hi, everybody. good thursday morning. welcome to worldwide exchange. i'm susan lee. the heat is on. cnbc republican debate sees marco rubio steal the limelight as front-runners donald trump and ben carson are feeling the pressure. >> if we don't act now, we will be the first generation in american history that leaves it worse off for our children than ourselves. >> a hawkish statement as it keeps policy steady this month. deutsche bank hit with a

banking bonanza. db scraps its dividend for the first time in 60 years. a tale of two oil majors. shell falls short of expect aations with the ceo warning of tough decisions ahead. total beats forecasts and raises its production target. cnbc, host of the third republican presidential debate with the top personalities on stage. it was everything it was billed to be. it was noisy, combative. yes, they were squaring off in boulder, colorado. ben carson leading the debates. senator marco rubio stepped up, largely viewed as coming out on top.

senator ted cruz and former leader donald trump manage to go land big blows. the candidates really stressed the need to address everything when it comes to tax reform, federal debt, to the fed and their intervention in the markets. >> how long have we been talking building tax reform in washington, d.c.? we have been talking about it for decades. we now have a 73,000 page tax code. there have been more than 4,000 changes to the tax plan since 2001 alone. there are loads of great ideas, great conservative ideas from wonderful think tanks how to reform the tax code. the problem is we never get it done. we have talked about tax reform in every single election for decades. it never happens. >> we have a $19 trillion bipartisan debt. and it continues to grow as we borrow money from countries that do not like us to pay for government we cannot afford. the time to act is now.

the time to turn the page is now. if we don't act now, we will be the first generation in american history that leaves our children worse off than ourselves. >> did you see the recent deal announced today or yesterday? more spending, more tax increasing, more regulation. and now we have to accept 2% the new normal for economic growth. and the net result is the middleclass has $2,300 less in their pockets than the day barack obama got elected president. >> i think the fed should get out of the business of trying to juice our economy and simply be focused on sound money and monetary stability ideally tied to gold. >> i think it is precisely because of ben bernanke who calls us know-nothings. it comes in and lobbies against them being audited on the hill. i would prevent them from lobbying congress. i don't think the fed should be involved in lobbying. i think we should examine how

the fed has been part of the problem. >> we don't need hillary clinton's price controls. again, does anybody out there think giving washington, d.c. the opportunity to run the pharmaceutical industry is a good idea given how well they have done running the government? what we do, if somebody is price gouging, we have laws for prosecutors to take that on. i will make an attorney general who will enforce the law and make justice more than just a word. it will be a way of life. >> a third republican debate. it was noisy. it was combative. we checked in on the talking times. it is interesting is that the front-runners talked less than the ones that were behind. >> i think very interesting as well. bush is at the bottom in terms of total airtime. carson just above him in terms of the bottom two getting the most airtime. i think it is a more calculated decision on carson's point and something bush would be disappointed out. bush needed to come out fighting. he needed to raise the occasion.

a lot of people say he failed to do that. carson purposely has taken a bit of a back seat in debate one and two. that hasn't hurt him. clearly he has risen to being the leader. >> protecting the lead, which is what he is doing now in boulder, colorado. i would say there was more energy. the fact that jeb bush went on the attack against his former protege. that was interesting. marco rubio. kasich, the ohio governor, he wasn't shy at all. attacking trump and also carson. saying, you know, you have outlandish plan to cut taxes 10% to 15%, but you don't think you are going to increase america's debt. how is that possible? >> and some of the clips we have there about attacks on the fed and monetary policy and things, they had similar tones across all of them. you mentioned bush's attack on rubio. that was brought up by bush. buff very much everyone coming around saying rubio won that.

it was force odd rubio. he was nimble. he reacted well. that made him come off in a better light. this was such a crucial, crucial debate for jeb bush. he started off by being one of the front-runners. in the last quarter, he had to cut campaign staff. this not quite make or break the bush. whereas for rubio, everyone saw it coming back. >> bush is in some trouble right now. i think the post-debate commentary is that he has really failed to spark any interest in his campaign. it's losing momentum right now, and he is not rescuing it by these debate performances. he seems to be a nonfactor in the debates so far. >> we have another graphic to show who was the most attacked people. despite those attacks. another we have in terms of who was the most attacked. there it is.

hillary clinton unsurprisingly facing as opposed to fellow republican nominee candidates. one particular reason is one fiorina said. she said i can tell you i am hillary clinton's worst nightmare. forget the argument between all the republican nominees. who is the best candidate to face up to clinton? >> put me face-to-face, head to head, toe to toe with hillary and you won't be sorry. i think when we take things into account and the day after the monday morning quarterback the consensus is it was marco rubio's day. >> i think so. cruz also did well. think how much of a focal point donald trump has been for the past couple debates. that's quite interesting. he's still second runner. doing way better than people

expected. the last two debates it was all about donald trump. that wasn't quite to the same extent. >> now he is behind ben carson in the polls. it is interesting trump didn't go on the attack last night either. we should make a graphic about that. >> and he didn't go on the attack against carson. >> that was interesting. very good point. >> it hasn't boded well for him. >> trump is behind in the polls. he's been doing that leading up to boulder. he said carson is low energy, light on immigration. >> and the economics debate as well. anyway, let's bring it back to markets. let's have a look at what we are expecting for u.s. trade. it is expected to be a negative open. this came from quite a strong finish to yesterday's trade. the hawkish tone from the fed in

fact, welcomed by u.s. equity investors yesterday presumably because of its slight confidence in the economy. but today we are expecting to correct down by nine points to the s&p 500. let's look at european markets as well. decent trade yesterday partly because of earnings. partly because of the fed meeting. today we are protecting. it is negative. continental europe. germany down a quarter percent. >> let's look at the fed. it kept interest rates on hold. but they put the december rate hike in place. central bank made a direct timing reference in a statement issued after the meeting saying in determining whether it will be appropriate to raise a target range at the next meeting, and the fact that they highlighted the next meeting was significant, we will assess

progress going into the two-day policy meeting. u.s. dollar rising sharply. yield for u.s. debt soaring in reaction. >> deutsche bank scrapped its dividends for the first time in 60 years. meanwhile, it raised its litigation reserves by a billion euros. but germany's biggest is hoping this marks the bottom as it looks to trim down operations and focus on its core businesses. it is stopping operations in 10 countries and cutting 35,000 jobs. 20,000 of those will be as a result of asset disposals. all of this in a bid to achieve 3.8 billion euros of gross cost savings by 2018 in terms of investment. it is planning to modernize its outdated i.t. systems as part of

the major revamp. in his first public appearance since being appointed ceo, john cryan says its problems are in executing. >> translator: deutsche bank does not have a strategy problem. we know exactly where we want to go. however, for many years now deutsche bank has had a serious problem with executing the strategy. over the past 20 years, many strategies, targets were announced. but hardly ever were they implemented in a consistent fashion. >> carolyn just put this question to john cryan. >> the cost cuts sound pretty ambitious. but we have heard that before. we know you don't have the best track record -- the bank doesn't

have the best track record delivering on those cost cuts. why are you sure this time it can work? will there be a specific task force to supervise a that? >> i'm glad you said our cost cuts are ambitious. we were somewhat concerned our shareholders might think we were being less than ambitious. and so i think what we have tried to do is strike the right balance. >> we will get more from that press conference with caroline live from frankfurt with fresh analysis at 5:45 cet. staying with banking, barclays has missed estimates with a 10% drop in its profits. the british lender wrote off 560 million pounds in to cover the missiles effects products and u.s. mortgage settlements. barclay's saying it was too a

early to make specific refocus in light of the in coming ceo jes daly's. sant a ander defies brazil slowdown. a fifth of earnings. its contribution has dropped below that of the uk. the spanish bank profited 1.7 billion euros for the quarter, up nearly 5% from a year ago. and checking in on santander, trading in spain, we are seeing declines today, 2.5%. still to come on the show, swiss rhee ceo david cole. >> bashing each other or bashing the french? one of the most confrontational

moments? >> is it like a french workweek? three days to show up. campaign. or just resign and let someone else take the job. a lot of people are living paycheck to paycheck as well. they are looking for a senator who will fight for them every day. >> the only reason you are doing it now is because we are running for the same position. want bladder leak underwear that moves like you do?

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good thursday morning. here are your headlines. marco rubio steps up in the republican debate. pfizer holding deal talks with allergan. shares of go pro down 15% as sales missed forecasts. swiss re has logged a net profit of $1.# billion in the third quarter, beating analysts's forecasts. it is on track to hit financial targets. joining us is david cole, cfo at swiss re. david, thanks so much for joining us this morning. a very good morning to you.

third quarter net income has come in nicely. what's the key reason that allowed that beat? >> well, thank you for having me today. i think it goes back to the basics. we have an incredibly strong high quality underwriting fort folio. and perhaps most importantly a unique, well diversified and strong client franchise. >> david, the pigge ebiggest catastrophe is china. do you have a good handle on that final cost now? >> is to be honest. as per the last question, no. there is some uncertainty with that tragic loss in china. there's some specific issues around the loss. it makes it rather difficult. even though it was several months ago for a final number. we have put up across the group 250 billion. that reflects the best information we have available

coming from both market sources and the initial feedback we receive from our clients. it is a very difficult situation. it has been difficult to get on site to invest the losses. i suspect the numbers will change over the next several quarters. >> david, can you give us or clarity on the share buy-back. >> we announced we will seek approval to launch the share buy-back program. we expect to do that during the course of the middle of november. so in a couple of weeks. this is fully in line what we interested from our shareholders in april. we find ourselves in a situation where we remain strong. we have excess capital we don't see a reasonable opportunity to deploy in a short period of time. we look for intelligent ways for shareholders. we used the share repurchase program as the methodology to do that.

>> david, thank you for joining us. we will have to leave it there. swiss re up half a persist. >> total hosted 23% fall for the third quarter coming in at $2.8 billion. that was better than analysts had expected. the french oil major raised to over 9% and installed a dividend of 61 cents a share for the quarter. share prices off 3% today. shell reported a 70% drop as weaker oil forced write-offs which totaled $8 billion on numerous projects. the company actually posted profit of $1.8 billion. still, though, be much lower than 2.7 billion that analysts had expected. we will take a breather here on worldwide exchange. bankers behaving badly. how financial organizations can protect themselves against rick posed by rogue traders. stay with us.

trump hasn't lost any of the larger-than-life attitude. he went against john kasich. >> he was so nice. he was such a nice guy.

he said, oh, i'm never going to attack. his poll numbers tanked. that's why he's on the end. and he got nasty. he got nasty. you know what, you can have him. >> who is getting nasty in that exchange? i'm not sure it was john kasich. just to add more to the flavor of donald trump. going after john kasich was a partner at lehman. those two together? >> i think it was a tedious debate. good to see that one particular exchange. as we were saying earlier, he was a little more reserved than past debates. only a little bit. but interestingly he didn't attack ben carson. in the debates it hasn't helped hip. he didn't attack the other fellow front-runners. >> there was some back and forth. couldn't be the donald without that.

you're right. he has stayed a little bit more calm. as you see, didn't get as much time as others. >> idea more on the debate coming later. but let's talk a little bit about rogue traders. magnus peterson, founder of one of london's oldest hedge funds, was sentence odd monday to 30 years in busy of fraud of over $500 million. he is reportedly can considering an appeal as the length exceeds those of other financial criminals such as abdoli, former ubs trader. joining us to discuss this further is kevin cunningham, founder and president at sail point. great to have you with us. typically when we talk to these types of threats, it is external cyber attackers. but you think it is just a much

from internal employees? >> i think it is a greater threat. companies spent millions of protecting their perimeter. the bad guys find out an easier way is through hijacked identities or the case of an insider who has access to information he probably shouldn't. >> you work with the likes of general who had huge insider trading and rogue trading loss. >> we look back how he perpetrated that for such a long period of time. it traces back to the fact that he changed jobs within the bank. so he had a middle office administrator role that gave certain privileges. he changed jobs and became a trader. they didn't shut off old privileges that gave administrative capabilities to cover his tracks. this is a trader having illicit access based on a previous job. so now they are in control of

this. traders should not have access. and shut it off quickly. >> are banks doing enough to do this? are some better protected than others in your view? >> we have seen a major trend where people are realizing they can't protect against all breaches. so they are saying i can assume i will be breached. i can recognize it faster and shut it down quicker. so reduce the overall damage that a breach will take place. >> kevin, thanks so much for joining us. that's a all we have time for. founder and president at sailpoint. u.s. futures trading ahead of the open. (vo) what does the world run on? it runs on optimism. it's what sparks ideas. moves the world forward. invest with those who see the world as unstoppable. who have the curiosity to look beyond the expected

and the conviction to be in it for the long term. oppenheimerfunds believes that's the right way to invest... ...in this big, bold, beautiful world. hello, ken jennings. i haven't seen you since that tv quiz show. hello, watson. you can see now? i can recognize people, analyze images and watch movies. well i wrote a few books, did a speaking tour, i... i've been helping people plan for retirement. and i help doctors identify cancer treatments. is that all? i recently learned japanese... yeah, i was being sarcastic. i haven't learned sarcasm yet. i can help with that.

hi, everyone. welcome to "worldwide exchange" >> interesting evening in boulder, colorado. turning up the heat to marco rubio. the senator from florida leaves his mark on the cnbc republican debate, warning of ballooning federal debt. >> if we don't act now, we will be the first generation in american history that leaves our children worse off than ourselves. >> front-runners donald trump and ben carson feel the pressure. while carly fiorina warns of

consolidation and g business. >> crony capitalism is what happens when government gets so big and so powerful that only the big and powerful can handle it. this is how socialism starts >> the fed leaves december open for a rate hike. ted cruz saying its priorities are out of line. >> i think the fed should get out of the business of trying to juice our economy and simply be focused on sound money and monetary stability. >> another inversion on the horizon. reports suggest pfizer is in merger talks with allergan in what could be the biggest takeover of the year and allow to redomicile to ireland. >> good thursday morning. just one day closer to the weekend and the day after the

cnbc republican debate. let's check on the markets. i imagine the fed probably has a bigger impact right now. but we love the entertainment, don't you? especially from donald trump and the like. s&p 500, trading below fair value. down 10 points. nasdaq seeing declines of 21. yes, the fed has kept interest rates as expected in october. but now a december rate hike is firmly in play. making a direct timing saying in determining whether it will be appropriate to raise a target range at the next meeting, that's crucial. that's important. the committee will assess progress going forward. we have the u.s. dollar strengthening to its highest levels since august. and equity selling off as well. and reaction when it comes to the 10-year. let's have a look at that.

very interesting move in the spreads between the german 10-year and u.s. 10-year. we have a spread of 165 basis points. that's 35 basis points wider than it was as recently as august. of course it was a double move. last year with the ecb, pushing down yields. a hawkish term pushing up the yield. that spread widening to 165 basis points. susan? >> well, it was combative. it was noisy. everything we expected with cnbc hosting a third presidential debate with the top 10 polling personalities. ben carson still topping the polls heading into the debate. but marco rubio largely viewed as coming out on top. donald trump was also his usual self, of course. bigger than life.

depending off questions about his campaign plans. >> you have done very well by promising to build a wall and make another country pay for it, sending 11 million people out of the country, cut taxes $10 trillion without increasing the deficit. >> right. >> and a make americans better off because your greatness would replace the stupidity and incompetence of others. >> that's right. >> let's be honest. is this a comic book version of a presidential campaign? >> it is not a nicely asked question the way you say that. larry kudlow is an example. i have a lot of respect for. loves my tax plan. >> there you go, the donald. in the most confrontational moment, jeb bush and marco rubio went head to head with bush accusing rubio of shirking his duties. >> you should be showing up to work. literally the senate, what is it like a french workweek? we get three days where you have to show up?

you can campaign. or just resign and let someone else take the job. a lot of people are living paycheck to paycheck as well. they are looking for a senator that will fight for them each and every day. >> i don't remember you ever complaining about john mccain's vote record. the only reason you're doing it is now is someone has convinced you that attacking me will help you. >> the french ambassador saying the french workweek is 39 hours, similar to what you are seeing in the u.s. why bring us into it? by the way, in any country, they offer a lot of bombastic nonsense. >> a nice push-back from the french ambassador to the u.s. as he says in that, highlighting the benefits of the french rules. fair enough. obviously bush wasn't necessarily being anti-french. he was making a funny point to his criticism. but it didn't go down that well.

he fought back. you could see it on bush's face as well. he wasn't necessarily prepared for the fight back. it made him look quite awkward. >> you thought so? >> yeah. >> he hasn't landed any blows in the first three republican debates. one of his supporters in the past coming out after this debate saying you have to make some sort of impact here. as you see in the campaign, his campaign, you know, his employees and also just losing steam in the last few weeks. and people have a lot of concerns about where this is going. >> absolutely. let's bring in boris epstein. thanks for joining us early this morning. >> absolutely. >> what was your main takeaway from last night? >> it was a very spirited debate. i thought trump did a great job.

christie stood outside. as far as bush, it was not a good night for him but it was not a game killer. we have a lot of time for iowa and new hampshire. as far as all the other candidates, rand paul struggled. governor kasich, after coupling out firing, disappeared. i didn't see enough from dr. carson that he can maintain any status in the polls he hasn't currently. >> was that a calculated decision, boris from dr. carson given in the first two debates he has taken a more reserved approach. he did that again today. and so far in the first two debates that approach led to him leading the polls. >> you know, the polls are one thing. but then you have to get the votes to actually win. and staying back and sort of punting on a lot of the most important questions can only get you so far. you saw dr. carson really struggle when he talked about

his tax plan to defend, and talk numbers and prove they can work. i don't think that lead is sustainable. he is not going to go out and say, folks, one, two, three. this is how i'm going to make america successful. this is my plan. this is how it can work. >> you worked with senator mccain back in 2008. he was trailing at this time in third place. and look how history turned out. this time around, what do you think is going to happen? we have donald trump. ben carson. people have been saying marco rubio still has the odds with him. >> as you go through the campaign, there are always leaders early on who then disappear. in 2008, senator mccain was carrying his own bags in the late summer and the fall of 2007. so there's a lot of time left. what i see happening is it will dwindle. you will have an anti-establishment candidate.

likely donald trump. and then it will come down to four. and then two. we will see who it is. i am now seeing a lot of movement from senator cruz. he was the most polished debater. it is not a surprise. he was a champion debater at princeton. he took on the media and other candidates. let's not forget about that. there will be a lot of talk about what happened between the candidates versus cnbc. hey, all of them will have to face off against a democrat if they're successful. >> okay, boris, thank you so much for that. boris epstein, former mccain-palin campaign aide. who do you think won your money, your vote debate? head to cnbc.com to catch up with all the key moments and cast your own vote in our poll. in earnings news, consumers may still have go pro cameras but investors are bailing on the

stock. shares took a beating after announcing earnings that fell short, falling 13% near its ipo price. the founder and ceo says the business in the third quarter was more difficult than expected opinion following 17.4% after hours. pay pal is stumbling with earnings after splitting from former parent company ebay. the digital payment company posted third quarter revenue below expectations but did just beat the eps line. pay pal shares almost 5% down after hours. and still to come on the program, another drug deal on the horizon. this one is huge for the industry. maybe $300 billion worth. details right after this.

at day, another drug deal on the horizon. good morning to you. another day, another potential deal. what could become another huge consolidation in the drug industry. pfizer and allergan are considering merging. pfizer approached allergan about a deal. the talks are considered early. a deal for allergan would add

botox, restasis to their arsenal of patent protected. $216 billion, combined with allergan's $113 billion. a successful deal would make it the largest takeover and turn the company into the world's largest drug maker. it would allow pfizer to complete a tax inversion that would slash its tax bill headquartered in dublin with a significantly lower tax rate than the u.s. landon, thank you very much. these are your headlines on this thursday morning. marco rubio steps up on the republican debate. donald trump and ben carson feeling the heat. pfizer holding deal talks with allergan in what could be the year's largest takeover. shares of gopro down 15% as sales miss forecast. opportunities aren't always obvious.

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deutsche bank scraps its dividend as it looks to turn around its fate after posting a record 6 billion euro loss. out to frankfurt following john cryan's press conference. carolyn? >> reporter: good morning to you. a lot of anticipation going into this press conference. it is the first time he has shown his face in public since he was appointed ceo in july. he was humble were. at the same time, he was very determined to slash those costs. 3.8 in cost savings is what the company is targeting on a gross level by 2018. to many people, that is very ambitious. specifically because this bank has a bad track record when it comes to delivering on those cost savings.

second of all, as you mentioned, significant job cuts. 35,000 across the world, across many businesses. also, they are exiting 10 countries. they will no longer serve 50% of their clients as part of the investment bank and the client services and they want to overhaul their i.t. systems. but the biggest takeaway for investors this morning, as you pointed out, the fact that there will be no dividend for 2015 and 2016. that's going to be a really tough one for many bank investors. there are so many other banks out here in europe back to paying healthy dividends. my question to john cryan, are the big institutional investors sticking to the bank? >> no one wants to cut a dividend. we are all in business to create value for shareholders in part. and so it is, again, with a reasonably heavy heart one does that, it does go under criticism. i personally was worried some of

our shareholders were buying the shares for the dividend. our dividend was 75 cents per share. and to make the numbers very easy, if you assume our share price is 25 euros, that's a 3% yield in euros, which is quite attractive today. but when we announced in early october we could no longer this year and it didn't look as though we could for next year, we are saying it is highly up liky. we haven't seen too negative a reaction yet. because i think shareholders are at the moment trusting the management. >> reporter: a lot of hard work ahead for john cryan and his team. all of this restructuring comes out of significant costs. 3 to 3.5 billion euros in restructures costs in 2016.

>> thank you so much for carolyn roth in germany. back to the presidential debate that cnbc hosted in boulder, colorado. senator marco rubio largely coming out on top. he took shots at the media coverage he says are too biased towards democratic front-runner hillary clinton. >> the democrats have the ultimate superpac. it's called the mainstream media. >> [ applause ]. >> i'll tell you why. hillary clinton went before a committee. she admitted she sent e-mails to her family saying, hey, this attack in benghazi was spent to al qaeda-like elements. it was the week she got exposed as a liar. >> meantime, donald trump taking aim at another high-profile ceo.

facebook a's mark zuckerberg. >> you have been critical of mark zuckerberg. >> i was not at all critical of him. frankly, he's complaining about the fact that we are losing some of the most talented people. they go to harvard, yale, princeton. they come from another country and they're immediately sent out. i am all in favor of keeping these talented people here so they can go to work in silicon valley. >> so you are in favor of in kor this? >> where did i come up with this? >> i don't know. you people write it. >> mr. trump, i want to go back to an issue we were talking about before, the visas. i found where i read that before. it was the donald trump website. and it says that, again, mark zuckerberg's personal senator marco rubio has a bill to

hhh-1b. are you in favor. >> i am in favor of people coming into this country legally. you know what, they can have it any way you want. call it visas, work permits, anything you want. i have created tens of thousands of jobs. with all due respect, actually some of these folks i really like a lot. but i'm the only one that can say that. i have created tens of thousands of jobs. and i will be creating many millions of jobs if i'm given the opportunity to be president. as far as mark is concerned, as far as the visas are concerned, if we need people, it's fine. they have to come in to this country legally. >> okay. we are joined now by former communications director of the republican national committee. doug, i think the consensus is that senator rubio won the debate because he proved to be the adult in the room. your take? >> absolutely. on every question and on everywhere marco rubio showed himself to be forceful but also

looked presidential. that's what we have seen candidates struggle with. every time he had a chance to speak, he didn't just hit a single. he hit a home run. >> what about the fact that donald trump and ben carson actually had the least amount of talk time. these are the two front-runners, by the way, doug. >> that's something i don't think anyone would have predicted. donald trump can dominate for any amount of time he wants to. and he disappeared. and ben carson, so soft spoken, can disappear for anything. we don't know how voters will react coming out. but the two front-runners sure seemed to disappear for a while. >> was this debate a little less negative than the past ones, particularly when you talk about donald trump and ben carson.

they were quite reserved. they weren't too negative. trump avoided attacking carson. >> they had a common enemy, as awe lewded to earlier as the media. they are still talking about policy differences. one good takeaway i look at this from. they really did talk about policy. they really did talk about what their solutions are. different candidates, different ideas. saying they are all good ideas. that is rather unusual as well. it gives republicans some hope moving forward that we can get past the name-calling and the talking about a candidate's face or their cell phone number or all these other extraneous materials. or quite properly a angering the french a ambassador over the french workweek. talking about real substantive policy. >> we just looked at the graphic that the most a attacked person

during the debate was hillary clinton i suppose that is not a total surprise. carly fiorina said she would be clinton's worst nightmare. when do we get on to focusing on the democrat side and who is the best candidate to fight hillary clinton? >> i think we're starting to get there right now. carly fiorina talked about it in previous debates. rubio talked about student loans. how he couldn't be lectured by hillary clinton on student loans. hopefully sooner rather than later we will see candidates peel away. cancelled dates who weren't terribly effective. rand paul would be a good example. as we whittle that field down, we will see more of a contrast between candidates and issues. and that unifying theme of who would be best against hillary clinton? if anybody can unify republicans it's hillary clinton. >> doug, thanks so much for joining us today.

doug heye, national committee. just to bring in one other topic we will discuss about the fed was mentioned quite a lot yesterday. the fed was regarded quite negatively by all the candidates. >> too big. too much impact on the markets. they should be more neutral. but i just want to get back to the last point we made about who is in trouble, who could be dropping out of the race. i think jeb bush's campaign is in real trouble. he has had to fire a few of his campaign workers. some saying he is not good in the clutch. >> yeah. going back to your point earlier who the most airtime, he had the least. this is almost make or break for him. he didn't come out on top. boris epstein said he didn't think it was a kitchen sink moment for mr. bush and he will survive from here. but that is all we have time for on "worldwide exchange."

thanks for watching. >> u.s. "squawk box" up next.

good morning. the dust just now settle issing in the rockies after the battle in boulder. the big buzz after the large, substantial, anything but big gop debate. pfizer and allergan thinking about pulling off a blockbuster merger? conjures up interesting. and janet yellen with a rate hike still in play. now the markets on the latest gdp report. so much to get to this morning. thursday, october 29th, 2015. and "squawk box" begins right

now. live from new york where business never sleeps, this is "squawk box". >> good morning, everyone. welcome to "squawk box" here on cnbc. we will get into the debate from all different angles this morning. we will talk to a couple different candidates on the last night. senator marco rubio will will join us 7:20 a.m. eastern time. 8:00 a.m., governor chris christie will be with us. as we do every morning, we will check on the markets and see what's happening. the fed deciding to open that door on a possible rate hike in december. the market is taking that as a vote of confidence. stocks surging, up nearly 200 points. take a look this morning. you will see there are red arrows when you check out the futures. dow indicating down