challenges. on the one hand the rules of the game are not clear. we would like to have clarity and more importantly avoid an overcalibration because again our commitment is to finance the economy. we want to do that. we have good businesses. we want the regulatory frame work which remains reasonably balanced. second the impact of the digital technology. in particular on the activity, for me, from an aversional point of view it's the biggest challenge. it's not something for the next quarter. it will take a few years but we need to address now the whole thing and in order to be successful in this new economy we need to be agile, innovative, there's a lot to be done. we're doing it. comfortable with what we're doing but it's a very important ch challenge. >> the outgoing co-ceo said here at the conference i think the bank best positioned is the one that can anticipate capital and leverage reserve ratio

requirements adequately. would you agree with that view? are you a bank that can anticipate that? >> yes. we said when we released our figures that we would have 11% as of 2016 and a leverage ratio between 4 and 4.5 but beyond that the question i have is, again, what will be the businesses which will make sense. what i mean by this, for our clients, fur our shareholders in terms of dhifringelivering a sut profitabili profitability. this is the question beyond absolute figures which is not clear. we need the rules of the game so we can say that's where we are good. these businesses are well suited for the new world. that's where we will suggest. i'm convinced we have a good

business portfolio but i'd like to see clarity on it. >> you said you want clarity on where you want to invest. >> we have banking business and going forward, beyond the next three to five years because this businesses b to b are -- we take advantage of their world growth. second, the retail activities, as i've said, the biggest challenge but also an opportunity if you're a leader, we'll be impacted by the digital. it's an opportunity because instead of meeting your clients every two months, you will have a capacity to deal regularly with your clients through mobile. it offers a lot of opportunity if you are one of the most agile innovative bank. this is the challenge and that's where we want to invest and pay management attention. >> a lot of people here at the

conference are talking about that. thank you so much for that. >> you're welcome. >> thank you. i appreciate your time. on that note let me hand it back over to you. >> thank you for that interview. here are your headlines from around the world. u.s. markets closing with the bang. positive sentiment carrying over to europe with all major indices closing higher. >> the imf telling the fed to base it's upcoming rate decision on the data adding that the ecb should consider further quantitative easing. >> syngenta returns to shareholders in a bid to make peace. ceo mike mack says he has not ruled out an m&a deal in the future. >> and a show of military might. china puts it's economic woes to one side as it holds it's harjest parade ever to mark the anniversary of its victory in japan in world war ii.

you are watching the second hour of worldwide exchange. for our viewers in the u.s. good morning to you. let's get a look at u.s. futures. a big rally with the dow gaining over 300 points thanks to a surge and rebound in technology shares. apple imb, a lbm a lot of playe

rebounding. the dow with a nearly 300 point gain. s&p 500 with a gain of 35 points and tech heavy nasdaq above 4,007 period 00 of 113 points in yesterday's trade. bio tech playing a role in the rally. european markets are sharply higher. we did get the encouraging euro zone number coming in at a four year high. that's encouraging for the bulls out there. we also have the european central bank policy meeting. expected to strike a dovish tone. still questions as to whether he will extend quantitative easing given the market turmoil. we will have live coverage of that ecb meeting. in the meantime we're in rally mode up 1.8% for the xetra dax. ftse 100 up 109 points in today's trade. commodities a big part of the story. >> i'm getting ready for the ecb

special which i know you'll be watchi watching. commodities not to ignore. silver higher and gold lower and then you have brent over here. a tad higher. big swings over the last couple of sessions and it seems now people are focused on the non-farm payroll data that is due out tomorrow so that should be a big one because of course we're hearing that the fed is also looking at the data, right? so this week's nonfarm payroll data. you have the pound against the dollar weaker and the saucy dollar down by .3% against the green back. stabilizing following the weaker chinese data which is closely linked to the aussie dollar performance. the issue is whether or not

we'll see enough of an unwinding for there to be this move to buy into the euro or the yen or whether it's a temporary unwinding. the euro dollar flat to higher around 112 in a bit still like in yesterday's session. green across the screens. so you're seeing buying across the ten year paper. yields being pushed a little bit lower across the board. let's head back out to asia and check in on the asian markets with hasri. what do viewers need to know. >> it's a subdued session all in all over here but we did see a rebound helped by the performance that we saw in wall street overnight and also strangely enough by the fact that the china markets in the shape and form of the market and hang seng are close today. the shanghai market will be closed tomorrow as well. resume trading on monday so what

that has done in effect is to remove what has been and what continue to be a major pillar of volatility. that's why you're seeing a degree of stability in the market conditions in asia. and the other thing is that chuy ma takes a backseat and that means that i think the u.s. data in the form of the nonfarm payrolls is going to be that much more important. so friday if we see a reading of 220,000 that could build a case to go in september and if it does so in the minds of investors how much is that going to be for emerging market assets especially here in asia where you have concerns about the more vulnerable markets and economies like malaysia and indonesia and how they will react to the taper tantrum a couple of years back and now the normalization cycle.

asia is watching the payrolls number carefully. what does it mean for the fed and emerging asia and the impact of the dollar and also emerging market currencies as well which have been emotiounder pressure y have been adjusting to fed normalization. it's all going to be about the fed and the data. china takes a backseat. >> it's amazing how much global markets rely on one number. jobs friday coming up tomorrow. in the meantime, thank you. u.s. treasury secretary jack lew is criticizing the way china announced changes in it's currency policy meeting last month. in an exclusive interview lew adds china needs to continue reforms aimed at shifting the country from an export to a consumer-based economy. listen in. >> there's an economic and political reality to things like exchange rates and they need to understand that they signal their intentions by the actions they take and the way they announce them and they have to

be very clear that they're continuing to move in a positive direction and we're going to hold them accountable. >> lew and his chinese counter part are attending meetings in turkey on friday. you can see more on squawk box today at 6:00 a.m. eastern right after this show. >> now the imf is also offering some advice to china and the world's most powerful central bankers. in a note prepared ahead of the meeting it's called for monetary policy to remain accommodative. to china, it says that the government should stick with reforms to liberalize the economy. to the fed, well, the imf is urging the board to keep it's decision days at a dependent and then the bank of japan. he's advised to stand ready for further easing and finally you have the ecb. the imf is saying it should extend quantitative easing

unless it picks up. >> china devald it's currency sparking market turmoil across the globe. crude prices have slumped and we've seen a broad slow down in emerging markets. there will be a great deal to talk about when mario draghi convenes today's policy meeting. they'll release a new set of staff projections respecting a downward inflation. some say he'll strike a dovish stone with new easing measures in the near term. >> what could further ecb action look like? the central bank chief could be extending it beyond september of 20 2016 or up the pace of its asset buys. they could cut the deposit rate as well. >> earlier today cnbc spoke to the ceo of goldman sachs asset management. he told us how she expects central banks in europe and the u.s. to act over the next few months.

>> i don't know that we're putting a bet on for it being extended quite yet but in y general they're paying attention and also to public market sentiment which has taken a real beating and that can't be underplayed. i think the ecb and the fed are both looking at situations where there's quite a bit of politics going on as well and when you turn to the u.s. and you think about an election we still think you'll see fed action before the end of the year. >> monetary divergence is such a big theme here in 2015. mario draghi will be taking the mike in the next couple of hours. the question is how far will he take it? will he say we're going to extend qe beyond september of 2016 given all the different factors that could weigh on

growth. but here's the wildcard in all of this. the euro zone growth coming in could change the story a bit suggesting that hey you're in the euro zone doing well despite china slowing down. >> you have to ask, though, what's fundamentally changed apart from china over the last month, month and a half. >> greece. >> well, greece supposedly has become better. >> supposedly. >> but fundamentally the data hasn't changed that much over the last month. >> it has ben encouraging and manufacturing data is compelling and that lending growth data last week suggesting that qe is feeding through to the real economy as richard kelly eluded to. >> if that's the case they shouldn't be using more then. >> that's the question. >> if it's really the case that the underlying fundamentals are better then maybe the china

volatility is just something we need to get used to. that the chinese growth story is slowing a little bit. that we can't have growth out of china constantly. >> there's the consensus that the fundamental picture is improving but it's still fragile and that's why i didn't of these other developments overseas, even the chance of them impacting europe's growth will be seen as a risk and therefore perhaps they act now or wait for it to actually trickle through. that's the big question. >> listen, on top of that and on top of what's taking place in the markets we need to talk about what's going on in budapest as well. more hive scenes coming through there as migrants hope to board trains to western european areas. it's very interesting to hear your views this morning. i was saying earlier in the program that we're waking up to some very very graphic and extremely disturbing images on

the front page of the independent, front page of the guardian and others as well of he essentially a small child washed up on the shores in turkey and a guard or an official having to pick up this child. it's a small child. you can find the -- i tweeted out the link on twitter. you can go look at it if you want but it's interesting because we're asking you what do you think about the migrant crisis or refugee crisis as i would argue. you're a refugee and it has to do with how does europe handle it because of course you have the political side you have to consider. christine writes in and says wouldn't be it be better to pick the brains of a city or a person or somebody like that on how to solve the problems in europe seeing that european politicians

are incapable of addressing this human issue. politicians should feel truly ashamed of themselves. that's what a lot of people are reflecting from that point of view. and then you have james writing in and saying this is for your woman on your show so moved by the young boy dead on the beach. how about all the other young boys and girls that see terrible things in syria and libya, et cetera. you sat on your [ bleep ] and wouldn't cry. wake up you liberal [ bleep ] because you have no idea what's coming your way. >> clearly a very controversial topic. >> i'm happy to take on all of it but i think i'm voicing, i think the opinion of what a lot of people are thinking this morning when they look at the front page of the newspapers. >> absolutely. >> there's a lot of views out there. >> in the meantime european leaders are trying to figure out how to address the influx of

migrants across europe and specifically hungary and italy and greece are saying they cannot handle and cope with migrants. so a plan of action is needed. one we will continue to watch. >> on e-mail worldwide@cnbc and find us on twitter. very happy to take on all of your comments. >> another corporate story today elon musk revealing the price tag for the first mass produced electric car. find out the dent it will put in your pocket later in the show. we're back in two minutes. are putting me to work. hundrs i'm teaching watson to help your vet speak dog. you're a dog, right? i'm teaching watson to help you make healthy choices. i'm teaching watson to help design a vacation around your personality. don't judge. i'm teaching watson to answer endless questions. how big is infinity? where do babies come from? why can't i have chocolate for breakfast?

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helping to bridge the digital divide. hey, everybody, good morning. welcome back. you're still watching worldwide exchange. the nasdaq closed out of correction territory as major u.s. indices rally into the close yesterday. oil trading higher after a session with brent back above $50 per barrel and ackman's hedge fund falls in august leaving it down just a fraction for the year. >> let's get you a rundown of what to watch this trading day. forecast to have risen slightly last week but still well above

15,000. we get the july trade deficit which is expected to show exports rose for the first time in three months. at 10:00 a.m. the services outlook is out which dropped more than a point from july. minneapolis fed president speaks in montana this evening. medtronic can report earnings before the opening bell. >> let's look at the top stories today. s sygenta shares rallying after it will sell off it's vegetable seeds business. this as it's trying to make peace with shareholders that are disappointed at its rejection of monsanto take over options. this morning the ceo insisted that the company is fine without their cash. >> all you have to do is look at the deal landscape over the last ten years and there just hasn't been a lot of seller which is is to say that we don't believe

that right now we need that capital to further invest in our business. they're a company with extraordinarily good free cash flow and the announcement this morning says with the shares undervalued this is an opportunity to buy and an opportunity to show that our strong free cash flow can support the share repurchase. >> would you categorically rule out m&a any further offers whether that comes from monsanto or any other company? would you say yes if the price is right? if it's much higher than sygenta offered you. >> that issue isn't what's on offer today of course carolyn. what we're saying this morning is we believe our shares are undervalued. we see in our vegetable seeds business for example, assets that in the case of vegetable seeds doesn't necessarily support the core business that we have and if there is m&a in

the future armed with our free cash flow as well as ample balance sheet we get on to do that. but right now that's what we announced this morning. >> moving on, glass-lewis is coming out against bank of america's move to combine the top executive roles. they're recommending they vote against a board proposal to grant the ceo the additional title of chairman. they say they believe it's in the best interest for the board to determine the appropriate leadership structure. shareholders will vote on september 22nd. bank of america higher by almost 1% here in europe. >> still to come here on the program we'll be hearing from the ceo of sony as he talks about hacking, more smartphones, business strategy. you can find us on e-mail and on twitter as well. we'll see you in a second. t pla.

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...of fixodent plus adhesives. they help your denture hold strong more like natural teeth. and you can eat even tough food. fixodent. strong more like natural teeth. fixodent and forget it. hi, everybody. welcome back. sony pictures released personal information in a data breach that took place last year. the breach became apparent back in november following the release of the interview movie and later linked to north korea by the fbi.

the lawsuit accused the company of failing to project employee data in light of previous security issues at the company. >> sony pictures posted a 12% fall in shares. karen spoke to the sony ceo at the trade show in berlin and asked him how much the hat had to do with the slump this is really just a portfolio pipeline issue and one of the things that we have done recently is we have brought in new management to make sure that we have a fresh pair of eyes. >> you're confident that a hack of a similar size couldn't happen again? >> we beef up security every time. we look at this all the time. there's nothing that's perfect in that space but we try to do everything that's possible to

make sure that our information and all the assets that we have are well protected. >> i want to ask you about the overall strategy because you're halfway through the turnaround. is sony going to be a very strong consumer products brand or do you see it being innovative solutions. >> we pride ourselves on the fact that we have strong businesses on the b to b space but at the same time, we believe that we can make innovations and also make products that really provide not just creative value but in the consumer electronics space as well. >> the z-5 boasts a display with more than 4,000 pixels. pleasure to have you on the

show. the smartphone has a 4-k screen, new camera module. will it be a game changer? >> well, hello, well, sony has a strong presence at the image sensor business. so to be the lead player at the image sensor and also the screens will be pretty necessary to maintain the presence at sony's business and, well, of course, the smartphone business is a quite competitive field but still i believe that sony has a competitive edge to create the innovative product. >> smartphone has been a segment that's not been doing well and home entertainment segment, sales there decrease by 13.8% but recently it unveiled it's virtual reality product. how do you think that could help their home entertainment

business going forward? >> of course some of the business has been commoditized so of course sony has choose not fighting on the commoditized field of the every product but as you had mentioned, the virtual reality product and also the cutting edge of the new smartphone would help maintaining the sony's brand image as a leader of the consumer electronics. >> good morning, do you think that if there isn't the turn around that sony will still be making hand sets in five years. >> i'm sorry. about the question again. >> just if we failed to see a turnaround this time or in the near future do you think sony is still going to be in the handset business in, say, five years? >> yeah.

i believe so because the handset is the very important product not only for sony but also for all of the consumer electronic companies because recently the number of gadgets which we have is decreasing but most are concentrated right now so to be involved with the smartphone business is really important to maintain it in the consumer electronics field. so not all over the field or all over the world but sony would choose to fight at the leading product of the hand sets. >> thank you so much for joining us. you can read more about huawei's new device and the smartphone wars and all the latest in berlin. head to our special report page on cnbc.com. as we head to break, here's a

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5:30 a.m. in new york city. >> get that coffee. >> here's the headlines from around the world. >> u.s. markets closing with a bang. nasdaq popping out of correction territory. that positive sentiment carrying over to europe with all major indices trading higher. >> advice for central bankers coming through. the imf is telling the fed to base it's upcoming decision on the data. also adding they should use further quantitative easing. >> ahead of a key vote. >> and a show of military might. china putting it's economic woes to one side as it holds it's largest parade ever to mark the anniversary of its victory over japan in world war ii. >> a big day for the bull with the dow gaining 300 points.

back in positive territory for the year. here on thursday that could continue. s&p 500 up about 8 and the tech heavy nasdaq well below the all time high but it was a big day for the index gaining over 2% here in premarket up 25 points. if you take a look at european markets following that surge in us. stocks overnight we're looking at stocks higher here in europe. also helped by encouraging economic data. that euro zone private sector growth hitting a four year high. germany expanding thanks to the manufacturing and services sector seeing a rebound. german markets up 1.8%. french markets up 1.5 and the italian market also seeing a similar gain. this all ahead of the ecb policy meeting. really interesting to hear what mario draghi has to say. what will he say about qe and the possible extension. asia a big story. markets in china are closed for holiday. earlier carolyn spoke to the ceo

of soc gen and asked him how bad he thinks the slowdown is there. listen in. >> we personally saw early signs of slow down in certain sectors, in the property sector beginning of this year and i think it's more the macroeconomic situation which is important and the market turbulence as such. probably it's the sign of this complex transition of the chinese economy. the need to address the overcapacity in certain sectors. it might take some time going forward. first of all, china can address the issue. second we don't think it will detrail. the progressive improvement in the jurors sow zone economies in one hand and secondly the robust growth we see in the u.s. >> we'll get the ecb decision and we'll get the press conference. we're expecting dovish talk because some of the factors i just mentioned there some people are speculating whether we get an extension of the current bond

buying program. is that something that you would welcome at this point? >> i don't think so. our central scenario is a moderate progressive improvement of the growth in euro zone areas knowing that our scenario is slightly lower than the assumptions made by the european commission or the ecb by something like 50 basis points. something like 1% for this year and the euro zone, .5. second from a credit perspective it's the first month where we see an increase of the credit provided to corporates for the full euro zone area. so it seems to me there's a clear improvement of the financing conditions. credit is flowing better at the lower rate. so i don't see a reason to intervene today and i don't think the market turbulences is enough to justify anything. >> you just said that we're seeing improvements to the credit standards. i wonder to what extent that's down to the ecb. a lot of people in germany are saying the ecb's qe schisn't

helping now. but then there's so many criteria we could judge the success of qe by. do you think by and large it's been successful? >> yes in limiting the interest rates across the euro zone which means helping banks to also land at lower rates and we've seen the improvement in countries like spain and italy with lower interest rate to the economy and also the implementation of the banking union with the strengtdennistrengt strengthening of the banking system in europe we see banks more able to commit balance sheets. what is porn now, what is very important now is there's not an overcalibration of the final decisions on regulation because it would be a shame to stop this

progressive improvement and not allow them to do better in the next two or three years but the inflation outlook we need to wait a little bit more to see that and probably 2016 would be a better year from that perspective than 2016. >> let's take a look at the other top stories at this hour. petco with buyout interest from other pe firms. the company is in the early stages of exploring a sale and will meet with potential buyers next week including kkr and carlyle. >> when was the last time you were in a pet store. >> a loath long time ago. i had a bunny many years ago. >> i used to go get freaked out by the snakes. >> second quarter earnings rose 26% beating forecasts in the first report since the ipo last month. also issuing above forecast guidance for the year but same store sales growth slowing from a year ago because you, seema, haven't been there. the company is also disclosing

in an sec filing that it's found the material weakness in the internal controls waiting for technology choices and the invoices. planet fitness falling by 2% in german trade. >> i workout outside. the model x is will be out on september 29th. it will be priced between 132 and $144,000. it comes in a unique red color and includes options such as self-parking. now in a tweet tesla ceo elon musk said they'll start production of the lower cost model in two years. it will reveal the look of the car and begin take pregnancies orders in march. shares of tesla are higher by 4% in europe. >> i like the self-parking business. you can be like cooking a cake or something and people driving by honking. it's not me.

it's the car. >> you can't cook a cake. >> bake, whatever. >> kidding. >> a key shareholder meeting coming up this month. details of that after the break. you're watching worldwide exchange. good morning, everyone. nt's eveg of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great.

welcome back. an influential proxy advisory firm is coming back against bank of america's move that shareholders will vote on later this month. let's get to landon with more on the story. >> good morning. glass-lewis is recommending bank of america shareholders vote against a proposal to let the ceo keep the chairman title. they previously voted to keep those roles separate. glass-lewis said it shouldn't be interpreted as a disapproval of him. another firm is expected to release it's recommendation in the next few days. b of a's board granded him the title last year in an unusual move. they profmpted the board to backtrack. that's set for september 22nd. bank of america says it's in the best interest of shareholders to be able to have the flexibility

to determine the appropriate leadership structure. the board believes he deserves the role for his role in steering the bank through a mountain of legal costs and bad loans stemming from the financial crisis. several large investors said they will vote against the proposal including a top 20 shareholder and the two biggest u.s. public pension funds. the coalition representing more than $200 million in assets said it displayed a shocking hack of awareness. bank of america shares in europe are up about 1%. in other ceo news twitter is holding a board meeting today in new york with directors expected to discuss the search for a new ceo. the co-founder and interim ceo who oversees how they monitor their users argued as the leading candidates.

it recently fell below the ipo price of $26. back over to you. >> landon, thank you so much. >> now china has put on a lavish display of military might as the country holds the first ever parade to mark the 70th anniversary of world war ii in the victory there against japan. eunice is in beijing. so a big display scene. >> absolutely. a very big display. this was a major show case event for china. it comes at a very critical time for the chinese leadership. for the chinese president mainly because the leadership here has seen a loss of credibility among the international community for the way it's handled. the stock market plunge as well as the currency devaluations. this really provides an opportunity for them to sure up political support domestically and to project power. to project military power in the region as well as beyond. the troop level was massive in central beijing.

12,000 troops marching. there was a foreign contingent that marched as well for the first time and military hardware was on display. some of which we have never before seen. there was a ballistic missile that military experts say was aimed at aircraft carriers. this was an important part of the u.s. strategy in the pacific and also the chinese president was walking side by side with the russian president but beyond that there wasn't a lot of international support. especially from the west and that's mainly because the military parade and the press around it, the propaganda around it has been openly hostile toward japan. the chinese president, though, was sending a message that he -- that china's rise is going to be peaceful and he says that the government is going to downsize the army by 300,000 troops in an effort to modernize the

military. back to you. >> thank you so much. before we go to break, here are your headlines. the nasdaq closes out in correction territory as major u.s. indices rally into the close. oil trades higher after an erratic session with brent back above $50 and bill ackman's hedge fund falls 10% in august leaving it down a fraction for the year. we're first in business worldwide. compromised this morng in a security breach that didn't happen.s morng wall street. not rattled. at all. no. not at all. not at all. i mean, look at the day. sir. sir. what went right? what went right? everything. thank you. with threat intelligence, behavioral analytics, and 6000 experts, ibm security will help keep you out of the news. my dad's company wasn't hacked today. cool.

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a powerful new dell 2-in-1 laptop, and durable new stellar notebooks, so you're walking the halls with varsity level swagger. that's what we call that new gear feeling. you left this on the bus... get it at the place with the experts to get you the right gear. office depot officemax. gear up for school. gear up for great. keep in mind the nasdaq bio tech index down nearly 10% over the past 30 days. joining us to discuss the bio tech industry and the sector is the managing director of health care and consumer.

good morning to you and thank you for joining us. i want to get your thoughts on the recent selloff in bio tech. what do you think has been the main reason and do you think we could see a rebound? >> bio tech has come back very nicely over the last four years and it's really gotten a great imbalance to beat the s&p three or four times in terms of the appreciation. so you'll see more volatility but the important thing is that the new product flow is getting better and better. last year 42 new drugs got approved by the fda. so product flow is driving the industry and this industry is likely to keep going nicely compared to the overall economy because innovation drives valuations. >> health care m&a has been a big story this year as you know. do you think the recent bout of

volatility could change the way bio tech companies invest? >> you'll see a lot of m&a because smaller companies like to roll up and bulk up and also many smaller companies have a business model to do an exist where a bigger company buys them because they have the ability to spread the product around the world. so you're going to see a lot of m&a but there's about 10,000 small companies that keep coming up with the new stuff and then you have the very large players that are able to take advantage of that and spread the product around the world. it's a great ecosystem and you're always going to see a lot of the smaller ones and ultimately many of them might get bought by the larger companies. >> good morning. i'm very interested in biomes. the idea of the importance of bacteria in your gut essentially. i'm wondering what you think the

bigger trends are that we should be on the lookout for for years down the line. >> that's really surfaced in the last three or four years. many of them feel that the product on the market might actually do some good but they're more important to your body just beyond the gastro sbes y'all system. it can help your overall wellbeing. there's more in the gut than any other part of the body and a lot has been studied and especially the ability to look at dna of the individual bacteria is now giving us new insight into that evolving science. we'll learn a lot over the next ten years and we'll get better medicines as a result. >> we're going to have to leave it there but thank you for joining us here on worldwide exchange. next s'up squawk box. always a pleasure.

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commemorate victory over japan in world war ii. it's an event shunned by most western leaders. plus behind the wheel, elon musk says you can soon preorder the most affordable tesla model yet but there's a catch. it's thursday, september 3rd, 2015 and squawk box begins right now. ♪ >> live from new york where

business never sleeps this is squawk box. >> good morning, welcome to squawk box here on cnbc. joe and andrew are off today. our guest host is andy. good to see you today. >> good to see you. >> we have a lot to talk about. >> just a little bit. >> a new warning from the imf. the fund is urging the world's leading central baichks not to raise interest rates. the performance is falling short of expectations. the fund calls on the fed to remain data dependent and not take any reaction. imf is also suggesting that the ecb should expand it's quantitative easing program. the imf and what it has on its agenda, it's