hello and a very warm welcome to worldwide exchange. >> here are your headlines from around the world. >> china takes the win out of the rally. disappointing data confirms the chinese economy is entering a new normal of slower growth. >> nokia seals the deal to buy alcatel-lucent. >> asml also in the low after disappointing expectations.

this after they're slashing spending. >> google vows to extend itself after getting more than a $6 billion fine on the cards. oil future prices eased in march after a relentless build up of u.s. crude stocks. the output soared to 31 million barrels a day sharply due to saudi arabia iraq and libya in particular. they're also saying that the photograph has been raised so despite the fact that this is a

negative month for oil prices they're saying in march demand did increase slightly but overall the outlook is only getting murkier because the backdrop in which the adjustment is playing out is constantly changing. seema we did see oil prices recover a little bit but in volatile action. >> on the intraday basis a lot of volatility in oil prices. it was up 6% and then bad data from china and oil prices moved lower by 7%. right now oil prices are slightly higher because of reports that show a dip in u.s. production and that means prices could potentially go up from here. brent crude up about 1.3%. wti crude also higher but investors have to digest that weak data out of china. >> absolutely. there's one other factor mentioned in this iea report which is worth mentioning and that is the developments from iran with this nuclear frame work and they're saying one of the main questions hanging over

the market today is how quickly would iran be expected to ramp up output and export ifs the agreement were to be made permanent. geo politics had surprisingly little effect on the oil price. praps this could be an area with more impact. >> we saw that frame work come together between the u.s. and iran on the nuclear deal but we're still awaiting further details on when sanctions will be lifted and when iranian oil will come back on hien and what that will do to the supply-demand equation. >> there's an increase in supply but also tension through the middle east when over the last year or so it's been the smaller powers in the region. >> absolutely. china, something else investors will be hatching to watch. the rally in china paused for breath. the shanghai closing in the red after a slew of disappointing chinese data a six year low of

7%. elsewhere came in lower than expected. commodity currencies also took a hit. the aussie dollar weakening against the dollar on expectation of demand. eunice is live in beijing. >> hi guys. the q-1 numbers came in at 7%. that was in line with expectations. it's the lowest growth for the quarter since 2009 at the global financial crisis but at the same time people were focused on the march figures. the march figures missed expectations. everybody hoped we would see a turn or up tick in the growth after the january and february numbers but now that is one of the reasons why people are very concerned about the momentum going forward. there's a lot of economists today who were raising expectations that they believed the policy makers were going to come in with a stimulus. most economists were saying it would be a combination of

interest rate cuts or maybe more cuts to rrr, that is the amount of cash that banks are supposed to keep on hand but overall the message is they're very concerned about the pressures the economy faces. they were mentioning that over the past couple of days. also saying that people here should get more used to this new normal level of growth but at the same time the employment figures that were released today of 5.1% and the commentary around it of the employment picture looking relatively stable is still an indication that the way forward for policy makers isn't going to be any major big stimulus. instead it's going to be a more targeted measure still because they aren't yet concerned so much about the slow down and, in fact it looks as though they're trying to educate people that perhaps a slow down is going to

be something that everybody needs to adjust to. guys. >> eunice thank you very much for that. let's bring in michelle lamb. economist at lombard street research. let's cover the weaker data over the last couple of weeks. are there any excuses for that or is it underlining the path we're seeing in chinese growth. >> if you look at the wide range of data you can actually see the momentum in china is weakening significantly and also for example, today's gdp data shows it's low to 7% year on year but actually on a sequential basis. it already slowed to about 5% and we calculate gdp and it's showing much lower than 5%. going forward there's a bit of

discussion on what kind of stimulus they should be doing to get china's growth back to the target. >> that's interesting that your gdp forecast is below 5%. financial liberalization and shifting the economy from investment to consumption is happening. it's a good thing but a long painful process. the last few months is that what investors are waking up to? how long and how painful that will be if it's not supposed by easing monetary policy. >> if you look at the capital flows data there's already significant capital outflows in q-4 and q-1 and this is putting a lot of pressure on the offshore currencies especially and investors are finally waking up to momentum and adjustment. however as we just talk about declining oil prices we think that it's going to help global growth eventually especially in the u.s. because if you look at

the u.s. they'll switch from investment growth. this will have chinese exports and we expect a pick up in growth momentum in the second half of this year. hopefully in china things won't look that bad compared to the last quarter. >> but do you think investors are too critical of the slow down in china's growth rate? because it's still despite the slow down one of the fastest growing economies in the world. >> it is. but if you look at the imf outlook published yesterday the growth forecast is exceeding that of china so i think that in the next few years, if the policy makers are serious about reforms and they have to take on the rebalancing process and therefore we're going to see slower growth in china. it's probably not going to be the best performing country in

the world. >> you're seeing disappointing retail sales. also the housing market isn't looking too strong. industrial production which of course is the source of growth. that also disappointing to the down side. so a lot of numbers to dig in through here. thank you for your time in talking about china with us. but for now let's get a market update. >> thank you very much. it's a descent bounce back today. the last couple of days have seen softness in european markets. partly after a strong couple of weeks and partly after a bit of uncertainty later today. strong day today thus far up three quarters of a percent so a correction from yesterday's sell off which was of similar magnitude. half a percent of declines. continental europe performing similar magnitudes up .7%. the ftse 100 has been out performing thus far this week.

fractionally because we haven't seen huge gains so it's fractionally underperforming today. that's up shy of half a percent where they're up around .6% for most of them. bond eights as well this continues to sell the same story we've seen for awhile. u.s. yields at 1.89. just came off that a little bit yesterday. disappointing retail sales out of the u.s. we've seen a little bit of extra buying of the german ten year bond over the last couple of days as risks around greek default elevated slightly which saw selling of greek bonds and buying of german bonds. overall the story still the same. very low yields in continental europe. let's have a look at rates because the u.s. dollar broke it's successive sessions of gains yesterday after those disappointing retail sales. the euro has been pretty volatile this week. it's been as weak as 1052 and as

strong as 107. surely we won't actually get any change from mario draghi but the fact that bond buying had such a big impact on the euro leading to a bit of volatility ahead of the meeting. we're at 106 today. it's off ten basis points today. it's up another .5% today. that's it. seema back to you. >> madrid plays host to the biggest names in travel and tourism this week as the wttc global summit returns to europe for the first time in seven years. let's get out to nancy who is live for us in madrid. remind me, what does wttc stand for? >> world travel and tourism council. it's here for the first time since 2007.

the timing couldn't be better. the low euro is the gift that keeps on giving for tour operators here and we'll be speaking to airline ceos and hotel leaders in about ten minutes one of the world leaders in travel i.t. they control everything from booking systems to the ground baggage delivery systems we never see but they have a huge influence and coming up later we'll be speaking to julie myer and they have been looking at some of the tunltopportunities to help move tech along. it's a huge theme. looking at innovation and disrupting the travel and tourism sectors. they continue to do well here in madrid. >> looking forward to it. coming up on worldwide exchange get ready to go public. ebay rival etsy prices it's ipo tonight. how did it get to this point? we take a look back. all the details on the chinese

drone maker eyeing a $10 billion evaluation. that story coming up. plus greek finance minister makes his way to the u.s. for talks. we speak exclusively to the chief of greece's capital markets regulator. stay with us. we're back in two minutes. ♪ help join a continent with nearly 3 million rugged square miles with a single broadband connection. when emerson takes up the challenge it's never been done before simply becomes consider it solved. emerson.

new york state is reinventing how we do business by leading the way on tax cuts. we cut the rates on personal income taxes. we enacted the lowest corporate tax rate since 1968. we eliminated the income tax on manufacturers altogether. with startup-ny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. all to grow our economy and create jobs. see how new york can give your business the opportunity to grow at ny.gov/business

welcome back. google is to be accused of using it's dominance in markets. they will say the u.s. company will soon receive an official charge sheet alleging that it diverted traffic from rivals to favor it's own internet shopping services. google could face fines of up to $6.6 billion which repreacceptabilities 10% of global -- represents 10% of turnover. it's not being welcome by tech companies in america because this is a time where i think europe should be welcoming foreign investment. you take a look at unemployment in the euro zone. it's north of 10%. this push back doesn't lead to some of the companies not expanding into europe. >> you might well be right but let me play the european side of

this argument as well. market share for google search engines in europe is 90%. it's higher than in the u.s. and at the same time competition is suppressed from that and in the world we live in today you do get regulation of price competition and this isn't any more a very early stage industry when it once was and google first developed it's technologies. this is like a super bowl now or retail chain of outlets and 90% market share is a huge huge amount. >> that's what the european regulators are alleging. if they're not playing by the rules. google is saying there's no truth to their clals so we'll have to see what happens. we are expecting an official announcement sometime later today today. the european commission statement of objections that could potentially come out. we'll have to see what the arguments are and what the reaction will be from google. analysts are saying this will back and forth between european regulators and google could take

up to 1 to 2 years. >> google will continue their arguments to say competition is one click away. probably a fair argument in my eyes and overall i think if you develop a technology you should be able to enjoy the fruits of it. but that's not the world we live in. we'll see where the stories go. >> let's stick with tech. intel's first quarter profit rose in line with forecast. revenue was flat and down 14% they warned it would suffer. they're a bit more upbeat expecting revenue to rise 3%. they also expect sales to be slow through the summer but then pick up when microsoft launches windows 10. >> now shares rose about 3% in after hours trade. right now we're looking at the stock up about 3% in frankfurt and keep in mind this is one of the low stocks of 2014.

intel, their dividend yield at about 3.5%. this year it's been a different story. names like intel have been underperforming the s&p tech sector. we'll see if earnings changes the picture. >> this is an interesting one. they performed well after hours. up 3% and core pc market of course is a struggle but they are exposed to pretty interesting growth areas as well. >> mobile. >> mobile, internet of things and data centers. there's a smaller part to the pie. as you say, valuation terms compared to some of the facebooks you still have a bit of growth but much more valuation in the tech sector. >> you were mentioning some of the growth opportunities. mobile being one of them. wearables as well. >> swiss town. >> where they had the expo. different watches. intel is teaming up with google as well as tech. which i know you're a big fan of. >> i don't know what tag is. what is tag. >> yes.

>> anyway. intel is teaming up with tag to unveil a smart watch so they're also trying to get ahead of the wearable craze because they got a lot of criticism for not entering the mobile market fast enough. >> we'll be discussing those results in detail at 10:45 london time with a top analyst. now csx rose 11% as they benefitted from high freight volumes and shipping rates and got a lift from lower fuel prices. they're launching a $2 billion stock buy back and is boosting it's quarterly dividend by 14%. it rose 2% after hours. in frankfurt it's up more than that today. >> let's take a look at the banks. bank of america reports first quarter results at 7:00 p.m. eastern today. the company is forecasted to earn 29 cents a share on revenue on $21.5 billion. both are down from a year ago. analysts don't expect any material surprises in terms of legal issues.

the ceo has last year's u.s. mortgage settlement is the last from the crisis area. bank of america shares up three quarters of a percent in frank further. >> profits of jp morgan rose thanks to a rebound in fixed income tradings. kate kelly had this report. >> a beat today for two of the nation's largest banks jp morgan and wells fargo that exceeded able list expectations on their top and bottom lines after solid first quarters for both in among other areas, mortgages and trading markets but they diverged in public perception where investors gave jp morgan a thumbs up but at the same time sending wells shares down by a similar amount. the disparity may have been because well's gain was due to tax savings and typical securities gains as opposed to some of the more organic business gains at jp morgan and wells had an earnings decrease year over year.

it's first in 18 quarters. high levels of client activity and volatility helped both equities and fixed income results and the firm properly navigated the commodity swings banking results and mortgage revenues were strong while other areas were flat and it weathered a $221 million net loss from charges in it's treasury and chief investment officer unit. back to you. >> let's focus in on some of the days most interesting individual stocks here in jurors. the ceo of old mutual julian roberts is stepping down. the former liberties boss will take over by the fourth quarter of this year. shares are up about 1.4%. burberry giving back gains after they jumped 9% thanks to a strong performance of the signature trench coat range in u.s. and europe.

just fractionally above flat. the outlook came in earlier than expected and sales missed forecasts. reporting a 60% jump in first quarter profit. bang on flat as we stand here now. remy is up 2.5%. shares rising after shares rebounded in the fourth quarter. they were up 23%. this compare with the drop in sales in the previous two quarters. let's have a look at a few more because nokia shares trading higher after it announced it has completed a deal to buy it's rival. the all stock deal values the french firm at 15.6 billion euros. alcatel-lucent moving sharply lower. up yesterday and now down today. nokia up 2.94%. nokia was down yesterday. meanwhile ericsson is also moving on the back of the transaction. speaking earlier on squawk box we asked the ceo of

alcatel-lucent is there could be a prolonged period before the deal goes through. >> everything is there to make the transaction successful. it's wise to recognize at the end of the day one is bigger than the other in terms of market cap which is nokia. so we need very transparent, easy governance in order to avoid the mistakes of the past where you try to manage egos of different guys. since day one i said the transaction would require a unified governance. >> switching focus, fast food workers will stage another one-day strike today in more than 200 u.s. cities. they're calling for higher wages. $15 an hour and the right to unionize. they'll be joined on nearly 200 college campuses and hole health care and walmart workers are

also expected to take part. >> lift off, finally for the latest spacex mission. the company launched it's falcon 9 rocket and dragon spacecraft on tuesday, a day after the mission was scrubbed due to bad weather. it is carrying fresh supplies for the international space station. however they failed in the latest attempt to cleanly land the booster rocket on a platform at sea. this would help save millions in costs as the boosters could be reused in future missions. >> it brings out the kid in me. you hear the word rocket or space and you're like let's watch it. >> did you want to be an astronaut? >> when i was younger my parents sent me to space camp. i was very cool though. don't you worry. >> we don't have that over here. >> how things change. coming up on worldwide exchange the euro zone is seeing the green shoots of recovery but what does this mean for holiday makers on the continent? we're live after this break.

. >> china takes the win out of the rally. they wallow in the red after a slow disappointing data confirms the chinese economy is entering a new normal of slower growth. >> nokia seals the deal as

investors digest the terms of the merger. >> just in the green after sales forecast comes in lower than expectations. this after the dutch firm's key client intel announce it's slashing spending. >> google vows to defend itself amid reports the eu is about to charge the silicon valley giant for abusing it's market position with a more than $6 billion fine on the cards. >> welcome everyone on this wednesday morning. let's take a look at the european markets and how we're positioning ourselves. the ftse up .4%. the u.k. was able to avoid entering deflation. investors seeing that as a positive. minor gains in the u.k. and germany and france but take a look at the italian market. the ftse mib up about 1%. a good gauge of stocks across the euro zone.

we're close to session highs. in fact autos and consumer stocks the outperformers in today's trade. the index up about .8%. >> let's look at bonds seema because i love bonds as well. >> you love bonds. >> let's have a look at what we're doing today. it's confirming what we already know. the very divergent monetary policy. the u.s. ten year yield is just below 1.9% today having just given up a little bit of ground yesterday. the yield after disappointing retail sales. we have got those boards for you. let's also have a look at rate where is we're looking at the euro giving up a little bit of ground today. it's been pretty volatile. it's ranged between just over 1.05 and as high as 1.07 this week. today it's giving up further ground ahead of the meeting in a few hours time. we've also seen sterling soften over the last couple of sessions.

ecb policy makers meet today. drab dfg draghi will speak. but there's questions lingering over greece. >> actually we're expecting a wide range of topics to be covered during that press conference. of course it will be qe and also whether there's enough bonds to buy until the end of qe which is supposed to be september 16th. moody's came out with a study that they think bonds will be in scarcity as soon as the early start of next year or end of this year and also looking at the bonds in the euro zone trading with negative yields and now making up more than 40% of

all bonds in the euro zone that adds to that argument. so that's one big area. of course also the ecb will be questions on what they think about the increasingly negative yield curve in the euro zone whether this is not adding to financial instability. another big area is growth projections. we don't get any new staff estimates. it's in june when we get an update on them but recent economic data is suggesting there is room for a revision as well but looking at the minutes, the governing council was not that optimistic of their own staff. it's a conundrum as well here. higher growth projections could put more pressure on mario draghi to defend the duration of the qe problem until september 2016. another area as you mention, of

course the ecb has increased it again by a slight amount. the rational behind this, what i'm hearing from central bankers inside the ecb is to stabilize consideration. in greece there's a big loan due to the paid back to the ecb this year. they have no interest whatsoever to destabilize the situation by putting an end to the facility for greek banks. of course it's a question about liquidity and there are board members who are against giving them more money. >> we don't expect any tapering at this stage. do you think we'll get comments about the bubbles? the potential bubbles forming in the ten year bond and european bond spectrum and equity markets because clearly he is fuelling the buying of those securities?

>> actually i don't think we'll get the word bubble from him when it comes to bond markets and equity markets. what he thinks is its a side effect of the qe program. he would not like to see but he can't actually do without it and the primary effect of qe ie spurring lending, also helping the recovery to boost inflation, that's the main area mario dragi is concentrating on and here we cecil ver lining or green sprouts if you want. remember yesterday's bank lending survey is showing that the banks are starting to use the money.

that also means that the recovery is gaining momentum and that we are really seeing the first signs of a strong cyclical recovery. >> thank you. now you can watch full coverage of the rate decision and the press conference from 1345 cet here on cnbc. >> that's selling it short a little bit. decision time starts at 1300 cet. >> our dear wilfred. >> you want to catch all of it. anyway let's move on from our exchange. we want to hear from you. how much longer can markets rally based on quantitative easing or perhaps we don't think it is this rally based on quantitative easing. of course we've seen china rally on expectation of easing to come. europe continuing to rally with lots of easing. what do you think? >> betting on mario draghi to deliver the goods and send european stocks higher.

that's the consensus among investors. but even valuation wise europe stoxx 600 still trading at a discount to the s&p 500 in the u.s. you would think it would tell you that equities can move higher. >> it's absolutely crucial as you say. in particular paired with that the direction of where growth is doing, growth of course is lower in europe than in the u.s. but it is improving where as it's slowing in the u.s. that would give you confidence that this rally can go further but it is qe fuelled overall. e-mail us worldwide at cnbc.com. >> what's your nickname for mario draghi? >> super mario but it's a very justified nickname. >> we'll be hearing from him later today. madrid plays host to the biggest names in travel and tourism this week. the wttc's global summit is back for the first time in 7 years. now the event kicks off against an improving backdrop for europe and the sector. travel and tourism now makes up

nearly 10% of worldwide gdp. nancy joins us live from madrid spain at the wttc conference for us with a special guest. hey, nancy. >> that's slultabsolutely right. it's not just the airline businesses and hotel industry that's really seeing a bump it's the companies behind the scenes too. everything to do with tech and i. it felt. i'm joined by one of those companies. thank you for being here. i want to talk to you about your company specifically. we have seen a huge increase in he demand for tour. how is that impacting your business. >> we're linked to this industry through the airline space, hotel and rest of the players. as far as the demand is increasing of course. >> and return to public markets in 2010 and your stock is doing

well this year. up more than 20%. how much of your stock performance is things you're doing versus riding the wave of a better spanish market and qe in europe. >> what we're trying to do is really grow the company and keep creating the long-term. it's very difficult but we continue investing. >> speaking of growth you recently required new market in the u.s. to help expand the hotel side of your business. do you see future acquisitions going forward? >> yes, as far as our strategy which is to proside solutions to the travel industry we hope to accelerate our growth. it's the right price and fits into our strategy and the way we're working with our business models. the answers will be yes but not where we have evidence.

>> do you have specific names of companies you're looking at? >> not really. as you can imagine we review everything that could be on sale and things that could be of interest to us. we are approached by banks on a regular basis with opportunities but by no means there's nothing concrete that i can disclose at this point. >> where are you looking to grow? you had the u.s. acquisition but are there other part of the world you may be look at companies? >> the whole world is important. the growth is mainly coming from areas where the economy is strong stronger and coming from emerging economies that are expecting traffic so i mean it's been growing very strongly and we are very strong in europe. so we are focussing but of course there's some areas growing as strongly. we are open to any place where

the business model and economy could be good. >> you mentioned hotels but i want to get back to the airline specifically. several large characters continue to go along with their cost cut programs. have you continued to see a pick up in demand? >> it's always extremely important for this industry. it's a way to provide the right service to the traveling becoming more and more demand demanding. we have always been working closely to them. so i don't think the airlines are not considering the program. >> thank you very much. that's all we have time for right now. there you have it. that's louis from amadeus speaking about trends in i.t. for the airline sector and will be speaking later in the day about disrupting the travel industry. back to you seema and will. >> thank you for that. still to come here on worldwide exchange, u. s. treasury secretary jack lou sits down

with sarah for an interview. that's ahead of this week's imf from world bank meetings in washington. catch that interview on closing bell at 4:00 p.m. eastern time. >> plus getting your head out of the game we learn how to take a step back from it all with a top u.k. entrepreneur. that's coming up as well.

ttlwhun+]wúa"l4m3qj@(w?5([(x4c8q6hcy@76luú@=,!h tt:ff@múy"í1;hu'ikp"%3uzú

>> dji is looking to raise hundreds of millions of dollars in venture funding according to reports. it would make the company $10 billion. they make the market leading range of drones able to carry hd cameras. >> it's valuation day for etsy. the online marketplace has been losing money as it gains customers even so ahead of the ipo. they might be look at a high end valuation of more than $1.7 billion. julia takes a crafty look at the numbers. >> thatit's another e-commerce company and a place to sell goods around the world. the brooklyn based company giving 1.4 million sellers a platform and tools to connect with nearly 20 million buyers.

the company says it's mission to to reimagine commerce giving them the ability to find buyers for products like a tuxedo cat scarf or cinderella dress. how does etsy make money? they charge 20 cents to list a single item for four months. if the sells the company take ace 3.5% cut. etsy also charges for promlacement in search results and payment processing and shipping labels. in 2014 they generated $196 million in revenue. up 56% for the prior year but the net loss widened to $15 million from a loss of about $800,000 the prior year as the company invests more in marketing. at the high end of etsy's pricing range, 14 to $16 per share it would be valued at $1.77 billion. we'll have to see how much investors think it's worth when the company prices it's shares after the bell wednesday

afternoon afternoon. >> it's interesting. they highlight the do it yourself moment taking place. it also gives artists a platform to show case their products if they're not picaso or one of the big artists and they don't have enough money to display the products in their gallery they can post it on etsy. >> interesting that they're losing money as they gain customers but go see what their offering is compared to a more general marketplace. why would you go to etsy as opposed to an amazon or ebay. >> it focuses out all the other products and focuses on products made at home. do it yourself products. if you had one product you could put out there because i hear you're quite the artist. >> have to say, sadly you are wrong about the first part of your comment. you're right about the second part but i got rid of all things artistic as soon as i could. >> really?

>> perhaps a painting of postman pat age 7 is all i could offer. >> no art classes at oxford. >> definitely not. but i'm going to log in and see what you're selling on there later. >> sounds good. over 100 of the top business leaders are meeting tomorrow in london at the so-called mindfulness summit. the event is focused on highlighting the stressful effects of today's busy work place. transport for london reported a 71% drop in days off related to stress anxiety and depression after introducing mindfulness at work. joining us is the founder of mind candy and author of a new book called calm. a pleasure to have you on wild wide exchange. >> thank you. good morning. >> we live in this digital world where we have smartphones and tablets and computers and these devices are supposed to keep us more efficient and plugged in. >> these devices are wonderful for computers we have in our

pockets but they're always making us always on. we go to bed typing out one final e-mail and we're exhausted and it's causing a lot of issues in the work place. >> the book version is designed to help us reduce that stress and be more productive off the back of it. >> yes and businesses are waking up to this and the fact that it has been impact on the bottom line. happier employees, more productive more resilient. increased emotional intelligence. these are positive things for the businesses. >> what's the answer? how do you achieve calm as you point out in your book? >> being mindful is one of the key ways to do that and meditation is one of the key practices so we're seeing more businesses to teach their employees how to meditate 10 to 20 minutes every morning and there's a huge number of scientific studies done showing how this has major benefits for everyone. >> i'm skeptical on these

things. i'll pick you up on a quote. people assume stress is a bad thing but stress that fires you up is the fuel that has driven a lot of things for me. so you also admit therefore that stress is important. >> it is stress powers us on and gives us ambition and makes us do amazing things but too much stress can be very damaging. over 70% of visits to the doctor have their core reason and stress. it leads to backdrops, sleep issues, depression and so on. >> wilfred do you meditate? >> i don't. have i have to say. >> give it a go. >> let's move on from calm to some of your past areas of success. that was a huge success on the desktop. less successful in the move to mobile and smartphone. what's the secret behind changing it from smartphones into mobile. >> it's been a real challenge. we had tremendous success and

building products for children in the mobile area is tough. they love the internet and touchdown devices but there are issue around monetizing which is tricky. how you can market to them. obviously keeping thelda safe is extremely important sew it's still been a challenge but we have two big products we have launched. a lot of exciting things they have this demand for their one product but they had a tough time keeping their product pipeline intact. is that something you're also seeing? >> mobile gaming is a very very competitive space. it's a real red ocean and the big companies are getting bigger. the kings and super cells with their massive networks of players so there's other gaming companies trying to break through and it's challenging acquiring customers that are

expensive. >> any plans to take your company public in the coming months? >> we'd love to in the future but we have to wait until our new products are successful. >> you have spoken about why you love london as a place to work as an entrepreneur. are you concerned about the uncertainty ahead of the election? could that sway your decision on whether london remains a good space to be an entrepreneur. >> i love london. we don't have the massive networks and huge other benefits they have but we have different industries entertainment, advertising, media, fashion, and also the weather. beautiful sunshine at the moment. >> now it is. >> two days. >> so the election is not bothering you either way. >> not really. >> thank you so much for joining us. much appreciated. that was the founder of mind candy and cofounder of calm. >> we're going to do yoga and meditation after this show. >> i don't promise to do so.

>> leaders are currently gathering in madrid at the global summit which has returned to europe for the first time in seven years. nancy is live at the wttc for us. nancy, over to you. >> thank you. times are good here for travel and tourism in europe there's no doubt about it. business leaders are looking ahead talking about disruption and tech innovation and adapting to social media. it's julie, thank you for being here do you think travel and tour ruchl is too slow to adapt to new technologies? >> no actually one of them came out of spain we sometimes forget how many unicorns billion plus valuation businesses that come out of europe. i think it's just that travel and tourism is such a massive industry in the trillions that

the impact, the digital transformation of that industry is going to take a generation. it's going to take 10 15 20 years. >> when we talk about disrumps as -- disruption where do you see the opportunity? >> it comes from technology but it's the entrepreneurs that package them into products and take them to market. the difference in today and 2015 and say 1998 and '99 when they were taking the travel industry by storm or last minute.com which was one of the first deals i did in 1998 is its time for the corporates the nontechnology traditional businesses to embrace the digital davids and bring them to the heart of their business. >> when you mention last minute.com we spoke to orbits earlier. have they become a 60 of their own success now that hotels and airlines are trying to divert traffic to them. >> the interesting thing to look at as a platform like uber it's

become a platform and a highway and the opportunity is to not just beat companies with distribution but platform with network effects. they're not apple. they're not going to make these products internally. they have to have a consistent and systematic way to pull these technology products in from the market and imbed them into their businesses. for example, travel is retail and e-commerce. it's an enabling technology business that every travel company should be working with. >> you mention uber airbnb a big player in this sector. they topped some of the big players such as ihg. does that signal a bubble in parts of the tech market? >> something massive is changing. industries are becoming ecosystems. nothing is linear. everything is network. so if i'm running a traditional hotel business and i'm not

engaged with the app economy. i'm not getting other digital start ups using my rails to build revenue because right now the ways businesses will be valued in the future is going to change because of this network orientation. if you're not playing in that digital sand box, if you don't have network effects you're getting further and further behind. it doesn't tell me there's a bubble with the smart ups but it tells me it's getting harder and harder for the corporates to compete. >> you're invested in bitcoin. do you think the travel industry is open to digital payments? >> indeed. we see finance as a layer. so things like technology digital currencies all of these different financial services that are helping businesses go digital are becoming a layer across in the same way technology is a layer. it's not an industry anymore. it's part of the thesis for investing in bit x. >> thank you so much.

that's julie myer and the message is that the travel and tourism industry better face up to the digital world or they'll fall behind. >> thank you very much. now president obama plans to remove cuba from the u.s. list of state sponsors of terrorism. it's a key step toward normalizing relations between the two countries. it comes days after the president let with the cuban leader at a summit in panama. removing cuba from the list could pave the way from the opening of a u.s. industry in havana. >> now president obama will sign a bill that will give congress the power to he review any nuclear deal with iran. the measure was agreed upon on tuesday by the senate foreign relations committee. under the bill the president will not be able to lift sanctions on iran for 30 days after a final deal is signed by international negotiators. congress would vote to either support, reject the bill or take no action. accepting the bill could save president obama the embarrassment of the senate overturning any potential veto. >> let's check in on markets

before you head to break. what are u.s. futures looking at? we're looking at a rebound today. up about 5.7% for the s&p. the dow expected to open about 51 points and the nasdaq expected to open up by about 14 points. what's fuelling this? let's have a quick look at european markets. as you can see in the green today we had a weak day in europe yesterday after of course two strong weeks of gains and we're rebounding. about half of gains or more than that across the board. >> wilfred forget about the dollar. our next guest says there's a selection group of companies that could surprise to the upside this earnings season. we'll get you the review coming up on worldwide exchange. we're back in five.

welcome everyone. >> here are your headlines from around the world. >> u.s. futures point to a higher open as oil holds on to gains but disappointing data out of china takes the wind out of the rally in asia. >> google vows to defend itself amid reports the eu is about to charge the silicon valley giant for abusing it's market position with a more than $6 billion fine on the cards. >> intel trades higher as it will slash spending. results though largely in line with expectations.

>> president obama will give them the chance to have any final nuclear deal with iran. >> welcome this is worldwide exchange. hope you're having a great start to the today. yesterday it was all about the earnings season. all the worries about the stronger dollar and lower oil prices. it's been a strong oil season. specifically jp morgan hitting a multiyear high. it's the financials leading this market. >> and jp morgan result which is is really interesting particularly in the investment bank and fixed currency area that did well. we talked about u.s. dollar laying on most companies earnings but volatility and currency markets and fixed interest markets has been good. >> focus will now turn to bank of america ahead of that. take a look at futures.

dow up about 56. tech heavy index with a gain of around 14 points. intel in line with expectations. it's one of the outperformer in after hours trade. we'll have to see how it trades in today's trade. let me tell you the story here in europe on this wednesday morning. that's right. it's wednesday. the dax holding on to a gain at 12,000, 300. we have been seeing the move to the upside thanks to better than expected auto data. industrial production as well. the cac 40 in france. we're seeing a gain of around .6%. keep an eye on italy. it was the out performer up about 1%. a gain of half a percent. the rally in china paused for a breath. the composite closing in the red after a slew of disappointing

chinese data. first quarter growth slowed to a 6 year low of 7%. elsewhere, retail sales, industrial production and fixed asset management came in lower than expected. shanghai composite down about 1.3% in today's trade. we're joined by eunice live in beijing with more on that story. >> the number came in at 7% and this was the sheest growth we've seen since the depth of the global financial crisis. so a lot of focus on the number and even more focus on the march data and that's because the march data showed a tapering instead of a pick up which is what a lot of people hoped for. that was suggesting to a lot of people here that the economy is headed for even slower growth. that's raising a lot of eck peckations that the policy makers are going to have to come in with some sort of action. most people are saying there's

going to be a combination of interest rate cuts or the banks will be required to have less cash on hand in order to prop up growth but what was also interesting is that policy makers seem to be not panicked just yet and was preparing the country saying that the country needed to prepare for further economic difficulties. there were going to be downward pressures on the economy which suggests overall the authorities here are still okay with this level of growth. what was also interesting was the employment figure. this is seen as more accurate than some of the other employment numbers that are out there but the premiere said many time ifs the employment figure is okay and jobs hold up they're

going to be continuing with the path of slower growth and today the commentary round, the employment figure was that employment is stable. wilfred. >> thank you very much for that. let's have a look at what markets are doing today because that has been on a weakening trend the last couple of days as this data continues to weaken. it didn't weaken ahead of my trip to australia. .758 today. on a sliding trend sterling at 147. we had bang on zero inflation yesterday. that's pushed back rate rise expectations. one of the reasons why the sterling has been selling off over recent weeks and uncertainty ahead of the election. the yen has been bouncing back against the dollar over recent days and the euro is very volatile trading just above 105 and just below 107 ahead of the

ecb meeting later today and sliding today. 1058. quick look at commodity rates as well. oil price continues to be volatile. big moves in both directions. strength late yesterday and today off the back of talk that u. s. production has just come off a little bit but of course that gain has been tempered by the fact that chinese data continues to disappoint. we also had a flash overnight from iran saying that the energy minister was calling for opec to cut production. all of that in total, today we're up 1.5% in the oil market but still volatile and unlikely to maintain that necessarily moving forward. seema, back to you. >> and to our top story in the tech world google is to be accused of abusing it's dominance in europe's internet search market. this according to multiple media sources. the competition commissioner will say the u.s. company will soon receive an official charge sheet alleging that it diverted

traffic from rivals to favor it's own internet shopping services. google could face fines of up to $6.6 billion which represents 10% of shares. they're trading higher right now. the border argument here is whether this will ultimately lead to fewer tech companies expanding into europe. if they're looking at the likes of google which is in the tech industry facing a lot of regulatory pressure from the eu. >> i think that is a very fair argument. i think both of us maintain that point of view. if you develop a ground breaking technology you should be able to bear the fruits of it. google has 90% of market share in search engines in the eu and they maintain that should be regulated for any type of disability it puts on other smaller businesses. i think google's argument of

course in terms of the consumer is clear. they offer a free service and the consumer is getting the best out of it. it's more a question to what it does to other smaller business. it's a story to watch. >> absolutely. i want to bring you up to speed on another tech story we're watching. nokia and the alcatel-lucent deal coming together. the nokia ceo saying it's too early to say how much jobs will be cut from this deal. the nokia ceo also saying it will be impacted on head count from the alcatel-lucent deal and the nokia ceo also saying no specific impact on finish rnd, china, u.s. antitrust approvals will be needed in order for this deal to come through. the ceo confident on getting antitrust approvals. we'll keep you up to date on any other further headlines coming out of that presser on that nokia alcatel-lucent deal. a big deal in the marketplace.

>> u.s. earnings season is on the way picking up the baton before the bell with netflix set to steal it before the marks close. we get a look at blackrock, citi group. let's talk more about earnings with the managing director at capital management. how are you doing this morning? >> great. how are you this morning? >> great. thanks for getting up early with us. i love the fact that you're anticonsensus here. you're saying the stronger dollar won't be as big of a worry this earnings season. if that's the case which company should one buy? >> well we like companies in three areas that reflect pretty strong growth. consumer discretionary is a sector we think will benefit from declining oil prices and the tax cut that consumers will receive so consumer spending will be quite positive so we

like a number of companies in that area. i would cite companies such as disneys and lowe's macy's t.j.maxx. it will show good growth and we like companies such as visa and the xlk in general and then certainly health care while many may think that biotech which is still in strong secular growth in the high quality area words like bubble arise and that may be true if you only have a business plan and no earnings but certainly companies like gilead that have very solid earnings growth great innovation we think represent good value. >> just a quick question on the consumer discretionary picks you have, the sector is benefitting from lower gas prices but isn't that priced into a lot of the stocks? they had a massive run so far this year. >> there's no doubt that they're

not cheap. we think they're fairly valued. not overly extended if you look at the premiums on a price to earnings basis. the relative ratio is the s&p 500. they're above average levels. the earning momentum and business profiles and respected earnings growth still remain very solid. we think they'll continue to do well and move in line with earnings growth. >> you listed quite a few sectors that you do like in this market. if we just cut out energy you're basically pretty positive on all the other sectors. >> you always want to be selective within the sectors that you like. we're not making huge top down calls here. we just find from a bottom up standpoint that the sectors i highlighted are attractive.

i would say we're more neutral on financials and still think despite descent earnings from jp morgan and others that you still have net interest margin pressure in that area. we do like the loan growth we see but we're more neutral in that area and then energy certainly we think you have a u-shaped curve and not a v-shaped curve in terms of price increases and we would be very selective and more neutral on energy. we're negative on utilities. have already little exposure. don't like the growth there and interest rate risk that you have should rates rise and they're not cheap and i'd say more neutral in the staples area as well. there's selective names that we like in consumer staples but also valuation that's not cheap and earnings growth that's market like or less. that gives you an idea that we don't have rose colored glasses on all sectors of the markets

certainly. >> thank you for joining us. much appreciated. >> bank of america reports at 7:00 a.m. eastern today. analysts are forecasting the company to earn 29 cents per share on revenue of 21.5 billion. both are down from a year ago. analysts don't expect material surprises in terms of legal issues. the ceo said last year's u.s. mortgage settlement is the last from the crisis era. taking a look at price action in shares we were telling you at the beginning of the show we have been seeing an out performance in the financials over the past two days. bank of america up about .7% ahead of its earnings report. >> csx's first quarter profit rose 11% beating forecasts as the railroad operator benefitted from shipping rates. the company also got a lift from lower fuel prices. cxs is launching a $2 billion stock buy back and boosting it's quarterly dividend by 14%. shares rose 2% in after hours

but up more than that in frankfurther as you can see 8.7%. >> did you ever do that thing on road trips when you saw a train and you were driving and you go would choo choo. >> no. >> come on. >> i did. >> that reminds me of cxs. stick to earnings the first quarter profit rising 3% in line with profits. revenue was flat and down 13% from the fourth quarter missing estimates. inobstetrical had warned last month revenue would suffer due to weak pc sales. the company is upbeat expecting it to rise. let's take a look at what the cfo told cnbc yesterday. >> our prediction for 2015 is that the pc market will be down in the mid single digits. as i think about the longer term for the pc market we're planning

for it to be more flat. we still think we can grow the company. >> you can see intel a big mover today. >> still to come here on worldwide exchange with the lower oil prices are airlines margins flying high? we cross to speak with the ceo of hawaii airlines after the break. >> later today jack lew sits down with our own sarah for an interview ahead of this week's imf and world bank meeting in washington. that's today on closing bell at 4:00 p.m. eastern.

welcome back. let's give you headlines. google to face antitrust charges in europe but the search giant tells employees it has a very strong defense. it sees demand accelerating in 2014 driven by the backdrop. the chinese economy is entering a new normal of slower growth. >> all right. let's get you a run down of what to watch this trading day. march industrial production is out at 9:15 a.m. eastern expected to decline as companies continue to deal with the effects of the drawn out winter.

the stronger dollar and falling oil prices also expected to weigh on that number. the beige book is out this afternoon. bullard, and fischer and the fed chieflacker are speaking today. we don't hear enough from fed officials. >> it's a very rare occurrence isn't it? >> yeah. >> b of a, u.s.bancorp and delta and netflix. >> it will be one to watch that's moved up and down over the last quarters of earnings. let's have a quick look at the oil price that recovered a bit today. 1.5% as it has been recovering over the last couple of weeks but it remains volatile and 59 for brent and 54 for wti. of course oil prices are still

markedly weak from a year or so ago and that topic is high on the agenda at the wttc conference in madrid where nancy is live for us. let's get to her in madrid. >> thank you. that's right. not all airlines have seen a real benefits yet. that's because a lot of the carriers hedge the price in the long-term. hawaiian airlines someone of those companies. i'm joined by the ceo. the last time you reported results you did take a write down for the oil price due to your hedging. are you still hedged and will you see a bit of oicost taken in your next results. >> in all likelihood yes. the way we approach fuel hedging is dollar income average into the current price of fuel. we have about 50% of our next 18

months hedged and we do that whether we think the price is high today or low today. we'll be a little slow to see that when price goes down and slow to see it when it goes up. >> can you give me a time line of when you expect to see a benefit from the lower oil price. >> we have been benefitting years and years. we haven't benefitted just in the short-term. it's a question of when you think prices will go up. when they do we'll be benefitting. >> given the lower oil price there's expectation that ticket prices will come down as well. have you dropped the fuel cell charge and do you plan to? >> different markets are different. airline ticket prices are really set by the competition. certain markets oversee international markets. japan being a prominent one. there's more of an established fuel surcharge that applied those prices certainly do come down when the price of oil drops. >> the other factor in the discussion here is stronger

dollar, have you seen a drop off in demand from passengers say from asia coming to hawaii? are less people traveling to hawaii because of the strong dollar? >> curiously enough we he have not seen that either from some of the big markets from australia and japan. we haven't seen a drop off in demand. we certainly see that the australian dollar denominated ticket price or yen demomnominated ticket prices were slightly less to us. >> that's the ceo of hawaii airlines. we'll get the ceo of turkish's airline's coming up. >> thank you so much. next up we're talking about etsy.com. wilfred's favorite website. how do you value vintage and what else do you immediate to know about the next hot ipo to hit the u.s. tape? we'll discuss that next. ♪ ♪ ♪ (under loud music) this is the place. ♪ ♪ ♪ their beard salve is made from ♪ ♪ ♪ sustainable tea tree oil and kale... you, my friend, recognize when a trend

has reached critical mass. yes, when others focus on one thing you see what's coming next. you see opportunity. that's what a type e* does. and so it begins. with e*trade's investing insights center, you can spot trends before they become trendy. e*trade. opportunity is everywhere.

>> policy makers meet today in the euro zone. mario draghi will cite any success from the ecb's program. >> he'll be keen to emphasize the success of the qe program only 6 months -- six weeks i should say into the program, he

will also be keen to show a little bit of cautiousness. it's also when it comes to the economic growth forecast of its own staff. the reason behind that is that he wants to end the start or the starting tapering discussion which has started already in the euro zone. of course the board is divided on the question of whether qe is needed and that shows itself in various interviews and comments from board members but that of course is not helping. recent data also the bank lending survey is suggesting that we actually see a silver lining on the horizon. there's an up tick in bank lending. also due to qe and the program of last year and that is

actually promising that might show more signs that the cyclical recovery is really gaining momentum. remember last year we were quite optimistic at that point in time as well and then came the russia crisis. but this year could be actually the beginning of a true cyclical recovery in the euro zone. back to you seema. >> anetta thank you so much. i want to bring you up to date on the story of volkswagen. there's some reports of a leadership crisis at vw. we're learning according to sources close to reuters that the family that controls vw will be meeting in the coming days to discuss a path forward. this following chairman's criticism of ceo martin winter corn so we're going to see, i guess there will be a board meeting likely to follow but a meeting likely to take place among the family that is in leadership at volkswagen. taking a look at shares they are exactly flat at the moment. and let's take a look at futures

and how they're trading ahead of the wall street open on this wednesday morning. of course we have been looking at futures higher. the dow was up about 50 points last time i checked. yeah. tech heavy index with a gain of around 15 points. more on today's trading action coming up in two minutes.

>> oil holds on to gains but a slew of disappointing data out of china takes the win out of a rally in asia. >> reports the eu is about to charge the silicon valley giant from abusing it's market position with a more than $6 billion fine on the cards. >> the chip maker says it will slash spending as it grapples with a slow down in the markets. results largely in line with expectations. >> the white house signals president obama will sign a u.s. senate bill giving congress the power to review any final nuclear deal with iran. >> having a great start to the day. take a look at premarket trade. we're looking at a higher open. the dow up about 53 points. nasdaq with a gain of around 15 points being helped by the move in intel. intel shares up about 3% after

delivering in line expectations. s&p 500 with a gain of around 5 points. we're looking at oil prices higher right now. european markets in the green. the xetra dax up about 55 points or .5%. the ftse 100, the u.k. avoided entering deflation. we're looking at the equity market now higher across the board. let's look at the other markets across europe. the cac 40 and french markets in positive territory. italy holding on to a gain of around 1%. oil still a big story. wti crude at $54.13. brent crude, the international gauge of oil trading just below $60 barrel. we should point out oil prices have been moving higher after we saw signs of a dip in u.s. production. so holding on to that data point but on top of that you also have the disappointing data out of china, isn't that right,

wilfred? >> it is indeed and that made the rally in chinese markets pause for breath. the shanghai comeposite slow. elsewhere retail sales, industrial production and fixed asset investment came in lower than expected. coed modty commodity currencies also took a hit. let's go out to eunice that joins us live from beijing with all the latest eunice. >> thanks a lot wilfred. china's gdp came in at 7%. the number met expectations and then it is the worst growth we have seen since the depths of the global financial crisis. the main focus was on the march data because everybody here was expecting a pick up. instead we had a tapering. that's suggesting that the economy is continuing to decelerate and is headed for slower growth.

now the data suggested to many economists that the policy makers are going to have to do something about this slow down. a lot of people have been talking about how the policy makers are going to cut interest rates or have combinations of interest rate cuts and requiring banks to reserve less cash on hand in order to prop up growth but overall it looks as though policy makers are still not panicked yet and i say that because the premiere came on state radio ahead of the numbers released and was preparing the public saying there was downward pressure on the economy but the people would have to prepare for further economic difficulties and led many people here to believe that the authorities still feel comfortable with this level of growth. guys. >> yeah, a big number here. the country's slowest quarterly expansion since early 2009. it just continues to look worse and worse when looking at the data out of china. thank you so much. let's look at the other top

stories at this hour. it's valuation day for etsy. the online marketplace for artists has been losing money as it gains customers. even so ahead of the ipo they might be k look at a high end valuation of more than $1.7 billion. julia takes a crafty look at the numbers. >> etsy isn't just another e-commerce company it's a marketplace for entrepreneurs and artesians to sell their goods around the world. the 10-year-old brooklyn based company giving sellers a platform and tools to connect with nearly 20 million buyers. the mission is to reimagine commerce. giving them the ability to find buyers for products like a tuxedo cat scarf or handmade felt fox or cinderella dress. the company charges artesians 20 cents to list a single item for four months. if it sells the company takes a 3.5% cut and they charge for

prominent placement and payment processing and shipping labels. in 2014 they generated $196 million in revenue up 56% from the prior year but it's net loss widened to more than $15 million. about $800,000 the prior year as the company invests more in marketing. at the high end of etsy's pricing range of 14 to $16 per share it would be valued at $1.77 billion. we'll have to see how much investors think it's worth when the company prices it's shares after the bell wednesday afternoon. back over to you. >> okay seema so julia was telling us there about 1.5 million sellers and round about 20 million buyers but i don't see what their niche is. why don't the sellers go on to amazon or ebay and be open to more than 20 million buyers. >> approximate you're looking for art sy jewels or whatever it may be they're selling you go to

etsy. that's the platform you go to. this company started out of brooklyn and the fact that they have been able to see the company where they're seeing a lot of demand and provides an opportunity for artists that aren't that big but still want to show case their products they can do that by using the etsy platform. >> i'm not downing the success. in fact i'm saying good for them if they're raising this type of valuation now and making the most of people's interest in these types of stocks. as they get bigger the main players will be able to fight back easily. >> or perhaps it makes etsy a good acquisition target for one of the players. >> an interesting one. now fastfood workers will stage another one day strike today in more than 2000 u.s. u.s. cities. they'll be joined by protests on nearly 200 college campuses and home health care and walmart workers are expected to take part.

>> an exciting story, lift off finally for the latest spacex mission. the company launched it's falcon 9 rocket and dragon spacecraft on tuesday a day after the mission was scrubbed due to bad weather. it was carrying supplies for the international space station. however they failed in the attempt to cleanly land on the platform. this would help save millions in costs as the boosters could be reused in future missions. look at that. >> pretty epic. i like it. up next here on worldwide exchange google under fire in europe. we have the latest on antitrust charges expected to be filed by eu regulators. >> it's definitely a big story. later today cisco chairman and ceo john chambers is on squawk box as he heads to promote top trends to members of congress. that's today at 7:15 a.m. eastern.

jp morgan announced a profit of $6 million or $1.45. a share hitting a multiyear high in yesterday's trade. shares of wells fargo closing. profit above estimates fell from a year ago as expenses rose as it set aside more money to cover

bad loans. we'll keep an eye on goldman sachs and bank of america. reporting a goldman sachs positive session in yesterday's trade. >> hitting a multiyear high. very interesting on the results. stronger dollar meant to be negative for earnings season. volatility benefitting. google is getting set to pay charges in europe. it could force them to pay hefty fines and change it's business model. landon joins us with more on the story. >> europe's top antitrust regulator is expected to file formal charges against dpooggoogle today. reports say eu competition commissioner will challenge google's practice of alleging highlighting it's own search results at the expense of rivals. the move comes after a five year investigation that google came very close to settling last year. the initial charges are expected to focus on product searches

specifically the way google displays and ranks search results. that could limit the case to online shopping sites. they're expected to open a second probe into the software. it's own mobile apps in an internal memo google outlines a potential defense. it saves consumers time by providing more direct answers and faces competition from other services. google says mobile apps let people access information directly cutting it's search engine out of the equation. it cites yelp that has complained to eu regulators. 40% of its traffic comes from the mobile app. as for the android probe competing apps such as facebook and microsoft office are easy to download and many are preloaded such as the samsung galaxy s-6. they'll have ten weeks to respond to the allegations.

the eu has the power to levey fines of up to 10% of the global revenue or up to about $6 billion. it could go on for years as google could challenge any ruling in court. google is also under scrutiny in france where lawmakers are considering a measure to force the company to hand over it's algorithm for how it ranks websites. back over to you. >> thank you very much. before we go to break here are your top headlines. asian markets in the red after disappointing data confirms the chinese economy is entering a new normal of growth. it will slash spending to combat a slow down in markets and it's valuation day for etsy ahead of its ipo.

new york state is reinventing how we do business by leading the way on tax cuts. we cut the rates on personal income taxes. we enacted the lowest corporate tax rate since 1968. we eliminated the income tax on manufacturers altogether. with startup-ny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. all to grow our economy and create jobs. see how new york can give your business the opportunity to grow at ny.gov/business welcome back. the white house says president

obama will sign a bill that could give congress the power to reveal any nuclear deal with iran. the measure was agreed upon by the senate foreign relations committee. the president would not be able to lift sanctions on iran for 30 days after a final deal is signed by international they dpoesh yea -- negotiators. they would vote to reject accept the bill or take no action. it could save him the embarrassment of the senate overturning any potential veto. >> now morgan stanley is closing in on a deal to sell it's oil trading and storage business. they tried to off load the unit twice before but failed to reach terms with foreign buyers. the u.s. trading firm is the front runner with a bid of more than $1 billion u. s. dollars. wall street banks have been selling amid the slump and pressure from regulators and congress. let's have a look at how morgan stanley is trading today in frankfurt. let's also have a quick look at

oil prices. of course they have rebounded over the last couple of weeks and that momentum is continuing today. brent at 59.1. up .2%. wti at 53.97 up 1.3%. the main stimulus coming from reports overnight that u.s. production may have just come off at the margin allowing the oil price to recover slightly. >> the big talker has been the slow down in chinese growth but another big market mover will be the european central bank meeting due at 8:30 a.m. eastern. the press briefing will be in focus is what mario draghi will say and if quantitative ease as good helping the real economy because it has surely helped financial markets. you're looking at the stoxx 600 index up double digits in 2015. >> it is. it has moved my favorite security of them all. >> is it bonds. >> it's the german ten year

bund. .130%. that's amazing to show how quickly as well from 1.6% there at the start of may of last year. look it's back up. it's no longer at a record all time low but very important because we'll be hearing from mario draghi later today. he's not expected to make changes but none the less significant treasure and lack of liquidity liquidity. we'll have to hear from him if that's a concern for him. >> if you wanted any indication of whether qe had an impact on markets you take a look at the german ten year and there you go. a good example of how monetary easing is put into effect here. ecb policy meeting plus the move we're seeing in oil prices. we're up about 1.5%.

the dow indicating a higher open by 49 points. the financials have been a bright spot thanks to better than expected earnings. >> now, all aboard. cxs first quarter profit rose 11% as they benefitted from higher freight volumes and shipping rates. they also got a rate from fuel prices. it's launching a $2 billion buyback and is boosting it's wartly quarterly dividend by 2%. it's been benefitting up 8.7%. a lot of traders boarding the train. >> there you go. how long did that take you? >> we read the story three times now. i managed to think of the joke by the last time. >> love it. let's talk about financials. bank of america reporting first quarter results today at 7:00 a.m. eastern. the company is forecasted to earn 29 cent ace share on revenue of $21.5 billion. both are down from a year ago

analysts don't expect material surprises in terms of legal issues. he said last year's u.s. mortgage settlement is the last from the crisis area. take a look at shares from bank of america. they're higher by 1.3% ahead of its earnings report. >> intel's first quarter profit rose 3% in line with forecasts. revenue was flat and down 13% from the fourth quarter missing estimates. speaking on cnbc intel's cfo was more upbeat on the current quarter. >> our prediction for 2015 is the pc market will be down in the mid single digits. as i think about the longer term for the market we're planning for it to be more flat than a growth market. when we look at other areas of the business we still think we can grow the company. >> it rose 2% in after hours trade. up 3.6% at frankfurt.

let's cross to denver. rick, good morning to you. thank you for joining us. so in trade today we're looking at over 3.5% gain but that's a surprise isn't it? overall the earnings were in line at best. >> well the stock has been a poor performer this year. there's bright spots but they're clearly treading water and personal computers. i'd say older technology but they're doing well with cloud data centers. they dominate that business and they have a real wildcard with their manufacturing technique and they could bring some surprises. we have this speculation. there could be others. >> intel got a lot of criticism for not making that shift from pc to mobile fast enough but they are trying to get ahead of the wearable craze in switzerland. they announced they're teaming up with google as well as tech to unveil a smart watch. how big of an opportunity do you

think wearables is for intel? >> well i don't want to minimize it. i think they could have some participation. the real key is all the information that comes off your wearable that monitors your body functions and all the big data movement that companies are adopting. that all flows through the data centers and that business was up 19% year over year last quarter. that's the highest profit margin business. >> i want to take a step back and talk about the semi-conductor space because we have been seeing this massive run in the semi-conductor stocks over the past one year. a couple of weeks ago we did see a sell off in the semi-conductor space due to valuation concerns. how big of a concern are valuations to you when looking at price attorneyto earnings ratio. >> i'm not favoring qualcomm

right now but semi-conductors are undervalued. i think structurally undervalued. investors missed the growth tuns that are under this sector. it's not a mature business. they're consequential to every walk of life out there today because of the connected mobile and cloud world. >> let's talk about the internet of things. it's a fast growing part of the business but a small part of the pie. can that be a big driver for them in the next 12 months? >> not the next 12 months. i think you're looking 5 to 7 years. their strategy is really to bring the economics down on their competitors like they're doing with qualcomm right now and absorb a lot of the functionality that their

competitors have been doing well with. that's what they did in computing in the 70s, 80s, and 90s. instead is going to take it's manufacturing technique. they're several years ahead of them and they're going to leverage that in ways we can probably not quite glean yet and i go back to the speculation. whether it's some other enterprise i believe they'll make a move over the next 6 to 12 months. >> wrap it up for us. buy, sell or hold? >> buy it. >> buy it big time? >> i think in a year it will be a $40 stock. >> very nice. thank you so much for joining us. much appreciated. senior equity analyst at drexel hamilton. >> a look at u.s. futures. what can you expect this wednesday morning? we're higher across the board

after what has been a choppy raiding session over the past couple of days. trying to digest what impact the stronger will have an profitability. we'll get a better sense of that next week when we look at 150 companies at the s&p 500 reporting earnings. this week about 50 companies reporting. netflix which continueses to be in focus it's one of the out performers when you take a look at the week to date performance. nasdaq a gain of around 12 points in premarket trade. >> let's have a look at european markets before we go. in the green yesterday and in the red yesterday and we're bouncing back today. this comes of course ahead of the ecb meeting in a few hours time where we will hear almost for sure that there will be no change to the current qe program. we're looking at about .5% of gains across the main forces in europe today. that's all we have time for here on worldwide exchange. thank you for joining us. i'm wilfred frost. >> i'm seema mody. thank you for joining us. we'll see you tomorrow. next up is squawk box. have a great day.

when a rewards card is designed to sync with your life it gets talked about... ♪ ♪ ♪ so you can live the way you live, and enjoy all the rewards. chase sapphire preferred. so you can.

good morning, europe targets google and it could cost the search giant more than $6 billion. eu regulators expected to file formal charges against that company as soon as today accusing it of anticompetitive behavior. look inside intel posting quarterly results in line with lowered forecasts and investors seemed relieved that the world's largest chip maker didn't have more bad news for the market. plus a scary warning for the skies. a new report from a federal watchdog says u.s. airlines could be vulnerable to in flight hacking. it's wednesday, april 15th. easy andrew easy.

tax day. squawk box begins right now. what a bounce in his step. ♪ >> live from new york where business never sleeps this is squawk box. >> do my little jig on my chair. i'm very happy. this is a very exciting moment. >> welcome to squawk box on cnbc. it is tax day. also spacex successfully sending an unmanned rocket to the international space station. it's carrying 4,000 pounds of food equipment, and an expresso machine to the astronauts living there. the delivery should arrive by friday but following the launch focus was on what has become a tougher part. spacex attempt to land the booster rocket on a booster platform floating a few hundred miles off of florida's coast. >> and the founder posted this vine. the rocket landed fine but