a very warm welcome. this is worldwide exchange. i'm wil fres frost. >> good morning. these are your headlines from around the world. >> german chancellor angela merkel keeps the pressure on greece to implemented reforms in a return for a bailout deal. this as athens admits it can't pay back the imf at the end of the month. >> janet yellen is saying the u.s. economy is strong enough to pull the trigger on a rate hike in 2015 but investors are are still split. >> chinese stocks sell off into the close after a wave of ipos

raises concerns over liquidity. >> a new beginning. hong kong lawmakers vote down the proposal as protestors vow not to give up on democracy. >> so we are getting breaking news. the central bank cut key rates to 1% from 1.25% so a 25 basis point cut. we also saw the flashes out of the central bank. this comes in line with expectations to deliver 25 basis point cuts to 1%. >> they say they're looking at house prices and they have risen at a lower space than expected. lower wage growth and fading effects also of a weak norwegian

corner having an impact as well. now wage growth is said to be lower than what was projected in march. 2016 unemployment at 4.25% versus a march forecast of 4%. that's quite a big hike in unemployment. wage unemployment. >> indeed so 1% the new level there. also forecasting the 2016 level at 0.75%. the 2017 level back to 1% so that's where we started. a little cut today there. a further cut next year but back on the path of normalization. >> a little move on the back of that. >> we have a lot going on in today's show. wilfred and i limbering up and getting ready. >> we're already ready. >> born ready. >> the fed as expected is keeping rates unchanged. the central bank believes the improving u.s. economy is likely to warrant one or two rate hikes by the end of the year. fed chair janet yellen said the

economy escaped the soft patch of the first quarter but more progress is needed before the fed would be ready to pull a trigger on a rate hike. >> the committee continues to judge that the first increase in the federal funds rate will be appropriate when it is seen further improvement in the labor market and is seasonably condition fireworks dent that inflation will move back to its 2% objective over the medium term. in our meeting that ended today the committee concluded these have not yet been achieved. >> the majority of officials still want to raise rates this year. however seven members only expect one hike in 2015. the fed cut it's growth outlook for the year expecting gdp dproeth growth of 1.8 to 2%. we'll be talking more about it throughout the show. yellen also faces concerns that greece could face a imminent

move from the euro zone. >> but where there's a will. there's a way. that's what they say at least? that's the message from the german chancellor angela merkel that says that a bailout deal with athens and creditors is still possible. in the last hour she said that germany's efforts are aimed at keeping greece inside the euro zone. >> thousands of people took to the streets of athens last night to protest austerity in a show of support for the government. this after a greek negotiator admitted the country didn't is the funds to pay the imf by the end of the month. but the greek finance minister ruld out a cash ruled out a cash for reforms deal. >> they're not designed to stage fresh conversations that have

not been in advance. also it's my considered opinion that now the agreement has to be reached at the level of political leaders. heads of states, prime ministers, chancellors. moscow is saying it's unlikely to retaliate with new measures but could extend a food embargo in place. this as nato hits back at the planned purchase of new missiles describing the move as not responsible. let's get out to jeff who is live for the st. petersburg international forum. >> thank you for that. i have with me vladimir the head of russian railways.

always an astute commentator on the politics and economy of russia. very nice to see you, sir. they threw to me from london talking ability the rolling over of sanctions that now looks likely. how has russian railways done under the current sanctions regime and how do you feel about the prospect of them being rolled over? >> first there's no sanction. legal sanction, they are not existing because that is only for united nations to impose some sanctions. not for the united states or anybody else. so to my mind that is illegal limitation of economical and political from different countries including russia. of course if it's influencing economy, for example, i am co-chairman of the business

council with the french co-chairman and they were complaining that they had a lot of problems so it is influencing russian economy. you know i suppose it is the economical decline as a result of the crisis. global and local in russia. and, you know due to the prognosis of our ministry of economical development, you know the forecast is a little bit gloomy but that is most influential, most essential part which is influencing the railway business. otherwise we are doing not bad. we are in line with accepted by the government program. we are doing our investment program. we are inside.

so i should say it is. >> i spoke with the central bank governor earlier this week and we talked about interest rates and inflation and i asked are you having a dialogue with the president about growth? because the one policy that seems to be missing right now is growth and monetary easing that would help russian railways. but it's not forth coming yet, why? >> i admire his personality. though we are in deep discussion concerning the role of central banks totally and the russian central bank. i'm not professional in this field but you mention the growth of the economy. listen, there is a difference in understanding english version

and russian which means development as a sustainable process of making the people more satisfied with their lives. it's not enough what the bank insists of doing today. we can talk about globalization but, you know as a member of real sector of economy i should say that we're not satisfied with the way the financial management is being done today both globally and locally in russia because it is essential. central bank admitted that investment infrastructure is geared toward the development for the society and for the economy. on the other hand you know the interest rate established is not facilitating the activity. so this is to my mind in the

approach. >> you and i are both old enough to remember the cold war and what happened during that time and it wasn't a good time to be around. lots of people are very concerned about what happens. seems like you slipped back several decades to that period. why does the president feel russia needs to add to its nuclear arsenal at the moment? >> listen i cannot you know tell on behalf of the president of russian federation. i'm not a spokesman. there is another guy that knows that i can say on my own behalf. listen i suppose we should see the ignorance and nonprofessional attitude on the part of those responsible for developing international relations.

finished with appearance on plain. the other said that intelligence is being finished when the people starting on the root and firing guns. diplomacy is finishing when people are losing their ability to see into the core of the position of the other side. that's not diplomacy. that's fighting. that's essentially to understand that ignorance on their side and ignorance on our side inability to see the reasons of each other. ignorance of the interest of the people of russia. we're not talking about just political figures. we're talking about interest of russian people. and i say if you ask me i cannot accept the attitude which say

today's foreign policy leaders toward my country. >> we must talk about russian railways. you have outlined extensive plans to rebuild the trade routes and you had several rounds of discussions at the greeks about taking on the greek railways through some privatizations. where are you at in terms of both of those conversations? >> we started with the development of the economy. the development of the society. it is our understanding that development of infrastructure or facilitating of the society and development of the economy. from this point of view our version of the belt of development completely coincide now with chinese idea. they started their idea after we

declared our idea but that is not the reason to compete who was the first, who was the second. that is supportive and very good combined ideas on the territory of asia. the global economy is also what is going with this asia infrastructure project. many countries rush to be part of this project, why? because they see it that is an essential element of the development of global economy and because of the interest of our country i suppose development of our idea of the belt of development together with our chinese partners is also very essential for the development of our economy and our society. >> greece? >> as far as greece is

concerned, greeks they should decide what they want because otherwise it is impossible to do something. a very prominent jew was pleading to win the lottery. he was pleading for 40 years and finally at least buy a ticket and i will help you. so you know to buy the ticket for the development of the economy one should start it from 0 level. so that is about the greek possibilities. they want us to be part of the development of infrastructure. >> the world company in different time zones and different climate zones so we can do that job. >> always good to speak with you. best of luck are russian railways. joining us from russian

railways. >> thank you very much for that. we're not going to have a quick update on what markets are doing here in europe. it's been a soft couple of days. european markets can't seem to get back in that risk on sentiment at the moment. today is more of the same. we're down three quarters of a percent on the stoxx 600. let's see what they're doing. quite a spread of declines. the ftse 100 relatively out performing. continental europe all down. interpreted as being a little bit dovish. the idea that we might only get one rate hike this year. i think it's wrong. there was confirmation we'll get at least one rate hike this year. possibly two. none the less we saw yield compression back below 2.3% on the u.s. ten year. no further movement in the

german yield yesterday. thus those relative moves, let's look at currencies pushed the euro dollar up and we're looking at it well into the 113 handle. just across the 114 handle as we speak. quite a big move in the euro dollar despite what i would say wasn't that dovish commentary from janet yellen. so the euro 114 up 1.6% following a move yesterday. we'll get straight out for the latest on the unfolding greek issues. julia is there now. >> thank you wilfred. we have heard from angela merkel speaking in parliament this morning and she says where there's a will there's a way but in order for a deal to be reached reforms need to be done so very little ground it seems being given to greece and what we heard yesterday was, look we're not going to get a deal today. a deal needs to be reached at

the heads of state levels. he wants to get angela merkel around the table to then be able to go back home and say this isn't from berlin we were actually part of the negotiation but both sides it seems continuing to throw it. the ultimate question is whether or not from here if we can't reach a deal if we get an emergency summit this weekend and whether they allow them to come in over the coming days and we push it back to the eu summit. as far as merkel is concerned she needs to show that she did everything she can to keep greece in the euro zone so that would be an argument for awe summit this weekend but of course the other agreement and the other factor she did mention today was that all mentions of the institutions need to be part of this deal.

the imf and ecb needs to be on board. we've had them warning about the situation and they're likely to get far more vocal if we don't get a deal and it pushes on for the coming days. >> we'll talk to you later on. for now, thank you very much for that. now we've got a whole show ahead of us of course. coming up it's ready, steady go for fit bit as it prices it's ipo at the top end of the range. can the firm survive against it's competitors? we'll talk more about this. plus also find out how much airbnb is seeking in new funding as the app trims it's revenues over two years. the u.s. treasury wants a woman to be on the new $10 bill they're printing. we'll talk more about that. keep your e-mails coming through. if you want to see any particular women on the front of the new u.s. $10 bill or find us with other questions or comments

to our guests as well. we'll see you in a second.

>> welcome back. i had to find the camera. i was busy talking to wilfred here. we haven't said good morning have we? >> a very good morning to you.

in the final hours of trade you can see there. financials among the worst performers as a wave of concerns about liquidity. >> prices increasing for the first time in 30 months in may. meanwhile foreign investment increased by 7.8% last month. let's get out with sri with an update on data and the markets. >> let's start with the mainland china equities. we have been saying this and with high leverage in the system comes high volatility and certainly today was yet another case in point and it's the same old song and dance ree tune. the wave of ipos depriving liquidity and interest from the

main board and the other thing here, the silver lining is what you were talking about so the property stocks are the relative out performers on the broader markets. a rough day for australian equities after iron ore prices slumped to a four week low but broadly a sentiment was at negative today because it was the greece jitters that overshadowed the dovish tone struck by janet yellen overnight at the fomc. there we have it and there we stand. fairly negative session overall for equities in this region and more choppiness and more volatility in the china market but this really is the new normal. back to you in london. >> thank you very much. >> now the u.s. treasury secretary is saying the newly redesigned $10 will feature a

portrait o a a a alexander hamilton will still be included some way on it. the new $10 bill goes into circulation in 2020. the 100th anniversary of women winning the right u.s. there's a lot of contenders like rosa parks for example. civil rights hero. harriet tubman risking her life to save people and help them escape from slavery. eleanor eleanor roosevelt and then other candidates like oprah and beyonce. >> taylor swift. >> even seema mody would be a good choice. a great choice. we should point out that, in fact in the statement it has to be someone that's already passed. some of these people are ruled out but it's fun to have enjoyable light hearted suggestions. get in touch with us

worldwide@cnbc.com or cnbcwex. harriet tubman is the favorite at the moment. a very worthy candidate. >> absolutely. >> legislators in hong kong reject reform bill. i'm sure a number of our viewers aren't following this in full. give us background on this. >> basically it's been in the works for some time and the chinese offered a bit of caret and bait and trying to get democracy in the territory. they were offering every registered voter the right to cast a ballot but the candidates

on the final ballot would have to be prescreened by a little over a thousand people on a selection committee and that's what sparked the occupied protest last year in the objections to a preordainment of what appeared on the ballot. now today only 8 balancelot were cast in favor of the reform bill. the vote went ahead. joining me on the program is the hong kong legislator a long time participant in politics here that stayed in the chamber to cast his vote for the plan. good morning. >> good morning. >> what happened in there? the democrats came away looking like there were only 8 votes for it. look how many voted against it. let the record show. this is not good is it? >> definitely not.

there should be 41 for and 28 against. but 33 of them decided to walk out simply because one of them did not show up on time and they want to walk out and give the meeting another like 10 or 15 minutes for him to come back and i think that's totally uncalled for. i do not agree to that and that's why we got 8. five of those votes are from us. >> an odd ball result here and questions will be asked in the aftermath. leaving that aside for a second what happens next. maybe two, five, ten years again before we have this discussion. isn't this the set back for hong kong. >> i really think so. >> we are overrun by the british and life goes on.

we never have an election sort of background. how do we elect legislators or the ones that run hong kong but anyway it's elected by 1200 people. this is the first time that beijing offers that. the 1200 people could not make three candidates to be elected by 5 million people. i think it's a great idea but by voting no what's going to happen now is our chief executive will be for 1200 people. it's a step backwards. i don't know why the pro-democracy side decided to vote no on this. >> we know what's going to happen in the future. there's going to be protests and they're going to make noise. it's going to be basically an unworkable kind of relationship. it will be very fractionalized.

one thing though i have to say, i thought it was very interesting that the stock market today actually took a bit of a dip right as the vote was being taken and when the results came out like that the market shot up hundreds of points. as far as business goes. as far as outside investors, the rest of the world this is not the worst possible result is it? >> definitely not. in hong kong we talk about politics versus economic development. all along. the political issue always rank the lowest. they're more concerned about the economy. how do i make a living or make money and then the housing, the social welfare, hospital et cetera taken care of. whether we have a good election method or not, they figure that in the old days like i said when the british appointed the governor it's pretty good. so i don't think they really make that much of a difference. >> okay. well, we're good. you and i are both going to get

older. thank you very much for making time to join us today. we have the experience of like 160 years of british colonial governors here in hong kong and we appreciated them all on our behalf but please don't send anymore. we'll sort it out ourselves over here. back to you in london. >> we're doing our best over here. we're doing our best. but interesting times as always. interesting times. bernie, thank you. still to come here on the show well refusing to target the rouble. why she is putting a top priority on inflation and not currency volatility. you're watching cnbc's worldwide exchange. you can find us on twitter. we'll be back right after this break. thanks for calling angie's list. how may i help you? i heard i could call angie's list if i needed work done around my house at a fair price. you heard right, just tell us what you need done and we'll find a top rated provider to take care of it. so i could get a faulty light switch fixed?

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angela merkel keeps the pressure on greece to implemented reforms in return for a bailout deal. this as athens admits it can't pay back the imf at the end of the month. >> the euro hitting a one month high after growth forecasts and signals that interest rates will rise more slowly than forecast. >> don't expect us style qe or stimulus from moscow. she tells cnbc her top job is to tame inflation despite growth concerns.

>> a new beginning in hong kong. lawmakers voting down the electoral reform proposal as protestors vow not to give up on democracy. >> now we just got u.k. retail sales data. that's down from april's 0.9% but april was a particularly strong reading and the forecast was, indeed for 0.2 this month. the euro only 4.6%. the forecast was plus 4.7 so fractionally lower year on year but overall still taking as a strong performance in retail sales. you can see sterling bouncing to a 7 month high of 1593 which was up quite sharply over the last 20 minutes or so and the dollar suffering across the board.

15913 at the moment. >> apparently people not there. >> april retail sales are very very strong. sterling taking it positively. >> there's been this drop in oil prices, right? so the thinking would be that whatever you save at the pumps you can spend on a nice summer jacket or something. >> but retail sales in the u.k. over the course of the year have been stronger than in the u.s. so relatively speaking there's more of that happening. but anyway sterling bouncing. >> yeah sterling bounced this morning. well maybe not so when looking at the russia rouble. the russian economy minister expects the rouble to hit 50 per us dollar by year's end. this happening after they slashed the interest rate by a full percentage point on monday.

jeff has been speaking to a load of interesting people. what's the message from russia? >> the funny thing is the economy minister keeps talking about interest rates. but the central bank took the position to move away from inflation targeting. i had a conversation with the central bank governor this week and i pressed her on many occasions and said look the market believes you are still trying to push the rouble into somewhere around 50 to 55 against the green back and she said over and over again oh no we're not. that door is closed. we moved on but i also took her back to the events at the end of last year when we saw the russia currency under attack but as it

turned out the oil and gas businesses trading operations seem to be trying to act against the central bank and i asked her whether that felt unpatriotic at the time and what message they conveyed to those trading desks. let's listen in. >> translator: we indeed viewed them as yet another category of market players who were acting legitimately in the currency markets. although we organized meetings with them and told them about the consequences of the regime because they had to understand that they were taking on the currency risk that the central bank is not going to control the exchange rate and under the influence of the objective situations the exchange rate may strengthen or may weaken and they should be ready for it. so for them to be able to control their currency exposure it would be beneficial to release a currency revenue. i would say they have mastered

it so right now they're being quite even in terms of selling their currency without any pressure from the central bank or from the government. >> but they say that when it comes to central bankers quite often they're fighting the last war. if you think about the germans they're always fighting inflation. if you think about the americans they're always fighting the depression. in the russian context you experience 98. you have gone through last year. does that mean you're always fighting rouble instability? >> translator: no it does not mean this and indeed until last year practically the rouble exchange rate in as far as all of the economic entities were concerned was a nominal anchor so to say. that was the responsibility of the central bank the key points

to us is our interest rate policy like the cost of money and the cost of rubles and we want to teach them that it's a much more important component. so this kind of change in attitude toward our policy is currently taking place but certainly the economic entities find it still hard to get used to a floating exchange rate which can change itself either way but they started paying much more attention right now to our key rate. to the decisions about the key rate that we're taking during the board of director's meetings. this is something people are really looking forward to. we haven't had that a year and a half ago. the central bank rate has always been a key discussion point. but now the inflationary targeting will turn them into our main instruments but we're in the very beginning of our

path and the economic entities will have to grow used to it. take times to reorganize and change the attitudes toward this policy. that's what we will have to do. >> so they're all wrong when they come out like they have done after the latest rate decision and say this is not about inflation. this is about the rouble once again. what you're saying to me it seems is take on board the fact that we have now moved to inflation targeting with a floating rouble. the door is closed. we're not going back to targeting a certain level of the economy. >> translator: exactly right. we're not targeting any level of currency exchange and all of our decisions pertaining to the interest rates we are making in order to achieve our inflation target which in the midterm is to reduce inflation down to 4%. effectively we are make our decisions and analyzing what is

going on in the economy and the economic slow down. we take into account the factor to what extent it is of the cyclical nature and respectively we make our decisions. but the kind of policy we are pursuing i would like to underscore that we're confident that it would lead to inflation going down 4%. >> just away from those conversations about interest rates and the rouble. they're also working hard to model an interest rate hike from the fed later this year and what that might mean for volatility in european markets. >> we'll cross back out here a number of times in the next hour. more coming up from russia. the swiss national bank kept them on hold as expected. norway's bank has cut it's key

deposit rate to 1%. the bank says that another cut might come later in the year as the norwegian economy slows on the back of lower oil prices. joining us now is the global head of fic research. welcome. >> is it in line with what you are expecting as well. >> what was interesting was that they also lower this so they basically say there's a 60% probability of a third later this year. it's clearly because they are concerned about demand growth. >> do you think it's going to make a difference to the norwegian krona? >> i think you'll see a little weakness on the back of this decision because they lowered the rate. not because of the interest rate because that was expected but it's important to keep in mind

the market had already seen this so basically it was exactly in line with what the market was priced before the decision. so i think it's going to be relatively short lived and we receive strength later this year as oil prices gradually recover and also remember that the investment survey out of norway last week was much stronger than a lot of people expect and suggested the down side for the economy at least in 2016 is much smaller. >> thomas, i want to also reflect on the snb decision earlier today. no change in their rates and from the commentary from the central bank chairman it seems like negative interest rates force switzerland for sometime. >> negative interest rates are here to stay because they have been undershooting their

inflation target. >> what was interesting is they raised a little bit the inflation forecast which is surprising given what we have seen recently. the pressure is to come back at least on the short-term and especially given what is happening in greece. >> we saw the swiss franc rally today off the back of the decision but it rallied quite strongly ahead of the decision. where do we go from here? is it priced in the decision today? or is there further to go? >> in the short-term it has further to go. it's important to go that before this decision the market was looking for a significant chance of a further cut over the summer. they're not thinking that was likely to happen on the medium term. they were hoping that the swiss franc will start to weaken and

the market will put a bit of pressure on them in terms of you'll see more euro and more strength here at least in the short-term. >> thomas while we have you with us as well yellen speaking last night, the market taking the speech to be slightly more dovish than what had been anticipated. what do you think the knock on effect from this is going to be in terms of repositioning with the euro dollar in mind? >> there's no doubt this is short-term bearish for the dollar. she was more dovish than what most people had expected. the market is the long dollars. the key level is the recent high around 11467. if that goes in the short-term the risk is we see a bit of a shoot to the topside here. there's a lot of things happening. but not a lot of things in terms of central bank policy. that means we're arranged in euro dollar but short-term to the topside.

>> thomas thank you very much. i was thinking you and i we should teach wilfred a bit of danish. >> please do. >> what is today's danish word? >> danish word is election here in denmark which is interesting of course. >> so election in danish is -- valg. >> okay. how do you say i'm going to vote for the incumbent. >> thomas? >> it's going to be an interesting election. >> yeah. >> the danish lesson was short lived. thank you for joining us. >> it's a type of porrage that you maybe with crumbs from bread and a bit of sugar and beer. >> that sounds horrible. karen has written an article on

why the swiss franc is suffering the curse of being a safe haven currency. >> still to come on the show fitbit hits the ground running with it's market debut today. will the company be able to outrun the competition? we'll break it down after the break. heroes charge! ♪

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>> fitbit priced it's ipo at $20 a share. they're tracking prices about $4.1 billion. shares will trade today under the ticker fit. the ceo and co-founder james park will be on squawk on the street at a first on cnbc interview at 9:35 a.m. eastern time. george, good morning to you. thank you for joining us. so another very richly priced ipo but this company actually making quite a lot of money already. is the valuation justified in your eyes? >> well first this is a great start for fitbit. as you can imagine they must be really happy with the ipo but

i'll highlight how hot the wearables is right now and this just highlights that's how it is. >> indeed and can they defend the market they've got? a lot of other competition. have they got a usb that makes them defendable? >> they're one of the pioneers in the place. they offer a range of devices that relate to pretty much any category of people. >> i mean, george, you're wearing like 12 fitbits. you have all the newest ones and jawbone i noticed. i have a fitbit and a jawbone. i tried them both. i wanted to see how they work basically. what happens now when we have the apple iwatch and all the other wearable tech gadgets. isn't that going to disrupt the whole fitbit model?

>> when you first saw we wearing all of these devices you called them fitbit even though you weren't sure. this is how fitbit is synonymous. they're holding a very high position in this market and when it comes to the other players we have companies coming in and this only costs $15. so this only costs $15 where as a comparable device cost $80 so the question is is it sustainable for fitbit? but it's very easy to obsess about hardware. you're actually buying an experience which comes with the app and everything else. >> i have to add a lot of people that i know have one of these devices for the wrist and then

you get irritated at being told how you're supposed to be or you take them off and find you're not sleeping as well. is it a short-term experience but the people aren't going to be able to keep the consumer in for the longer term? >> the thing is there's companies like fitbit but they have the brands behind them. they have a big range of devices starting from ar affordable $50 device and going up to $250 device. and barrack obama is also wearing this actually. so it's a device depending on who you are you'll find a device that suits you.

>> have you tried them? >> i haven't tried them. i'm not a fan of all of these things. i do my exercise. i don't need to be measured on it. i just like a normal old watch. i'm happy with that. an analog one. it does the trick. but as we said thank you for joining us. >> we're just getting a flash with regards to the decision in china that the chinese parliament is saying the decision on the hong kong electoral reforms is to remain in force despite the hong kong veto. we were just hearing on this particular issue but they're saying the decision is to remain in force despite a veto. >> now they're planning a fast track today on the trade bill. the measure failed in a vote

last week after democrats rejected a separate bill. >> and the u.s. secretary jack lew says the $10 bill will feature the face of a woman. alexander hamilton will still be included somehow on the new note but lew is saying he will announce the selection later on this year. it goes into circulation in 2020 which is the anniversary of women winning the right the vote in the u.s. a lot of really good suggest surveillancesuggestions on who should be on the bill. >> he agrees and also submits.

miss paris hilton is another suggestion. he tweeted in and suggested kim kardashian. i can't repeat the full reason why he suggested kim kardashian but that's another suggestion. lots of silly ones and serious ones coming in. continue to get the sweets in and seema mody of course. >>@wilfred frost. let us know who you would like to see on the number $10 bill in the u.s. >> right let's have a quick look at european markets. they're in the red across the board. you can see the german index down 0.9%. france and italy off similar amounts. ftse 100 out performing only down 0.43%. >> when it comes to the fx markets, these are the cross

rates we have been looking at. euro dollar 11387 so we moved higher after that dovish statement from janet yellen yesterday following the fomc decision. the pound also rising a bit against the dollar as well in this morning's trade after we had retail sales data for the u.k. coming through. may was a little bit weaker than anticipated but still seeing buying. >> basically in line a bit lower than april. quick look at u.s. futures as we head to the break which are point pointing. we'll talk about that after the break.

hi everybody. welcome back. you're still watching worldwide exchange. >> here are your headlines from around the world. >> well tragedy strikes charleston south carolina where police are searching for a gunman that opened fire in an african american church killing nine people. >> the dollar index slumps to a one month low after the fed lowers it's growth outlook and signals that interest rates will rise more slowly than had been thought. >> angela merkel keeping the pressure on dpreesgreece to implemented reforms in return for a bailout deal. >> fitbit off to a running start pricing it's ipo at $20 a share

above the target range. >> let's get you an update on the tragic news out of south carolina overnight. 9 people are confirmed dead after a man opened fire in a historic african american church in charleston. the victims include a long time state senator and pastor at the church. they believe it was a hate crime. the suspect described as white is still at large. we'll be live in charleston with the latest in just over 30 minutes time. >> when looking at how the u.s. markets are called here you're looking at them just a tad bit lower. the dow being called 13 or 14 points lower so just be aware of that as we head further into our

european market session and just a recap of what we're seeing so far. we're trading lower across the board. and you have the xetra dax lower by 1% and now we're looking closely at the bond markets to say whether or not we have to see the yields heading higher with greece. >> interesting bond market moves as well. everyone is taking what janet yellen said as dovish. a suggestion that we'll only get one rate hike this year. i think we got confirmation that we'll get at least one rate hike this year. so we'll have to wait and see how other people see that but the market took it as dovish. we fell on the u.s. ten year. that's where we remain.

there wasn't too much movement on this side. thus those moves has seen the euro surge overnight if we have that coming up next. the euro dollar going past 114 earlier in trade. it's now back at 1138 but a descent move late in trade yesterday and that's pushed sterling up past briefly 159 but we're in 1589 at the moment. >> as you were saying the fed has expected keeping rates unchanged but the central bank believed the improving u.s. economy was likely to warrant one or two rate hikes during the year. the fed chair says that the economy has escaped the soft watch of the first quarter.

more progress is needed before the fed would be ready to pull the trigger on a rate hike. >> it will be appropriate when it's seen further improvement in the labor market and is reasonably confident that inflation will move back to the 2% objective over the meeting term. in our meeting that ended today the committee concluded that these conditions have not yet been achieved. 7 members only expect one hike in 2015. the fed cut it's growth outlook for the year now expecting gdp of 1.8 to 2%. let's get out to john sylvia who is chief economist at wells fargo fargo securities.

you expected a first rate hike for september. after yesterday do you still think that? >> yeah we still think that and i think it's at least one. september and probably december and the reason i think when you look at the fed's projections for growth next year and their inflation projections for next year what you're getting is a pick up in inflation and we'll see that by october or november data and by the time they meet in september i think you do get a second hike. what helped the bond market in the united states has been the long run protection in 2016 and 2017 where a lower federal funds rate than what the fed ex pekted. for bonds, pricing interest rates overtime that's a big positive. >> john there was another repeated sentiment from janet yellen that she really wants us to focus on the path of interest rate which is is a little less steep than it was rather than the specific timing of the first hike.

is that her trying to remove volatility from the markets or is that a fair thing to be saying? that the first rate hike because it's going to be such a small one won't impact markets that much and it's the longer term that we should be focussing on? >> it's the longer trend that we focus on and a agree with you. by moderating the path overtime all of those increases have to be discounted in the price of the ten year treasury and as a result when you have a more moderate path for the federal funs rate you'll have a more moderate path for the ten year and it's a little bit lower than what people expected yesterday. so it gives good explanation to what happened to the bond market. >> that's great for now. thank you very much. we'll hit the pause button and we'll be back out with with you shortly. now yellen also addressed concerns that it could face the exit from the euro zone. the failure to strike a deal has

disruptions from global financial markets. >> where there's a will there's a way. the bailout deal with athens and international creditors is still possible. in the last hour she said germany's efforts are aimed at keeping greece inside the euro zone. >> thousands of people took to the streets of athens last night to protest austerity in a show of support for the government. this after a greek negotiator admitted the country did not have the funds to pay the imf at the end of the month but the greek finance minister ruld outreaching a cash for rerforms deal with creditors at a meeting meeting. >> they're not designed to stage fresh conversations that have not been prepared in advance i don't believe it's taken place and it's my opinion that the agreement has to be reached at

the level of political leaders. heads of states, prime ministers, chancellors. >> well julia is following this. julia, bad luck. it starts raining when you're outside but so we have him indicating one thing, that not a lot is going to be reached here within the next couple of hours by the looks of things and merkel sounding slightly more hopeful. >> she's the konsmentnegotiator but she was pretty much as far as reforms are concerned and this is the point we may be able to reach some deal but ultimately greece is going to have to do its side of the bargain. remember he said we're not going to bring any to the negotiating table and the ball is very much in greece's court. that's where we leave the situation. we'll know quickly whether or not the talks continue. if they push on we'll know

negotiations are going on behind the scenes. they're trying to come up with an interim deal but you heard he said the political level deal at the heads of states. in a room together trying to thrash out a deal. the longer this goes on the more likely it is that the deal looks similar to the proposal pulled out of the chat that took place ten days ago. so we just have to wait and see whether any gains could be made and i think the obvious thing to be looking out for at the end of this of course is whether or not a summit is going to be called this weekend if not the back end of next week. guys back to you. >> julia, thank you very much. we'll see you very soon again. stay dry. >> indeed stay dry. now let's take a look at some of today's other top stories. fitbit priced it's ipo at $20 a share which values it at $4.1 billion. founded in 2007, fitbit holds 85% of the u.s. market.

shares will trade today on the new york stock exchange under the ticker fit. james park will be on squawk on the street today in fairs ona first on cnbc interview. >> if i just go to work and go home again i'm at 3,000 steps. >> i've never had one of these devices. you're silly. you know when you have done enough exercise and when you need to do more -- >> i know. i'm a woman i have some weeks i feel like exercising and some weeks i don't. >> but happy to tell myself that. >> you're absolutely right. should just get on with it right? airbnb is seeking $1 billion in new funding. the wall street journal says that the company has told potential investors it expects $850,000,000 in revenue this year. more than triple in 2013. for now the company is burning

cash to expand and projects an operating cost of $150 million this year. >> revenue missed analysts forecasts. the company blames weak sales of its software licenses on the strong dollar. there was one bright spot let's have a look at share price action. down 8.5% in german trade today. >> and you have been writing in telling us who you would like to see on the new $10 note that's going to be printed state side because they want a woman to be on the new $10 bill. we'll evaluate the top contenders. >> indeed. one that should be considered is louisa that just told me she is half american so she qualifies. get your tweets in. we're back in two.

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>> police are searching for a man that opened fire on an african american church in charleston south carolina leaving nine people dead. the dollar index hits a low as the fed signals rate hikes will be gradual and fitbit prices it's ipo above target ahead of its market debut.

>> legendary wall street deal maker jimmy lee passed away. he was 62 years old. he helped pioneer the use of sind loans which fuelled the leverage buyout boom in the 1980s. he played a big part of the deal. in a statement jamie dimon says jimmy was a master of his craft but he was so much more. it was an incomparable force of nature. >> a u.s. judge says ellen pao must pay $276,000 to cover legal costs from her discrimination lawsuit. a former partner sued claiming her career was short circuited because she is a woman. she is now interim ceo at a

social news site. her case became the flashpoint in the on going discussion about gender equity, tech and venture capital firms. >> jarks lew says the newly redesigned $10 bill will feature the face of a woman. it will still be included somehow in the new note. he'll announce the selection later this year. it goes into circulation in 2020. a lot of you writing in with suggestions on who should be on this new $10 bill. rosa parks is a favorite contender out there. harriet tubman as well. more modern names like oprah. >> we have more joking ones as well. taylor swift has been suggested by me in fact. not by the viewers.

>> beyonce has been suggested. >> louisa who is half american. >> many other women deserve the space a lot more. >> i can agree with you without doing a disservice to you. >> who would you like to see on the $10 bill? >> harriet tubman won an online petition to get this one. >> the first american woman in space to inspire young women to want to go to space. >> one person suggested caitlyn jenner. >> kim kardashian. >> get involved with us. eu extends economic sanctions on russia for six months until

january 31st. the decision is said to be ratified next week. they responded saying it's unlikely to retaliate but could expand the food embargo in place. they are describing the move as not appropriate for a responsible nuclear power. jeff is live in st. petersburg with all the latest jeff. >> yeah absolutely wilfred. against that backdrop businesses have got to carry on doing what they're doing and banks have to lend and unfortunately the story has been one of contraction in the financial sector and we have seen the russian central bank revoke about 100 licenses. not all of it about liquidity. some to do with fraud and malpractice. doing what the regulator does best. but where are we going with this sector given the sanctions regime. he joins me and he is the man

that runs a financial company that's been very much involved in some of the consolidation of the banking sector. good to see you. how would you characterize the stress the russian financial system is under. >> we have two factors. number one factor is the overall economy and second factor is obviously the new people running the central bank who have introduced much more strict demands to the banking sector to be a good sound sector. >> given that you're part of that consolidation process, unsurprising but they're in excess of 800 banking institutions or lending organizations here in russia. what do you think is a more sensible number to get this sector healthy? >> probably about 150, somewhere in that range and they should be

number one universal. second for like payment systems and third is probably regional. >> what about the capitalization? at the moment it seems that we have a lot of institutions that have clearly just under capitalized for the job they need to do in this economy. >> absolutely true and the only thing which can, in my opinion break capital, i don't think there's a lot of outside money. banking sector is not in russia. so the biggest problem there is people cannot exit the sector. so in any opinion the key will be sector finances itself. the sector needs to be profitable and the profit then in most part gets reinvested into the sector itself. >> but that's challenging, i mean i think you didn't pay a

dividend in 2014. >> no. >> and the outlook here is challenging, particularly with interest rates, 11.5% now. >> that's high given the plans for inflation. we have discussed a number of times before with you either need high inflation or high interest rates or with a low inflation you need low interest rates. the central bank has been lowering the rate. this was because the crisis in russia didn't go in a scenario which was a disaster scenario. it's still there but it's going slowly. we're looking slightly low and that allows the interest rate to be brought down. we welcome that because 11.5 is barely starting to make sense business wise. before it is very difficult for businesses to sustain the

interest rate because once you got to 11 and you have 12 the cost of other things the banks charge i mean borrowers it's all the way to bankruptcy. >> just to wrap up quickly, what level of net income do you think you'll make in 2015? >> it will be good for us if we come close to zero. this will be a good result because we're still living through it. >> good to see you. >> thank you. >> best of luck with the coming period given the difficulties. ruben joining us from otkritie. let me send it back to you in london. >> a quick look at u.s. futures before we go to break. they're pointing lower following declines in asian and european markets. the dow expected to open down 10 points. we're back in two minutes. ♪ ♪

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welcome back. you're watching worldwide exchange. i'm pleased to be in your company this morning. we have key measures of inflation. we get weekly jobless claims as well as the first quarter

current account figures. at 10:00 a.m. is the fed survey that tracks regional manufacturing conditions. john is still with us. chief economist at wells fargo securities. thanks for standing by. i know it's very early where you are. let's talk about the inflations they're giving us. i think it's interesting when you look at where the ten year yield is at the moment to discuss whether or not the yield is currently warranted given this dovish message that we're getting through. >> in one sense when you're looking at the inflation numbers particularly when looking at the consumer price index this morning you'll see the steady month over month increases in the annual cpi number so in that sense, no the ten year treasury is still a little bit too low. probably will drift up over the rest of the year. now given the fed's projections

for the federal funds rate you do have a sense that where we are is probably not going to be any kind of a repeat of what we saw in 1980s or 90s. so again long-term u.s. treasury rates are probably going to be a little bit lower than historical averages. >> john, let's just sum it all up. we have the broader u.s. dollar index at a one month low. is that justified at the moment or do you think the dollar is going to rebound as we head into the end of the year. >> i'll follow up your earliest story and say i think the dollar will rebound. the fed will increase interest rates. probably twice this year. you're not going to have increases by the bank of japan or the euro. so to me the dollar would pick up steam as people sense a slightly higher inflation and stronger growth and increase in

interest rates. >> much appreciated. >> thank you. >> still to come on the show we're live in charleston as police hunt the gunman that opened fire on a church killing nine people. worldwide exchange is back in a couple of minutes. ♪ building aircraft, the likes of which the world has never seen. this is what we do. ♪ that's the value of performance. northrop grumman.

ifshlths welcome back. you're still watching worldwide exchange. >> here are your headlines from around the world. >> tragedy in charleston south carolina where police are searching for a gunman that opened fire in an african american church killing nine people. >> the dollar index slumps to a nine month low after the fed lowers it's growth outlook and signals that interest rates will rise more slowly than had been thought. >> angela merkel keeps the pressure on greece to implemented reforms in a return for a bailout deal. this as athens admits it can't pay the imf at the end of the month. >> fitbit out to a running start ahead of a market debut. pricing it's ipo at $20 a share above the target range. the russian economy minister expects the rouble to hit 50 per u.s. dollar by the end of the year. that's according to the ria news

agency. >> russia continues to face head winds from global commodity prices. impacting a key component of its economy. jeff is still with us from the economic forum. this time focussing on aluminum. >> i'll be here for the next 48 hours. so you won't have to keep saying still at the st. petersburg economic forum because i'll be here but if you run a commodity business one of the challenges is always reading the current sis and figuring out whether macro economics are going to help you or work against you. so i'm very pleased to have with me a specialist in this area that also happens to run it. good to see you.

is janet yellen your friend this morning? clearly with the weakening in the dollar that should be better news for the economy sector. >> the main question is the long-term view or short-term view. it's strengthened not weakened but i hope the trend could change now. it definitely helps the prices. >> it's caused some head winds. >> exactly. the other challenge has been the speculation as to whether greece will leave the euro zone. what are your thoughts on that and it's impact. >> my view is already in the market already and i don't feel how it could somehow change the situation. it's already in the market. >> so we can set that aside as a particular challenge for you at the moment. the big head wind i guess has just been pricing and demand for the product. where do you think we're going on prices to year end? >> my view first of all, let's look at the market.

on the one hand we have quite strong demand which is 6.5% annually. strongly every year we do not expect that something could change and on the other hand we have a known situation with chinese export which is growing but total china export cannot exceed 4.5 million pounds per year. not five like everybody predict. i do not think so and all of this could bring us to the level of total price and maybe slight deficit on the market. >> that's not far off flat. >> not far but the thing is china will grow in terms of their expert and again my view is it will not exceed 4.5 million per year which brings us to it all in. >> outside of the chinese market what about here at home in

russia? we talked a lot about the slow down in the economy. how is that impacting demand for you domestically? >> in the first quarter there was a lot of frustration about the market but now hopefully we see with the market flat and we expect the total demand in the russian market and that's why we do not see any outside of russia. >> a couple of questions to wrap up with. one is what do you think your capacity plans will be for the next six to 12 months if you like? and can i ask you on the back of that where you are on the debt story? because obviously that was the story of 2014 and the market is still very interested to know how the paying down debt is going. >> yeah, i'll start with our supply side. as we projected we're going to

supply 6 million annually. we do not change this plan. additional to that we are put under consideration another 200,000 and maybe we'll close that temporarily. but at least maximum volume at 3.6 million tons. the russian demand is okay. it's flat. that's why we do not expect any increase in the international market. and we're going to repay around $1 billion this year. maybe 800 million dollars next year. that's why we're in line with our obligation. >> will it be interesting to see whether we get any reaction in the share price this year because you probably like many would like to see something of a turn around in some of the weakness we have seen. mice to see you, thank you for

coming. >> thank you for that. still to come on worldwide exchange we've live to take you to the latest of the shooting at a charleston church. we're joined after this sort break.

>> the suspect is described as white. dave is there. dave. >> we're about a block and a half from the crime scene. we have investigators from the federal level down to the local and state level as well investigating this. what happened was last night around 9:05 they had a prayer meeting in this church. a gunman walked in and opened fire. a lone gunman. 8 people were killed and others rushed to the hospital. one other person died at the hospital. the senior pastor of this church who was also a south carolina state senator is among the dead. a popular man in this community.

this is normally an area that is quite safe and so it is unusual and the community is reeling from this. i should tell you that police described this as a hate crime. they're not giving exact details as to why they believe it is a hate crime. we do know it's a white suspect about 21 years old wearing boots and sandy blonde hair and beyond that we don't know anything about a possible motive. they have been searching the community for the past number of hours here. they have not found him but they say they will and he'll be prosecuted to the fullest extent of the law. that's the latest in charleston south carolina. back to you. >> dave thank you very much. >> now let's move on and take a look at some of today's other top corporate stories. oracle missed analyst forecasts. the company blames weak sales on the strong dollar. there was one bright spot. cloud revenue rose 28%.

shares fell off 8.5% in german trade today. >> fitbit priced it's ipo at $20 a share which values it at $4.1 billion. founded in 2007 it holds 85% of the u.s. market. shares will be trading today under the ticker fit. fitbit's ceo and cofounder will be on squawk on the street today at 9:35 a.m. eastern time. >> airbnb is seeking $1 billion in new funding. the wall street journal says the company told potential investors it expects 850 million in revenue this year. more than triple in 2013. they're turning cash and expands operating loss of $150 million this year. before we go to break, let's remind you of the headlines. police are searching for a man that opened fire on an african

american church in charleston south carolina leaving 9 people dead. the fed signals future rate hikes will be gradual and fitbit gets ready to run. pricing it's ipo above target ahead of its market debut. leave early go roam sleep in sleep out star gaze dream big wander more care less beat sunrise chase sunset do it all. on us. get your first month's payment plus five years wear and tear coverage. make the most of summer... with volvo.

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in fact, today's xerox is working in surprising ways to help companies simplify the way work gets done and life gets lived. with xerox, you're ready for real business. >> let's get out to jeff speaking to a leading russian investor in st. petersburg jeff. >> yeah absolutely. thank you very much indeed. joining us from the altera group we have the managing director there. and he has worked in the presidential office in the past. he's had some roles in government. now finds himself working in a much more private capital focused capacity but it's great to have the opportunity to he talk to him about where the economy goes from here.

thank you for joining us. the model has changed over the last 18 months it seems to me. you used to have this golden triangle going on here but the russian business community has had to fall back on its own resources a lot more. what do you think the new model is for russia going forward and is it market focused rather than falling back on some kind of central planning. >> in order to answer this question let me say some words about what was the old model. what was the previous one. otherwise it will be different. to my mind previous model was based on natural resources and we were quite efficient in upstream and downstream of this natural resources and that gave us significant inflow to the economy in large scale and the

second was consumption. let's call it the growth of the middle class. most are still here but effect of it is much slower. why is that? last year russia faced a new reality. let's focus on economic outcomes. to my mind the impact is the limitation of the capital. the capital for growth means that most of the russian banks and companies and operations now are very limited to international and social investors. >> do they dig internally or is this another market? >> that's my answer to what is the new model. it's the local efficiency. to be focused on raising

efficiency in all directions. production growth and sales channels, try to be more open for the international investors. try to be more active in the international markets. now life itself push us to be more efficient. the new model should be focused on all internal resources and we reach on that as well. >> if you look at this from a private equity perspective where do you think there's value that should atrack foreign investors. >> demand. russia is an emerging country and in transportation and logistic and infrastructure development so the opportunity

is there and insufficiency is there and we as a private equity fund are very focused on hah. the key question is when and to whom we can sell it. because the exit is the most important things. this is the question mark i cannot answer for you right now but it will be on this model and then definitely the interest from institutional investors will come back. >> it's been a real pleasure. best of luck from the business here. joining us from altera. wilfred, let me send it back to you. >> jeff, thank you so much for that. we're going to dive into european markets which have been trading off since the open. we're now down over 1% on the euro stoxx 600. you can see that focus in continental europe. the dax down 1.2, france down 1.4 and italy down 1.4. we have been struggling to find any form of risk on sentiment in the last few weeks. the latest week of declines

focused around greece in particular. >> don johnson, don jackson even hello to all of you. thank you for writing in. thanks for your comments and your tweets. we're still there on e-maile-mail e-mail worldwide@cnbc.com. it's a pleasure hearing from you. u.s. futures implying that the markets will open slightly lower. >> it hit a one month low but the central bank believes the improving u.s. economy is likely to hit one or two rate hikes. the economy has escaped the soft patch of the first quarter. >> the committee continues to judge that the first increase in the federal funds rate will be appropriate when it is see further improvement in the labor

market and is confident that inflation will move back to its 2% objective over the medium term. at our meeting that ended today the committee concluded that these conditions have not yet been achieved. >> now a survey released by the fed shows a majority of officials still want to raise rates this year. but members only expect one hike in 2015. they're now getting 1.8 to 2%. >> yellen also addressed concerns that greece could face an exit saying the failure to strike a deal is disruption and global financial markets. we'll discuss the fed and more with dan greenhouse. a very good morning to you. thank you for getting up early with us. let's dive into rate rise expectations. for our viewers we'll bring up that dot plot now and have a

quick look at that. i have to say it's odd. the market has interpreted these comments yesterday as dovish however if we look at the chart we're seeing apart from two uber doves the other 15 seem to be separated thus a third expecting one rate rise. a third expecting 2 and a third possibly expecting 3 this side of the year so i'm surprised that we have seen a dovish interpretation. i see yesterday's things as a confirmation we'll get at least one rate rise. possibly, indeed two. why did we see bond yields sell off off the back of this. >> the dovishness isn't set in 2015. you more or less got confirmation that the fed was going to hike. that the first interest rate hike would be in september and there might be another one in december to echo john silvia from earlier this morning. it comes in the years from not 2015 but 2016 and 2017 with the fed marginally reduce their

interest rate forecasts for the subsequent two years. that's where the dovishness comes from. i want to repeat from 2015 the fed is going to raise rates. whether they do it once or twice is an open question but there will be an interest rate hike this year. >> what does that mean for the dollar? as we were discussing earlier we're around a one month low for the broader dollar index. it's particularly soft against the euro and yet we're pointing to a rate rise at a point when the ecb certainly isn't? >> you've seen a lot of adjustment against the euro but a number of other currencies as well. the question is not whether the dollar is going to continue -- the issue is whether or not we're going to see a series of rate hikes and what is the speed of those hikes and whether, for instance, the dollar or treasuries have incorporated the forecasts properly. the dollar in terms of the dxy if you will which we have been using all morning or in this case the euro dollar cross

largely discounted the shift in tone that occurred rightfully so that culminated in the press conference yesterday. i think our view is not that the dollar shouldn't be strong or might have additional strength and in that regard the story did change yesterday. the fed did get more dovish in the out years and all else equal that's negative for the dollar and treasury yields. >> good morning, how is this going to impact equities if we have the greece saga continuing here in europe. >> the short answer is it shouldn't. overtime all else equal lower rates are better than higher rates rates. but stock markets globally have little trouble going up and little trouble going down. more or less independently or

interest rates. there's so much that goes into why the stock market and individual stocks go up and down from a fundamental perspective. interest rates are often lost in the shuffle. extremes can be beneficial of detrimental but overtime whether the fed hikes an extra 25 basis points or should not have effect on the path of equities. >> let's talk about what janet yellen said about greece. there would be spill overs to the united states that would effect our outlook as well. she did say the u.s. economy itself has limited direct exposure to greece but there's sentiment in the u.s. and the fed that this greek issue is for everyone around the world. how serious a spill over would there be if greece left for u.s. markets? >> she's right but direct exposure has never been the issue. it was incorrect exposure.

our house view is that greece matters but it maretters much less in the traditional since than it did for sure. financial exposure to greek assets both public and private are much lower today than then. the contagion issue if you will. in 2012 if greece existed the euro area it would have been difficult to argue another country would not as well. today you can feel fairly confident, not certain but fairly confident that if greece were to default and leave the euro area and by extension the euro zone italy might not. spain might not. portugal might not. you couldn't have said that in 2010 so no one would argue that there's not going to be a near term impact but longer term impact is less. >> thank you for joining us. dan greenhouse chief global strategist. that's it for today's show. thank you for watching.

>> have a lovely day.

>> good morning it's crunch time for greece. euro group finance ministers are meeting today to discuss a rescue but hopes are not high for a break through in negotiations. a room for rent airbnb in talks to value the company at $24 billion. tracking in ipo fitness device maker fitbit pricing it's public offering at shares above an already raised range and it's time for more sales. new data suggestions apple is making big bucks not only on its watch but on all the spare bands that consumers are buying. it's thursday june 18th 2015 and squawk box begins right now.

>> live from new york where business never sleeps this is squawk box. >> good morning and welcome to squawk box here on cnbc. a developing story to tell you about in south carolina. nine people shot dead during a bible study session at one of the nation's oldest churches. the charleston police chief is calling this a hate crime. the gunman is still at large. we'll be following the story and we'll keep you updated throughout the morning. switching gears to the markets, take a look at what's happening with the u.s. equity futures this morning. you'll see the markets are indicated slightly higher with dow futures up 16 points. s&p futures up by less than one point. this is coming after a day when the markets held on to some of their gains after