here's your 5 at 5 president trump back on the attack as nato leaders gather for a second day of talks. comcast upping it's bid for u. k. broadcaster sky papa johns founder leaving the company after using a racial slur on a conference call. broadcom with a $19 billion deal, all cash for software maker ca technologies. oil rebounding after posting it's biggest drop in more than a year it's thursday, july 12th, 2018,

worldwide exchange begins right now. ♪ good morning and welcome to worldwide exchange i'm sema mody. brian sullivan is off today. we're pointing to a higher open. a rebound from yesterday's sell off reduced from those trade worries. a lot of focus on oil which did see it's worst day of the year yesterday also on the growing tensions between the kwiets aund states and the u.s oil is bouncing back here. the international agency just put out it's monthly report in the headline higher oil prices could impact global demand growth and more on that coming up but first to this morning's top story, president trump back on the attack

>> good morning sema president trump arrived for day two of what has been a contentious nato summit. the president demanding that they raise their defense spending also attacking germany over an issue with the pipeline from russia to germany. that makes it too dependent on russian natural resources. a couple of aggressive treats before he went to nato headquaters today. here's what he wrote this morning. he has been trying to get germany and other rich nato nations to pay more from their protection from russia they pay only a fraction of their costs. the u.s. pays tens of billions of dollars too much to subsidize europe and president tweeting on top of it all. also billion of dollars for their energy needs coming out of a new pipeline from russia

not acceptable all nato nations must meet their 2% commitment and that must go to 4%. you have here a president of the united states demanding that the nato nations increase their spending up to the agreed upon limit of 2% but then said not only do they have to do that but they have to do that immediately and also saying that they need to raise their spending to 4% of gdp. that's a level that the united states itself doesn't hit. the united states spending about 3.5% of gdp as of right now so the question here is what kind of reception will the president get today at nato. the general secretary yesterday responded very tepidly to the president's demand for an increase in defense spending saying let's start at the 2% number and then we'll see about any further increases beyond that it doesn't sound like nato is going to embrace the president's request here but the president demanding a lot here today. >> have any of the member nations sort of given their responses? it sounds like we know that nato

responded at least tepidly in your words. >> yeah, nato responded tepidly. we have also seen responses from angela merkel. the president attacking germany. he attacked germany in the opening breath publicly, once they allowed the cameras into his first breakfast here almost the first thing out of the president's mouth was this attack on germany. it was obviously a preplanned rhetorical broad side against germany. angela merkel responding cautiously to that saying she remembers growing up in soviet controlled germany and she's proud of the fact that the germans are reunited and they're independent of russia so she is dismissing the claim that germany is dependent on russia and controlled by russia but responding in a very even keel way trying not to provoke the president any further and that's what you have seen from a lot of the nato leaders a real worry that anything they say could provoke a further

broadside from the period president of the united states. >> how do we think the russians will respond that germany is being held captive from russia the comments come ahead of his meeting with vladimir putin next week. >> right look it's -- anything that destabilizes nato or causes tension within the alliance is in russia's interest so they'll be pleased that there's tension among the allies here because nato is a force that russia has viewed itself in opposition too it's a mixed bag for russia but if there's tension among the allies that's a good thing for russia in terms of the nato politics. >> that's a massive pipeline being built from st. petersburg to germany dispersed throughout

the european nations it's an interesting project underway let's continue the conversation. senior portfolio manager for global mobile assets solutions group. this pipeline is being built from russia to germany and will increase reliance on russian energy but this project may may not even be completed. what are your thoughts >> the increasing acramony we're seeing and you look at that in the context of the escalating trade war that we're seeing between the u.s. and china so that's something that is unsettling the market here.

>> we seem to have new trade lines every day. yesterday it was around the world today. not so much. we have shrugged it off. this is a pattern we have seen happen over and over again what does that mean if you're invested in this market both in the u.s. and globally. should you be worried about a day like yesterday or not focus so much on the bumps is this going to be a long-term problem or solved day-to-day >> you should be worried if you're not worried you're not paying attention or you're overly complacent. we have been growing more cautious in terms of our investment positioning since march. since the trade war fears came to the forefront but i don't think it's time to panic and go to a full blown defensive position in terms of investment strategy so we have to balance things, right? so we have this tug of war in the market between very strong fundamentals and then escalating

risks on the geo political front. one is here and now and we can see it and the other is potential. so you want to be cautious but you don't want to head for the hills just yet. >> we have seen choppiness in the equity market and more pronounced moves in the currency market with the stronger dollar trend this year and is that a concerning trend to watch? >> that is a concerning trend and, you know t rising dollar of course is putting pressure on emerging markets more generally. that's an area we're underweight within our por foil owes general ri -- portfolios we have seen pockets of turmoil in terms of turkey and argentina and brazil and the trend of a rising dollar is going to put more pressure there. so although we have been cutting

back more generally we maintained a skew toward markets that we see as a relative safe harbor here. no one wins a trade war. it is a negative sum game that the u.s. loses. >> so just to wrap it up, are you not concerned about the flattening yield curve and what that may or may not indicate about a recession on the horizon? it's something that some folks seem to be more worried about than others an it's hard to determine where we should fall. >> it's lower on my list of concerns at this point it's not really a flattening or a flat yield curve that gives concern. if it does get to the point where it's inverted that's typically a signal that a recession is on the horizon. there's also a very long lead time between yield curve inversion and the ultimate recession. it's typically 12 months or more and you can get very strong equity market returns when the yield curve is flattening. even to the point it inverts

it's too early to be concerned at this point. >> i like your optimism. thank you for joining us this morning. now overnight papa johns founder re-signing as chairman of the company after admitting to using a racial slur. >> you did it. the board accepted his resignation and will appoint a new chairman in the coming weeks. he also re-signed from the university of louisvilles board of trustees. forbes said he used the n word during a training conference in may and he was reportedly down playing commenting he made last year that controversy resulted in him stepping down as ceo well on this call he allegedly complained that kfc founder colonel sanders never faced backlash for using racist

language that call with a marketing if i recall was designed to help papa johns avoid more pr crisis in a statement he admitted he used the racial slur he apologized and said no matter the context simply stated racism has no place in our society. he launched papa johns from his father's bar in indiana. it has grown to 4,700 stores in 40 countries with more than $1 billion in annual sales. he's the largest shareholder owning $700 million in stock papa johns shares fell as much as 6% to a 12 month low before recovering to close down 4.8% as you can see in extended hours trading we're up just marginally the real question is how should you rely on one face to sell your product as we have seen with other controversies

subway and jared, papa johns, steve wynn it's problematic if your whole company's brand relies on one person. >> you're right. >> thank you very much appreciate that. >> now in other corporate news, here's a big one cnbc parent comcast increasing it's offer to $34 billion. that tops 21st century fox's current bid of $32.5 billion shares of sky are higher on the news up 2.2%. comcast up fractionally where as 21st century fox is down nearly a half a percent. >> all the ceos in sun valley that has to be an interesting period of time to be together. chip maker broadcom is buying ca technologies for $19 billion this is an all cash deal $44.50 a share

the tie up comes four months after president trump blocked broadcom's $117 billion take over of kwaqualcomm shares are lower by 7% ca shares are higher by 16%. >> we're just getting started here on worldwide exchange on deck, crude realities energy prices trying to make a come back after yesterday's ugly session. what's fuelling the rebound. >> one mattress company is take napping to a whole new level and it has everyone buzzing this morning. we'll explain when worldwide exchange comes back. across web and tablet? do you want $4.95 commissions for stocks, $0.50 options contracts? $1.50 futures contracts? what about a dedicated service team of trading specialists? did you say yes? good, then it's time for power e*trade. the platform, price and service that gives you the edge you need. looks like we have a couple seconds left. let's do some card twirling

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over here. xfinity. the largest gig-speed network. take a look at futures now we're up by 147 points on the dow and the s&p 500 is up by 10. this is followed by an encouraging set up overseas. you'll see gains for the shanghai composite and the stock market in hong kong and the japanese stock market as well. after selling off yesterday on the growing trade concerns between the united states and china and even in europe we're seeing gains on early trade and we're expecting ecb minutes and ftse 100 up 41 and of course the meeting we'll be watching is between president trump and prime minister teresa may and france were higher by 16 points.

>> looked so different from what we saw yesterday at this time. switching gears to the energy market oil rebounding after posting it's biggest drop in more than a year prices are also moving on fresh data from the international energy agency. there's a lot going on looking at the price of oil. jackie is going to explain it to us. >> well the headline out of this report is the idea that demand was very robust in the first half of the year it may taper off a little bit in the second half but not much and it's expected to be strong next year as well let's switch gears and talk about supply for a moment, we know that opec is going to boost production as well however the outages that we're seeing around the world, they are a problem. minor problems in canada and norway but much larger problems in places like venezuela and also iran and the iea is saying that the barrels that come off in iran about 1.2 million barrels a day. that's very cig any can and

about twice the amount that most analysts thought there's still big restraints and that's what the market is worried about. rebounding today we'll see if this report can move the needle. >> appreciate you running us through the action and all the action we watched this morning he's going to help us drill down a little bit further pun intended good morning. >> that's rough. that's early. >> it is early, right? but you're a champ as always we saw a lot of things at play yesterday. jackie ran us through some of them of course libya also a big player with coming back online with the four export terminals what do you make of the price action yesterday was that overdone? >> well it was the first day in awhile where we had a slew of bearish or negative news for the

market we had the libya restart that was a sudden change the two sides in libya seemed entractable. this production was steadily falling to the tune of about 100,000 barrels a at a he was quite upset about it. >> what changed there? what pushed libya to lose supply was from that's from the u.s. administration >> the main rebel leader gave in and said they're going to chop up the pie more favorably to his side a letter from president trump pushed the two sides together. interesting aspects to it. not sure how much of it was true or not but the president was very interested and he basically told them to get their houses in order and maybe the u.s. would help to do it.

>> talk does swing things in the oil market doesn't it? and speaking of talk, a lot of discussion about trade and some concern that that's going to curve demand for oil down the road is that something that we need to watch and what are the catch points that we need to follow along the way? >> very much so. the equity market is handling the trade wars very well it takes occasional hits and rallies back oil very fearful of a global slow down put also two what china will do in terms of buying u.s. oil and not going forward they have been the biggest buyer in this new export that sprung up but you have seen copper go into directions. getting the big headlines and across the board really, it's commodities taking the biggest hit on trade wars because of the potential contraction in the global economy because of all of this president trump is keeping us on his toes with thihis tweets ands policies. >> he's keeping the retail guys

on our toes. >> you name it oh my gosh. >> thank you so much, john appreciate you being here this morning. still ahead we're talking luxury cars, a grocery deal and big ford exodus. today's stocks to watch are coming your way. >> a pile on the pitch, croatia celebrating a world cup win in an evebiern gg way that story when worldwide exchange returns ♪ s it? s it? this farmer's morning starts in outer space. where satellites feed infrared images of his land into a system built with ai. he uses watson to analyze his data with millions of weather forecasts from the cloud, and iot sensors down here, for precise monitoring of irrigation. it's a smart way to help increase yields, all before the rest of us get out of bed.

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welcome back we'll open this morning. dow jones industrials are indicated higher by 148 points things look a little bit different so far your individual stock stories include walmart. sources say the company decided to sell it's japanese super market unit and is in talks with local retailers and investment fun funds. shares of walmart are flat the founder and chairman of docusign are leaving the company's board at the end of the move it's part of a broader shake up to replace five of the longest serving board members. it provides electronic signature and digital transaction technology and moving on to the auto sector bmw says sales in the first half of the year rose nearly 2%. this on strong demand in europe, asia and the americas.

the auto maker sold 1.24 million cars through june with sales of its electric bmw and vehicles soaring more than 40%. shares up about .6%. >> thank you very much well, one of the fang stocks getting a big downgrade this morning. ubs down fwrgrading netflix sayg the risk-reward is no longer compelling but they upped the price target to $425 a share let's get a check on the other headlines. phillip has the latest. >> courtney, seema, good thursday morning to you. sto stormy daniels has reportedly been arrested in columbus, ohio, that's according to a tweet. he said it happened while she was per forling the same act

she's performed at strip clubs all around the nation. and the 12 young boys and their soccer coach are on the road to recovery we're now getting our first look at them since they were rescued from the flooded cave in thailand the boys lost weight during their 17 day ordeal but are generally in good condition. >> the u.s. navy will now allow servicewomen to wear ponytails reversing a policy that prevented women from letting their hair down. it was championed by many black female service members that called for a standard that said they had to chemically alter their hair to meet the guidelines or wear wigs. >> thank you so much still to come a trade war and the tech sector. what microsoft's president said about china that's get a lot of buzz this morning. >> but first a high stakes sit down president trump heads to the u.k. today for a one-on-one with

teresa may wilfred frost is live in london ahead of that visit. it's wilfred, worldwide exchange's old friend. >> old and current friend i hope great to hear from you it a nato summit draws to a close the british prime minister plans to rush back to welcome president trump. he's due to arveri in 7 hours time a full preview when worldwide exchange returns and it's also a story about people. people who rely on us every day to deliver their dreams they're handing us more than mail they're handing us their business and while we make more e-commerce deliveries to homes than anyone else in the country, we never forget... that your business is our business the united states postal service. priority: you ♪ a few problems actually. we've got aging roadways, aging power grids, ...aging everything.

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president trump heads to the u.k. to meet with british prime minister we're live in london ahead of the visit. it's thursday july 12th, 2018. you're watching worldwide exchange on cnbc ♪ >> producers on point today with the music, seema good morning, welcome to worldwide exchange. >> brian sullivan is off today it's a busy morning. let's get right to contessa with today's top headlines. >> here's what's leading cnbc.com comcast increasing it's cash offer for british broadcaster sky to $34 billion that tops 21 century fox's

current bid at $32.5 billion shares of sky are higher on that news in other deal use chip maker broadcom is buying ca technologies for nearly $19 billion. this is an all cash deal broadcom will pay $44.50 a share. they blocked the $117 billion take over of qualcomm and papa swr johns founder re-signing after using a racial slur on a conference call. he's also re-signing from university of louisvilles board of trustees. he admitted he used a racial slur and apologized and said racism has no place in our society. >> contessa for now, thank you let's get straight to the markets because what an interesting move we were down yesterday on concerns between the united states and china today we're in rebound mode with the dow up 153 points.

nasdaq higher by 26. s&p 500 is up by 10. we get data on initial claims and the federal budget that comes out at 2:00 p.m. take a look at currencies. the action there in the currency market the dollar holding ground against the euro at 116, 112 against the yen. so slightly higher. >> let's take a look at what's going on around the world. look at asian markets we're higher across the board. the shanghai composite higher by more than 2% so that's a pretty good move from what we saw the day prior when there was all of that reaction to the trade war talk between the u.s. and china and europe has also begun to move higher now we're higher across the board for the major european marks at this point. >> toinijoining us to break it

is the founder and head of research good to see you. >> good morning. >> what do you make of the market action? we were down today how should investors make sense of how to dissect the trade headlines? >> our sense is the market wants to look through this they're a big issue. what we like to say is imposing trade tariffs on your best trading partners is like scoring an on goal it's going to come back and bite you basically. we do think that the trade disputes will get resolved but even if they don't, even if it detracks 2 or 3% from earnings growth over the next 12 months the market right now still expects 15% earnings growth for the s&p 500 it will make a den in the earnings growth but growth is still strong for the mark. >> when you say the trade dispute will be resolved do you mean tariffs will be taken off the table or what do you mean? >> there will be a compromise.

we do expect net new tariffs to happen but the problem for the market is every day you get the headlines of 10% tariffs on $200 billion worth of new goods and that of course rocks the market but if that even actually settles down the market can get back to what it does and we're in the middle of earnings season this should be a very strong earnings season at that and as long as evaluations still look attractive the market should be able to perform from here. >> we resolve it in some way but that still ends up meaning that we do get tariffs but it's less rocky day-to-day what does that mean ultimately for the cut that goes into gdp and into potentially consumer spending if the belief follows that tariffs are a tax ultimately that a consumer ends up paying in some way. so maybe .2% and it's going to take a bite out of this and you

look at the latest proposals on tariffs, it is going to directly hurt consumers but all tariffs hurt consumers in the end. that's a challenge they have a significant amount of gains over the last several years and we expect consumers to pick up. so there's going to be pain but the big picture is its still healthy and earnings growth is still strong for the markets. >> let's button it up with investment recommendations what are you looking at? which areas of the world sectors or any other recommendations for investors that are trying to navigate what is a very uncertain environment right now. >> we still recommend balance among the major regions. so far over the last two years we have favored emerging markets. it's been very challenging there because of the u.s. dollar

so they'll probably out perform once it subsides. >> that's a bold call. >> president trump doubling down on aattacks against nato allies. presidents have been trying unsuccessfully for years to get germany and other rich nato nations to pay more toward their protection from russia they pay only a fraction of the cost the u.s. pays tens of billions of dollars too much to subsidize europe and loses big on trade. he's wrapping up two days of a meeting with nato and now heads to the u.s. to meet with teresa may. who had a worst day yesterday? teresa may or the england

football team? i had to do it. >> definitely the england football team. the president's trump is very much on the agenda here but he's below the fold he's due to arrive around lunchtime local time his first serious engagement is tonight. black tie dinner tomorrow includes a display at the military and tea with the queen at windsor and then heads to scotland for the weekend. now the tone should start positively teresa may said once brexit happen there is will be no alliance more important in the years a head than the u.s.-u.k. relationship and despite as you just said about that nato meeting, a relatively negative

absolute tone the u.k. comes out as relative winners. but there will be points of contention on top of the list is tariffs. the prime minister said those are unjustified when imposed on the u.k. and the eu. the u.k. is also concerned about president trump's upcoming summit with president putin. protests against the president are not going to help. and there were those extraordinary comments when he said i always liked boris johnson that re-signed earlier this week. coming out later to discuss all of this. we had the first interview with the new foreign secretary that took over from boris johnson earlier in the week. so lots to discuss but the

president due to arrive in six or seven hours time. >> president trump has often come pla complained about large summits like nato saying he prefers one-on-one meetings with counter parts in which he can negotiate deals and build a personal relationship does that set the stage for a potentially protuck tductive me betweenth trump and teresa may at the spite his comments of her and her government prior to this visit. >> you're absolutely right the prime minister was the first leader to visit president trump once he took office. their relationship started strong as for what can be achieved there's no doubt about what it is top of the agenda for the prime minister some kind of announcement that a

u.s., u. k. free trade agreement would be forth coming once brexit happens and one would think that's probably something the president would like to work toward given the tone of tariffs and protectionism he has so much elsewhere in the world so remains to be seen in any agreement actually materializes. >> i'm just curious what the security situation is like around london. issuing a warning to americans in london to keep a low profile in case protests turn violent. what are you seeing on the ground could they potentially impact travel and president trump's ability to get around the city there is expected to be significant protests against the

president. around 50,000 expected on friday morning outside of the embassy and the various locations the president is going to travel but there's not going to be counter protests this isn't like a brexit issue where there's passionate people on both sides of the debate or if it was protest against the president in the united states where his supporters might want to come out. it's expected to be peaceful people should adhere advice and be safe. as for traffic and the like, the president is going to travel around purely by helicopter and largely staying out of london. his travel should be smooth and let's hope the protests are peaceful. >> wilfred breaking it down for us live in lon on tdon. >> i was rooting for england. >> i like underdog stories. >> trump gets to have tea with the queen at windsor castle.

>> do you think he'll be meeting the dutchess of sussex. >> one can only dream. still ahead, another straw on the camel's back that's what one market expert thinks of president trump's tariffs. what he thinks will actually impact stocks, next. >> this mattress company debuting a dreamy new way to step up your napping game. that and the rest of today's top trending stories we'll be back in two minutes

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>> the dow on track for a rebound. nasdaq is up 22 and the s&p 500 is higher by 9 points. take a look at crypto currencies, lower across the board, bitcoin is down 3% today. the bigger story today is that it's down just about 61% this year. >> gosh, so interesting here it's such a reversal from what we were talking about around christmas time switching gears back to trade because we can go ten seconds without saying that word microsoft president brad smith sitting down with cnbc to talk about the tech giant's relationship with china. here's what he said.

>> so yes there will be days when they might have to provide more access to technology than we would provide in other places we need to think it through. it doesn't mean we'll provide access to everything every day but we also need to to it with the sense that our success in the long-term isn't going to term nearly as much as what we share as we keep running this race faster than anybody else. >> president trump's labeling of some chinese technology as a national security threat the microsoft exec saying he thinks it can be separate with national security issues. >> in beijing with more on that. good morning. >> good morning. i think the prospects for a short resolution aren't looking very good. the commerce ministry said that the two sides are not talking and that china hasn't reached

out. just at a regular press briefing the premise of negotiations is mutual trust there's no communication on restarting negotiations. when asked about china's next step the ministry wouldn't say but did say that beijing is in the right to combat this effort because it said that this move is unjust by the united states, american companies also have been very concerned as you know that they could get caught in the cross fire they're worried about being bogged down by extra paperwork because of the government or having the government encourage consumer boycotts and so far the u.s. though has been cautious and is taking on a different tactic offering market access instead to the u.s.'s economic rivals, guys. >> withdrthank you.

well time to a turn to this morning's top trending stories contessa brewer is back with those. this is a good one we should pay attention to we got up early today. >> we got up late. >> we got up late didn't we. there's lots of scientific research that shows the advantages of a midday nap or in our case morning nap lots wish their companies would capitalize on that research. they have offered a place where patrons can rent a nap you get the sound proof space with privacy curcurtains, socks, pajamas, white noise, locker to store your stuff and you get to sleep on a casper mattress if you're paying $25 for a 45 minute nap, let's assume it leaves you 15 minutes to change the sheets for the next person are they making money on this or

is this a employ just to sell the mattress >> i think it's just to sell the mattress and people are wondering what is it like to sleep on it. it gives you the ability to try it out for 45 minutes. it's great marketing. >> and the nap. >> there are companies that do the nap pods >> in midtown there's one actually. >> wryeah we got some space upstairs. >> we'll take some pods. anyone listening. >> in their elation over scoring a goal in yesterday's world cup team croatia spilled off the pitch andright into the photographers. i just hurt myself on your computer. >> i know. >> this is kind of what happened to the photographers they got trampled. they trampled the poor folks but the players were like sorry. we're so excited we're going to hug and kiss you and they carried on with the celebration. can you imagine on the subway if this happened? you trample someone and then you have to hug and kiss them?

>> no thank you. >> you know how tesla's ceo was ready to send special technology to help the thai soccer team trapped in the cave. someone on twitter then suggested how about you help the people of flint, michigan get clean water and he agreed. please this a commitment that i will fund fixing the water in any house in flint that has water contamination above fda levels no kidding he's going to set up a dedicated e-mail where flint residents can contact him with specific issues once he returns from his international trip flint has been without clean water since 2014 and two years ago the mayor suggested this problem could be fixed for 55 murder in the second degr million. other estimates have been as high as $216 million but he has a lot of money. >> clean water is a necessity for life. >> why should we just rely on politicians to solve big national issues. you have to give hill credit

here he's stepping up to the plate and saying you're not going to do anything i'll step in. >> although why politicians haven't done it yet is a whole other question we can explore. >> that's a whole other thing. >> thanks for being here with us this morning still ahead on worldwide exchange, cautiously optimistic is our next take as we head into earnings season. we'll explain why when orworldwd exchange comes back. plaque psoriasis can be relentless. your plaques are always there at the worst times.

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the dow closed lower by 200 points indicated higher by 147 points the nasdaq and s&p 500 also pointing to a higher open. let's see if we can hold it until that opening bell sounds the paul, thank you for joining us here today. we asked our earlier guests but have to ask you as well because you follow market trends so carefully are we still following the same pattern and the next day we forget about it and move on. >> that's the play book you want to move on we've seen the gaps early in the market daily opens have been all related to trade and usually within a couple of days we have recovered background if not that day. it's more bark than bite for each of these individual occurrences is unimportant by itself but together and overtime they add up and we use the

anlage it's like a jenga tower and each brick becomes more important and it's going to be the actual event that really sets things off. i don't think we're with that. >> specifically in china even looking at the s&p 500 and could that in itself be a reason that the u.s. market continues to outperform. >> that's while we're holding up well here. the u.s economy is doing well so we have a little bit of slack so to speak any negative implications from the trade tariffs are offset by stronger growth that we're seeing so i think on that respect the u.s. is holding up better but we haven't been able to make more head way at all this year. we have been stuck at 28 the market pulls back for a president that's so concerned

about the stock market it was just ironic that trump came out with his new 200 billion in tariffs yesterday as the market was hopefully going to get above 2,800. >> i had the same thoughts and then boom it all falls apart. what are your expectations because that could be a tail wind and that's what a lot of people are focussing on. earnings are strong. >> it will be good to focus on company fundamentals again forecasts are very high. and we're seeing slightly more negative revisions heading into their period than positive revisions and we tend to see historically it sets the stage for a good earnings season and sets the barlow but historically when we see that happen it's good q-4 earnings season when earned analysts couldn't have been more bullish and we saw the market

correct 10%. >> great to have you on. >> well that's it for worldwide exchange this morning. squawk box is coming up next ♪

. >> president trump is preparing to leave nato, to leave the nato summit and head to london for an official state visit trying to get your attention and see if you're listening. live to brussels for the highlights of the summit and to london where the president will be landing in a couple of hours. bidding war, comcast raising it's offer for sky topping fox what does it mean for the other assets we'll talk to the new york times. and the founder of papa johns pizza stepped down as chairman as he admitted to using a racial slur on a conference call.

it's thursday july 12th, 2018 and squawk box begins right now. ♪ >> this is squawk box. >> good morning, welcome to squawk box here on cnbc. we're live at the nasdaq market in times square. becky and andrew are off today we had the dow down by more than 200 points at the close. looking to add ten points at the open up 146 points. the nasdaq is up 24. we're keeping an eye on the nasdaq meantime over in asia a reversal of the losses we saw in yesterday's session as the asian markets start to digest a new threat of