it is 5:00 a.m. in new york. here is the top five at 5:00 could it be an end to the war? investors feeling bullish as russia and ukraine begin a new round of cease-fire talks. still call it a financial canary in a coal mine. why it is getting some people nervous. fedex founder fred smith says he will step aside. a look at smith's legacy and what's ahead. and more families about to be thrown in poverty over higher

energy costs and later, energy sector bear that's right why kari firestone is showing no love for stocks despite their recent gains. it is tuesday, march 29th. this is "worldwide exchange. good morning, good afternoon or good evening. welcome from wherever you are watching i'm brian sullivan it's 23 degrees in new jersey. feels less than that happy march 48th, everybody. anyway, there is optimism that maybe, just maybe, the world can get an end to the war in ukraine. we'll get more on that in a moment futures are higher across the board. up .20%. it is not all about ukraine. there is a ton of economic data out this week as well.

today's big economic release is the consumer confidence number that number fell in february slightly there is really two markets here this number is really going to be the first true month where we see how people feel after that second leg of inflation hit following putin's invasion most of the other economic data we saw was prior to the second leg up this is one of the first releases that we start to see that new round begin to hit. it could be closely followed in bonds, something potentially very important happened as well of the the 5-year yield on monday ticked higher than the rate on the 30-year bond that is very rare. while it is not looked at as important as financial indicator as the 2-year and 10-year spread, that is something to keep an eye on oil got levelled yesterday on

china's covid lockdowns. crude losing $10 a barrel. one of the worst dollar drops ever 27% on the percentage basis. oil is firming back up $106 this morning. well off the intraday high with $125 a couple weeks ago. let's get a check on the action overseas with a lot of buyers in the markets. hope grows that putin may soon agree to end his war and go home that has all of the major indexes higher today julianna tatelbaum is in the london newsroom with more. julianna, good morning >> brian, good morning that's right european equity investors are putting more money to work in the market we have green across the board broad base rally in europe building on the modest gains stoxx 600 ended ten points higher yesterday clearly nothing compared to the magnitude of the buying this

morning. the french market up 1.76% leading the gains. ftse 100 in the uk up .90% swiss market is moving well. strong demand for cyclical auto, oil and gas and travel and payments companies performing well this morning. two stocks i would highlight that are in focus. barclays shares are under pressure after an unnamed investor off loaded 3% stake this after the bank is taking a 450 million pound hit. barclays said it would have to buy back the securities in question at the original purchasing price barclays shares are down 3.8%. in the auto space, volkswagen's porsche has given the green light to list the luxury sports car group by the same name

this plan was proposed by volkswagen in february no final decision has been made. as you see, possiitive reactioni volkswagen and porsche brian, back to you >> big auto news thank you, julianna. let's stick with the markets and your money and welcome in john schneider at citigroup sean, it is great to have you back on. lots to discuss. who knows what will happen with the peace talks in turkey. the war will likely end or drag on let's say we get an ending to the war very soon. what happens to markets? have you done analysis on this do stocks rally? bonds sell off oil falls? or does the market roll on as long as the sanctions are there? what do you think? >> i think it would be clearly welcome by financial markets it would be great news i'm not sure that sanctions

immediately come off to the extent it still feeds to inflation, that will continue to happen and you will see higher inflation trends for the next couple of months i do think at least it allows us to move on from it as far as the mind set i think it would be shared by markets and a good thing how much supply chains are disrupted by it is the big question i think that will take a lot to clear. >> yeah. maybe markets like wheat it does help oil which is sanctioned it will not. inflation to your point would remain hot you heard me reference the slight inversion on the 5-year and 30-year treasury it did happen. first time, shawn, since march of 2006. when something happens for the first time in 16 years, it gets our attention.

does it matter to you? >> absolutely it matters the yield curve has a tremendous record of being a predictor of recession. inverted in may of 2019 and recessi recession. it got it right. it matters a great deal. one thing i would point out is this is really worthwhile to know that when it does invert and you get a recession, it takes a while to form. a year or two. say we are headed to a hard landing, but that's not the pace case, odds are we aren't the possible timing is march 2023 or march 2024 we have to pay attention to it it is not the only signal. there is a peak in consumer confidence that we saw also and peak with the numbers fall of the those are two signals as well not just the yield curve

>> well, should we have confidence in the fed, shawn you referenced the hard landing. research shows in a number of past inflationary cycles and so core inflation was high. it was successful in bringing down inflation, but only because the economy went into recession. >> the fed doesn't have a terrible track record with soft lan landings they did it in the 1960s and 11 1980s. it is possible inflation was lower then if you look at what happened during january of 1977 and through april of 1980, the strong fed cycle raised interest rates by 1300

basis poibtnts to combat inflation. the track record of beating inflation is not as good you know, 9 of the last 11 cycles, it rose through the cycle and only fell when we had recession. if is there a silver lining, global supply chains are not as disrupted as we think and inflation proves transitory. i know you like saying that word it could be a tailwind for the fed. let's hope >> i'll not criticize you. i don't know how long transitory means. that could mean 50 years who knows? have a great day thanks for getting up early. we are getting going on this tuesday morning. when we come back, an industry pioneer stepping aside fedex cofounder fred smith callg

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welcome back big news in the corporate world. fedex says fred smith will step down on june 1st the chief operating officer will take the reins

we have frank holland with the latest one of the longest tenured ceos in history >> fedex shares i mproved more than 7,000% since 1978 smith first became a marine. he founded the company in 1971 started operations in 1973 he is widely viewed as the innovator of time tldelivery >> they sold you this good at that time guarantee. that innovation, i think, was one of the enablers of the last 30 years of supply chain efficiency >> i have spoken to several ceos

since the news broke and in the past about smith's legacy. brad jacobs sums it up here. he said fred smith is the visionary in the transportation industry raj subramaniam becomes the new ceo. analysts point to the forward innovation right now there are a lot of thoughts of a greater push of the division to work closely together. the ecommerce ground unit is run by contractors perhaps, there could be potential for spinoff of the freight division a lot of rumors circulating. that is one of the largest truckers in the u.s. brian. >> the guy is known for efficiency frank, a quick story

i encountered mr. smith 12 years ago at a conference. i heard somebody complaining about the cost of the shirt at the conference arguing about the cost with his family it was fred smith. they were like mr. smith, you are a billionaire and arguing over a $39 sweater not arguing, but joking with his family that is expensive. this exemplifies him. he is complaining about the cost of the shirt when he is running fedex. that's how he got it done. >> yeah. absolutely brian, i heard stories myself. some i can talk about and some i can't. people see him as a visionary. he was a marine. he was an ivy leaguer. one of the most popular stories he told and in the book. he took the last $5,000 to vegas to pay off a fuel bill he went to the roulette table

and put it down and won $27,000 to allow him to keep fedex in operation. it might be an overused term that maverick this guy was >> he must have thrown it all. >> i heard many people tell it >> if you are going to take your last $5,000, it has to be 0 or 00 some combo bet to return that kind of money. that's bold. let's call it that >> i'm not saying it was one bet. i heard this story he bet it. he went to vegas and bet it all. >> it paid off unbelievable big change frank holland, i appreciate it see you soon. still on deck here the oscars assault saga continues today despite an apology. now the academy is warning of more consequences. >> announcer: today's big

number $181 million that's how much federal, state and local gas tax was collected each day in 2021 on average. according to the u.s. energy information administration roughly 49 cents of every gall eso s x.on ome to ameriprise. i'm sam morrison, my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors the garcia's, love working with you. because the advice we give is personalized. hey john reese, jr. how's your father doing? to help reach your goals with confidence. my sister told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial.

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and 90% of them want sustainable investing options in their 401(k). they believe that they can really impact with their investment dollars more so than prior generations. i'm naeema huq abrar, and we are morgan stanley. welcome back as you know, restaurants, basketball games, airports,

bars, other places may be more packed now than before the lockdowns. in many big cities, one thing looks different. office buildings in cities like new york, chicago and san francisco, many remain empty. some are warning the stalled return to office recovery could be reshaping american cities fo years to come. joining us now is castle systems head of the largest managed commercial real estate provider in america they have direct data for customers in 138 u.s. cities the best authority on this mark it is good to have you on. i was just in midtown manhattan the other day. it was grim from the office building aspect. what are you numbers you are seeing in the cities >> thanks for having me he this morning. we are tracking the office space since the pandemic started roo

right now, people are back to 40% of pre-pandemic levels that compares to 100% or more for restaurants and movie theaters and airports and things like that. it has been ticking up 40% is equal to the third highest point we have been at since the beginning of the pandemic we see it creeping up here since the latest covid surge passed. there is some hope it will continue to increase as we get closer to the summer >> i wonder, mark, just as we are starting to come out of the pandemic, hopefully, i know people are making news coming oe pandemic, we are looking at gas prices if you are an employer demanding the employees come back to work, they will get whacked in commuting costs because of gas prices do you think that is a factor in getting people back to the

office >> that is another headwind that emerged. on the other hand,it has been two years. the connective issue has frayed. a lot of people want to get back there is momentum to start to get people back in the office. the hope is that once they're back and recognize the power of being together in person, that will accelerate and the numbers will continue to grow. s>> can you talk about the various, and i don't want to get into the politics of it, i said lockdowns, not pandemic. the country suffered a pandemic. various places handled it differently. you can get into the political rabbit hole o off this or that the. i know from the traveling myself

in how things looked in houston or miami or other places, it is different from how they look in new york or chicago. does the data back that up not a political comment. the reality of certain cities handled it differently i have been to places where you would not know there was a pandemic last year >> the data does state that, brian. regional differences in return to office since the beginning. as you mentioned, the texas markets have been above the national average over 50% other cities have been meaningfully lower northern california. for a long time, new york, although new york is closer to the national average now community mind set to returning to normal activity is one of them so is industry composition and transp transportation there are factors that have been

consistent in people going back to the office. >> you know, i know a lot of people watching this nice and early in the morning and saying i don't want to get back on new jersey transit i get that the cities are also going to have to figure something out if people don't, mark you are looking at 25% or 30% empty retail space in manhattan. it is tough to see mark ein with kastle thank you. let's get a check of the other key headlines, including the latest on the oscars assault saga frances rivera is in new york with that and more frances, we got an apology. >> we did. brian, we start with overnight the january 6th committee voted unanimously in recommending criminal contempt charges both decided executive privilege

for not cooperating. navarro continued to claim executive giprivilege. the full house will now vote on whether to send the contempt recommendations to the state department. the committee is bringing ginni thomas in for an inn tear view the panel had not yet reached a decision and jared kushner is scheduled to appear before the select committee on thursday. now over to hoops. the women's final four is set after a pair of close elite eight match ups. louisville leading and michigan pulled within two to start the fourth louisville wins 62-50. and a double overtime thriller to punch the last ticket to

minneapolis. >> four seconds left turner for the move. >> turner kept nc state alive in the second overtime. huskies got the best of the wolf pack uconn wins huskies march another final four as they try to bring down the national champions in stanford now to the fallout from sunday's oscars slap gate. backlash is swift with will smith and chris rock it up ended the 9894th academy awards smith has broken silence writing on instagram violence in all of

the forms is poise yus and destructive. my behavior last night was unacceptable and inexcusable i would like to publicly apologize to you, chris, i was out of line and i was wrong. the academy released a statement saying it condemns the actions of mr. mysmith. they started a formal review they will discuss further act actions. chris rock is going on tour. his minimum tickets at $400. now increased $300 he has all of the material and i would be shocked if he doesn't include this oscars drama on tour >> he's got to listen, kudos to him he was stunned shocked. he had been assaulted. hit in the face hard by a guy who is much larger than he was he handled it like a champ

a bizarre moment >> we haven't heard from jada. is she keeping quiet >> i think there's more that we have to hear from many different angles on this story i'll leave it there. frances rivera, thank you. what a night straight ahead, as power bills rise around the world, a real threat that millions could go hungry just trying to keep the heat on. we'll talk about the risk of energy poverty overseas and here at home. stock prices are higher. we are glad you are up we're back after this.

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markets looking to keep the momentum going with technology stocks leading the way bonds back in focus as treasury flashes a potential warning sign ahead. ukraine and russia coming back to the table trying to end vladimir putin's war this as ukrainian forces regain key ground of russia's invasion appears to stall we are live on the ground with more. big tech under fire and the biden administration throwing its weight behind the bill to crackdown on the sector's biggest players. it is tuesday, march 29th. this is "worldwide exchange" on cnbc

welcome or welcome back. good tuesday morning thanks for joining us. 5:30 on a really, really cold morning here in new jersey all right. here is how your money is setting up tuesday futures are hotter than the weather. that's for sure. pretty much anything is at this point. 21 degrees and we're almost in april. i'm ready for the cnbc miami bureau we are seeing dow futures up .3% all of the market averages are higher europe and asia are higher as well hope there could be an end to the war in ukraine we'll have more on that in a moment something important happened in bonds. 5-year note ticking above the 30-year bond the first time the inversion on 5/30 since march of 2006 16 years ago

it is not looked at or as important as the recession indicator as the 2/10 spread, but something to keep an eye on. what about cryptocurrency? bitcoin back to the high of the year it is not continuing that momentum this morning. a nice run for almost all of the major coins. bitcoin and others are slightly flat to lower today. to the key headlines happening now. the biden administration throwing its support behind the bill targeting big tech. frank is back with that and more frank, good morning. >> good morning. the department of justice reportedly endorsesing antitrus bill targeting amazon and google in a letter to the committee, the doj says the rise is a threat to competition. the endorsement marks the biden administration first full support of the measure

the bill prohibits large platforms from favoring their products overcome pet tors amazon, google and apple have opposition to the legislation. the s.e.c. charging three engineers at twilio. charging the friends and family members and well the s.e.c. says employees accessed financial information from the database and shared with others who executed trades before the quarterly results. dairy queen is beefing up the burger offering. the chain which has been owned by berkshire hathaway is rolling out five new flavors in the u.s. as part of the burger line the biggest expansion in two decades. shares of dave & buster's is

dropping after missing the fourth quarter results the company saw strong sales across stores in fiscal 2021 that's the latest. brian, back to you >> frank holland thank you very much. now let's get more on the conflict in ukraine. russian and ukrainian officials are meeting in turkey for another round of peace talks one ukrainian reporter saying the talks did not begin with a handshake. the turkish president erdogan and roman abramovich in attendance this comes as the troops continue to hold back russian forces outside kyiv and follow president biden's comments yesterday standing by his statement saying vladimir putin does not deserve to be in power which contradicts what his white

house said following the comment in poland over the weekend let's send it to gabe gutierrez who is in lviv, ukraine, with more on where we stand this morning. gabe >> reporter: brian, good morning. i don't think we will see breakthrough with the talks. days ago, the turkish president said there is agreement on some topics including the agreement not to join nato and adopting russian as the official language in ukraine. there are still many sticking points including territory sovereignty and whether ukraine would agree to carve up the country and allow russia to keep the donbas region or other areas where the most intense fighting is under way right now. brian, intense fighting in and around kyiv of the mayor of the city says they have been able to push back.

kharkiv and in mariupol where officials say a humanitarian catastrophe is happening we did get word that a humanitarian corridor is being allowed into the city to evacuate some of the residents there in the southeast part of the country. brian. >> gabe, thank you this is a bit scary, i know. we heard missiles were shot down near your location lviv has been a bastion of safety so far. things are creeping up on the city of lviv where you are in the western part of the nation >> reporter: yeah. that's right, brian. long considered a safe haven for refugees lviv has seen some air sdrtrikes the last couple days on saturday during president biden's visit to poland. within the last few hours, we heard from the governor of the lviv region that three missiles were shutdown by air defense systems in the area.

no one hurt. it is unclear what the targets may have been. we do know that russia has been targeting fuel depots across the country in the last several days the news and the last several hours, officials say three russian missiles were shutdown in the lviv region brian. >> gabe gutierrez, i'm thinking about you and your crew. be safe. we are glad you are there. gabe, thank you. coming up here on "worldwide exchange." your morning rbi and a real estate trend is a big deal for energy where so many of you are moving right now. speaking of homes and energy, we continue our series on the growing energy crisis in the uk and much of europe as more families set to make the difficult choice between feeding families or heating their homes. "worldwide exchange" is back with that in a moment. vi es thro ? and y'all got electric cars?

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i am peter akwaboah, chief operating officer for technology, operations and firm resilience. when you think about diversity, the employee network group is fundamental to any organization to provide a community and a belonging environment for the employees. they provide an avenue to support employees and ultimately it leads to retention of the best and brightest. the employee network represents the community at large, and it provides a good feedback loop to senior management to make the appropriate decisions, which ultimately contributes towards the bottom line. if you're thinking about growing your business, if you're thinking about driving the business forward, inclusion is a strong part of this. i am peter akwaboah and we are morgan stanley. i'm so glad we did this. i'm so glad we did this.

i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones welcome back let's stay on the story we first brought to you by london back in early november scary surge on the energy poverty. idea that power costs rising and power bills less and less affordable for millions of families across england and more in europe. last year, 4 million british families may have had to choose between feeding families or heating homes in winter. many could not afford to do both as our reporting warned last year, it is about to get worse

as of april 1st, utility bills could rise 50% in the uk, power regulators allow price increases twice per year it could go higher the next reset in october it is a huge economic and humanitarian story and let's welcome in matthew copeland at national energy action in the uk matthew, welcome it is not a story we find pleasure reporting on. we talked about it from london back in november then the huge potential increase coming through what will happen on april 1st? days from now. >> on friday, our energy regulator will allow energy prices to increase substantially. up to 2,000 pounds per year on average. what that means is about 57% increase in the average

households energy bill >> matthew, can i jump in for a second your system is very different from our system here in the united states. people hear fixed rate plans or floating rate or adjustment. you have the biannual adjustments that's allowed it doesn't mean the bills will go up by that much i have to imagine utilities will take every price increase they can. >> i think at the moment with the stress of high wholesale gas prices and utilities are likely to be pricing around that cap. that set price just underneath it we are expecting all tariffs to be that level of 2,000 pounds on average per year so that will bring about 2 million more householdis into

fuel poverty that means spending more than 10% of household income on energy costs once housing costs have taken away. rec rent for example is taken off. that is a number of households we expect to be struggling to pay energy bills and the impact is they fall into debt with utility aor go without heating. both of those things are worrying. >> yeah. there has been rightly ridiculed pr campaigns oh, just wear a sweater. snuggle up have cereal for dinner these are things happening in one of the most forward thinking nations in the world when you look at what has occurred, matthew, there is no sign of this easing any time soon there is another potential for increase in october. where does the blame fall here

>> that's scary. we're looking at increases in october as well. some people are saying it could be an extra 1,000 pounds or 50% increase with wholesale gas markets relaxing in the last few weeks, that could come down a little bit i don't think we can blame utilities for the high prices. it is a factor of the external market government could do more to help households what our government has done so far is given 150 pound tax rebate to 80% of households. almost everyone. it will also give households 200 pounds off the energy bill this winter they could pay back on the energy bill for the subsequent five years that will not cut it for the lowest income households who are struggling already and will struggle further with 700 pounds or more extra on thing energy

bill 150 pounds and 100 pounds loan is not equal to the problem we're facing >> no, it is not think about the u.s. audience and bills going up $1,500 and the government giving you $150 back matthew copeland, thank you. we're focusing on the uk and europe because they're in a bad spot it is not impossible something like that could happen in america. wholesale electricity costs rose 249% in new england in january last year. the february numbers came out yesterday. a 52% jump from the previous february that is here in the united states in new england. much of that will be passed along to you, the consumer, as well as industrial customers maybe making it harder for millions of americans to pay utility bills.

scary times as the weather gets very cold this week. your bills, if they have not gone up already, are likely to soar ahead. on deck, kari firestone is here and why she is turning her back on the stocks that everybody else loves sign up for the cnbc healthy return summit. it is tomorrow ceos of walgreens and johnson & johnson. you can register now cnbcevents.com we'll be right back. each day looks different than the last. but whatever work becomes, the servicenow platform will make it just, flow. whether it's finding new ways to help you serve your customers, orchestrating a safe return to the office... wait. an office? what's an office? ...or solving a workplace challenge that's yet to come.

wherever the new world of work takes your business, the world works with servicenow. at ameriprise financial, our advice is personalized. based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice? i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial.

alright, so...cordless headphones, you can watch movies through your phone? and y'all got electric cars? yeah. the future is crunk! (laughs) anything else you wanna know? is the hype too much? am i ready? i can't tell you everything. but if you want to make history, you gotta call your own shots. we going to the league! it is time for the morning rbi. the most random but interesting nugget has to deal with real estate and energy. they are related probably a lot more than you think. here's why

the u.s. census bureau updated the pandemic moving trends where people went from july of 2020 to july of last year. the areas with the biggest jumps in population. metro area with the biggest increase was dallas/ft. worth. that is followed by phoenix, houston and austin another texas ity, san antonio made the list. one city in california, riverside, as well as georgia, florida and north carolina cities making the most move to list what does that have to do with energy a lot. longer term in particular. most of the metro areas are, you guessed it, really hot in the summer the kind of places where you will crank the air conditioning all day long in fact, probably all ten of the places have the windows closed and ac blasting three-to-six months a year.

that will use a lot of electricity. in fact, air conditioners use 6% of all electricity produced in america. with everybody moving to areas cranking the ac all the time, what do you think will happen to the energy consumption up, up, up as you turn the thermostat down. as we argue over what power we use to make electricity, solar, wind, natural gas, nuclear, whatever the correct answer is yes. all of the above we need all. especially if everybody keeps moving to where it's hot you better start cranking up production of solar panels as fast as we are cranking the air conditioning random, but interesting. let's get back to the markets and the warning signs for the bond market.

nasdaq is a day away from snapping a two-day losing streak we have kari firestone she is snapping up the pbeaten down tech names. kari, we talk about the 5/30 inve inversion. does does that worry you? >> brian, this is an unusual couple of years. nasdaq dropped 23% s&p dropped 13%. i feel if certain rules, we throw them out and see in front, which is cheap stocks. stocks which have been decimated. we saw mutual funds and individual investors just discard everything they bought over the last couple of years until they were trading at a point where some sell at multiples we have not seen in a

decade you know, if i look at paypal, i understand stock was over valued trading at more than 50 times earnings now 70 times next year's earnings fidelity national. adobe. o'reilly auto. twilio it has a potential for the market communications that are digital from the airline and train station and hair salon to restaurant you get notifications. i think we have to consider what the prices are today and what seems attractive to us >> i guess, kari, i guess prices on valuations are the only thing that did change. adobe and paypal did not drop because of the war in ukraine. the war we want to be over yesterday. we understand that they have nothing to do with that conflict. they may have a slight bit to do with inflation, but the federal reserve raising rates which naturally brings down valuations

of the tech companies. i'm trying to understand what has changed in the sentiment in two weeks. >> well, two weeks ago we got to what i call capitulation in some names. all you could hear on cnbc or other networks that talked about the market is the sky is falling and things are going to crater it is similar to march of 2020 before we realized how bad covid was going to be. the market had fallen 37%. everyone said it is never going to turn around for a long time this was not the same obviously. market drops that substantially. you have to look at what is littered around you. what can we pick up that's been discarded and say a company likes paypal this has an he enormous marketplace. now tens of millions of people

on venmo you recognize the war has monumental effects on humanitarian issues. those relative to the world are not significant enough to justify 60% drops in stock prices that is what we saw and that's what investors need to do. look at the price and the earnings potential and make their decisions. >> fair enough i, kari, blame the media, dag dag-nab-it you are not a lover of oil and gas stocks everybody else sure seems to be. >> well, i think that a lot of money has been made in energy. that's a great place to be if you looked today and you have to do every day and say would i buy these stocks today with new cash i think the answer is no

they were up 50% last year they are up tremendously this year some stocks have doubled this year in the energy sector. are things going to continue to get better is oil going to go to $200 a barrel it is now trading back and forth for the last few weeks it is not a straight line up yes, you just made the point there is more demand for energy. the stocks have reflected it this is a discounting mechanism we all deal with a lot reflects in the price based on what we see over the next six months. we would not be buying them here today. >> with witthe idea to sell hig. pick up adobe and paypal oil as gas side. everybody loves them kari, what is the next most important piece of economic data you will look at

we have two tales. consumer confidence. the first number we will see with high inflation. >> confidence has come down some because of inflation and the war in ukraine mortgage rates are up. in an environment of a lot of change which is what you are seeing, you can have confidence run high that, i think, wasn't a good sign i think inflation and we're going to see earnings over the next few weeks we will start to see what companies say for the next quarter or two. >> we will see what's what as they say kari firestone in new england. good luck with the power bill. thank you very much. that does it for us on "worldwide exchange. thanks for being with us or listening to the podcast we'll see yotorrowu mo "squawk box" is next arthrit here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon.

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good morning stock futures are higher as ukraine, russia resume cease-fire talks face-to-face this time in istanbul fred smith is stepping aside as ceo of fedex. we look at his legacy. and china's largest covid lockdown in two years is under way as the city of shanghai is beginning phase one. shutting down half the city at a time we will take you live to china it is tuesday, march 29th, 2022. "squawk box" begins right now. good morning welcome to "squawk box" on cnbc. we are live from the nasdaq market sit