tonight it is my honor and privilege to announce that i will nominate judge brett kavanaugh to the united states supreme court. this is an incredibly qualified nominee and he deserves a swift confirmation and swift bipartisan support. >> president trump's pick for the supreme court topping your five at 5. here's what else is happening out there. the president is kicking off a european tour later today. the first stop is brussels we are headed there live straight ahead, brexit remaining front and center across europe

today after key members of theresa may's cabinet step down. tesla, rising prices in china as a trade war hits the car market and call it a multi-million dollar bake sale as smucker's sheds its u.s. baking business it is tuesday, july 10th, 2018 "worldwide exchange" begins right now. good morning welcome to "worldwide exchange." brian sullivan is off today. given that five at 5 that we've seen, we are seeing the futures markets trying to build on yesterday's gains. as you can see here the s&p will open up by 3 points if things stay the way they are into the opening bell the dow by 39 points and nasdaq by around 18 we'll have more on the markets overall in just a few moments. first to your top story this morning, president trump picking federal appeals court judge

brett kavanaugh to take over for anthony kennedy. susan mcginnis is live with all of the details susan. >> reporter: good morning, dom at 53 judge kavanaugh could be on the bench for a long time the reaction could not be more different from the parties gop leaders and republican leaders cheering calling the pick outstanding democrats, quite the opposite. big protests getting more tense outside the supreme court last night. democrats very worried about long standing laws such as roe v. wade, also rights like voting rights, lgbt rights, health care and other things they're afraid those things could be gutted under a supreme court that reaches this far right. he has a stance that sitting presidents should not be indicted or investigated while they are in office next up is confirmation. this will be a tough one

republicans hold a razor thin majority if any of them defect, the democrats can come in and block it and forestall it and they'll have another fight after the mid-term elections dom? >> as we talk about what's happening, susan, is there a reason to think that this particular process, the nomination process and then of course the confirmation process will face more hurdles or less hurdles than you saw with neil gorsuch? >> reporter: it seems that it is going to face more hurdles there's a ton of documentation about kavanaugh that could make it tougher and the razor thin margin in the senate is causing both sides to go after votes on either side. republicans are starting ad campaigns to try to win votes for this confirmation. it looks like it will be a close one. >> susan, thank you. the president's supreme court announcement, his last big agenda item before kicking off a

week-long european tour. his first stop, belgium for a european summit. eamon, over to you. >> reporter: good morning, seema. you're right the president will be leaving the white house in just about two hours' time. he'll be winging his way here to brussels for a nato summit which begins tomorrow. he has a couple of events on his schedule he arrives at nighttime in brussels take a look at the opening gamut. this is the tweet from yesterday. this is what he's focused on the most defense spending you can see a small percentage are close to their 2% commitment the president wants those countries to step it up. the president tweeted the united

states is paying for 90% the u.s. has a trade surplus of 151 million with trade barriers on the u.s capital n, capital o they give you the sense that nato as a political alliance is in something of a critical piece. the officials in europe feel that they need to have the confidence that the united states has their back. the shadow looming over all of this is that the president is on his way, after this he'll stop in london and then he goes to helsinki, finland, guys, where he'll meet with vladimir putin for a summit between the two leaders. that is casting a shadow here. the allies don't have a good sense of what the president will

agree with vladimir putin. >> curious what the security situation is like. belgium is playing france in the world cup. i have to imagine the streets will be packed with locals and tourists celebrating watching the game. >> reporter: the facilities of nato are off to one side those are on lockdown. the rest of the city, for example, where we are now is pretty wide open we saw crews setting up scaffolding this morning crews as they were assembling the scaffolding, they were chanting, we are belgium, we are belgium joining the ole, ole chance it will happen at 2:00 p.m., belgium versus france. a lot of people think that's the proxy for the world cup final. whoever wins today is expected to go on and possibly win the

final next week. a lot at stake at belgium. >> eamon, the idea that the belgium world cup story is going to take center stage, will that help sflump could there be protests of donald trump, the president, given his location there within brussels? >> reporter: we've been in belgium for about 24 hours now we haven't seen any signs of protesters from any type of anti-trump activity whatsoever a lot of folks are focused on the big game, a lot of jerseys around we've had some horses and carriages riding behind us a minute ago it's business as usual here with that area effectively on lockdown we haven't seen anything by no

comme comment. that's good from president trump in that it will delude any protests more protests in london. >> sport does certainly unify a lot of people. sticking with the over seas news, brexit drama is continuing to dominate the headlines as a key or rather key members in theresa may's cabinet have quit. let's bring in cnbc's steve sedgwick live in london. perhaps, steve, the best way to characterize this, there is so much going on how much is this going to affect the brexit talks and negotiations as they go forward? >> reporter: i think it's absolutely key, dom. good morning to you, good morning, seema, as well. that's not acting as a distraction for what is a volatile situation this is the first time since

1982 key cabinet members have resigned at the same time. perhaps the most well known international politician in the u.k., boris johnson quits as foreign sengt. what is very interesting is boris johnson was one of those politicians on the other side of the divide, key brexiteer. instead of replacing him with another brexiteer, she tapped jeremy hunt in as the key former secretary. all of the key roles chancellor is the hammer. the remainor now the foreign secretary also a remainor what mrs. may is doing, she's calculating that she'll loss some support what she's doing is bringing others back into the fold thinking that she has a consensus amongst the

conservative party which could, could keep her in power. it's a very fluid situation. >> steve, high profile resignations can often lead to leadership change. there's a big question about whether prime minister theresa may will face a no confidence vote any thoughts on whether that will take place? >> there were rumors last night that the minimum numbers of mps, around 1/4 of the conservative party back bench, were going to put letters forward which is called the 1922 committee. it's a very archaic institution. it represents conservative mps that didn't happen last night as well so maybe that brexit part was difficult to bide the time some brexiteers are out and the

ones are in. the environment soekt, andrea ledsome who runs the house of commons as well plus lie up fox who is the international trade secretary. they're still in the cabinet and on the side of theresa may others are outside of cabinet looking in the conservative party. it's a very fluid situation. if she loses more brexiteers in the cabinet, then i think she faces a challenge. >> steve, one more point here. we focus so much on the conservative side of the situation. what does this do to embolden the take on how they want to approach the brexit issue going forward? >> that's a really important question actually. i spoke to them 20 minutes ago

tom watson is jeremy corbin's right hand man i didn't get the sense that he was chomping at the bit. why? because if by some miracle they were able to form a majority government if we were to have a snap election, they are handed this gesture of you handle brexit and the government and that would be a poisoned chalice and a half who wants to run the government at the moment? perhaps no one that's why theresa may is turning out to be the great survivor in june of last year she had a disastrous election. no one wants the job no one wants to force the issue. that is a very real fact in this whole situation. >> yeah, highly fluid situation as it often is with british politics steve, thank you steve sedgwick live in london. and today's top corporate

story, tesla is hiking prices in china in response to the ongoing trade war. contessa brewer joins us with those details. >> hi there, seema tesla is raising the price by 25%. according to the chinese website the prices went up by anywhere from 22,000 to $37,000 per vehicle tacked onto the price. in may the company slashed 14,000 off the sticker price after the government announced major tariff cuts for auto imports. the new tariff, erased that. china is a key market. the sales account for 17% of total revenue last year. the price increases come after a company is planning to serve

elon musk is expected to visit later this week. after all, they like luxury, right? others say many buyers are becoming price conscious you can see right now it doesn't seem to have affected that we're just getting started with wror"worldwide exchange. the china factor one person says people are getting too complacent. i hop is coming clean and getting ck tbao its roots. we'll exchange when "worldwide exchange" returns.

welcome back to "worldwide exchange." early market action. with futures we are indicating a higher open. the s&p up by just about 4 points the dow by around 52 and nasdaq up by 22 if things hold like this into the opening bell on the treasury side, they're ticking higher yesterday, 2.84, 2.85 thereabouts. right now 2.86 on the treasury the two-year 2.565%. let's go worldwide and take a look at how stocks traded in asia mostly high with the shanghai up 1/2 a percent

kospi up by .4%. for the producer price index, the japanese anything kay closing higher early trade in our rocheurope, german dax flat but the equity index is higher by .3 of a percent. local drama is not playing out that much in the market. let's discuss this further joining us is matt manley, the equity strategist over at miller taback matt, we talk about all of this happening. the nato summit, trade in tariffs, brexit taking another kind of hurdle for theresa may and her cabinets what exactly is the market not getting? why is it not reacting to what's happening geo politically and political politically? >> part of it has to do with the

fact that here domestically we've had great earnings growth. people are expecting another one in the 20% range gdp growth poor people and expecting it to be 4% or higher. however, i do worry. some of the things that you've mentioned are definitely things that could create common point for it everybody is focusing a lot on the trade issue. there are other issues as well we're seeing, first of all, what the fed thinks they're shrinking a balance sheet. we see what's going on in emerging markets which are deep in correction territory. same with the european banks china's already in bear market territory. i guess my point is we've already seen people say geez, the u.s. market something going to be affected by the trade war but a lot of markets have and

experience tells me once those things keep building up, they eventually hit the u.s. stock market >> we just had one of the best days yesterday in terms of daily performance in stocks and one of the best days since may fl clearly investors are still bullish. is this the last hooray or do you think more good times will come >> i do. scott meyer from guggenheim was saying this is the last hooray the bull market is kind of long in tooth no, it doesn't die of old age, i agree with that. all of the other markets are seeing movement. so i think people can take a few chips off the table, raise a little cash and in that way

they'll be able to take advantage of any kind of breakdown that we get like we saw in february. whenever you have carbon the sideline you're less likely to lose your head when others are losing theirs. >> matt, we have a few moments left are emerging markets right now a buy given that steep selloff we've seen in the last couple of months >> i worry that the dollar is going to go higher however, i do like india here. after india traded hthe convergence will get higher. >> there's political uncertainty there for state elections coming up in india. good point matt, thank you. >> thank you. well, still to come here on "worldwide exchange," big changes in the grocery aisle smucker is ditching one of its most iconic brands

those full details coming up. just plain nuts. what southwest airlines did that many are calling a total no brainer. that story when "worldwide exchange" comes back are you taking the tissue test?

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points and nasdaq by 22. as for the oil side of things, we are seeing wti crude up by 3/4 of 1% 74.38 the last trade for wti crude. ice brent benchmark gauge $79.19 up by 1. 1/2%. big individual stories include soft bank. they're buying $2 billion worth of yahoo japan shares. after the transaction the stake will rise to 48% japan's takeda pharmaceuticals has gotten approval to buy shire. takeda still needs approval from shareholders in europe and japan. j.m. smucker is selling its

baking business for $3.75 million. the company expects the sale to reduce the full year adjusted earnings by 25 to 30 cents a share. that stock basically ensuring it to go lower by 10%. >> seema, let's get a check on the other headlines outside of the u.s. philipp men na live outside of the u.s. >> hopes are high in northern thailand as the third and possibly final round of rescue operations get underway. divers are working to save the last four boys and the coach the rescue team has gotten eight of the boys out of the dark. thai official says all of them are in good health but remain in quarantine because of risk of infection. satellite imagery captured a fast growing fire in nevada.

the martin fire is over 400,000 acres. it is the largest burning in the united states. now to wimbledon where serena williams handled her business on the grass court yesterday. she cruised to the quarterfinals moving one step closer to capturing the eighth wimbledon title. it will be her first since becoming a mom her next match is 9:15 eastern this morning. >> phillip, that's a pretty good one. she's doing pretty well. >> i love it. >> phillip mena. in new york. still here, emerging opportunities. how stock investors plan to take advantage of the moves in the currency markets. the fake news fight. what youtube is doing to educate kids about kochb tent and the rest of the top trending stories when "worldwide exchange" continues. constantly interrupting you with itching, burning and stinging. being this uncomfortable is unacceptable.

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rally on more green arrows on wall street this morning as traders add to yesterday's already big gains. a supreme selection. president trump nominating brett kavanaugh to the nation's highest court. what he could mean for big business. no nuts about it what southwest airlines just did that's getting a lot of buzz this morning it's tuesday, july 10th, 2018, you're watching "worldwide exchange" right here on cnbc

we wilcome back to "worldwie exchange." >> contessa brewer is here with the headlines. >> hi. president trump kicking off a worldwide european tour. first stop is brussels belgium and meeting with theresa may and one on one with russian president vladimir putin. tesla's raising prices in china in response to the trade war. the car maker is hiking prices by 20%, significant. tesla is the first automaker to raise prices due to the u.s./china trade tussle. a big day here on cnbc we're revealing our top state for business cnbc ranked all 50 states for competitiveness across ten categories find out which takes the top spot that's coming up on "squawk box. looking forward to that. dom, seema >> absolutely. a big day. i've been guessing north

carolina. >> maybe >> market action futures indicating another rally point today. the dow would open up by 50 points the s&p by 4 and nasdaq by 25. on the treasury side of things, the ten year treasury note is ticking slightly higher. the last trade there, 2.86%. the two year 2.57% as well on the oil side we're seeing a rally on wti and brent crude that's up by half a percent. the ice present crude up by $79.14 >> let's pivot to asia where stocks went higher south korean kospi, hang seng and japanese anything kay higher early trading in europe we're seeing gains as well as the nato meeting in brussels kicks off.

german dax by .1%. gains in london and italy. >> let's discuss the markets further. joining usis jack calf ri. he -- caffery. we've been speaking so much about all of the risk that are not being accounted for seemingly by the price action. what gives why is the market not reacting the way it should be or the way we expect? >> i think when we look at the data that's out there, we look at the front page of the new hampshire, we listen to the quick hits across the screen and the bottom banners and you can read the stories and you can think the political situation in which we operate is messy. as we step away from the political angle and think more about the economic angle, employment is doing well, pmi, companies continue to, we think, will show good profits when we

come through second quarter earnings kicking off this morning with the first companies coming out we began the year with multiples as high as 18 times. today they're 16 times >> the markets discount it but not until companies are being impacted by trade tensions whether it's in their actual results or in their guidance we have pepsico reporting today. could this be a day of reck reckoning? >> it could be if companies walk back that would give investors pause and could trump another down leg that said, every time we have

seen declines this year the market has been bought markets climb a wall of worry. the fact that we have these negative headlines, the fact that traders are looking through them and it's not just an equity story, we can transition oil markets are suggesting that global oil demand is okay. maybe there's a supply issue maybe there's' demand issue. credit markets suggest that things are all right >> what changes the thesis here,

jack what would develop that would say, hey, i have to sell the ri ritz what makes you more bullish besides the credit spreads >> the immediate issue is are companies still offering the confidence i expect they will in terms ever their general outlines are companies looking at trade uncertainties, looking at policy shifts and saying with respect to the capital spending plan i had anticipated, i'm going to have to postpone it until i have a better sense of clarity. i do think capital spending is profitable if you get a sense that capital spending is winding down, while we've seen that it's in very different places than the past

technology a big capital spending place energy is a big part of capital spending it went on pause when the energy crisis collapsed starting to see that cycle begin turning higher again when we've seen oil prices. some of those decisions when it's in synergy, i don't think you're going to see the projects cancel. >> we'll leave the projects there. >> thank you. and now time for this morning's top trending stories contessa brewer is back with those. what do you have for us? >> i call this story just plain nuts >> i see what you did there. >> southwest airlines will stop serving complementary peanuts on its flights. the carrier says it has to be aware of passenger's peanut allergies. they'll serve pretzels instead of nuts.

>> i've been served nuts. >> were you shocked by it? >> well, i wasn't shocked by it because i grew up in an era where people served peanuts. this year i understand the cause for concern for allergy reasons but it's amazing that not all carriers have gone this route. >> it seems safer and less risk of liability as well. after a few weeks of selling itself as ihob, the international house of burgers, ihop has returned to its roots if you had pancakes in your name you may return to it too this is a marketing stunt. now its official ihop is back. the chain changed the twitter name back before announcing a pancake promotion on the 17th. there was a lot of hate on twitter. people were making fun of this and saying, you know, instead of rest in peace, rip, they were

saying rib >> was it a big marketing ploy or did they think a name change would help >> you know what, you would change your identity. >> remember when p. diddy lost the p. he said the p was getting between him and his pants. maybe it was a test to see whether the p was getting between them. >> little known fact, my mother's favorite chain is ihop. youtube is enlisting stars to help fight fake news. i don't know why teens maybe they should teach media literacy to everybody. it's part of the $25 million pledge and part of google's overall $300 million pledge to stop the spread of misinformation on its platform

>> i like this idea, calling on popular youtube stars to explain to explain it to people. >> facebook and twitter are there. >> i always go back to facts matter. >> they always matter, contessa. >> thank you still ahead on "worldwide exchange," today's must reads. >> we'll tell you what the opinion pas geare saying about president trump's pick for the supreme court. stick around we'll be back after this break - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling

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welcome back to "worldwide exchange." i'm seema mody pepsico reporting. the s&p 500 also indicating a higher open by 5 points. >> time for today's morning must-reads today it is all about president trump's pick for the supreme court. the wall street journal said president trump kept everyone guessing until the end about his supreme court selection monday, but in nominating brett kavanaugh, he kept his promise

to select a justice who will faithfully interpret the constitution as written. judge kavanaugh has an exemplary record that suggests he will help restore them. "the wall street journal" leans more conservative. that's their view. it is not one that bodes well for opinion. >> this will get a lot of feedback, criticism, backlash and opinions from both sides it's interesting you look at the opposite take from "the new york times." the editorial board writing we're witnessing a global movement against the idea of liberal democracy and in places like hungary and poland it's grounding in an independent judiciary. they're happy to ride the wave to unlimited power they will almost certainly win this battle but it's a victory that will come at a great cost

to the nation and the remaining legitimacy that's a liberal view. >> liberal view or not, wave may not be the right word but there is a conservative movement and people like trump has tried to capitalize on it. >> it's a global story let's talk more about this president trump's supreme court pick joining us is ben white, the chief correspondent over at politico ben, you've been covering the president and his politics for the last -- even before he was president. >> last 100 years. >> your head must be spinning right now and this supreme court pick just adds to it what exactly is the take what does the reporting you've been doing suggest how people are going to accept or reject this particular pick >> i think republicans almost uniformly will accept this pick.

brett kavanaugh is beloved he served under george w. bush he was a prosecutor for ken starr. the question is do the two moderate republicans, susan collins and lisa murkowski get behind this on roe v. wade i think the thinking is they'll keep those two senators that voted for flump 2016 and are up in 2018 who will be under pressure >> the average time between a supreme court justice's nomination and confirmation is 11 weeks what do you think they will use to make sure he gets confirmed >> speed is of the essence

they want a confirmation ahead of that. it would be disastrous to lose a supreme court nominee going to the mid terms. republicans think a big win on the supreme court will be a victory for him. kavanaugh has a big record they want to get it done by november. >> speaking of that, we've been focusing on the political ideology, politically speaking this is a nominee that says we'll put the court in the place to be some of the most business friendly justices out there in the courts in the last 30 or 40 years. is this the way to pick it >> i think it is his record is very pro business.

he would be favorable of changing the structure he's been very anti-regulation in favor of the administration's ability to roll back regulations on the environment, a lot of other issues so you'll see the white house already doing this, lining up big business to support this fl nominee to help drive the confirmation process i think it's right to say this is a guy that's very pro business, very anti-regulation and could wipe out the cfpb. let's switch to the nato meeting. president trump heading to europe president trump even prior to this has been attacking the germans and other u.s. allies for not spending enough on defense. do you think that will change? you'll be able to get other allies to step up? >> yeah. he's already been tweeting about this this morning on his way to europe this is a thing he's talked about endlessly. yes, we need to spend more of

our gdp on defense. >> in exchange for what, right >> in exchange for nothing what they'll be more upset about, there's general agreement that, yes, they could spend more on defense they're very angry with trump for conflating trade policy and security policy. >> that's the question. >> you will see him talk about the german trade deficit on the global front, what should be front and center on trump's agenda on this particular trip what's he looking to gain? what's he need to check off on this list. >> i don't think there's one thing deliberately he has commitments to spend more on nato. he would like that there is a very different view among nato countries and the president on vladimir putin and russia the president of the united states has been supportive of

russian policies many others are weary. you'll see divergence on that on policy with the former soviet union. i don't think he'll come out of that with big business on nato he wants to deliver the message on trade. >> see if he can answer you. thank you, ben. >> thank you. still to come here on "worldwide exchange," a big breakout coming? emerging markets fearing some tin ishat all about to change? stick around, "worldwide exchange" will be right back ♪ and i'll be your friend ♪ ♪ i'll help you carry on ♪ ♪ lean on me ♪ mmm... ♪ lean on me... ♪ mmm... ♪ lean on me.

welcome back you're watching "worldwide exchange." i'm seema modi emerging markets haven't had the best year. etf down 6% since january. great to see you, tim. >> great to be here. >> why would it change

we still have challenging environment when it comes to trade tensions, stronger dollar. so why is it time for the emerging market trade to change? >> well, look, ultimately emerging markets were recovering and outperformed the s&p and u.s. markets last year for a couple of different koreanss one, the synchronized global trade dynamic. you had oecd countries in dynamic. more importantly you had eps expansion that was underpinning the fact that the valuations weren't so cheap i think a lot of that is still in place we've started to see some of that uptick. certainly you've seen it on the german export orders and across some of the recent data out of china.

this global growth story from corporate leaders and global leaders is something that hangs in the balance now based on 50 billion of said tariffs, i think that story remains intact so let's get back to what the markets have done and will do. i think people over did the uptick in the dollar remember we got, you know, to essentially 13% lows on the dollar off its highs of the previous year. we got to a place where people were very concerned about the dollar i think the dollar is an emerging marked's friend in the short to medium term i think they'll have trouble breaking through 95. i think global positioning is such that sentiment towards emerging markets is overdone no question you have trouble spots places like turkey, places like brazil and latin america. china, bottom line, is the biggest weighting is the place where you want to be looking at

some of the megacap names. >> you brought up the idea offal do the lar does emerging market or any other growth come at the expense of the dollar one way or the other? does the dollar have to go down for emerging markets to go up? >> no. when we've seen the dollar, it's like what you've seen with rates. there are certain periods where if you have a stronger dollar it means the u.s. economy is trading higher you can see emerging markets revel in that. let's face it. our dollar, your problem has been the story for emerging markets for as long as i've been investing north of 20 years. if you have the period of a dollar shock, that's never good. you need to focus on the amount of dollar denominated debt especially in china. that's been a big topic of conversation

the other dynamic is the fed first quarter where they had their last move, we are in an environment where people are talking recession and global recession. i think very different backdrop. a backdrop, all other things considered, very positive. we're five months into trade war rhetoric i think people are starting to sort through what might be negotiated settlements which might not be a terrible thing. >> tim, good stuff. >> good to be here. >> "fast money" trader. that does it here for "worldwide exchange" this morning. we have a lot of stuff that we're talking about. >> earnings. >> coming out, expecting them shortly. just after 6:00 a.m. eastern time. >> oil is higher at $74 a barrel is this the start of a new rally here >> the market's working on trying to put together a four-day win streak.

we'll see if that happens. >> "squawk box" is next. see you guys tomorrow.

good morning president trump picks brett kavanaugh to fill anthony kennedy's seat on the supreme court. the impact on your business and money is straight ahead. brexodus, that's a good word, huh. departing theresa may's cabinet. earnings season kicks off this week. expecting quarterly results from pepsico, we have an expert on consumer staples consumer staples sarah's here it's tuesday, july 10th, 2018. "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're live at the nasdaq market site in times square i'm melissa leah long with joe kernen and mike santoli. guest is carrie firestone. let's see how we're setting up in the futures this morning at this hour. we did see the dow and s&p see the biggest gains in more than a month yesterday. we're looking to build on the gains. the s&p looking to open higher dow opening 60 points overnight in asia, we had early gains and then they reversed we got ppi data out of china, six-month high there pressured by commodity prices. we do see the shanghai could h