automotive dealers association in new york city city. before that he's sitting down with becky quick on power lunch.

you won't want to miss it. still to come on the show the countdown is underway for iran and the six world powers to reach a nuclear deal by midnight. we'll discuss the pressing issues threatening the deal in the final hour. that will be coming up after this break and take a look at futures. of course end of the quarter. buying health stocks move higher in yesterday's trade. a big rebound that we saw in the u.s. the dow right now indicating a lower open down by around 38 points. the nasdaq the tech heavy index down about 6 points. >> following a negative quarter although it's very unlikely we'll still see a negative quarter. let's see what happens today. the s&p tends to rise 82% of the time with a median return of 5.9%. so the second quarter, whether or not this is going to be a negative one is probably going to be a really good one but we'll see. of course it happens -- depends on what the u.s. does. the fed does with rates. >> you think the stock narrative would change now that there isn't so much noise around a

potential fed policy rate hike but that doesn't seem to be the case. the rally was particularly interesting. big moves and financials leading the way. you had diamond on the cover of the newspaper. quite the rarity. you typically don't see a bank ceo on top of that cover but renewed interest in the banking sector given the rebound and recovery they have seen since 2008. >> let's look at jurors mean markets. higher with one exception, that's the ftse 100 but the stoxx 600 up by a third of 1%. up by 23%. ith the smart phones locked away . . . it's time to unleash the awseome power of these: ♪ hands. ♪ you got it booking right. ♪ booking.com booking.yeah

the dollar on track for the best quarter since 2008. down to the wire. hours to go for iran and world powers to workout a deal on the income clear program in return for listing sanctions. the u.s. says there is a 50/50 chance of an agreement.

the same uncertainty hangs over greek negotiations. the prime minister says he won't make an unconditional agreement as germany is still waiting to see a comprehensive list of reforms. spotify and apple, some of the biggest artists are riding the wave of online music streaming. >> we are still waiting for the march preliminary inflation data for the euro zone. all i'm he seeing is cpi in line with the consensus forecast. what we're expecting is a jump of 0.1% but that would be a little bit of an improvement from the month of february where we saw prices decline by 0.3%.

but this is in part of the bounce back in oil prices and of course the up tick in growth and it remains to be seen whether the euro zone and the ecb's draghi takes credit for that. let's see if we've got the numbers. i've still only seeing the march cpi number. we'll bring you that number of course as soon as we get it. >> all right carolyn. well let's take a look at u.s. few turs right now. of course quarter end buying did push equityies higher yesterday. we saw a better than 1.5% gain for the s&p 500. we're now in record high territory. how quickly the story can change on wall street. of course some of the big factors that investors have been talking about is a rate hike and earnings season. futures indicating a lower open

so the volatility cons. nasdaq down 9 points. jurors mean markets it's a mixed picture today. better than 1.5% gain for the dax. it's one of the best performing markets in europe. in today's trade we're down by 14 points in germany and chance. italian markets showing a little bit of red here. we're down about 45 points. we did see that revision in u.k. gdp up between october and december. >> now in terms of best performers, big gains for europe and that continues to be the case going forward. we're looking at the portugal index up 25% gains. so we're seeing double digit gains here in europe. take a look at the xetra dax.

one of the best performers up 23%. two factors here quantitative easing is expected to revitalize the euro zone. manufacturing came in at a four year high. that's boosting sentiment across europe and the positive benefits of the weaker euro is already playing out but could be the case going forward. over the coming months let's look at the italian markets. it's up 22%. france seeing a gain of about 19%. big gains and we should point out we're only at the end of march right now. >> absolutely. meantime i have the euro zone cpi number for you. that came in in line with expectations down after that 0.3% drop we saw in the month of february. so the deflationary pressures easing some what because of the bounce back in oil prices. remains to be seen whether we can actually get back into inflationary territory. let's have a look at the bond

markets. we're seeing some of the bond prices moving higher. the 10 year guilds moving forward as the yield is tracking higher at 1.58%. this is after we saw 4th quarter gdp revised up to 0.6%. the ten year u.s. yield didn't really move that much in yesterday's trading session and that's quite intriguing giving that stocks rallied so hard. in the currency markets it's still a story of dollar strength after we saw a little wobble after the yellen comments two weeks ago. euro dollar down by 1%. 10723. dollar yen unchanged and aussie tlar dollar off against the green back and sterling some what higher against the u.s. dollar but down on the day. the shanghai comsosite up 17%.

this lifted investors appetite. trading volumes were also boosted by the new stock connect scheme with hong kong. let's check in on how asia is doing today on the final day of the quarter. >> those really have a very solid run up in the first three months of this year. 10% higher for the nikkei. 225 for the quarter. shanghai up by 20%. we can't see it on the board but the index was up by more than 40% in the quarter. that makes it the best performing market index globally i believe. i want to talk about the hang seng because you eluded to that. interesting despite linking mainland equities with hong kong. not really taking part in the rally we saw in the quarter for

the shanghai composite but i think that for the second quarter it's going to come down to volatility. some choppiness as the market still tries to get their head around the idea of fed rate hikes. what impact is it going to have on emerging markets broadly. we won't see the repeat of a couple of years ago especially in companies perceived to be in a difficult situation. they have changed now knowing much better shape to with stand any outflows. back to you now. >> thank you for that. meantime, let's show you what oil prices are doing. they're down across the board. let's have a look at wti up by 2.22%.

brent crude 55.15. oil sending losses ahead of that self-imposed debt line between iran and the six world powers. also the stronger u.s. dollar and today we get api data expected to show another record high for the 12th consecutive week. >> when we thought we hit a bottom. it doesn't seem to be the case. significant downward pressure now when looking at oil prices. it is deadline day for iran. diplomats entered the final sprint and they now have less than 24 hours to come up with a deal on teheran's nuclear program. progress has been made but the u.s. state department says there's just a 50/50 chance a deal can be done. >> iran talks have sparked a domestic battle state side. republican haw makers are angry that an international agreement could bypass congress. the white house looks set to agree to sanctions release. take a listen to the back and forth. >> congress built the sanction

structure that brought iran to the table and if the president moves to dismantle it we will have a say. >> when congress passed legislation to put these sanctions into place, they included presidential authority to raise those sanctions temporarily. >> all of us should be suspicious of an administration that is so intent on keeping the elected representatives of the american people out of this deal. >> it's incorrect when it says congress could modify the terms of an agreement at any time. that's wrong. >> i find it astonishing that you would be having congress look at your work product and have us decide whether or not we should lift the sanctions we created. that is an arrogance that's unacceptable. >> meanwhile, israel's prime minister has come out strongly against conceding anything to iran. his country and others in the

region could be hurt by any agreement with teheran saying the world is closing it's eyes and we will not close our eyes and will continue to act against every threat in every generation. to talk more about this potential deal coming together between u.s. and iran is ben white. chief economic correspondent and cnbc contributor. also here in studio is our middle east correspondent and i want to discuss the comments coming out of israel. how closely do you think the white house is watching the international ramifications or the response of a potential deal coming together with iran? >> well certainly they're watching the comments from netanyahu very carefully to see -- netanyahu drives congressional response to this if he speaks out very strongly after any announcement is made that could tilt congress to pass a new bill imposing new sanctions or refusing to lift existing sanctions.

it all depends on what is in this statement if we get one at the conclusion of this deadline day. if there's enough about iran agreeing to ship uranium out of the country and agreeing to a phased in period of sanctions lifting and agreeing to a verifiable set of circumstances in which u.s. people can go in and look at their nuclear program. if a lot of that isn't in the final deal you'll see bad reaction in congress and republicans say we're not in favor of this and we'll go away with the sanctions bill and they may be able to get it passed. >> is there an tun to get the republicans involved in the implementation of the u.s. iran deal that could raise a likelihood of this deal coming together? >> there's a possibility. it depends on the details of what comes out of switzerland today. the administration has indicated a willingness to support a vote in congress to give republicans

and democrats a mechanism for approving of it and the method by which sanctions will be lifted. the timing. that is possible but all depending on how republicans and democrats react to whatever is announced in iran. if it sounds very vague and there's not a lot of movement on some of the key issues where they have been stuck in the past and they punt again then you go more toward a sanction's bill. it's the devil in the detail at this point. >> we heard a lot of rhetoric coming from capitol hill. how dirty is this going to get? do you think they have a sense of what's happening in the broader region in they know the relationship with the allies is low at this point but do you think they get how difficult they could make this?

>> i think they do but the lobby is very powerful. republicans don't want to be on the wrong side saying this is a bad deal. dangerous for the region and israel so the extent to which republicans in congress are aware of the fine points of the region and political instability in the region some are, some aren't but there's a sense in the republican party that if netanyahu is opposed to this and groups in the u.s. are opposed to it it would be dangerous to come out in favor of it. there's plenty of democrats that feel the same way. that's why you could wind up in a situation where you have a sanctions bill passed by congress and vetoed by the president and coalition of republicans and democrats that could override the veto.

less concerned about the exact precise nature of the region. >> it would actually be backed according to the latest poll 60% of americans believe that congress should have final say on this deal. are they bold by what the public thinks? >> they are although there's also a washington post pole this morning saying that 60% support a deal with iranian on its nuclear program. the american public is concerned with the idea of developing this weapon's technology and would like to see an agreement put in place. there's public support for some sort of an agreement but congress also feels the numbers suggesting they want congress to weigh in and not allow the administration to lift sanctions. there's public opinion stating we want to see a deal here that reduces the threat of a nuclear armed iran but at the same time we'd like to see congressional

oversight over this. that gives you a sense of why they think they can weigh in on this. >> ben white chief economic correspondent at politico. >> happy birthday. >> is it his birthday? >> it's ben white's birthday. >> thank you very much. >> you look good for 21. >> 23 again for the 20th year. >> we also want to thank hadley gamble. still coming up on the show global m and a reaches the highest level since 2007 in the first quarter but where are the deals being made? we'll break it down for you after the short break. you can't predict the market. but at t. rowe price we've helped guide our clients through good times and bad. our experienced investment professionals are one reason over 85% of our mutual funds beat their 10-year lipper averages. so in a variety of markets 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.

>> just hours left for iran and world powers to workout a deal on teheran's nuclear program. >> back stone is expanding it's portfolio of hotels. they're buying three properties from a group for $1.2 billion. take a look at shares of

blackstone and how they're trading. they're up about 2% in frankfurt. >> tech resources is denying reports it's in merger talks with antofagasta. reports say the companies explored a deal to create one of the biggest copper producers. they're both down in trading off modestly. >> now acquisitions reached the highest first quarter level since 2007. the value hit more than $8 billion up 21% year over year. this according to thompson reuters. overall the number of deals in q-1 was lower but dollar volumes were up because bigger companies were involved. fascinating recovery we've seen. the question is will it continue? >> i think it all comes down to

currency. we saw so many cross border deals. u.s. companies buying companies elsewhere in the world because of the strengthening dollar and if it continues well yeah i think that buying on the part of u.s. companies will continue but it is important to see that companies will see a stable exchange rate if there's too much volatility in there. i think they'll refrain from more deal making and similarly we saw the s&p stock move on january 15th. well guess what activity in switzerland is down in the first quarter. that tells you about the relationship between the currency stability and m and a. you have to wonder if we're seeing a record number of deals since 2007 doesn't that tell you that we're in bubble territory in terms of valuations? doesn't it tell you that we are getting into the stage where managers are simply -- >> sure. obviously currency is a big factor of driving m and a but also low rate environment.

that's one of the main reasons you have a lot of multinational companies taking advantage of low rates. putting capital to work. specifically overseas because they don't want it back into the u.s. so they'd rather buy a company that could potentially help their growth portfolio down the line. specifically in health care. >> it will be interesting to see if we see more and more companies coming out and saying we think valuations are too high out there, we want to return cash to shareholders in the return of special dividends or through share buy backs. but let's look at today's other top stories. indiana, the governor is once again defending a bill he signed into law last week that critics say would allow antigay discrimination in the state. in the wall street journal pence says despite what many have asserted the law is not a license to discriminate. the law was needed after the u.s. supreme court ruling last year in favor of the hobby lobby

retail chain concerning religious freedom and obamacare. >> now the law comes a year after state lawmakers failed to get a constitutional ban on gay marriage on the ballot. several more companies including twitter, eli lily and anthem expressed their opposition to the measure. we heard from tim cook over the weekend. the ncaa is holding the men's college championship in indianapolis this weekend. ncaa president will be on squawk box at 7:40 a.m. eastern to discuss. still to come, staring at big profits. the ultimate fighting championship is a major business. find out how it's fighting for growth as we head to the octagon, next. why do we do it? why do we spend every waking moment, thinking about people? why are we so committed to keeping you connected? why combine performance with a conscience? why innovate for a future without accidents? why do any of it? why do all of it? because if it matters to you it's

everything to us. the xc60 crossover. from volvo. lease the well equiped volvo xc60 today. visit your local volvo showroom for details.

>> welcome back. let's talk music. jay-z is launching a new music streaming service. others appeared on stage in new york monday and they're getting equity in this venture in the form of cash and stock in return for promotional and marketing support. the company is title which will offer music and exclusive content members can stream on pc's tablets and phones or listen off line. very interesting development

there. >> very crowded market with others already. but jay-z is a big name and enlisted a number of high profile friends there. moving on wall street slammed wwe's stock and trade yesterday despite the entertainment company with better than expected first quarter results and record crowd attendance for wrestle mania 31 on sunday. this as analysts questioned if online subscribers that took advantage of a free february promotion will stick around in the long-term. wwe is down nearly 50% over 12 months. >> now sticking in the space, the martials arts organization ufc picked itself up off the floor from near bankruptcy to become a billion dollar business. this largely due to president dana white. i caught up with him as the ufc's world tour touched down in hon don. i asked him if they're trying to run before they can walk when it comes to global expansion plans. >> there's always critics. i love when people who have never built anything try to tell

you what you're doing when you took something that was bankrupt and turned it into what it is today. this thing has the potential to go everywhere. we have proven that. we have taken it -- there's never been a market that we have gone into that hasn't been successful. we're going to continue to push and go into the markets we haven't been yet. >> and still to come on the show elon musk announces tesla's next big product won't be a car. what could he be hiding under this bonnet? we'll have a look. that's coming up next. >> and futures, there you go pointing to a lower open. the dow jones down about 58 points. nasdaq down 9. s&p 500 down about 10 points. more on today's price action coming up after this break.

hi everyone you're watching worldwide exchange. >> these are your headlines from around the world. >> u.s. markets try to close out q-1 in the black but few turs pointing to a negative open after yesterday's negative rally. >> the euro shedding over 1% versus the green back as it remains in deflation. the dollar index on track for the best quarter since 2008. >> down to the wire just hours to go for iran and world powers to workout a deal on the nuclear program in return for lifting

sanctions. oil trades lower as the u.s. says there's a 50/50 chance of an agreement. >> and watch out spotify and apple. jay-z signing some of the world's biggest artists to help him ride the wave of online music streaming. >> what a way to end the quarter. we did see a mega rally on wall street. sending the dow, the s&p 500 and nasdaq sharply higher. financials providing leadership. j.p. morgan a bright spot in yesterday's trade but today here on tuesday futures pointing to a rally. they may not continue. dow down 70 points. tech heavy nasdaq off by 13. >> up until yesterday it was touch and go as to whether these u.s. markets would finish the quarter in the green but today it seems as though that's going to happen. the s&p 500 up by 1.3%.

the dow jones adding on 0.9%. that's not a lot if you compare it to u.s. markets. nasdaq though out performing in terms of the indices up by 4.5%. the dow is on track for the fourth straight positive quarter. the s&p tracking for 9 straight quarters of growth. how are the sectors looking? >> the terms of sector leadership despite the sell off last week the sector is still posting about a 16% gain so far this year. a lackluster technology that could change in the earnings season. but keep in mind they make about 40% of the revenue overseas. so when talking about the strojer dollar that could have a negative impact on the tech multinationals. energy one of the worst performing sectors. a little rebound over the last couple of weeks but not enough to bring energy stocks back in the green over the year. down about 2.6%. take a look at oil coupled with

tensions kept oil traders very busy of course. now the prospect of a deal is also in focus. there were talk about oil prices bottoming last week but that doesn't seem to be the case. oil prices down in today's trade by about 2%. so far this year down about 11%. one of the factors we have to keep an eye on. not just geo political tensions but the move in the dollar. that's had a significant impact on commodities. >> and the move we've seen in euro taking it down almost 11.3% year to date. that is one of the biggest consensus trades outs there. we're seeing euro dollar shorts at a record. euro dollar changing hands at 10726. about two weeks ago we saw it close to the 104 level and back up to 110. quite a bit of volatility here thanks to the ecb's qe. >> lastly investors are keeping an eye on jurors mean markets

which had been on this mega rally so far this year. in fact the europe stoxx 600 index out performing up about 17% as investors bet on quantitative easing and weaker euro to stimulate the euro zone. market leadership could shift away from export oriented stocks to companies that are leveraged to the domestic economy. that will be interesting to see if we see a rotation out of some of the export names and into some of the more defensive names that haven't been riding the wave as much so far this year. >> last week jp morgan said it specifically on auto stock but the thing is for u.s. investor what is are they supposed to do given that their own markets don't deliver great returns right now. if you do invest in european stocks though you have to have that hedge pause if you don't hedge it that means with the

falling euro your returns, they are going to be decimated quite a bit. >> you have to look at the etfs that provide the hedging mechanism but the reason we have been seeing jurors mean markets out perform is the bet of a recovery. when do we see quantitative easing feed through not only to the financial markets but the real economy. deflation is still a big concern. >> only 0.1%. >> that having to do with germany because of cpi there and better than expected yesterday. >> still living in this deflation nary world. look at what's happening in the u.s. 0%. >> but it depends on oil prices. let's see where oil prices are headed and based on that we'll see maybe inflation back in the green. >> yeah, exactly. >> all right. let's give you a look at the run down of what to watch this trading day. the monthly s&p home price index is out at 9:00 a.m. eastern.

at 10:00 a.m. we get chicago pmi an consumer confidence which are expected to improve from february. a pair of fed officials are also speaking today. jeffrey lacker and george is a voter on the fomc. seema. >> pending home sales rose 3.1% in the month of february reaching the highest level since june of 2013. now the gains were primarily driven by sales in the west and midwest. meanwhile housing starts fell 17% for the month of february with existing home sales rising 1.2% as you can see here. more of a picture of the health of the u.s. housing market with the index out at 9:00 a.m. eastern. so let's discuss more about the opportunity in the housing sector with sherry. she joins us from new york city. is there a lack of inventory of

entry level work and if so, what is driving that? >> that's the exact problem with u.s. housing right now and there's several factors driving it. when it comes to existing home sales we he know 5 to 6 million folks are still under water. now we had the mortgage debt forgive rns relief that allowed those people to sell without having to pay income tax on the amount of debt that the bank forgives but that expires at the end of the year. there's proposals to extend it another two years. hopefully that will happen and add to the inventory. we also know there's a huge lack of new construction in this price range. only about 20% of new homes now are affordable and new construction in general has dropped from a million and a half to under 300,000 when the bubble burst. we also know that people are locked into their homes. u.s. folks used to keep their homes for six years and now they're keeping them for ten years. often times because they bought or refinanced when rates were low. there's a lot of factors going

into this now but only 60% of homes are affordable and 20% of new homes and the number overall is down itself. >> what are you suggesting should be done? is it the government's fault or the private sector picking up the slack here? >> what's going to happen is the private sector will eventually. it's going to take time to turn this ship but developers will go where the money is. as soon as the risk is reduced a little bit and the margins increased we'll see more new construction of homes in this price range. the big thing the government can do is not mess it up. so extending that is going to help adding inventory but the big thing is not messing with exceptions that encourage people to invest in real estate in the first place and in particular the capital gains exception which allows people to sell their homes and keep up to $250,000 in praft forofit for a single person and 500,000 for a married

person without paying capital gains on that. we have all of these boomers retiring and will be selling their homes. we have all of these that we know have put off buying homes but we could really free up a lot of inventory with boomers being able to sell and keep that money due to the capital gains exception. not only for their retierm but freeing up that inventory. >> millennials love to rent and don't want to buy. particularly for developers that need to take out a loan for more property, will lending conditions improve? >> yes, they will improve. there's already proposals to loosen up some of that lending. the big one is going to be the risk that the bank perceives those developers taking on but, you know fannie and freddy starter these 3% down mortgage loans and borrowers can borrow as much as 100% of the down payments from friends and family

family. but it takes awhile for the under writing to get in line. that's going to encourage a lot of developers to build because buyers will be able to get financing which has been a big issue. >> how do you foresee the housing issue in general changing once rates do rise? >> well we know that housing will become even less affordable. so if prices go up by five or six% which is what we expect this year rates go up by 1% we're looking at homes being potentially as much as 20% more expensive for folks to own. the biggest saving factor is rents are rising faster. we had a 15% increase in rents over the last five years. we know that even today rent makes up about 30% of an average renter's income where as mortgage payments make up about 21% of an average buyer's income so as long as buying remaining less expensive than renting it's

still going to be the better option. >> that's a big story. >> thank you for joining us today on worldwide exchange. that's the director of the carnegie group. >> we're seeing another big slide in today's trading session. euro dollar down another 1% and this is set for almost 11% quarterly fall against the u.s. dollar. that means the euro is heading for the worst quarter on record. obviously. the reason ecb's qe and the strengthening dollar. >> all right and carolyn, he may have 99 problems but music streaming is not one. coming up we'll tell you how jay-z is making strides in the luxury music space. that's coming up next.

welcome back. tesla in focus. elon musk saying tesla will have a new product on april 30th. the mayor new tesla product line will be unveiled. the company is not commenting but it's expected item is a nation stair stationary battery storage system. the stock moved about 4% in the ten minutes following that tweet being posted by musk and this

tweet he posted generated a hashtag. so a lot of people out there fans and guessing as to what he is going to unveil. >> but i don't think it was just the new product announcement. it was the optimism about china and he admitted that's where we have made mistakes. so he is very optimistic about the long-term performance in china and that tweet added $1 billion to company's shares. just that one tweet. >> the importance the relevant role that social media is playing now and not just for exhe pressing our views but for company leaders to express their views and then generate stock action if you will. as you and i were discussing the first hour the stock has been on a volatile run over the past couple of months. >> it's down from 25% over the last four months and that's versus the s&p.

>> maybe this product will do the trick. >> it's been one of the big winners of 2014. different story in 2015. now sticking with the auto space warren buffet is in the car business. he's on a panel this afternoon for the national automotive dealers association many new york. before he he appears there buffet is sitting down with becky quick on power lunch at 1:30 p.m. eastern. you're not going to want to miss it. >> jay-z may be borrowing a line from john lennon getting a little help from his friends. landon has more from cnbc's hq. >> hey, good morning. so jay-z is adding another item to his vast music empire. a music streaming service. he announced the relaunch of tidal. he was joined by some of the biggest names in music, wife beyonce, kanye west alicia keys, madonna and rihanna.

they have been offered stock in the company in exchange for financial support. one partner was offered $3 million for a stake and tidal is the first ever artist owned global music and entertainment platform. >> our goal is simple. we want to create a better service and better experience for fans and artists and that is our promise to the world. ou mission goes beyond commerce. it goes beyond technology. our intent is to preserve music's importance in our lives. >> jay-z's company bought the swedish company behind tidal earlier this month for $54 million. it's the latest addition to a portfolio that includes artist management music publishing and sports marketing. it's already available in 35 countries. it has 503,000 users as of january and subscribers can

access millions of songs and content or listen off line. the package costs twice as much as spotify and may offer exclusive releases betting fans want to sign up if they can get rihanna's new album weeks before rivals have it and it has 60 million users including 15 million paying customers but spots spotify is criticized by musicians claiming they're not being paid enough for licensing their songs. taylor swift pulled her entire catalog and apple is waiting in the wings expecting to launch it's on streaming service in may. guys back over to you. >> big market. thank you for that. >> and let's get you up to speed on some of the big headlines at this hour. u.s. markets try to close out q-1 in the black but few tursutures pointing to a negative open right now.

the euro zone is deflation and hours left for iran and world powers to strikeout a deal on teheran's nuclear program. we're back in two.

>> another big drop in today's trading session. we're down by 1% for the quarter. declines are almost 12%. this is record decline for the euro dollar pair in one quarter. we're currently changing hands at 10723. diverging monetary policy. let's have a look at the european markets on the final day of the quarter. the markets are on track for the best quarter with the german market out performing by almost 23%. >> let's look at u.s. futures

because stocks sharply higher yesterday for the s&p 500. all of this ahead of the jobs report. it could help with more clarity as to whether a rate hike will come. dovish comments from janet yellen on friday boosting sentiment in trade yesterday but futures pointing to a negative open. the dow down about 81 points. the nasdaq down 16 and zap a s&p 500 down 12 points. >> brent crude at 55.11. wti at 47.53. api data is out today. deadline day for iran. diplomats now have less than 24 hours to come up with a deal on teheran's nuclear program. negotiators say progress has been made but the u.s. state department says there's just a

50/50 chance a deal can be done. >> yeah, the iran talks sparked a domestic battle state side. they're angry an agreement could bypass congress. take a listen at the back and forth exchange. >> congress built the structure that brought iran to the table. if the president moves to dismantle it we'll have a say. >> when congress passed legislation to put these sanctions in place they included in that presidential authority to wave some of those sanctions temporarily. >> i think all of us should have suspicious of an administration that is so intent on keeping the elected representatives of the american people out of this deal. >> it's incorrect when it says congress could modify the terms of an agreement at any time. that's flat wrong.

>> as to the president i find it astonishing you would resist having congress look at your work product and have us decide whether or not we should lift the sanctions recreated. that is an arrogance that's unacceptable. >> so will we get a deal? ali is live with more on that story. over to you. >> diplomats from iran and the west were burning the midnight oil yesterday trying to bridge existing fwaps. they're back around the negotiating table early this morning but with both sides giving us positive and negative snippets it's difficult to assess if they'll reach political frame work before the self-imposed deadline of midnight tonight swiss time. at this late stage in the game it's also unclear what the ramifications will be of missing the deadline. both sides said they're not interested in extending the talks but the interim agreement will remain in place until the

first of july. having said that it seems unlikely that a comprehensive agreement will be reached if they don't have something in hand today. there's a lot of players involved in the talks that aren't sitting around the negotiating table such as congress israel saudi arabia which will be in a much stronger position between now and july. secretary kerry said there's a lot of tricky issues to resolve and the iranian expectations were very excessive and not yet reasonable showing there's a lot of difficulty to overcome here in terms of uranium and research and development. there's certainly a sense of urgency in switzerland to get something signed today because negotiators there feel it would be very very difficult to justify some sort of final agreement between now and july without an accord in hand.

just a few hours to see if all of those are going to pan out or reach a conclusion before other players are able to weigh in much more heavily on these talks. >> thank you. iran is desperate to get sanctions lifted given the state of the economy. thank you for that report. a quick look at european equities versus the s&p 500. that's a big story. big market story so far this year. the stocks index up 16.5%. a rebound, if you will in european equities this year. vastly out performing the s&p 500. >> keep in mind if you're a u.s. investor and invest in stocks they're not going to be 16%. they're going to be a lot less. maybe 5%. >> absolutely. we'll continue to watch end of the quarter everyone. have a great day. that does it for us on worldwide exchange. i'm seema mody.

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good morning closing the books on q-1. would be more trading day left. among the biggest headlines the euro is on track for the worst quarter on record. the flip side european stocks are turning in their best quarterly performance in years. plus the internet of things. ibm is investing $3 billion to build a unit that will collect data from everything from smartphones to home appliances and then use that information to help companies better manage their businesses. and a mcmuffin for lunch? mcdonald's plans to try expanded breakfast hours at some

locations as the chain's new ceo wants to kick start growth. it's tuesday march 31st. march 31st 2015. tomorrow april fools day. and squawk box begins right now. ♪ good morning, everybody. and welcome to squawk box here on cnbc. i'm becky quinn with joe kernen. andrew is off today. the new york auto show is underway in our own backyard. that means big reveals of flashy new cars. we got a sneak peek at the mclaren 570 s. the car has a 562 horsepower. 3.8 liter v-8 twin turbo and can do 0 to 60