tv Worldwide Exchange CNBC June 26, 2019 5:00am-6:00am EDT
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economic opportunities around the world. trade is high on our agenda and it's about free and fair trade we're looking forward to the meeting between president trump and president xi ambassador lighthizer and i have been involved in negotiating i hope the message we hear is that they want to come back to the table and continue i think there is a good outcome for their economy and the u.s. economy to get balanced trade and to continue to build on this relationship the president layi >> the president there saying he will try to keep some sort of goodwill what's your reaction >> i look forward to the meeting. i hope we can move forward with a plan the president wants to see the right economic opportunities this has been going back for the last 2 1/2 years president trump and president xi
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have a close working relationship we had a productive meeting at the last g20 i look forward to this one >> will we see a deal by the end of this year >> i can't speculate on that i'm hopeful but there needs to be the right efforts in place. this is not a deal for the sake of having a deal we were about 90% of the way there. he'll see what we get. one thing on the minds of a lot of folks in the persian gulf area is the potential for that international coalition in terms of protecting shipping lanes in the persian gulf and the strait of hormuz. i caught up with brian hook over the weekend, he suggested the possibility of this. what kind of conversation are you anticipating when you come to the g20 on this specifically? will we see monetary contribution can we expect to see their ships in the persian gulf?
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>> will be discussions this is an important issue not just to the region but to the world and to china where they depend on energy. the u.s. is a large exporter of energy now we will continue to show leadership in the region we have a lot of assets in the region i'm meeting the admiral of the fifth fleet this afternoon based in bahrain the u.s. has been a leader and will continue to be a leader as the president said, we'll balance our interests and the rest of the world has to be part of this >> at the end of the day that's trillions of dollars of u.s. tax money going to work to support the fifth fleet, and their job is to keep these straits open and the strait of hormuz open. is this the point where we need the cooperation of the asian markets? >> the u.s. under president trump's leadership, we made a major investment in our
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military that is something that is very important to our swresinterests. the president also wants to see our partners and allies contribute we should not have to absorb the cost of defense all over the world. >> i have to ask you, when we talk about what will happen at the g20 and we talk about these trade talks, one thing we study in this part of the world is the foreign policy aspect of anything you do on the economic side of things for the chinese in ththis is not about a trade deal but also saving face, and their relationship with north korea. we need the chinese, don't we, when it comes to the situation with north korea and getting a deal there as well how do you balance this? at the same time you want a great deal for the united states, they need to go home looking like they won as well.
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china and the u.s. have the same interests when it relates to north korea. neither one of us wants to see north korea with nuclear weapons. that is a major focus of boost of ours and our allies china has been important in helping us with the sanctions. i look forward to their continued coop rag in thaeratio area china has a large growing middle class. the u.s. can absolutely continue our exports into that middle class. i think the economic reforms that president xi put forth are very important to china. china's economy is slowing china needs to create more job opportunities for their growing population and quality jobs. they have a need for ed keg.
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medicine is somewhere where the two countries can work together. there's lots of area force cooperation, but we need to get the trade area balanced. >> mr. secretary, thank you very much for joining cnbc. >> thank you >> brian, back over to you >> hadley gamble, thank you very much all right. more from the treasury secretary later on in the show coming up, it is 5:05 at cnbc global headquarters. a major pump price alert news just crossing that big philadelphia refinery that exploded last week could be offline for good reports it will shut down permanently. gas futures are spiking. we will dig in on the fallout. curb your enthusiasm that is the message from jerome powell with stocks sitting near record highs mideast tensions are on the rise president trump taking new aim at iran yet again. we have a rare live report from
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inside tehran. micron higher on earnings. more coming up, and here we go again. bitcoin continues to break out is the crypto comeback for real? it seems to be, it's above 12,500 on this wednesday, june 26th as "worldwide exchange" begins right now ♪ >> afternoon, good evening and welcome from wherever in the world you may be watching. i'm brian sullivan you heard from treasury secretary steven mnuchin making headlines on china, trade, and everything in between. first breaking news. reuters reporting that philadelphia energy solutions, the operator of the largest and oldest refinery on the east coast and the site of that massive explosion where we were yesterday and fire on friday is
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exploring closing. a shutdown would cost thousands of jobs and squeeze gasoline supplies in the most densely populated area of the united states the refinery could still change its plans, but according to reuters it is expected to begin layoffs as early as today. as we reported on monday, that refinery is as much as 27% of area gasoline supply gasoline futures are up 3% on that news. we'll keep you up to speed as that story develops. stock futures are higher right now. will today finally be the day that we hit a new record high on the dow jones industrial average? we had back-to-back losses on the dow. the dow now off about 1% from its all-time high. that 69-point jump not enough. but we're in the green it's early anything can happen. all this as federal reserve chairman jerome powell down
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played the chances of a july rate cut he said any policy decision will be based on a broad scope of data >> anything that matters for the achievement of the dual mandate can matter for us. that is true of financial conditions and many other things also financial conditions, our policy works through financial conditions we don't react to any one financial condition. it's not one thing, it's the broad range of financial conditions we try to look through short-term changes >> those comments rattling the market yesterday, sending the dow lower. by the way, ten-year yield still just above 2%. 2. 2.02%. let's dive into the stock market, the federal reserve comments joining us now is james lu from
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cle clearnomics. all-time highs are great, they make a nice headline, do you feel this amazing market run -- we'll show later on in the show how much everything in the world is up -- is it starting to run on fumes or can the federal reserve and the economy keep it going? >> we've been on a roller coaster ride in the last week with the fed almost assuring the rate cut in july, now trying to take that back a bit the reality is that investors should be careful what they wish for. typically speaking, historically, rate cuts at the end of the cycle are generally not a good sign. usually these happen when the economy is already slowing, the fed is typically a little too late to act. that spells trouble for investors. this time is different the fed is extra cautious in this case. what we're seeing from the fed is that there's political pressure and they want to be extra careful with all the geopolitical and economic risks out there. the fed is being saw shcautious
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the fed can't counteract all those problems out there >> some seem to believe it can the market keeps this run. people say it's the fed. it's the fed to your point, if the fed is cutting rates, maybe they see something, something in terms of a slowdown that should contract multiples on the market and that should maybe make stock investors a little bit worrieder vigilant >> i important to remember the debate over whether the fed or shouldn't cut, that's a debate that's been happening for some time the volatility we saw last year in q4, that was around this exact same topic there were outcries from market participants that the fed should cut rates. the market dropped and bounced back there are a lot of issues out there, but the question is is the fed a symptom or a cause if the fed cuts rates, it doesn't address the true problems that there might be in
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the economy. the problems right now are the economy is just fundamentally slowing. it's not that there's an expiration date, but we are late into the cycle the second piece is all the geopolitical risk out there. so the fed can try to counter act what's happening in the marketplace with those big geopolitical headlines but they can't address the core causes of the problem. what do we do. >> our argument for most investors out there is to stay the course we think a diversified portfolio is still the best approach you're hedging against any risks out there. with the ten-year low and stocks still doing well, you can hedge either way you don't need to be concerned day-to-day with headlines around global trade or what the fed is communicating to the market on a week by week basis >> james, thank you very much. when we come back, the
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countdown to the g20 details emerging ahead of the trump/xi face-to-face set for later on this week eunice yoon will have more. and we'll head liveto tehran as president trump issues another new threat to that anything that. and it could be the most anticipated congressional hearing in years robert mueller agreeing to take the hot seat a live report from d.c. coming up a busy hour still ahead when "worldwide exchange" returns the ai i need? it's gotta scale across my business. starting here, in procurement, helping us find the right suppliers. then here in logistic, to avoid disruptions! here in sales. even here! i'm talking about ai we can build to work... here, predicting trends. and here, wherever our data lives! and here, working with all our other ai! i think we're done here. expect more from ai. ibm watson.
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welcome back global tensions are front and center ahead of the g20 summit later on this week president trump issuing new threats to iran following heated reaction from that country's leaders over the new economic sanctions. plus new details ahead of trump's highly anticipated face-to-face with china's xi jinping. as always we have live team coverage from around the world we go to tehran and we have eunice yoon in beijing eunice, talk about the expectations or the lack thereof
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for the g20 this week. >> the chinese foreign ministry would not comment on the most recent reports that the u.s. is considering holding off on new tariffs on 3$300 billion worth o chinese goods. the talk has been that the decision could come after presidents trump and xi meet at g20 as a way of both of them to market to their domestic audiences back home. a senior trump administration official said the goal of the meeting at the g20 will be to help find a new path in order to restart negotiations the official also had said that the u.s. wants china to go back to the deal that the two had before the talks broke down but the official added that the u.s. would not accept any conditions around the u.s.'s use of tariffs. that might not bode well for a trade deal because the chinese have repeatedly listed their preconditions for the trade talks which include the u.s. lifting off of the imposed
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tariffs. the u.s. official said the huawei's cfo case could come up in the discussions, but for the most part both sides have been managing expectations down for progress in this discussion. the global times ran an editor criminal last night saying the twists and turns in the past year have reduced peoples expectations of a decisive deal. brian? >> eunice yoon, thank you very much tensions between the u.s. and iran also expected to be a hot topic at the g20 summit. ahead of that hadley gamble sat down with steven mnuchin who is weighing in on the growing risks in the region.
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>> that must mean they're working. if they're this upset about the sanctions, that's an acknowledgment that they're working. again, i want to be very clear, our issue is not with the people of iran. there is really bad behavior they're sponsoring terrorism throughout the region. creating instability they are endangering our partners and allies and our interests and we will not stand for that >> we go live to tehran, iran for a rare inside look what is the commentary inside of iran around this situation >> it's quite fiery, brian even just this morning the supreme leader spoke he referred to the trump administration as a hateful bunch that only insult iran. he said his nation would never acquiesce to u.s. demands, never retreat, never surrender hassan rouhani, the president of iran, also spoke saying the
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latest sanctions that target the supreme leader only show how desperate the united states are as they're scraping the bottom of the barrel of sanctions brian, as every day progresses, relations between tehran and washington continue on a downward spiral. almost every daythere's an incident, action, remark that spikes tension when president trump sanctioned the highest authority in the land, iran called his administration mentally unstable and a bunch of liars that were not interested in dialogue tehran said by sanctioning khomeini that washington killed diplomacy with tehran and there was no chance that tehran would ever talk to washington again. and things are only set to get worse. as of tomorrow, iran announced it will exceed its limits of 300
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kilograms of low enriched uranium. they could keep 300 kilograms, the rest has to be shipped out of the country they say they're keeping that. and on the 7th of july iran said it will dramatically reduce its commitments to the nuclear deal. they have not given a lot of details, but if that involves enriching at high levels, i doubt you will see more european support for the deal it's only going to make animosity and tensions highe and more unpredictable >> ali arouzi with that, thank you very much. still on deck on this wednesday, one stock surging today because in part it continues to do business with huawei plus could you soon be driving an apple car it is perhaps the talk of the morning and it's next.
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boxes, chips and apple leading your stocks to watch on this wednesday let's begin with fedex, fourth quarter earnings and revenue beating forecasts but the company warns that u.s./china trade tensions and the ending of its contract with amazon will squeeze profits in fiscal 2020 shares of micron are higher this morning the chipmaker says it has resumed some shipments to
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huawei this after determining some products are not subject to the u.s. export ban on that company. micron's third quarter results beating forecasts and it expects demand for chips to recover later on this year that stock up 10%. and completing the hat trick, apple is buying self-driving drive.a for an undisclosed amount that company was running low on cash and reports say it filed with regulators to shut down dozens of engineers and designers will join apple. up next, one major u.s. city took a major shot at tobacco futures are up 117 could today be the day the dow hits a new record high we're just getting started futures are in the green "worldwide exchange" returns tethafr is for your heart...
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dow futures are up 124 points the dow just over 1% from record highs. we're seeing a lot of green on the screen we're up 122 points right now will today be the day that we get a new record we'll find out and when we come back, gasoline futures, they are surging, a breaking report says what we talked about on monday could
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straight ahead the death of retail may be greatly exaggerated. we talked about it why one big sector is taking on the tariffs and winning. stacey widlitz is with us. and forget your rally cap, break out the fedora why the bulls on wall street are partying like it's 1938. we'll explain on this wednesday, june 26th. you're watching "worldwide exchange" on cnbc. ♪ welcome back and good morning. it's 5:31 on the east coast. thank you for being with us. i'm brian sullivan we have breaking news this morning on a story we've been following for you for days reuters reporting that that massive philadelphia refinery which exploded on friday may never reopen as we showed you on monday, key parts of thecomplex were completely destroyed in the blast. the refinery may not have the money to reopen.
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reuters reporting that there's concern about the long-term physical stability of some other key components this is the largest refinery on the east coast it is the oldest operating refinery in the nation it supplies 27% of regional gasoline, jet fuel and supplies. any shutdown could cost hundreds of jobs and squeeze gasoline supplies in the busiest and most densely populated area in america. the refinery and the company, energysolutions, could still change their plans, but they're expected to begin layoffs of 700 union workers as early as today. gasoline futures are up 3% on that news. keep an eye on pbf, which is a new jersey-based company is expected to fill much if not all of that demand along with valero and phillips 66, those three companies will be in play on this news.
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will today be the day we get a new record high on the dow jones industrial average we've been saying it for a couple of days now but futures have not been in the green like this dow futures up 124 points right now. s&p and nasdaq futures are up as well we are halfway through the 5:00 a.m. hour here in new york the benchmark ten-year yield at 2.02%. we have about $13 trillion in negative yielding debt all around the world there's a lot going on today let's move on now to our guest with stocks sitting near record highs, many investors are still wondering if there are hidden opportunities out there. your next guests have a couple of names for your consideration. joining us is linda vaxian and michael bappis linda, first to you, with a pretty solid market run and a
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good june. do you still see value out there? if so where? >> sure. we are cautiously optimistic longer term. we expect some volatility in the shorter term to deal with earnings, the g20 that was just mentioned, and the fed however we do still see some opportunities around the markets, specifically we like a balance between value and growth so companies that have strong balance sheets, cash flows, good managements, that have pricing power. we see some of those still in technology and in reit sectors >> michael, same question to you. with this kind of a market run, record highs, the dow close to a record high, where are you guys seeing value >> a lot of our clients are focused on wellness, whether it's financial wellness or getting healthy. we're looking at the pharmaceutical sector. people are looking for yield
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now. we're looking at bristol-myers they are -- afrnl >> a little company called bristol-myers. stock down 11% this year >> they're trying to work out the celgene purchase >> a lot of people did not like that >> looking at valuation, they're trading ten times next year's earnings you're getting a 3.5% dividend yield and they're continuing to look for wellness. we have a demographic more dependant on pharmaceuticals than they ever have been we think that space and bristol in that space has more room to run. >> we look there as well pharmaceuticals, we saw that deal yesterday, abbvie buying allergan do you see any value in the healthcare space, one that until eventually lagged the market along with energy. >> absolutely. healthcare has lagged the market
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this year, however in the shorter term it will be clouded by political issues with washington drug pricing and headline grabbing presidential hopefuls longer term we agree the structure of the population is such that it's growing older. it needs more healthcare so longer term over the next decade or so absolutely. but in the shorter term there could be volatility. heading through the same growth rate, the same concept is reits, where it does have the dividends that investors would want. but also maybe the data centers are tied to more structuraltech more data need for companies as the economy grows. >> financials. jpmorgan chase, a name you and i have talked about a few times. it gets a lot of attention
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jamie dimon gets a lot of attention. you're seeing a lot of value in jp >> we have not seen the effects of the tax overhaul now. they are making more money than they ever made the red tape is moving away. >> they say the bond yields, the lower rates, great for homeowners, great for home buyers, bad for banks that want that net interest margin expand a bit. >> the net interest margin will expand at some point people are still buying bonds and still buying anything to do with a bank. they're coming to you for a mortgage they're investing in a cd at your bank. you're still getting interest. you're getting interest on a bigger pie >> linda, we talked a lot about a little company in china called huawei we know about the ban. is huawei's ban and their pain cisco share hoerholders gain
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>> cisco came out in the first quarter and took china out of its earnings estimates for the rest of the year but cisco more broadly is returning 50% of its free cash flow to shareholders in addition to benefiting from more communication, data needs, more infrastructure changes that are occurring through the whole industry.cisco is a more struct langer term play with derisk out of china because of the first quarter. >> linda and michael, we have cisco, bristol-myers squibb, jpmorgan chase, in a market that some say is overvalued, you are still finding value. >> steven mnuchin talking everything from iran to china a sit-down interview with cnbc in the last hour. he spoke with hadley gamble in
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bahrain. hadley joins us now with a wrap-up. he did, indeed we talked about everything from iran to middle east peace to a preview of what we'll see later in the week at the g20 summit. i want to quickly get to what he had to say about iran. some 80% of the iranian country is already under sanctions the value of the real jumped, and the united states sanctioning iran's supreme leader and top officials within the iranian revolutionary guard. there are expected to be more sanctions later in the week including potentially the country's foreign minister i asked what other tricks do you have up your sleeve? what comes next? >> this week the president signed a new executive order giving treasury even broader authorities to put on sanctions to the supreme leader's office and assets held by them.
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we will continue to enforce our existing sanctions i announced this week specific sanctions against individuals that have been responsible for bad activity >> that was the treasury secretary seeming to say there that there are mosh optir. o mon the table for more actions i asked about the peace to prosperity conference, he said i'm excited by the amount of people we got in the room. if you look at the western press and the press internationally, it's been pretty negative about what's taken place over the last 24, 48 hours whether you love him or hate him, getting all these folks in the room, it would be unlikely that you would have gotten christine lagarde, christine swartzman out here in the middle of the summer in bahrain to talk
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about mideast peace. a lot of people nay saying on this, but mnuchin said there is potential. he also said we're at 90% at a deal with china. >> you've been bringing us a lot of big interviews. a lot happening in your region glad you're there. thank you very much. coming up, rocking retail. believe it or not, we found a bright spot at the mall. it's got us scratching our heads about the health of the u.s. consumer and up in smoke what one major u.s. city did that could be a big blow to big tobacco details when "worldwide exchange" returns.
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every day, visionaries are creating the future. ♪ so, every day, we put our latest technology and unrivaled network to work. ♪ the united states postal service makes more e-commerce deliveries to homes than anyone else in the country. ♪ because the future only happens with people who really know how to deliver it. welcome back and good morning. thank you for being with us. dow futures up 124 points. web, futures at this hour have
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tended eventually to understate the market moves the dow just over 1% from a record high. we're not up 1% on the dow futures, but we are in the green. it's triple digits anything can happen. maybe today will be the day we can put to bed this new record high on the dow. traditional brick-and-mortar retailers continue to struggle amid fierce competition from amazon and fewer customers driving to the mall. but there are names who have been outperforming lately. look at this in 2019 walmart up 19% dollar tree, 21% dollar general, 26%. ross and tj maxx also soaring. but i thought tariffs were supposed to kill the retailers joining us now is stacey widlitz. i'm glad you're here one month ago yesterday you and i did this we had a segment we talked about is the death of
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retail because of tariffs gra y greatly exaggerated and could retail do well people said no way look at those numbers. tariffs have not killed retail yet. >> yet is the key word >> hedge my bets >> if you look at the group you talked about, what do they have in common? they have in common value. what do we know? we know prices will come up in the second half of the year. so on a relative value basis for the consumer, who benefits walmart, ross stores, dollar tree dollar tree is going multi price point, so they can ease the impact of tariffs coming in, versus a single price point dollar so, yeah, all that group has value in common. >> what is interesting, show though name those names again. i'm not knocking the media, we are the media >> can't knock yourself.
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>> the tariffs will kill retail. those names, those names rely more on lower margin, cheaper made -- not phonedi ioffending cheaper made goods from china. shouldn't those companies have been hurt most by the tariffs on these chinese imports, not the high-end, but those. look at that >> yes for dollar tree, sure. they have that low price point offering, which if prices go up, costs of goods go up, they get whacked on margins but you look at tjx, that's holding inventory left over from department stores, they're getting the goods overflow for stuff that didn't sell in q1 so all of a sudden they have all this good inventory they can sell at the old cost of goods. and walmart, traffic driver. they're still increasing comps
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through traffic not ticket that's the key to investing in retail long term. >> why are the hedge funds, they clearly see something in the names that says to them retail is going to be okay. that the consumer is not -- all we hear about is the consumer will get crushed because prices are up 15% clearly the market doesn't believe that >> i think the smart money believes that again these guys on a relative basis, if prices go up in other places, they gain share. that historically is what we have seen when there's significant inflation in consumables and other categories also some of these companies are growing their earnings mid teen percentage, which is hard to come by compared to the department store space, which is just continually losing share to the likes of tjx >> are retailers that you see as
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you do a deeper dive, anybody out there still struggling, the tariffs are another punch in the gut. they're not the reason, but they just add a layer >> it's another punch in the gut. and if you think about the second half of the year, the media, this is all we hear about, pricing increases coming. consumers in q2 maybe pull forward sales. they've expecting price increases, maybe that helps the current environment. >> maybe tariff also hurt, but now everybody is sort of stocking up. >> stocking up and the retailers are stocking up so they don't have to payt the higher costs. when we do see higher prices, maybe the consumer already spent in q2 and q3 >> we have seen wages rise a lot of states have a $15 men m minimum wage
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there are some good things happening. >> that's good for the consumer but not great for the companies that have to pay $15 an hour when traffic is down high single digits stick around for this next segment. we have the top trending stories, and one that apparently involve stacy. >> it's a great trending segment. do you watch "the office?" >> the british one >> no the american one >> i like the british one. >> a lot of people do watch the office netflix will lose one of its most popular shows in 2021 nbc is pulling the show from its streaming platform you can still visit t"the offic" on the new streaming service which starts in 2021
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>> a cheap plug for nbc. to the west coast now, san francisco is the first u.s. city to ban e-cigarette sales the ban will be approved until e-cigarettes receive full regulatory approval from the epa. juul is headquartered in san francisco. the companies feel like it's sort of helping people move away from nicotine and cigarettes >> juul, based in san francisco, as you said. high valuation and little -- can you imagine if your product, you're based in that city, they ban the product you make i will say this, if you walk through new york, you smell the sweet cotton candy and all the -- >> cucumber mint >> every block it smells like -- >> it's disgusting, it rots in your face. >> it smells like rotten fruit
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or an old salad bar. >> we will probably see some appeals. if you're headquartered in that city, this comes out - so what's old is new again at pizza hut the restaurant chain is bringing back its old logo that it used between 1967 to 1999 market share has been slipping pizza hut's current logo has been in place since 2014 it won't an total remodeling of the stores, but you'll see it on some packaging >> now i know why you're here. will this help >> here's the deal now i can say we've hit retro peak if pizza hut is going back to its old logo. >> which is the old one? >> the color of the hat. it used to be red, now it's -- >> there's a hat or a roof >> a roof. >> a pizza has the >> the roof.
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you see also now they have the red thing, that's supposed to be a splash of tomato sauce i don't know if this will work what do you think? i think again they're trying to play this retro cycle. it's worked for a lot of brands. you know, bring it back. >> i have a pair of old adidas sweat pants, my little brother told me those are cool again >> levis, everything -- >> everything old is new again >> yes we're new again. >> we're cool again. >> the hat the pizza hat. a new store. >> now i'm hungry. >> at this hour you're always hungry. on deck, we are firing up the "worldwide exchange" time machine. why the bulls are partying like it's 1938. a staggering stat about your money that you haveto hear it's your rbi and it's ahead
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>> you get a car you get a car! you get a car! you get a car! you get a car! >> you get stocks! you get bonds! you get gold you get bitcoin! you might be wondering why we're playing that famous old-school oprah winfrey clip because it is what it feels like to investors out there now because everything in the market is pretty much up. if you've not been paying attention to the world, you need to this year, this year we want you to know this, the dow up 14% the nasdaq 100, up 20% gold up. bitcoin up 212%.
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the tlt, that's the treasury bond etf, up 9%. where is the hyg the junk bond etf, that's up 11%. it's not just here the french cac up 17 germany up 16. brazil up 14 i'm getting dizzy. china up 21% there's so much more out there exactly what is up with everything being up? joining us on the cnbc news line is guy adami guy, why in the world is everything in the world, every asset class everywhere higher? >> central banks have flooded the system there's a global race to zero in terms of currencies. everybody wants to de-value their currency next to the next guy and gal. the fed is looking for inflation, they're not looking in the right places. everything you just described,
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brian -- great to see you again -- is inflation at its pinnacle it's madness and we're going down this rabbit hole. the fact that president trump calls out mario draghi about lowering rates, de-valuing the currency, he's doing what they want us to do? it's madness at the highest level. it's unsustainable at some point something has to give i think it's going to come in the form of the equity markets full disclosure, i thought that for a while now. >> you're not the only one, guy. at some point all that that we just showed, number one, i don't understand where all that money is coming from, that everything is -- it's not like pem aople ae selling one thing to buy another. i wonder when that downturn does happen >> listen, i do think we're on the precipice of it
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i'll say this, you look at what's going on in the world, and you talk about tensions with iran, about a po shetential for u.s./china trade deal, the last guest said we are 90% there, but that last 10% is a difficult one. i think the vix at 15 is madness. you know, in this environment the vix should be at least 20 if not 25 equity markets should be discounting something, and they're not. i don't think they are because there's a belief that somehow our central bank has our back and i think that's folly >> do me a favor on "fast money" tonight, the theme song has to be "you've got a friend" that's the central bank's position. guy, great to hear from you. we'll see you tonight. >> you're my friend, brian >> thanks, guy time for your morning rbi. you know it's been a good month for stocks, but do you know how good it's been
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get this, as of right now the dow is on pace for its best june since 1938 we're not even close to breaking that in june of '38 the dow gained more than 27%. but history says this kind of gain could be good news. because after june of '38, the dow gained another 15% random but interesting see you tomorrow good morning some breaking news moving the markets. treasury secretary steven mnuchin sitting down with cnbc about an hour ago. dow futures rising as he delivered a progress updated on the china trade talks. micron shares are on the rise after the chipmaker determined it didn't have to halt all its business with huawei and netflix is losing i most viewed show to comcast we'll tell you when and why "the
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office qus q office" is leaving the streaming service. it's wednesday, june 26, 2019. "squawk box" begins right now. ♪ live from new york where business never sleeps, this is "squawk box." good morning, everybody. welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's take a look at what's been happening this morning steven mnuchin making news in the last hour -- mnuchin gave a progress update on trade negotiations with china that helped to drive the futures higher >> i'm hopeful we see a deal but there needs to be the right efforts in place this is not a deal for having the sake of a deal there is a pat
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