markets now, futures pointing to a lower open on wall street as investors return to work from the long weekend we'll tell you what's weighing on the markets a cryptocurrency comeback. bitcoin futures are up big this morning. and a big win for disney over the weekend it's tuesday, february 20, 2018, "worldwide exchange" begins right now.

good morning a very warm welcome to "worldwide exchange" on cnbc i'm wilfred frost live in london this morning let's get straight to the market picture this morning futures pointing lower, quite significantly as welcoming off that fantastic rebound last week the dow was up 4.25% it sits at 5% away from that late january all-time high last week was an impressive rebound following those turbulent weeks we had seen before that. the s&p similar amount up last week, a similar amount away from the all time high. the nasdaq was an out-performer, up just over 5%. it's now 3% away from its all-time high. u.s. markets were closed yesterday, while we saw a bit of a decline elsewhere around the world. today playing a bit of catchup to the down side following yesterday's declines if places like europe and asia, but also

perturbed by the higher yields we're seeing so we're down about 165 points on the dow the s&p down 17. the nasdaq down 40 points. the ten-year treasury note, yields picked up on friday following that stronger than expected inflation data. that's continued over the weekend. broadly speaking last week yields did not rise too much one factor that allowed equities to rally we've seen that pick up over the last couple of trading sessions around the world in terms of what we're seeing this morning, 2.915% on the ten-year note. we are comfortably above 2.9 a big question to see whether those high yields hurt equities in the week ahead. we have a couple markets opening up after part of the lunar new yeear holiday hong kong is opening lower because of hsbc. the bank down about 3% hong kong down 0. 8% in total. china is still closed for the

holiday period european trade down yesterday. mixed open today we have the ftse 100 down again because of the hsbc dual listing. and seeing france slightly higher, germany fractionally lower, but stable following slight declines yesterday. oil prices up over 4% last week. they continued to add to those gains yesterday. and up slightly for wti today, albeit brent is slightly lower 62 the recent highs before the pullback was 65. so yesterday and last week a decent rebound but we were higher in late january gold prices have been suffering a bit because of dollar strength gold down about 3% -- sorry, up over 3% last week, but giving up those gains today because of the stronger dollar. let's look in on the dollar. we have seen it come away from those three-year lows that were hit last week on friday and

yesterday and today. the dollar has rebounded about half a percent against the euro and the yen. the dollar is higher bitcoin enjoying a bit of a rally. it had a turbulent time since the start of the year. but it's up nicely about 10% to 12% today above 11,000 let's talk more about markets. henry dixon joins me, portfolio manager at mann glg. let's talk about the broader pullback of late january and early february and then we can get to whether last week's rebound can continue what was the key spark of the pullback >> i would definitely place the blame on bond yields from our perspective, we're got a prescribed style as we look at pullbacks, the pullbacks is where bond yields have been higher if you look at bond yield-led pull backs, it's usually an

environment to buy into. bond yields can always fall again and drive value back to asset markets. history would definitely relate we should be buying into this weakness and if we look statistically at the speed and the quantum of the fall, it's not every year that equities will fall by 7 % in seven days as we go back and look at prior instances of that and see what happens next, from our perspective we look at three instances since the crisis where we had that magnitude of the fall, and equities are up almost 20% over the next few months there's quite a few things we can be doing, looking at the best balance sheets, that magnifies the fall of a share price and also concentrate on those areas of the market where we should be doing better because of the slightly bond yield improved environment you mentioned bond yields were one of the causes for the initial pullback

last week they ticked up, equities did rally significantly. we saw the u.s. markets up about 4% european markets up 2.5% if we see yields continue to rise higher again this week, is that a concern is that initial scare that equity investors got from rising yields happened? >> i think three years is a magic number if we look at one of the briggebri biggest bond yield traits, it is the taper tantrum, that started to concern people. people this time around would answer given we got earnings back into the system, which we didn't have in 2013, earnings kept falling in '13, '14, and '15, people want to defer the number that's awkward on the ten-year to 3.5% that gives us leeway you start to see the u.s. treasury at 3.5%, there's a lot of interest there. so i think from that perspective we feel there's probably another 50 bits to go before we should get some stern questions, more

stern than have already been asked. you mentioned the opportunities. are the commodity names birlistd in the uk fitting that bill? >> i think shell is in apology mode, and it needs to be within the mining sector, you have rio, south 32 as well hot on the heels of that angelo america, and bhp can end the year with an incredibly strong balance sheet but contingent on sales of the u.s. shale business what's your view in terms of which direction the dollar goes? it has come off its lows is that key to which direction equities are heading >> people are scratching their

head about the dollar here address y as you observe what's happened in spending, the only balance sheet going the wrong way is in the u.s. i think a lot of the damage has been done in the dollar, no doubt. i think as we look at the attractions for the dollar, you also look at bond yields we should not be preparing for further weakness, but it's still weak enough to support commodities, and we need to concentrate attention on those sectors and i would probably also throw in uk house builders, those falling heavily on the threat of increasing interest rates. >> thank you very much for joining us henry dixon of mann glg. home depot and wall mrart wi walmart will report before the

opening bell the wall street agenda is light on economic data tomorrow we get january existing home sales, and the minutes from last month's fed meeting come on tuesday as well -- sorry, wednesday as well. thursday we will get weekly jobless claims. albertsons is planning ton buying the rest of rite-aid that is not being sold to walgreens the deal would create a company with revenue of $83 billion and allow albertsons so go public after more than a decade of ownership. the ceos of both companies say the tie up is the best way for them to compete in consumer business threatened by amazon and walmart. walmart reporting numbers this morning. bhp billy treported a 37% dn net profit related to the u.s. tax law. adjusted profit rose 25%, slightly below analysts forecast

bhp is pushing back against a renewed call by elliott advisers to drop its dual listing in london and australia here's the ceo earlier this morning on cnbc addressing that topic. >> there's a wide range of estimates to the value of coming under a unified structure. we're open to all ideas which can simplify our business. >> bhp also plans to raise its mid year dividend by 38% as a rebound in commodity prices boosted cash flow. as we say, it did disappoint a bit in terms of analyst estimates. down 4% in london trade. hsbc posting a jump in full-year pretax profit but results missed forecasts. they plan to raise up to $7 billion over the next four months less capital being returned than expected some regulatory questions as well down 4%. those losses in the london trade

of hsbc have extended. samsung will slash production of its oled panels n response to apple's decision to cut output of the iphone x amid weak demand. samsung is down some 2% this morning. it was a big weekend for "black panther" at the box office landon dowdy has more on the numbers on that. >> hi, wilf. good tuesday to you. "black panther" dominating at the box office the film raking in 2$235 million that's the fifth highest north american opening weekend of all time the film became the top grossing film in history by a black director and featuring a largely african-american cast. a success that is likely to prompt hollywood to embrace more divest casting overseas the film grossed 1$169 million through monday, defying assumptions that the film would not draw big international

audiences. this is another big win for disney following the huge success of "star wars," beauty and the beast afshd nd it bodesl for the upcoming avengers film hitting theaters late their year this morning the stock is -- if we can get that up well, wilf, back over to you >> a bad alternative to look at beauty and the beast >> do they not have razors in london >> no. no i thought i would get that >> looking good. >> fair comment. fair comment thank you very much for that huge numbers for "black panther" a film i had not heard of. we are just getting started on "worldwide exchange." the big week ahead for brexit talks. we'll tell you what to watch and later, forget where's the beef, where's the chicken is the big question for fast food lovers in the uk that story and much more when

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when my vehicle i wwas hit by an ied.r in iraq i looked down and i knew i was out of the fight. but playing for team usa has been a second chance to represent my country. i get to show my children and the world that, yeah, i might have been knocked down, but i'm up, and i'm honored to be able to represent the flag. comcast is grateful to all who have served our country, and we're proud to bring the 2018 olympic and paralympic winter games home to everyone. welcome back to "worldwide exchange." if you are just waking up, let's check in on what futures are doing. we're pointed lower by 150 points or so on the dow. u.s. markets were closed yesterday. we saw international markets decline yesterday. a little bit lower today we're playing catch up to the down side somewhat we're also correcting a bit after a fantastic bounce back

last week. we saw over 4% of gains for the dow and the s&p 500. the nasdaq was up over 5%. markets sit around 4% or 5% from their january all-time highs now. that selling in the futures has extended a bit we're down close to 200 points on the dow the nasdaq down 48 points. oil prices have been in focus. they were up over 4% last week they gained yesterday and they are up again today wti is, even if brent is down. 61.9 is the price on wti the late january highs were above 65 we are continuing today. our next guest says u.s. political risks are underpriced in the market. let's bring in tina fordham political analyst at citi. thanks for joining us.

i guess big indictments of russian officials grabs headlines, but is the negative impact headlines that has on the administration diminishing as time passes as opposed to increasing >> you're right to suggest the timing of negative headlines or negative developments is important. so what we know is that bad news happening very close to an election, in this case before november midterms is more likely to have an impact than something now, several months out. but what is also difficult to judge in these polarized times is what impact developments, whether it's the mueller reports and indictments or even the parkland shootings, are going to have on public opinion i think it's safe to say that the old political prediction models are not going to be that helpful. >> the tax reform bill, the big legislative win, your analysis of thousahow that's playing outh

polls? >> i suggest it's been, you know, warmly welcomed by the markets, unsurprisingly. but i think market participants often conflate what's good for the markets with what's good for main street. that doesn't really hold up. what we have seen is a slight boost in trump's approval ratings, which on the other hand were lower than any other modern president. will that hold up through november that's also not clear. one of the things we've seen in this discussion about risks is that aggregate economic growth, the u.s. is booming in fact, doesn't always these days translate into improvements in living standards for people tem tempted to vote for anti-establishment figures so the suggestion i'm making is that link is broken and market participants are failing to recognize it. >> the dollar has rallied, but

in gem we' in general we're around three-year lows. is there a political factor that can explain dollar weakness in your eyes? is it market related factors that are keeping it low? >> we will comments from the treasury secretary at davos about dollar weakness that president trump later said was not representative i guess i'd point more to technical factors than anything else there's currency trade matters that are going to be weighing on the dollar >> in terms of the situation in europe, let's start with the italian elections, which are upcoming your latest take on that and whether there's a serious chance we get one of the wildcard populist parties coming into government >> what we've been seeing for the political outlook for europe is europe is not out of the populist woods it was good news in france with macron's election and in germany finally we have a government the five star movement is still in place narrowly, with

elections comingup most expect the center right coalition, but that doesn't take away from the fact whether it's italy or many other european countries that voted last year, we had nonmainstream parties in second or third place, and there's a significant cohort of voters still looking for these mainstream outcomes. the next government will not be strong or ibe able to do the reforms needed you mentioned germany is out of the woods, but is that government not terribly strong >> may be this fourth term as chancellor for angela merkel does not last the full term. the opportunity for deutschland has overtaken the spd in the polls. that's significant that hurts the cdu and speaks to the state of the center left in europe more broadly. >> tina, thank you very much for joining me tina fordham of citi. still ahead, president trump

is back at the white house this morning after spending the long weekend in florida we'll tell you what's on his agenda as we head to break, another check on u.s. futures. we were down 150 at the start of the show, down about 200 points a moment ago just close to 200. improving a bit. down85 1 points on the dow

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exchange." let's get you up to speed on the market action. u.s. was closed yesterday. we saw declines yesterday in asia coming off of a big week of a rebound to the upside last week, so a bit of declines this morning is nothing to be too concerned about. we're down 170 points on the dow, we were down 185. currency board for you worth looking at the dollar coming off its three-year low late last week and early this week. we've seen another half percent or so of dollar strength, particularly against the euro and the yen. that rebound in the dollar is something to keep an eye on as are yields which have been rising this morning. whether or not that could dismay u.s. investors this week we'll have to wait and see president trump is back at the white house this morning after spending the long weekend at mar-a-lagmar-a-lago

tracie potts has more. >> reporter: the president is facing criticism for his tweet storm over the weekend and the response to florida with students not only planning to come here next month to demonstrate but some already voicing their opinions at the president's front door >> shame on you. shame on you >> reporter: a demonstration outside the white house. >> it felt kind of ridiculous that we have to do this for this to be taken seriously. >> reporter: remembering florida's victims, and chiding congress >> they're beholden to the national rifle association where is their integrity. >> reporter: president trump on twitter blamed the fbi they got a tip about the florida shooter, they didn't follow up he says they're distracted with the russia investigation >> it's shameful for the president to be hiding behind the 17 victims of gun violence and make it all about him.

>> reporter: democrats will propose an age requirement to buy an automatic weapon like the one used in florida. there's also talk of strengthening background checks. the white house says the president is open to that, but the budget that he just sent to capitol hill cuts funds for states to strengthen those background checks. >> we saw some twitter exchanges between the president and mitt romney over the weekend. was it a surprise to see the president support mitt romney? >> kind of interesting they have not always been on the same side. the president at one point considered him for the cabinet he's been critical of mitt romney now saying he will throw his full support for romney's campaign >> tracie potts, thank you very much for that. still ahead here on "worldwide exchange," today's top stories and a round up of the globe market picture. later, uber heading to the skies. the ridesharing company mapping

out big plans for flying cars. details on that. first as we head out, another check on u.s. futures. we're down around 175 points 170 points now on the dow. 17 on the s&p.

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crude comeback oil continues its climb towards $65 a barrel we'll get a top analyst's take on the turnaround. and uber is taking a page from the jetsons why flying cars could be coming sooner than you think. it's tuesday, february 20, 2018. you're watching "worldwide exchange" on cnbc. good morning. welcome to "worldwide exchange" on cnbc. let's check in on the global market picture we are down on the dow jones, about 170 points -- well, 155. the s&p down 16. the nasdaq down 42 points. we were down in europe and asia. the u.s. is closed

this was a catch up to the down side, also comes off that resounding rebound to the upside last week. the dow was up over 4%, as was the s&p. the nasdaq doing better, up over 5% the dow is now 5% off the record highs hit in late january. let's look at the ten-year treasury note. last week yields did not rise too much friday it started to pick up as we got the strong cpi and that momentum continued over the course of the weekend. we stepped back a bit. above 2.9. if that continues, we'll have to see what effect it does have on equity markets asian equities for you, hong kong opening to the down side. hsbc reporting numbers that disappointed that's down 0.8%

japan, south korea both down best part of 1%. china closed for the new-year holiday. european trade is soft we have a bit of gains in france but elsewhere, the ftse 100 down a half percent broader markets. oil prices enjoyed a great rebound, up 4% they gained yesterday and they're up today for wti brent is lower, but certainly nicely above 61. 61.9, the highs we saw in late january were above 65. last week's rebound in perspective. gold prices for you, they had a great week last week, up over 3% the dollar rebounded on friday it's continued its rebound recently and that's hurt gold prices significantly dollar board for you, has been strengthening over the last couple of sessions its come off the three-year low.

the dollar is higher by a half percent or so today against the yen and the euro bitcoin to round things off, enjoying a nice jump of 12% or so, taking the price of bitcoin back above the 11,000 level. close to 11,500 level. let's tap into the currency market with me now, simon derrick from bmy. good to see you. let's talk about the rebound we've seen the last couple of sessions in the dollar what key factors have driven it? was it at the back of this stronger than expected inflation data >> i think to a degree it was. maybe you're seeing a recovery in underlying markets. one thing that's become clear is that there's a high correlation between what's happening in underlying asset markets in the u.s. and what the dollar is doing. you can see the recovery in u.s. equities, if you see yields, they get a dollar coming back a

bit. but i'm worried that what we've seen over the last week, perhaps no more than a correction. >> the broader relationship between u.s. bond yields and the dollar has not always been the relation shch you woulship you . >> over the course of the last decade, the currency trade where people saw high yields, and then the dollar tended to do well that relationship has flipped 180 degrees over the course of the last 12 months we can argue why that might be that shift starts about the time of the concerns about comey and the president last may also coincides with the change in policy with china and later on the relationship strengthens. but whatever the case, we now know the situation of the dollar has been driven by yields and

yields are higher you get a lower dollar >> are any of the currencies at the moment, whether dollar or yen, the traditional safe havens, are they still trading like safe havens like the way we used to expect in the past we would have seen more pronounced reactions in the currency markets, would we not >> i think that's because the nature of safe havens has changed over the course of the last few years if you have a risk adverse event, you're seeing many going back with the currency trade and there's so many currencies you could have used, whether it's the swiss franc, the euro or the yen maybe when you get that risk aversion it's rather less than it once was. that said, the yen still tends to do a little bit better than perhaps you would expect when you start to see things start to go badly in local markets. >> the political risk in europe is not as high as it was in 2016

around the brexit vote is this year going to be a year where people start to focus on that question, all of a sudden the euro against the dollar, crossed 125 briefly but it has come back meaningfully since then >> i don't think we can discount what happened with the italian election we remember what happened around the french election. that said this market is not focus on populism in the same way. generally they're not focusing on politics in europe at all look at sterling's performance there's a great example of a currency that's ignoring domestic political factors all people are concerned about is it's not the dollar >> in terms of emerging markets, do you expect those currencies to perform as a basket or individual ones will start to perform? >> i think we're in to a brand-new world for emerging markets. though the guys over the last 15

years have tried to protect against depreciation, thinking of china, they're stepping away from the market. we have a far more free flowing chinese renminbi it's moving about the same as the euro, moving more than the yen since last august. i'm hazard to guess if we're in a sustained dollar bearish environment, currencies like that will do far better than the past >> fed minutes come out later in the week are you focussed on those? or has it all changed under jay powell >> you should never ignore the fed. i think there is going to be a change we will get a feel of how the fet fe fed feels under the new chair. will we see anything different no, probably ot. >> simon, great to see you samsung will reportedly slash production of its oled

panels this is in response to apple's decision to cut production of the iphone x. bhp reporting a 37% drop in first half net profit that was due to a charge related to the new u.s. tax law bhp is pushing back against a renewed call by elliott advisers to drop its dual listing in londen and uslon london and australia here's the ceo earlier this morning on cnbc. >> there's a wide range of estimates to the value of coming under a unified structure. we're open to all ideas which can simplify our business. >> bhp plans to raise its mid-year dividend by 33% as a rebound in commodity prices boosted cash flows chipotle upgraded to hold

from sell. the analyst sites excitement about the new ceo. the price target increased to $275 from $250 uber is setting its sights sky high for self-driving cars landon has a look into that story. >> good morning. it's a bird, it's a plane, it's an uber. speaking today in tokyo,dara k khosrowshahi can see oversight of the taxi industry he expects flying vehicles to be an affordable method of mass transportation wilf, back over to you >> thank you very much for that.

forget where's the beef, where's the chicken was the question for fast food lovers in the uk operational issues with a new delivery partner at kfc caused two-thirds of its 900 uk locations to temporarily close kfc tweeted the chicken crossed the road, just not to our restaurants. they added that the colonel is working on it. the delivery issue should not impact restaurants outside of the uk where kfc is working to rectify the situation. still ahead on "worldwide exchange," hsbc shares under pressure on earnings and job cuts coming to deutsche bank, a round up of the big breaking bank news here in europe we have barclays reporting later in the week. we'll discuss that also bitcoin surging this morning despite one big central banker calling it a failed

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welcome back to "worldwide exchange." i'm wilfred frost live in london albertsons is planning to buy the rest of rite-aid that is not being sold to walgreens. the deal would create a company with revenue of $83 billion and allow albertsons so go public after more than a decade of ownership. the ceos of both companies say the tie up is the best way for

them to compete in consumer business threatened by amazon and walmart. stocks to watch today, intercontinental hotels reporting a rise in pretax profit that beat forecasts but shares are lower as they won't pay out additional capital to shareholders this year. general motors reportedly offered to convert about $2 billion in debt owed by south korean operations. they are seeking tax benefits from the government. the plan comes after gm announced last week it would shut down plants near seoul and decide the future of other factories within a few weeks in south general electric is exploring the sale of its gas engine unit. the move after ceo john flannery announced last months he was open to breaking up the company.

we're watching bitcoin this morning. the cryptocurrency broke through the $11,000 mark over the weekend for the first time since january. on the topic of bitcoin, a negative comment last night despite the move this morning from bank of england governor mark carney who says bitcoin has so far failed in its ambition to be a legitimate currency that's because he argues it is not a useful way to buy things or a store of value. carney was complimentary about the underlying technology that could be useful to monitor financial transactions moving forward. either way, bitcoin ignoring his generally negative comments and rising this morning above 11,000 a south korean cryptocurrency regulator was found dead at his home over the weekend. a local news agency reported he was presumed to have suffered a heart attack police opened an investigation into the cause of the death.

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jay. sarah. so i have a few thoughts on that early retirement... by focusing our mind on whatever's on yours. welcome back to "worldwide exchange." let's get you up to speed on the market action. futures are pointing lower we've been down around 160, 170 points on the dow. we improved a bit. we're down 140 points on the dow. about 14 on the s&p. the nasdaq down about 38 points. of course markets were closed in the u.s. yesterday but they were open elsewhere in the world. we did get declines yesterday. also coming off a resoundingly positive week for u.s. equities where the s&p and the dow were up about 4%. the nasdaq up about 5% last week oil prices for you, which enjoyed a decent recovery last week, up 4%.

they gained again yesterday and we got wti up slightly today brent down but sitting at 61.9 on wti we are significantly off the recent pullback lows let's discuss the oil market further. joining me now is helema croft from rbc capital markets good morning to you. thank you for joining me today you're in the hot seat that i'm usually in opec saying yesterday that it's achieved full compliance with its aim of cutting back on supply is that something you can expect to continue throughout the course of the rest of this year? is this something we'll have to check in on every month? >> we'll have to check in a bit on countries like iraq by in large, opec countries have been better than expected, and saudi arabia is so firmly committed to this deal and doing whatever it takes to rebalance the market, to firm the floor for prices

and then you have countries that you would think of ascheaters le venezuela. venezuela is the most come mrichbt cou compliant country in opec, because that's because of problems there >> does venezuela remain the key geopolitical factor to be watching there, and if things improve there could oil prices come under pressure? >> the real question is how fast could venezuela fail there's no indication that vchbz venezue venezuela will get their act together quickly the u.s. is preparing additional energy sanctions on the country that could take that production down a leg we have on the one hand surging shale production, and then the

potential offset in venezuela. >> in terms of the geopolitical issues elsewhere that you're watching, you've done a lot of work on saudi arabia and what the crown prince there has been doing. what's your take on what could go wrong there and its implications for oil prices? >> i'm just back from saudi arabia one thing to say is the events have put a market in that country. for a lot of young saudis, for a lot of women and saudis who didn't have access to the patronage machine, they are behi behind him, but they need focus on jobs. he's done a lot on social reform, fiscal reform, but he has to deliver jobs. he has made clear enemies in the old guard and he will have to deliver to stage the guard from making a comeback.

>> if we look at wti, we saw a nice bounce back last week of 4% continued early this week. we're still off the highs of late january, above $65. do you think that $60, $65 range is a range we'll stay trading in for the foreseeable future >> there's three factors for softness the broader stock market selloff, u.s. production coming back, and maintenance. we think february will remain choppy so the thing going forward is when we get out of maintenance, we think the floor is pretty firm for now so we think it's a pretty constructive environment for wti. obviously u.s. production puts a lid on how far things can go, barring geopolitical disruption. so you have u.s. production squaring off with venezuela in terms of what's the big story of the market for the pring >> just quickly, the u.s. dollar rebound over the last two, three sessions has had pressure to the down side on gold prices

it has not done that yet to oil. if the u.s. dollar does continue to strengthen, could that hurt oil prices >> it's always a headwind for oil. again, we continue to watch the fundamentals, we continue to see the fundamentals as constructive sure if there's a sign that opec was breaking up, combined with the strong dollar, that would be bad for oil prices right now the floor is pretty firm >> thank you very much >> thank you switching focus. deutsche bank is planning up to 500 job cuts joining us with laura noonan investment banking correspondent for the financial times. laura, thank you very much for joining us clearly this story comes a few weeks after they said they were going to pay bonuses for the first time in a couple of years. square that for me in terms of the sort of conflicting messaging coming out of both of those stories.

>> i guess they would say they are going to pay bonuses and reward talent, but equally they will cut costs and do away with 250 to 500 jobs. we do hear banks talking about the need to differentiate between the poor performers and the high performers. that's probably part of what we're seeing here. deutsche bank also has a big cost problem they did say they would not meet the 2018 cost targets. so in terms of the issue around paying bonuses for those staying, deutsche bank paid a lot of bonuses last year, and this e. if i you do that again and again, you will pay for the talent, but they can't afford to pay for the bonuses, and they're not doing well on the cost front, but

equally they can't not to pay them because they can't afford to lose more talent. >> more broadly, when we consider some of the other european investment banks that have begun reporting or due to report, do we expect the balance in their investment banks to be fighting back against the u.s., outperforming against the european names last year >> we have a couple more banks to report the final quarter of 207. 2017 it's a low volatility area and it is some expectation of fight back from the european banks this year, because they have been through a lot of changes eventually as they are more or less in order that should position them better to get on with the

efficiency so they should be more efficient in 2018 than in previous positions. and we have seen a return in volatility, and that should help investment banks >> laura, thank you very much for joining us deutsche bank down about a quarter of a percent let's check in on the broader market picture futures are pointing lower the picture has improved over the course of the last hour. down about 185 points on the lows, now down 145 points. down about 14 points on the s&p. the nasdaq down 37 europe and asia were down yesterday. the u.s. was closed, so a catch up to the downside also on the back of fantastic returns yesterday. the dow and s&p up 4%. the nasdaq up over 5% last we're

week and the ten-year yield above 2.9% we'll see if that oospks equity markets again or not "squawk box" is coming up next ♪ ♪ show me the olympic winter games ♪ ♪ like i've never seen before. ♪ ♪ xfinity x1, yeah, i always know the score. ♪ ♪ medal count updates, keep up with the standings. ♪ ♪ my boy "red gerard" always sticks the landing. ♪ ♪ stream it live on every screen, ♪ every medal, every slope. ♪ ♪ hockey hair never looked so dope. ♪ ♪ triple corks so majestic in 4k resolutions. ♪

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futures pointing to a sharply lower open on wall street address s investors retu work after the long weekend. it feels like monday apparently i'm told it's tuesday. we'll tell you what's weighing on the market straight ahead. facebook is turning to snail mail to combat foreign influence in american elections. and a big win for disney at the weekend box office record breaking numbers for "black panther." it's tuesday, february 20, 2018. "squawk box" begins now.

♪ live from new york where business never sleeps, this is "squawk box. >> good morning. welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen andrew ross sorkin is reporting live from the winter olympics in pyeongchang, south korea hi, andrew >> hello there >> good morning. happy belated birthday >> thank you very much i won't take too much time we'll talk about all the amazing things going on here in pyeongchang, i know you have to get to the markets >> we are watching the futures this morning they are under pressure. joe talked about red arrows coming in. you can see the dow futures indicated down by 136 points the s&p is down by 13 much the nasdaq is off by 36. th