>> good tuesday morning. welcome to worldwide exchange. >> these are your headlines from around the world. >> the sea of red sweeping across europe. money stocks leading the declines today as oil hovers near a seven year low and iron ore prices are staying below $40 a ton. >> anglo american says it will reduce it's work force by 70% in a radical overhaul that also sees the miners scrap it's dividend sending shares to record lows. >> up roar over comments from donald trump. the republican presidential

candidate calls for a total and complete shutdown of muslims entering the united states. >> most valuable player, lebron james signs a lifetime deal with nike in what could be the biggest single athlete guarentee in the company's history. >> good morning. we just got the second print of 3rd quarter gdp for the euro zone and it was confirmed at 0.3%. it was a slow down from the previous quarter but 0.3% on the quarter and unrevised number at 1.6%. >> let's check in on toll brothers. looks like net when it comes to q-4. $147 million. when it comes to revenue we have revenue per share at 80 cents a piece at this point and looks like the share outlook for the forward guidance and also looking at 144. that's a total revenue number

for the fourth quarter which is in line with expectations. 83 cents a piece or so. let's check in on u.s. futures because yesterday it was a volatile session with the dow down recovering in the close. still lower by .5% on the end of it. checking in on the immied open we're below fair value today so the s&p 500 down by 6.5 points. dow jones with losses of 56 points. now let's check on european markets as well because looks like we're looking at declines across the board. the ftse 100 with losses of .5% or so. the german dax coming off the best day in a month's time. the cac 40 in france also lower by similar margins and the ftse mib losing big today. a sell off down 1.5%. >> oil prices after yesterday's decline to the tune of 6% for

wti and brent. wti seeing some incremental buying but maybe a little bit of short recovery here and there. 37.86. well below the $40 barrel. and brent crude at 41.8 up by 0.9%. we're moving off the lows in yesterday's trading session. also want to tell you that iron ore is coming under more and more pressure. we're seeing it at below $40 a ton and that's why many of the mining stocks are also putting pressure on the european markets today lead by anglo american off by 5% after this company cut it's dividend. but more on that from susan. >> that's right. a record low and this is after the mine area announced that it would be cutting and shedding around 70% of its work force from its current levels. also scrapping it's dividend for the rest of the year the miner unveiled a radical restructuring plan which will see the mining group consolidate from the six

units into three. let's talk about china because china might be the main reason we're seeing all of this consolidation and cost cutting from the commodity players. the shanghai composite closing down almost 2% and this is after november export data missed expectations posting the fifth straight month of declines and i would also argue the import figures not encouraging and we're seeing all the commodity sell downs because there isn't that much up tick when it comes to the chinese demand. >> correct. 8.7% construction which was bad but not as bad as most of the market economists they were bairgegi banking on. whatever way you slice it, these were disappointing numbers especially on the external front. does build the case for more stimulus. the interesting question is how will beijing approach it? will they engineer a weaker yuan to help stabilize the export picture? that's one question i'll let you mull over. the disappointment on the trade

performance from china was a negative drag for market sentiment as was the drop in oil prices yesterday to a 7 year low and the weakness and the stress that we're seeing across the board in the commodities complex so that stung australia. it also hit china and practically every market that has commodities market exposure and energy companies listed commodity companies, miners, et cetera. i wanted to highlight malaysia very quickly because in my mind, have been saying this for quite sometime now we're going to continue to see in negative term of trade drag on the broader economy and you're seeing this play through with the currency up by more than 1% against the u.s. dollar and you saw this play out as well throughout the oil sensitive em arena overnight and of course today. that's where we stand. the china economy is going to remain in focus and remain on the china macro because we have fixed asset investment, retail

sales, industrial production. those numbers to come as well. back to you. >> let's stay in china for a moment because beijing issued the first ever red alert for smog amid dangerously high pollution levels. schools have been shut and many factories closed and their restrictions keeping half the vehicles off the roads. authorities are expecting heavy smog over the next three days. >> and they try to negotiate that climate change deal and paris at the cop-21. let's talk politics and donl trump, he is tenacious and controversial and sparking out rage from both side of the political aisle after calling for a total ban on muslims entering the united states. in a statement on monday, trump saying that he would keep the ban in place until our country's representatives can try to figure out exactly what is going on. that includes facts about the two attackers from san bernardino. trump saying he would ease the ban maybe on muslims in the u.s. military coming home but at a

rally he drew cheers when he repeated his message. >> it's obvious to anybody that hatred is beyond comprehension. where the hatred comes from and why, we will have to determine. we're going to have to figure it out. we have to figure it out. we can't live like this. it's going to get worse and worse. you'll have more world trade centers. it's going to get worse and worse folks. we can be politically correct and we can be stupid but it's going to get worse and worse. >> also the timing of these remarks not surprising since we did have the oval office address from the u.s. president and reaction to san bernardino and killing of the 14 individuals in that tragedy but he lost ground when it comes to the iowa poll. caucuses and polls saying that maybe ted cruz is now the front runner when it comes to the primary in iowa but this is not surprise from donald trump but

his call for total muslims being banned. some say it's unconstitutional. >> a lot of people say this is simply one step too far. this is unprecedented. jeb bush saying trump has become unhinged. and the obama administration, meantime, they're trying to reach out to the muslim community despite what happened around the world. beside what happened in paris and san bernardino saying we must not vilify the american muslims because antimuslim rhetoric is a recruitment tool for is. it's a tough balancing act these politicians have to strike. meantime, there's a florida major, the mayor of st. petersburg says we have to

abandon them. >> the oval office address from u.s. president obama on sunday and in response to these really controversial donald trump comments, we brought up the tweet earlier on on in traffic. hillary clinton saying this is rep reprehensible saying it makes america less safe. the blue collar voters are looking for stronger leadership which they say is lacking in the oval office. >> we have to go for a quick break but the chips are down for chipotle. the latest alleged blunder has made it very unpopular with the boston college basketball team. find out why after this short break. you can't predict... the market. but at t. rowe price, we can help guide

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while you're watching this, i'm hacking your company. grabbing your data. stealing your customers' secrets. there's an army of us. relentlessly unpicking your patchwork of security. think you'll spot us? ♪ you haven't so far. the next wave of the internet requires the next wave of security. we're ready. are you?

>> u.s. futures point to a negative open. >> toll brothers fourth quarter earnings send shares lower in frankfurt and lebron james gets lifetime endorsement from nike in the biggest deal for a single athlete in the sports brand history.

>> more problems as 30 students at boston college including members of the men's basketball team they got sick after eating at a chipotle restaurant this weekend. it closed the location in boston and health officials are trying to determine whether the illnesses were linked to the e.coli outbreak. the company warning that fourth quarter sales would be falling for the first time in it's history and shares down some 6% and add wall street after hours. as for german trade we're lower by 2%. >> meantime, yum brands says the cfo will re-sign in february. a personal decision to move closer to his family. he's stay on to complete the company's annual report. it will look at internal and external candidates for its replacement and the move comes as the company gets set to spin

off it's chinese operations. shares in german trade up by 0.1%. >> everywhere in the emerging world are holding their breath and trying to figure out what the fed is going to do. will they be hiking interest rates for the first time in ten years at their december meeting? our next guest expects to see a rebound when the fed does begin it's rate hike cycle. let's go straight to new york. the co-head latin america fixed income currency strategist joining us on the program today. i'm curious as to why you think there might be a recovery when the eventually rate hiking cycle does actually begin. >> well, if we look at the historical pattern when the fed hike cycles have been anticipated we have typically seen emerging market currencies leave on from that. so look at valuations they tend to support that. if you look at for example the break even that you would need to hold a mexican bond is a good

example. so we're going to likely replicate what we saw and em currenties happening after that. >> well they say it's not about just the timing of the first rate hike but the actual, i guess the cycle and what it looks like afterwards. goldman sachs saying it's once every quarter in the next few years. your predictions? >> we agree with that call. as long as the fed speaks to that pattern we think we will see em currencies rebound. however after that the performance of currencies will be uneven. currencies like for example, the columbian peso is quite large. it will likely weaken. >> all morning long we're talking about the slump in commodity prices. can we still see a slump if that

commodity slump continues? >> the currency is much less dependent on commodities but it could hold this crown a little better than the rest we have seen the current account cap close and on the other hand we're starting to see the latin american central banks once again start to tighten rates. >> what is priced in right now? is it one hike priced in? is any of it actually baked into the cake? >> yes, for the fed we are looking at a cycle consistent with what we're looking for and the responses are now priced into each of the latin american currencies and we see hike cycles which are are close to 100 basis points.

and some potential for receiving rates on the short end of those curves. >> thank you for your insight. appreciate it. >> now still to come on the program we're live at tech crunch disrupt right here in london. we have the ceo of aol joining us next. tim armstrong is coming up your way in just a few minutes.

>> lifetime contract. that's fitting for king james. nike inked lebron to a lifetime endorsement deal. espn is reporting it could easily top the ten year $300 million deal that kevin durant just signed last summer and this is believed to be the first ever lifetime deal in nike's history although michael jordan kind of has a lifetime contract, doesn't he? nike made 13 versions of lebron's signature shoe.

sales will top this year. we did see some moves, by the way. okay. but, you know, let's look more at king james. this is supposed to be -- i would say he is the athlete of this time for the nba and in some ways michael jordan has a lifetime contract with nike. his jordan brand continues to sell. he makes more endorsement dollars a year than king james does at this point but what i find interest as good lebron just signed a $247 million nike endorsement deal this year. so i'm wondering what is motivating this lifetime contract and why we don't know the specks on it. >> well, the shoes have been such a good seller. a best seller for nike. they're pretty big. even for kids and they cost a lot. $200 each. it's hardly affordable but they have been a best seller so nike thought giving us $400 million in sales overall. we're going to stick with it.

it's a money maker. >> lifetime contract. lebron is just 30 years old. >> really. >> a lot of time to go. >> he makes $24 million from the cleveland cavaliers in salary so it's not like he needs the money. but hey, he is an icon right now in the nba. he has many championships under his belt and he is, i would say, the man in the national basketball association. so they took a look at how he continued to sell after and he left the nba sense and maybe nike is saying maybe he will be another jordan. let's get in now. >> why not? >> we have the other sports and monday night football folks, the washington redskins blowing their chance to take complete control of the nfc east with a

late dallas fieldgoal giving the dallas cowboys a 19-16 win. the redskins remain top but it's still wide open in terms of who makes the playoffs. jackson scored a fourth quarter touchdown for washington but it was not enough to make up for an earlier fumble on a punt return which was a key game on monday night. >> this was a really interesting story. it has us talking. actress and model pamela anderson visited the kremlin to discuss wildlife conservation. they hosted a televised meeting where they discussed the fate of russian seals and sea aquariums that keep dolphins in captivity. >> she is a vegan. kanye west and kim kardashian announced the name of their

newborn son. the couple are naming the baby saint. >> so saint west. >> we thought it would be south or east or west, right, no, you can't name someone west, west. >> saint west. the sources close to the family say the name saint was chose b on account of kim kardashian's difficult pregnancy and because they see the baby as a blessing. the name has provoked a lot of comment on social media. now verizon is eyeing yahoo!'s internet business. this according to the u.s. wireless carrier cfo speaking at a conference. he said yahoo!'s assets would be a strategic fit but it was too early to talk about an acquisition. verizon made a move into the digital video space earlier this year with the takeover of aol. let's get to nancy that's at the tech crunch disrupt london

conference, nancy. >> thanks, guys. that's right. who better to talk about this story than the ceo of aol, tim armstrong, he joins me now. it's a pleasure to have you with us. we have just been discussing the repor reports. do you think this deal makes sense. >> as you know we bought tech crunch five or six years ago and i sat about four seats below us and now we get to watch the olympic athletes so they focus on aol and there's noise in the marketplace now. we have been successful globally by focussing on one thing. i'm not concerned about yahoo!. i'm concerned of how do we make all the assets well. >> it wasn't so long agatha

people were talking about aol and yahoo! coming together. based on what you know about both companies do you think this is a strategic play potentially or defensive approach? because we heard of at&t, comcast, other players looking at yahoo! as well. >> here's why stories like this are getting a lot of traction in the marketplace right now is very few company versus scaies n the most important economy in the world. you'll have the ad business changing in the future and companies like yahoo!. they're a big strong company and those type of assets represent a huge part of the future. and we were very successful at aol turning it around. that was to a company that was growing and i think when you look at the opportunity in the future and i think along with the growth companies that you

see here, those assets can be meaningful in the future. so look i'm not going to comment specifically on yahoo! overall but i would comment that the space is going to be a much more important space. the sales numbers for e-commerce came out. it's done online and 80% isn't done. you 3 million people coming online. you have mobile getting more important. bullish on the future and i'm sorry to not answer your question directly. >> but on the opportunities there it to get your thoughts and we have to get this break. we'll be back with more on that. >> we'll go to break but the u.s. environmental protection agency says a delay in tackling global warming will cost the u.s. taxpayer billions of dollars and we'll go back to paris as well. stay with us on worldwide exchange.

♪ while you're watching this, i'm hacking your company. grabbing your data. stealing your customers' secrets. there's an army of us. relentlessly unpicking your patchwork of security. think you'll spot us? ♪ you haven't so far. the next wave of the internet requires the next wave of security. we're ready. are you?

>> hi, everyone. good tuesday morning. welcome to worldwide exchange. i'm susan lee. >> i'm carolin roth. >> the sea of red sweeping across europe. oil hovers near a 7 year low and iron ore prices are staying below $40. >> up roar over comments from donald trump. the republican presidential candidate calls for a total and complete shutdown of muslims

entering the united states. >> time to get the house in order and earnings miss for the fourth quarter ending shares in toll brothers down in frankfurt trade. >> most valuable player lebron james signing a deal with nike in what could be the single biggest guarentee in the company's history. >> good tuesday morning. if you're just tuning in thank you for sharing your time with us. let's check in on markets ahead of the u.s. open. yesterday the dow down 200 points and the session closing down 100 points. pretty much the losses across the board at the end of it on monday. the s&p 500 is telling us we're slightly below fair value. in fact we have come off a little bit from the session lows we have seen in the future's trades of the s&p 500. we're down some five points. dow jones industrials lower by 33 points and the nasdaq called

down by 12 points. >> beijing has issued it's first ever red alert for smog amid dangerously high pollution levels. schools have been shut, many factories closed and their restrictions keeping half of the vehicles off the roads. authorities are expected heavy smog over the next three days. let's get out to steve in paris t. clock is ticking. will we get an agreement or not. >> we will but the question is how legally binding? how many parts will they get filled in but it's interesting you should be talking about china and china smog as well because one of the big changes here deemed to be the big change compared with 2009 is the fact that the chinese are actling like a developed nation. let's listen in to what the u.s. energy secretary has to say about that being a bit of a game changer. how china was changing. >> the old black and white

divide between two groups of countries has softened. we have seen the evolution of china dramatically, their economy and clearly they are now in a situation of actually contributing to a climate fund to help the less developed countries. i think in my view it's a more business-like approach i think. there's difficult issues to resolve but clearly our hope is that we can get some binding commitments on some critical process questions so we can at least verify that countries are pursuing their targets and their targets themselves of course as you well know are structured to suit the country's circumstances. >> china understands it has a

massive problem and let's carry on the conversation. thank you for joining us. look, he was saying china's change is a bit of a game changer, do you agree? >> i do. a lot of that is president balm's leadership and coming out and talking about the strong actions that the united states is taking and then challenging china to step up. they know they need a different strategy. they need to align their environmental goals including a stable climate. >> and yet you know as well as do that the monitoring of pollution has been intermittent to say the least. >> there's two things we need to

do. you need to monitor. you need real time data that's real and i think significant changes happen. beijing is a monitoring center that you can rely on that data. the second thing we need to do is have transparent inventories. it's something we're talking to every country about. we need transparency so we can make sure that their commitment says that they have an ability to meet it. the first thing you have to ask yourself is where are our missions? where are they going and how do we move forward. >> great point. >> i'm thinking they're going to be exporting a lot of exer the tease. >> that's what we're hoping to do. we want to give countries the flexibility but every country needs to recognize the value of understanding their emissions. it is how you direct research and development. it's how you say that. that's what the u.s. has always done.

without telling the and it changed everything. they guessed where their emissions were coming from before and every country needs to do the bottom line work and the u.s. and public countries doing this want to help. >> is the epa and clean power plant overstepping? you know the same argument you hear every single day from the leaders of some of the states you mentioned as well. is it alive and well or flawed? >> we are alive and well and there's no fatal flaw. the clean air act has been very good for 45 years in driving down 70% of the pollution we have emitted while we tripled gdp you can keep improving the

environment with the economy. so it's not just alive and well but we doing incredibly well. so folks here are no longer questioning what about congress saying this and that or what about the states that are suing. there is a change in the united states because of this president's leadership people want action. and the majority of people want the clean power plant to be done and we are going to win in court. the science is with us. >> so you think that republican challenges whether they're in congress or individual states you think they're on the wrong side of the debate and the wrong side of history? >> i do. look at how many climate deniers you have here. try to find one. we debated it and every time we have put out a rule we put out a question asking whether it's right and on this particular issue people get the science and they're feeling the impacts.

they're leaning very heavily. >> that represents all of the utilities across the united states and they stood up and said that the utilities can meet these standards. it doesn't get any better than this for a rule that the epa puts out. >> but when the president talks about an all of the above policy, does he mean that? is he still talking about a hydrocarbon future as well or is it purely about renewables and moving to a greener economy? >> it is recognizing that in the u.s. there's a change happening in our energy world. we have three times more wind power. we have ten times more solar power. the fastest growing sector in the u.s. economy is where the jobs are so there is a sea change but even under our plan which is projecting out to 2030 we were going to send strong

mark market signals about where to invest. it's part of the mix. it's not going away any time soon and we have to follow the signs and drive innovation. we will get the numbers that science demands but it is not going to happen overnight. this is how we look at our challenges associated with climate change. public health benefits we can get from the rule and the way we continue to drive toward a low carbon economy. >> i want to ask you a question really quickly. do you fear it is a greater problem in the broader automobile industry at the united states. >> we have been looking at that steve. we revamped and started testing all across in terms of looking at diesel. we know that we're really solid on our gas powered engines and our vehicles and we think this

is a challenge that's unique to volkswagen so we're confident that we set rules right. that the car industry can meet them. volkswagen has taken a different approach. you're right. we did figure out what they were doing and we're going to try to work this through. >> you don't think it's part of a bigger problem. it's one company that overstepped the mark. >> so far that's what we have seen. >> really nice to see you. thank you, indeed. the head of the epa has multiple things to do. driving the presidentials clean power plan of course comes down hard on the likes of volkswagen who has been cheated on their emission. back to you. >> donald trump is working from both sides of the political aisle after calling for a total ban on muslims entering the united states. trump saying he would keep the ban in place until our country's representatives can try to figure out what is going on and that includes facts about the

attacks in san bernardino. let's get out to tracie potts in washington d.c. today. >> in fact he doubled down on that. at an event last night he told people not even to worry about racial profiling. that he would protect them from that. just to report whatever they see and as you noted to prevent muslims from coming into this country is a growing controversial idea and seems to be on his own. hillary clinton says he's playing right into terrorist hands they said he is acting more like a lynch mob leader than someone that wants to be the leader of the free world. even republicans are turning on him. ted cruise who is number one in one of our latest iowa polls. this is not his policy. carly fiorina says this is a

dangerous overreaction to what president obama said earlier this week. even super conservatives say this is not american and not our believes. it's not our values. so donald trump putting himself on an island when it comes to this idea of keeping muslim americans out and legal scholars are saying that they're not even sure this is legal. >> it impacts the first amendment that gives you the right and freedom to exercise religion. i'm wondering what you make of hillary clinton's response because she says it actually makes america less safe. >> well, and one of the things that president obama talked about earlier this week is pulling in the muslim community to work with the united states and root out the evil elements in that community. well if you offend everyone in that community obviously they're not going to be as likely to work with you on that and that

may be what she was getting as in terms of making things less safe. that you want the majority of muslim leaders and people in this country working with you and not offended by someone who wants to be the leader of this nation. >> tracy, thank you so much. tracy pots in d.c. we'll go to break here in worldwide exchange. but still to come on the program, a lifetime deal. king james, lebron james signing a deal with nike that befits his nickname and more lucrative than what he'll earn in his entire nba career.

>> former ecb president and former british prime minister gordon brown to join an advisory board. they'll be part of a newcomb mitt tee that will advise on economic, political and strategic issues. bernanke will also be of course leading this advisory board but pimco has been seeing massive outflows since the departure of bill gross. they have $1.5 trillion in asset management. it hasn't been too bad but i guess it was because of the high

profile departure of gross in a different style. people have been pulling a lot of money. >> as you pointed out that's a very important point. performance has been okay it outperformed 85% of its peers this year. it still has outflows. it's all down and between these three gentlemen there's going to be a lot less. i just can't see for example ben bernanke fighting with them. >> they're gentlemen, aren't they? >> yeah. >> okay we'll check in on earnin earnings. the head of the kiosk business is leading the company. it hasn't met expectations for the fourth quarter. red box has been hurt by more

consumers watching videos on demand or streaming services such as netflix. shares dropping some 23% in after hours over in german trade. similar declines. >> staples and office depot say they plan and the companies say even when combined they would face numerous competitors including big box retailers and manufactures who sell directly to business customers. staples and office depot both fell more than 14% in monday's trading session in german trade: both are lower. office depot off. >> also, rubbermaid is in talks and they have such brands while it includes coolers and camping supplies and athletic equipment. a market gap of around $20

million while it's slightly less at 10.5 billion or so and in german trade similar games as well. >> now she's excited about this story. >> i love king james. >> he's one of the world's most popular athletes and the nba super star just made sure his name recognition will last for years after his career on the court is over. let's get out to landon at cnbc headquaters with all the details, landon. >> that's right. who doesn't love king james and lebron james played in the past five nbc finals and won two ring with miami signed a lifetime endorsement deal with nike. it's the first in their history but easily tops the oklahoma city thunder star this summer. he was first signed to a deal before he was drafted out of

high school by the cleveland cavaliers in 2003 and extended that contract in 2010 reportedly earning 30 million a year. he says he is grateful that nike and the founder believed in a skinny 18-year-old kid from akron, ohio. they built a strong business with lebron and sees the potential for growth beyond his playing career. rivals also signed lifetime contracts with athletes. adidas with derrick rose and david beckham. reebok signed allen iverson and it's believed michael jordan has a defacto lifetime deal with nike. the air jordan brand tops $2.2 billion in sales. he earns $100 million a year

from air jordan shoes and clothes. nike made 13 versions of the shoe with annual sales estimated to top 400 million this year. james earns a 20 million a year from those sales. lebron has been expanding his business empire outside of sports. he made 30 million from a stake in beats by dre and he left mcdonald's to invest in and endorse blaze. nike shares are up and he it's up 1,000%. >> okay and also he just signed a two year deal with the cleveland cavaliers. $47 million over the next 24 months. >> let's get to the headlines of this morning. u.s. futures pointing to a negative open while they're suffering declines today and being lead lower by mining shares. toll brothers missing expectations sending shares down in frankfurt trade and as we

mentioned king james, lebron, getting lifetime endorsement from nike in the biggest deal for a single athlete in the sports brand's history.

a federal judge in kansas city could approve a landmark class action settlement involving the world's most popular rifle as soon as next week. now we first told you about this in 2010 but the remington 700 and allegations that the gun maker was hiding a deadly secret. new investigation now and he's here to tell us more about it. >> yes we have susan obtained access to hundreds of thousands of documents that say what it

knew and all of these documents hidden to the public until now. protective orders are to let them turnover evidence to the other side without having to worry about their trade secrets getting out. trial lawyers are usually happy to go along knowing that agreeing to a protective order, keeping the evidence secret can pie them a bigger settlement but critics like arthur brian, chairman of public justice say the real effect is to hide information about dangerous products from the public and remington is hardly alone. >> we have now become far too used to seeing examples like takata air bags or gm ignitions not working. in all of these cases the information was known to the

lawyers in the cases but the company got the information sealed. when somebody gets close to the information remington settles the case. it settles the case before the documents can get out. >> so what is in those documents? what did remington know and what are other companies doing along the same lines? it's all in our exclusive new investigation remington under fire, the reckoning online right now at cnbc.com/remington. back to you. >> scott, thank you so much. now let's check in on u.s. futures before we go to break. ahead of the wall street open we are lower today. below fair value. the dow jones industrials called down by 40 points and also looking at loss across the european forces as well. >> for our european viewers stay tuned for a special interview to our u.s. audience. that's it for today's show. >> next up u.s. squawk box is coming our way.

good morning, new controversy on the campaign trail. donald trump calls for a ban on all muslim travel to the united states. crisis at chipotle. shares getting shamed again after more people including a boston college basketball players, 30 of them sick after eating at one of country's restaurants. and nike signs nba star lebron james. it's december 8th, 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 here along with joe kernen and mike. becky and andrew are off today. oil this morning, prices a bit higher from the seven year lows we talked about yesterday. we saw it pushing strong commodity import numbers overnight that lead to improvement this morning but still looking at downward pressure from oversupply. wti $37.91 per barrel. $40 at this hour. as for the broad market, u.s. equity futures are suggesting that we would have a negative open. the s&p lower by 5 and the nasdaq lower by 16. >> here are the big stories that we're watching today. canadian pacific is preparing to revise the term of