. >> joining us now is alex dryden, strategist at j.p. morgan and ebrahim rahbari. > said, alex? going into risk off mode. like goldenhings treasuries, but for us we go back to the fundamentals and look at last month. of countries5% around the world, registering above 50 indicating an economic expansion. for us, that suggests risk on in the long term. where we would take that risk has changed. we are pivoting back towards europe and the u.s. and taking a bit of shelter in emerging markets. alix: is that a risk call? >> it is also a call about commodities as well. ahim, where do you stand? are the fundamentals still there? through evaluations in some ways, through the political tension? >> on the fundamental side, they are higher than they have been for a long time. we do buy the argument that risks have proceeded and the trend has become more positive and there isn't a turning point in sight so there is fundamental backing for some of these developments but that being said, the market, have we priced in a lot of those by now? people are also right to start becoming u

yes, alex dryden is back to speak to us yes, alex dryden is back to speak to us but what is happening their staff to go with them, the us agency. the story is that 75% of staff will not know. that will be a challenge for a lot of firms? yes, and at the moment we don't have a lot of details about how much access companies will have to the european union, so so those questions over that. and there will be a number of firms going through this challenge. it is very difficult to lift your workforce and just put them into another place. they have families, kids at school, whatever it might be. it will be more of a challenge. it is easier said than done. ritual has treated to say exactly that, disruption many times, with the children, isolation from friendships —— rachel has tweeted. this one about relocating to glasgow, like another planet. i relocated to bristol, wonderful. david says i worked in 15 different countries and it was no problem for me. in fact i really enjoyed it. so itjust depends on the individual, doesn't it? yes, and someone three months ago, i relocated from london to new

to "squawk box" as we count down to friday's payroll numbers, we are joined by ellen zenter and alex drydenalex, starting off with you. in terms of yesterday's session, make reversals across the board when it came to the reaction to the north korea firing we had the biggest intraday reversal on the dow in nine months how do you read that reaction? >> in august, you've seen markets in a how oldi inholding. we don't have many answers to the debt, we have central bank meetings in september, we have the fed, ecb and the bank of japan having big central bank meetings we're expecting announcements, so investors are in wait and see mode >> why should we be in a holding pattern with these evaluations why are we willing to have that risk you listed off the potential risks in september, also the fed potential wind down of the balance sheet, why should we be here >> there's certainly risks, but let's look at the fundamental back drop. the economy is improving in the u.s. and globally. pmi numbers for july show that 95% of countries are in expansionary mode. when you look at those fundamentals, that's