is . here are your five at 5:00 breaking news. the latest growth numbers out of europe just crossing we'll take you live to london straight ahead chinese tech giant huawei is suing the u.s. cnbc cameras caught up with the company's lead lawyer. we'll bring you his comments just ahead the fed is taking big steps to ease bank regulations we have the full details and hitting the skids. the dow transports just did something they haven't done in more than ten years. and what's in a name big news surrounding the --

we'll tell you what it is. it's thursday, may 7th, and worldwide exchange begins right now. >> futures are lower right now, pointing to a nearly 90 point drop at the dow at the open. we'll have more on the markets in a second. first, let's get right to that breaking news out of europe. juliana in our london newsroom with the headline. what do you see, juliana >> contessa, thanks very much. just crossing the tape, euro area q4 gdp growth confirmed at 0.2% that was in line with expectations however, the year-on-year rate has been adjusted slightly 1.1% growth year-on-year. the earlier estimate was 1.2%. slightly weaker on that

year-on-year measure, but the quarter-on-quarter measure, which is most closely watched confirmed at 0.2%. to put this into context of what we're seeing here would remind you that yesterday we saw the eocb come out with their frish forecast for global growth revised lower for 2019 in particular, in europe. karen ward, chief market strategist at jp morgan asset management what's your reaction to the numbers. >> well, we know the european economy had a difficult year last year.

>> that's lael what we're seeing in the numbers this morning. it was really the slowdown in exports that is driving that weakness >> i think this slowdown began in china long before actually we heard a lot more about washington's trade agenda. that was really caused by the tightening of domestic policy and the chinese economy. as we look through that lens, you could say the outlook for this year is more positive we've certainly seen the chinese authorities take their foot off the brake and put it back on the accelerator. that bodes well for europe i do think the trade agenda is crimping global capital spending cap-ex intentions are falling markedly around the world, and i do think that's as a result of the uncertainty i think that's

going to continue to weigh >> it's so important in europe approximately half of the gdp and the euro zone. i know that the european central bank is meeting this morning we're expecting to hear from mario draghi in just a little more than a couple of hours now. what do you expect to hear about monetary policy for the euro zone >>. >> not a lot this is the problem in europe. the tool kit is looking pretty bare we're already in negative interest rates, unlike the u.s there's been no normalization whatsoever. we are looking at minor changes, and then promising to keep

interest rates at low levels for an even longer period of time. or perhaps what the market is really hoping for is to hear that there's some more liquidity on its way these long-term refinancing obligations, these cheap loans they've provided to the banking system, they are set to roll over in the next 12 to 18 months i think that is the most we can hope for really is to hear that they -- those loans will be extended >> the eocd has also warned that the u.k. faces recession in the event that they can't get a deal on brexit. how do you plan around the uncertainty surrounding brexit is. >> well, it's a very critical week next week next tuesday the prime minister is going to put the brexit vote that she has negotiated back to u.k. parliament. we'll see. she needs another concession from the e.u. for that to have a hope of going through on tuesday. then importantly, the next day parliament will vote on whether

it would accept no deal, and i think it's at that point that you will see a resounding majority in parliament against no deal. there's still a question then of how we move forward to actually striking a deal, but i think for markets for the economy there will at least be some solis that there is no majority within u.k. parliament for no deal, which avoids some of the risks that as you say the oecd are pointing to >> can you see a catalyst for a turnaround >> globally i think, you know, it comes back to that point we made about the trade war and uncertainty. i think it was chairman powell who said uncertainty is the enemy of business. really what we want to see is this trade agenda not only with china, but also with european autos. de-escalate, and maybe even move towards a resolution i think if we saw that, there is still considerable scope for global cap ex to pick up in ermz it of how long it's left

on this cycle, which is, of course, the million dollar question on investors' minds, we know the labor markets are tight, but what has been very lackluster in this recovery has been investment spending if we really want to see two or three years added to this cycle, that's what i want to see. i want to see the trade war resolved i want to see capex intentions coming back. >> thank you for sharing your perspective and insight. >> chinese tech giant huawei is suing the united states we are life outside huawei headquarters what are you learning? >> good morning, contessa. i want to draw down into some of the specifics about the legal case about how uawei is suing the deposit. they've taken an issue with the national defense authorization

act in which huawei is named specifically, and it prohibits u.s. government agencies from buying any huawei equipment. their argument is this is unconstitutional they say this amounts to a bill of attaineder when they find guilty an organization or individual without any kind of due process, ie a trial. huawei says it hasn't had any right for its side to be heard it also says in this law being passed congress has also taken on the powers of the judiciary, and, therefore, there's not enough separation of power now, i had a chance to catch up exclusively with huawei's lead counsel. his name is glen, and asked him what he hoped to achieve from this lawsuit let's listen in to what he had to say it's limiting the ability of huawei to provide its innovative products, including 5g, to consumers in the united states

what we're hoping to have come out of this lawsuit is to have the particular provisions declared unconstitutional that congress hasn't followed the procedures that it's supposed to follow for enacting a constitutional law >>. >> what huawei is hoping here is for a chance to clear its name and restart talks with the u.s. government and potentially get itself back into the market. the next steps are a hearing of both sides the government and huawei potentially later this summer, as i understand. this is really huawei going with a front foot after spending most of 2018 under intense political pressure from the u.s. and other countries. a softer stance could come from other countries around the world.

it's between the china and the u.s., and also technological there's a huge race going on for who is the dominant player in the future for 5g, which is seen as a very, very crucial technology that could underpin a number of industries in the future have you found any precedence in the united states for this kind of lawsuit >> there was one key case that came up last year, and that was involving a russian cyber security software firm they were banned from being -- the software was banned from being bought by the u.s. government that was eventually ratified in law. they challenged the u.s. government in court with a similar argument huawei is putting forward as well. their argument was thrown out of court. they appealed. that was also dismissed. it's very, very tough challenge now for huawei as it goes to

fight this battle in the courts over in the u.s. contessa, back to you. >> thank you for bringing us that very insightful with the attorney appreciate that interview. it was the big focus today what's the back and fort here over 5g? >> well, 5g was one of the buzz words, as you said, contessa, at the national people's congress in fact, today the founder of smartphone maker -- was bragging that his company is going to come out with the first 5g phone for china sometime in may or in june meanwhile, the chairman of lenovo said that he believed that 5 g was going to spark an entrepreneurial boom here, and the ministry that oversees 5g here in china was featuring some new research on 5g, saying that china would spend as much as $224 billion on 5g network

construction this by 2025. it expects super fast wireless technology will also see three million jobs by the same time, and said that 5g is already in precommercial trials in selected chinese cities next monday, the it minister is going to be holding his press conference where he is going to be out lining the global ambitions for 5g that china has. they offered free 5g services to journalists at the press center as well as at the government building near where the congress is being held right now. >> you got to try it >> here in china when you cover major government events, oftentimes the government has the ability to jam the signals of all the journalists at the same time. all your phones go out

in case there is something they feel is sensitive. usually i rely on either my own technology or on cnbc he technology, and i think therein lies the contradiction of china, which is on the one hand, you upgrade technology, and then sometimes you're not so sure whether or not it's safe to use. thank you so much. appreciates that >> up next, a double dose have retail news. amazon pulling the plug on a key project and series getting sued. dls details ahead. first, is this a big red flag for your money one key part of the market just did something it hasn't done in more than a decade we'll tell you what it is and how it could affect your money in a big way when "world wooitd exchange" returns.

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those. >> hey, contessa amazon is announcing it will close all 87 of its pop-up stores in the u.s. next month. those pop-up shops when which are located inside whole foods, kohl's and in shopping malls let customers try out products like fire tablets and echo smart speakers as well as services like prime video the company is shifting its retail focus planning to moerp amazon books and four star stores where customers are browse and buy top rated products that are sold on amazon.com recent reports also say that their plans to open up dozens of new grocery stores in u.s. cities with the first set for los angeles later this year. these stores will have a lower price point than whole foods sears is back in court again a month after the company's chairman and largest shareholder saved it from going out of business the retailer is now being sued by stanley black and district of columbiaer over the craftsman brand. stanley bought that brand in 2017 and gave sears a limited license to sell some craftsman

products it's now accusing sears of breaching that deal when it launched a new line of tools under the craftsman you want collection name. stanley clamtz that name implies that other craftsman tools are illegitimate seri sears has declined to comment. >> thank you for that. see you in a bit a few other retailer onned move american eagles outfitters says it's fourth quarter earnings beat forecasts, but revenues missed same store sales were in line with estimates shares, though, as you can see, off by 2.77% after the clothing chain said first quarter profits will come in below estimates as it spends more on advertising and opening new stores hug yes boss says net profit rose 2% last year. that was short, though, of analyst forecasts. a german fashion house expects profit to rise faster than sales this year. hugo boss points to strong momentum in asia and on-line those shares are also off 2.78%. shares of allegan are lower this morning. the drug maker says its

experimental add-on treatment for depression failed. three late stage constituted dwris. the setback comes as the company is facing increasing pressure from activist investor david tipper he is urging aler begallegan tot itself up for sale forget fomo, the fear of missing out. cramer has a new term. he says perfectly describes what's actually happening in the market we'll tell you what it is straight ahead plus, the tax typo in the tax code here. big mistake by lawmaker that is could cost businesses across the country millions of dollars. we'll explain when "wodwe chgererns.rlid

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guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks. 21 minutes past the hour right now. dow futures in the red a slew of headlines coming out of washington this morning nbc's tracie potts is keeping track. it's busy days for you, isn't it, tracie >> it is going to be a really busy day, and it starts with paul manafort. is he finally going to be sentenced for his crimes he is looking at more than two dozen years behind bars. >> 69-year-old paul manafort finds out today if he will get the maximum 24 years after a federal jury in virginia found him guilty of failing to report 16.5 million dollars in consulting fees for the ukrai

ukrainian government the justice department says manafort repeatedly and brazenly violated the law he cut a deal, but lost it after lying and witness tampering while on bail. next week in washington manafort faces another ten years on similar charges. none of it connected to the trump campaign meantime, former trump lawyer michael cohen delayed reporting to prison to finish testifying privately about efforts to build a trump tower in russia during the campaign >> the hearings went very, very well i believe that all of the members were satisfied with the statements and the responses that i gave to them. >> he answered every question that was put to him by members of both parties. he was fully cooperative with the committee. >> cohen reportedly brought documents to prove trump lawyers tried to change his testimony. >> democrats should actually focus on doing their job, not just attacking somebody. >> trump lawyer jay sekulow

calls the testimony completely fashion. >> you saw cohen with the bi briefcase. we have not reviewed the documents that he provided the committee, but reportedly, contessa, they want more, and he is willing to cooperate. >> thank you we want too get a check on the other headlines. francis riviera is in new york with the latest. hi, francis. >> good morning to you last month r. kelly plead not guilty to -- involving four women, three of them minors. >> celebrity chef mario batali has officially ended its business partnership with its restaurant group more than a year after being accused of groping and sexually harassing several women. in a statement on wednesday, batali said he reached an agreement with batali and the hospitality group and no longer has any stake in the restaurants.

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>> huawei. we have full details straight ahead. hey, and forget fomo jim cramer has a new term for what's happening right now in the market he says it's not the fear of missing out. we'll tell you what it is ahead. employ a tax code typo a little oversight in the new tax law that's turning out to be a big problem for business we'll explain. this is thursday, march 7th. you're watching worldwide exchange on cnbc.

>> indicated to open lower we'll keep you up-to-date. new this morning, chinese tech giant huawei is suing the u.s. the company calling a u.s. ban on its technology unconstitutional the u.s. says huawei products poses a security threat, and claims its equipment can be used to spy on america. let's get you up to speed on the morning's other top headlines, and frank holland joins us for that hi, frank. >> good morning again, contessa. here's what's leading cnbc.com right now. am sflon closing up all of its stores in the u.s. they currently have 87 pop-ups inside of whole foods, kohl's, and malls. they are set to close at the beginning of next month. separately, amazon's joint health care venture with jp morgan and brockshire hearth with a i, it finally has a name.

it will be called haven. this comes a year after jeff bezos announced they were teaming up to tackle rising health care costs. and sears is back in court the iconic retailer is being sued by stanley black and decker over the sears craftsman brand black and decker is accused of breach of contract and trademark infringement back over to you >> frank, appreciates that let's get an early check on the market once again for you. the dow futures right now off 82 points the s&p futures are down by almost 7 the nasdaq futures are down by 21 points on the day indicated for a lower open this morning. hey, forget fomo, the fear of missing outs jim cramer has a new strategy for what is happening in the market right now here's what he said last night on "mad money." i can't afford to miss this

move oh, boy. those are it is days we sure don't have fomo anymore, do we? after another ugly session the dow lost 133 points, and it's getting to be a pattern. nasdaq fell .93% we've got fobs fear of big sellers. that fobs is putting pressure on the whole market >> fobs, there it is you heard it here first. joining me now is sven, founder of northman trader do you think that's driving a lot of what we're seeing on wall street? wuch been seeing a lot of job owning frankly, and it's probably the most job owned market in history we've had on

the one hand nonstop dovish fed speakers then on the other hand we get headlines every other day about an imminent china deal we see these gam ups loop them happen thursday night into friday. then the vix gets crushed into the end of the week. basically we have the lowest vix rating at the end of the week. there's no risk perception there has been no price discovery. we still dough spite some of the weakness this week haven't had any real serious technical retest of this rally yet >> i want to go through some of the things that you sent me as a note that you are looking for today. one is that the s&p 50000 just rallied back to those broken bull market trend lines. why does that martd to you >> well, you know, to me the whole question whether this is a bear market rally or the beginning of a new bull trend

still is very much open. there's a big fat warning sign, and typically what you see after lengthy bull markets when a trend breaks, you see what it termed an aggressive cal counter rally. this is where the oversold conditions get alleviated. everybody gets optimistic again. right now no one thinks about what happened in december anymore, right everybody is bullish again looking for bullish targets. we've rallied, and the break of the trend line resistance in december 2009, we just rallied back up to that trend line

>> you are also seeing die vernal ens here. the transports are seeing their longest losing streak in ten years. all the diverging data points. >> well, to me it's kind of like last year. remember last summer we had new highs happening across the board. they were divergence that's building in august and september that were largely ignored. as i said last summer, too, divergences don't matter until they do. once they do, they pack a punch, and that's what we saw last fall what we're seeing now is a different set of divergences transport is one of them because

last year actually transports made a final high before the market itself, and transports started selling off while the markets still moved. we're seeing a similar pattern now. the transports have actually already broken their uptrend so far in 2019, so it's kind of a warning sign, and the question is are we repeating here with high yield credit, this is a specific divergence because last year actually went into high yield credit like junk made a new high market. there was a very closely correlated action going on what we're seeing this year is high yield credit, but markets have it. >> one more thing here, much of this rally has really been driven by corporate buy-backs. the window for the buy-backs is closing. how is that going to affect the liquidity that we see in the market?

we have q1 earnings coming here in the beginning of april. buybacks will stop there's a black-out window to the extent that much of this rally has been driven, you know, not bill glorious fundamentals, which obviously we are not seeing that this year at this point, but by buy-backs coming in in record amounts and that portion of the liquidity then being removed from markets, we may see some additional weakness in markets in the weeks ahead. >> there is one story that i'm seeing in my feeds boy did it get me to sit up and pay attention. zoo i think alof us have with alex treb ek

he has been diagnosed with stage four pancreatic cancer he may have had an announcement in a video message >> but i'm going to fight this i'm going to keep working, and with the love and support of my family and friends and with the help of your prayers also, i plan to beat the low survival rates statistics for this disease. truth told, i have to because you should the terms of my contract, i have to host jeopardy for three more years. >> maintaining a sense of humor. he has been the host of jeopardy since 1984 he is just an institution. >> emmoo, we grew up with him. right? >> absolutely. ken jennings, one of the biggest winners on jeopardy of all time, say that alex trebek is a walter concite type figure because of his calmness and position. >> let's wish him the best of luck in his battle to come >> he is going to make those

next three years i'm definitely in his corner >> also trending today, tesla out with big updates to its charging capabilities. the company is rolling out its new super charger. this new charnler can add up to 75 miles of range in just five minutes. zbliem just wonder whag tomorrow's is going to be. >> i think there might be a tweet or something that has a good chance of that. i don't think elan musk has ever been afraid to send out a couple of controversial tweets. >> speaking of tweets and on-line stuff, kfc checken. i love this story.

i'm -- i fell for it tloks at what is clearly a major pr stunt are you falling for this >> okay. we're seeing one image right now. i have another image of my head of some guy getting in the hot tub with a buckets of fried chicken and -- >> even better >> that image does not -- >> you are double selling this me in a hot tub with chicken >> that is so disgusting >> a kfc branded hot tub >> i'm all about it. >> this is the company video >> this is amazing >> it looks leak it was designed by somebody who might have been trying out lsd where, did you see it >> my only hesitation is a hot tub fa a company that cooks things in boiling hot liquid and then me jumping in boiling hot liquid that's my only hesitation. >> why what are they going to get out of this? >> we just talked about it on c nshs for a minute. >> true that >> i'm getting a lot of on-line

support for me growing a beard i really am. people are supportive of it. the bosses said no, but maybe. >> i heard them yesterday say no frank, thanks. >> thank you coming up, the tax code typo the big mistake by lawmakers that could cost businesses across the country millions of dollars. we'll explain. plus, bashing buybacks another key senator is calling for a big crackdown. we have full details hey, frank, you know, aren't you catching the tail end of a trend anyway aren't brdonhe w oeas tirayut we'll be right back. and they're not even yours. new and improved dawn ultra lets you scrub 50% less and get done faster. a drop of dawn and grease is gone.

6:42 in hong kong where you are taking a live look right now. the city lit up, and businesses across this nation are fuming mad over a tax code typo under the new tax law businesses are supposed to be able to write off the cost of construction in the very first year, but restaurants accidentally got left out elan joins us to explain what happened here. >> you're right. experts are calling this a tax code typo. remember, this legislation is nearly 200 pages and republicans rushed to get it passed in a matter of months this is one of those things that fell through the cracks. >> matt, who runs this burger king franchise in warm front wf, spent $750,000 remodeling this location back in 2017.

>> one of the things that we did was we changed actually the roof structure and had to raise the wall >> now this very same project would cost him a lot more. a glitch in the tax law means renovations like this one no longer get a big tax write-off, and his plans to build two new stores, they're on hold. >> that's the frustrating part about this the actual depreciation rate changed back from 15 years to 39 years, which then means that we no longer can get that faster depreciation rate and we no longer get our 100% bonus depreciation >> washington is working on a correction, but it needs support from both republicans and democrats. >> this is a 15-minute fix let's do it. let's get on, and let's not play partisan games with something that affects jobs, and every single members district. >> so there is hope that a fix could pass as part of a big government spending package perhaps later this year, but in

washington nothing is guaranteed you would think with the amount of type that is in tax code, that's my code for way too much. typos happen >> it does, and, unfortunately, this is one thing that one of the original writers of the law told me was one of the -- of technical corrections. there's a whole slew of things that republicans want to fix from the 2017 tax law. democrats have said, hey, we didn't agree with you putting this law in place in the first place. we don't want to help you fix it now that you see there's so many problems with it once we've actually seen how this works on the ground that's why this has become a little bit of a political football even though everybody does agree that this was simply an error that needs to be fixed at the end of the day. >> why hasn't it already been fixed? >> the challenge has been trying to find a vehicle for it in washington something like this would not likely pass as a

stand-alone piece of legislation. it has to be attached to something. so far there haven't been enough pieces of legislation moving that this could actually be attached to. there was some thought of adding it to the government funding bill that passed to end the shutdown, but that was so politically complicated to begin with that it didn't make it in there. that's why the next big target is the big government spending tack package at the end of the fiscal year. >> which won't be -- >> there's still months to go. >> yeah, absolutely. >> thanks. stock buybacks coming under fire again from congress the latest shots coming from democratic senator chris van holland. he says he wants to consider buying company insiders from selling stock within a certain time period. some ceos worry the public doesn't philly understand buybacks and how companies use the cash that they generate. here's what the head of union pacific said late yesterday on cnbc >> if you think about all the cash we generate from revenue, the first thing we do with it is

pay wages, we buy stuff, we make sure we got the right capital structure in place, we make sure we're investing in the railroad. that's the vast majority of the use of our cash. after that our shareholders like dif dends, so we make sure we pay dividends. after that bh there's cash left over, we buy shares. our shareholders also like the tax efficient method of returning dollars to them. >> he is the chief economic correspondent at politico and a cnbc contributor buybacks got a lot of blame because they got these massive tax cuts it was supposed to go to fuel the economy to fund cap ex projects and the like. a lot of it has funded these buybacks, which has fueled the stock market rally what do you think is likely to happen will there be widespread support tore this kind of proposal in the senate >> probably not. i mean, there will be among a lot of democrats this is part of a broader trend in the democratic party to go after what people think were the impacts of this tax cut.

that it really fuelled buybacks and not as much capex where. >> and dif sit >> you see it in financial transactions tax and the people going after buybacks and dividends. >> i want to get to you on trade here because we got some new numbers that show we hit record trade deficit on goods in 2018 despite the president's intention with tariffs and, in fact, an indication that it was the consequences of tariffs that kept us from reaching 3% gdp growth >> right >> so give me a sense here of is the president tweeting about the possibility of a china trade deal to prop up the market >> he wants investors to believe that there's going to be dial with china ultimately. he is very interested in the

market going up. between $35 billion annually and $75 billion annually, and the papers conclude that those most affected by this are workers in tradeable sectors in republican districts. will there be political consequences for donald trump, for the gop supporting these tariffs because of the impact? >> i think there will be part of the reason that there is so much pressure on trump to get a deal with china to get these tariffs out of there is they're having negative political implications that's why republicans on the hill are very eager for him to

did this deal by the end of the month and stop this impact on workers and on farmers in red states and red districts >> before they have to go out and campaign >> before they have to campaign. it's just not good for them, and traditionally republicans haven't liked tariffs very much anyway they're ready to move on for this >> appreciate it up next, is your portfolio in need of a checkup why one market pro thinks the health care sector could offer up some, wait fwor it, wait for it, healthy returns. plus, a total buzz kill. one beermaker also known as a brewer, is getting a big tadogre. deils when we come back. his steinway, which met a burst pipe. so grant met his insurance: you are caller number 12. which didn't quite cover the steinway. but what if he'd met pure insurance? owned by members. he'd have met: lisa, your member advocate. who'd introduce him to gustav: leave it to me. a temporary address,

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>> they're important to skpurks when -- we disagree with that. i believe this is the best deal for us we have looked at the acquisition of celgene, and we are acquiring a number of promising molecules in the pipeline as i said, we will be launching

potentially five in the next years, but there is more than 20 in phase one and phase two clinical trials. this is the best deal for bristol-myers squibb >> that was bristol-myers squibb's ceo urging investors to back its $74 billion bid for a cancer drugmaker celgene our next guest as bristol-myers squibb as a top pick >> you are getting a 3.35% dividend yield i think they have one of the best pipelines of any -- of the pharmaceutical companies, and as we move into a population and a democrat he graphic that just continues to get older, continues to live longer, we're going to be more dependent on these companies than ever as a society. >> in general, you are really hot on the health care sector. is it because right now it's affordable >> it's starting to become affordable you know, everyone is still trying to work through how

affordable it really is. i'm just -- i'm focussing on the demographics on the cash that all these companies have you're going to start seeing acquisitions, such as this one, and you're going to also see more support politically than we've ever seen. >> we see a lot of headlines coming in about m&a, and you know, these partnerships going forward that you have. amazon with jp morgan and brookshire hathaway. how much m&a activity are you anticipating in this sector in, say, the next year >> well, that's a great question i'm surprised we haven't seen it already, but we're expecting a lot of m&a they're trying to figure out what to do with the cash that they have. they're all making money they all have very strong balance sheets and you're also seeing r & d combinations which is going to drive the acquisitions >> how volatile will that make the sector >> i think it will make it volatile, but there's also a geopolitical overhang. we're not quite -- it's going to be, you know -- >> what do you mean by that? >> there's so much talk about health care, about democrat-republican.

who is on which side you're going to see it become very prevalent in the 2020 election. the cloud is becoming super prevalent in our world and it's going to want only help with military, but it's also going to help with the development of our technology world that is -- it's the middle of something that is changing the whole world >> facebook is really coming under a lot of fire, and today you have competing headlines on one hand you have zuckerberg saying, look, we're going to focus more on private chat, and then on the other hand, you have these advertisers criticizing the business model for facebook. where do you think this space is heading? >> the space is just going to continue to grow it grew too fast, and that's where some of these privacy issues are -- >> do you think this is just a

growing pain >> it's a growing pain look where we came the last 20 years. 20 years ago with you didn't auto vur yoo computer here or e-mail, and now we're so connected to the world that all of our information is out there, and they just can't quite figure out how to get it done zoo give me 30 seconds on trade. >> look, that's not enough time to talk about it i think china and the u.s. have to figure it out they're more dependent on each other than they realized in the beginning. i think they're going to have to figure it out. you're just going to continue. we're in a global economy that's just going to keep getting more global >> michael, thank you so much for joining us appreciate it. >> thank you, contessa >> all right, a big beer downgrade just crossing rbc downgrading, abnbev to sector perform. the analyst is titling too much too young. bud's margins were way too high way too early in its career. bud shares are now unchanged in the premarket. let's see if that stays. that's if for worldwide exchange this morning hope you have a great thursday, everybody. "squawk box" is next this is your invitation to exhilaration.

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>> take a look live at the company's headquarters in china. and our big interview with the morning. becky spoke to exxonmobil ceo darren woods about the company's spending plans, growth targets, and buyback strategy we'll show you how the stock is reacting to those plans. it's thursday, march 7th, 2019.

dplo things are indicating a roer open right now. dow futures look like they're down by 75 points. s&p futures off by five and a half, this then the nasdaq down by 18. this does come after three straight days of losses for both the dow and the s&p 500. the dow, the s&p 500, and the nasdaq are all on track to post their worst week of 2019, but that's not really saying much because we have been on a pretty shait straight shot up since then >> three straight days >> we are back, and we are still in the red >> people were in a bad mood selling. like