good tuesday morning everybody. treat them mean, keep them keen. sab miller accepts a 68 billion pound proposal from ab inbev but demands they pay a $3 billion break fee if the deal falls through. >> back to the future, barclays set to appoint a former jp morgan banker as ceo in what could see the run of an investment bank expert. >> watch and wait. the fed says a global risk have

made the central bank think twice about a possible rate hike and for more fed clues stay tuned for exclusive interview with governor dan tarullo later on. >> earnings season kicks into gear with jp morgan after the close with the first major bank to report third quarter results expected to pose lower trading revenues amid the market turmoil. >> coming up on the show, is the unicorn club getting less expensive. we ask if the benchmark really matters. nudes are old news. playboy quits publishing naked picks. is this the end of an era for the iconic magazine? and di caprio turns his sights on vw buying the rights to produce a film about the

emissions scandal. and let's stick with the vw scandal for a moment. take a look at the october survey, the sentiment print, that really took a huge hit as a result of that scandal unfolding over the last month. the institution of german economic sentiment index came in at 1.9 points. this is versus 12.1 points in the previous month and the reuters poll was looking for a print of six so this is substantially below expectations. if you take a look at the current conditions index we're at 55.2 points and this compares to 67.25 in the previous month. both readings below expectations and a little bit of a drop in

the exchange rate. >> we'll bring you flashes coming out of volkswagen. they're going to say they will reduce investment by 1 billion euros per year. they're saying they're going to change their diesel strategy and they will shift diesel cars in europe and north america to add blue technology as soon as possible. i don't know what they are but that's what they're going to shift diesel cars in europe and north america toward. so those are the latest flashes coming out of volkswagen. >> 7 straight days of gains for the dow. s&p has been up 9 out of the past 10 and we're coming off a

good week for the nasdaq as well. also off 8 of the last 9 sessions so let's check in on futures telling us we'll be down a little bit. the implied open telling us we're lower by 8 points. the dow jones industries may be declining and the nasdaq looks like we're bracing in losses of 28.5 points but right now in the u.s. we're on a roll. also we'll be hearing from the federal reserve. more fed talk today saying now is not the time to be raising interest rates. speaking at the annual conference of the national association for business economics she says the central bank should be watching and waiting and she says moves in the financial markets have already delivered tightening which has been equal to two rate hikes. the fed should hold off until it's clear that global risk wontd push the won't push it off course and it could be dangerous if they find then they need to cut rates once

again. be sure to tune in to watch the rare and exclusive interview with dan tarullo coming your way after 2:00 p.m. eastern time on power lunch. >> abi and sab miller reached an agreement on the takeover. shareholders will receive 44 pounds per share representing a premium to the september 14th closing price. if they fail to complete the deal abi will pay a $3 billion reverse break fee. i have to say this has finally got to a head, this deal and they will be pleased they got quite a lot of significant extra value. still a long way to go mainly for competition concerns but, you know, i think that break fee may come into play still. >> yes we're up some 9% and ab

inbef ga inbev gaining today but i guess they're thinking there's so many regulatory hurdles, only 70% of the global gear market and when you make budweiser and miller in the u. s., people are thinking, how are we going to get this through the anti-competitive authorities. >> ap inbev has a 45% market share in the u.s. sab miller controls 25% so they're going to have to be some disposals at least in the u. s. they have a 14% market share in china. can they get past the regulatory hurdles? if they do they'll be controlling 30% of the global beer markets. heineken may be out in the cold then. >> overall sab shareholders

given what's happened to share price they'll be pretty pleased with this offer. gone from 38 pounds up to 44. quite significant increase. right barclays is set to name jes staley as it's new ceo. a number of reports suggest he will be appointed in the next two weeks pending approval from the u.k.'s financial regulators. let's take a look at his career so far. he spent 34 years at jp morgan. he lead the investment banking unit. he was seen as a successor to the ceo jamie dimon but he left for hedge fund blue mountain capital run by former jp morgan executives. he remained active in banking joining the board of usb earlier this year. >> now this is the second time that barclays has approached jes staley according to the financial times. the first was back in 2012 when he was part of the short list but barclays decided his

contract was too expensive so the british bank went for a change in direction. they opted for a retail banker, anthony jenkins and this choice was an intentional switch from previous investment banker boss bob diamond and after three years at the helm for mr. jenkins he was ousted in july of this year after alleged disapproval of his leadership among those at the top. earlier this year kelly evans spoke to jes staley where he made it clear he is in favor of large banking models. >> if they're so great, why don't you go work at one? >> well, the other phenomenon is that the buy side is doing quite well versus the sell side. >> yes. >> so share of the financial market has clearly shifted to the buy side community. i think in my lifetime probably

the biggest evolution in the financial market is what you see with the large sponsors. the economic throw away and the apollo is something truly extraordinary. >> meanwhile back in july cnbc spoke to barclay's chairman who took up the position of interim ceo following the departure of anthony jenkins. he had this to say about the search for a replacement. >> there's one thing that is if you're not for the ceo of barclays that is a really interesting thing to do. lots to do here. it's not as if it's an easy job. this is a very tough job and only the best can do it. >> let's switch focus. let's have a look at oil prices and what we're doing today. october so far has been pretty positive for oil prices recovering from a very soft third quarter and yesterday a little bit of a reprieve from that rally with the softest day in oil prices since the 1st of september. as you can see today a little bit of reprieve, 0.7% gains for

brent at 50.2. let's get a view on oil prices from jeff. he is on the ground at the russia calling conference in moscow. over to you. >> thanks. so oil a critical factor in russia. they'd like to see it being a major exporter of energy and it not only has an impact on government revenues. it has an impact on how the central bank manages expectations. obviously the direction of travel for the oil price has a feed in to where we go on inflation. hi the chance to sit down with the central bank governor and i asked her about the volatility that we're currently seeing in both oil prices and the rouble. let's hear what she had to say. >> translator: the falling oil prices and the end of the

commodity super cycle lead to the situation many are facing falling inflation, deflation. in our case the situation is the opposite. the fallen oil prices may lead to certain pressure on the rate and may have inflation risks. >> so this recovery back toward $50 barrel fits in with how the government has planned it's budget for this year around that 50 tl $50 barrel level. there will be disappointment that we have the large move to the down side overnight. i spoke with the finance chief and i asked him what the direction for oil prices and the modest recovery we've seen might mean for the government. >> translator: our current goal is to make the economy less dependent on the price of oil. our projections are based on the ajumpgs ssumption of 50 u.s. do

per barrel. next year we estimate this revenue at 43% of all budget revenue. it was around 52% awhile ago. with the rouble and sanctions on russia we'll have to develop other industries in order to promote import substitution to replace the goods that have become expensive or restricted in reaching russia. under these conditions export industries so-called trade based sectors of the economy started growing and there are some significant results in this field. i could name a few. i could mention the agriculture sector and industrial sectors and we think that the third and fourth quarters of this year to be the turning points of the russian economy. >> now both the finance minister and the central bank governor have expressed the hope that the

economy is starting to turn a corner in russia and they're looking for better growth rates in 2016. we're likely to hear from president putin himself and looking for any update he might give on his view of the economy or, indeed, on what is happening in syria and what russia's policy currently is. back to you, susan. >> all right. thank you so much, jeff. now still to come on the program, vw's diesel u-turn. it's going to shift it's strategy. more on the latest announcement from the scandal hit company right after the short break. want bladder leak underwear that moves like you do?

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volkswagen will cut investments by a billion euros a year and barclays is set to report the former jp morgan analyst as it's new ceo. >> st. louis fed president james bullard speaking about the economy and monetary policy at the annual meeting taking place

in washington d.c. and then we got yes, earnings season kicking into high gear. j and j reporting results before the opening bell. jp morgan, intel, csx will come up with numbers after the close. we snapped an 8 day winning streak yesterday for the euro he stoxx 600. declines lower by .8% and business sentiment numbers in the survey and we're lower by 1.3 and the ftse mib in sell off mode. >> oil prices are higher this morning. we're seeing the bargain hunters come back into the market after we saw the substantial drop in yesterday's trading session. that was the biggest daily percentage drop on the back of higher opec production. wti crude up by .3%.

in the currency markets we're seeing sterling at a session low. why? u.k. economy is heading back toward inflation. that's according to the latest print. the aussie dollar under fair amount of pressure on the back of the weak china, specifically the import data and euro dollar actually quite resilient. we're at 11378 despite the reading out of germany hit by vw and he emerging markets. >> let's focus more on vw changing it's strategy in response to the emissions scandal. it will develop a standardized electric architecture for cars and like vehicles. now sticking with vw, leo' next

film may be about it. they bought the rights to an upcoming book by jack ewing. it will focus on how a more, better faster philosophy lead to one of the greatest corporate scams in history. >> i know you love this story, don't you? >> i'm not sure whether we have time to chat this again. >> this is the first time we're talking about it. >> it's the most absurd story i've ever heard. hollywood at its first. >> it has intrigue. it's cheating. >> it hasn't played out yet. >> and. >> and i think it's ridiculous. >> that's not the sexiest plot i can imagine. >> lying and cheating. >> but if leo was in there. >> who would leo play? >> he's only producing it, sadly. >> who would he play? >> i think definitely winterkorn.

>> he needs to work on the german accent. staying in the auto sector, fortune magazine is hosting the annual most powerful women summit. we have an interview with mary bara from the conference today. >> let's talk sports. a wild monday night finish trailing the san diego chargers by three points in the fourth quarter. michael vick drove the pittsburgh steelers down to the one yard line with just five seconds on the clock. so rather than kick the fieldgoal and force overtime, they went for it. the steelers went for the win and bell was able to power into the end zone for the winning score as time expired. bell said after the game that it was the most meaningful touchdown so far of his three year career. on to college football and steve sarkisian is out as the head coach of the usc football team. they fired him one day after

placing him on a leave of absence. he checked himself into rehab in the wake of this firing according to media reports. and meantime, south carolina head coach steve spurrier will retire immediately. he is the gamecocks all time winningest coach but the team stumbled to a 2-4 record including an 0-4 record in conference play. he lead the university of florida to a national championship in 1996 and also winning the 1966 heisman trophy as a quarterback, as a player while playing at the university of florida and i have to say it's so sad to me because i grew up watching steve spurrier and the gators. but there you go. great career. still to come, playboy thinks nudes might be old news. stay tuned to find out why. care of my heart.

that's why i take meta. meta is clinically proven to help lower cholesterol. try meta today. and for a tasty heart healthy snack, try a meta health bar. the future of europe is one of the topics up for discussion at the summit in london and louisa reports from that conference.

let's get back out to her, louisa. >> yes, high again everybody. it's a little bit noisey in here. we're on a break between some of the panels. i'm joined by the executive chairman. good morning. my colleagues were talking about it. they were talking about the future of europe and the potential for a brexit for britain leaving the eu. you're a conservative party supporter. are you supporting the let's leave the eu side as well? >> my view is we should leave but my view is also that we're unlikely to leave because i think the prime minister and the chancellor will try and deliver a deal and recommend that we stay and in my view we will stay. so my focus is on what can we achieve in any negotiation although i'm skeptical. >> from our viewers watching for

the u.s. why do you think it's a good idea to leave the eu? viewers might think it took so long to leave the eu, why do you want to pull out? >> well, it's a failed project. too much regulation. unelected bureaucrats in brussels making regulation after regulation and europe is being left behind in a very competitive world. >> but it's about more though than just the financials. it's also about security. initially it was a political project and a project to make sure that we didn't fight each and it worked from that angle. >> it's unrealistic in today's world to expect france and germany to stop fighting each other whether we're in the eu or not but the core euro zone will stay together. i'm not sure that for the u.k. there's an island with different interests that economically we'd be best staying in the eu. >> we'll continue the conversation on our panel coming up in around an hour or so.

howard shore executive chairman from shore capital. that's it for now. so i'll pass it back to you guys in the studio. >> we're going to leave you with a look at how futures are trading on wall street and we are coming off the second lowest volume day of the year. we'll take a quick breather here. we'll be right back. mornings. wonderful, crazy mornings.

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welcome to worldwide exchange. i'm susan li. >> i'm wilfred frost. >> treat them mean, keep them keen. sab miller accepts a 68 billion pound proposal from ab inbev but demands a belgian brewer pay a break fee if the deal falls through. >> back to the future. barclays reportedly set to appoint former jp morgan banker in what could see the return of an investment bank expert. >> vw unveils changes to its diesel strategy as the german think tank warns the fall out of the emissions scandal will weigh on future growth. >> earnings season kicks into gear with jp morgan after the close with the first major bank to report third quarter results expected to post lower trading

revenues amid the market turmoil. >> thank you for tuning in. >> the lowest volume day in 2015. 7 straight sessions. s&p has been up out of the past ten and the nasdaq has been also higher. futures are telling us we're going to be down the implied open. dow jones industrial down and the nasdaq should be seeing losses of just around 26 points or so. now let's check in on the lead from europe and we are in negative territory in sell off mode and this is coming off six straight sessions of gains for the euro stoxx 600.

the swiss smi, we're seeing declines of .5%. banking caps and headlines coming through in a few hours. the cac 40 is lower by 1.5%. the dax has snapped that and continuing losses today and the ftse 100 seeing declines of .8 or so. >> we're seeing a little bit of strength today which has been the case for most of october however yesterday was a big pull back in the oil price late in the day and as you can see just holding flat now. we have lost the positivity we saw earlier in today's trade. 49.9 on brent and wti 47.2. russia's central bank governor says the plunging crude prices is making it harder to bring down inflation from the levels of 15.7%. speaking to jeff on the sidelines in peru the cbr chief

said the oil slump is putting pressure on the ruble. >> translator: indeed the fallen oil prices and end of the commodity super cycle lead to the situation that many energy importers are facing following inflation, deflation. in our case the situation is the opposite. the fallen oil prices may lead to certain pressure on the rouble rate and may have inflation risks. >> jeff also spoke to the country's finance minister that said that russia must come to terms with the new reality and diversify a way from energy. >> our current goal is to make the economy less dependent on the price of oil. our fiscal projections for next year are based on the assumption of $50 u.s. per barrel and we have a significant reduction in oil and gas revenues. next year we estimate this revenue at 43% of all budget revenue. it was around 52% awhile ago.

with the depreciating rouble coupled with sanctions on russia we have to develop other industries in order to promote substitution to replace the goods restricted in reaching russia. under these conditions export industries, so-called trade based sectors of the economy started growing and there's some significant results in this field. i can name a few. i can mention the agriculture sector and some industrial sectors exporting goods and step by step we think that the 3rd and 4th quarters of this year to be the turning point of the russian economy. >> let's take a look at the other top stories, fortress investment group is planning to close it's global macro hedge fund. this is after suffering some big losses with the funds manager expected to leave the company just three months after fortress made him the sole chief investment officer. they made a bad bet on the swiss

frank and hasn't recovered from it. fortress fell 5% in after hours trade. >> fmc is cutting it's earnings outlook again. they're citing the rapid devaluations of the brazilian real and plan to cut 850 jobs. they'll cut spending in global procurement. they generated a quarter of the revenue last year. the company says it will effect the agriculture business for the rest of the year. let's have a look at price action in german trade. we're down 9.5%. >> ryder is cutting it's earnings outlook. a temporary issue with it's fleet management business and lower than expected u. s. sales of power vehicles. it lead to more trucks that were out of service. it does say demand remains strong however. 7% in after hours trade. currently in germany off by 7.

>> okay there are now over 120 private companies valued at over a billion dollars. that makes up the unicorn club. however in a world dominated by uber airbnb and spotify. it doesn't matter. good to have you on the program today adam. so valuation doesn't matter but in a world of risk free capital why not take the money if it's on the table? >> it's not about the capital. it's about execution. these companies are raising money because they can and not because they should. we prefer to see companies execute. there's a couple of things that we think about. it's about executing on the

sales front and making sure that your customers love the product and buy more of the product and making sure that you have a competitive advantage with respect to what you're building every day. just because you're a unicorn doesn't accomplish that from our perspective. >> what about when we get to market. are you saying that just because you can raise money doesn't mean you're necessarily a good venture? >> yeah, i would say that's the case. from our perspective it's about can you execute with the dollars you have? and are you really taking advantage of the market opportunity? you know, today there's about 100 private companies that are in confidential filing that are quote, unquote, unicorns and from our perspective those companies if they were great companies would be public companies today so clearly there's a disconnect between when they raise capital and actually their ability to go public or continue to execute. >> is it actually because of the fact that raising money is so time intensive that they're distracting from running their

own business? >> no, it's not actually the case. for many of the companies they're raising money in 30, 45, 60 days. the markets have been super supportive of companies with high growth rates and enable them to raise money easily. they're not getting distracted from raising capital. the reality is when you raise a lot of money you don't have to execute crisply so you can hire more sales reps and spend more money on marketing and those dollars that you spend to kind of generate sales don't have to be efficient. so you might be spending the money but you're not necessarily creating value. >> do you feel that there's a bit of the bubble in the private market for tech companies at the moment? >> i mean, it's a frothy environment out there. this summer was a checkpoint for

people but it is the frothiest environment since the late 90s and it's concerning because you have a lot of companies raising a lot of money. they're out executing with those dollars and i couldn't call it a bubble but i would say it's concerning and we're unclear on how this will all end but it can't continue on the current run rate. >> thank you very much for joining us today. much appreciated. adam marcus. >> let's get you caught up on major league baseball. the new york mets set their franchise post season run record with a 13-7 demolition of the los angeles dodgers. homered and granderson drove in five runs with two doubles last night. dodgers infielder chase utley who injured mets shortstop with an illegal slide in game two he watched from the benches. after the game, the mets

outfielder said the greatest retaliation is winning on the field. a busy night in baseball as all remaining teams were in action. the kansas city royals stormed back from a 6-2 deficit scoring 7 runs in the final two innings to defeat the assist trtros in game. the blue jays stormed out to a 7-1 lead against the rangers and held on for an 8-4 victory also forcing a 5th game. the chicago cubs overcame a rare off night to top the st. louis cardinals 8-6. now still to come on the program, j and j, johnson & johnson leads a list of big names out of the starting game reporting third quarter earnings before the opening bell. we'll preview the numbers. that comes your way next.

>> let's talk about the major merger in beer. ab inbev and sab miller reached an agreement in principle on the terms of this takeover deal but under this sab miller shareholders will get 44 pounds a piece which represents a 50% premium to the september 14th closing price but if the two largest brewing companies in the world fail to complete this deal there is a break up fee

involved. ab inbev will have to pay a $3 billion, this is a reverse break free. a little bit different but let's take a look at the share price performance because this is four times the ab inbev had to approach asab miller. so gains up 1.5% for ab inbev. sab miller advancing by 9% but you know with the stock prices still trending below the offer price you know the merger arbitragers and experts believe this deal has a lot of regulatory hurdles to get over and they may not be able to cross those hurdles. you're a beer drinker, aren't you, wilf? >> absolutely right. >> miller time. >> indeed. >> we're still away from that price. mainly competition concerns making up for that difference. let's switch focus and have a

look at earnings because earnings condition gets underway today with several big names reporting but third quarter results aren't expected to be pretty. forecasting a decline of 5.5% for the s and p 500. landon has a preview. >> good morning. a trio of dow components kick things off today. johnson & johnson, jp morgan and intel. the consumer products and pharmaceutical giants is forecast to earn $1.46 a share on revenue under $17.5 billion. both are down from results hurt by lower sales of medical devices and sales to consumers. they have beat earnings forecasts the past 18 quarters. analysts say with $15 billion in cash the company could be saving up for a big acquisition. stock has underperformed this year down 8% while the s&p 500 is down 2%. jp morgan reports third quarter results after the closing bell.

the bank is forecast to earn $1.37 a share. roughly flat from a year ago on revenue of $23.7 billion versus 25 billion a year ago. last month the ceo said trading revenue would be similar to other banks with an expected decline due to the market turmoil. investors will be listening for information on any new major fines. shares are down about 8% in the past three months. intel also reports third quarter numbers after the close today. the chip maker is forecast to earn 59 cents a share on revenue of about $14.25 billion. both figures are down from year ago results. intel could still be hurt by weak demand for pcs but shipments show growth in the third quarter. the company could benefit from microsoft's roll out of windows 10. intel shares are up 10% in the past three months out performing the dow. >> thank you so much for that. which earnings do you think act

as the best for the u.s. economy? e-mail us. and we have twitter and our personal handles are at the bottom of the screen. i think walmart. >> that's a good gauge. i don't think energy companies or construction companies are the best. i think the banks but not the investment banks. some of the smaller regional players but some of those are better indicated. >> i would look for yields as well. just tell me where the yields are and whether investors pick them up. it's a yield environment. especially with utilities doing so well since we're seeing such low rates but i really want to get to my favorite topic of the day. it's not about earnings it's about nude pictorials and apparently are nudes passe? playboy will no longer publish naked pictures of women saying that with the internet every sex

act imaginable is a click away. they have dropped down to just 800,000 in circulation now. however they're one of the most recognizable in the world with apple and nike and hugh will still stay on. he's 89 years old. but they license editions around the world to generate their revenue but you know playboy pretty well, right, wilf. >> certainly not the -- >> trying to make him blush. is he blushing? >> i'm amazed the magazine still has 800,000 readers. it's more they've got those low level branding night clubs and things like that. >> which you would know nothing about. >> i've been to the london one a few times. it's pretty tacky. but the vegas one is meant to be better. but it had 4 or 5 million readership, he's a bit of a

fading star now. >> they still have women in provocative poses. just not naked women but then where would you buy a playboy magazine anymore. >> i don't know, susan. >> provocative poses, right? they might still be tasteful. you don't have to see women bare naked, do you? >> this is a great discussion. >> head to cnbc.com for more on that story if you want to go there on playboy. yeah. why have hugh has a picture? oh, wait, we can't -- that would not be pg-13, right? >> okay. still. anyway, these are the headlines on this tuesday morning. u.s. futures are pointing lower today suggesting that a dow could snap it's 7 day win streak. volkswagen will change it's diesel strategy and cut investments by a billion euros a year. barclays is set to appoint former jp morgan banker je jes staley as the new ceo. ñ'

>> replace a health care law and tax credit for people to buy individual coverage. bush would give more power to the states in order to regulate health insurance and he is expected to offer more details in a speech in new hampshire. after watching the republican presidential candidates duke it out twice on stage the democrats get their turn. hillary clinton, bernie sanders, martin o'malley and jim web will face-off in the first debate tonight on cnn taking place in las vegas at the wynn resorts and casino. joe biden isn't taking part but cnn reserved a podium just in case he feels like it. they're expected to focus more

on policy than personal attacks. let's head to washington d.c. for the first democratic debate and tracie potts joining us. >> well, hillary clinton targeting donald trump but at the trump hotel she was trying to talk with organized labor saying that trump insulted women and immigrants and she is really focussing on the republican front runner but tonight a lot of the tough questions may be focused on hillary clinton. her e-mails. her donations to her husband's foundation and even her record as secretary of state. not to mention the benghazi committee where she will be testifying later this month. he is behind her in the polls and ahead of her in new hampshire. he is not going to go negative. he made a big point of that on the campaign trail and the other three candidates that you

mentioned martin o'malley, jim web and lincoln chafey this is the first opportunity for americans to see and hear who they are. particularly for o'malley this could be a chance for him to stand out. >> does hillary clinton look forward to this debate or does she only have ground to lose on it? does she want to get across that she isn't a robot or given that she still has have massive lead is it only for her to lose ground? >> that depends on where you look. if you look in some states she has definitely slipped. if you look nationally she still has a lead but bernie sanders has cut into that lead. is she looking forward to this debate? i would imagine so. hillary clinton is a skilled debater. i'm fairly sure she has more debate experience, certainly on the national stage than anyone else that will be up there tonight and this is her opportunity to deal with some of those tough questions without the filter of journalists. it's going to be essentially her

one-on-one with the voters. >> thank you for joining us from washington there this morning. let's get out to susan. what's the top story? >> barclays set to name je jes staley as the new incoming barclays ceo. he worked at jp morgan and it's all deja vu because before anthony jenkins was at the top of barclays it was bob diamond. he was seen likely as a successor to ceo jamie dimon but he left for hedge fund blue mountain capital run by former jp morgan executives. now this is the second time that we have barclays approaching jes staley because in 2012 he was interviewed for the top job

but barclays decided his contract was too expensive and in the end we had the british bank, they went for a change in a different direction and opted for a retail banker. this choice was intentionally a switch from the previous investment banker style but let's quickly check in on the stock itself. we're looking at declines here up 3% and i guess this might be a change, since right now retail corporate banking revenues were down in the recent quarter. >> let's have a quick look at u.s. futures before we round off the show. it's been a strong winning streak for u. s. markets in october but we're expected to buck that trend today. the dow expected to open down 8 points. s&p down 10. nasdaq expected to open down by 26 points. that's it for today's show on worldwide exchange. thanks for watching. >> u.s. squawk box is up next.

good morning. toasting deal progress. beer brewers, they agree to take over terms in principle in a transaction worth more than $100 billion. >> banking on leadership, barclays set to name jes staley as the next ceo and new details this morning, big losses forcing fortress to close it's global macro hedge fund and top manager is said to be leaving the firm and why playboy will no longer publish nude photos in it's

magazine. it's tuesday, october 13th, 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. i'm becky quick with joe kernen and andrew ross sorkin. demand for oil will slow next year down from 2015. but here's the catch, opec is still pumping more than a drop in production. yesterday you saw a big drop in oil prices. down about 5%. this was a pull back. this morning it's down another 20 cents to