north korea launches a ballistic missile over japan >> a call on global currencies the yen rallying and the euro hitting 120. we are all over the early market reaction >> energy prices remain front and center as floodwaters continue to rise a live report from texas coming up it is tuesday, august 29th, 2017 "worldwide exchange" begins right now.

a very warm welcome to "worldwide exchange. i'm will ford frost. >> i'm seema mody. take a look at how u.s. equities are performing in pre-market trade. you can see a significant move to the down side with the dow jones off 141 points nasdaq, lower by 62. the s&p off by 21. this as we've seen a global market reaction to the north korean provocation japanese stocks at a four-month low, wilfred >> more on the markets around the world. the developing story that seema just mentioned out of north korea that nation launching a ballistic missile. the move prompting warnings for residents of japan to take cover. shinzo abe calling the launch reckless and a significant theft. the u.n. security council is holding an emergency meeting to discuss north korea.

cnbc live in japan with the latest good morning >> good morning to you, wilfred. >> like so many people here in japan, we were woken up around 6:00 a.m. local time with the latest launch from north korea triggering a nationwide alert. broadcasters breaking into programming. some residents in northern japan reported getting text messages on their phone urging them to take cover while still other communities talked about sirens going off urging people to find a safe place here. this was a missile that traveled well over 1600 miles about 15 minutes long going from pyongyang passing over to the northern island of hokkaido before landing in the pacific. prime minister shinzo abe condemning the latest provocations in the strongest term he said he would make every possible effort to protect the lives of the japanese people he did say he spoke with president trump. the prime minister saying

president trump was committed to japan 100% and to japan's defense. >> translator: this missile proposes an unprecedented serious and grave threat and damages regional peace and stability. >> the timing is certainly no coindense bc coincidence. we should mention the prime minister said this missile was tracked shortly after launch all the way until it fell into the pacific, which has raised some questions about why japan did not give the green light to those missile batteries on the ground, why they didn't, in fact, shoot down the missile we heard from the commander of japan's air self-defense, they didn't give the green light, because there was no threat to japanese territory we should mention the japanese used to these kind of

provocations from north korea with well over a dozen missile launches coming from north korea so far this year there is a sense that this time is different largely because this was a missile that was designed to carry a nuclear payload. the indication is certainly significant if, in fact, any of this debris would have fallen on japanese territory it didn't happen this time around a lot of japanese now looking to washington to see how president trump responds to the latest provocations >> thank you very much, akika, for that report. let's dive deeper in the market reaction and pronounced moves in the dollar. it is falling .75 against the yen.

i think important to note that the dollar is moving south across the board it is not just really a reaction to the north korea missile we are seeing the dollar move noticeably lower against the euro and the pound and the swiss frank and canadian dollar and australian dollar. i think this is an extension of the soft dollar. jackson hole, similar moves yesterday. if it is not all related to the north korean launch, perhaps u.s. futures are overreacting. asian trade, the moves are negative in reaction to this, the region in the eye of this particular metaphorical storm. that comes down to the very strong euro. germany, down 2% the euro moving higher by about 2% even before today's move. down again today when we look at u.s. futures,

down 4 points or so before the dow. futures are down sharply in reaction to international equity moves. people wake up state side, they realize the u.s. could be moving for different reasons. the dollar is lower could be a reason for the markets to go up, not down >> a combination of factors seem to be weighing on equities, not just here but across the world the german dax down about 2%, on track for its worst daily performance of 2017. geopolitics, the move-in currencies and the safe haven seems to be having an impact the euro move has been huge. we come back to the dollar board on that point again. when did we start seeing this is the last leg we have seen it break out 1.20,

0.62 not only is that weighing on european equities but when does it start weighing more on the european inflation we already saw it peak in february the gdp and fundamentals are improving but if you start to get a stronger currency, that weighs on inflation more what can mario draghi do has the euro move against the dollar gone enough it will be hard for him to lift rates with this inflation picture softening. >> we get the broader p informati information on this friday president trump spoke with shinzo abe following the missile launch from north korea. >> no response from the white

house. no word from the white house and interestingly no statement from the white house in the wake of this we thought we might get one when the reports first occurred nothing from the white house overnight. we'll wait and see what happened overnight. take a look at the path that the missile traveled interestingly, this missile was launched near pyongyang and flew over hokkaido. that launch site might complicate any military resfons response by the united states. it is not one of the remote missile launch sites that we have seen the north koreans use in the past. possibly complicated the military response if the united states should go in that direction. no resfoponse from the white house. the pentagon did issue a statement confirming the launch and said they are analyzing the

trajectory we have a statement from a u.s. intelligence official who was briefed. the intelligence official saying each test has two purposes when the north koreans roll these out, to develop the technology and signal their continued defiance howwill the white house handle that we have had this rhetoric heating up the president talking about fire and fury reigning down on north korea. in recent days, it seemed like things were simmering down a little bit it looked like the north koreans were starting to respect the united states and starting to come a little bit more into line yesterday changes that dynamic dramatically and we will await a response the president will be in texas touring the hurricane damage >> quickly back to north korea and japan. as you said, the fire and fury comment we got from president trump in the past if guam, if a

u.s. territory came vaguely under threat, how significant is it that this test flew over the land of an ally in japan is that something that's happened in tests in the last three or four years or is this a first? >> it is not something we have seen in recent years it is a dramatic and provocative step by the north koreans. you look at the map and you can see how close the two countries are. we have mutual defense agreements with the japanese this is something that could result in a significant problem. it is a very dangerous act you think about the missiles they are not entirely reliable if something had gone wrong here, luckily nothing did, you could have ended up with a north korean missile hitting the japanese mainland and that would have demanded a military response this situation could spiral out of control very, very quickly simly on acciden simply on accident that's part of the u.s. concern. we don't have a statement from

the white house. either there is some indecision or a deliberate strategy to delay the response to deescalate the response for the moment and not leap in with more rhetoric >> eamon javers, thank you here is what we know at this hour harvey is now a tropical storm with stained winds of 45 miles an hour. flash flood warnings remain in effect some 300,000 people are without power in texas president trump headed to the region to survey damage. we will have full coverage throughout the day brian sullivan standing by in galveston, texas let's begin with contessa brewer, live in houston. >> reporter: i have some startling new information, will ford i'm at the convention center where many evacuees are being brought. they were prepared to house

5,000 inside inside, there are 9021 residents sheltering in the convention center nearly double what they were prepared to handle yesterday the new numbers on rescues more than 12,000 people have been rescued, many of them by high water vehicles. the national guard las come has. we know that neighbors have been helping other neighbors get out on jet skis or air mattresses. the rescues are astonishing. they have to house these people and feed them and make shelter for them the age ranges are amazing, from babies to the very, very elderly. we will continue to watch that throughout the day the forecast here, more rain it just is relentless. it hasn't stopped. now, we are getting reports of looting. this coming in from the houston police union it says, shout out to the looters who are breaking into businesses, shooting at firemen

and officers and advertising it while we are saving people, disgusting we have reachedout to the police department for official confirmation that's coming in from the union. as people have been holed up for days on end. many restaurants who were open say they ran out of food we'll be watching nfor this situation to become more intense. >> now, moodys says harvey knocked about 10% of america's refining capacity offline. that's the low end some firms estimate as much as 27% of the u.s. refining capacity has been impacted brian sullivan live in galveston, texas, with more. over to you. >> nathank you. contessa, if you can hear me, get ready for more rain. it is supposed to rain all day let's get back to the story of the refiners it is hard to know when you say rain, seema, 10%

would below. there are reports as high as 27%. if the rain continues and swings to the east to port arthur and beaumont where there are four more big refineries, it could go as high as 30% of u.s. refinery capacity that is taken offline the reason we don't know the exact number is a lot of the companies haven't given it or they don't know a firm statement and they are trying to evaluate. it takes people to evaluate and people can't get to where they are going. when you are trying to save your family or your home, you are probably not thinking about going to your job at the refinery labor is going to be a big issue. barclay's addressed that this morning. they are focused on the business issue as well. that's what they do and that's what we do what barclays was saying was that there are fewer electrical outages now than there were in 2005 and 2008 and other big

storms which is good news. however, the global markets are now more reliant on u.s. gulf coast refining than ever the concern is that the things like labor shortages, infrastructure issues, no roads, can't get to your jobs, may make these refineries be offline longer than some have estimated. we are actually exporting some oil from the gulf coast, guys. the good news is that if they don't want to export that, because you can't, because the port still remains closed and if i can swim out that way about five miles, there are probably about 100 super tankers. maybe some of that exported oil can be reversed and brought back to help fill some of the supplies they have to get it out of here to be refined anyway it is still very much raining. we are going to be here all day talking about this story and trying to give you updates >> i suppose in terms of what this means for oil markets and gasoline prices, we need to now have a further positive surprise or negative surprise that this

could go on longer than expected what's your kind of hunch in terms of whether things are lessoning? i can see it is raining very heavily. more broadly, do we think we are passed the worse of this they feel like the worse is behind them. >> we'll see listen, wolf i can't answer it directly i will say this. we were driving all over the place yesterday. every shot, we were somewhere else we drove north to baytown, where the exxon refinery is. there is one road that you can take to get from here to there and there are six or seven refineries along that road that's why we went we were literally visually inspecting them. tle a they are so bad. i don't know how anybody is going to get to work in the near term that may clear out in a few days or weeks

gas stations under water that's not the worst of it the worst of it, we can't get to there have been some reports that the exxon baytown facility may have a little bit of flooding, unconfirmed. i think it is the journal or reuters that is reporting that if they have actual flooding, water damage rather than labor damage, it could longer to finally restart those refineries once you get water in these refineries they are miles long. they are incredibly large. there is a huge amount of safety checks that need to be done. i'm guessing that these refineries are not going to be opened up for a while, if anything, just because people that run them can't get to work and are taking care of their families >> brian, thank you very much. brian sullivan for us iny tath price. we are back in a couple of minutes. happy anniversary dinnedarlin'

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welcome back hurricane harvey forcing shutdown of oil refineries we are still seeing some stabilization in the energy market this morning. oil prices reversing those losses they are higher by around .15%

gasoline continues to spike higher at around a two-year high, higher by around .04%. with us this morning, halima cross. good to see you. when you talk about the shutdowns and refineries, what does that tell you about the supply and demand equation >> it is a tale of two markets this is a story very supportive for gasoline and products. negative for crude what we are watching are do we have further refinery shutdowns. if they shut the rativa refinery down, that will be another

demand are we going to have millions and millions of barrels in the u.s. with no home for the next weeks and months going forward >> helima, how much do these price differentials prolong? i have seen some that suggest that the gasoline price at the pump will fall but the wti fall in price won't recover for sometime afterwards? is that a fair assessment? >> with wti, it was facing headwinds because we are out of peak season. we were concerned we are going into maintenance season. we were facing these demand head winds that aren't going to go away this is just another additional headwind as we go into a soft patch. >> when we talk about the refining capacity, transportation is a huge concern

for texas right now, specifically for those that live on the east coast. we get a lot of our oil and fuel from texas does this by any chance create an increased demand from the refining capacity we are seeing in europe or mexico? >> this is from mexico, we have much more of a globally linked market they get around 50% of their gasoline from the united states. they are going to have to source that elsewhere key pipelines, colonial pipeline, taking refined to the coast. >> when you factor in how soft the u.s. dollar is this morning, it is still falling a little bit, because we would expect it to rise otherwise on a weak dollar day >> that's one of the things we keep talking about, one of the

first questions, is it going to be prolonged for wti there are other potential drags on wti besides the hurricane season we are going to be watching going forward what does maintenance season look like there are some potential reports for crude out there. we have highlighted venezuela, libyan production offline. another i am concerned about is north korea. if this situation were to escalate significantly, asia is a key source of demand for the whole complex. if that intensifies, that is another negative geopolitical hit for the market >> has latest development given your own background, is that a big escalation given this missile launch crossed over the land mass of a u.s. ally >> not only has it crossed over it japan it is the timing of the loss the fact that this was done

while the american president was focused on this. president trump has not minced words in terms of his words in response to north korea. we are all going to be waiting in terms of his response >> how should investors be positioning themselves as they try to digest not just hurricane harvey but the recent provocation? >> there is no exit ramp that is readily available for north korea. he is not going to give up his nuclear capabilities he seems imperfevious to sanctions. the risk is unintended escalation through miscalculation >> helima croft, thanks so much for getting up early with us >> thanks for having me. the art of the selte, why president trump turned his back on the china deal to curb steel production we are back in a couple of minutes.

still ahead, a round of today's top stories and more on the missile launch over japan. we are live on the ground. stick around you are watching "worldwide exchange." we'll be back.

breaking overnight, north korea launching a ballistic missile over japan a live report from the ground coming up. big moves in the currency market the euro just did something it hasn't done in over 2 1/2 years. we'll tell you what that is. how hurricane harvey may affect prices at the pump. thursday, august 29th, 2017. you are watching "worldwide exchange" on cnbc. good morning a very warm welcome to "worldwide exchange. i'm wilford frost. >> i'm seema mody. currencies are the big talker with a pronounced move in the

eu euro trading at 1.20 against the u.s. dollar. the size and speed is now up over 5% against the green back in that time span. here, higher by around .07 of a percent. what is prevalent is not just today but when you take a look at the pound at the u.s. dollar. across august and the year of 2017, the dollar index down just about 10%. that, of course, has had an impact on asian and european stocks take a look at how we traded in asia the escalation in geopolitics, also, a big talker today and a big concern. we have seen many missile tests in north korea under the young leader, kim jong-un. japanese nikkei closing at a four-month low, a sizeable loss

of .05 stronger yen not good for japan's exporters. hang seng lower by .03 >> surprising not to see bigger declines in asian equities but higher in the japanese currency. if we look at the european move in equities, sharply lower the fact that they are so significantly lower is a slight encouragement for u.s. futures simply because this very much clearly a big move because of the euro going higher, german dax and the exporters, down 1.8% the move in european equities so much more pronounced suggests it is not just a reaction to korea but a reaction to this on going weaker dollar. dow has improved a bit in the last half hour it is now down 124

>> the risk mode is clearly prevalent. gold trading at the highest levels japanese yen rallies and the swiss frank gaining momentum the latest on the story out of north korea that nation launching a ballistic missile over japan prompting warnings japanese prime minister, shinzo abe, calling the movement reckless and a significant threat let's get to nbc's sherry keng, live in seoul with the latest. >> reporter: thank you very much good morning, wilford. we certainly saw a sudden reescalation on tensions on the korean peninsula this is a relatively speaking a re-escalation, thinking that

north korea opted for a milder version of provocation in its reaction to the military drills that's going on between south korea and the united states with a shorter range ballistic missile. this time, it was an intermediate range, a little shorter than intercontinental. certainly posting 2700 kilometers of a distance traveled the fact that it flew over japan certainly enough to spook a lot of people. in his reaction, south korean president ordered a strong show of force so the country's military, in fact, deployed four fighter jets to the interkorean border area and this is an unprecedented move on the part of the south korean government specially given they were a little more tolerant of north

korea's behavior until now this launch did fly over japan and is the first time for north korean ballistic missile the fact that it flew 2700 kilometers is very close to the distance between north korea and guam we can certainly put two and two together and gather that north korea is trying to get the message that it is not making empty threats. its missiles have the capability and can reach the u.s. territory of guam although it decided not to so it doesn't directly target u.s. territory at this point >> thank you for that update joining us now on the cnbc news line with more reaction is robin harding, tokyo bureau chief at the financial times robin, thank you for joining us. we have unfortunately seen many

missile tests from north korea what makes this different is that it flew across the northern tip of japan does that make the implications different for this one versus the previous missile test? >> domestically, in japan, yes, it makes a big difference, because the missile going over japan meant warnings, for people to evacuate and take cover some schools closed in hokaida this morning shows the level of alarm it causes people in japan. they have to react very quickly when there is a launch it isn't clean to the people whether the missile is about to hit them or not. it causes a qualitatively different level of alarm inside japan. >> robin, frame for us how significant this particular test was in terms of an elevation in terms of provocation by north korea, both the timing and the fact that it went over the top

of a land mass that's a u.s. ally >> prime minister abe this an act that caused unprecedented danger to japan. it is very carefully and calibrated provocation by north korea. as your correspondent said, showing the ability to reach guam but provoking japan rather than the u.s. directly january japan, because of its constitution, has no direct way to strike back >> just quickly in terms of the possible reaction whether it is the u.n. or the u.s. in terms of statements today how can they elevate it more without actually firing on north korea. we have had unbelievably strong words, fire and fury, from the president in the past. what more can they do that is a middle ground between that and firing a missile back? >> reporter: not much. they can try to make the

sanctions bite more. it is limited. what really mattered is what china tries to do. they can put more pressure on china. what we are looking for today is really president trump's reaction does he choose to go back to that fire and fury rhetoric? does he tone it down a bit in response to this latest provocation? it is president trump who is the person we are watching here. >> robin, thank you very much for joining us this morning. robin harding of the financial times in tokyo we are continuing to follow the latest developments along the gulf coast here is what we know harvey is now a tropical storm with sustained wind of about 45 miles per hour flash flood warnings remain in effect throughout houston. some 300,000 people are without power in texas president trump is headed to the region today to survey the damage >> brian sullivan is live in galveston, texas brian, what's the latest

>> reporter: from what i can confirm, it is still raining it has been raining for about three or four days it will continue to rain likely through tomorrow i want to add a little color here we are fine. we are in galveston. we have tried to get as far north as we can. most of the roads are blocked. you have seen some of the video about people being rescued out of cars. every single local that we have talked to has said, they have never seen anything like this. it sounds like hyperbole and like everybody says this all the time this is literally, by any measure, the 1,000 year storm, because it has a 1 in 1,000 chance of occurring. everywhere you go, this is life. when you look at a national weather map, things look pretty nice on the east coast and west coast. there is some rain in new orleans. this is like literally a separate world down here we have talked about some of the

refining issues here there are a lot of other things to be concerned about. we got a little taste of that yesterday in laporte, texas. we go through laporte on the way to baytown later yesterday, there was an alert that went out. a chemical emergency they told everybody shut your windows, turn off your air-conditioning, because there is something hazardous in the air. it turns out it was hydrogen chloride, which can cause sore throats, watery eyes it is not deadly but it is a serious irritant it has been fixed. that's a town of 35,000 people keep in mind when we talk about refinery shutdowns, there is a lot of other stuff to worry about here, not just gasoline and oil. it is pipeline cracks and pipeline shutdowns and chemicals in the air like we saw in laporte. hopefully, we won't hear any more of those stories. we are going to try to get out as far as we can as you can see, this is a storm

that just will not go away >> thank you very much for that, brian sullivan, in texas >> reporter: you're welcome. uber names its new ceo why one opinion column thinks they saw the surprise pick coming let's get another check on where european equities are going from here. german dax off the lows, still down about 1.7%, making this the rm dt performing day for the geanax in 2017 stay tuned you are watching "worldwide exchange" on cnbc. l from voya. i represent the money you save for the future. see? we're putting away acorns to show the importance of being organized. that's smart. who's he? he's the green money you can spend now. what's up? oh you know, gonna pay some bills, maybe buy a new tennis racket. tennis racket for a squirrel? he's got a killer backhand. when it's time to get organized for retirement, it's time to get voya.

welcome back landon doughty joins us with more the stock finish line tanking more than 20% in early trading after they announced weaker second quarter results. earnings per share will come well below wall street's estimates compared to the 37 cent forecast. they expect same store sales to decrease athletic footwear became much more promotional

he expects it to remain challenging. dragging down foot locker, under armour and dick's sporting goods and nike down about 1% they are scheduled to report earnings on september 22nd >> landon, thank you so much time for our top trending stories. another day and another record for taylor swift the singer's new music video for her song "look at what you made me do," breaking youtube's records for the most views passing 30 million views since sunday night meaning it has been watched 1.5 million times every hour adele's "hello" video held the record with 27.7 views it is topping 50 million views i want to know your participation in this. >> i haven't watched it yet. >> given you were a fan, i expected you would >> she was at the video music

awards for mtv it is getting a lot of attention. the song itself very dark it positions taylor swift. >> you didn't like the song. the next trending stories. good news for "game of thrones" fans they are releasing an episode called the game revealed giving an inside look at how the most recent season came together through interview with the show's cast and crew feeding that obsession that many of us have now that the season is over. i watched the final episode last night. >> a smart way to capitalize on what is a show that has such a strong following my picks in the financial times from the lex column titled uber, a new gig, following suggested amoippointment of a n ceo. what may have appealed the most

about mr. dara khosrowshahi. he has enabled customers to not only book online but on the move too, mobile deliveries, battling with its rival for curbside customers. it looks like he background a semi-tech company and the share price since he has been there suggests that he has a big job to do. >> one of the best performing ipos on the nasdaq, expedia, when it went public in 1999. this article points out expedia is the tech company in the travel industry. this does position dara well for his potential move to uber >> my pick in the financial times, titled, hedge funds see a gold rush in data mining it read, there has been a proliferation of new data miners

that go through information and sell to groups that are desperate for information. hedge funds trying to perhaps gain leverage amongst other asset managers the story also adds that this is now becoming an unregulated nature of the industry, this data mining. at some point, maybe more regulation will be down the road >> we'll have to see it is a gray area. they are doing a lot there but we don't know what they are doing. still ahead, setting up for what could be a volatile day following north korea's latest missile launch, down triple digits they were down about 150 they are now down about 110. they haveimproved a bit. back in a couple minutes so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish, prevagen is now the number one selling brain health supplement

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futures down just over 100 points improving. we were down about 150 at the start of the show. joining us now, steve chevron,

portfolio manager. are you concerned about this latest missile test by north korea over japan is that why we see the markets soft >> it is certainly contributing. this is an unprecedented provocation. there have been a couple missiles over the past decades that have gone over japan. this is clearly an escalation. we don't know whether or not we are going to hear trump with inflammatory rhetoric on the opposite side. >> as a potential offset, clearly, we have seen a weak dollar, not just against the yen but across all currencies this morning. the asian market reaction in equities down .5 shanghai is, in fact, positive could we in the u.s. futures market be overplaying this >> what you have to remember is that we have been in an earnings driven market. that's allowed us to be patient through some of the political

setbacks we have seen over the course of the year a weaker dollar is supportive of earnings it clearly is. if that continues, that's beneficial for earnings and should help markets. >> the north korean threat doesn't seem to be going awhiay. does it make sense to take a more defensive approach when trying to deploy capital into this market? >> we are doing that for a series of reasons. it is not just north korea we have said that we have seen an opportunity for a pullback. we think we are in the midst of that you have uncertainty around the fed. you have lack of political progress we think this august jobs number could be a little quirky you put all that together and we think we are in the middle of a pullback north korea adds to that harvey doesn't help at all down in texas >> what's your take on whether we may or may not have seen the most of the market reaction so

far? wti was down nearly 3% yesterday. it is stabilized today >> this is a terrible human tragedy. from a market perspective, we are somewhere between 10%-20% of the refining capacity taken offline. that's certainly going to push gas prices higher. an element that people weren't capturing is in the reassurance market and under priced. this is the first major storm we have had in ten years hit u.s. landfall we have been running storms at two standard deviations below median these investors have not had the big loss payouts that you would normally have y longer term, though. >> these are hedge funds that have stepped in and underpriced the reinsurers they may not understand their

risk longer tr longer term, we think this presents opportunity for rebuilding >> under pressure yesterday contributing to the decline we saw in the dow what about home builders we forget that houston is a very hot housing market does that change the outlook >> we would look more toward the building product companies and some of the transport companies that will bring that in. we will look for things like lumber or roofing. the home depots yes, there is an opportunity on the builders side and more on the repair side. >> just to bring things back, clearly, the dollar very much in focus. to what extent is this potentially an extension of what we heard at jackson hole it is more broadly a weak dollar story as opposed to a strong yen trade or whatever you might frame it as. >> it is very much a reaction to

jackson hole on the european side, draghi missed an opportunity to talk down the euro strength, which is playing out. we were looking for yellen to give more signals about launching. instead, she decided to talk about financial regulation, which is fine. our read is that probably that further imperils her chance of being rea pointpointed. >> we have just under a minute left let's have another look at the future, pointing lower we were down as much as 150 points on the dow. we have improved >> we have come back a little bit. >> we are going to have that for you. that's european trade. that's one of the big factors that weighed on futures. down sharply, not least because of the strong euro futures now down 112 points. if we finish up with a quick look at the dollar board as well >> you see a weaker dollar and the persistent rally in the euro 120 against the dollar

a fresh 2 1/2 year high. >> the yen moving higher against the dollar this morning as well. that's it for rlidwodwe exchange we'll have it for you coming up next

north korea launches a ballistic missile over japan we will get a live report straight ahead the markets are rallying globally the yen rallying the euro hit 120 gold was over 1300 yesterday, right? weird. we have a rundown of all the market movers. plus, floodwaters continue to rise in texas with more rain on the way. we'll bring you updates from our reporters in the hardest hit areas. it is tuesday, august 29th, 2017 "squawk box" begins right now.

live from new york where business never sleeps. this is "squawk box. good morning welcome. we are live from the nasdaq marketsite i'm kelly evans along with joe kurnan and michael santoli >> the dow dropped more than 100 points after the north korea missile firings last night we are still down 117 points for the implied open the s&p down 17. the nasdaq down nearly 50. asian stocks not taking it well either the missile was launched over japan. there is the nikkei down .5. the hang seng down about .3. the ftse 1