now treasury secretary jack lew is firing back, warning that there will be fallout from retroactive taxes as lone as it's not one we levy here in this country. secretary lew will deliver the opening comment. it's that time of year. we look forward delivering alpha, tuesday, september 13th, 2016. "squawk box" begins right now. ♪ signed sealed delivered ♪ 0 yeah >>> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin and we do have a big day ahead of us as we bring you a front row seat to the sixth annual delivering conference. produced by cnbc and institutional investor. >> signed, sealed and delivered. not seeking. very few deliver. >> this event brings together the most important players in asset management and tackling the critical issues facing investors in today's economy. among the headliners today we have treasury secretary jack lew, his predecessor tim quite quite, ray dalio, steve schwartzman and carl icahn. stay tuned to cnbc all day for the hi

treasury secretary jack lew.thner. ray dalio. steve schwartzman and carl icahn. you want to stay tuned all day for the highlights. take a look at u.s. equity futures at this hour because we're looking like we're in the red after what was a big day in the green yesterday. dow was off 85 points. s&p 500 looking to open down 11.5 points and nasdaq off 21 point. >> time for the executive edge. court ruling yesterday that yelp is not liable for businesses bad star ratings. this comes after a liable lawsuit was filed by yelp by the owner of a washington state locksmith company and the federal court of appeals dismissing that lawsuit saying the rating system is based on users input and not content created by the company. >> the problem is when people or competitor try to knock you down or there's a fraudulent post it's hard to get rid of some of those things. hard to determine legitimate customers from somebody who is trying to take you down. i can understand -- >> interesting. other companies like youtube at one point

treasury secretary, jack lew. kong stock market may be headed for its best annual performance in four years, but not all shareholders are happy. this is bloomberg. ♪ scarlet:scarlet: this is bloomberg markets. i'm scarlet fu here with joe weisenthal. we are moments away from the close. upe to look at what's coming after the bell. i'm focused on costco. joe doesn't go because he lives in the city but the company will be reporting earnings after the bell. story is an impressive one because as retailers struggle to lure people into their stores, cosco is in a good job. same-store resale -- same-store sales have risen because cosco is able to get customers through the door. analysts call it a treasure hunt experience. customers can get one-of-a-kind that encourages repeat trips and impulse purchases. i know you are a cosco virgin but if you were to decide you like something there and you put it in a shopping cart, it's going to be nine dollars or $10. joe: cheap but costs a lot because it is in such a large size. scar

we have an interview with jack lew. jonathan is standing by. we see a monster rally in energy stocks but futures are negative. jonathan: it is a strong bid for european equities. the ftse 100 up by one percentage point. the dax pushing higher by 7/10 of 1%. the risk on feel in the fx market with a weaker japanese trade.1 is how we this commodity market is absolutely fascinating. a market, yes. a collision, a cynicism at the moment. and opec deal, some are saying saudi arabia and's have capitulated and others are saying i will believe it when i see it. the brent contract at 48.31. what we have got is a recalibration on the margin of inflation expectations on the back of this. the 30 day yield on treasuries ,p three basis points, 2.19% curve steepening from the long and. alix: we will check in with our bloomberg team. michael mckee and dublin on his interview with patrick harker. we have deutsche bank making headlines, let's shift the focus to commerzbank. .onathan: we have the news now let's bring in all of her suze. -- liver suze. i think it de

see you in a bit. >> thanks so much, scott. >> meantime, secretary jack lew kicked off our delivering alpha conference with a strong warning to eu. steve liesman did that interview and joins us with some highlights. good morning, steve. >> jack lew did not mince words, calling it retroactive, outside the framework of normal tax policy and also warned europe keep its hands off what he sees as essentially u.s. tax revenue. >> we can fix a broken tax code, make it so our companies don't feel like they have to leave the united states to put their income overseas and we can fix our broken infrastructure. what i don't think is right is for tax authorities in other jurisdictions to reach into our tax base and to remove the ability for us to execute what i just described. >> lew said the controversy, should motivate u.s. lawmakers to amend the tax code, which has one of the highest rates among the developed world. he also commented on wells fargo employees opening phony bank and credit card accounts, if bank prosecutions need to go further than just monetary fines. >> we have made clear, we d

the day began with treasury secretary jack lew commenting that while he thinks there is ample time toet the tpp, the transpacific partnership, through congress, before the end of the president's term, he sees a less bright prospect for any progress on tax reform. >> the political environment is not one where it has been ripe to take up something like this. but the ideas that we have been promoting will be the foundation for action in the future. it takes a desire on the part of congress to do something hard. hard things don't happen unless there's a real, real desire to do it. >> on the investment front, the head of one of the largest and most interesting hedge funds of all, ray dalio, of bridge water, said you should set your economic expectations very low. >> closer to 1.5 to 2%. but i think that the answer to the question is really, why we are -- there is only so much you can squeeze out of a debt cycle. and we're there globally. i think that japan is one step ahead of europe. and europe is one step or two steps ahead of the united states. and the united states is probably two step

she meets jack lew and washington on monday.ela merkel's party have lost support in regional elections in berlin as the anti-immigration alternative for germany siphoned off voters, extending its challenge to germany's political establishment. theident putin has hailed victory of his united russia party with early results seeing it take more than half the vote in saturday's parliamentary election. high,pularity remains lifted by patriotism falling the annexation of crimea in 2014 despite international sanctions pushing the economy into recession. turnout was 40%, down from 60% five years ago. city mayor has urged theresa may to decide quickly to build a new runway at gatwick airport. he says it would show the city is still open for business in the wake of the brexit vote. he spoke to bloomberg in new york during a trip to promote relations and reassure investors following the june referendum. >> we should announce in the next few weeks the green light to a new runway at gatwick. gatwick has one, heathrow has to bank. airr proble

jack lew said the u.s.ill urge others in the group to tackle this problem of overcapacity in the steel sector. it harms markets, employment prospects, and the call for change has yet to make any tangible progress. let's listen. the chinese have acknowledged for themselves that they have a problem with excess capacity. this is not easy, but i think they understand that if they is't address it, it corrosive to china's economy and the long-term future for china's economy will be dimmer. said the group hopes to continue on the previous agreement not to target lower exchange rates. he says the u.s. is well aware that markets may drive down the yuan value, but china should allow the yuan to rise when tides turn. president the second to be in peach dan removed from office in three decades of democracy. the senate found her guilty of bypassing congress, charges she denies. she will be replaced by her deputy, who will serve out her term until the general election in 2018. she has promised more business friendly poli

jack lew going after the bank for creating those phony accounts for customers. >> what i've seen from what they have done is it is bad behavior, they were correct to take action against, and how that flows through in terms of next consequences is going to depend on the facts of the case. what i can tell you is there is a lot of talk in washington these days about rolling back dodd frank, about rolling back the law, changing the law that created the agency that uncovered and took action against this. this ought to be a moment when people stop and remember how dangerous this system is when you don't have the proper protections in place. this is something that our watchdogs found, if they weren't there, they would still be going on. >> i'm going to digress for just a second before we scroll forward here to say that mr. lew had one perspective on dodd frank and regulation. his predecessor timothy geithner looked at it a different way. he said some of the rules, while not addressing wells fargo specifically, that some of the rules that have been written on the back of the dodd frank law ha

>> right. >> jack lew, some benign comments. apple, oil. >> let's go to carl for the opening bell. >> ball has shifted. there's the opening bell. and a look at the s&p at the bottom of your screen at the big board, it's cbiz. at the nasdaq it's van eck. a slew of management changes at various companies, guys, new cfo at tiffany. new ceo at time. and a couple of others, weight watchers, for instance, we'll watch all that. >> you know what, thank heavens we have a new ceo at tiffany. that conference call had to come -- investor relations guys speaking. it was horrible the last time they reported but not as horrible as really horrible. it wasn't just -- it wasn't a dismal worst in show. it was just really bad. the stock went up a lot. i think a cfo would make people feel like it's not rudderless. it had been a rudderless company. not bad. not bad. >> breadth decidedly negative, guys. apple will be the biggest gainer today. in terms of yesterday's action, we went 43 sessions without a 1% move. now it looks like we might get our thir

treasurely -- treasury secretary jack lew, who said the ruling seemed to unfairly target american companies. >> pattern of the action seems to be highly focused on u.s. firls. the largest combination -- actions do appear to be aimed squarely at our tax base. >> the commission rejected the accusations, saying their findings were based on tangible data and followed official procedures. >> the figures we use are the figures we get from apple themselves the the enforcement port -- part of the portfolio does not fit into any political picture. >> the ruling's caused a stir in ireland, where the company is urged to pay $ -- 13 billion in back taxes. they fear it could set a precedent to deter other companies from doning business in ireland. a group of lawmakers said they want time to consult with tax officials and experts before reaching a decision whether to challenge the verdict. >> the stock markets now -- wall street has been choppy, stocks trading around -- around the flat line. new figures showed a slowdown in manufacturing. the i.s. im -- index for august, weakest reading for the .s. since

>>> kicking off delivering alpha, investing moves with host john bayeric and jack lew's insight on the economy. "squawk box" tomorrow cnbc. >> good morning, it's 8:00 a.m. in tesla headquarters in palo alto, california. 11:00 a.m. on wall street, and "squawk alley" is live. ♪ >>> welcome to "squawk alley" for a monday morning, i'm carl quintanilla at the new york stock exchange. the dow and the s&p still on track for their worst month since january of this year. let's bring in citi's chief u.s. equity strategist, along with mike santoli, who joins us at post nine. good morning to you. >> good morning. >> a lot of discussion about what friday's dramatic mean follows, we're not seeing it this particular moment. was that a one off? >> yeah, i think so. look, the market was fairly vulnerable already when we tracked investor sentiment, we saw complacency coming up, our interstock correlation data particularly was sending a warning signal and as a result i think you just needed a catalyst, could have been any catalyst. i think people respond to the particularly the comments, but it could hav

inasury secretary jack lew mexico city coming up with david gura. tom: thank you so much. spoke to him earlier about commerzbank. , is with us. he is truly definitive on the parsing of risk and instruments. if i bring up the deutsche bank cds chart, it looks like 2008. you are adamant that the spike up we see recently on credit default swaps for deutsche bank does not hearken back to 2008. david: that is mechanical. the most important thing to know about european banks is there are two factors beating up their n ands, and pl's and -- offpl's balance sheet exposure. there are only three banks in large alan cheap exposure and the rest are relatively low. the banks with the uncontrollable nonperforming loans are the italians. the french banks, and british are in better shape. up because blowing as a stock it is more volatile and the counterparty gets dodgy. they have to buy credit protection to cover the counterparty. tom: and then they get bid up. the great mystery to me is scale and merger. the only outcome i see is merger . from your study of european banking, do they have

jack lew talked about overcapacity. this is in old industries like steel and coal.minonmanufacturing continues to show robust strength. above 50 still well and showing resiliency to the slowdown. this is banking, telecoms, real estate, tourism, i.t. it is the new economy showing lots of strength. the old economy, we tend to talk about that first because of the historical elements. it is suffering, but showing a glimpse of hope. authorities are trying to put a floor on the slowing economy right now. keeps theinese pmi conversation going for a lot longer. stephen engle joining us from hong kong. japan is expected to deepen energy ties with saudi arabia as the crown prince visits his country's second-biggest oil buyer in asia. aaron clark is following this from tokyo. what is saudi arabia trying to accomplish with this visit? there is a said, delegation from saudi arabia that includes prints s -- prince salman. they will return to china for the g-20 summit. somely, they are hitting of the biggest customers in asia to deepen ties. one way they are going to try to do tha

david: you met with jack lew and you said it was a good, frank discussion of the treasury departmentubmitted a white paper ahead of the decision and wrote a letter to the commission as well. are you optimistic there will be middle ground with the treasury department and how it you characterize your relationship with them right now? margrethe: i think we will continue to disagree on the decision also because of the fact that we have very different legal traditions. i have learned that in the u.s. it is absolutely the order of the day for a business to negotiate tax breaks with the state where it is situated and we had the provision to do that back since 1968 so you have a clash of understanding about how this should play out. emily: that was eu competition commissioner margrethe vestager speaking with bloomberg's david gura. the right hailing app grab bumped its evaluation north of $3 billion. this is the largest ever funding round for a southeast asian consumer tech company and the latest example of how asian right hailing services are aiming themselves to fend off uber. staying with

she meets with jack lew in washington later today.l news, 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries. cehic.jra this is bloomberg. francine: thank you so much. let's talk china, the overnight interbank surge the most since -- amid speculation that china's central bank is intervening. a warning indicator for taking stress climbed to a record. take a look at my chart of the hour. 30.1%, credit stood at the highest ever in data which stretches back to 1995. let's bring in miranda carr. miranda, always great to have your perspective on what is going on in china. it should we worry? miranda: the fact that china has too much debt in the system, particular corporate debt is not new news. -- particularly corporate debt is not new news. we have seen studies about this. here, aware that over china is aware of this. what you are seeing with that rising debt, that shift. they are taking money out of corporate debt which could be slightly high risk and shifting it to government debt. you have local governme

david: you met with treasury secretary jack lew and said it was a frankness that should you have. the treasury department submitted a white taper ahead of the decision and wrote a letter head of the decision as well. are you optimistic there will be some middle ground here? i think we will continue to disagree on this decision. veryse of the fact we have different legal traditions, i have learned in the u.s. that it is absolutely the order of the day for a business to negotiate the decisionhere is situated. you have the clash of understanding about how this should be played out. emily: that was the eu competition commissioner standing her ground with bloomberg's david girl. coming up, a startup that a big on africa's tech talent and earning a visit from mark zuckerberg in his recent trip to nigeria. this is bloomberg. ♪ emily: mark zuckerberg and his wife are pledging to spend more than $3 billion over the next decade work on during the. the facebook ceo to the stage at a initiative event on wednesday. mark: this is a big goal and we got this was really aggressively got started. b

jack lew attacking europe whether europe is right or wrong. the u.s.to come to the defense of a national champion is a bit peculiar. the biggest risk of all must be a trump presidency. , butnows what he will do if anything he is said so far it is, then symbolically a will to all from asia and europe. mark: our markets complacent when it comes to the placing of a trump presidency? erik: think the market has taken for granted that america is not that crazy good your opinion polls sold -- showed the detailed one. it he is not a probable winner. mark: it is higher now according to a bloomberg poll. erik: you saw it on monday after hillary had the health issue revealed. you saw markets start that week. people are starting to say just what would happen. now, twobility right thirds or there about an moving in the wrong direction or mark: what does this mean? that bank of america fund does that shock you that eu disintegration according to fund managers is the biggest risk out there right now? even comes above a trump presidency? i know you've got lots to thin

treasury secretary, jack lew. bloomberg. ♪ emily: welcome back to our tech investing roundtable, series a. i want to talk about what is driving your investments. you run a huge swath of territory within tpg -- internet, digital media, where are you placing your bets and what are you most optimistic about? david: we run those sectors across the tpg fund. in addition to tpg growth and the tpg capital fund, we are split across those as well as other funds we have. one area we have been active in is experiential. and it's kind of counterintuitive given the digital things we are invested in. but millennials look for these outlets. you seated in the growth of music touring, festivals. one play we have on that is the largest touring agency in the world. cirque du soleil, an event we purchased last year. you see that across airbnb. you think about that experience, live like a local -- that's a theme we think has secular legs. another area is this constant balance of content versus distribution. we agreed to buy an over bu

treasury secretary jack lew says the u.s.urge its g-20 counterparts to encounter overcapacity. he said the president will ask leaders to increase spending on a training workers and that yet -- china has yet to make ss.gible progre other companies are expected to reveal losses later. in was reported to have $4 million at the admin of june. -- the end of june. let's get the latest from the markets as japan comes back online. iette: the nikkei has held onto those morning gains. importantly, holding your the one-month lows. having said is -- hang seng is up. still doing very well, up by 3.5%. inw know what energy also ua g also in shen the black. was inicial pmi gauge line or better than the market was looking for. korea being weighted down by samsung electronics today. reports that it may actually recall it's [indiscernible] new zealand off by about a quarter of 1%. some weakness coming through in taiwan as well. there is some upside. generally, for the first trading day of the month, it hasn't been a very positive one. emily: t

treasury secretary jack lew is testifying on capitol hill in front of the house financial services committee. they are holding a hearing on financial stability, and he did say it was a mistake to repeal some of the laws that have been going into effect including dodd-frank. there you see matthew waters speaking, representative from california. he is talking about -- maxine waters speaking, representative from he's talking -- from california. about as the managers, products from how that is continuing. on can see this on live go your bloomberg. mark: you certainly can, vonnie. the bank of england warning interest to stop cutting prices to win business. this is bloomberg. ♪ vonnie: live from london and new york, i am vonnie quinn in new york. mark: i am mark barton. you are watching "bloomberg markets" on bloomberg television. lloyd's of london today announced profits of 1.40 6 billion pounds. lloyds says premiums continue to be under pressure due to the challenging environment to market is operating in let's get more on these results from chief executive inga beale. thank you for joining us t

this is treasury secretary jack lew, to be clear, that's pushing this through, and it's how they valueets, correct? >> that's right. and, cheryl, this is something they kind of slipped in unnoticed to the budge, and no we're finding out that this could affect many, many states. now, let me step back a minute and put this in a broader context. you mentioned the $21 billion figure for revenues. that's min style when you consider that, you know -- minuscule when you consider we collect well over $3 trillion in revenue. it's less than half a percentage point. we could completely get rid of the death tax, and a lot of people including myself feel we'd probably raise more money by getting rid of this obnoxious tax, and you'd have people reinvesting in the bids. there's an old saying that you spend your whole time paying your taxes and building up a business, and then you have to pay it again. cheryl: it's ridiculous. we all kind of agree on that. but we should also say donald trump, who you support, wants to get rid of the death tax, and hillary clinton wants to up it to 45%. >> by the way,

. >> i agree that headline out of jack lew saying they still have a chance, i mean if they did get itthat would be a massive development but many says they might get it passed that and kasich saying it might be supported. >> bipartisan support and opposition. my picks in the "washington post", it's titled "hillary shar pens, trump softens. he's rising, she's falling." kellyanne conway has single-handedly addressed it. it's been the story the last couple of weeks. not massively new news but an interesting take on the changes that the new management team that trump's campaign have started to make the polls close in and it's fascinating developments. >> and trump speaking at the economic club of new york yesterday to a bunch of academic economists, mostly taxes, i would say. >> and having his hair ruffled as well. >> on late night. we're approaching the top of the hour. joe kernen is in new york with a look at what's coming up on "squawk box." good morning, joe. >> it's hard to be constantly questioned about wearing a piece or toupee. >> you can relate to it, huh? >> i knew his was real

treasury secretary jack lew says european commission's tax decision against apple shows the need fortax reform. in an official release lew said there's widespread agreement that the tax code needs fixed. he added he hopes the eu's decision will help to spur action from congress at the start of the new presidential administration. >>> 2016 has been notable for its lack of high-profile tech ipos. how has the slow down in listings affected tech firms. >> reporter: this year's tech crunch brings together 500 start ups competing for investors attention at a time when it's increasingly tough for the little guys here to take their business to the next level. venture deal volume decline in the second quarter and though overall venture capital investment rose slightly the majority went to private giants such as uber and snapchat rather than newer players raising the bar for start ups. >> you need to have a business model that makes sense. in my opinion that's good. survival of the fittest. you pull out the ridiculous companies that exist in the first place and we're all thinking from the begi

. >> jack lew saying -- he wouldn't comment too much, said the claw back was a consumer protection issuebut that it was a wake-up call to the persons of this issue of dodd-frank, and some saying it should be abolished but it was also culture problems at wells fargo. >> he also said no one is too big to jail as well. not specifically talking about this particular issue. but something to be aware of. >> giants of investing business and policy had warnings for investors at the delivering alpha conference in new york yesterday. paul singer, president of elliott management, arguing that central bankers are to blame for the slow economy. liste listen. >> eight years of ever-declining rates and ever-increasing radicalism in other monetary policies have not created a sustainability accelerating uptick in growth what they have done is created a tremendous increase in hidden risk. risk that investors don't exactly know or faced about their holdings. i think it's a dangerous time in the global economy and global financial markets. >> blackstone's ceo steven swartzman offering a less than optimistic

treasury secretary jack lew in washington later the today. -- later today.news 24 hours a day powered by our 2600 journalists and analysts in more than 120 countries. this is bloomberg. caroline: christine, thank you. let us talk european politics. angela merkel's party and its coalition partner have lost support in the regional elections in berlin as the alternative for germany along with the greens gained voters. we spoke earlier with a cdu member, david mcallister in berlin. he gave his dots on the afd's performance. partyis a single issue giving simple answers to complex questions. what we also see is that a lot of voters are not expecting them to deliver results. show protests.to i hopefully believe they are not here to stay. caroline: let us get the views of scott from blackrock. populism on the rise throughout the eu. how disturbing is this for the market? angela merkel not running again for example. investors clearly are paying attention to political developments across europe. depending on how much the french politicalve into the situation will be i

the summit is produced by cnbc and the institutional investors include treasury jack lew, carl icahn and more. over the last few years, it seems like all we talk about is the poor performance and the outflows. >> i couldn't agree more. but it is interesting we have had the big sell-off and spike in relatively the day before we have the experts to shed light on it. >> absolutely. >>> when we come back, much more on the morning's market global sell-off. we are watching it for you as we begin with the week with volatility. check out the casualties of the home builders xhb index having the worst day in about three years on friday. it was one of the hardest hit. we'll be watching that at the open. >> and not the only thing that stalled out on friday, a lot of things did. the facebook and twitter question today, we want to know how much further does this sell-off have to go? weigh in and we'll bring you the results later as we continue the coverage here on "worldwide exchange". hhh... but with added touches you can't get everywhere else, like claim free rewards... or safe driving bonus che

treasury secretary jack lew condemned the bank's conduct and used the scandal to highlight the purpose of financial regulation. >> what i've seen from what they've done is bad behavior, they were correct to take action against it. how that flows through in terms of next consequences will depend on the facts of the case. i can tell you that there's a lot of talk in washington these days about rolling back dodd-frank, about rolling back the law, changing the law that created the agency that took action against this, this ought to be a moment where people stop and remember how dangerous the system is when you don't have the proper protections in place. this is something that our watchdogs found. if they weren't there, they would still be going on. >> the woes facing wells fargo have cost the lender its winning position as the biggest bank by market cap in the u.s. jpmorgan surpassed the lender to steal the number one spot. wells fargo shares down b around 6% since the troles first came out. >>> just want to bring you the latest breaking news on ryanair. it is reigning its full year traffi

bloomberg costa david gura, who will have an exclusive interview with secretary of the treasury jack lewbloomberg's david gura. testifying before the house financial services committee. last timeireworks the he went on capitol hill over this scandal, so i think that will be must read tv. scarlet: do you think elizabeth warren will make a guest appearance? that is all for "what'd you miss?" we will see you tomorrow. joe: have a great evening. this is bloomberg. ♪ >> previously on "with all due -- ect" john: your basic argument is the premise is he will not win all four of those states? but florida and north carolina, i would much rather be her. mr. trump: did you see these characters with the maps? the electoral college? about a month ago, a very small path or trump. today i'm watching, they are looking at all these paths. john: with all due respect to donald trump, you can take our maps when you pry them from our cold, dead ingersoll -- fingers.

. >> of course jack lew said there was a chance of it passing but politically he has a tough job of getting opinion. >>> u.s. equity futures are pointsing to a higher open, 63 points on the dow to be precise but could the fed be a game changer. we ask jack caffrey. same tune, "worldwide exchange" back in a couple of minutes. today i am helping people everywhere do what they d.. better. i work with startups like alpha modus to predict markets five times more accurately. i am helping tv networks use social data to predict what people want to watch. and i worked with marchesa to turn fan feeds into a dress that thinks. hello, my name is watson. working together, we can outthink anything. >> u.s. stock futures pointed higher as the fed kicks off a two day policy meeting and we're approaching top of the hour so that means the team is commonwealthing ready for bo xilai. becky quick joins us for a look at what's coming up. >> good morning. obviously you've been covering the top stories we're watching. that testimony on the hill coming from wells fargo's chairman and ceo john stumpf is a huge issue

treasury secretary jack lew has used a message to mexico to deliver a pro-trade message. key technology the stress caused by globalization. stresscknowledged the caused by globalization. there are fears that this trump presidency would contribute to relationship between the countries. u.s. consumers appear to be shrugging off initial brexit concerns. jfk's confidence index increased six points, beginning th regains from june. household expectations for their personal finances improved, but business confidence remains lower. a guage indicates expansion in september and further signs of stability in china. the pmi reading came in at 50.1, above estimates of 50 in august. home prices in major cities are soaring. some are betting policymakers will switch from using to a tightening mode. yuanhile, the optiooffshore is trading slightly lower than the u.s. dollar. it becomes a one of five global currencies tomorrow, alongside the dollar, the euro, the pound, and the yen. payments of the global are hovering near a towo year low. global news 24 hours a day, powered by 2600 journal

wells fargo plunging more than 3% after treasury secretary jack lew had this to say earlier inside cnbc's delivering alpha conference. >> this ought to be a moment when people stop and remember how dangerous the system is when you don't have the proper protections in place. this is something that our wash dogs found. if they weren't there, they would still be going on. this is a wake-up call. it should remind all of us and firms that culture and compensation make a difference. how you reward people, how you motivate people. and what values you hold people to matter. >> we should note, while the bank fired more than 5,000 employees, no one has been charged. brian kelly. >> yeah. so i would say -- so what do you do with wells fargo in this case? you don't buy it. you want to be aggressive, you can short it, because this is not over. there's no way that 5,300 people get fired, millions of accounts are opened, and nobody knew anything about this? you're going to have congressional hearings, people are going to get hauled on to the tv. reminds me very much in that sense of what's been happenin

treasury secretary jack lew has visited mexico to visit a pro-trade message and a call for deeper cross-border relations. key technology acknowledged the stress for workers in both countries and said trade is the growth. to boost mexico's relationship with the largest trading partner has contributed to the peso falling against the dollar in the past six months. a private gauge of chinese factory output indicates expansion in december and the first sign of stability. it came in at 50.1, in line with estimates, up from 50 in august. with it stable for now and home some cities,g in some analysts suspect policymakers will switch from easing to a tightening mode. -- yuan isthe u.n. falling against the dollar. it becomes one of five global reserve currency's tomorrow alongside the dollar, the euro, the pound, and the yen. they hope for a boost in international usage and prestige, with its share of global payments hovering near a two-year low. analysts in more than 120 countries -- this is bloomberg. guy: thank you very much. deutsche bank is being felt around the world as banking stocks tumble. he w

we'll hear some of the biggest names in investing like carl icahn, jack lew and bill miller. >>> next, roger mcthat may says the problems at samsung only help apple. we'll explain when "fast money" returns. ♪ we're drowning in information. where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley. >>> welcome back to "fast money." the market is rebounding after friday's big selloff with the dow coming back 240 points. the dow and s&p 500 having their best day in about two months while the nasdaq had its best day since june 29th. here's what's coming up. donald trump rising in the polls and that could be bad for the markets. we have the shocking chart you have to see. >>> and biotechs breaking out and one name traders are betting will be the leader of the pack. what that is, later this hour. >>> a developing story on the global recall of samsung's galaxy note

. >> vestager is planning a trip to discuss tax issues with jack lew.'m not going to say i told you so, wilf, but, you know, you see sovereignty -- some stupid committee of unelected bureaucrats and this is what happens. >> but he's not going to tell you he told you so. >> nor is he going to accuse me as representing brussels. which has happened before. >> you know joe so well already. >> i need someone here to represent -- >> that's fine. do i have to put on a belgian accent as well? >> that i would not be able to -- i have trouble -- you know, this will insult you. i have trouble between aussie and english. which is you have to be a real idiot not to tell that, right? >> i'm not going to tell you that. >> ding ding. >> but you just did. >> but you're insulted if i said that. >> never insulted but i could tell the difference. >> we're glad you're here, wilf. >> i love being here. it's good. >>> we'll see how the markets are fairing as we count down to tomorrow's big jobs report. joining us now is steven parker from jpmorgan private bank. and covering t

treasury secretary jack lew said that over time the brexit vote will be hard for the u.k. choice a is 2.5% more gdp growth, choice b is 2.5% less, no one in my position would choose less. that is what the brexit vote means for the u.k. over time this will be hard for the u.k. all their planning assumes it will have that effect. euk: malta takes over the rotating presidency next year . i am mark crumpton. this is bloomberg. vonnie, that to you. vonnie: fed governor lael brainard is speaking at the chicago council of global affairs. she did this assessment earlier. ms. brainard: to the extent that the effect on inflation of further conditions is likely to be moderate and gradual, the case to tighten policy reactively -- preemptively is less compelling. is the lastspeech scheduled appearance by central banker before the fomc meeting. the blackout period comes after eric rosengren said the economy could overheat if policymakers waste too long. for more, let's bring in matthew boesler. if we haven't been expecting september rate hikes, we might have said this is a very typical

today we welcome the testimony of the honorable jack lew. secretary lew has previously testified before this committee on a number of occasions. i believe he needs no further introduction. mr. secretary, without objection, your written statement will be made part of the record. and you are now recognized for five minutes to give an oral presentation of your testimony. thank you. >> thank you, chairman h hensarli hensarling. we've just past the eight-year anniversary of the collapse of lehman brothers. every autumn, this date provides a grim reminder of the most severe financial crisis of our lifetimes. it's also an opportunity to measure the tremendous progress we've made to build a safer and more resilient financial system that will support long term economic growth. six years ago we worked together to put in place the most far-reaching, comprehensive update of the financial regulatory system since the great depression. the dodd/frank wall street reform and consumer production act put in place new consumer, investor, and taxpayer protection

we will hear from leaders in business and policy including treasury secretary jack lew, and billionaire activist investor carl. it is always an interesting newsworthy day. >> summer is over and we are seeing one percent days all over the place. >>> and they are back in a big way today. dow up 247 points just off the highs of the session after what looked like another big sell off today. >>> coming up, the head of the consumer financial protection bureau speaking with us first on cnbc about the wells fargo case. we will discuss which other banks that agency might be investigating. >>> up next hillary clinton falling ill at the 9/11 memorial event in new york city yesterday. today revelations that she was diagnosed with pneumonia on friday are raising questions about whether she is playing it straight with the american public. we will have that including more on today's market rally. you are watching cnbc. across new york state, from long island to buffalo, from rochester to the hudson valley, from albany to utica, creative business incentives, infrastructure investment, university partne

now, treasury secretary jack lew talks about closing the so-called racial wealth gap and the importance of financial literacy. this is about an hour and 40 minutes. morning. thank you, everyone, so much for being here, for joining us. i am the acting assistant secretary for financial institutions and it's my honor to help host and organize the event this morning. i want to start just by thanking everyone for coming and were laying just how proud we are to host this event, to host it in honor of the freedman's bank, of to honor the legacy african american history and coulter, which is getting such national recognition on the mall this weekend. it gives us such a proud backdrop to talk about how that history and legacy to today's agenda a real solution and how we think about jobs, growth, opportunity and financial empowerment in low income communities and communities of color across this country. we are also deeply honored to be joined today by a large number .f notable guests members of congress, representative karen brown, is a real testament to our speakers and the power of this event

in september and going to be meeting with treasury secretary jack lew and done so in the past. they do not agree on the results here. >> they don't. i think it's interesting that really, the european commission has been isolated in this. a lot of criticism from different directions. doesn't mean they're wrong. it's interesting everyone is willing to join together and criticize. the mechanics of this decision at least. >> yeah. a huge show ahead it says here. we're going to have more on trump's visit to mexico and what's ahead for clinton's meeting. we'll speak with the former ambassador to mexico, earl anthony wayne. plus, tonight watch "ground zero rising freedom vs. fear," that's a new cnbc documentary, reported by our very own jim cramer that airs at 10:00 p.m. eastern here on cnbc. in honor of the premier we will speak with the designer of the 9/11 memorial michael arad. stay with us. much more ahead on "squawk on the street." when whirlpool builds an appliance, they put everything they know into it. but once it's sold, there usually isn't a way to keep improving that produ

the 2016 presidential debate on c-span. .r listen live >> now, jack lew talks about closing the racial wealth gap in the importance of financial literacy. this is about one hour and 40 minutes. >> good morning. thank you everyone so much for being here, for joining us. on the acting assistant secretary. it's my honor to help folks who organized this event this morning. i want to start by thanking everyone for coming and relaying how proud we are to host this event, to host it in honor of the friedman's bank, and to honor the legacy of african american history and culture which is getting so much national recognition this week. togives us a proud backdrop talk about how that history and legacy connects to today's agenda. real solutions, and how we think about jobs and financial empowerment. we are also deeply honored to be a large number of notable guests. slater, members of congress. representative karen brown. it's a testament to our speakers. to have such a tremendous audience. first, introducing our first conversation, i want introduce the 76 secretary of the treasury. jacob j lu. l

but what we do see and i asked jack lew about this yesterday, an attempt to pass the onus of growth,us of growth over to the fiscal side, and they're pretty much like we ain't taking it. the problem with -- and everybody on this panel, with all of this stuff the fed has done, is that the fear of taking off the bandage or stopping the medication has -- is seen to be worse than the actual medication itself. and nobody can step forward and say with any assurance the unwind is going to be okay. we're going to take this bandage off and underneath this is going to be a healed scar. nobody knows what it is going to be like for the federal reserve to stop -- to start raising interest rates. nobody knows what it is going to be like for the federal reserve to start reducing its balance sheet. there is no precedent here. guys like singer and guys like dalio, they sit there and they worry about the future. that's why singer says you are wrong to see the ten-year as a risk free asset. it ain't. >> and you're right and -- here, diane, is why it -- this kind of line of thinking does frustrate me be

commissioner for competition margreth vestager, her take on apple, meeting with treasury secretary jack lew about with her. >>> overnight the bank of japan revamping monetary policy to now target short and long term rates to boost growth. meantime markets open in anticipation of the fed this afternoon 2:00 p.m. eastern time. the cme's fed watch tool suggesting only a 15% chance of a rate hike today. that compares with a 50% chance of a hike in december. joining us this morning paul sheerd, standard & poors chief global economist joins us at post nine. >> hi, carl. >> you don't think this will happen today? >> i think it's fairly unlikely it will happen today. the fed fairly unprepared for the move and the bank of japan move overnight might be less reluctant. >> some try to argue it was brainard's speech that put the nail in the coffin, again, we'll see what happens this afternoon. but you haven't had a hike with a dissent, you have to go back to angel, i think it was argued this morning, you think that all fits. >> brainard is always governor and chair i think is having influence and i thin