good morning. a suicide bomber hits a concert in the uk killing 22, injuring dozens of others, we're live on the scene with the latest. a developing story, president trump meeting with palestinian leader abbas today. the latest from the middle east coming up. and live from washington, the white house sends its budget proposal to congress. it's tuesday, may 23, 2017. "worldwide exchange" begins right now. good morning. welcome to a busy "worldwide exchange" on cnbc. i'm sara eisen here with mike

santoli. thank you for being here. wilfred frost off this morning. we'll begin with that breaking news out of manchester, england. a suicide bomber struck an ariana grande concert overnight killing 22 people and injuring 59 others. a live report from the uk in just a moment. we want to check in on the markets. it did add to cautious mood overnight for stocks. u.s. equity futures have turned around and bounced higher. dow futures up 48 points, the nasdaq up 12 and the s&p up 4. let's show you europe and what's happening to stocks there. also saw some early weakness which has turned around and yielded some strength with the dax up 0.3%. france up 0.71%. in germany, business confidence surged to a record hire. as for the british pound, that's

where you saw the immediate reaction, weaker against the u.s. dollar. the weakness continues. some of that market reaction wearing off. the pound sits just below 130. let's get to willem marx live in manchest manchester, england with what we know about this attack. >> the greater metropolitan police talking about there are children amount the 22 dead. this attack started around 10:30 last night, at the manchester arena. as young people were streaming out of the concert, about 20,000 people in the audience, there was an improvised explosive device detonated. police saying it was a man who was responsible. they're trying to find out whether he acted alone or in concert with others. the blast was at the end of the concert. it's the largest indoor concert venue in europe. police have not confirmed where

it was, they say on the edge of the concert hall. those injured, around 60 of them were treated at eight different manchester hospitals. more than 400 police officers on the scene overnight, around 60 ambulance used. >> we are waiting for a statement from prime minister theresa may who has just held a cobra meeting, her emergency meeting with top security officials. we will keep an eye on 10 downing street. what is the question now, whether this person acted independently or as part of a broader network? >> that's one of the first questions that the authorities will try to determine. also the kinds of explosive used. that will potentially identify the group he may have been affiliated with, if he was afim y was affiliated with any group. since 2014, the threat level here has been at the second highest, implying there may be the threat of an attack.

>> how, so far and the immediate reaction, has the news affected the conversation around upcoming elections, brexit negotiations, anything broader than the -- >> right off the bat, all the major political parties in the uk said they are suspending the political campaigns, the election campaign for the immediate future until further notice. the leader of the opposition, jeremy corbyn in a difficult fight with theresa may, said he spoke to the prime minister and they would sus pepd campaipend activity. this is the second large attack in a major british city in two months.

that's something people will be talking about much more in the election. >> following that attack on parliament. willem, thank you for setting the scene for us on this terrible tragedy this morning. we'll check back in with you later. president trump, who is in bethlehem this morning, responded to the terrorist attack in the uk. >> i would like to begin by offering my prayers to the people of manchester in the united kingdom. i extend my deepest condolences to those so terribly injured in this terrorist attack, and to the many killed and the families, so many families of the victims. we stand in absolute solidarity with the people of the united kingdom. >> joining us now is retired army colonel jax jck jacobs. thank you for being with us.

>> good morning. >> as willem said, this is the worst terrorist attack in the uk since 2005. what do you want to know this morning? what are you hoping to find out? >> one of the interesting things will be the determination of what kind of explosive it is. this has all the hallmarks of an isis inspired attack. large public gathering. one attacker. suicide bomb. shrapnel made up of nuts and bolts, similar things. it will be interesting to know what kind of explosive it is. that will inform us of whether or not the material was homemade or supplied elsewhere. it does look like a sing thea s attacker, much like the attack around pafrlment month menparli.

because it was a large public gathering, it's the biggest attack, as you mentioned, since july 7, 2005. >> young people. >> yeah, all young people. >> you mentioned there might be interest in the kind of material, is that bay you will make a determination on whether it's a broader strategic event or just another one of these things? the markets tend to treat it as a local security and intelligence type issue and not necessarily something that is very broad or sophisticated. how do we make those determinations? the arc of the attacks are to inspire others in disaffected countries outside the u.s. if it's isis. if it's not a homemade explosive that will be different. it will show there are supplies coming from outside the country,

but the likelihood is that it was inspired from elsewhere online. you can learn how to make these things just by using a computer. it's interesting that it's coming at a -- as was also mentioned, coming at the tail end of a very crucial election campaign in great britain. clearly everybody i talk to says it will have an effect on the outcome of the election. >> in what way? do you think it will work against theresa may? >> no, the perception of the people i talk to think it will work in favor of the torries by reinforcing the fact that vigilance has to be higher. the threat level has to be higher. the political apparatus has to be more focused on safety. jo jeremy corbyn is not that guy. the likelihood is that it will

influence positively the outcome of the torries. >> we are expecting to hear from prime minister theresa may at 10 downing. the threat level has been at severe in the uk since 2014. they could raise that ranking to critical, which would be imminent attack. are we at that point? is that a necessary step? >> it may be. it will depend largely on what is found at the crime scene. if there's information there or if they can identify the attacker, go back to where the attacker lived, and find a variety of evidence that would indicate that there are others involved, or that there will be other attacks, yeah, they'll raise it and they will gain valuable intelligence from that investigation. a lot of people don't realize what the threat level means it

means less to how we act as individual citizens than it does how the authorities act and what responsibility and authority they have to collect ef and piece everything together. in the coming days, after there's an investigation to determine who did it and if there's any further evidence, we'll know more about whether or not there's going to be an additional -- the perception is there's liable to be an additional attack or attacks in population centers in great britain. >> just seems so random. seems so difficult to protect. colonel jacobs, thank you for w. >> jay jacobs as we await to hear from prime minister theresa may. there was a cautious tone overnight, a buying in safe

havens. >> just a quick reflex. this has been the pattern. the m the market treats these things as local eruptions of things. we can look at markets this morning. u.s. futures were probably below the flat line late yesterday. you see them firming up. yesterday low volume, continuation of that recovery after last wednesday's drop. do you have them basically plumbing the highs from last week. asia last week was mixed. you did see a bid, very quickly into the japanese yen. a little bit of a safe haven move. maybe the nikkei down slightly. really mixed and gentle moves there. in europe, do have some pretty

broad strength. that largely probably is because of the numbers coming out across europe and the german business confidence data. >> it's worth reviewing those numbers. breaking out of europe, we did get the may flash composite pmi, 56.8. that was strong. the german confidence also soared to a record high. >> looking at the broader markets. the ten-year, that yield is not cooperating with bulls by rising. 2.25, basically holding steady there. oil just backing off slightly from the recent highs over the last week or so. wti off slightly. the u.s. dollar coming of a weak

stretch here. you had the u.s. dollar index at a low from the day after the u.s. election day was the last time the dollar was at this level. and the euro is the driver. the yen got a slight bid, and the british pound just a touch weaker against the dollar. >> turning to the day ahead on wall street, housing data is front and center today. april new home sales out at 10:00 a.m. eastern. they're forecast to slip a percent after a jump of 6% in march. as for earnings, aud to zone before the opening. and after, intuit. there's talk in the markets that maybe the fed won't be as aggressive. lael brainard talked about how the inflation story is not

materializing. >> it has weighed on the dollar. june is still considered pretty much likely for a hike, but it's the matter of the path after that. we'll keep an eye on that. in washington, president trump's 2018 budget will be delivered to congress. the proposal aims to cut 3.6 trillion in government spending. the budget avoids cuts to medicare and social security benefits, but includes cuts to the medicaid program and food stamps. when we come back, the top stocks to watch, including nokia. a big mover today on news of a patent fight with apple being over. details on that coming up. and the latest on the suicide bombing that killed 22 people last night at an ariana grande concert in the uk. 59 people injured. the investigation is ongoing. we'll keep you posted when "worldwide exchange" comes right back.

he talks to planes. he talks to planes. watch this. hey watson, what's avionics telling you? maintenance records and performance data suggest replacing capacitor c4. not bad. what's with the coffee maker? sorry. we are not on speaking terms.

welcome back. nokia settled a patent dispute with apple in a sign and signeds collaboration agreement with apple. toll brothers just reporting second quarter earnings that topped forecast. revenue rose 24%, delivery of new homes gained 26%.

agilent technology reporting second quarter results that beat forecasts in europe, pharmaceutical companies and energy markets. been a good stock for the past two years. shares of take two interactive hit today after the video gamemaker says it is delaying the release of the next big title until next spring. fans have been waiting for red dead redemption. nordstrom reporting better than expected second quarter results on broad based organic growth and contributions from recent acquisitions. the maker of consumer and

industrial adhesives expects third quarter sales growth of 15% to 19%. still ahead, president trump's 2018 budget hits capitol hill today. the highlights from washington coming up. first as we head to break, here is the national weather forecast from bill karins. >> good tuesday morning to you. watching the torrential rain set up in the southeast. it was with us yesterday and it is with us this morning from the carolinas down to mississippi and louisiana. we have the potential for flash flooding. that's all because of the humid air coming in off the gulf. it's not just today, it's even into tomorrow. some of it is good. florida has been dry. a lot of fires earlier. this soaking rain is good for them. we also could get isolated severe weather, too. pick your poison. we are watching showers today. dry weather for philadelphia,

northwa northwards, new york and boston. that's your business travel forecast. more "worldwide exchange" when we come back. e freaks her out. how come no one likes me, jim? intel does! just think of everything intel's doing right now with artificial intelligence. and pretty soon ai is going to help executives like her see trends to stay ahead of her competition. no more sleepless nights. - we're going to be friends! - i'm sorry about this. don't be embarrassed of me, jim. i'm getting excited about this! we know the future. we're going to be friends! because we're building it.

welcome back to "worldwide exchange." it looks like equity futures are set to build on yesterday's gains for u.s. stocks. dow futures are up 40 points. they turned around from overnight losses. s&p futures are up 4. we're within a half percentage point of a record high.

the big selloff has been strong since last wednesday. nasdaq futures are up 10. as for the early action in europe, it's been strong after some initial mood of caution following the terrorist incident in the uk. but we're looking at nice gains of more than half of a percent for france, italy and spain. it looks like ftse 100 underperforms. we got better numbers from manufacturing and german confidence. oil prices crossed above $51 a barrel yesterday. one price that may be weighing on the price of oil, in donald trump's budget he proposes selling half of the strategic oil reserve to raise $16 billion for the budget. unclear if that has a chance of passing, but the idea of flooding the market with receives could be affecting the

price. politics will be in focus for investors today. president trump continues his trip in the middle east as terror strikes in the uk. in washington, the white house is sending the president's 2018 budget to congress today. tracie potts joins us from washington with all of the latest. good morning. >> good morning. the president overseeing. he'll miss that budget presentation today. he is talking about what happened in manchester and talking about peace between the israelis and the palestinians. a big agenda overseas still overshadowed to some degree by this russia investigation. president trump arriving at the palestinian presidential palace earlier this morning after being briefed on the explosion at a manchester, england concert that killed more than 20 people. british authorities tell the u.s. it was a suicide bomber. >> we stand in absolute solidarity with the people of the united kingdom. so many young, beautiful,

innocent people living and enjoying their lives murdered by evil losers in life. >> overseas unable to escape questions about sharing classified israeli intelligence with russia. >> i never mentioned the word or the name israel. never mentioned it. >> back home the director of national intelligence and the director of the national security agency both testified separately today. >> donald trump seems determined to think of no one except donald trump. >> one person we won't hear from, former national security adviser michael flynn. he is taking the fifth instead of turning over documents subpoenaed by the senate intelligence committee. >> he just lies. lies straight up.

>> general flynn is very concerned about whether he's going to be indicted and prosecuted for some wrong doing. >> i would just say, again, to mike flynn, please let us hear your story. >> senate leaders have yet to say if they'll hold flynn in contempt. a top democrat here, congressman elijah cummins says he has new information that showed flynn lied during his security clearance. he says flynn told those officials in charge of the clearance that it was american companies that paid for his trip to moscow. we now know that russia paid for that trip. >> you mentioned the "washington post" report about allegedly the president asking intelligence chiefs to push back on the fbi investigation. if nothing else, a reminder that there are incremental developments, and this story is not standing still while the president is overseas.

what will be greeting the president once he comes back? >> there's several different committees that are looking at russia. mainly the intelligence committees on the house side and on the senate side. right now their task, especially on the senate side, is to get people in to testify. we know mike flynn wants immunity. they said no. he denied the subpoena. comey who was fired, his testimony was put off because he wants to speak to the special prosecutor first. >> thank you very much. still ahead, the latest on the suicide bombing that has killed 22 people at a grand grand concert in the uk. 59 people injured. an investigation yog gonongoing. and we are expected to hear from

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good morning. breaking overnight, a suicide bomber hitting a concert in england killing 22, and injuring dozens of others. we're live on the scene for you with the latest. president trump calling the attack the work of evil losers during a meeting with palestinian president mahmoud abbas. and the white house releasing its budget for next

year. we'll tell you where the president wants to see deep spending cuts and there are many. it's tuesday, may 23, 2017. "worldwide exchange" begins right now. good morning. welcome to "worldwide exchange" on cnbc. i'm sara eisen here with michael santoli. wilfred frost is off for the morning. breaking nows out of manchester, england where a suicide bomber struck an ariana grande concert overnight. live report from the uk in a moment. first we want to check in on the markets. futures were soft overnight. they have turned around and are indicating a higher open building on a strong day yesterday for stocks. the s&p rose a half percent. futures are up 5 points. dow futures are up 46. nasdaq futures are up 10. we could see another record high

from the s&p. we climbed back from that big wednesday selloff and are within a half percent of record levels. early action in europe, very strong as well. a bit of a turnaround from earlier. german dax is up. strength in markets like france, italy and spain. did get better manufacturing numbers out of europe and some better german business confidence numbers. one place where you are seeing the selling is the british pound. it is weaker against the dollar. weakness overnight has come back a little bit this morning. the currency pair is almost flat trading just under 130. let's get to willem marx in manchester, england. he has the latest on the attack and what we're learning about them. >> we have no more information about the identity of the attacker nor the motive. police say it was a man responsible for this blast

around manchester arena last night. he used, they said, an improv e improvised explosive device. 22 people have lost their lives. 59 others have been injured. police don't have more information that they're willing to share, but clearly they're r. they'll be pursuing who this man is. whether he had co-conspirators, whether they were inside the uk or outside. how he was able to get into the venue so late on at the end of the concert. >> willem, it almost reminds me, the uk had a number of attacks. i was there in london the last time this happened. reminds me a bit about paris and the pat clbataclan theater, aga young people were out, you had a random attack that killed so many people.

what are people on the ground saying? >> it looks like an ordinary day aside from the cordoned area around the arena. a lot of office buildings are here, so people are on their way to work, a lot of traffic because of the police cordons. we had reactions from across the british political spectrum and outside the uk including the mayor of paris, she sent her condolen condolences, vladimir putin and angela america and donald trump describing this as a heinous attack by losers. >> how much attention is there at this point about whether or not there was a lapse in security f there was anything systematic in terms of how this might have been prevented? >> some suggest the man may have had a staff position at the concert which would have allowed

him to get access to the concert. they reiterate with these individuals, if this man was acting on his own, it's difficult to identify the threat in advance if they're not communicating with many other people. it's difficult to break down that network. yet we still don't know who this man is and whether he had co-conspirators. >> willem marx, thank you for the update. we're waiting for a statement from prime minister theresa may. she is inside 10 downing street. she's been helding an emergency cobra meeting with some top security officials. we'll bring that you live as soon as she starts springing. let's bring in jeff lonzo, president of the lonzo group. thank you for being here. >> you're welcome. >> one of the questions in the investigation is whether this person act aid lone, ed alone o

of a broader network. what other questions do we need answered to figure out whether the terrorist threat level in the uk needs to rise? >> the fbi will be involved with the british authorities to determine his background, where he came from, what motivated him, and is it part of a broader plan? those are the questions they want answered. you mentioned how did this person get in there with the improvised device that would have caused such damage? those are the main questions that they need to answer now. what mote calprotocols would ha to change to prevent something like this from happening in the future? the real thing now is to determine who is this guy, where he came from, what motivated him. >> jeff, we don't know if this is part of a broader plan or any kind of global movement, is there a way to characterize

whether this is just the expected level of occasional attacks which, of course, in this case are very deaf r dvast and effective. is there a yeah to say in general this active ifity is on rise or is in a steady state as people and politicians try to devise a broad counterattack? >> it's hard to say any type of carnage like this should be acceptable over the course of any amount of time that you have these things. it's hard to accept that. so there's two ways that authorities look to prevent this type of thing from happening. one is from security at the event. and events that take place like this. the second is through intelligence gathering. it's almost impossible to prevent someone that is motivated by isis or any other group or disenfranchised -- d a

disaffected person who decides they want to do this. you can go to a hardware store and buy everything he used for this attack that we know right now, so those types of things, those types of events, intelligence will not prevent that from happening. >> in terms of being on alert in the united states, in europe. any special reminders? this is like the bataclan, music venue, very crowded, lots of young people enjoying their evening. >> it's scary to think that anyone can do something like this so easily. we don't know all the facts yet. here's what people will argue. you have a better perimeter. you do the metal detection. outside the perimeter where people are gathering, they don't have those security protocols. how do you protect those venues

as well, and those people? it's impossible to do that on a regular basis that's sufficient to keep everyone safe. >> unfortunately. thank you for joining us. >> you're welcome. >> let's look at global markets. futures looking at slim gains, but to the upside. a lot of talk about the remarkable resilience of the markets. mentioned yesterday low volume levitation in those indexes, but still that buy it on the upside. overseas in asia, a more mixed picture but steady in general for the most part. the nikkei down 0.3%. hang seng flat. shanghai down by a half percent. a slight bid in the japanese yen. in europe, you have broad

strength. modest gains, but decidedly to the upside. perhaps a bit off the highs. germany up by a quarter percent. across the board pretty good pmi manufacturing data across the eurozone. >> as for the broader market picture, ten-year treasury note yield, only manger economic report of the day will be new home sales expected to come down from the jump last month. the ten-year yield does indicate buying of safe haven government bonds with yields lower at 2.248. as for oil prices, oil got above $51 a barrel yesterday. under pressure this morning. down 1% for brent and wti. one potent sham report moving the one potential point moving

markets is president trump in his budget asking to sell some of the oil reserves and flooding the market. as for the u.s. dollar, let's show you what's happening there, buying of safe haven yen overnight. still seeing that a bit with weakness in the dollar. 111.17. the euro continues to be strong. 1.1255. the british pound is under pressure it was selling off more in the initial wake of the attack. it has come back to almost the flat line. gold prices, now pretty much unchanged. when we come back, the white house releasing its 2018 budget. we'll head to washington for a look at what's on the chopping block. and we're waiting to hear from british prime minister theresa may. she's expected to speak outside of 10 downing street shortly.

stay tuned, "worldwide exchange" will be right back. thanks for loading, sweetie.

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welcome back to "worldwide exchange." i'm sara eisen along with mike santoli. president trump's first major budget proposal hits capitol hill today. ylan mui joins us from washington. the big thing we see is a lot of spending cuts. >> this is a dramatic rethinking of the role of government from

the previous administration. there are big tax cuts and big cuts in social safety net programs, some of which previously enjoyed bipartisan support. 1$1.7 trillion in reductions to those programs are included in this budget. roughly a third of that comes from changing the funding formula from medicaid and phasing out money to the children's health insurance program, more nonely known as c.h.i.p. another 272 billion is from broadwell fair broad welfare re. student loans are also in for big changes. the white house wants to combine several programs into one. the president's budget is just really a risch liwish list. it's up to congress to turn that

into reality. and trump will need democrats' help to pass it chuck schumer said this budget takes a meat cleaver to the middle clast while cutting taxes for the wealthy. mick mulvaney called this a taxpayer first budget and said the white house is measuring success not but the number of payments made through these programs but by the number of people who leave them. >> ylan, you mentioned it's probably considered a nonstarter in the current form but acts as a statement of priorities, and maybe a selection of things that the white house would accept if congress were try to choose and cut some things. >> that's right. this is supposed to be a vision statement from the white house. what are the things they are going to prioritize and what things do they want to get rid of it. the way mick mulvaney described it yesterday, they're trying to look at this budget through the eyes of a taxpayer. what can they justify a family

from michigan to pay for. some things on the chopping block are geared towards the lowest income, poorest households in the country. that's going to be politically treacherous once this proposal makes it to capitol hill. there are already rumbling from republicans even that they don't want to see some of these programs cut, including the meals on wheels which was in the previous budget. >> so, is the upshot that this makes tax reform harder if they can't agree on a budget? because they need that rule to go through for reconciliation? >> are many steps before we get to tax reform. there are no additional details. it just assume tax reform occurs as the white house has proposed.

in order to do tax reform, they need to generate a budget resolution so they have to come to some sort of agreement, democrats and republicans. >> ylan mui will be tracking the budget all day. we are approaching the top of the hour. the team is getting ready for "squawk box." joe kernen has a look at what's coming up from new york. >> we will have any developments coming out of the latest attack which, you know, with the president just having made a speech about extremism and everything else, hard to think that it wasn't maybe planned to some extent. it highlights the pure evil we're talking about. talking about kids here at a concert. you can imagine the parents that have kids there. not a great morning to start nipg things off with.

we'll continue to update that. we have a show that was planned with kevin mccarthy. so anything that involves the agenda, in terms of tax reform, obamacare, we'll field some questions. we'll start with colonel jack jacobs, we'll have bill bratton on. it is still frightening, does prove that these guys can still act at any time and you wonder how many of these bad actors are still around in the uk and other parts of europe. you have to be concerned about here as well. one of those mornings again. back to you. >> we're awaiting any moment a word from prime minister theresa may. coming up, the must reads in the papers, including a piece by

how the great market bull run can have a constructive end. that

rezil jent showing you what's happening with oil prices. wti climbed above $51 a barrel. you have some talk that president trump and his new budget will sell off half of the strategic petroleum reserve flooding the market with more oil. just one of the headlines out there. at the same time oil producers like kuwait talking about increasing production cuts. >> just a reminder that there's a lot of crude oil around. >> a lot of supply. >> time for our must reads, mine is in the "washington post." i picked it because we haven't had some john podesta in a while, former white house chief of staff under bill clinton.

titled trump is taking historic steps backward. did point out some details that i don't think are on everybody's radar. podesta writes last week the administration made good on one of trump's first acts in office to widely expand what is known as the global gag rule placing draconian restrictions not only on the operations of family planning organizations but health workers dealing with issues unrelated to abortion and reproductive rights such as malaria and hiv/aids. the end result is tens of thousands of easily preventable deaths and ironically hundreds of thousands of more boreaborti around the globe as poor women in the developing world are denied access to contraception and other esent initiether seeh.

big name, haven't heard from him in a while. it doesn't get to the sharp spending cuts in the budget which will likely dominate the conversation. >> my must read comes from another big name who we hear from more often, and it's how the great market bull run can have a constructive end. we should expect an intensification in the next few weeks of the tug of war between two liquidity induced phenomena, crowded trades that result in more trade in a constructive world for financial markets, the liquidity phenomenon would hand off to better governmental policies. he is looking for this handoff, it's not really there.

markets have told you they've stopped pricing in a growth boost this year from such measures. >> little less negative. usually he's worried about the geopolitical risk. >> it's interesting. he says in the next few weeks, he assumes we'll get past the next couple of elections, the market will be bulletproof to those, and that will create that overconfident melt up in markets. with about a minute left what you are watching today? >> the nasdaq. untouchable. i think it's been three down days this month for the index. >> i think yesterday was the 11th strong day out of the last 13. unbelievable strength. europe right now dominated by technology gains. i'll watch the british pound. this is where we saw stronger reaction overnight to this horrific terrorist attack in manchester, england. 22 people killed. we are waiting to hear from prime minister theresa may within the hour. she has just convened an emergency security meeting.

we'll be watching the pound and listening for her comments as president trump continues his mideast tour. "squawk box" is next.

a bomber has killed at least 29 people and wounded dozens of others after an ariana grande concert last night. >> a live report from manchester. president trump weighing in on the bombing. his message to terrorists and extremists is straight ahead. the white house sending its budget proposal to congress today. one part of the plan could have a big impact on the opec meeting. it's tuesday, may 23, 2017, "squawk box" begins right now.

live from new york where business never sleeps, this is "squawk box." good morning, everyone. welcome to "squawk box" on cnbc. we are this is squa"squawk box." andrew is out today. we'll be getting a live report from the site of the manchester bombing. but first we'll look at the markets. the futures are up higher. it's indicated to open up another 40 points. s&p futures opened up higher. in europe, this morning, again in the wake of this terrorist attack in the uk, markets there are steady across the board. in fact, the