a rally triple play. the dow, nasdaq and s&p 500 all setting new records. a look at what's behind those big moves straight ahead >> x marks the spot. apple unveiling the i phone 10, the product's redesign if a decade will the $11,000 price tag deter buyers >> and jamie dimon sounds off on washington, bit cocoin and much more highlights from the delivering alpha conference coming up it's wednesday, september 13, 2017, "worldwide exchange" begins now

good morning a warm welcome this is "worldwide exchange. i'm wilfred frost. >> i'm seema mody in for sara eisen today. >> good morning. we did see gains yesterday in and around abo0.3% it was boring, telecoms were the leading sector yesterday we are mixed this morning, as you can see. a bit of a decline for the nasdaq to talk about s&p and dow basically flat ten-year treasury note for you, which we did see tick up meaningfully at the start of the week t managed to maintain most of those gains and stay around 2.16% level, which helped financials earlier in the week >> stocks in asia, certainly not boring we did see gains pretty much across the screen. the exception being the hang seng, whichclosed down 0.3%. the japanese nikkei encouraged

by the risk-on tone we saw in the united states. the nikkei closing at a one-month high, up about a half a percent. the koz pi dospi down 0.2%. the stand-outs year to date up 17%. stocks mostly higher in europe, but the ftse 100 is the exception. you can see the dax now hugging the flat line. really the ftse 100 in focus yesterday under pressure, specifically the exporters as we see the uk currency, the pound continuing to move higher against the u.s. dollar on some higher than expected inflation data we'll get to that in a second. the italian ftse mib is up 0.2%. >> better inflation data out of the uk was yesterday, that led to a jump in the pound which hurt the ftse. today it's weaker than expected wage data out of the uk. so highlighting that dichotomy for the bank of england when they meet tomorrow as to what to

do we do not expect action. the pound is fractionally lower following the stronger cpi data yesterday. let's look at broader markets. the iea upping its forecast for oil. 48.54 for wti. dollar board for you, you have a little bit of softness in the pound it had been higher this morning until the wage data came out. it's now flat. elsewhere, as you can see, about 0.1% of dollar weakness against the euro and yen yesterday the dollar was flat it had its big day of strength earlier in the week when it had its bounce back. gold prices for you up about a third of a percent yesterday 1337 today ray dalio is sticking by i

had bullish bet on gold. listen to what he saided a yesterdat yesterday's delivering alpha conference >> should be part of everybody's portfolio. between 5% and 10% not because it's the best thing, most importantly because of how it serves as an effective diversifier, particularly at a time when we look at the united states and its role in the world. the united states' position in the world is one of a few countries that are powerful countries. it's unique in many ways what is actually happening and the dollar's role in the world, you know, can't be taken for granted. >> interesting comments there from ray dalio on gold we heard from power players like jamie dimon and others at delivering alpha more coming up later in the show. apple getting buzz today

after unveiling its highly anticipated iphone x the phone doesn't have a home butt button t unlocks with facial recognition technology it has an extra two hours of battery life and charges wirelessly the price tag, $999. it's not cheap let's bring in todd hazelton technology editor from cnbc.com. yesterday apple stock initially was enjoying things, then it was down what was the reason for that. >> the reason was apple said we're not shipping this until november everybody was like what? the iphone is always available in september there were early warning signs from analysts saying it will be delayed. there's issues with manufacturing related to the display and the home button. we don't have an answer on

what's causing the delay >> compare it to the top samsung phone, where does it stand out and lag behind >> apple likes to say this has the fastest processor on the market i can't say that yet i haven't played with it apple and samsung have been neck and neck for a long time wireless charging already available on samsung phones. other features like water resistance also on samsung phones big screens, big brighter new screen on the iphone x, that's oled panel samsung has been using for years. people want apple's products, they want the ecosystem. you're invested in the apple tv, ipad, mac. >> you're in the ecosystem people say that even because of the shipment delay people will wait out for the apple iphone x. speaking of the apple watch, what did you make of the upgrade there? so far the watch hasn't been a

revenue driver for apple >> i'm disappointed in the apple watch. i have the series 2. this year the reason you would want to buy it is for lte connectivity, so if you're out for a run or surfing, you can still receive phone calls. the thing is that will cost you an extra 10 bucks a month for a carrier, on top of actually buying the watch for me, that's not a compelling case i didn't see a reason to buy the non lte series >> what incarnation of the apple watch are we on now? how many incarnations of the iphone did we see along with that this is the third incarnation of the apple watch. we started see apple iphone sales take off after the exclusive with at&t was

disbanded and everybody could pick up the phone. and the model 3 gs was the new faster connectivity. speaking of that, apple did not talk about gigabit technology which will come out late their year >> blackberry lost market share and apple slowly gained. thank you. >> thank you let's look at apple suppliers, they're trading lower on the back of the new iphone announcement a later than expected shipping date is weighing on stocks earlier in the week they had a disproportionate gain. to our other corporate news, nordstrom appears to be one step closer to going private. landon dowdy joins us with those details. >> good morning. the nordstrom family is close to

a deal with private equity firm leonard green to take the retailer private and sources say the deal could be valued around $1 billion while nothing is finalized yet, a formal bid could be submitted in the next few weeks. cnbc learning the deal would include a 7 billion to $8 billion in debt financing from banks. this is not the first time leonard green worked with nordstrom. the equity firm has a stake in the british clothing line top shop the nordstrom family is hoping by fakie taking the company prii will help adapt investments. the stock took a big hit monday when nordstrom announced plans to roll out stores without merchandise, the investors cheered the take private news. retailers are gaining momentum on the news. shares of macy's, kohl's, foot

locker and buckle all higher this morning uber's chief legal officer is planning to leave the company. in a memo sal hu says she will continue to serve until a replacement is named the ridesharing company is facing three federal lawsuits and various other probes to the latest on the recovery efforts in the wake of hurricane irma more than 4 million homes and businesses in florida are still without power as of last night residents who o residents who evacuated the state or stayed in shelters are coming back home to look at damage you're looking at cnbc footage from the damage from the florida keys crews there are working to repair the lone high connecting the keys to the mainland the head of fema says preliminary estimates suggests a quarter of the homes in the keys

were destroyed 65% sustained major damage. to the wall street agenda. there's inflation data out a week before the next fed meeting. the august producer price index was released at 8:30 a.m. eastern. headline ppi is forecast to rise 0.3% the core rate rising 0.2%. at 2:00 p.m. we get the monthly federal budget statement. coming up, a round up of the big stock movers, plus equifequ' ceo calling the data breach a humbling lesson. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities.

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good morning welcome back to "worldwide exchange." yesterday we did see gains around a third of a percent for each of the three indices. it was a broad he set of gains we saw 9 out of 11 s&p sectors high, but a boring set of gains, telecoms was the best performing sector this morning we are lower only slightly the nasdaq down 0.2% not significant declines to talk of let's look at oil prices as well we got a bit of positivity yesterday a bit more today 48.5 the price of wti. up 0.6%. >> some stocks to watch this morning. starting with toshiba, it says a group led by bain capital signed

a letter of intent to buy the memory chip business with the hope to close a deal by the end of the month reports say the group which also includes apple, seagate and dell is offering 18 bill yonl for io business. shares of terex could more than triple as the company focuses on its core business in july mercato disclosed a stake in the crane maker the ceo of ek fakquifax says th company will make changes following a data breach. richard smith said the company first learned of the incident on july 29th but waited six weeks to make it public because they thought the breach was limited some other stocks to watch, boeing says it signed a deal to sell 16 787 dream liners and 737 max jets to malaysia the country's prime minister announced the sale during a

visit to the white house yesterday. he said malaysia airlines will probably buy 25 more boeing jets in the future. brian acton is leaving what'sapp to start his own foundation facebook, which bought whatsapp for $22 billion says he won't be replaced. easyjet launched a new booking platform allowing customers to book long-haul flights with other airlines. the initial partners are west jet and norwegian who will offer flights to north and south america and sing bore from gatwick airport. up 1.5% on the news. still to come, jamie dimon, barry sternlich, insight from some powerful players on wall street. first here's the national weather forecast from bill karins good morning to you. still watching what's left of irma, just some clouds right now and a bit of rain. this will spark showers over the next two days.

first today in the ohio valley, it's not going to cause flooding concerns, just causing some cool temperatures for this time of year by the time we get to thursday, this thing slides into areas of the northeast. has not rained in the northeast in a while can use some of those showers for the lawns and grass and gardens. not heavy rainfall forecast temperatures for highs, san antonio to dallas, very w m warm no problems on the west coast. in florida, upper 70s and low 80s. still watching jose. not causing problems over the next couple of days. still to watch for the east coast for about a week from now. that's your sibuness travel forecast more "worldwide exchange" when we come back for your heart...

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it was an all-star line jup >> it was a good conference. >> easy to organize. >> let's make it a week. >> outstanding organization from all the team let's now relive system of the best moments from yesterday's delivering alpha conference. wall street's decisionmakers weighed in on the most crucial issues facing investors. leslie picker has the key highlights >> i would relive it, too but we'll go over what happened yesterday. there was a big debate over bitcoin which gets to the heart of what you and seema both

covered. some saying it was fraud and calling it an emperor with no clothes. >> governments, first thing they like to do is control a currency who has it, twr shg, where it e it's going china is closing down the bitcoin exchanges. bitcoin, the bigger these things get, the more -- right now governments look at it as a novelty. wait until someone gets hurt, it's used for illicit purposes, they will close it down. that's my point. >> now, social capital took the opposite view, saying he was massively long >> is it a fraud >> no. absolutely not >> will it blow up >> no t cannot blow up what countries can constrain

today is how it's traded but it's a system that is peer to peer. to the extent you can eliminate the will and actions of every single person in the world you can eliminate it in the absence of that, the genie is out of the bottle, whether we like it or not. >> barry sternlink was on the panel and he backed up that thought saying his son was trying to raise a hedge fund that trades bitcoin. >> the blockchain technology is real the digital ledgers are real, the technology is far superior to everything they're using today. jamie would have told you that he focused on bitcoin. can't be a speculative currency, there's a lot of bad actors. >> so a lot of debate over the digital currency >> so much attention from some of the most respected investors out there. i think jamie dimon did what one

would expect he's the leader of a bank, of traditional finance institution, with bitcoin and blockchain being a competitor out there to these financial institutions, he had to say it didn't make sense to invest in bitcoin >> i would say he's also a supporter of the idea of blockchain, and technology behind it he did talk throughout the day about changing technology payment systems and things like that clearly his views on bitcoin can't be debated he was saying it was a fraud but he did say not necessarily going to end any time soon he said it could go to 20,000 or 100,000 before this, but eventually government also shut it down. what else was on the agenda yesterday? >> he did say governments could shut it down interestingly enough in that panel between one of the conversations centered around this idea of staying private for longer, and why companies are

avoiding the ipo process that was a key thing we saw throughout a few panels yesterday. jim coulter said jeff bezos was one of the few examples of being able to grow companies in the public markets with freedoms they would have had if they're private. >> bezos got it right, think about the grief he took in a long-range growth sacrifice iin profit for long-term success it will make sense to sacrifice near-term profitability for long-term market position. the public market is an uncomfortable place to do that. >> jeff bezos got another shout-out from jamie dimon yesterday when he was asked who he think that moral courage in 2017 dimon said bezos did as women as

tim cook speaking of tim cook, julianne robertson of tiger said he doesn't believe apple is an expensive stock. >> the apples, the facebooks, the googles, those great growth companies are priced cheaper than they would have ever been in the '60s, '70s and '80s >> guys, a big part of yesterday's discussion centered around what's cheap, what's expensive. is bitcoin expensive are equity evaluations expensive? we heard a lot about bond bubbles. covered a lot of asset classes on where to find alpha >> one could interpret that as these investors taking a much more cautious tone on the market as stocks still trade at record highs. >> that's very true. very few people really went and said, you know, i think the equity markets have a lot further to go. the only person who came even close to that sentiment was leon

cooperman who basically said, you know, i think there's things in the equity market that are fair valued. he did say in the bond markets that looks to be a bit more of a bubble in the equity markets things look to be fair to him those reflect statements he made earlier where he said equity markets could go sideways but not down others talked about risk in the equity market. geopolitical was a key focus >> it was great to hear these titans not just talk about general market levels, but give us some specific key stock picks, buys or sells what were a couple stand-outs. >> very true some of the ones that move the market as seema mentioned, terex, it looks like there are some specific recommendations for the company. perhaps we could see him take more of an activist role in that stock. another one we saw move quite a

bit on the discussion is when jim chenos said he was shorting a huge basket of producers >> lots more coverage today and highlights from delivering alpha yesterday to come. still ahead a round up of global markets which are broadly higher, the top story is apple's best iphone ever, will the tech giant gamble on a $1,000 iphone payoff investors will be reacting stay tuned chgehewiatching "worldde exan" re on cnbc we take a girl's trip. remember nashville? kimchi bbq. kimchi bbq. amazing honky tonk?? i can't believe you got us tickets. i did. i didn't pay for anything. you never do. send me what i owe. i've got it. i mean, you did find money to buy those boots. are you serious? is that why you don't like them? those boots could make a unicorn cry. yeah, tears of joy. the bank of america mobile banking app.

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the three major avenue rragi at record highs. apple's flagship product gets a major makeover. everything consumers and investors need to know. and a disney delay the new star ws "star wars" fant want to hear it's wednesday, september s13, 2017 you're watching "worldwide exchange." good morning welcome back to "worldwide exchange." i'm wilfred frost. >> i'm seema mody in for sara eisen. let's get you a check on global markets. it was a record day on wall street yesterday with the dow, s&p and nasdaq seeing record highs.

the first time all three indices saw record closes in the same session since july 26th. healthcare, the tech sector seeing record closes as well it was the banks that also outperformed the smaller banks, if you look at the regional bank etf seeing the second straight day of gains. that etf on pace for the best week since june. financials leading the rally a lot of that having do with what we're seeing in the bond market treasury yields ticking up after that geopolitical risk that seemed to be the market maker last week. that risk seems to have receded for now. the ten-year yield at 2.16%. >> let's look at markets around the rest of the world. asian equities for you, broadly speaking positive. a bit of red hong kong and korea slightly down shanghai and japan positive. european markets for you, which have seen mixed performances this week. the ftse 100 is the laggard because we have seen a stronger

pound for the week just positive for other markets. germany and france positive yesterday. >> all ahead of that bank of england meeting tomorrow let's look at where oil is trading. the iea came out with its monthly forecast the iea shows that opec output fell in august for the first time in five months and that hurricane harvey hampered production in august as well as september. wti crude higher, $48.63, up 0.8 %. the international gail for oil, ice brent crude also higher by 0.6% trading at $54.63 to round things up, nat gas higher bay half phig higher by a half percent the pound strength declining by,

holding on to 1.32 against the greenback. the u.s. dollar weakening against the japanese yen the euro/dollar at 1.19, slightly higher against the greenback. juncker did give his annual keynote state of the union address today highlighting some positives around the european economy. let's look at gold that was one of the asset classes that gained momentum last week. the rally continues here up $44 despite the risk on mode that we've seen in terms of global equity performance. gold trading at 1,336. just to remind everyone, ray dalio saying gold is a great bet to hedge against as we look for diversification in the market. on the wall street agenda, the august producer price index is released at 8:30 a.m. eastern. headline ppi is forecast to rise

0.3% the core rate rising at 0.2% at 2:00 p.m. the federal monthly budget statement. apple getting buzz today after the company unveiled its anticipated iphone x joining us on the cnbc news line is paul meeks. good morning to you. thank you very much for joining us first takeaway is that the share price fell yesterday why was that >> well, i think what happened is, you know, first of all, the critical phone release, the iphone x, when you have a company that's the largest market cap in the world, it's so carefully scrutinized, to the functionality had been leaked to the press and financial media many months in advance so the functionality itself for the critical iphone 10 release was no surprise. what was surprising and frankly disappointing to me was the fact that the phone will not ship until november 3rd, which was

several weeks later than i thought, probably the rest of the street thought so that brought down the stock price given that there was a lot of hype built into the stock price. the stock was up 40% year to date versus 10% for the s&p 500. >> that delay in shipment that seems to be one of the reasons the stock is down in premarket trade. the actual phone, were you impressed by the specs and the functionality and how it compared to the sam shung? samsung. >> i think it's an interest product. there are some functions that the samsung already has. the disappointment along with the november shipping date, is they didn't give details about how many units are going to be available. because we do know that there might be some problems in the supply chain getting enough components to build phones to

meet demand. i wish they woo have kuld have d that >> talk about the apple watch and apple tv are those game changing upgrades for you? >> not game changing upgrades, but i was modestly impressed with the relationship with amazon for the tv. i thought the watch was intriguing that was impressive. the other iphones, the iphone 8 and 8 plus also modest positive surprise. the disappointment again, because everybody was focused on the simultaneous announcements, the announcement of the iphone 10 >> paul, thank you very much for joining us paul meeks in retail news, nordstrom and founding family selecting leonard green and partners to help take it private the family and green are working

on a footbarmal bid that could e submitted in the next few weeks. they have been looking to take the company private as they have been in an industry-wide slowdown nordstrom moved higher, as well as jcpenney and macy's this seems to be the next natural step, that private equity and other investors will step in to help out some struckaling retail firms >> time for the top trending stories. celebrities rallying to raise big bucks for hurricane relief the hand in hand telethon bringing in more than $14 million to help the victims of hurricane s harvey and irma. all right. martin shkreli apologizing for last week's bizarre facebook post the infa moimous pharma bro sai

apologizes for encouraging following to grab sam pls ples hillary clinton's hair he said he used poor judgment and it was his awkward attempt at humor disney is delaying the release of the next "star wars" film the "star wars" episode 9 is being pushed back by seven months to december of 2019 this after disney announced that it tapped j.j. abrams who worked on "the force awakens" to direct and co-write the new film. lots of changes. >> lots of delays, apple and "star wars." olive garden is launching its annual sale of the never-ending pasta pass by offering 50 people the chance to buy an all-inclusive week-long

trip to italy for 200 dollars. these pasta passports will be available online for 30 minutes starting tomorrow at 2:00 p.m. last year the passes sold out in one second will you be buying one >> i won't i like that the story highlight the the mispronunciation you guys have for pasta. why don't you pass the pasta >> that's just how you say it. >> i don't think i would buy this pasta is not something i want all you can eat from you get so full from it >> if it's good, you want more of it, one could say >> one could say, but it fills you up quickly >> italy can't go wrong with that. to sports, the cleveland indians continued their winning ways last night. the team beat the tigers 2-0 they extended their winning streak to 20 games that ties the american league record set by the oakland a's in 2002 and is the second longest

record in baseball in 82 years the all-time record was held by the cubs who won 21 straight games. that was in -- >> 1935. is that it >> yes it was 1935 i was studying those baseball stats over weekend. coming up a huge headache for the european central bank. we'll tell you what that is in today's must reads and as we head out to break a check in on how the european markets are trading. the ftse 100 slipping a half percent. back in a upcole minutes cloud. this is a tomato tracked from farm to table on a blockchain, helping keep shoppers safe. this is a financial transaction secure from hacks and threats others can't see. this is a skyscraper whose elevators use iot data and ai to help thousands get to work safely and efficiently. this is not the cloud you know. this is the ibm cloud. the ibm cloud is the cloud for enterprise. yours.

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welcome back to "worldwide exchange." i'm wilfred frost with seema mody big lineup of heavy hitters making bold calls at the delivering alpha conference. sara got a chance to speak with jeff aaronson of center bridge and asked him when the bull market will come to an end here's his answer. >> make it stop? a recession. particularly in the corporate areas. businesses are so levered, if there's a recession, what will happen is earnings will decline, just as importantly if people get scared and so much of this is in peoples heads, the ability to refinance a highly levered company, which is wide open today, that door is going to go like that. so that will be a double whammy. >> you can read more about all the big headlines from delivering alpha on cnbc.com.

time for our must-reads. my pick is in the financial times. why the euro appreciation is a headache for the ecb it's penned by a former ecb member i'm not so interested in his conclusions of why a stronger euro is bad for the ecb, but his call on the fact that there is likely to be a stronger euro he's predicting sort of regardless of monetary moves from here, he goes through a number of reasons why that could happen in terms of the pace of rate hikes in the u.s. being slower than the eurozone he also says the current account surplus in the eurozone is bigger today than it in the last rate hike cycle. as well the institutional framework and populous parties in europe having less power than they did that might allow the ecb to tighten quicker. he's a former ecb member he thinks at 120 we have more go higher in the euro >> some say this currency war

that is brewing between different central banks, so far the u.s. is winning the race with a weaker -- the dollar down 10% against a basket of currencies so far this year. the euro trading at 1.19 1.20 and the impact that has. my pick is in the "new york times. "americans in a battered paradise." talking about hurricane irma 100 years ago the islands were called the danish west indies, denmark sold the virgin islands in 1917 to the united states for $25 million. the people of the virgin islands did not vote for any u.s. president because voting in the general election is not a privilege of citizenship that the federal government extends to the u.s. like citizens of puerto rico, guam and other u.s. territories. a very heart-felt op-ed from someone who has lived in the virgin islands, and a reminder of the devastation seen not just in florida but many of the islands in the caribbean, also

the virgin islands as well >> so, addressing the devastation, but also saying that they want full citizenship. >> and we should -- it's a reminder that the virgin islands, also an american territory as well. still ahead, futures cooling off after yesterday's record breaking session your trading day s uetp straight ahead.

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welcome back to "worldwide exchange." i'm seema mody with some stocks to watch today starting with toshiba, it says a group led by bain capital signed a letter of intent to buy the memory chip business with the hope to close a deal by the end of the month the group, which also includes apple, seagate and dell is offering 18 billion for the business >> and mercato capital says

shares of terex could more than triple as the company focuses on its core business in july mercato disclosed a stake in the crane maker mcdonald's g the ceo of equifax says the company will make changes following a data breach. richard smith said the company first learned of the incident on july 29th but waited six weeks to make it public because they thought the breach was limited some other stocks to watch, boeing says it signed a deal to sell 16 787 dream liners and 737 max jets to malaysia the country's prime minister announced the sale during a visit to the white house yesterday. he said malaysia airlines will probably buy 25 more boeing jets in the future. whatsapp co-founder brian acton is leaving the messaging app to start his own foundation. facebook, which bought whatsapp for $22 billion says he won't be replaced. facebook down 0.3% in the

premarket. easyjet launched a new booking platform allowing cust noe customers to use its website to book long-haul flights with other airlines. the initial partners are west jet and norwegian who will offer flights to north and south america and singapore from gatwick airport. it is ten minutes until the top of hour, "squawk box" is coming up >> we have mohammed el-erian, a familiar face to "squawk" viewers, he can talk global as women as anyone. we will talk the current politic political hue here and in real estate, a guy who has done well buying low, selling high, barry sternlicht,

and we're definitely in a position where it's crunch time on tax reform. the president having dinner last night with a bipartisan group of senators interesting choice on the democratic side, because they're in states where trump won and up for reelection and they're all posing for pictures with the president after dinner kind of heitkamp, mafrnnchin -- >> indiana. >> it's fun, interesting i can't help it, wilf, it's great we imported you. hearing you do that -- do you have any idea what you're saying when you talk about the idian is in you have no clue. you read it. i have -- i have some empathy for you. if i had to go report on cricket over in your country -- >> i will take to you lordes one day. nfl i learned a lot about. >> is this pitching?

>> that's nothing. but what you're pretending to try and attempt is bowling >> bowling >> there we go. >> you had a bent arm there. >> why do you steal all of our names for our sports and put it like -- >> pretty sure you'll find that soccer, as you call it and cricket were invented a long time before nfl and baseball >> you didn't do much with them. you stole the -- maybe you had the words first. but that's -- pitching is bowling. >> both sports have comfortably more followers around the world than nfl and baseball. >> pitching is bowling is that called a bat is it a cricket bat? >> it is are there gloves and stuff? >> to protect your hands when you bat, but not catching. we're not whimps, you just catch the ball normally. we have to leave it there. i look forward to taking you to lordes cricket ground one day. we'll see you in about eight minutes time let's talk about markets here on "worldwide exchange. let's bring in peter boockvar

from the lindsay group and a cnbc contributor good morning to you. >> good morning. >> let's talk about the rise in yields it has been pronounced this week and we held at that level that has given the impetus for risk-on trades >> i think we stretched too far with the yield going back to almost 2%. we've seen a rally in european bonds also as people realize that draghi was going to push out tapering into early next year so -- then you have north korea, the hurricane. now we're getting a reversal of that that's the response. the ten-year yield still at 2.15 is well below what was a multi-month trend of 2.30 to 2.60 up until a few months ago >> the absence of a fresh north korean test and a watered down bill against north korea, we are seeing this global risk on tone not just in the equity market but in the bond market, is this

sustainable? >> to me north korea was always noise. under the assem shumption that e would be no bombs dropped it was noise. the market focuses on the tax cuts and to what extent. everything else is noise in the eyes of market participants. >> we heard from jamie dime be yesterday. he dimon yesterday, he's clear when we see tapering of the $12 trillion worth of global central bank assets that people will get hurt at some point. do you agree with him on that view does that sart tart as early asx week >> i will sound like a broken record here. if you believe qe and zero interest rates and negative interest rates have been the main driver of multiple expansion, particularly in equities, and now central banks are saying we'll start going the other way, maybe we do get

multiple expansion as a result, i'm of that belief so that has not been -- >> multiple compression. mu >> multiple compression. that will be put to the test next week if if qe created a party, qt will be a damper. >> how big will that tapering big when it starts, and also what the euro/dollar does? >> it's a good question. is the market really discounting mechanism anymore? and i don't think it is anymore, to be honest, because of central banks and their influence. yes. the fed told us what they'll be doing next week. you can say we priced it in. when luke at the last few rounds of qe when it ended and the fed raised interest rates t wasn't until after that stopped that the markets reacted negatively.

>> your thoughts of where gold is trading now ray dalio saying gold is a great bet to hedge against risk and invei inni investors should hold 5%, 10% of assets in this metal >> are times to own gold and times not to own gold. interest rates are still low, and you have credibility questions with central banks gold is a currency, not a commodity. now is a time to own gold. at some point this will be a time to be selling gold. >> bank of england tomorrow, are they forced to tighten given the cpi? >> i think mark carney has done an awful job he's damaged the purchasing power of uk citizens i don't see how they cannot take back the emergency rate cut after brexit certainly after the inflation numbers yesterday. she be raising interest rates, even modestly because the benchmark rate is completely separated from where inflation is and that's a big mess takeis

his part >> very clear call that's it today for "worldwide exchange." thanks to atbeer boockvar, thank you, seema mody. "squawk box" is next cd's, baseball cards... your old magic set? and this wrestling ticket... which you still owe me for. seriously? $25? i didn't even want to go. ahhh, your diary. "mom says it's totally natural..." $25 is nothing. abracadabra, bro. the bank of america mobile banking app. the fast, secure and simple way to send money.

good morning market rally the dow, s&p and the nasdaq all trading higher crushing records the biggest drivers are straight ahead. shopping for a deal. the nordstrom family reportedly teaming up with leonard green in a bid to take the department store private. and the battle over bitcoin. why some of the world's best known investors and financial leaders have very different views of the cryptocurrency. it's wednesday, september 13, 2017, just 364 days until the next delivering alpha conference "squawk box" begins right now.

♪ live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. our guest host this hour is mohammed el-erian from allianz great to see you >> thanks for having me. >> great to have you here. >> wonderful to be here. >> ready to go >> i'm ready to go >> what is there to talk about sofrnlts mu >> so much between the delivering alpha conference, the central banks. >> see, he knows look at the u.s. equity futures. markets were up once again yesterday. you had the dow, s&p 500 and the nasdaq all closing at record levels this is the first time they've seen those concurren