tv FBN AM FOX Business July 12, 2018 5:00am-6:00am EDT
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materials for at least two years, they say. outrageous. lou: thank you for being with us. good night from new york. with vladimir putin. >> investors more focused on trade tensions here at home. the new chinese terrace now 219 points yesterday. >> today will be watching the treasury secretary on capitol hill talking about the latest trade with defending the administration's stance on the
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spearhead of that in the stocks are trading higher. dow jones industrials up 118 points. s&p 50010.5. nasdaq up 29. trade to also watching oil prices after a big 5% drop yesterday on news that libya was burning oil back onto the market, it's like a rhino 73 cents. without $71.10. gerri:'s tax reopened on optimism for upcoming earnings. the ftse of 39, cac of 35. cheryl: stocks in asia bouncing back. japan's nikkei up 1%. fox and shanghai up 2%. gerri: in sun valley idaho, the bidding war for sky news. the report. two in seven starts right now.
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5:01 a.m. in new york. good morning. i'm gerri willis and for lauren lauren simonetti. cheryl: good morning. i'm cheryl casone. gerri: day two of the nato summit in brussels. president trump arriving for the next round of talks. yesterday he lashed out at nato allies demanding a double military spending while at the same time questioning nato's value. the president's most directed attack aimed at germany. here is late-night treats. presidents tried unsuccessfully for years to get germany other rich nato nations to may more -- pay more. the u.s. pays tens of billions of dollars, too much to subsidize and loses big on trade
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and on top of it all, germany started paying russia come in the country they want protection from come of billions of dollars coming out of the new pipeline from russia. all nato nations must meet their 2% commitment and that must ultimately go to 4%. cheryl: german chancellor angela merkel shooting back saying that germany is the second-largest provider of nato troops after the united states. she also pointed out that she grew up in the soviet occupied area of east germany. after the summit, trump is heading to london and will hold talks with british prime minister teresa knight and will be having tea with queen elizabeth and then it's on to helsinki where he will meet russian president lavender putin on monday. fox business covering that event with specialist coverage. transeven will start at 4:00 a.m. eastern time on monday. gerri: we will be out early. treasury secretary stephen
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mnuchin will feel some tough questions a day after the white house announced it would impose additional tariffs on $200 billion in chinese good. consumer goods deepening the trade war with beijing. some democrats are behind the president's terrorists. >> tough trade enforcement against china cheating has long been overdue. they were told to bring china to the table and get long-term structural changes to support american jobs. gerri: they have seen no evidence that the chinese are changing the way. they steal intellectual property or a lovely late trading field at all. cheryl: two media giants raising the stakes in their battle to acquire sky. gerri: more firmer deirdre bolton at the sun valley conference.
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>> a bidding war is on between 21st century fox and sky. twenty-first century fox about 12 hours ago offering $32.5 billion to comcast coming in with an all cash offer of $34 billion. sky has 23 million viewers across the u.k. and europe has the rights to the english premier league and during the past 18 months, and 21st century fox and comcast have each raised each other as they two times. it's a kind of ping-pong match for anyone following the deal. it serves if you like as a larger proxy for what is going on with 21st century fox entertainment assets. a lot of the chatter in silicon valley is who is going to get these assets. comcast on one side or disney on the other. disney so far in the lead has made a combined cash and stock
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offer of $70 billion for the moment. $65 billion bid. here in sun valley, their expert speakers come in dealmakers coming just to listen to lectures on subjects such as crypt occurrences, but the wheeling and dealing behind the scenes. back to 1995 on capital city and abc combined with disney. just pacers decided to buy the "washington post" here. you also have verizon's purchase of yahoo!. sun valley and wal-marts purchase. a lot going on. very close to outsiders, the staff in the cabin over here. any kind of deal are legally required to keep it to themselves. ozma to come here from sun
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valley. in the meantime, sheryl, gerri, back to you. gerri: shares a 21st century fox, which is the parent company of fox as his network is up 44% this year. cheryl: qualcomm developing seagate technology is pretty critical move: it's failed takeover bid. it is meant in a strategic expansion in the corporate software on track to become a leader in infrastructure technology. trading lower in premarket talent almost 3.5% buy shares of technologies jumped 15% in after-hours trading on the news. >> tce is one step closer to resuming its business in the u.s. cheryl: other headlines making news this morning. >> getting back into business with the u.s. suppliers. it had reached an agreement with
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zte regarding the way the company would deposit $400 million as a penalty for its violation of an earlier settlement. with zte deposits the money will be allowed to resume buying from u.s. suppliers. zte in hong kong was up sharply. cheryl: a former apple engineer caught stealing company secrets. >> this is a wild story, but the former employee was caught at a california airport before boarding a flight to china after allegedly stealing apple secret plans for self driving cars. apple's investigation found he had downloaded confidential technical development of a self-serving prototypes before telling apple he was going to work for a startup. gerri: isil made-for-tv movie.
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>> you really didn't take long. direct your gone into it and having pictures is working with thailand's media and government to develop a film the day after announcing a movie about the rescue. footage released by the tide may be still shows the rescue from inside the cave. you can see the boys being carried out on structures in dark and muddy conditions. they still are recovering in the hospital. look at that picture. cheryl: they were invited to the world cup on sunday, the final, but they can't go. thank you very much. a lot more coming up it a federal court has ruled that tsa agents can touch you whenever and wherever they want and they won't get into any trouble. i outrageous stories. how do you cut through the noise of the equipment stocks and
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sectors. we will find out. taking a look at futures right now. nice strong start to your thursday. the dow was up 147 and the free market. the nasdaq is up 33.5. you are watching "fbn:am." the smart $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95. fidelity. open an account today. yo[music playing]4.95. (ceo) the employee of the year, anna. (vo) progress is in the pursuit.
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gerri: welcome back. let's get too caught up on what's happening now. u.s. features in the dow jones markets. the s&p 500 of 12 and three quarters. the nasdaq up 32.75 connecticut open for your market. meanwhile, firefighters in arizona rattling a massive fire at a grocery store into the night. the entire grocery store was destroyed, but all employees and customers made it out okay. because of the fire still being investigated, but a heavy store apparently collapsed the roof. stormy daniels lawyers say she was arrested at an ohio strip club after she reportedly let patrons toucher during a performance and that is illegal in the state of ohio. her lawyer says the touching was nonsexual in the arrest was quote, a complete set out.
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the tsa has no issues getting away with touching. that accord after a federal appeals court that the tsa agents and security screeners can't be sued for false arrest and the judge noted it would be up to congress to enact legislation that would hold tsa agents accountable. boy, i wish they would get to that. that is what is happening now. turn into earnings season getting underway tomorrow as they report their latest quarterly results. chief investment strategist here with a look at it that patients for the s&p 500. good morning, sam. >> good morning, sheryl. i'll get to the specifics on the second. you made a very interesting comment. they need to come to terms with what has been in what may be. what do you mean by that? >> it appears as if investors are preoccupied with second-quarter earnings results
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are pretty much ignoring what is going on overseas at the trade war dispute. as time goes on, we will need to address that in the markets we will see increased volatility. this is the third order of the midterm election year, which historically has seen about a 35% increase in average daily volatility. the possibility of a trade war with the volatility. this is the most interesting story. the fact that you've got 140.5. a big story. what we are seen as oil prices not treatment of $70 per barrel area. year-over-year to 4% increase. the oil companies that have proven reserves basically with
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oil prices and their overall earnings. 2015 test oil prices to break below $30 a barrel. little earnings is very easy to have large euro routines. cheryl: financials will start hearing from the big tomorrow morning. bank of america monday, a lot of these numbers coming out to do for 25% project should increase for the banking or overall for the financials. despite interest rates from the fed. >> where expecting however to see the interest income not be a spectacular if you will as it could be. what happens typically when the fed funds rate goes up in every taping policy by the fed causes
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the rate of the 10 year note to come down. inflationary worries start to dissipate. the difference between what they expire or maybe that'll take your company from savings to checking accounts and mundane auto and home loans. the profit margin tends to narrow and as the result a result will probably see good but not great interest. trained to look at the ratings you have at the raining down on and the banks in particular. if you hold as well. the talk about that. >> banks reporting on friday wells fargo and citigroup, but not to see price appreciation that will exceed that for the overall market. there is one of the strongest banks out there, one that is expected to do very well versus
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the other banks. >> great to have you on the show. appreciate it. >> my pleasure. gerri: fascinating interview. president trump heads to london. the clean off to a summit meeting with latin america. we will tell you what it says date. also, embattled fbi agent peter stzrok to testify while his former lover of fbi attorney with just a congressional subpoena. u.s. stock index futures a good morning. opening up 147. s&p 500 will .5. the nasdaq up 3125. you are watching "fbn:am." ♪
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cheryl: former fbi lisa pages define a subpoena by refusing to appear. the house judiciary and oversight committee says page has three choices to show up today for a public hearing with her former lover, fbi agent peter stzrok coming to the closed-door deposition friday or face my legal trouble. >> it does appear that lisa paige apparently has something to hide. she has been in complete defiance of cooperation with the house judiciary committee and the oversight government reform committee for seven months now dating back to the first letter we wrote to the department of justice in december of last year. >> peter stzrok to appear before
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the committee. mr. marist, good to have you here. >> good morning to you. gerri: this is the show. they've been waiting for this for a long time. 11 hour interview with him. now he's under the hot light. here's what "the associated press" is reporting he will say today that his work has by politics and the intense scrutiny puts another notch and couldn't spell. what do you expect from stzrok? >> it's indicative of what we hear from the statement that he will separate his own personal tenants from anything he has done in his professional findings in career in the fbi. i think we can all agree those text messages are going to be hammered because they are very clear. gerri: let show one of those right now. what he was saying to his lover,
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lisa paige. one of those would express his own desire not to have trump in office. here it is. transplant ever going to become president, right? no, he's not. that's the kind of thing were talking about in republicans expect to to push him today on why he didn't act more quickly on the classified e-mails that showed up on anthony's laptop. how do you think this is going to go over? >> we will see much of what we heard in the statement that there's going to be a lot of explanations. my professional capacity, but at the same time, you're talking about high-ranking fbi officials who understand the text messages are always going to be the meat and potatoes of any case, the bread-and-butter and are discoverable. the flagrant disregard for the
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fact that the these statements just show complete bias are actually unnerving. >> i want you to see trump treats this morning talking about lisa paige. he says this as they head out to a very important nato meeting, the fbi agent lisa pages dodging a subpoena refusing to show to testify. what can she possibly say about her statements and lies? where is the attorney general? where is this going and what you make of trent street this morning? >> trumps trade is pretty accurate. she did not show up for a congressional hearing. now she has three options. she can show up today, show up tomorrow or face contempt charges. i think she's going to show up because she really doesn't have another option. in my opinion this is a stall tactic by her and her attorney. she didn't have adequate time to repair. i don't know about you, but i knew she would be justified for quite some time.
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>> paul brian babin saying she's got to show up or face the consequences. we will see what happens. thank you so much. >> thank you. gerri: in a program note, congressman bob goodlatte will be on "mornings with maria" today at eight dirty a.m. eastern time. you won't want to miss out. >> a lot more coming up during this hour. a scandal at papa john's leads to the resignation of a company's founder and chairman. get this, kylie jenner said to be the youngest billionaire. she is 21. but there is a lot of backlash about this on social media. we will explain. looking at features under thursday. s&p of 12 and a quarter. nasdaq up more than 31 the premarket. you are watching "fbn:am."
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cheryl: breaking news this morning. my pictures are nato headquarters where leaders are meeting talking about the afghanistan war, the main topic today. president trump entering his final meeting with allies of the day of pretty tough talk on defense spending yesterday. off to london and a summit meeting with vladimir putin coming up on monday in helsinki. gerri: busy, busy. more focused on trade tensions and tears for the dow citing 219 points yesterday. we will see what happens today. trained to do dallas up helping the premarket at 157 right now for the dow could be s&p a 13.5, nasdaq up by 34. watching treasury secretary stephen mnuchin on capitol hill talking about the trade moves.
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features are expecting hopefully to move. gerri oil futures as well. he was public. crude is up a full percentage point is 712005. a huge drop yesterday. 5% bringing oil back to the markets. >> stocks rebounding at the open. prayers are focused on optimism for the upcoming earnings season which kicks off work tomorrow. the ftse come the ftse comest cacm dax on the green. >> stocks in asia in the great we the great rebounding with japan's nikkei up 1%. shanghai up more than 2%. >> the founder and chairman of papa john's pizza has resigned. we've got details. "fbn:am" continues right now.
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>> 530 am in new york on thursday, july 12. of gerri willis and for lauren simonetti. >> and cheryl casone. president trump wrapping up his nato summit with tough talk on germany and russia. he has to the u.k. about an hour from now on is acted to be met there with protests. of course he's headed to helsinki where he's going to meet with russian president vladimir putin. remember when president trump said this. >> the u.k. is in turmoil and frankly put in maybe the easiest of them all. you would've think. cheryl: will trumps tough talk had the same effect with vladimir putin? joining us now for their policy adviser to george w. bush michael barnes and former obama campaign regional or, robyn biro. >> good morning. gerri: robin, let's talk about your initial thoughts about this
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tough talk. he has reiterated, he is not threatened to pull out of nato. there is some concern he was going to do that, but he is not done. he is still asking our allies to double defense spending from 2% gdp up to 4% gdp and those on board to pay their fair share. do you think that is a fair request from our president? >> it sounds fair. the problem is the goal is 2% in only eight of 29 have met die. we are still trying to get to 2% and frankly there is no other country in the world that can get to 4%. we are only a 3.6%. it is in the high mark, i get it, but it's not going to happen. it's not that achievable. train to what do you say to this tough talk with him with regards to not just with our allies and the monetary policy, but now heading tonight to london where he's been pretty bullish on
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brexit. he wants to have new trade agreement with theresa may. she's trying positive for the visit. do you think there's some accomplishments made between the two leaders. >> i do think theresa may needs to have something good come out of the visit and she will give an optimal outcome to help her by showing that they can have an even better deal with the united states on trade coming out of this meeting. the other thing i'm fascinated with in addition to the upcoming meeting with vladimir putin is the president will meet with the queen of england is probably the most self controlled and proper human being on the planet. i would buy a ticket to watch a meeting with the president in her. this is a big week with the contrast between that meeting in monday's meeting with vladimir putin. that is the biggest thing we should be talking about, that the president needs to make it very clear that russia's efforts to destabilize the united states must stop them if they continue the u.s. will hit back even harder.
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tragic kind of the underlying sources of tension as nato wraps up right now in brussels as the upcoming meeting of course with vladimir putin. but also, the tweets coming from president trump. he's been very active on twitter as he always is. here's what he said about why he took the statement that he did in brussels. the president has been trying unsuccessfully to get germany and other nato nations to pay more for protection in russia. the u.s. pays tens of billions of dollars, too much to subsidize europe and loses big on trade. the tweets continue. you know, he really has put his foot down. this is something no other president has made an attempt to do. >> yeah, we are getting there. like i said, he's using some tough talk here. some of it is bombastic. some of the claims are not true. we are getting more countries pay into nato. there is some progress to be
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made. you can argue with this approach or not, but we are making progress, cheryl. cheryl: michael again, going back to the tensions come and they are nervous about the meeting with vladimir putin. do you think that is a fair fear from our allies? >> i think that they see that the president has met with kim jong un and took a more collegial approach to deal with the issues and maybe they feel that will be the same with fighting their putin. in dealing with kim jong un we said we are serious about nuclear rising geek in me just as serious about making sure russia will stop trying to destabilize the united states and cause problems in places like ukraine. they need to take an approach that's collegial distillate get the job done. gerri: thanks for being here this morning. a lot of news coming out of brussels to cover. make sure to tune in to "fbn:am" early on monday.
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special coverage of the summit at 4:00 a.m. eastern time. gerri: i will be setting an extra line. the founder of papa john's pizza stepping down as the company's chairman. cheryl: tracee carrasco has added other news making headlines this morning. >> john himself, the founder and face has resigned after it came out that he used the on a conference call in may. he apparently is the racial slur while participating in a role-playing exercise designed to prevent public relations crisis is. he has apologized for the incident say the racism has no place in our society. gerri: another embarrassment for this company. we've seen a lot of them. let's talk about uber actually cutting jobs. >> it would be cutting more than 100 test driver jobs from its economist vehicle program in
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pittsburgh and san francisco because it wants to focus on more highly trained drivers are mission specialists who came in the autonomous vehicles on both test tracks and public road. this comes months after the fatal crash in tempe, arizona. he later learned that the driver of the incident was streaming a television show while driving. in a felon as they said many network. cheryl: kylee jenners back in the spotlight. >> kayleigh jenner, the youngest of the kardashian families on the cover. america women's billionaire issue. at 20 years old, generous with an estimated $900 million is on track to become the youngest, quote, self-made billionaire. there is some backlash on social media with many people arguing she is far from self-made. for enterprises built on her 2-year-old kylee cosmetics and endorsement deals with uma and pac sun. also of course the show keeping
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up with the kardashian and. put it in perspective, kim kardashian valued or estimate about $350 million. gerri: sibling rivalry. she earned every dollar. i don't know what you're talking about. thanks for coming on, good to see you. the white house says all eligible migrants will be reunited with their parents today. oil prices sinking 5% on his libyan oil is coming back online. energy stocks leading the market higher. what is the outlook for big oil? take a literature market today printed out 146. the s&p 500 up 12 and a quarter. nasdaq up 31 points five. you are watching "fbn:am." one second. barely enough time for this man to take a bite of turkey.
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>> welcome back. the sketch you caught up on what's happening now. the dow is actually pointing much higher in the premarket at 146 points. a severe toll .5, nasdaq up 31.25. well, newly issued asylum guidelines will make it tough on immigrants. asylum-seekers no longer have to disprove that they are the dems are targeted violence, but also
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prove that their government either condone or are complicit to the violence. meanwhile, drug administration expects to reunite this one eligible for children under five and their parents today. other children are not yet eligible for reunification. the u.s. navy has dedicated a missile destroyer to arizona senator john mccain. the uss john s. mccain has been named after mccain's father and grandfather back in 1994. the toys "r" us mascot has started his second career. a 16-foot tall 550-pound statue of jeffrey has mentored toys "r" us headquarters to a children's hospital in new brunswick, new jersey. the draft was sent packing after toys "r" us permanently closed out the remaining stories. that's what's happening now. gerri: the highest gasoline
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prices. the highest gasoline prices and yours are raising concerns about the longest running u.s. economic expansion on record. drivers across the country paying $3 a gallon, the most since 2014. look at the prices. analysts if gas prices keep rising that could grow income and spending. there is hope that prices could begin to cool it is that libya would resume pumping oil into the market. drill oil prices down 5% yesterday. mark covers all append mutual asset management. welcome to the show. great to have you here. i recently paid $70 to my car. i have to tell you a lot of folks out there saying that $3.50 to be a tipping point for consumers and for consumers and that's when it can really impact the broader economy. do you agree? >> i will say with a fairly high prices here in pennsylvania as well. i paid 350 at the pump already the tax rate is tied here in
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pennsylvania. certainly costing more money to fill up your tank aired were recently. some of the supply pressures contributed to the rise in oil prices this year is going to invade in the news with regards to libya will help alleviate some of the recent rise. gerri: let's stick with the economy for just a second. the price index was up 3.4%. as you know, oil prices are at input into everything. airline ticket prices manufacturing costs is really the car that starts all of them tumbling. do you see inflation here on the basis of the oil prices? >> we see a modest rise. we don't think inflation is for them to increase substantially from the 2% level.
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we will have a modest rise in inflation this year and we see treasury yields rising modestly to the cost of higher inflation. gerri: oil now for a second. cheryl mentioned early in the show the second quarter earnings that more than 140%. pick a mayor. obviously the stocks yesterday not cashing in on that kind of improvement. do you think they will today? as the dues come down about earnings, will we see better performance of the sector? >> oil prices have helped with the price of energy stocks in the u.s. have done is help drive some of the reality we see in the s&p 500. we've also seen the high-yield credit market could support and higher energy prices as well. it's been a significant rally since early 2016. we would expect for a range
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balance and not translate to energy stocks ahead. >> for the economy, some folks and the sweet spot for oil prices 60s to 70s that would be good for the economy. do you agree with that? >> i do. we are the second largest oil producer in the world. to the extent some of the business investment would realize that the run-up in oil prices has sustained the u.s. economy. we think it's good news and part of the reason is as good as it is today. gerri: mark on the thank. good to see you today. cheryl: coming up in sports, the world cup final is that after croatia broke the heart. jared max has all the highlights for us. wimbledon goes down. we are going to have the shocking result. taking a look at features right now. the dow was up 144 the
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regulation. the semi finals go extra time. they may croatia in history. the world cup final with exultation. first world cup finals which hangs on to win two to one heartbreak for the english. the third-place match saturday against belgium did sunday at 11 eastern on fox friends versus croatia. have you noticed visually aesthetically pleasing women in the crowds on antidiscrimination efforts face sexism is a problem with the tv coverage. it will speak with national broadcasters send its own production teams. anybody from the godfather? the time it took for roger federer to complete the quarterfinal match yesterday at wimbledon, you can watch all of the godfather. the godfather part 2 when the godfather part 3. roger fedor and kevin andersen with the third set.
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he was unable to lock it down and that would turn out to be a. in the fifth that essentially turns out to be six. twenty-fourth game, finally kevin andersen upsets less than four hours come at 13 minutes. john against kevin andersen. today, serena williams. astros release picture can chose . went to the hill to get the ball and appeared to be to his manager, the team returned the gesture. tiles had been sent out to the minor leagues. cheryl: very disrespectfully. >> can giles is a big-name pitcher, too.
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gerri: all kinds of things get said on the mound. >> say that to your manager. tragic edge sports reports on fox news headline xm channel 115. >> president trump meets with teresa may today. straight ahead on "fbn:am." [music playing] (vo) progress is in the pursuit. audi will cover your first month's lease payment on select models during summer of audi sales event.
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tree and do we are getting breaking news out of brussels right now. angela merkel is speaking and she speaking in germany. she may occur that germany has to do more than we did have a fundamental discussion. also getting some headlines from dow jones at the nato secretary general has suspended the summer program today for an emergency session now underway. also getting a quote together that he is not happy. that's the breaking news out of brussels right now. we will get some more information. cheryl: fascinating stuff. joshua mahoney are market analysts would like to have them weigh in right now with ig in london. what do you make of this?
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suspending their conversation. what is that we are talking about? >> there's been massive pressure and this is a continuation of that. the issue isn't going to go away. not that he is turning to europe. this is also waiting to everything happening in terms of trade talk. the u.s. spending what they do spending too little is going to tie into his out for trade peer >> she speaking in european allies responding to a new security situation. monitor what he has to say about brussels and look at that as dennis mccann. thank you for joining us. we appreciate it.
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>> i believe we are going to maria right now. over to you. >> thank you so much. good morning to you. i had maria bartiromo. looking at a rally, thursday, july 12. thanks for joining us. top stories right now 6:00 a.m. on the east coast. a nato summit showdown gathered leaders in brussels this morning following tense discussions yesterday of her defense bending. in a few hours the president will travel to london for me is that i'd been mr. teresa name is phyllis queen elizabeth ii queen elizabeth ii. investor concerns over trade were taking a backseat this morning. we are geared up for second-quarter earnings which have begun already a market anticipating good numbers. all investors of hundred 50-point. a tough day yesterday the dow industrials tumbled over 200 points at the close, down almost 1% yesterday. the nasdaq was down 42 points in
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the s&p 500 yesterday down three quarters of 1%. taking a cue from wall street and on the upside of 48 points. two thirds 1% of the cac up 18 points in the dax in germany at 35, one quarter of 1% in germany. in asia overnight come as you can see higher across the board from the shanghai composite better than 2%. a crude awakening auto posting the sharpest decline in over a year yesterday. opec said world demand will decline yesterday. a bit of a rebound this morning $70.94 a barrel. i sat down with them exclusively two weeks ago. >> opec is manipulated and allowed less than we thought last week. they have to put out another 2 million barrels in my opinion because we don't want that happening. the
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