♪ it is 5:00 a.m. here at cnbc here is your top five at 5 the week has arrived investors bracing for the busiest five days of earnings. apple, verizon, gm, exxonmobil and, oh, about 150 more companies set to open up their books. the pressure is on the fed holding its two-day policy meeting this week the markets expecting some say needing the first rate cut in more than ten years. now a former fed chair weighs in on route to china, high level u.s. trade negotiations heading back to shanghai this week for the first high level talks since that trump/xi face to face last month what you need to expect coming

up merger monday from big pharma to finance. the appetite for deals kicking in all around the world. and disney doing something this year that no other studio has ever done before, oh, yeah, we still got five months to go in the year. so grab your e-ticket. it's monday, july 29th, "worldwide exchange" begins right now. ♪ y good morning, good afternoon, good evening and welcome from wherever in the world you may be watching i'm brian sullivan so happy to be back with you especially on this very busy monday bind us, shares of mylan labs, myl, stock is up 27% in the market deal with pfizer for their generic drug business may be eminent. without this morning's move, shares of mylan were down.

th this reverse that. that will be your stock and your deal of the day. we'll get more on mylan and pfizer in just a minute. macro perspective, here is how your week is setting up right now. futures not giving us a lot of indication about this market so far. let's call it down 15. let's call it flat to be generous on a monday now, last week solid for every index but the dow. small caps and tech both up more than 2%. we have a guest that says one of those is still a great deal for your money will bring that to you in a few minutes time bonds been more stubborn on an old mule benchmark ten-year note sitting still. the upshot of that mortgage rates going to continue to stay low. around the world, kind of a mix to lower trade you'll notice a trend. the trend is that we don't

really have a trend. in the asia markets, look at that, we're down a little bit, hang sang okay down a percent. shanghai down a tenth. japan the same europe similar trade as well mostly in the red. ftse up a percent as well. we have the boris johnson put on this either way, we're not seeing a huge trend out there the markets clearly are waiting on the federal reserve, which is, of course, the biggest event but it's a big week. here is what to prep for not only is it the busiest week of earnings with names like aping, gm, exxonmobil, chevron and beyond meat all reporting, but the u.s. trade delegation departing for china today. tomorrow is day one of the two-day fed meeting that rate decision likely a cut on wednesday. thursday, the uk central bank will weigh in. and friday, the july jobs report as we said, it's a big week, but

of course don't worry, we have you covered right here on cnbc it will be a doozie. all right, let's now get back to the fed because the central bank is widely expected to announce its first interest ratecut in decade all the way back since the financial crisis and now one former fed chair is weighing in. frank holland joining us now with that. frank? >> good morning, brian former fed chair janet yellen says she is in favor of a 25 bases point cut to the benchmark interest rate due to a slow-down in the global economy. yellen saying the trade war created an uncertain global environment for business while speaking at the aspen economic strategy group meeting in colorado last night. the u.s. economy it is still going strong based on recent data on friday, the second quarter gdp report was better than expected at 2.1% and unemployment is near historic lows at 3.7%. >> although the u.s. is doing well, i would be focussed on wanting to keep it doing well,

to keep the expansion on track and i think in light of the risks i would be inclined to cut a bit. i wouldn't see this as the beginning unless things change of the major easing cycle. >> when the central bank meets this week, policymakers are widely expected to lower interest rates by 25 bases points, just as yellen supported. it would be the first cut in more than a decade and seen as a move to counter slowing growth the fed said they would take action to expand the economic if needed the fed raised rates for the first time in nearly a decade when yellen was the chair. so between earnings, the federal reserve and trade, what should you be focussed on? where should you be paying the most attention joining us now is ceo of commerce street capital. dory, is this the market that not only will demand a rate cut on wednesday but will need a

rate cut on wednesday? >> you know, that is a real interesting question i don't think anyone knows the answer to that yet we're kind of torn between something that looks like a helicopter parent dealing with a small child in the market or is this something we really need. and because we had these gdp fluctuations all over the place, it's hard to tell. but one thing is clear is that inflation number and that inflation target is not up, so i think you're going to go ahead and see this quarter point cut then we got to decide, hey, is this a hedge or insurance move or something of a trend. >> i mean, literally unless you just sort of crawlen out from a rock rip van winkle style, you know the fed has talked about a rate cut for some time one if we get one as expected does the market even move >> you know, that's hard to say. i think it will. i think the market wants to run

here we have a pretty good economy going. there's a lot of good news going out. most of the earnings surprises are to the upside and above average. i think you can see the market move pretty good this week, even with no news coming out of chi that >> okay. planning for what's expected, dory, as you know is easy. planning for what's not expected is hard. what if we do not get a rate cut? >> well, that would shock everyone and i think the markets would be disappointed you would see the markets react negatively to that market had been priced in as you know 50 bases cut points or at least close to pricing that in i think they will sense this more about a quarter of a point right now. we'll see. we'll probably get good numbers all week which will beg the question why are we cutting rates. when you look at these gdp numbers it makes some sense. >> you said you think the market wants to run what's the most -- forget about -- put the fed to the

side what's the most bullish thing out there right now that you're seeing, dory >> well, the whole market. there's a lot of cash out there. and a lot of cash in the world and we're sort of the best of the worst markets, if you will, if you're looking at gdp numbers and yields and where everything is right now so, i think you're going to see people just pour into u.s. markets for some time because i'm not sure there's another place to be. as far as sectors, we're very bullish on banks right now especially if you're still worried about a recession. it's not -- it's priced right. recession is priced in they're at all time high capital levels pe ratios, 30, 40% discounts to what they should be and the rest of the market. and banks are growing, they're managing their net interest margin it's a good place to be. >> the valuations or any of that stuff matter avocado is 2 bucks and want it, they'll buy it 4 bucks, they still want it,

they'll still buy it do people care about the fundamentals, they have that money, they need somewhere to put it, bonds are returning effectively on a real basis after inflation and stocks are the only game in town. >> boy, you hit a really good question, where else are you going to put it? >> you answer that >> oh, me answer that. >> any other place to put it at all? >> no. i don't think so you're seeing a lot of money going into privates, private equity and private placements. >> that's its own world. >> that's its own world. but if you want liquidity in the world, where else are you going to be but the u.s. stock market? >> it's like that lounge at the airport. people seem to go into but we don't know how they're getting in, that's private equity. good stuff we'll see you later on this week i'm sure. >> thank you. when we come back, we are just getting started, softbank's sun back on a spending spree this time reportedly investing 2 billion in one of southeast

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♪ good evening to all our viewers there. a live shot of hong kong where it is 5:12 p.m making headlines here this morning and there, chinese industrial profits fell 3% last month from a year ago following a gain in may. in corporate news, this is a big one, pfizer reportedly in talks to merge its off patent drug business with mylan. pfizer shareholders will own most of the new company. combined company will have a new name based in the united states and its products will include the epi-pen as well as pfizer's viagra. london stock exchange says it is in talks to buy financial data firm refinitiv. that deal will be worth $27 billion. by the way, that will make a combined company really a big

challenger to bloomberg lp. asia, ride hailing firm grab says it will invest 2 billion into indonesia over the next five years using funds from softbank singapore-based startup is valued at $14 billion. plans to raise more than 6 billion in capital by the end of the year still on deck, tensions rising in the strait of hormuz as the uk sends another warship to the waterway. we'll give you a live report from that region next. later, no cheap coats here a pennsylvania 16-year-old just won $3 million playing video games in the first-ever fortnight world cup. congrats to him. raise the cup. drop out of scol, ayhopl fortnight. we're back right after this. new align whole food probiotic.

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they use stamps.com all the services of the post office only cheaper get a 4-week trial plus postage and a digital scale go to stamps.com/tv and never go to the post office again. welcome back we have a developing story in the middle east because a second british warship has arrived in the persian gulf to maintain security in the region iran says, though, the move carries with it, a quote, hostile message. hadley gamble joining us live from the region. hadley >> reporter: good morning, brian. that's right this war of words now between teheran and london is continuing and that's in spite of the fact that the remaining signatories to the jcpoa, the iran nuclear deal, met in vienna over the weekend to try to continue to hold that deal together, they say. all of them, of course, except for the united states.

now, when it comes to the united kingdom, they are not having this talks with iran we heard dominic rag saying with sky news earlier today that teheran can't barter some kind of deal and that iran can't go about detaining foreign vessels unlawfully so the situation right now is essentially you had on sunday all the former members of the jcpoa trying to hold the deal together, minus the united states, of course, and at the same time, the deputy foreign secretary of iran saying at the end of the day what we want to do is try to continue the dialogue here. we're still having disagreements with our counterparts but we still want to keep on talking. now, wondering about what this actually means going forward seems as if the europeans are still trying to get this european system of payments that could potentially get around u.s. sanctions up and running, but they haven't managed to do that yet at the same time, as you very well know, iran is trying to

enrich uranium and violating that deal as well. this meeting in vienna, one wonders what the europeans are trying to get out of that. >> hadley gamble, thank you very much. on deck, more unrest in hong kong where protests continue to turn violent what the chinese government is now saying this morning about those demonstrations later, forget bitcoin. how about buying your next lunch with gold? sounds impossible, but it's not. we'll meet a company doing just that coming up ♪ more, more, more

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august 2. ♪ welcome back it is 5:22 on the east coast thanks for being with us this morning. stock futures not giving us a lot of indication about the markets today. it's the busiest week of earnings season this quarter, more than 150 companies are set to report their number, exxon, chevron, apple, verizon, gm and i won't name the other 145 still, that's a lot. the price of oil, it is again kind of a similar story, perhaps every asset class waiting on the federal reserve. remember, that interest rate decision where a cut is expected on wednesday, that's what the markets around the world, not just here, but everywhere may be waiting for. the price of crude oil at 56.23.

but just because the markets are moving, doesn't mean we don't have a lot of top stories. in fact, we have a big one out of d.c. because there's another key resignation in the trump cabinet. nbc's tracie potts joining us now from d.c. with more on that. tracie. >> hey, good morning the director of national intelligence out as of august 15th middle of next month dan coats and the president have bumped heads a number of times over russia. remember when he was famously sitting next to andrea mitchell and seemed out of the loop on the fact that russia's president had been invited to the white house. he was also butting heads with the president over north korea publicly conflicting with him over whether they really wanted to give up the nuclear weapons so now dan coats is going to be out. the president tweeting about this, saying that he will be replaced by john ratcliff, at least he'll be nominating north texas congressman john ratliff

a former small town mayor turned congressman who also served as a u.s. attorney and counterterrorism and now served on the intelligence committee. the president also said that an acting director of national intelligence will be announced some time soon >> tracie potts in washington, tracie, thank you very much. now to the world outside of washington, where northern california grievesfrom yet another mass shooting. here now with more on that is phillip mena. >> good morning. chaos erupted at one of the country's largest food festivals in gill roadway, california, after a gunman opened fire three victims have been confirmed dead and a suspect was killed by police investigators are looking for a possible second suspect right now. officers have identified a 6-year-old boy, stephen ramero as one of the victims. at least 15 other people were hurt. the unrest in hong kong is showing no signs of slowing down as protesters took to the streets for the eighth weekend

in a row officials say sunday's gathering started peacefully but took a turn when tons tens of thousands of protesters blocked the roadways in a press conference overnight, officials in beijing condemn the violent protests saying the clashes have a negative impact on hong kong's image. and fluke tag might mean flight day in german but during the red bull competition there was a lot of crashing. 38 teams from across russia brought their ridiculous-looking human powered vehicles to a canal in moscow. the teams try to fly their machines as far into the water as possible. they're judged based off distance, creativity and showmanship. it's a tradition started in germany back in 1991 from seeing that video, they're judging mostly on showmanship and creativity because nobody seemed to get much distance. >> no. especially the guy with just the box didn't even have any wings

just kind of went right over. >> yeah. more effort. some people gave more effort than others apparently >> what is that emu? >> might be. when we come back, you better buckle up because your next guest says it may be in trump's best interest to keep the trade war going into next year plus, its shareholders lost more than 30% this year, but they may have reason to cheer this morning shares of mylan are soaring 25% has to do with pfizer. we'll give you more on that big money story when we come back. (vo) the ant mindlessly marches on. carrying up to 50 times its body weight. it never questions the tasks at hand. but this year, there's a more thrilling path to follow. (father) kids... ...change of plans! (vo) defy the laws of human nature... ...at the summer of audi sales event get exceptional offers now!

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♪ welcome back and good morning. three big stories front and center for you this morning. first, more than 150 companies are opening up their books this week two, the much talked about, most anticipated fed meeting in years is finally here. why wednesday could bring the first rate cut in a decade and three, top u.s. and china officials they are ready to resume their trade talks in shanghai, but will anything really get done this time? it is monday, july 29th. you're watching "worldwide exchange" right here on cnbc ♪ at least somebody got ahold of the music while i was gone.

welcome back thank you for being with us here on cnbc. my name is brian sullivan. happy to be back not a loot of change in futures down about 22 points did you expect that? because we have a federal reserve meeting on wednesday that everybody has been talking about. we're expected to get a rate cut. is it going to be a quarter point? could it be even half a percent? whatever we do, if we get a cut, it will be the first rate cut since the financial crisis so don't expect a big move in the markets between now and then we got a ton of earnings, more than 150 but unless some of the biggies like apple and others if they really just sort of blow the doors off or really scare the bejesus out of everybody, we won't see a big move in markets. bonds, same way, 2.07% on the benchmark ten year they have beenholding pattern for a while. we had a decent move in hong kong down 1% the rest of the markets not a

big change kind of a similar story in the european markets maybe a little bit of a boris johnson jump in the uk, if you want to call it that the ftse 100 up 1% the rest of the markets are down a couple .1s these markets are entirely beholden to our fed but certainly our central bank has the power to move the world. all right. there are two big deal stories in the works this morning. of course we have full team coverage right here on cnbc. we are in london covering the lon con stock exchange plan to buy financial data firm refinitiv. and meg at the nasdaq her sources tell her pfizer is in talks to merge with mylan. meg, i want to start with you, great reporting as always from yourself, when i read this news, i wondered is this a deal for the entirety of mylan or part of mylan. if it is only part, what goes

and what would stay? >> well, hey, brian. welcome back it's nice to see you again i'm glad you're feeling better. >> thanks. >> it does sound like it will be all of mylan that will combine with a small part of pfizer. pfizer is going to die vest a business of its off patent branded drugs, drugs like lipitor, viagra. it will die vest that and combine with mylan the combined company could have sales on an annual basis of more than $20 billion it's a pretty substantially sized company. this up john unit is based in china and has 20 of those very well known brands. celebrex is another one. mylan sells the epipen so what's going to happen here is that pfizer shareholders will own the majority of the company. mylan shareholders will own slightly more than 40% and the management is going to shuffle,

too. you're going to see mylan's chairman becoming the executive chairman of the new company. heather bresch is planning to depart from the combined company. and pfizer executive who led up john will be the ceo of the new company. it's going to receive a new name and going to be domiciled in the united states. we're waiting for more details potentially this morning the reason you're seeing mylan shares up this morning, they have really declined from that high in 2015 you can see the die verging paths of the two company under pressure from the pressure of the epipen but really a tough environment for generics and legal issues the company is dealing with along with the rest of the generic space including investigation into drug price collusion. this was first reported on saturday by "the wall street journal" and confirmed it from our sources over the weekend. >> so effectively then heather bresch leaving as well, well known to our audience as well.

we talked with her exclusively a couple years ago during that epipen scandal mylan is going away as a company called mylan, correct? >> that's what it sounds like, brian. they have been considering strategic alternatives in the face of the share price performance. and what i'm hearing from talking with folks over the weekend is that this is a best case outcome for mylan in terms of evaluating what was possible for the business. >> wonder where they will be domiciled. big part of the pittsburgh business scene that merger if they move could be a blow to the steel city. we'll see you all day long on cnbc i know you're going to dig into it thank you. >> thanks, brian. london, the ft because the london stock exchange shares rising to a record high after they said they're in talks to buy financial data firm refinitiv. it's one of those companies that we internally talk about and use everyday, you probably talk about, use their data everyday the majority of americans

thinking who is refinitiv and why are they worth $27 billion. >> yeah. it was a rebranded refinitiv in the not most attractive name out of thompson reuters which may be a name that people know well this was the unit that basically produced the finance and risk analytics for thompson reuters and the ubiquitous poor little brother to the much more better well known bloomberg terminal. these two are the major devices which you'll find on trading floors around the world. bloomberg terminals with a larger share than the refinitiv ones we broke this story on friday night 6:00 p.m. in the financial times london times at 1:00 a.m. on saturday morning the london stock exchange put out a statement confirming our story saying they would pay 27 billion dollars for this enterprise

value. now, how they're going to pay for this transaction was also spelled out. $12 billion pounds of new shares, $15 billion in new stock to the refintive shareholders. those shareholders are black stone, canadian pension fund and thompson reuters itself which retained 45% stake in the business which is why you saw thompson reuters canadian traded shares soar on friday on our report because the market was still open there and the stock responded positively now you see the lse shareholders the big question is would they find this deal attractive? they clearly have. >> is this dear entirely designed finally create a massive competitor to go after bloomberg lp >> yeah. that is definitely michael bloomberg's empire is definitely now potentially going to have a real competitor. it's been lacking in sort of design and many things that will be a big question mark

in terms of how they can develop it and improve it in the coming years but there will be size and scale in a way that there's never been with this asset the london stock exchange is incredible moment. 18 months ago this company looked like it was dead. the ceo was ousted it had a merger with its main european rival blocked by brussels and london itself its role as a financial capital was under threat by the potential brexit which still hasn't happened, by the way. the uk leaving the european union. but all of a sudden with this transaction, the lse actually doubles in size, becomes both a data giant to take on bloomberg and much stronger competitor to things like intercontinental exchange and cme group which everyone assumed it was just a sitting duck to be bought by one of those companies this is all done under its new ceo david schwimer no relation to ross from

friends. david was brought in april, not really well known guy, brought in last april to basically steady the ship. when he arrived they had already been working on this plan as i discovered over the weekend to buy refinitiv. the lse share price has steadily go up over the past 12 months to give it the currency to afford this transaction. >> i'll tell you what, people sbrn trying to break down that bloomberg wall for 25 years. i worked there for a long time good luck. it could be a massive deal, $27 billion bucks. great job breaking the story to you and your team. thank you very much. >> thank you. now let's turn to trade because the u.s. trade delegation set to fly to china today to resume high level talks. joining us now is john rutledge. good morning, john. >> good morning, brian. >> it feels like a lot of light dating does anything ever happen or is this polite hellos and a couple

finger sandwiches. what's going to actually happen here >> unfortunately it's that it's like when you have dinner with an ex-spouse because shouldn't we talk, you know? and so, this is the first get together since -- >> it's like why are we doing this >> that's right. it has to start somewhere. it blew up in may. it's coming back together. that's good. if this week works okay then they'll come back to washington the following week or week after that and they're not -- they don't have a big agenda. they'll talk about agriculture, how many soy beans they'll buy and they'll talk about huawei and what sorts of huawei products our government will allow our tech companies to supply them. i think that will probably be it there's a new player the new player is the head of mofcom, ministry of commerce he's a little tougher. but it's good they get together. the biggest weakness we had is that our team had so little china experience before this

they have been there enough times that they're starting to get to know the place. i think that's a very good thing. >> what exactly does the united states want? we know they want intellectual property protections is there anything more specific than that that the group can float out to the chinese and say, listen, you give us this and we can make a deal >> no. there was a deal in february almost and the basic parts have been well known for a long time dealing with tariffs and intellectual property and property rights and things like that the two hangups have been number one verification, which means our guys want to wander around china with clipboards checking on them. their sovereignty won't allow that i told our trade team in person that that wasn't going to fly. the other thing we want that they won't give us is they want to go to assemblers of iphones to creators of branded, global

tech product like huawei and zte. they won't give that up because they don't want to assemble iphones forever. basically they want to be treated like peers as i told wilbur last time we visited, i said, the thing china really wants out of this is they want you to offer them a seat at the adult table in the world conversation. >> is that going to happen do they deserve that table >> well, they're as big as we are right now. and, yes, they do deserve it and that table might actually improve their behavior over time but, we're not going to give it to them because, as you said earlier, it isn't what america wants, it's what mr. trump wants. there's an election next november this issue is just too tasty to let go he has immigration and he has we hate china politically he can't possibly let this dissolve before then. >> if he makes a deal in the

next 12 months, makes a deal no matter how good or bad the deal s let's say it's the bigliest deal in the world, okay? >> yeah. >> all the democrats, the leading candidates are going to say trump caved on chi that. look at all that tough talk and he caved they know that he knows that. >> true. it also if that deal happens, he will no longer be able to rail against the chinese and huawei and the like so he loses a great campaign topic. so basically it's not in anybody's interest here to solve this thing in the next 12 months i think it's going to go into the next administration. and we're going to have every other week another exciting headline to look at. this week, though, with the get together, get acquainted again, bring the issues to the table and announce something about trade and something about huawei and i think that's it. that's enough for the first visit. >> sounds like a long, long ride john rutledge, soften up

always a pleasure. thank you very much. >> you bet. do you want to own gold or maybe it's too heavy to carry around we have an exclusive interview with the ceo who wants to change that so you can use gold to buy a couch. later on, think twice before you tell your kids to quit playing video games because a 16-year-old just won $3 million because he plays ten hours of fortnight a day.

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jason. all right. a gold-backed debit card >> yeah. >> first off, how do i -- let's say i like it. i like the idea. >> yeah. >> how do i load the card with money? >> you download the app. >> shove gold in the atm. >> download the app from the app store. we register. we approve the account then you load it with an bank transfer or debit card payment then you can buy gold for as little as 1 cents worth or millions of dollars worth. we're democratizing gold and making money's new standard. >> it's almost like a pre-paid card in a way? >> no. the gold is in the vault in switzerland. the point of transaction when you swipe it whether i'm in mumbai or tokyo, new york, california, we just debit just a little bit of gold to send -- to create the invoice of merchandise. >> i buy an ounce of gold. 1,300 or 1,400 bucks in my account. >> yes. >> i can literally swipe it for

$24 lunch? >> yeah, absolutely. >> what do you carve off a sliver of that gold bar? how does that work >> we sell just enough gold to cover the transaction. we sell it for dollars and the dollars go through to the merchant by mastercard who are our partner. >> so what's the upside of using the glint gold card versus, you know, a dollar >> well, the dollar as are many currencies has depreciated 80% in my life time. you go back to 1971, hamburger cost 75 cents. today it's 3.75. that's what inflation has done to the u.s. dollar gram, one gold would have bought you two burgers and today it buys you 12. money depreciates in ways outside of our control, but gold doesn't. >> so why would i want to use gold then to buy something >> money should be something that is something you save and spend. bringing more superior form of money to everybody in the united

states. >> how do you make money >> every time the customer buys or sells their gold, we make 0 .5%. we're a transactional based business and merchants pay us a little bit. >> what does the gold market have to think of what you're doing? >> we have to wait and find out. we're excited about launching today. i hope everybody downloads the app before they forget >> you look at a gold-backed debit card and i can see the appeal of it in certain ways but the other way i can say, okay, what about bitcoin do you then expand into -- could i use platinum could i use silver. >> sorry >> is this just the beginning of using other assets, cryptos to make it easier to do everyday transactions. >> what we believe is gold is the ultimate form of money central banks hold it. it's being used as money for thousands of years it just couldn't be used in electronic payment. >> that's the biggest problem with gold. it's great until you try to

spend it, right? >> we just solved that. >> that's the whole point. >> we solved it. you can now use gold as money. we created your own personal gold standard. >> is that your tag line >> no. >> if it's not, you should use that. >> yeah. just thought of that. >> created our own gold standard. >> the debit card launches today. >> it launches today, yep. look at our website glint pay.com. >> you can use it anywhere that mastercard would be accepted >> anywhere in the world 35,000 feet in the airplane if you want. >> i'm going to buy this lunch using gold. >> now. >> jason, good stuff thank you for coming on "worldwide exchange." on deck, what is old is new again at the box office and it's a winning formula in a big way for disney the eye-popping box office record that was just broken this weekend.

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♪ 5:51, we're seeing the sun pop up it will be another scorcher today. but aside from the weather, let's find out what else that we're going to be talking about today. frank holland is here with your trending stories frank? >> today is one of the days that mom will be salty. mom who told you not to read comic books or play video games, guess what big news from the weekend box office, quinton tarantino had his best opening weekend ever. "once upon a time in hollywood" film took home $40 million domestically was not enough to take the top spot going to disney's "lion king. "lion king" earned another 75 million here in the u.s. disney has brought in a record $7.7 billion at the box office this year. three of its films across the billion dollar mark, big part of

all that avengers captain marvel and aladdin. lion king and toy story 4 are expected to cross the billion dollar threshold. >> whoever is running disney's movie studio better get a bonus. >> it's paid in spades. >> almost in one movie i think it was a $4 billion deal. >> something like that, yeah. >> two avengers paid for the entire marvel thing. >> it's been brilliant now to the video game world, the world of fortnight crowned a new champion, 16-year-old american kyle won the inaugural fortnight world cup solo final in new york, yes, that's a thing. he managed to get by 99 opponents earning 59 points through six games. the runner up only scored 33 points he took home the trophy and $3 million bucks. all from playing video games. >> that kid needs to take 30 minutes a day off of games,

start watching cnbc. now he's got some real coin to invest, not to buy skins he can do that dance watch cnbc, figure out what to do with that money, son. >> maybe buy an e sports franchise. >> or a solid gold car. >> and use gold to buy other things. >> use that debit card. >> getting too deep. >> all good stuff there. video games and movie. sounds like a good time. >> thank you. time now for your executive recap, the headlines you need to know in 60 seconds you ready? i am pfizer reportedly in talks to merge its off patent drug business with mylan. pfizer shareholders will own most of the new company. combined company will have a new name mylan will go away and be based in the united states it will include the epipen as well as viagra >> company posting double digit growth in its vaccines and rare disease business new drug makers now raising its full year guidance and police in hong kong fired rubber bullets and tear

gas at protesters overnight. pro democracy demonstrations have escalated there with tens of thousands of people taking to the streets again yesterday but the peaceful gathering did turn violent. now let's get back to the markets. futures right now not giving us a lot of indication about today or maybe the week. we're down 21 points right now, but there is a big week ahead. among the three main events investors need to be watching, that means you, earnings a major u.s. trade meeting and a fed decision joining us now is founding partner and cio of capital jack, good morning i don't want to throw water on 150 earnings reports that we're going to talk about this week. but is the fed the only thing that matters >> right now i would say yes just because we got essentially 100% lock on at least 25 and there's something like 60 or 70% bet on 50 bases points

so, yeah, i think that that's going to just hopefully continue to feed the market as we have written, to me, the fed rate cuts are really more to continue to keep the market happy, less for the economy. we don't believe the economy needs a rate cut, but the market certainly does. >> would you agree with this, though, jack the consumer is trong. we know that no sign of recession there companies have been hesitant to maybe spend on major capital products, not because the fed or the economy but because of trade. we still have all those tariffs on, 10 or 25% until we get a resolution to the tariff issue, are we going to see a renewed spending by the business community regardless of what the federal reserve does >> yeah, that's it i mean, with the exception of last month, and it will be interesting to see the jobs report on friday because manufacturing is essentially on a hiring basis been at a

standstill now, last month we did get some hiring, but the previous four months i think the total of those four months was something like a net 5,000 new jobs. so, clearly manufacturers and the industrial sector is sitting on their hands waiting for some more clarity and i don't think we're going to see any clarity on trade resolution over the next couple of quarters. help us make some money, small caps did great this week, up 2% last week i should say you're still a believer in small caps >> yeah. they have been trailing large caps they're incrementally cheaper. strong u.s. dollar will certainly help small caps. on the flip side, emerging markets, cheapest major equity market in the world, we recommend active management there just because there are a lot of land mines out there, but i think between the two we have got sort of the trade issue bar belt if you will if we get a trade issue and things seem to

be eresolved will do great, if not dollar rallies, small caps do better and so that's kind of how we're playing that guessing game, if you will. >> small caps getting a little love from jack i know you like emerging markets. pleasure to have you on, jack. see you soon happy fed week >> thanks, brian. well, all right, i was off last week. it's good to be back so let's bring back your morning rbi. so last week i was out i wasn't on vacation i was sick i was finally diagnosed with lyme disease at the end of the week after suffering for a number of days, a number of medical professionals discounted lyme because i didn't have that bullseye rash you always hear about. that's what's random but important to know this morning doesn't always have to be a bullseye-shaped rash mine was more like a streak. a big thanks to dr. david her man who caught it when others missed it. and the antibiotics he got me on are the reason i'm sitting here right now. you have a rash of any shape, a

fever, joint pain and you got a weird-looking rash, don't worry about the bullseye it's probably a good idea to get it checked out because i can tell you this much, it is a nasty little bug but it can be beaten so stay safe out there thanks for watching "worldwide exchange." i'm not quite 100% "squawk box" begins right now. always thought that you weren't really 100% there, brian. good morning and welcome to the biggest week of the summer for the markets. we'll get you ready for what will be the busiest week of earnings trade meeting in china and the potential they added a word for me, for the first fed rate cut for the financial crisis as well as jobs friday rushing that in on the second. isn't a whole lot of time to look at those. speaking of interest rates, former fed chair janet yellen sounding off on a potential rate cut. she's been able to see the fed futures. came up with 25 bases points

thanks, janet. we'll show you what she said last night merger monday, we have deal talks to talk about and pharmaceuticals means megan here is we also have financial data and food delivery. it's monday, july 29th, 2019 michelle layoff lin -- you're waiting for the,ism. >> the,ism, is the most important with the jobs numbers. >> "squawk box" begins right now. ♪ >> announcer: live from new york where business never sleeps, this is "squawk box." live at the nasdaq markets site our guest host this morning is michelle girard, chief u.s. economists worried about the isms we'll talk about that