wall street futures in the red as a drop in oil over renewed concerns over tax reform weigh on the markets. the fight to end obamacare comes roaring back as the senate amends its tax plan. and airbus flying high after securing one of the biggest aviation deals in history. we have details ahead. it's wednesday november 15, 2017 "worldwide exchange" begins right now. ♪ good morning warm welcome to "worldwide exchange" on cnbc.

i'm wilfred frost. >> i'm kayla tausche in for sara eisen. good morning >> thanks for allowing me to come back. you've been keeping it warm sense both of since both of us n out. just one day futures pointing lower this morning. we'll come to international markets in a moment. a triple digit decline for the dow. down about 100 points. nasdaq down 27 s&p down 10. late last week, we had that pull back and a bit of a selloff. early this week had seen a bit of red, but muted declines, 0.2% yesterday we saw energy as the worst performer. oil was slipping ge selling down. it was down over 5%. it was energy, the big decliner yesterday. that's because oil prices slipped 2% they're slipping again today commodities is a big part of the risk off move we've seen both yesterday and today in asian and european trade

oil off nearly a percent 55.2 for wti ten-year treasury note, yields have slipped significantly globally yields have been slipping and pulling down u.s. yields the last day or two the u.s. yields moving more 2.34 the yield on the ten-year note dollar index at a two-year low. in asia we had some data overnight in japan gdp growth was up 1.4% in the quarter. that topped expectations and marked seven straight quarters of economic growth we are seeing a selloff across the board in asia. macro data is leading that in europe, it's an earnings-heavy day in the markets. look red across the board germany is faring the worst as well as italy, both down close to 1%. >> broader markets, the dollar is slipping. yields have moved more in the u.s.

euro higher by 0.4%. the dollar against the yen, 0.6 move lower the pound was higher it just slipped the last couple of moments we have some data out at the uk. 1.31 on the pound. gold prices just to round things up, up 0.3% yesterday. we have had four out of five positive sessions. in terms of that move lower in yields, we have not seen it in terms of spreads in europe, risk off is playing in equities in europe, but not really in corporate debt people continue to focus on the fact that the ecb has shrunk the pool of assets, when that does stop, there's questions on what will happen to the european debt markets. >> some people given pause about where the market is going and whether that can ab leadibe a lg

indicator of where things are going. >> when you still see spreads so tight, does that point to the fact that a lot of it is based on the ecb stimulus. and are you getting compensated for risk you're taking. october retail sales and cpi are out at 8:30 eastern time as well as the latest impyre manufacturing survey at 10:00, business inventories, and eric rosengren is speaking this afternoon on the earnings front, cisco systems, l brands and target don't miss an interview with brian cornell today at 10:00 eastern. senate republicans launching a new push to end a key part of obamacare as they try to pass tax reform gop lawmakers tacking on a new provision that would repeal the affordable care act's individual mandate. republicans say the move will lower the cost of the tax package and allow for more middle class tax breaks.

the new senate plan would make corporate tax cuts permanent we will get reaction from house speaker paul ryan, that's coming up today on squx sd"squawk box"0 a.m. eastern time. house republicans have said this will not be in their plans how they reconcile that, we'll see. >> we'll see in a couple weeks the reconciliation continues yesterday goldman sachs increased the probability of -- >> 80% >> a significant move. your take on that is seeming a bit optimistic >> i will say in the healthcare debacle from this spring and this summer, all of those odds proved wildly incorrect. whether it was goldman sachs or compass point, whether it was horizon strategy and other investors who tried to put a fine point on exactly how likely it is to get done. you can't prognosticate this current political environment. that's what we've wlelearned. the big investors around the

world disclosing the latest stock positions in a batch of regulatory filedi ifilings. berkshire hathaway cutting its stake in ibm and upping its stake in apple tiger global selling out of alphabet the hedge fund buying news shares of morgan stanley and increasing stakes in bank of america and jpmorgan deeper dive into all of those coming up later in the show when leslie picker joins us. foxconn's third quarter profit fell 39% missing forecasts. the company is one of apple's major suppliers. the profit decline comes amid production issues that delayed the release of the iphone x. that stock down about 3% lam research plans to buy back $2 billion in stock over the next 18 months

the chip equipment maker is also hiking its quarterly dividend by 11%. that stock up shy of 2%. carguru s third quarter earnings and revenues beat forecasts. the online auto marketplace is raising fourth quarter guidance that stock up more than 20% since the ipo. astrazeneca getting fda approval for a drug to treat severe asthma. clinical trials showed significant improvement in lung function and allowed many patients to reduce their use of steroids it's up 0.8%. cardinal health is selling its china business to shanghai pharmaceuticals for 5$550 million. cardinal put the unit up for sale in july among reforms in china distribution rules could slow its growth. shares of ge edging lower again this morning the stock dropped 13% over the past two days after the company

announced a major restructuring program and cut its dividend in half yesterday former vice chairman bob wright weighed in on the drop in the share price. >> this is the worst day of my business life today. what are you going to do >> i'm going to sit there with it i'm not going to sell it now >> it's too late >> i will sit there and trust the history of the company, the quality of the people there. ge is down 43% this year it now has a market cap of 1$155 billion and lost its crown as the u.s. biggest industrial company. that title now goes to boeing. it's down again this morning, only two-thirds of a percent our data team said that the 17% drop this week alone is pretty much on par with the financial crisis, which back when ge was a bank came right up to the brink, needed a bailout almost went insolvent with other companies like lehman and aig. the fact that the selloff this

week rivals that of the financial crisis is no less than unbelievable >> particularly after significant declines year to date already mentioning the financial assets that they used to have is fascinating. the sale to goldman sachs was terribly timed when you think about it they thought finally let's get rid of these financial assets that we do have. >> pretty much all of the sales have been horribly timed they used to be the parent company of nbc universal the health of that asset became much better once comcast bought it they bought energy assets, that was right before the big selloff in oil so all of their acquisitions seem to be terribly timed. we'll see if flan lnery has his finger on the button and can fix this company coming up, more on the oil selloff with crude down 1% following a near 2% decline yesterday. and a developing story out of zimbabwe. there was big military action

overnight. we'll ve t lhaheate breaking details when "worldwide exchange" returns.

welcome back to "worldwide exchange." i'm wilfred frost along with kayla tausche. let's get up to speed on the market action. we are seeing a global selloff this morning sparked by some declined yesterday and oil price and commodity weakness japan off 1.6% hong kong off 1% shanghai off 0.8 %

all of asia is in the red. do bear in mind the huge gains we've seen in places like japan over recent weeks and months europe is down, too. the best part of about a half percent for the uk and france. germany is down 1% what does this mean for u.s. futures? down triple digits for the dow down -- just extended those losses down 114 points for the dow. 11 for the s&p, nasdaq down about 30 points. senate republicans launching a new push to end a key part of obamacare as they try to pass tax reform tracie potts is in washington with more. it's sort of 11th hour addition by senate republicans. how likely do you think it is this will actually appear in the final version of this bill >> it will make it harder to get this done and get it done on the senate's deadline by the end of the year what they want to do is get rid of the mandate in the affordable care act, in other words, the

requirement to buy insurance, and the penalty if you don't by doing so the congressional budget office said more than 0 $300 billion could be saved. that's money that senate republicans want to use to help offset the tax cuts that they're trying to figure out how to pay for. problem is that same cbo report says 3 million americans would end up uninsured over the next decade that's where they'll get push back on this while there were already a number of differences between the senate version of tax reform and the house version of tax reform, this becomes one of the big ones health reform had been on the back burner, they're pulling it into tax reform making it much tougher to get this done by the end of the year. >> it's clear republicans wanted to answer to constituents on healthcare, so many of them ran on that. we have deja vu thinking about this summer and spring when so many republicans said we share the view that we need to repeal the affordable care act, but we don't want to do it without

something else in its place. even though this has unanimous support on the finance committee in the senate, i'm curious whether you think within the senate overall and the republican party whether there is agreement on this >> we have not seen agreement not only last year and to the spring, but even in the fall with the alexander murray bill to try to tweak health reform. they couldn't get a consensus on that so it's going to be difficult to try to get a consensus in mixing in two of the most complicated issues, health reform, this mandate, and tax reform with the push back that millions of people could end up uninsured. it makes the whole situation a bit more complicated >> and something where the markets are watching every last detail we will keep following it. tracie potts in washington oil under pressure after an iea report cast doubt over demand let's get to steve sedgwick with the latest steve? >> hello

i don't think it has i will put that one out there. i don't think it's cast a doubt on demand whatsoever i was at the iea last week it was a closed shop debate i think the iea thinks demand has been robust but they've been tweaking the numbers a bit taken them down a bit. they still think by 2040, by which time i'll be a middle aged man, we'll have about 110 to 112 million barrels a day of demand. that's way up from where we are now. we're still at 95 million barrels a day. demand is robust demand is going in a positive direction, but the fact of the matter is we had a lot of factors that have takenaggressi. you, i, and kayla were talking in june about you couldn't find an analyst long in the market or an analyst who thought we were going up that's when we were $44 a barrel we rallied straight up in the last 14 days we hit 57 bucks on wti and only come off

two bucks, that's despite we had the iea tweaking the numbers two, people saying it will be warmer demand could be under pressure because of that rising shale output the chinese and japanese data has been weaker than some expected what have we done on the back of those potentially negative factors come off 1.75, 2 bucks as well this is not the start of a great trend downwards when you consider there are so many hot situations in the world. i spoke to dan juergen of ihs market, pulitzer prize winner. he says this market cannot take venezuela oil being shut in. why are we talking about venezuela? they're in selective default at the moment venezuela has been one of the most epic mismanagements of an economy in history they have the best reserves on the planet the saudis have about 270

billion barrels in the ground, the venezuelans have the better part of 300 billion. if the global market lost that 200 million barrels they're producing, we don't have a spare supply out there there's a bit of opec oil that could go on the market, but that could create a crisis market if we see the heat on these tricky mideastern situations at the moment, turning up the rhetoric between the likes of iran, tehran and saudi, riyadh as well so a couple of situations could keep the price underpinned at this level and some people tweaking the numbers lower even though the longer term demand picture looks intact i'm sitting. >> what is aping on the grou hae ground in abu dhabi with those political situations >> nobody is talking about iran

and riyadh turning into a hot war. we knows there a cold war going on that cold war is everywhere from yemen to iran to syria to rhetoric they're throwing at each other will it turn into a hot war? i don't think people think that in the region for one moment as well if anything, they're excited about what saudi aramco can bring forward. i have a meeting coming up in two weeks time in vienna, opec, november 30th, that will be key as well. you have one desk there, you have the boss of aramco on the other side when they get together, they're the titans in the room will they agree on policy going forward beyond the end of march? that's interesting that could have big ramifications for the oil prices >> even when there is no energy news i look forward to your coverage of an opec meeting.

reminds me of some of the scrum halves of yesteryear it's always a bit of a rugby clash. we look forward to ongoing coverage in the next coming days. we're following a developing story out of zimbabwe. the nation's army says it is has president robert mugabe and his wife in custody following a night of unrest in zimbabwe's capit capital. the military seized state control of the state broadcaster and military tanks were seen patrolling the streets the army says this is not a coup and that the president and his wife are safe and sound. we'll continue to follow this developing story if it's not a military coup, it would be nice to have an answer of what exactly it is. >> other reports out there as to whether president mugabe has been taken under house arrest of some form or not definitely something of interest to watch also worth noting the chinese have been sort of significant investors and have a presence in

zimbabwe for the last couple of decades, and there's a pseudo alliance between jacob zuma, the south african government and zimbabwe important to watch in broader southern africa. still to come on "worldwide exchange," details of that market selloff we've been discussing plus the top trending stories. we're talking about a piece of cake a party favor from the president and first lady's wedding hitting an auction we'll tell you how much that could be selling for and taylor swift's reputation breaking yet another major milestone. what the superstar did to secure herself a top spot on the charts "worldwide exchange" will be right back at the fbi and of violating the constitution by taking money from foreign governments and threatening to shut down news organizations that report the truth. if that isn't a case for impeaching and removing a dangerous president, then what has our government become? i'm tom steyer, and like you,

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exchange." let's get you up to speed on the market action following a broad selloff overseas in asia and europe you're seeing that reflected in u.s. futures the dow would open down 129 points the s&p down 13. the nasdaq down 34 tuesday's close saw the nasdaq buck a two-day winning streak. the dow and s&p were down for three of the last four days. we're set to open below tuesday's close. time for our top trending stories. one of the trumps souvenir wedding cakes can hitting the

auctioning block with a starting bid of $250. the mini cake is a chocolate truffle cake with white frosting, housed in a white paper box, monogrammed mdt, starting at 250. that's a cheap entry price >> how can you verify this is real who would keep that a decade later? >> that's -- there's lots of good questions there my main point was $250, could be worth more >> it's one thing for the couple to put the top slice in the freezer and eat it a year later. it's another thing for a guest to save the pettiforethey go home with. taylor swift's album is the top selling album four days after its release. her sixth studio album sold more than 1 million copies since the release. five albums released this decade

have managed to break records in one week including three of taylor swift's other albums. >> i'm pleased for taylor. i'm a fan of hers. i haven't done the research on this one myself. i've gone with the fact that everyone says this album was terrible so i have not listened to the songs. clearly it's doing all right >> she's been posting on social media all of the good reviews. if you follow her, you would think things are glowing i haven't listened yet. papa john's has apologized for comments -- i hope joe is not listening. this great pizza company has made comments blaming poor sales on nfl players protesting during

the national anthem. on an earnings call last month, the ceo said the nfl has hurt us by not resolving the current debacle. that led to the daily stormer to dub the official pizza of the alt-right. papa john's is forcing the company to disavow hate groups in a series of sweets, papa john's did not extent for the xh comments to be divisive, it will work to find a positive way forward and isopen to ideas from all. still ahead a round up of the global picture, plus tax reform taking center stage again today. everything you need to be watching when we come back i love you, couch.

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wall street pointing to a lower open following yesterday's big slide. we'll tell you what is dragging things down. tax reform front and center after senate republicans make big changes to their tax bill. we're live in washington with the details. and shooting for the sky airbus and boeing both securing multibillion dollar deals. we have the details ahead. it's wednesday november 15, 2017 you're watching "worldwide exchange" on cnbc. ♪ >> good morning. welcome to "worldwide exchange" on cnbc. i'm wilfred frost.

>> i'm kayla tausche in for sara eisen. and loving it the early start and so much so you're welcome all week if you would like to stay >> it's worth getting up for let's check in on global markets. we have seen a selloff in asia and europe on the back of some macro data as well as earnings and that has extended to what we've seen in the u.s. the dow would open down 131 points the s&p down 13. and the nasdaq would open down 32 bucking the trend for the nasdaq of late. as u.s. markets continue this sideways trend as they're watching tax reform as well as earnings data. in oil we're seeing a selloff yet again. look at where wti is down more than 1% as well as brent. nat gas is holding declines of a third of a percent following reports on supply and a report we got from steve sedgwick and the ten-year note. we've seen this basic stagnation in yields in the ten-year.

2.4% is the level of resistance for the ten-year we're sitting at 2.34. the cpi data will be watched closely. again, tax reform. >> i think that's played into the fact that we've seen the yield curve slip a bit we were up to 2.45 two, three weeks ago. so the ten-year slipped. at the same time the two-year note hit highs, fractionally below that we have not seen for a couple of years. the yield curve has flattened significantly. let's look at equities around the rest of the world. asia is markedly lower today it has had a grade run of late it paints that risk-off sentiment we're seeing around the world. japan down 1.6%. hong kong down more than 1%. europe also is lower, not so strongly we're down about a half percent for france and the uk. germany down 1.3%.

everywhere in the last half hour we have seen losses extend oil is down more than it was u.s. futures down more than it was. germany is now down 1.3% broader markets, let's look at those. dollar in particular is sliding. yields last week led lower by european yields. so the dollar didn't slide too much this week it is u.s. yields slipping more. 0.6% move in the dollar/yen. the pound which was higher lost ground following some labor market data which was, in fact, in line, took about 15 minutes or so for the move to happen people deciding it wasn't quite as good as the inline suggested. now the pound is flat. gold is up four sessions out of the last five, only with 0.2% higher. there's plenty of consumer data and earnings on the agenda for wall street.

october retail sales and cpi are out at 8:30 eastern time as well as the latest empire manufacturing survey at 10:00, business inventories, and eric rosengren is speaking this afternoon on the earnings front, cisco systems, l brands and target don't miss an interview with target's ceo brian cornell today at 10:00 eastern. shares of airbus are flying high after the company secured one of the biggest aviation deals in history landon dowdy has all the details. good morning >> an airbus deal takes flight at the dubai air show. bill frank of indigo signed a preliminary order today worth about $50 billion at list prices, making it one of the biggest aviation deals in history. a huge order of 430 airbus jets including aircraft for wiz air, frontier airlines, jet smart and valeras.

frank is chairman of frontier. he will seek financing before going ahead with the order he says he doesn't foresee a problem with that. boeing secured an order with flydubai for 100 jets. back over to you >> thank you. senate republicans launching a new push to end a key part of obamacare as they try to pass tax reform ylan mui has the late effort it see latest. >> our two favorite topics, tax reform and healthcare, and they're on a collision course. the new version of the bill cuts taxes but makes some of the

cuts temporary, and geds rid of the individual mandate for healthcare this time senate leadership is confident it has the votes to get this passed. >> could help us get persmanenc on the corporate rate and get additional funding to plus up some of the middle class tax relief it's pretty appealing to us. >> eliminating the individual mandate raises 3$318 billion ove the next decade. that's because fewer poor people would sign up for health insurance which means the government has to pay less in subsidies, democrats point out an estimated 13 million people would no longer have health insurance at all >> if you include that, you will

have millions and millions more who are uninsured, and the official budget estimates are you would raise premiums substantially. >> now, under this new senate plan, a lot of the benefits for households will expire after 2025 the reduction in rates, the increase in the exemption for the estate tax, repealing the alternative minimum tax, those will eventually go away. republicans are betting that future congresses won't want to let those tax cuts expire, and they're hoping there's enough in this mash up of tax reform and healthcare to win over moderate senators guys, this is a huge political gamble >> clearly lots of moving parts. what about the 20% corporate tax level. is there a possibility that could move higher as one of the offsets or the -- or is the treasury department sticking to their guns on that >> that's something that senator

susan collins of maine requested, that the corporate rate be higher it's clear from this revised version of the senate plan they are sticking to their guns on that one, ensuring the corporate rate is at 20%, that it's permanent at the expense of everything else. >> we saw the cbo and the jct put out their estimates on monday but also say they didn't have time to do a full analysis of the package because this whole process was happening so quickly. what happens if you add this new wrinkle of repealing the individual mandate i know cbo crunched these numbers before, but can they put out a score before this goes to vote >> one of the misses pieces is a dynamic score from the official scorers in congress and for capitol hill however the tax foundation has come out with their own estimate saying that the macro economic effects, the growth this plan would generate would result in just a loss of 5$500 billion ove

the course of a decade that number could be enough to appease people like bob corker and jeff flake who are fiscal hawks and worried about the impact of this tax plan on the national debt. >> thank you very much for that. >> as we mentioned earlier, even though goldman sachs upped its probability of it being passed 80%, the market is not taking it that way there are other factors today, like oil prices -- >> i believe that was before the individual mandate bit got added to the equation as well. >> which also changes things. big investors disclosing their latest stock positions in a batch of regulatory filings. leslie picker has the details. >> good morning. always some interesting things berkshire hathaway is continuing to pare back its stake in ibm. warren buffett cut his stake by a third. the firm continues to build its

stake in another firm, another tech name, apple berkshire increased his stake in apple by 3.9 million shares during the quarter tiger global also quite bullish on tech. the firm increasing stakes in most of the f.a.n.g. names including facebook, amazon and netflix, but sold out of the stake in google's parent company, alphabet. tiger was particularly bullish on chinese internet names taking new positions in weybo the banking sector was a bit more mixed with moore capital buying shares and options in morgan stanley and increasing its stake in bank of america and jpmorgan appalossa was more bearish they decreased their stake in bank of america and dissolved their stake in wells fargo holding. jano partners added a new 1$134 million position in jack in the box that caused that stock to jump more than 4% yesterday on

the filing but it's important to note that these stakes are from the end of september and may have changed in the six weeks since then. >> that change for warren buffett and apple, 3.4 million shares, that's not a huge change in stairs, buthares. the banks are interesting, they have had a run up since the election but have moved back a bit since the move in bond yields >> you saw a lot of hedge funds after the election pile into the bank trade, seeing that was the whole part of the trump trade. we saw more crowding into those names about a year ago now there's a bit more dispersion people have different takes on what banks they like we are seeing winners and losers come out in terms of hedge fund popularity with the names and different styles as well, options versus shares. a bit more discrepancy there >> interesting, thank you. coming up, the must reads

and more on the early market slide which we have seen continuing throughout the morning. "worldwide exchange" will be right back luckily for all your hard-to-wash fabrics... ...there's febreze fabric refresher. febreze doesn't just mask, it eliminates odors you've... ...gone noseblind to. and try febreze unstopables for fabric. with up to twice the fresh scent power, you'll want to try it... ...again and again and maybe just one more time. indulge in irresistible freshness. febreze unstopables. breathe happy.

welcome back time for our must reads, my pick is in the financial times titled taming the masters of the tech universe it goes through some great

statistics of the ten biggest tech companies in the world, seven are in america, two in china, one in south korea, none in europe the biggest european tech company is s.a.p., only the 60th in the world highlighting some factors behind that monopoly control in these things an all or nothing win game and analyzing how different nations can address that if they're not leading tech contenders. one point he makes is that countries will need to recognize that territorial taxes are defective in taxing global technology companies, since the location of production is so hard to define, the inability to tax technology companies in a way that matches competitors creates a huge economic distortion addressing only some issues that we've seen one thing that sparked his reason for doing this, the likes of facebook and twitter getting some attention by british

lawmakers in the ways they may or may not have influenced elections. and this tax issue is something in the eu as well. >> the white house is actually pointing out several times in the last few weeks that none of the big u.s. web companies have a presence in china. they want these companies to keep expanding, to have access to more markets rather than fewer, despite what has been found to be their role in the election >> and these guys are global giants they dominate the whole world in terms of the industries. that's something you don't want to stifle. >> my pick is in the "washington post." it's titled trump said he would strike one-on-one trade deals. that's not happening sort of the revisiting of this 12-day trip and talking to people who were on the other side of the discussion tables from the united states, whether it was officials from other countries or scholars who were in attendance at apec and asean

and the two economic summits that the president attended in vietnam and the philippines. we know the president has been focused on one-on-one deals, bilateral deals. they interview people who say what these countries are focused on is this replacement for tpp, the 11-country deal that will replace it it says the remaining anything thats are all focused on that rather than brokering separate agreements with the united states, and goes on to say they're focused on the deal that is closest to the table. if they have this text that's in front of them, they have real business and language there, they'll take that instead of trying to start from scratch with something new with the united states. >> there were some wins for president trump in that trip in terms of small issues around the edges, whether it was access for financial pifirms in china or se other areas. one area that is missed back here, tpp, china was never

involved in that any way so a separate set of developments with china would be better than even if tpp had signed if they had signed tppt would have made negotiations with china much harder. that's something china didn't want to happen it was almost the attempt of the u.s. to bring the rest of asia away from china and deal with the u.s. it's hard to get tpp over the line and hard to get a bilateral deal over the line you wouldn't expect him to return from the trip with 12 new bilateral deals done and dusted. >> this takes the desire from other countries to do these deals, it doesn't say the desire is gone but it's a mountain to climb and it will take a long time to that end the president is tweeting saying our country is respected again in asia. you will see the fruits from our long but successful trip for many years to come a slew of data and earnings hitting the street today

we'll tell you what to loofok r in terms of that when "worldwide exchange" returns. whuuuuuat?rtgage offer from the bank today. you never just get one offer. go to lendingtree.com and shop multiple loan offers for free! free? yeah. could save thousands. you should probably buy me dinner. no. go to lendingtree.com for a new home loan or refinance. receive up to five free offers and choose the loan that's right for you. our average customer could lower their monthly bills by over three hundred dollars. go to lendingtree.com right now.

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welcome back to "worldwide exchange." we're approaching the top of the hour and the team is getting ready for "squawk box. andrew ross sorkin joins us from new york, with a new set, i believe. >> does it look different behind me we are on the ground level we have the plaza behind us, known as times square. becky is here next to me >> hello >> you're on tv. we're all on tv together >> i think it looks great. >> we will do a full on tour in a little bit so, you can look forward to that also you need to look forward to this paul ryan will spend some time with us today in the midst of this tax battle and clearly the change, is that the senate was making last night. we have a lot to talk to him about. we'll talk to fda commissioner scott gottlieb our guest host is greg fleming

and the new set. >> great couple of interviews. and drinks to formally open the new set to come, in about a week's time. >> only -- only some people are invited to that. so you can't start saying these things >> i wasn't invited to that. >> kayla, the only reason you're not invited is because you're in washington you can come up. >> sounds like a likely excuse >> i might have caused an issue for some others. my bad thanks, guys futures at this hour pointing lower 130 points or so it was about 100 at the top of the show we lost a bit of ground in the last hour or so. oil has extended its losses. with us is michelle girard from natwest markets. good morning >> good morning. >> let's talk about this selloff. what are the reasons you think people are pointing to in terms of the spark for it? has the data turned weaker >> i don't think the data has

weakened if anything, we've seen good momentum in the october numbers. employment obviously rebounded the ism surveys were strong. i continue to be impressed with the momentum the economy has as we head into 2018. i don't think it's fundamentally driven you know, maybe it's to some extent some disappointment with the -- or still uncertainty about the ability to get the tax cuts through or, you know -- in the credit sector, in the fixed income markets, you know, you've seen a lot of issuance, we talked about them being some digestion. so you've seen corporate bonds underperforming, maybe that's to some extent becoming unsettling for equity investors from a fundamental standpoint, i think things are continuing to look solid >> so this would be a potential buying opportunity >> again, first of all, let me be clear, i don't -- our firm is a fixed income shop in terms of

equity valuations and you heard people talk about valuations being stretched, all i will say is that from a fundamental standpoint i think the economy is on very solid ground. as we look ahead to 2018, i actually think growth may be a bit better certainly as good as it was in 2017 i don't see worrisome concerns from an economic standpoint on the u.s. front and the global back drop is stronger than it's been at any point in our economic cycle from a fundamental standpoint, things look solid. >> let's touch on that global back drop. we were talking earlier about the fact that spreads, even when we have a risk off day like this, we're not seeing european corporate debt selloff, and spreads are incredibly tight there. to what extent does that suggested the strong data we're seeing in europe is down to ecb support and when that's removed we might see a bigger pullback than in the u.s. as policies

tighten? >> this is one question that is unnerving for people as to what extent are we seeing asset prices in general, whether it's u.s. equities, whether it's european corporate debt, asset prices elevated by liquidity that's being provided globally from the central banks and what happens now as they started to turn in the other direction. that's valid concern i'm encouraged by the fact that in the u.s. the federal reserve is staying on this path of normalizing policy even though inflation is somewhat disappointing it is important that central banks begin to step back and let markets actually find their way without that kind of support you're right, it may be rocky as we go through that process, but it's an important process to go through. >> cpi is the data that the markets will be watching today walk us up to the holiday

season, the health of the consumer, the affordability of the market >> i have to say, on the inflation front, that's the key, because i think everyone figures for the fed what matters in terms of them continuing to go or not go is what happens on the inflation front. those numbers continue to look tame so i think that's something that we'll get more news about today. in terms of the consumer heading into the holiday season, we also get retail sales this morning. that may look softer for october, but i don't think anybody should be concerned. we had a blow out sales figure for september. very strong auto sales, in part because of the hurricanes and other factors, a bit of a pause this morning shouldn't worry people the consumer looks great fundamentally heading into the holiday shopping season. i think it's going to be a pretty bright holiday season >> great stuff thank you for joining us >> what's the key thing you're looking forward to in the speaker ryan interview >> i want to hear what he says about tax reform

>> that is it for "worldwide exchange." big show coming up on "squawk box," new set and some big interviews have a great day

good morning, global markets alert. stocks are selling off in europe and asia overnight, that's causing u.s. equity futures to point to a sharply lower open at home the trading hasn't been great in the last week or so. maybe this is the beginning of a pullback. taking flight, airbus and boeing announcing more than 7 $5 billion in jet orders today alone. details straight ahead. and cvs consumers strugglin to fill prescriptions as pharmacies deal with system issues

and social media is buzzing all about it thimorning. it's wednesday november 15, first day of the rest of our lives in the new studio, 2017. "squawk box" begins right now. ♪ live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. we are live from the nasdaq market site in times square, just like every day, this morning we are welcoming you from our new set we are right here on the ground floor in times square, all behind us. guys, we'll finally see everybody on their way in to work a bit of movement behind us, action behind us who knows what might happen. >> they'll knock on the window in the morning >> you haven't see