happy friday. welcome to worldwide exchange. i'm susan lee. >> i'm wilfred frost. here are your headlines around the world. >> we're moving into the next bubble warns the german finance minister. this as european markets dip into the red with the u.s. set to follow. >> oil reverses some of yesterday's gains as goldman slashes it's forecast sending shares higher. >> a victory for u.s. president barrack obama as senators knockdown a republican resolution to block the iran

nuclear deal. the saudi prince telling cnbc exclusively that his king tentatively supports the measure. >> they still want to see verification before any action is allowed to relieve the iranians from embargoes so skepticism is par from the course in this situation. >> slimming down, ge says it will sell it's transportation finance unit to bmo financial in the company's latest move to go back to its industrial routes. >> let's quickly check in on u.s. futures. we had the first nontriple digit day since last thursday during the session yesterday but taking a look at the losses across europe and the asia session we're looking at declines at the open. the implied open down 13 points.

dow jones industrial down triple digits. now let's take a look at the dow this week because we've seen global markets. whether it's in japan or here in europe having a pretty good weak but so far we're looking at gains despite the fact that there's been some questions about whether or not the fed will hike interest rates on september 16th and 17th. they have gone black now in terms of talking to media. that's still up in the air. let's check in on japan. today we had the influential survey results and train positive which is a bullish sentiment and yes it was lower during the regular session but this week has been a good week for japanese markets. we were up 2.5% with the biggest single point gain. we saw markets rally some 17%. let's check in on european

markets as well and how they're performing because we're looking at another day of losses. >> we're looking at losses for today susan. we're still in the green. particularly of course wednesday's rally which was quite significant. but today as you can see, we're in the red. those loss versus actually become more pronounced during today's trade. particularly in germany as you can see down 1.2%. the u.k. is only down .5% and we're looking at a percent or so for france and italy. let's look at commodities as well because we saw a give back after a little bit of gains in oil yesterday. today we're down and that's after goldman sachs slashed it's 2016 forecast to $49. 50 down from $62. the investment bank says opec production surprised sharply on the upside however goldman says oil should bottom out over the next 6 to 12 months. as we look at things today. 45.01 for wti.

brent 48.0. >> you know the talk of the day among traders has been about the hedge fund billionaire david tepper about his call on the markets and he told cnbc that he is getting cautious on stocks. >> i'm not as bullish as i could be because i have problems westernings growth. i have problems with multiples. all kienls nds of problems. however if you invest in the stock market, an earnings grow a little bit, they grow 5.5% a year or something like that you all make money. >> now he also explained what it would take for him to get investing in companies we merging markets exposure. >> i like to see when some of those big stocks we merging market components, their pes come down. show me with the increased volatility and they're out of the last two year range, show me

that. when mutual cash fund levels are higher. show me that. show me those things and maybe i'll jump back in the water again. >> let's take a look at today's other top stories. u.s. senate democrats blocked a proposal to kill the iran nuclear deal. poens we poe opponents wanted to bar a crucial part of the agreement. they have until september 17th to pass a motion disapproving of the deal. >> a lot to think about in washington right now. we also have the debt ceiling with u.s. secretary treasury jack lew sending a letter to u.s. lawmakers saying that the country can still borrow through to late october. the treasury's cash balance will rise temporarily at least after the quarterly tax payment

deadline set for this month for individuals and businesses. lew is also urging congress to raise the u.s. debt limit as soon as possible to avoid unnecessary risk to the markets and consumer confidence because no one wants to see what happened in 2010 remay. >> this side of the atlantic the biggest issue is the on going migrant refugee crisis which is expected to overshadow today's meeting of european finance members. julia is on the ground. earlier she sent us this report. >> the european migrant crisis, the finance ministers are not expected to discuss this. just don't understand whether or not some kind of deal on quotas can be reached when the interior ministers meet in brussels on monday. it's given the push back from

various different countries across the eu but longer term no one that i speak to says this is going to work just because it emphasizes the divergence in views in europe. addressing the cry sy needs to come at the same time. it isn't the only issue. separating out refugees from economic migrants is also one of the crucial issues here. deporting those whose asylum requests is not passed is also an issue. i can show you just how inefficient certain countries in europe are in achieving these numbers. france and greece, actually some of the most inefficient countries in europe and sending back those that they asked to leave those countries and these are countries that faced some of the biggest backlashes with this antieuro, anti-immigration stance they provide. germany is forefront of addressing this crisis in

europe. they have a current account surplus. cash available to address this crisis. >> how difficult it is to integrate refugees into the country. language issues, saying that it's easy because germany has a low unemployment rate because it's really reducing the debate to a level which is not appropriate. you have finance issues and defense issues and social issues. it's a difficult one and when you see that in germany the population reacted very positively you see that this humane reaction is very conducive to finding solutions. >> we can't escape the

demographic issues that germany faces, it can help by taking in economic migrants. there's a recognition that there's reasons for germany to be so open at this stage in particular. longer term, though, in terms of the costs overall for the eu. we're talking 0.2% for gdp for the second half of this year in terms of demand response. similar for 2016. it's not a negligible amount but at this stage it's a cost worth paying. >> right. we're now going to show you a live shot from austria where hundreds of migraines from hungary have just crossed the border. those pictures coming from austria. live pictures. this refugee migrant crisis of course continues. >> okay. let's take a look at the trading

d day. august ppi is due at 8:30 eastern time. they slipped reflecting the drop in gas and energy prices. just before 10:00 a.m. we'll get the first report card on consumer sentiment and then this afternoon it's the monthly federal budget statement. kroger also reporting earnings before the opening bell today. >> so we're going to go to break here on worldwide exchange and still to come on the program, the kids may not be happy heading back to school but online retailers have plenty to smile about. we'll explain right after this short break.

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helping to bridge the digital divide. the story in asia this weekend we just got some latest flashes from japan's ruling party. a lawmaker that is also very close to the japanese prime minister shinzo abe and some comments he is talking about. he expects more stimulus at the october 30th meeting but he's talking about yen levels as well and says the dollar yen still around levels. he says 124 and 125 could be among the thresholds to watch out for and they have to gauge what's happening in the 4th quarter in terms of what's happening in the japanese economy before possibly pulling

the trigger on further stimulus. economists are pulling for the boj to do more to weaken the yen and help other japanese economy. >> they juan more stimulus. the nikkei is down just below flat about 0.2%. for an update in full on asian markets let's get out to pauline on stand by. >> we're seeing a canvas of mostly red here as investors are concerned about the fed decision next week. let's take a look at the shanghai come positive because it was pretty much up on the fence. investors are looking ahead to sunday as well as fixed asset investment. susan was mentioning what's happening in japan. now the index did rebound.

the central bank in korea deciding to hold the interest rate steady at 1.625%. policy makers may be letting the two previous rate cuts through the system. they'll be watching that china data closely. 25% of korean exports do head to china. now i want to show you the composite. it closed down .6%. we have another central bank decision coming out. in about 45 minutes with what to do with it's interest rate. the interest rate will hold steady at 3.25%. some thinking that the central bank may let the weakening ringett do its job as it hit another new 17 year low yesterday in the asia session. wilfred back to you. >> thank you so much for hah. right let's take a look at some

of today's other top stories. general electric reaches a deal to sell it's transportation finance unit. terms haven't been disclosed but it will add to a fund it wants to buy back stock. it is the latest for the company as it looks to shed almost all assets to focus on industrial roots. earlier on thursday it may sell the asset management division as of the second quarter. there's action off a quarter of the percent. >> a u.s. judge narrowed several lawsuit against aig by shareholders that opted out of a $970 million class action lawsuit or settlement over the company's 208 bailouts. they include the sovereign wealth funds. shareholders claim that aig

mislead them. sub prime mortgage exposure and risk that it took before the financial cry sy. checking in on germany listed aig shares. we're looking at declines along with the rest of the broader benchmarks. >> the board of united continental decided to oust the ceo weeks ago. the wall street journal says the board needed extra time to work with his exit package. his departure comes amid a u.s. and internal corruption probe related to his relationship with the port authority of new york and new jersey. lest look at price action off 3.5% in german trade. >> avon products is in talks to sell stake to a private equity firm. a sign that the cosmetics company is having trouble trying to find a buyer. the wall street journal reporting that the firms include platinum equity with bids due out next week or due sometime

next week. avon has been struggling to reverse years of falling sales as the business of selling goods door to door has trouble of keeping up with shopper and consumer habits. they have been slow to shift it's shares online. falling 9% on thursday. down more than 50% this year. >> as we go to break, let's remind you of the headlines. a gop lead attempt to block the iran nuclear deal is voted down in the senate. goldman sachs can see oil falling as low as $20 barrel and ge will sell it's transportation finance unit to bmo financial. worldwide exchange is back in a couple of minutes. big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on.

(laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfolk southern.

back to school online retail sales are up 12%. this is both browsing and purchases. joining us live from boston is the product strategist at ibm. thank you for joining us. back to school has trended in the last couple of months underlining the trend toward e-commerce and smartphones in particular. >> yeah. definitely. first of all good morning. and based on our analysis via ibm commerce digital

analytics we can see this holiday of back to school shopping is a big predik to for what's going to happen later on in the shopping season as we move closer to thanksgiving and christmas and really as you highlighted our analysis shows that overall u.s. retail online sales increase 12% and when we dig deeper in that we can see that mobile online sales increased 42% which is huge. that's amazing and then when we dig even deeper into that we see that mobile is really continuing to emerge as both a venue for browsing and buying which is something that we didn't used to see. we used to see you browse on your smartphone and then you purchase on your tablet but now we're actually seeing increased purchases on the mobile phone. people are more comfortable with using their phones to make purchases so that's interesting as we move toward the holiday season. >> hannah, though, i have a problem with this back to school season because is it back to

school? because august is also a time when adult retailers slash their prices and summer sales begin as well. do you think that contributed maybe to the 12% increase? >> yeah. that might have some effect on it because we did see, if we look at the different areas that we did see increase, specifically we saw increase in aparallel. we saw increase in department stores and increase in home appliances. so i think that is getting effected there but i also think that the back to school season, those are three key areas where parents are going out and buying back to school clothes for their kids. they're buying appliances. if kids are moving into college and new dorms but overall the trend still shows that this increase in online retail sales is occurring and it's especially useful for retailers to look at what channels are popular with consumers so they can create a

strategy for the holiday season that makes them successful in the market. >> do people spend more on products when they're on their pc and cheaper products on their smartphone? what other trends do you pick up on? >> you nailed that one. that's exactly correct. so on a smartphone folks are likely to spend the least. is on average order value is about $100. when we move up to a tablet it's about 115 and when we go up to the desktop it's 130. if you're going to buy a laptop you're not likely to do it on your mobile phone. you're going to go sit on your desktop an investigate and be able to put in your credit card number and feel really secure about it but we did see this mobile trend really blossom and it's -- if you combine mobile, so that's tablets and smartphones for browsing with that of desktop they were actually equal and this is the first time that's happened.

so they're about 50/50 for what people are using to browse. so that's a big change as well. it's almost a 10% increase from what we saw last year. so it's huge people are move agoway from browsing strictly on that desktop. >> hannah, thank you for joining us. much appreciated. product strategy specially at ibm. >> joe biden may not be ready to jump into the race for the white house just yet. an emotional joe biden spoke at length about the recent death of his son bo and directly addressed the idea of running for president. >> i don't think any man or woman should run for president unless number one they know exactly why they would want to be president and two, they can look at the folks out there and say i promise you, you have my whole heart, my whole soul, my energy, and my passion to do

this. and i'd be lying if i said that i knew i was there. >> let's get out to tracie potts on capitol hill for us. tracy. >> so you just heard there what the vice president had to say overnight. he hasn't made up his mind yet which is not a yes and not a no on whether he's going to take on hillary clinton and bernie sanders and he doesn't have a lot of time to decide because the democrats are already set for their first debate next month. so joe biden who in the polls seems ever popular. he's already in double digits has not even announced a campaign. still seems up in the air about whether he is going to run. it was a very emotional interview when he talked about his son that passed away and urged his father to run. >> a quick comment. yesterday on the iran deal it went as expected but a big moment of progress for obama. >> well, it was a huge victory

for him because basically he doesn't have to use his veto power at all. they cannot get a disapproval of this iran nuclear deal off of capitol hill and on to his desk. the deal goes forward. secretary kerry andhe state department put out a statement saying they were ready to defend this deal to make sure that iran does not develop a nuclear weapon. >> coming up next, we'll have the bears coming out to play on the oil price.

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internet essentials is going to transform the lives of families. i see myself as maybe an entrepreneur. internet essentials from comcast. helping to bridge the digital divide. welcome to worldwide exchange. >> here are your headlines from around the world. >> the slide in oil accelerates as goldman sachs says crude could hit $20 barrel and this as the iea says u.s. producers are set to make deep cuts not seen in decades. >> a victory for u.s. president obama as senators knockdown a republican resolution to block the iran nuclear deal. saudi prince tells cnbc exclusively his king tentatively supports the measure. >> they still want to see

verification before action is allowed to relieve the iranians from embargoes so skepticism is par for the course in this situation. >> vice president joe biden says he's undecided on the run for the white house during an emotional interview as the vice president reflects on the loss of his son. >> slimming down, ge will sell it's transportation finance unit in the country's latest move to go back to its industrial roots. happy friday. if you're just tuning in thanks for joining us on the program. here's a look at the market and how they're fairing ahead of the u.s. opens. fair value is telling us that we're looking at declines when markets kick off later on today and this is after the gains, minimal gains that we saw yesterday. let's take a look at what's

happening with the european markets. before that, though, let me just read off the value. we looking at the s&p to see a drop, maybe 11 points when markets kick off. here's the reason why. two straight days of losses now for european benchmarks. the ftse 100 is telling us we're a lower buy. the german dax snapping the three-day winning streak we saw this week. so declines of .9% and that's the story across the rest of the european benchmarks because of a session that we saw in asia last night. it did turn positive. that's one positive piece of news to pick up on. let's check in on the euro stoxx 50 and what we're seeing across the rest of the markets and we're looking at losses maybe down .8%. >> let's have a look at some forex levels because we have

seen the euro swiss franc break through 110. it's on lower risk aversion flows. i suppose you could say it's on risk aversion flows but continuing to trade like a safe haich. now the swiss franc being added to not act quite as much like a safe haven. just above 110 at the moment. quite a big move there. there's been a talk about snb intervention but fx deserves data not hinting at that and it's more of a move of the euro continuing over the last month or so to act like a safe haven itself. let's have a look at oil prices because we have seen quite pronounced weakness today. exactly 2% of declines for brent. it's just above 48. wti down about 2%. it's just below 45. we're going to talk more about the oil price. joining us around the desk, oil analyst at barclays.

of course on going weakness over the summer. a little bit of bounces back on different days. what's the main reason for that? is it china this tile around? >> it's a lot of macro linked news to an extent and the price action in itself has been a very unstable equalibrium. >> well the oil futures gave back their gains last night because saudi arabia may not be going into production to defend the oil price. do you agree with that? >> we expect saudis to maintain production of where they are. roughly about 10 million barrels a day at the moment. from their perspective the strategy they placed at the end of last year is still working it's way through. the market is waiting for supplies to adjust. they're all set to adjust with

this low price environment. so still very high inventory levels. how much longer does it take for this to come through and take effect? >> so it's already working through it's balances at the moment. we had close to a million barrel ace day in growth in the u.s. that's now declined $500,000 a day and the ie now expects u.s. shale to decline by $400,000 a day come next year. it's still in it's works and what i'd say is the last three to four months because of the price action itself has delayed the adjustment process just because we saw that rebound. now that prices are falling that's a cure. >> the iea reports global demand is at a five year high.

so how far off are we from the equalibirum being met? >> demand improved significa significantly. >> we haven't seen that surplus reduce but by the second half of next year that's when we expect that deficit to stop narrowing as the supply adjustments start coming through. >> people kept saying it's china. china's not buying enough oil and that's the reason why supply needs to adjust. >> if you look at chinese imports they have been fairly -- >> they're up 10%. >> exactly. partly it's because of that and partly to do with refined

product exports as well. it's not a reflection of the underlying domestic demand because of these two factors. they're exporting a lot of refined products and using a lot of those to fill the spr as well. >> medium term you're pretty positive. >> exactly. so short-term we see them coming through in the fall and that in itself will accelerate the balancing process come next year and the second half of the year would be where we see the balance take place. the reason we're looking at $60 barrel and not something higher is because that is a price that will still need to be there to

incentivize a bit of u.s. production. the call on opec crude is expected to be high by the end of next year. >> great to have you. u.s. senate democrats blocked an effort by republicans to kill the iran nuclear deal handing a foreign policy victory to president obama. opponents have been seeking to pass a resolution to bar the president from waving many u.s. sanctions on iran. a crucial part of the agreement. congress has a 60 day period which ends on september 17th to pass a motion disapproving of the deal. >> he doesn't have to use executive veto power now. speaking exclusively to cnbc we spoke to saudi arabia's prince and he says the oil imbalance will come to an end pretty soon. >> i think that is going to be born out in the next few months

or so when we see the excess oil production going down throughout the world and the opec countries are in agreement with these policies. everyone wants to protect their share of the market. even nonopec numbers they haven't increased their oil production. the u.s. now is producing a lot of oil and they haven't decreased their production of oil. so there is a consensus in the oil producing countries that things are going to change via demand and excess oil availability. >> i just want to point out in that exclusive cnbc conversation, he also says tentatively right now that saudi arabia's king is possibly in agreement with iran.

he'll be okay with it in this nuclear deal. let's turn our attention to sports. yes the nfl kicked off. the patriots celebrating the unveiling of the latest banner in style defeating the steelers 28-21 in a rainy kick off game to the 2015 nfl season. tom brady passing for 288 yards. 4 touchdowns. two to his favorite tight end. brady had been suspended for the opening four games for his role in deflategate but the ban was overturned by a federal judge just last week. you might notice some aspects of the game letting a little more high-tech. the league has enlisted microsoft's surface pro 3 tablet but it still has to with stand all the heavy hits and whether that comes with pro football microsoft is developing new video replay features for officials on the tablet which it

hopes to implemented by next season. >> is that something they'll welcome or not? it looks like something that's been forced on them. some of the guys probably prefer their traditional clipboard and notes. >> but if you're getting instant replay on the tablets that makes it easier for them right. >> they look to be using it very efficiently in those pictures. >> yes. still to come on the program, we have ge getting leaner and meaner. the company striking another deal to slim down it's finance business as it looks to refocus it's industrial routes.

. goldman sachs can see oil falling as low as $20 barrel and joe biden says he may not be ready to run for president. >> general electric is moving forward with it's plan to focus more on its industrial and manufacturing business. let's get out to landon at cnbc hq with all the details for

us. >> good friday morning to you. ge struck a deal to sell it's transportation finance unit to bmo financial group. terms haven't been disclosed but ge will add $700 million to a fund it wants to use to buy back stock. it provides financing to equipment makers, dealers and users of heavy duty commercial trucks and trailers. it has been making a big push to focus on its industrial roots and shrink it's other businesses. specifically ge capital. last month it said it would sell it's health care lending business and related loan portfolio to capital one for $9 billion. on thursday it said it's considering a sale of its asset management business seeking buyers that have experience managing retirement plans. the unit has about $115 billion in asset. ge has also been looking at moving it's headquaters from connecticut. in june lawmakers had a budge that included tax hikes despite

protests from the biggest companies. appears on squawk on the street on thursday the ceo said the company will make a decision in the fourth quarter. >> we'll never do anything like this carelessly or casually but we're quite intent on being aligned with where we go. >> what does that mean? >> it means you want to be some place where people support job creation, what's attractive to talent, good cost of living and is very supportive in terms of what a high-tech exporter has to be all about. >> ge shares in europe are down fractionally today. >> thank you very much for that. let's get straight to flashes coming out of russia and russian foreign minister in particular. he says russia will continue to supply weapons to syria. that russia conducts regular military exercises in the

mediterranean and they also say those supplies are aimed at maintaining syria's military presence against isis as opposed to anything else and russia is ready to reopen coordination between russian and u.s. military to avoid unintended incidents over syria. >> look, mom, no hands. honda received a permit to start testing it's driverless cars on public roads and it joins a list of companies ranging from google to volkswagen who are testing the technology. honda has already secured a testing facility very close to san francisco. now uber says and also wants to be at the forefront of the market when it comes to driverless cars and reports say if tesla can build them, they will come. tesla can build maybe a fully functioning autonomous vehicle

uber would buy 500,000 of them. they said that self-driving cars are the future. >> google is doing the driverless thing, tesla is doing the driverless thing, apple is doing the driverless thing. this is going to be the world. so the wequestion for a tech company is do you want to be part of the future or do you want to resist the future? and we want to not be like the taxi industry before us. so that's how we think about it. >> would you prefer that your taxi did have a driver or not? do continue to get your tweets and e-mails into us. e-mail us worldwide@cnbc.com or via twitter @cnbcwex. it would be enough just to drop straight to the bottom line for him and if it was efficient it would be fantastic for their

business model. >> would they characterized as employees? they don't need to worry about that. >> it just be him at home. >> yeah, possibly. so we want to be hearing from you. you can find us on twitter as well but what my mom would say, if it's between you, susan, or a driverless car, she'll take the driverless car. thanks, mom. >> are you a bad driver? is that why? >> apparently to her, yes. >> well, there we go. noted. thank you very much. >> a u.s. judge had several shareholders lawsuits. as in the class action the opt out shareholders claim aig mislead them about the sub prime mortgage exposure and risks it took from credit default swaps before the financial crisis.

let's have a look at aig price action down over 1% in trade. >> the board of united continental decided to oust it's ceo several weeks ago. the airline announced this decision. the announcement only came on tuesday. the wall street journal reporting that the board needed extra time to work on the exit package. his departure comes amid a internal corruption probe. now united shares, german listed ones down some 3.5%. also. wall street will market 14 years since 9/11. moments of silence will be held at the new york stock exchange and also at the nasdaq a 9:25 a.m. eastern and also at the cme at 8:18 a.m. and then again at 9:28 a.m.

thank goodness it's friday folks. we're looking at a down day to close off this week. two straight days of losses so far. coming off three straight days of gains so we're balancing it all out for the week. let's check in on european markets for the week so far. three days of gains. two days of losses a pretty good week for the ftse 100. the dax not bad as well. up 1%. the same thing for the cac 40 as well. pretty good gains i would have to say. >> not bad at all. one of the factors was in the middle of the week with the german trade data. but that voided markets on wednesday which was the biggest

day of gains. let's look at forex as well because both the euro and the yen strengthened pretty much every day this week. the euro bucking that trend as we look at things today but we're back above 112. 11260 so a descent rise this week and the yen has been strengthening too. the swiss franc weakened against the euro as well. over the course of the week, brent down 2.7% and another soft day, particularly today as goldman sachs downgraded their oil price outlook. what about u.s. trade? >> let's look ahead to the u.s. session. the fair value implied open is telling us we're down coming off the first non-triple digit day we have seen in a week's time since last thursday. so the s&p 500, the implied open is we'll be down maybe 6 points or so. the dow jones industries coming back a long way from the triple

digits losses priced into the open earlier. we're only lower by 46 points and the nasdaq should be down by 46 points when the markets kick off. let's go live to todd harwood joining us now on worldwide exchange. where do you think markets had kick off today? what's the mood like? >> good morning. i think the mood is, you know, very generals yjittery. the markets themselves have been extreme legit extremely jitterly. if you watch the action for the last couple of days we were up 200 in the futures and by the time the markets were open we were down only the to turn around and rally. they're trying to handicap what the fed is going to do. we started the rollover in the future's markets right now so you're seeing a market on edge

that wants to break lower and that's what you'll see overall. when it's all said and done we at least go down and test the lows that we saw made on august 24th. >> we got about 30 or 40 seconds. do you think next week at the fed meeting if yellen is very dovish with her commentary as long as we get the cut behind us could markets start to find strength again? >> i don't think there will be a raise next week. i don't think they have the fortitude or willingness to raise rates here. we saw yesterday with the giant rally when there was more talk that the fed will not ease. i don't think the fed will raise rates here. i think they'll continue to chase yield. >> thanks for pointing out i meant raise.

that's all we have time for here on worldwide exchange. we'll be back on monday. >> u.s. squawk box coming your way next.

i was going to the library to do my homework. it was a little bit of a walk to get to the bus stop. i had to wait in line to use the computer. took a lot of juggling to keep it all together. what's possible when you have high-speed internet at home? the library never closes. it makes it so much better to do homework when you're at home. internet essentials from comcast. helping to bridge the digital divide.

>> the tow and the s&p are on pace for the next two months but futures are pointing to a less than stellar start at the opening after all over the place yesterday. finally closing up 70 or 80 points or so. plus follow the money, new numbers show that investors pulled more than $16 billion out of stock funds in the latest week. commodity call, goldman sachs is cutting it's forecast for oil. no longer -- no longer coo at $300 barrel. they have done some new math. they have recalculated.

they now think it could be $20 at goldman. so put a lot of stock in that as well. it's friday, september 11th, 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 on cnbc. the big market story, as joe mentioned, it is oil. down almost another 2% after falling by about 4% yesterday. looks like wti is trading at 4507. among the headlines driving the action, saudi arabia no longer sees any need to hold the summit of top producing countries. the saudis believe they would pail to produce concrete