will be gradual. your trading day set up. and oil prices slip after a report suggests producers are raising supply and happening now, president trump lands in france. we'll what you is on the agenda. worldwi"worldwide exchange" beg right now. a very warm welcome to

"worldwide exchange. >> it is throwback thursday and we are throwing it back with repr rep replay so that is what you're listening to >> and also a very positive day for markets to reflect upon yesterday. let's have a look at the futures. of course this comes off a day where we did see futures before the open respond very positively indeed to janet yellen's prepared remarks we had over 1% gain for the nasdaq which led the way higher. about 0.6 for the dow and s&p. tech was best performing sector up 1.3%. all sectors were positive but financials were the least impressive and that was in part because yields did slip in response to the dovish comments from janet yellen the dow up 32 this morning, nasdaq 30, s&p 5 so that positivity is continuing let's have a look at the ten year treasury note because we did see the yields slip back down towards 2.3% on the

expectation of more gradual rate hikes, and more importantly that the peak of the rate hike cycle may be lower than past worth noting that we've only given up about half of the 20 basis points of yield gains that we've seen in the prior two weeks, so that's why banks didn't fall, but they didn't gains afternoon as other 1ek sectors. chinese global exports rose more than 11% in june. imports grew 17.2% china also reporting trade with neighboring north korea grew more than 10% in the first half of this year this comes as the united states has been pressuring beijing to do more to rein in north korea nuclear ambitions. it was a positive session overnight in asia. nikkei basically flat, but it did planning to find support at its 25 day moving average of

20,059 hang seng higher by over 1%. let's take a look at europe. yellen comments stirring some anxiety about the lack of inflation. we'll get that report on friday here in the united states. dax up 0.3%, strong session for france as president trump heads to paris you can see the french equityie deks up. and the spain ibex up 1% and international energy agency is raising its forecast for the year iea says opec's compliance with production cuts fell to a six month low in june as several members pumped more oil than allowed by their supply deal oil prices slipping a bit today slipping down around about half a percent, but they did gain 1% yesterday and of course a better week this week than last dollar board is interesting love

the dovish comments suggesting less hikes needed did actually see the dollar gain across the broad index up one tenth of 1%, but we saw bigger moves yechbs t against the euro and yen the pound, 1.2928. aussie dollar also stronger. gold prices just to on round things off gained 0.4%. 1220 the price of gold >> and yesterday a clear indication of how when janet yellen speak, wall street listens. and yellen does head back to capitol hill today, she will testify before the senate banking committee at 10:00 a.m. eastern. yellen appeared before a house panel yesterday striking a dutchish tone about future rate hikes. >> most of my com leagues or at least the median anticipated that one further increase in the

federal funds rate would likely be appropriate this year but as i say, we constantly watch the economy, the evolution of inflation in the labor market and we'll make decisions on the basis of our evaluation of that information. >> also on the agenda today, we'll hear from chicago fed president charles evans and fed governor and look for weekly jobless claim, producer price index and the federal budget and delta air lines reports results before the bell. president trump back in europe today lessthan a week after taenkd tattending the g-2. he is meeting of course with french president emmanuel macron the two leaders will hold a joint news conference at about 12:30 eastern time today it will be a very interesting one to watch there has been friction with those two in the basilica and of course mr. plaque kron a clear opponent of european integration, of nato oi, the pa

climate being a drord. so we' accord. >> he's certainly spending a lot of time in europe. in washington today, mitch mcconnell is expected to unyou veil a revised health care bill. he is trying to gain support from wary republicans. but nbc news reports that the proposed changes do little to address concerns about deep cuts to medicaid. in an interview yesterday, president trump said the senate has to get together and pass the bill >> i will be very angry about it and a lot of people will be very upset, but i'm sitting waiting for that bill to come to my desk >> house democrats have proposed a bill imposing sanctions on iran and russia the issue has become more heated in the wake of the e-mails showing president trump's oldest

son degreed to meet a russia lawyer during the campaign in other washington new, president trump expected to nominate russ benom to be on the trading commission he's an aide to senator ranking democrat on the senate agriculture committee. the agency currently has just two members. two corporate headlines, news in what could be a game change in the fight against childhood leukemia landon dowdy joining us with those details. >> an advisory panel uhe in an plusly recommending approvals of nor var are tis' new leukemia treatment. the process genetically alters a patient's cells to fight cancer. it is a treatment of last resort and early tests have shown some promising results in very sick patients if okayed, it would be the first ever gene altering treatment approved by the fda. novartis says the entire process takes 22 days and can cost up to

half a million dollars if approved, it would not only have significant implications for novartis, but for the companies developing similar treatments it is important to note that the vote happened last night and is just a recommendation meaning that the fda still has to decide whether or not to approve the treatment. a full fda vote is expected by the end of september investors cheering the news. shares of novartis closing up about 1.5% yesterday and they are up a little bit in early trading this morning back over to you >> sticking with the health care space, share respect of teva, take a look, it's getting a pop over reports that the company will poach as tatrazenecastraze. up about 2%. and the fda granted malen

krot a drug. and shares of amicus trading lower after the company announced a 2$200 million secon daerd off offering of public stock and a new report says daimler possibly sold more than a million cars with excess emissions throughout europe and the u.s. taiwanconductor says third quarter revenues are expected to rise the company cites new mobile device product launches as the reason it is up 1.9% in taiwan trade. and american airlines is ending a code share agreement with qatar due to the illegal subsidies that the kash years receive from their governments of course and on ongoing debate between the three main u.s. airlines and the middle eastern airlines up just a tenth of a percent, albeit after market when it reported earnings, it was up some 3%. so decent earnings from them

and delta too co come this morng coming up, today marks the end of theresa may's first year as uk prime minister we look back what the she's accomplished and the challenges ahead. hey, i've got the trend analysis. hey. hi. hi. you guys going to the company picnic this weekend? picnics are delightful. oh, wish we could. but we're stuck here catching up on claims. but we just compared historical claims to coverages. but we have those new audits. my natural language api can help us score those by noon. great. see you guys there. we would not miss it. watson, you gotta learn how to take a hint. i love to learn.

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street over 1% of grain gains from the nasdaq asia didn't have time to respond to it yesterday. it is meaningfully today hong kong up over 1%. shanghai better than expected. europe did have time to respond and it was up more than 1% at the close, but still responding again to it today as you can see. france up 0.6% in the u.s. despite that rally, responding positively in the pre-markets once again led by the tech heavy nasdaq sector the others in positive territory just behind. more stocks to watch today, box tapping a formal apple executive as neave chief operating officer. he will take over for dan levin who has had the job be since 2010 the stock up about 1%.

retail, fast retailing reporting a disappointing third quarter. the company says net income an earnings come this short of expectations visa is offering merchants cash to go cashless as visa entices small businesses to upgrade their payment technology that stock in focus today as well theresa may says she was devastated following the snap election result. speaking moments ago to bbc radio, she said she even shed a tear in the wake of those results. her comments come on the first anniversary of her taking over as british prime minister. joining us to discuss what is next for britain is peter spiegel. she shed a tear. i suppose that's not a surprise. the low point was that election result >> and if you remember back, she

ghaf this very proud proud speech on the steps of downing street she was a singular figure in british politics and herr agend was pretty aggressive, particularly anti-business, things like employees on corporate board, caps on energy prices she talked about raising -- going after self-employed taxes. so suddenly this election happens and almost entire agenda has now been pushed off the table. so this is a woman who came in with a real proper agenda to change not only britain, but change the tory party which was a pro london david cameron to get back to the countryside, the middle england and champion working class britons in those areas. and that is all off the table. so the vision won't happen now she has a minority government and no wonder she shed a tear. >> and before we transition

specifically too trump and macron, still sticking with the expectations compared to a year ago, trump and macron, still sticking with the expectations compared to a year ago, the eu has not seen a domino effect following brexit >> almost the exact on that spp. it does flow into the trump effect, but the shock of brexit and trump has had the resurgence of mainstream european politics. mack xron ron is theexample. he's very much of the establishment. populist leaders did badly and so this galvanized europe to pull itself back together again. and theresa may is left with basically brexit are and we'll see that today she will introduce the repeal bill but she may not even get that passed so i think politicians and also voters have realized that go doing the populist route and

they said this may not be the best way for us to go. >> and turning to today's meeting between president trump and president macron, what are you expecting from this meeting and do you think with trump's more isolationist stance around the world right now that does this lend an opportunity for macron to step up and actually extend a hand to the u.s. president. >> i think extended a hand may be too much of an exaggeration there will be a lot of symbolism, they are going to dinner at the eiffel tower and trump will represent the u.s. at bastil bastille day to remember the role it played in the first world war. but these are basically the yic i didn't know yin and yang you have mack xron swho the champion of internationalization, and trump the isolation igs. and i think that the two of them like each other because of that.

i think being the anti-trump in france plays well domestically for macron and being the anti-cheese eating surrender monkey also plays we would there have been quotes out of the white house saying angering the europeans is good for our base so i don't think there should be a lot of reaching out to each ear. they embrace each other in that it helps them domestically, the anti-trump sense that macron is playing in the world in france so i think they help each other, but i don't think we'll see a lot of common ground >> and back to theresa may, she said she did not ever consider stepping down. despite that, what is the base case back there in terms of houn she has in her currently weakened position? >> we're basically the last week of parliament here and there has been a feverish speculation about if she is going to depart. i think we're seeing david davis in particular the brexit second emerge as a consensus possible

replacement for her, but with the base case right now, let theresa may do the hard work and because there is i think a general feeling this is going badly for the brits. no one wants that poisoned chalice. as she gets her hits the nefrksz three to six months, i think someone else will emerge so i think later this year before we see anything seriously challenge her. so i think we have a six month opportunity for theresa may to prove herself, but i think most believe there is nowhere to go but down >> peter, lovely to see you. thank you. still to come, senate republicans expected to unwrap their latest version of the health care bill today what you can expect coming up. but first, here is today's national weather forecast from bonnie schneider >> reporter: good morning. we're looking at storms across lansing, michigan right new.

it may impact travel severe weather is expected, so if your business travel takes you to indianapolis to pittsburgh, watch out for those storms because they could impact air travel or travel on the road going throughout the day today plenty of gulf moisture coming in, it will be hot and steamy for those trips that take you to memphis, nashville all the way to atlanta, we'll be looking at high heat indices all the way into the upper 90s it will also be hot into philadelphia today we have an excessive heat warning there. heat advisories for washington, d.c. and new york. it will feel like it's in the triple digits for today. think again.

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let's get you up to speed on the market action. strong session for europe after yellen's testimony and another testimony is coming up today dax up 0.3%. we're positive across the board. spain index, you can see equities there up just about 1%. the ten year getting a lot of attention. the rally in bonds coming to a halt on those comments from janet yellen.yield at a one week low. and at we look ahead to today's market action, u.s. futures higher across the board.

mitch mcconnell is expected to unveil a revised health care bill tracie potts joining us with more >> reporter: we're expecting to see two things stay in this bill the $700 billion or more in medicaid cuts, but also the taxes for the wealthy that democrats have railed against now it looks like part of the compromise is that getting rid of those taxes like republicans wanted they are also kicking in more money for opioid treatment, that has been a big issue and for subsidies for low income americans who need their premiums and there is another change that might appeal to democrats and moderate republicans, using health savings accounts, pretax money to pay for insurance premiums that is sflis something that hat been done before not clear if this is enough to get conservative and moderate

republicans on board at the same time that has been the issue. there are about ten republicans who are objecting to this and without them, they can't get it passed now, there is an alternate plan out there by ted cruz and others to offer cheaper health insurance plans that cover less, getting rid of the essential benefits that are gaefrn teed under obamacare, very basic plans who don't want the rolls-royce of head insuranlth . the congressional budget office expected to weigh in early next week republicans still going for a vote sometime next week we're told aboif they can stay on tra with it given the details that are coming out today, but they already know that they will need more time to get this and other things like tax reform done. that's why they are pushing their summer break two weeks in august >> tracie potts, thank you very much and media mogul barry diller

isn't mincing words when it comes to how he feels about president trump. the chairman of iac spoke yesterday in a wide ranging interview at the allen an company conference in sun valley >> i think it's just a joke and hopefully it will be over relatively soon. it began and it will end >> diller has been highly critical of president trp in the past cling him an evil miracle, but the media boss says there are many smart people in the trump administration diller is friendly with ivanka trump and jared kushner who are also in sun valley, but says he probably won't bring up any issues with them still to come this morning's top stories and the global market action. plus he's not kidding around or is he why this musician may be making rufothu. sate. your joints... doctorpart of you...

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. we have your trading day set up >> and the fed chair heads back to capitol hill today to testify before the senate banking committee. what you can expect coming up. and an annual tradition in spain gets lots of buzz today. running of the bulls, july 13th, you're watching "worldwide exchange" on cnbc.

good morning very warm welcome. >> it is throwback thursday and we're taking you back with dog days are over by florence and the machine. >> are you a fan >> i'm a fan i like this song specifically. >> but not the rest. fair enough. let's check in on the market action futures yesterday responded after yellen's remarks up about 0.6% the dow and s&p, dow a record close and nasdaq led the way higher up over 1%. within the s&p, it was the tech sector that was the best performer. financials did lag because of the effect on yields futures this morning as you can see expected to open modestly higher around 30 points for the dow, nasdaq best in percentage

terms this morning ten year treasury note for you because we will see the slippage in yield, back down now toward 2.3% threat effect net effect still higher yields year all >> but the gains that we saw and comments from janet yellen extending into asia trade. take a look at how stocks ended there. positive across the board. china data alsole encouraging june exports from china rising 11.3%. you can see the japanese and nikkei holding flats, but the hang seng higher by over 1%. and take a look at the story here in europe german inflation rising better than expected, but consumer prices slipping in france. you can see meantime we're positive in europe in early trade. dax unabop about 0.2% spanish index up nearly 1% as

president trump visits paris and oil prices for you slipping a little bit today, but it comes off the back of a couple positive days this week certainly more pretty than the prior two. 45.2 for wti dollar board for you, which did see some weak nls followiness fe comments from yellen but broader dollar index essentially flat for the day more weakness for the dollar today. gold prices, around about tenth of 1% today, 1220 the price of goold. > gold. janet yellen will go before the senate banking committee at 10:00 speaking before a house panel yesterday, she said that the stronger economy ways a catalyst for further interest rate hikes. >> the global economy has recovered. it was a source of weakness earlier. that has been a source of

support and we've had ongoing job gains and increases in for example housing prices that are boosting the wealth and consumer sentiment of americans and that is driving con susumptn spending that is strong enough to create ongoing job gains that exceed what is needed for an expanding labor force. so the job market continues to strengthen and unemployment continues to move down >> joining us now to discuss, president of money strong and former adviser so i suppose the main point from yesterday was that she said we don't need that many more rate hikes until we're back at a neutral rate >> steve liesman did a good job of covering remarks from the prior today. yellen echoed a lot of the dovish tone and in-the market was celebrating that we might not even see another rate like

this year. one of the last questions after are basically everybody tuned out had to do with slowing home sales. and the beige book didn't get a lot of cover yesterday, but over half the districts saw slowing in auto sales. and that was one of the last questions. so i think that they are beginning to pay attention to the signs that the economy is slowing. >> markets celebrated quite significantly, but we also just heard those comments that said that there is space for tightening as well draghi tried to rein police comments back in will that be possible, was there an overreaction? >> energy prices are proving to be anything but transitory and if we continue to see inflation metrics coming in under what is expected, we'll

see the cpi data out tomorrow morning, we'll see more out on retail sales as well if we continue to see slowing, it will be very difficult be i think for policymakers to push through beginning to shrink the balance sheet with talking about taper. you've seen all the struggles at the bank of japan. they are really trying hard to not let the idea of tightening settle into the market >> and wanted to hit on that point on inflation it seems like there was something for the doves and hawks. but on the point of inflation, do you think the market is overlooking the lack of inflation that we're seeing in the united states and does that put more focus on the cpi number tomorrow >> i think there will be tremendous focus on it one of the things that a cnbc contributor has been pointing out is that we are seeing a slowing in services inflation. >> that's not a good sign. >> it's not a good sign. and good deflation has been a story for years and years. but when you start to see that the prices of things that are much moore discretionary begin to fall off, then you'll pay

attention. they will be paying attention to the tea leaves inside the fed i'm saying policymakers inside that core cpi data tomorrow morning. >> when we think longer term, the big question is what will be the make juup of the fed. what is your latest hunch in terms of whether yellen will remain and what type of people will donald trump be looking to appoint? because there has been confused rhetoric from him from the campaign trail to now. >> that's a diplomatic way of saying it. there has been a lot of con flisktsi in flikting signals about who will be the new face of the fed and we're talking about six of the seven members of the federal reserve board between now and the end of '18 i would say that now that we have a formal nominee named and i don't think that the administration would have let the cohn information float had they not wanted to say that there is going to be a shift

they will l there will be more practicing madist pragmatists. more academics who have had to make a payroll, who understand the financial markets and banking system >> what would gary cohn mean for markets? >> i think markets would eventually cheer it. jim kracramer said 5% and i thot that was a big number. >> jim with loved that >> he drove that one home. but i worry though that markets would potentially not be fully celebratory on cohn because he looks through things that academics do not he sees that the u-3 unemployment rate that is blasted on national headlines is not necessarily what meets the eye. so i think he'll approach it with a greater degree of skept can civil. i think corals gets through. he's in favor of a more rules based disciplined approach to monetary policy mafrk iking and deregulation rules based less transparency,

more of an auditing the fed type of mentality, i don't think the market got that one factored in. >> and markets of course positive for the week as a whole so far all down to yellen's comments or are any other factors? >> i think jamie dimon is what was being celebrated yesterday you don't have the country's biggest bank come out and say i don't think we should sling hris that balance sheet without being noticed. i think he's saying if you think the taper tantrum was mean to the bond market, just wait and see what happens if they actually shrink the balance sheet and then we got a dovish tone out of yellen that was the icing on the cake >> so you think dimon's comments are more of a wake-up call because he also said that the essential bank global unwind would be disruptive to markets >> and it would be i think one reason we've seen such calmness in the bond market all of these years is because bond market investors have been operatingi under the assumption that these are not temporary measures, there is not a

temporary growth of thieves balance sheets but rather permanent. and the first central bank that changes that assumption changes the dynamic and the workings in the market >> and just to round things off, we didn't see too strong a reaction in the dollar yesterday. a bit of a reaction, but not compared to stocks what is your view on that for the rest of the year is the stronger dollar idea that we had back end of last year very much behind us now? >> i wouldn't be too hyper focused on any strengthening in the dollar i think that the markets will turn very quirkquickly to the vk beage in the july fmoc statement and whether or into the there is actual talk about timing and if there is not, then people will start to back off the idea that in september we startto shrink the balance sheet, december another rate all of ths are being questioned >> danielle, thank you for joining us and stocks on the move today

starting with novartis a panel is recommending regulators approve the therapy for childhood leukemia it modifies the patient's own immune cells to make them more effective at killing tumors. that stock flat at the moment. and shares of teva getting a pop on reports that the company will poach rival astrazeneca's ceo. shares of astrazeneca moving lower on that report but again teva up 2.5% mallinckrodt getting some attention. the fda grarntinting the compan special status for a muscular dystrophy drugs. daimler under pressure, a new report says that the carmaker possibly sold more than a million cars with excess emissions throughout europe and the united states. maker of havaiana being sold for $1.1 billion it was owned by jnf group which manages the fortune of the about a batista family and the center

of the country's corruption scandal. the maker is being bought by three brazilian banking groups >> everyone from blake lively to january fer jennifer aniston wears these green flip-flops and it urge issed on t esed sur expectation of the sale. so it was more about the brand itself that resonates with a lot of people. why? well,ing they are cool and they are green and they are comfortable. >> but flip-flops. it's a piece of rubber >> the power of branding and marketing. >> i know. there we go. i go for cheap flip-flops personally >> that is actually surprising a compliment, though kid can rock sbher takening that he will run for u.s. senate the outspoken supporter of president trump drew attention to a kid rock '18 for u.s.

senate website saying that it is absolutely real. he also promised a major announcement in the near future. this would be a big surprise >> yeah, the 46-year-old michigan native, maybe be it's time >> next trending story on, peyton manning roasting kevin durant at last night's espy awards and it has the internet talking. let's have a listen. >> this team was so dominant that kevin durant told me he wants to play for them next year and i got to tell you, i don't think you'd start for that team, kevin. russell westbrook, what do you think? >> i thought that was preft funny. kevin durant did not like that always all >> but this is all for fun.

>> he didn't think it was. but that was amusing bad new foos bris for britns fans she will not be performing at the he did super bowl despite the rumors marketing director confirming it will not be spears saying rumors like this surface every year we should neat thuld note thatnt the super bowl, january 28, 2001 so 16 years ago. but i remember that performance very well. i was a little bit younger but it was very memorable. and her, justin timberlake -- >> that reveals her age. >> a woman never talks about their age. but it was a really great performance. i would have welcomed the idea but if you want to see her, just gee to v go to veging avegas, right >> as i know winnow that she was performing

regularly. >> yes, she has her own show amazon reportedly planning to release another echo later this year. the new device will have a shaler smart speaker and round edges. a cloth like exterior similar to the new home pod not surprises they are announcing sethi new hg cleared all their stock over the last couple days >> i feel like they need to crease the functionality it doesn't do enough for me. i mean, i got my parent's one fr christmas and all they do is listen to the weather. they are not tech savvy, but -- which by the way, have you tried it out >> i don't have one. >> ask for the cnbc update and you will hear your lovely voice. >> probably the main reason for me to buy it i'm joking to spain where the annual running of the bulls festival is under way, which you have done thousands of daredevils doondgi charging --

>> 1450 chanshould change that d individuals. i did it when i was about 20 my little brother did it last weekend. it's a ten day festival. look at it, it's completely nuts you do it when you're 20 and -- >> adrenalin rush? >> no, once you're at the start, it's a mile long and you can't get out any other way. so you're are committed to it. >> did you get up close and personal with one of the bulls >> no. because you are released from the sort of human gate a minute before they release the bulls. so you do have are time to get quite a long way ahead and once it got close to it, you sober up and -- this is so stupid you go early in the morning. but once you're in there, you sober up and you get going >> book it >> exactly anyway, i don't recommend it but it does get attention every year coming up, what makes

america's economy dream means, today's must reads are next. i love you, couch.

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president's broad agenda, we will have set the stage for the gr greatest revival of the american economy since the 1980s and will remind everyone what a great america means. and he puts a tractifraction oft on the bones in terms of how he expects the u.s. economy to get back to on 3% growth and it really does focus on welfare reform, on tax reform and deregulation so nothing new here. this isn't a real big update and still there is no real conviction that they can get any of those things pass and that they will yield the type of grooet th grooet th growth that he ggests so optimistic repetitive outline from mr. mulvaney of why he th he can get 3% growth.

>> i like the word maganomics. that sticks. >> it has a better ring than trumponomics >> so my pick actually is somewhat related talking about u.s./china relations, titled trump gives beijing a lesson in the art of the deal. he writes mr. trump has made clear that he means what we says about deal making. china said it would help and it did not. that is enough for mr. trump to put the two most powerful countries on a potential collision course he must be bluffing or earnest, but either way it has a potential to reshape the world's most important relationship. i think in a way do not underestimate the impact that trump's tweets and the recent sanctions, the impact that has on this very important relationship between trump and zixi jinping and 100 day plan marks 100 days

since the two met in mar-a-lago. we're supposed to see something 00 trade they can't see eye to eye on north korea, can they see eye to eye on topics like trade we'll get a sense of that next week and still to come here, yellen day two can we expect another fed fueled rally today? and then later on "squawk box," a new report on the workforce from linkedin, the company's editor and chief will weigh in on who is hiring and who is not. these birds once affected by oil

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clearly yellen's comments were the main focus on the markets. how dovish was she actually? >> that's a good question.

i think it was a bit of an overreaction and i think the market had rallied before she took the stage at 10:00. so it was -- >> based on the early release. >> yeah, but just a big move ahead of even hearing what she was going to say real time i think the more interesting thing that happened was the beige book and what was interesting about that, the light motif that ran through most of that release was the fact that labor pressures are rising pressure on the labor market continues to rise. eventually you start to see that manifest itself in hire wagher prices daifd you wi today you will have the cpi if the core number is 12%, i think the story here is that we'll see he the wage pressures

and the price pressures manifest themselves eventually. >> but at this point, the big story this year has been the resilience of the equity markets. and this in arising rate environment. does that make sense to you, can stocks move in tandem as rates move higher? >> that is a good question because we've made, you know, effectively a great return in the first six mountains of this ye month of the year. and the question is will the earnings follow through.s of th month of the year. and the question is will the earnings follow through. my worry is is that we've gotten a bit ahead of it. valuations have expanded we're kind of priced for perfection at this point and if we follow through on balance sheet normalization, that is sort of the big pivot. >> interms of sector performance, what are you looking for opportunities wise >> we've been prettyhappy with the exposures that a we've been

running with we're getting more interested now in some of the other european markets specifically sweden right now i think is much more interesting >> buying swedish stocks >> yeah, even though i'm a norwegian. so we've gotten pretty enamored with that market long time holders of core europe just the valuations are better there. >> your biggest underweight sector of u.s. stocks? >> biggest underweight sector of u.s. stocks right now, small cap. >> all right hans, thanks very much for joining us i suppose it continues to be janet yellen again today >> and the ten year note, yield at a one week low, what does that mean for equity markets >> and she has most of the headlines out likely yesterday, but markets reascting strongly yesterday when her statement

came out futures pointing higher for another positive open. and that'st ifor "worldwide exchange." "squawk box" comes next.

stocks again be hitting new highs as janet yellen signals that rate hikes will be gradual. president trump arriving in france we'll tell you what is on the agenda and rock star trump supporter is reportedly considering a run for u.s. senate we have the details straight ahead. it's thursday, july 13, 2013 "squawk box" begins right now. ♪

a. welcome to "squawk box." i'm melissa lee along with joe kernen our guest host for the hour is the one and only guy >> thrilled to be here >> fast money trader we get do the ssymphony. you can promo your show. but i ask you guys that work together every day, don't gang up on me >> of course we will >> joe, we love you. >> this is your home, joe. we bow to you. if you didn't want me here, i wouldn't be here i know how it works. >> we're having more of these trader types we had tearanova yesterday. he's always fun. >> and in these market, you have to kno