it is 5:00 a.m. on wall street futures pointing to a slight tuesday turn around after stocks got smacked again. round the world, the energy crisis is front and center we will speak with jeff currie with his outlook and why it is a golden opportunity for you. businesses in the uk and across the continent bracing for a surge in power costs and many asking if they can afford to keep the lights on another month. shares of bed, bath & beyond

surging. preparing to hear the exstrateg plan. and today's rbi with winning stocks that may be under your radar. it is tuesday, august 30th this is "worldwide exchange. good morning, good afternoon or good evening. welcome from wherever in the world you may be watching. i'm brian sullivan thanks for joining us on this busy tuesday let's kickoff the morning with u.s. stock futures they are looking better than yesterday. higher across the board. in fact, the nice 1% plus jump for the nasdaq right now of course, all this coming after another down day on monday in the bond market, bonds sold bit. 10-year treasury is at 3.06% everybody is watching the

shorter end. the 2-year treasury at 3.41% in oil, this morning, crude is creeping closer to $100 per barrel again it is just over $96.71 it was $97 a few moments ago oil is on the rise it is possible opec could cut production at or before the september 5th meeting. that came after our phone c conversation with adbuli salman. now its government struggles to say together the ap reporting that at least 15 people were killed in baghdad as runs stormed the government palace after a cleric decided to leave politics any slow flow from iraq can send oil prices back up in a big way.

i'll talk to jeff currie about in that a knew few minutes. and nuclear finally getting more attention in markets. russia a major uranium producer. the global x uranium etf is up 16% in just the last week. uranium and one energy source we haven't talked a lot about, but should have been let's get a check on the action in europe with the uk-backed trading. green on the screen as they deal with the energy crisis joumanna bercetche is in the london newsroom with numbers and headlines. joumanna, good morning >> good morning, brian let's start with asian equities. you see it is mixed. shanghai down .40% there is some growth concerns lingering. more cities subjected to covid-19 restrictions going on

in china hang seng down .40% as well. some concerns politically over tensions with the u.s. and china and temperch comm papers that is the reason the tech sector is struggling within the index. nikkei in japan is up 1.1% weakness in the yen is helping there. the picture here for the uk. index is up .40% we do have cbi sent theiment coi today lowest since may of 2020 they are worried about the outlook in the uk. we have banks reacting well to the move in gilt cac in france is up 1% germany is good performance up 1.4% we had positive news on the gas

storage front. the german economy minister stating they are up to 83% gas storage problems brian, you have been folgs following this closely they are on track or looking like they are on track to get to that 90% target. some marginal positive news. bayer is doing well on the back of those positive gas comments one last thing, cpi out of germany at 1:00 p.m. is a major mover information markets. >> they have gotten lucky with the weather. look at the weather in germany, joumanna, every day it has been low to mid-70s speaking fahrenheit where it is not that hot or not that cool. they had some rain lately. let's hope the weather continues to cooperate joumanna bercetche, thank you. let's get to the top corporate stories states dide

including tesla and t-shirts and unionization silvana henao has that now. >> brian, good morning executive robert kenzel is leaving the customer global solutions president mary ellen coe will take over in october. he will stay at youtube to help with the transition. and nlrb says tesla violated the workers rights over t-shirts the nlrb is mandating that tesla cease and desist from enforcing the broad team wear policy that prohibits production associates from wearing black union shirts. tesla argued before the board that the dress code was meant to

prevent mutilations to the cars or car seats they were building and help managers determine that employees were in their assigned work areas shares of bed, bath & beyond surging 24% yesterday. up in the pre-market this as investors express optimism days ahead of the strategic update release slated for tomorrow, brian. >> every day you could have a channel devoted to news related to tesla, twitter or elon musk anything elon musk touches every day. >> every day >> silvana henao, thank you. let's get back to the markets and your macro money s&p 500 is down more than 15% this year which is bad it is actually well off the june lows we were down 23% at one point.

full-on bear market. your first guest today believes a 20% decline is the likely bottom for the markets here, bu adds you want to look outside the u.s. cate faddis is joining us now. we get two stock picks in a moment thank you for getting up early i love having you on last night, neel kashkari said the quiet part out loud. he is a member of the fed. he basically said they were glad to see the stock market come down off jay powell's really hawkish comments what do you make about that? >> well, they are being very clear. they are going to accept the consequences they want to know crushing inflation is the goal. unemployment, recession, stock market crash they want to crush unemployment.

i think the signaling is clear and i'll act accordingly the problem with additional rate hikes, it puts pressure on other currencies the dollar will continue to strengthen i would avoid making, you know, some of the growth stocks to be avoided. i still think look outside the u.s. there could be interesting names. companies that import into the united states. >> you know, i hate to date myself i'm getting old, cate. the 26th year i've been in business news. i'm not sure i've been in the environment where the head of the federal reserve is effectively saying i'm willing to take down the economy because they've got the macro inflation fight. i have no idea how to read it from the macro stock perspective. it does seem new or at least go back to 1980 or so is there any clear way to gauge the equity market right now?

>> look, i think the equity market has withstood a lot remember, last year, we were up 30%. if we go down even 20%, 25%, that's still pretty good we've come off a ten-year monster cycle. i'm not that concerned the stocks had gotten over stretched. now in this type of environment, what you don't want to hold really is cash i would hold something like floating rate bonds. i would still hold equities or real estate. you don't want to be o over-levered there is a way to play the market i like companies that sell products into the u.s. they will show higher earnings as the dollar strengthens. software market cap $600 million. based in canada. started out 30 years ago, brian, making a solution for kids getting laptops stolen the software is embedded into the bios

you can't uninstall it they got a new lease on life with covid because now you are home and you no longer have jeff on the eighth floor to fix your computer it cannot be uninstalled they are manage and track. think about find my iphone control and resilience they can control your laptop remotely ransomware response. the ceo is a woman this one could double, brian, once we get out of tech pergutory. >> i think are you in love with canada, cate the next pick is in canada very different it is not -- it couldn't be any different. more different than software iron ore trust

>> they own land they lease it to the operator rio tinto. they collect rent. they pay a dividend. 15% dividend yield 15.6 the dividend is variable $1.8 billion market cap. it ranged from the low of $1 to the high of $8 in the last 15 years. i actually think this 15% yield is real. rio tinto is the operator. iron ore esg is a nasty carbon footprint. if you drove to work, you used steel. china is the biggest importer of steel. i think these are some of the best rio tinto assets. you can go to sleep and collect money and be drink your coffee >> the fact it is clearly not esg, it doesn't sound like it

bothers you, cate. i'll not get into debate plenty of people doing that online there are funds that are starting that are almost like inverse esg funds not because they hate the environment, by people realize, we want to fly, drive, have a home, go to work, have roads we're going to need this stuff we don't want to think about, but it is there and not going away >> it is there and not going away rio tinto wants to reduce carbon footprint by 50% they are trying. i think it is not one or the other, but force the companies to do things as best as possible >> cate faddis, grace capital. watching software. watching canada. o, canada.

cate, thanks for getting up early. have a are just getting started on tuesday morning many bars and restaurants which survived near lockdowns or lockdowns, may face a darker future with the power cost. and why team musk wants to hear directly from twitter w whistleblowers in the $44 billion deal. and random butting interesting stats to put the market's recent drawdown in perspective and we will show you something about some winning stocks ocfurearstk tus e up we're back right after this.

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welcome back we want to give you a quick market check on tuesday morning. coming off a couple of days of tough losses 1,000 point decline for dow on friday one of 13 point drops of 1,000 points or more dow futures up 190 points. nasdaq is better nasdaq futures up 1.4% i don't want to call it a tuesday turn around. markets are thin you and me and my team are on

vacation markets are in the green we'll take that. we talk about the uk and europe's growing energy crisis on this show a lot of it may just seem like obscure numbers on a screen. what does this per megawatt hour mean it is not. it is a human story what we talked about yesterday in the rbi, many pubs face a reality of forcing to close down over surging electricity costs gas and other energy costs are at exponential highs one gas quote we showed you from the pub showed a 500% jump just from may there is another growing problem. a possible growing shortage of co2. one annoproducer will cease production until the issues are solve. and brewers are warning of business closers across the uk calling for a support package

for the government to prevent real and serious damage. joining us now is the director of strategy of british beer and pub association. they represent the signers of the letter of the 20,000 pubs across the uk signed andy, we are glad to have you on the program. we are in the united states. this show is globally. we have a big audience in the uk we are there last november talking about the problems here we are nearly a year later. they have gotten worse pubs posting energy bills online saying $6,000 a month for gas? we can't stay open how severe is the problem? >> it really is critical now this is why the board members of the pub association have written to the government calling for urgent action. as you said in the piece

earlier, the energy bills pubs are facing, they can't sustain them one that came in earlier today from 2,000 pounds per month to 7,000 pounds per month 60,000 pounds a year that is more than publics make in a year. wiping out the profits this is serious now. >> i want you to repeat that cnbc in the u.s. and uk, we have lots of small business owner viewers. they are not stock market junkies or billionaire hedge fund managers. they are business owners they want to feed their family and pay the mortgage some people's bills may now be more than they were making in the evntire year >> absolutely. that is the case 46,000 pubs in the uk have been supporting their communities at the heart of the communities for hundreds of years. those pubs are now facing energy

bill increases that totally wiping out the total annual income this is a serious situation now. very serious situation now >> now we talk about this co2 shortage i'm not trying to pile on. aluminum isive metals it takes huge electricity to make aluminum. a lot of cans are made from aluminum they getting hit on the cans and co2 and now on the power cost. what can anybody, the government, or anyone do i'm not sure how many brits, as much as they love their pubs, will spend 15 pounds on a pint of beer. >> you are right some of the cost inputs are huge some price increases can only be passed on to a consumer. that is why the new government

come in and take action now. this sector needs support where it comes to businesses reducing beer duty or energy prices and support is the key one right now. there must be some sort of energy cap for small businesses and a real targeted package to allow the pubs to keep the lights on in the winter and supplying them with the beer that consumers need and want and remain at the heart of the communities. >> so what you are saying is you are not necessarily looking for rebates from the government. you would rather f, if the government did something, sorry british gas, you can't charge more than x to anybody the bill we showed online is from a pub and we verified it. 15 pence per unit. now british gas wass offering, i'm using air quotes

97 pence a 550% jump that is insane >> it is insane. we have seen that go above the pound per unit from 15 pence. that is clearly not sustainable. that targeted package of support must happen now. it must have to tap small businesses those increases are just not sustainable. that needs to be supplemented by a grant support. we saw it in covid and pandemic. the pubs managed to survive through two years and combination of things and government support grants and debt we need to see similar things again now. >> the nation shutdown most of the natural gas production and storage. now relying on buying on the spot market. andy, we hope to be back in the uk in november

hope to meet up. i hope the pubs are still open they are such a critical part of what makes the uk special. we are thinking about you guys we love the pub. stay open. please >> thank you we'll do our best. >> can you imagine that, folks you run a small business your income is $100,000 a year now your energy costs may be $100,000 a year. up from 5? that is what's happening. still on deck, is oil about to pop back above $100 a barrel? jeff currie of goldman sachs says it could. we'll find out why next. custom scans help you find new trading opportunities while an earnings tool helps you plan your trades and stay on top of the market only at vanguard, you're more than just an investor—you're an owner. we got this, babe. that means that your dreams are ours too.

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[phone ringing] hm. no way! no way! priceline. every trip is a big deal. welcome back let's get a check of the top news headlines outside of the markets and money and including weather. phillip mena is in new york with that and more. >> brian, good morning severe flooding led to a drinking water chrisis in the mississippi capital. the state of emergency dedid cl declared for jackson a boil water advisory has been in effect since late july. now officials warn the city can't produce enough water to fight fires or metet other needs power outages reported after strong winds in the midwest. the storm linked to two deaths,

including a 14-year-old girl in michigan struck by power lines.s leaving his post the one who served as a political adviser for trump is now leaving to work in the private sector cassidy hutchinson testified that he lunged at his driver on january 6th and insisted he be taken to the capitol he testified behind closed doors according to an aide he told nbc news he had been planning his retirement for more than a year. all eyes were on what is expected to be serena williams' final tournament lindsey vonn and wintour

were there serena turned on the jets. williams took game, set and match 6-3, 6-3 she moves on in the second round and the match is scheduled for tomorrow. >> i have a feeling that might get viewership go, serena, go can you imagine she gets to the finals or semifinals we are rooting for her phillip mena, thank you. you might be riding one right now. there are hurdles for peloton as it tries to turn everything around if you haven't already, follow our podcast t. you are on the road, check it ou we're back with more "worldwide exchange" right after this

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going out strong or trying to stock futures higher as investors try to chip back the losses. jeff currie is here with where he sees oil prices are going and the other commodity that offers a big opportunity. and elon musk ramping up the fight with twitter turning to the company's whistleblower to bolster his case to back out of his $44

billion takeover it is all happening on this tuesday, august 30th and this is "worldwide exchange. welcome or welcome back. good tuesday morning i'm brian sullivan thanks for joining us. it is 5:30 a.m. on the east coast. here is how your markets and money look right now stock futures are better than monday and better than friday with the dow fell 1,000 points dow up 223 nasdaq up 1.4% this is after another down day it is a rough june and july, but rough august as well we reported last week that opec may cut production at or before the september 5th meeting. i reported on this after the conversation with the saudi oil minister a week ago.

oil is down off $1.60 on the report that iraq oil exports are unaffected by the turmoil. that is important. eiraq is the fourth biggest oil producer in the world. 4.1 million barrels a day. the ap reported yesterday that 15 people were killed in baghdad as hundreds stormed the government palace after a cleric decided to leave politics. if iraq goes offline, partially, that couldcould send oil higher. oil is down a little bit up $10 a barrel from a week ago. p speaking of moves, we are watching the price of natural gas. we have good news. european natural gas prices, ice dutch, ttf natural gas, has come down a little bit in the last few days

down 4.5% today. fell yesterday all this as germany said it is running ahead of schedule filling up the natural gas storage. we are now expected to be at 85% full next month. that is ahead of the october target the weather has cooperated and they have been racing to buy u.s. lng in fact, buying it away from china. i don't know what they're paying, but they are getting natural gas. joining me is goldman sachs head of global research is jeff currie i want to be clear on something as i understand it if i'm wrong, please tell me the gas storage situation is good over 80% storage also implies a continued flow of gas in years past. they never relied, i don't think, on just storage storage plus a robust continued supply of other gas.

there's no robust other continued supply of gas except for u.s. lng and some from norway and algeria this is good news. this doesn't mean the problem is over, does it? >> absolutely not. i think as you pointed out, inventory provides some of the relief, but not all of the relief you still need to have other supplies we think you will get other supplies from the oil market that's part of the reason we are bullish on oil you will substitute away from european gas into things like diesel fuel and jet fuel and combined cycle units and things of that nature to increase the demand for oil and create the potential for oil to catch up to the rest of the other energy markets. so, you know, the answer to your question is yes, it is helpful in no way does it mean the

situation is all coast clear you can concoct a story where europe can get through the winter, but you need to also have cooperative weather which is a big assumption. it is a step in the right direction, but no way does it solve the problem. >> because they are still paying $87 u.s. equal for natural gas and china's economy has slowed down the way the lng market works is once china buys a load of lng from cheneire or whatever, europe can say guess what? what did you pay for that? we'll pay three times as much. let's reroute the ship and bring in southampton, england or ro ro rotterdam. if china comes back online, they will not sell europe that lng. >> and one more twist to that. china has its own energy problems drought and hydro production is

down they had to shutdown industrial activities to deal with the energy problems. you go back a year ago and remember the energy crisis started in china with a lack of coal or lack of hydro. it moved to europe then you had the war on top of that now we're back to having energy problems in china as well. the u.s. is the only region in the world that is relatively well positioned in terms of having adequate energy supplies. >> to your point about oil they are desperately trying to switch off gas power and use oil to make electricity which is like something out of 1957 it is hard to believe, but it is true that's why you still have your $130 target for brent. 120. this little spr driven turndown in oil prices sounds like it is

not likely to last. >> we view it as a buying opportunity. don't even talk about the supply answer in iraq right now as you pointed out, the risks are very asymmetric given how large iraq is. the bottom line is inventory is low across oil and all of the products you don't have any cushion there. you will lose those spr barrels come october the amount of investment in this space remains incredibly low look at u.s. rig counts and the u.s. production. outside uae and saudi arabia, there is no demand we think the upside is target is 130 on brent and 125 on wti. one last point to keep in mind historically every time the macro markets like the yield curve tries to price in every

session like it did before jack jackson hole last week and you didn't get the recession in the u.s., oil rallies 80% to 100% after that look at what happened. rate hikes in 2006 led to an inversion in the curve we know it goes to 147 by july of '08 it takes a while before the recession kicks in and that time rate hikes in late '06 and recession didn't occur until '08 globally the other time was in '94 and '95. recession didn't happen immediately and you rallied 80%. >> because, as history shows, gasoline, jet fuel, shipping fuel demand is shockingly inn elastic. people have to get to where they get to

jeff, outside of energy. i'm not a gold bug you met many why are we buying gold >> we look at gold is at the bottom end of the trading range at this point right now. i think the key message here is gold has been pricing in and given the fed the benefit of the doubt it will conquer the inflation battle they have been trading lock-step with one another to take a really strong view on gold busting out of the recent trading range. you have to take the view that the fed can't control this inflation. that is the reason we like to buy on the bottom end of the range. we like to sell options on both sides of it. to tell you they will be comfortable to get the inflation under control, you can't expect

gold to bust to the up side. gold works as a great inflation hedge during the '70s because they lost control of it. the market is giving them the benefit of the doubt base case doesn't have it coming out of the trading range in the near term we're on the lower end of it >> oil okay gold and oil $120. >> yeah. >> let's hope that iraq can hold things together. my gosh. 4 million barrels a day. they matter. jeff currie of goldman sachs you matter thank you, jeff. have a great day >> thank you always welcome let's get to the top corporate stories, including elon musk taking new action in the legal battle with twitter. silvana henao is here with that and more welcome back, silvana henao. it's been a minute. >> i'm back. we'll talk about musk. musk's legal team telling the twitter whistleblower they want to hear from him as they look to

bolster musk's case to back out of the $44 billion takeover. lawyers for the former security chief reveals they received a subpoena over the weekend over the twitter handling of fake accounts is a key argument of the musk efforts to abandon the deal and could play into the case nor into the come upping tl in october. peloton is delaying the financial release. it needs more time to sort out accounting tied to the restructuring efforts before releasing the 10k. peloton says it has to figure out the financial impact of parts of the turn around plan, including moving away from delivery and warehouses. lawmakers in california signing off on protecting fast food workers the first of its kind will feature worker delegates and

employer representatives and state officials tasked with setting minimum standards for wages and hours and working conditions a cap on minimum wage increase with a chain at more than 100 restaurants at $22 next year restaurant owners argued it would drive up consumer costs, brian. >> silvana, i have to add this to the previous hit. you mentioned or i heard you talk about starbucks is bringing back the pumpkin spice latte today. some people like that. okay i just posted a poll on twitter because there is still a month of summer left put up a christmas tree. here is our option go vote. bring back the pumpkin spice latte today with a month of summer left is too soon or too soon or c, i don't like

pumpkins go vote. >> all of the above. >> just put up a christmas tree. happy easter unbelievable silvana henao, happy new year. the first to wish you. >> happy 2023. >> old lang syne too soon >> too soon. coming up, your morning rbi. i'm done with lattes two days of trading in perspective. we break down the good, bad and ugly with the august slowdown. we are bacwi d furk thowutes up right after this cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business.

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time for the morning rbi most random but interesting, that's what rbi stands for, thic thing you will hear all day. after a nice run over much of the summer u i, it has been a r ride the past couple days. thank you, jay powell. the last few days have done a number on the macro markets. s&p 500 is down 15% this year. that makes this year the worst year since 2008 financial crisis and what would be the ninth worst year ever for the index. those numbers may mask how rough its been the s&p 500 energiy sector is up 51% this year. it is a small part of the overall index, but having those

kinds of gains help blunt the macro impact utilities are the only other sector higher. the old economy trouncing the former tech fades because it is some of the formerly loved stocks doing the most danger to t damage to the index. down a stunning 30% this year for communications services. facebook and dish and others down 30% or 40% this year. the nasdaq 100 which launched in 1985 is on pace for the fifth worst year ever. we like to remain optimistic on "wex" especially given how early it is in america let's end with winners as our friend jim cramer says there is always a bull market somewhere. who has been winning

obviously energy best s&p 500 stocks this year, occi occi occidental petroleum hess corp. up 75% devon energy up 68% this year. random but other interesting winners this year? consol energy. up 229%. they mine coal a coal company lantheus company and eqt is up 129% and bizarrely? this is fascinating. h&r block. the stock doubled this year. the tax rules and confusion of the ppp and covid cares act boosts the tax prep business

those are not names that get a lot of attention on cnbc it goes to show and maybe you have to take a look under the market hood to it find stocks that are a bit more random and interesting. earnings alert b baidu with a stronger than expected recovery for the quarter. when everybody is stuck at home eyilbee of the covid lockdowns, th wl on the internet we're back after this.

all right. welcome back let's get set for the trading day ahead. degas wright is with me. i think every time you are on, futures are up that is a weird cosmic thing we like it stock futures have been higher it has been a rough couple days. what are you telling your

clients about the rest of the year >> we're talking about right now with our clients is you look for companies that have a way of doing well in the inflation environment. inflation impacts the ability for the consumer to buy goods and services what type of things can you do as an investor to identify the companies that do well one thing you can look for is the leadership team has to manage cash efficiently. one way is the cash conversion cycle which measures how long it takes inconvventory to convert cash the shorter the time period, the better usually it can result in gross profit marginmargins. >> we look at auto nation. the price of a new car is $50,000.

ev is $60,000. i imagine you will see people driving cars for 15 or 20 years at this point. >> yes what happens is that with this company, it has about 350 dealerships across the country it is focused on expansion what it does for the cash conversion cycle is improved from 83 days to 39 days. that is about a significant increase of 53%. it increases gross profit margin from 16 to 19. sales are four times the multiple and has return year to date 9%. >> you know, we talk about energy on this program, degas. it is not the economy. it is everything you don't have power, you don't have an economy. you talk about solar grid.

you talk about quantas services. that will be a long term winner. it will get benefit from the inflation reduction act, i imagine. >> brian, this is benefittin from infrastructure. the mega trend in energy transition it has strong growth it has a $20 billion backlog which is two years of revenue. so what we're seeing in this company is improving its cash diversion cycle from 28 days down to 19 days. this has been significant because the gross profit margin increased from 13% to 15%. sales of multiple of 25 times. the return year to date is 26% in this market >> degas, pleasure to have you on futures are higher pwr and auto nation and quanta

services have a great day thank you. see you soon. folks, it goes by quick. that is all for us on "worldwide exchange." see you back here in 23 hours. "squawk box" is next have a great day an investor—yo an owner. we got this, babe. that means that your dreams are ours too. and our financial planning tools can help you reach them. that's the value of ownership. with xfinity internet, you get advanced security that helps protect you at home and on the go. you feel so safe, it's as if... i don't know... evander holyfield has your back. i wouldn't click on that. hey, thanks! we got a muffin for ed! all right! you don't need those calories.

can we at least split it? nope. advanced security that helps protect your devices in and out of the home. i mean, can i have a bite? only from xfinity. nah. unbeatable internet. made to do anything so you can do anything. . good morning futures pointing to the rebound after the jackson hole slide after yesterday's session. not nearly to the extent it

could have pretty good showing for the bulls yesterday. the average ended down we will show you what is moving. developing story in iraq violence escalating. we will tell you what is behind the deadly protest and the disruption it might have in the oil market. shares of bed, bath & beyond are jumping again after shares of 25% it is tuesday, august 30th that's it for us no, one more day "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc live from the nasdaq market site in times square. i'm melissa lee along with joe kernen becky and andrew are off today

>> i was on "fast money" last week. >> i thank you for covering for me. >> you know how cities have sister cities in italy we're like that. >> san francisco and cambridge >> exactly you are here sometimes in the morning. it is still hard to come back in here >> i'll do it for you. >> thanks. after this love fest, the check of equities. after the slide that started with last week's jackson hole speech, the s&p looking to add 35 points. the dow fell 184 in yesterday's session. the s&p fell by .20% the nasdaq fell by 1%. treasury yields. a sharp eye on the 2-year treasury which hit the highest level since '07.