it's 5:00 on cnbc. we begin with breaking news. a massive wildfire tearing through northern california ballooning overnight to become the biggest in the state's history. new u.s. sanctions against iran are going into effect we're live in tehran with the fallout. china blasting president trump again this morning over trade. we are headed live to beijing. investors are flipping out over zillow's latest quarter not in a good way. and can you name today's mers r mystery chart? this country's stock market has been crushing it this your despite the trade turmoil. do you want to know the answer

stick around on this tuesday, august 7 th as "worldwide exchange" begins right now ♪ all right. good morning welcome from wherever in the world you may be watching. i'm brian sullivan there's a lot going on today let's get to it. quickly get your morning money setup. stock futures are looking strong at this time of day. the dow is up nearly 90. nasdaq up 24 keep this in mind, the nasdaq is in the middle of its longest win streak in months gains today would make it a six-day winning streak for the nasdaq china, by the way, also making a huge move overnight. we'll get to that in just moments. right now we have to begin with the catastrophic fire situation in california. the mendocino wildfire exploding overnight. it's now the biggest in california's history let's get to bill karins with

more good morning to you. that's right the california fire has charred now over 283,000 acres that makes it the largest wildfire in the state's history. according to cal fire, the massive blaze has burned through 443 square miles of northern california, about a third of the size of rhode island approaching half the size of rhode island the flames have torched clear lake prompting mandatory evacuations in lake county, mendocino county there's two fires, the ranch and river fires that combined into this massive inferno 75 homes have been consumed. 11,000 other structures are threatened hot weather and winds continue to plague 4,000 firefighters battling the flames. the river fire is 58% contained. the ranch fire continues to grow that's only 21% contained.

one reason it continues to grow is because it's still hot, we're in the dry season. the wet weather doesn't arrive until the end of october, typically in november. we have have 25 million people california under excessive heat warnings, and now the park northwe -- pacific northwest will get hot, too. many areas of the west are hot, colorado included. the dangerous heat will continue today 97 when we get towards reading, where the carr fire is, that's near the sacramento area, temperatures close to 100. reading, 104 wednesday 104 thursday 101 on friday. imagine being on the front lines of these huge blazes in 100 degree heat? they have a long end of the summer ahead of them >> yes, they do. thanks to our heros out there fighting the fires also happening overnight, the united states restoring sanctions on iran. we have full team coverage of

this developing story. ali arouzi is standing by in tehran, tracie potts has more from washington on what actual sanctions are going into place today. >> it's been just over 24 hours since we've seen these sanctions. they target specific industries within iran. the auto industry, civil air industry, gold and other metals. these are sanctions eased under the obama administration, now back in place with president trump after he decided to pull out of that nuclear agreement. they come amid a currency freefall for iran. on sunday a plan announced to ease foreign exchange in terms of the money -- this is all about money now there. their currency lost about two-thirds of its value in the last six months. that's the backdrop to these economic sanctions that could cripple iran iran says it wants to make the u.s. sorry for what it has done,

the big question is whether or not these sanctions will pull iran back to the negotiationine table or push iran closer to making a nuclear weapon. >> tracie potts, thank you >> let's head to tehran for reaction from the ground ali arouzi is there. good morning the trump administration's unremitting pressure on iran is having tangible effects on the ground authorities are describing it as psychological warfare and an all-out attack on iran >> it looks like we're having trouble with that shot if we can, we'll get it back up to you ali, can you hear me all right.

if we get that shot live -- a lot of stuff goes into these shots, we'll bring that to you also new overnight china blasting president trump again over the ongoing trade dispute between d.c. and beijing let's get to eunice yoon live in china with more. eunice >> thank you very much, brian. the chinese state media has not let up its criticism of president trump. two official papers have been mocking the weekend tweet of the president which has suggested that the fall of the chinese stock market could be an indication that the u.s. would be winning the trade war well, the peoples daily described president trump's belief as wishful thinking while the global times posted an editorial with the headline volatility in chinese stocks doesn't signal a u.s. trade war win. the state papers here have been pushing the idea that the economy here is sound enough to weather a trade war. in its overseas edition the

peoples daily said any impact on a trade war would be limited and controllable and that china's advantage was its domestic market it also described washington's tactics as double-faced. saying on one hand it continues to threaten china with its steep tariffs, on the other hand it says it is willing to negotiate with sincerity so, the paper said that the chinese people no longer believe washington's sincerity for negotiations this could just be posturing for a domestic audience, and we know that the chinese have said officially they want to have negotiations with the quite. though it is still unclear whether or not the two sides are really speaking to each other with any seriousness >> yeah. but in the middle of all this, despite that rhetoric which seems to just continue to heat up, your market, which is ha ha difficult year had its best day

in two days. the shanghai composite up 2.74%. do we have an idea why the market snapped back so suddenly? there w >> there was a lot of speculation. some saying it was bargain hunting, at the same time there was talk that maybe china's national team or the government hand was in the market in order to try to stabilize stocks a lot of people in the markets look at the sentiment and then get nervous about the way the trade war has been affecting the stock market they want to make sure they feel much more calm about what's happening generally about china's economy by looking at the way the stock market performs >> yes it's been a tough year, maybe today a brief respite. eunice yoon, thank you very much. staying with the issue of

trade. it is time for a mystery chart this country's stock market, it's not one we talk about very much it's hitting all-time highs despite all the global trade tensions look at that do you know what it is tweet us your guesses. we'll bring you the answer to the mystery chart a bit later on let's turn back to the united states and your money wall street pointing to a higher open despite the new sanctions on iran, despite all the increased trade rhetoric with china. joining us is mark avalone who would have thunk it. we have this rhetoric in the papers, iran sanctions, attempted assassination of the leader of venezuela. all we get is a nasdaq that's in the middle of a five-day winning streak and a dow that continues to grind higher overnight. do you have any idea why >> well, i think it just comes down to corporate earnings we're getting strong corporate

earnings reports we're amidst global instability, that's nothing new what is new is this year we're having 20%, 25% corporate earnings growth across the board. you have global economic growth that's not as coordinated as in past years, but it's strong. we had a jobs number that jobs number was really solid. to have 2.7% wage growth for the third consecutive month, we have not had a string like that since 2009 unemployment was down. avenrage length of unemployment was down it was solid across the board. it underpins a strong u.s. economy. that's good for u.s. stocks. >> we have nine dow stocks up more than 10% this year. the average small cap 600 stock is up over 13% year to date. it has been quite a run. of course it's good news it makes it hard to make money going forward because things are also high. where are you still finding value for clients? >> you're right. it is a valuation game

value stocks have been trailing the growth side. we saw a pullback in f.a.n.g. last week. for the most part value has not fully participated in this we had a bump in the big monster banks. for how strong they are and the fundamentals, loan loss reserves are down they benefit from higher interest rates we think u.s. financials are well positioned. you mentioned small caps small caps earned 75% of their earnings in the u.s. market versus the s&p 500 companies, which were about 50% so they're less sensitive to all this tariff and trade talk so we still think there's opportunities in the market. i think valuations are the key we're looking at what's been lagging, which are, until this year, small caps and the value side >> are you buying banks? >> well, it depends. small cap banks have been huge beneficiaries of this tax cut. so have the regional banks we've seen movements there already.

they may have reached more full valuation. when you look at monster banks, you look at citicorp, which has not fully participated as we would have hoped, some opportunities like that on a valuation basis. >> mark avalone, we'll let you get back to your morning we are just getting started on a busy tuesday. on deck, two pops and a drop a pair of internet stocks soaring, one housing related name taking a nosedive the stocks to watch are coming up. and later, rock on two elderly men escape from their nursing home and you'll never believe where they went. that story and more when "worldwide exchange" returns it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered...

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xfinity gives you more of the cma fest with an encore performance from old dominion right after the show. only with xfinity on demand. and watch it live on abc wednesday august 8th. it is 5:15 on the east coast. you're looking at a live shot of times square things are getting started it finally stopped raining after three or four years of continuous rain. stocks to watch today include twilio which recorded a second quarter adjusted profit, better than expected guidance for the quarter. and the stock is up 15% right now. it's gained more than 200% so far this year. that's not the only internet company that should be making investors happy and money today. etsy's second quarter earnings

did fallshy of forecast, but revenue topped analyst's estimates. the online marketplace now expects revenue to rise as much as 35% this year that stock is up 9% after hours. etsy's ceo will be on a "squawk box" first on cnbc interview weight watchers second quarter earnings beating forecasts. the company is raising its guidance for the year. shares are lower today because weight watchers reported a small drop in subscribers from the previous quarter that stock down 4% it's had an amazing run. stock is up nearly 99% year-to-date weight watcher's ceo mindy gr s grossman will be on "squawk box. maybe she can get together with the ceo of etsy. shares of zillow today, that stock tanking, down nearly 16%

landon dowdy is here to explain why. >> zillow is getting punish after the site reported second quarter revenue that missed forecasts. zillow was disappointed that the new homes business had no revenue in the quarter on the conference call analysts asked several questions about the business like why it's taking longer than expected to generate revenue when the u.s. market is so hot listings showed a slowdown in user growth to 4% versus the high teens a year ago. separately the company announced the acquisition of some mortgage companies hoping to speed up the home buying process for users who use its zf t service zillow's ceo will be on today at 8:30 a.m. eastern.

hot real estate market, but it takes longer to flip houses than planne planned. >> you have to have houses to sell >> big "squawk box" at 6:00 a.m. eastern. >> it will be huge i will leave now and watch "squawk box. >> we need you >> exactly thanks still ahead, a world of worry for oil. could geopolitical tensions push crude back above $100 a barrel that answer ahead. and the bitcoin bust continues. the digital currency falling again. we're digging in on why next

all right. get up i 5:20 on the east coast. live shot of the capitol building they are on recess all week. let's now turn to the oil market crude is up again. it's holding just under $70 a barrel here stateside, 69.33 brent-traded crude is at 74.24, up 0.6%. let's talk more about what is driving the oil market joining us is angalie rival. the iran sanctions story going into effect today, it will get attention here but the oil part of those sanctions against iran, those are not yet in place, correct? >> exactly they kick in in november so the big question is what will

we see now and how might iran's oil exports be impacted in the coming months or will they take a hit later on in the year that's the question. what are we expecting? is china -- the u.s. wants nobody to buy iranian oil. china is a big boyer ebuyer ofn oil, and they say they will continue to purchase iranian oil. so will china effectively save the iranian oil market if the oil part of the sanctions do go into effect? >> that's what everyone has been asking and iranians are counting expo iran so you could see well over 1 million barrels a day being cut from iran. some analysts say more than 2. either way, it's a massive hit expected in the coming months. the question is then what happens to prices. could we see $80 oil

$90 oil? a return to $100 >> i will tell viewers and listeners, if they're not reading what you're writing in "the financial times" and they don't know enough about the oil markets, you are ahead of the game the last article talked about how the biggest producers in the world were switching from profits to production. they want to pump more oil are we hearing despite sanctions, despite venezuela that the biggest of the big out there will simply continue to put more oil on to the market? >> that's what saudi arabia, russia, other big producers have been saying. they'll step in if iran pulls back even then there's been recent reports where eventually it shows maybe these countries can't produce or are unwilling to produce as much as they've said there's a bunch of competing bullish and bearish factors, it's unclear what this means for

prices >> what are you hearing? is the path of least resist tane the buggi ibullish or bearish c? >> if you're saudi arabia you have to think twice about whether or not you want to use all your spare capacity to fill the gap left by iran and going into the coming months, we have opec later this year. we have to see if these regional tensions play out. if the rebels keep attacking saudi infrastructure and tankers, that's one factor to watch and how much do these producers end up pumping while they've said we're going to fill the gap more than 1 mill dwr ion barrels coming out, how much can they produce another factor we'll watch is the u.s./china trade spat and

how that might impact demand >> good to see you we'll see you again soon let's check on the other top headlines. phillip mena is in new york with that good morning the stage is set for another explosive day in the trial of president trump's former campaign manager, paul manafort. prosecutors will bring their star witness back to the stand, rick gates during his first day of testimony, gates admitted to committing crimes with manafort and embezzling hundreds of thousands of dollars from his former boss. the chairman of nascar is taking a leave of absence after being charged with dui and possessing oxycodone he was pulled over after running a stop sign in new york. he has issued an apology to his family and nascar fans. spacex has done it again for the first time the company

relaunched its powerful falcon 9 rocket the block five booster blasted off from cape canaveral earlier this morning, successfully deploying an indonesian telecommunications satellite into orbit minutes later it landed on a spacex drone ship. >> space which doing all right thank you very much. still ahead, this country's stock market hitting all-time highs. a couple of you already getting this right on twitter. what is it tweet us your guesses. and celebrities are just like us. keith urban short on cash couldn't afford a coffee at a wawa in new jersey we'll show you what happened next why did i want a crest 3d white smile?

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a massive wildfire in northern california exploding in size overnight thousands evacuated, businesses threatened this is the largest fire in california's recorded history. the u.s. restoring most sanctions against iran iran lashing out at america. and china taking a page out of the playbook and pooh-poohing a big movie release. that's ahead as "worldwide exchange" rolls on

welcome back thank you for being with us on this tuesday morning i'm brian sullivan a lot to get to today. let's kick it off with landon dowdy. >> here's what's leading cnbc.com now a catastrophe iic wildfire in northern california exploding overnight. fire crews are working to contain the blaze. it scorched nearly 284,000 acres of land and destroyed 75 homes. president trump reimposing sanctions on iran.nnounced the decision to withdraw the u.s. from the deal earlier this year. beijing blasting the u.s. accusing it of being double faced. the state media says the u.s. is showing zero sincerity when it

comes to the trade disputes. futures are up strong. we're coming in to a relatively good period for stocks the nasdaq has done something it has not done since april or early may, which is post five days in a row of gains the nasdaq futures are up big now, about 20 points the dow is up 5% this quarter alone. nine dow stocks are up more than 10% this year. futures indicating we could add to that number today let's dig deeper into the markets. joining us now is steven england er from standard charter bank. we know on these calls currency moves have become a big topic. you have trade and tariffs on one side, currency on the other. how much has the move in the u.s. dollar impacted our equity

markets? >> i think there are two things happening simultaneously there's increasing confidence in the u.s. economy some sense that while on the margin the trade issues are not a positive, they're not a game changer in any sense so positive news is dominating and despite the fact that chinese currencies were dropping like a rock, the normal chinese equity market response to currency weakness didn't occur, the equity market was falling which suggests confidence was deteriorating at the same time >> what do you think will happen with that chinese currency we've seen -- for viewers that have not been initiateded in e chinese currencies, there's the renminbi, then a free floating cnh. we're seeing a divergence

between them will the chinese currency continue to devalue? >> you can't preclude any number here the gamesmanship with respect to tariffs is occurring on both sides. each side so far actually has not been hurt that much. they want to ramp up the pain on the other side part of the response is tolerating weakness in the currency some of that weakness is organic because the economy is soft and chinese monetary policy is easy. so there's reasons for the currency to deprecate. i don't think it's intentional ultimately if they come to a resolution, and the right resolution, which is low tariffs on both sides, chinese currency will maybe not go back to 6.30, but it's likely to appreciate. >> how much do you think it will

happen >> i think the boost has will give to chinese assets, it could take a distant distance forward. i won't give you a point estimate >> what else is the key to you chinese currencies, u.s. dollar move what else are you watching >> i'm surprised that investors are not paying more attention to the midterms and some polls which show there's a chance the democrats win big in the midterms it's true that the electoral map favors the republicans, but i think given the tepid response of the democrats to tax reform and some other economic measures, were they to actually look as if there was a wave and that this might extend to 2020, you have to wonder how robuste e

under those circumstances. >> we'll see you soon. thank you very much. breaking news from the president. the president up early and tweeting out right now about the iranian sanctions. the iran sanctions have officially been cast these are the most biting sanctions ever imposed and in november they will ratchet up to another level. anyone doing business with iran will not be doing business with the united states. i am asking for world peace, nothing less world peace entirely capitalized as well. the futures again, and the price of oil to see if anything is reacting to the president's tweet. dow futures were up nicely beforehand they still remain so dow futures up 80. so that tweet, the ratcheting up of the tension between iran and the united states, not affecting

things much. we're seeing a market that's become immune to some of the tweets that have come out from the president. we're not seeing a market reaction in futures or in oil. you will read a lot today about how iranian sanctions are going back in place, and they are. most of those have to do with metals and gold. the oil part of the story do not go into effect until november. that's where the president asked any world nation to not buy iranian oil if that's the case we could see 300,000, 400,000 barrels a day of iranian oil come off the market, unless china continues to buy them. oil not part of the sanctions yet. we are following a developing story out of china. protest erupting in beijing's financial district let's get back to eunice yoon

with more on this developing story. >> thank you very much it was business as usual today in beijing's financial district after yesterday's police crackdown on protesters. of organizers said thousands tock to the streets outside the banking regulator's office and hundreds of police swooped in to stop the demonstration they were angry about the money they had lost in the peer to peer lending industry. you have to remember here in china it's still very difficult for regular people to go to the mainstream banks and get money so this industry, the peer to peer lending industry flourished what it does is that investors, regular investors are matched with ordinary people who want to raise capital and open businesses or buy new things so the industry has taken off. a lot of that is because of the high returns about 8% to 12% compared to less than 3% at most traditional

banks. because of the tighter regulatory conditions recently and liquidity crunch, a lot of these lenders started to fail. what is uncommon is to see these types of public protests but what is common is the mindset that a lot of these protesters had, which is that the government is going to come in and bail them out if they go to a government office that's what we saw yesterday brian? >> eunice yoon with more on that story. dramatic video there thank you very much. as you can tell, it's a very busy tuesday a lot more still left to do. we'll talk about banking on facebook the social media giant calling the big banks for a high stakes project. we'll break down the details ahead. and the bitcoin collapse bitcoin slipping now below another key level. we'll find out what is weighing onhe t cryptos when we come back it lets you know where your data lives,

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welcome back 4:41 beautiful shot looking across the chicago river. as they start their day. sun about to come up if it doesn't, let us know that's a problem facebook is calling on big banks to share detailed financial data about customers. arjun kharpal with a story that on the surface people would not like, but yet the stock

continues to rise. >> it's the idea what facebook is asking banks for is checking account details, latest transactions in order to turn facebook messenger into an interface for your financial transactions rather than you going to an app on your bank or a website. it's all about the idea that facebook has all these assets, instagram, facebook messenger and whatsapp and investors want to see facebook monetizing that it's interesting that it comes at a sensitive time. we have the cambridge analytica data scandal happening facebook in its statement about this story made it clear this would be completely opt in the eddata would not be used for advertising. the key part is about keeping people information safe and secure i was in china a couple weeks ago it seems like facebook is borrowing something from tencent, which owns the

messaging service wechat in china. where we have loads of different apps here, we go to a banking app, messaging app, everything is built into wechat ordering food. ordering a taxi. doing banking. that's been key for tencent to keep users in its ecosystem and sell them other services i think that's what facebook is trying to do, bringing banking into that. so trying to keep them in the facebook universe and hopefully make more money out of them. >> as big and powerful as facebook is, it's clear they have wechat money. paper money is used more in the uk and u.s. than in china. still a lot of things facebook would like to do better. i want to talk about something you've been talking about, cryptocurrencies specifically bitcoin

it's up now, it's back below,000. $7,000 what's the issue with bitcoin? >> i think the problem is there's not a lot going on a lot of the hype and promise this year is that we would get regulatory clarity on bitcoin, some new financial products coming to market, some etf products none of that materialized in the u.s. in other jurisdictions around the world and in the uk. the promise was a lot of institutional inceste eincest - investors would get involved in cryptocurrencies and the actual exchanges themselves, there's been cyberattacks on exchanges. >> there's been a lot of theft the s.e.c. came out and said you

have a lot of unregulated exchanges, fraud, and you have people with other cryptos going missing. it's a major problem >> it's a huge problem, and i think that dents the mindset a lot of people got caught up in the hype you had a lot of this theft happening. a lot of people have been put off by that, especially big investors. those who will commit capital to the crypto space those factors have culminated in this space where bitcoin is fairly stagnant. the fact there is no news to give investors promise is a problem. one stat i was looking at is how much bitcoin's market cap is as a percentage of the entire cryptocurrency market cap. that's at the high for the year. it's the highest level since bitcoin hit those near $20,000

prices last year potentially that might be a catalyst for increased and renewed interest in the bitcoin space. >> there's a lot of serious news today. i have to say you gave us a smile on set now in my mind i'm picturing somebody trying to touch bitcoin with a stick it's like digital currency, poking their commuter screen with a tree. >> just there trying to make the chart move >> i say, what's this? time for the top trending stories. landon dowdy is back with those. >> don't touch that with a ten-foot pole please this is a good one you are never too old to rock out. >> what's that >> two elderly men reported missing from their retirement home in germany turned up in an unusual place. they turned up at a heavy metal festival 25 miles away they were having a good time and

were reluctant to leave. the men did agree to return home to their retirement community voluntarily. >> if they're watching, i want to quote ac/dc right now this is an important message for those about to rock, we salute you you have no idea what i'm talking about, do you? >> i don't live in a retirement home like you. >> it's a song >> i know ac/dc is a retired teacher was trying to do a good deed by buying a stranger's coffee when he was short on cash. the stranger was keith urban the woman didn't believe it was urban at first once she was convinced, urban thanked her and posed for a photo. >> i love this that wawa is sort of near my house. i've been to that wawa i want to say this, everybody who thinks new jersey people are mean, there you go this woman is awesome. all right. yesterday we brought you the

story of finland's mission to end daylight savings time. today japan is hitting back considering adopting daylight savings time so the 2020 tokyo olympics can schedule events during cooler hours of the day it would move clocks forward for two hours between june and august but it was met with aggressive resistance on japanese social media. surf's up. the third annual world dog surfing championships wrapped up in california naming winners and raising money for animal charities. the event did hand out medals, all the competitors were good dogs so cool. >> got a new surf brand. billa-bone coming up, the last chance to guess the mystery chart this is one of the best performing stock markets in the world. all the trade turmoil has not shut this market down.

the answer coming up ahead. and china taking a page out of eyor's playbook the story about china's censorship coming up ort or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks.

. it's time to reveal today's mystery chart. this global stock market is reaching all-time highs. the answer is india. india has been on fire though, by the way, the trump administration and india expected to start trade talks between those two countries coming up. we'll see what happens it's ban heeen a heck of a run. let's turn back to the broader markets and your money and bring in seema shaw. i know you have been pulling back from emerging markets generally around the world there are still some pockets of

strength are you still finding places like india or others to invest in globally? >> yeah. i think when it comes to how you will insulate your portfolio from these traders, it's a question of is it something to hide from or are you looking for gains? for india it's a place to be positioned in. not just hiding out. one reason we've seen a great performance from india compared to other countries is because it's insulated from the trade tensions on one hand, if they have also delayed a lot of conversations, deferred the retaliation they were maybe suggesting before, and plus it's in somewhat of a closed economy, which means in this environment it will outperform the interesting thing is we were outside -- i was in asia last week if you're not in china, there's a sense of positivity. they feel like positioning is more attractive. they feel evaluations are more attractive they need something to turn positive and then they're

willing to get back in on the china side, there's a feeling of negativity and concern that this downward run has further to go. >> that's why you've been become more positive on the united states the dow is up 4% in the past month. the nasdaq on a five-day winning streak as well do you remain more confident that we are the best house on the street >> i think so. i think for the rest of the year the u.s. equity market with outperform a lot of the rest of the world including emerging markets. at the moment the economy is doing better than expected the trade tariffs work in favor for the u.s. at the moment coming into 2019 we may see a slightly different story as the u.s. economy gets hit by its own trade tariffs in terms of inflation, business sentiment and as the fed continues to hike for this side of this year, i

still am quite positive in the u.s. equities. >> what is your biggest concern then we talked endlessly on this program and others on cnbc about how corporate earnings are great. profits are up buybacks are strong. tax rates are cut. we get that. you're paid to worry what's the biggest worry out there? >> i wish i could be a bit more exciting, but i think the strayed wtrade war is concerning. many people think trump will pull back from the protectionist agenda he has the midterm elections coming up. this is a great way of exciting his base there is a protectionist streak in him he has been talking about it for several decades. this is not just the last two years. i don't see he will push back from where he is now i feel like this will continue to be ramped up until the end of the year >> seemseema, we look at that ae

keep showing that, china had its biggest one-day gain in over two years, a nearly 3% gain. does that one-day move make you more confident in china? you think this is the start of some good investment opportunity or some kind of random bounce? >> kind of a debt cut bounce comes to mind. i think china has a lot of concerns growing it's not just the trade side but a slowdown in their economy. they have financial regulations coming up which is weighing on the market the depreciation of the renminbi is a concern there is a lot of concerns out there. from my side, i would prefer to stay on the sidelines until maybe trade talks start to improve. valuations are much more attractive but we need something to improve to get to the point where people want to start getting back into the chinese equity market.

>> seema shaw joining us from the uk, pleasure see you soon thank you. let's wrap it up with the most random but hopefully interesting thing you will hear all day. we call it your morning rbi. here it is it looks like the cute winnie the pooh will not be headed to china. disney's latest film is reportedly being banned in that country. not because of any concern for anti-government messages or anything like that get this the movie is apparently being banned because china's president hates winnie the pooh because so many people on social media have mocked him by suggesting that he looks like winnie the pooh xi jinping, winnie the pooh. apparently it bothered him so much that disney may lose out on a lot of box office receipts random but iertintesng we'll see you tomorrow on "worldwide exchange. a big "squawk box" with the

futures up big is next

good morning a massive wildfire in northern california exploding in size overnight. thousands evacuated. it's one of the largest in california's history the latest on this story straight ahead. new overnight, the u.s. restoring sanctions against movers, etsy sharply higher, weight watchers and zillow are getting crushed. we'll bring you interviews from all three of those companies first on cnbc. it's tuesday, august 7, 2018, "squawk box" begins right now. live from new york where business never sleeps, this is "squawk box.

good morning welcome to "squawk box" on cnbc. i'm wilfred frost along with andrew ross sorkin joe and becky are off today. joining us for the hour, michelle girard from natwest markets. good morning to you. >> good morning. >> thank you for joining us. andrew, thank you for having me. >> thank you for coming in on short notice, no less. >> >> alwaalways a pleasure. equity futures following a day where we saw slight gains. nasdaq up 0.6% the s&p up this morning the dow is up 76 points nasdaq up about 20