larry fink said, you know, absolutely appropriately. very diplomatically. there's confusion over there. >> the damage done to areas of this market is stunning over the last couple of weeks alone. financials just this week are getting hammered, but over the last two weeks almost every major financial institution stock is down double digit percentage points. as we're watching the s&p 500 today, we're a mere handful of points above the august intraday low on the s&p that the market clearly seems intent on retesting. when you look at the trend and the russell. then to just say this is about china, i think is a little bit disingenuous. look at the biotech sector. down 30%. what does it have to do with chinese currency? nothing. it's a bigger issue than that. i do think there are some analog that is are worth looking at. i will point out two very quickly. in 1984 you have the oil companies blowing up. if that sounds familiar, it's very similar situation to now. it was not a global recession. it was a scenario where we just had gotten ahead of ourselves. we needed

larry fink's comments -- look, you guys had larry fink on. 10% number, that will make people stand up and take notice. all we care about is oil any way. oil went below 30, okay. let's accept the fact that the market has to go down big. the saving grace? earnings have not been that bad. other than best buy which has been terrible. i look at citi. citi is in line. tangible book value. they're down 20 -- they've got room -- that stock has got a $60 -- $60.50 tangible book if they can buy back all the stock and the government can get out of the way, great. we all understand this is a tough market. intel's quarter was good. outlook terrible. >> the world almost ended in 2008, then we tripled from the lows with the equity markets, because the fed came in and did what it had to do. we knows there no free lunches. what do we owe? what do we pay forward by minimizing the pain the first time around? what do we have to give back to where we pay the piper for -- because there are no free lunches? i wonder how much that really means. you can't expect ever

--larry fink. >> i really respect the chinese leadership.y have this 10-year plan that is pretty audacious. from ano transfer export driven manufacturing economy to a domestic service economy. it took most countries 50 years and a few recessions, so we can toect perfection, but transform their economy to a domestic economy with domestic ,onsumption, a strong currency lower energy prices, their companies are going to benefit dramatically by lower commodity devalue,o if they which is some narrative, in my mind the repercussions are far me theycause it tells are going back to this export-driven economy and walking away -- >> how do they stop the erosion in foreign exchange reserves? >> the united states has had current account deficits for a long time. let's not get too carried away about what the implications are. but you said it, they may have to do some type of capital controls if you become so unsettled. what i have learned is that all that selling of their currency was a domestic problem. , oras people leaving companies making sure they ha

lack rock ceo larry fink sees a buying opportunity. he says markets are poised to gain over the next year. alix: welcome back to bloomberg markets. i am alex neil. time for a look at the biggest business stories in the news. -- i am alix steel. atrth-quarter profit american express dropped. this has been largely due to berkshire hathaway. his stake is down about $1 billion today. missingelectric fourth-quarter revenue sales. plunging in the oil and renewable energy unit. just a milk is in the process of reshaping the company focusing on industrial manufacturing and analytics. offwhile, he is selling finance and consumer finance operations. at least six angst targeted into libor breaking are in settlement talks with the country's regulator. that is according to people familiar. a settlement would mean nearly all global investigations into rate rigging are nearing an end. that is your bloomberg business flash. now taking a look at company movers. free stocks really missing out on the rally. this is because of earnings. --first, starboard

larry fink will be here.the chairman and ceo of black rock and it's the world's largest money manager. it's earnings day for black rock so we're eager to see the numbers but we're thrilled to have him joining us from 6:00 to 7:00 a.m. this morning. he's travelled to china and advised china an what they should be doing in terms of their markets so we'll talk to him about china. we'll talk to him about oil and get his thoughts on what the fed has been doing and talkefts. can't think of a better earn person to be talking to. larry is going to be here. he's already in the green room and he'll be on set with us in 12 minutes coming up. plus today we'll be talking to michael froman. he's the u.s. trade representative and one of the huge issues on the political front that might get resolved this year is tpp. the transpacific trade pack. that's what we'll be talking to him about this morning because it's the one area that both sides of the aisle think they'll get accomplished in an election year. a lot to watch with

larry fink was on "squawk box" earlier today. he said that we have more pain to come. take a listen. >> i think when we test the markets lower, it will be a good buying opportunity. >> how much lower? >> another 10% from year. which is nasty. >> how much lower? what does capitulation look like? >> another 10% from here. which is nasty. >> another 10%? >> yeah. you can see that and oil testing 25, 24. my worry about oil prices today, i'm sure nine out of ten of your guests talk about oil is going lower now. it's a very heavy trade. >> there's been 12 instances in the last 20 years where the markets have gone down by 20%. it's possible. the issue s as larry was talking about, what does the client do? what do you do in the portfolio? for discretionary clients we'll be rebalancing and buying equities. my view is it's possible. the question is does the fund fundamental view for the that? we think it doesn't. >> the case was always the u.s. is not in recision and the mantra went that the u.s. stocks will come back and correct from the overseas prices and the falling price in

he is not alone, black rock larry fink says he is advising people to buy. on theg of buying addict, gene munster says apple shares are about to pop. apples why he expects shares to go up 50% by the end of summer. for more on today's activity, going to the markets desk.

>> roughly in line with what larry fink said.of the s&p 500, scott, in our view, the line off the top is not consistent with the collapse seen without commodities, currencies, and high yield credit, so from that standpoint, 4% downside, the weak average coming in at 1780, another 4% from current level which is reasonable given i erosion from around the world and asset classes. >> yeah. so 1780 you think is settles out based on what the technicals are saying? which they are not always correct, obviously. >> like the fundamentals, correct. >> nice dig in there. >> we use the fundmentedals here. we don't want to overplay the importance of levels. looking across asset levels and myriad of instruments here. there's issues out there. it's not just a level s&p 500. there's been erosion in big sectors, the break down in the btx, bank of america and citi broke down and goldman sachs broke down, and problems in high yield. it's not a level in the s&p, but there's problems all around the world and asset classes. >> do you like at the vix as

what about larry fink's point here that what's happening is good and over the long-term you should benvested in stocks. stephanie. >> i think you should be. you have to have a diversified portfolio, right? there are going to be times when certain symptoms stocks get hit really hard, and other times when they do well. i think you really have to have a diversified strategy. stay patient. look for best in breed companies. good balance sheets. good dividends. that's kind of what we're doing. right now you're getting a lot of really great quality companies at a discount, at a valuation to mike santelli's point. >> also, if we're going to make that comparison to 2008, 2009, which is the natural comparison, and we all make it, we have to take a look at the strength of the banking sector right now. yes, we've had energy prices collapse, and that has placed pressure on energy loans. the balance sheets of banks are far, far stronger than they were going into 2008. there's very little chance of a financial system stress happening. >> one of the issues too is where do you want to be in the market

larry fink is talking about 10%. other people have called for greater losses hand that within the last hour. >> i would lean with larry. 10% to 12%. yeah. >> so your correction would be 20% since the start of the year? >> a little bit more. maybe 21%. >> don't you normally go into a bear market over that bear market only suffer 30% to 35%? if you are going into a recessionary environment, if that's what we're now talking about. >> you know my feeling. i think the fed made a mistake, and i think they'll get pushed into undoing that mistake. hopefully before we get into a full blown recession. >> what do you make, looking at intel, it's down now a little better than 9%. you would think that they missed on the top and bottom line. they didn't. or at least that their guidance was terrible. it wasn't. it was just that their growth unit didn't grow quite as much as people had hoped. is this a signal of just overall pessimism that's affecting things that, you know, might not be a part of the overall pessimistic story? >> yo

so on "squawk box" this morning larry fink said the sell-off would force businesses to take action. >> i believe you're going to start seeing more layoffs in the middle part of the first quarter, definitely the second quarter, because if we don't see some swift rebound, and as i said, i think we're going to have probably more pain before we have that lift. but i do believe by the second half of the year, the market is going to be higher. >> is fink right? will we see a market rebound in the second half? joining us now are the chief investment officer of clearbrook and nancy. what do you see in your crystal ball? do you see much more pain ahead before we see a little light? >> thanks for having me. yeah, i think the markets are going to continue to do what they do well, which is cycle through the fear and greed cycle, and when we hit despair is usually the time we start to see opportunities which is why we're taking an interest in the large cap integrated oil stocks. but as far as where the market will be in the next six weeks or the next six months, i think it was louis who said the o

larry fink joining us now, chairman and ceo of blackrock., not quite. >> about 6. >> we got about 6. >> yeah. >> do we need another four? i question whether we do. >> you know, i think china's been acting a little more sensibly. they have been more rational, consistent, and that's certainly stabilized the market, but i will tell you, in our flows, the first few weeks, we saw some very large financial institutions selling. this week, we saw buyers starting on wednesday. >> right. >> big institutional buyers? >> yeah. >> that was the bell? >> that was last week. >> 10% more, people don't know -- what day was that? >> friday morning. >> on friday. we got about six more. >> six more. but, you know, the markets are recalibrating. more bullish today. the mood in davos was negative, and last year, it was so wonderfully nice, and, so, you know, i come here to find out what consensus is more than learning anything that's really riveting. >> exactly. >> but, no, i -- look, i do believe, and i'll say it again, i believe the markets are higher by year e

. >>> and today at the world economic forum in davos, switzerland larry fink, the ceo of blackrock, theorld's largest asset manager, echoed that sentiment. >> i do believe the market will be higher by year end. i said that last friday. i do believe there is a need for blood in the street. we need to -- we need to work out all the excess inventories in energy. the only way that's going to happen is through bankruptcies of some of the oil companies as they stop pumping. this is all good. this is a good process. actually, this market correction weeds out the weak. >> and as for oil, mr. frink does not think we have seen a bottom in prices just yet. >>> but that is the big question. has the price of the world's most closely watched commodity bottomed? in the past two days we've seen a sharp and swift move higher, up about 16% today alone. crude settled above $32 a barrel. why have prices moved so quickly and is the worst of the selling behind us? pavel mukhnov, an energy manager at raymond james, joins us now. pavel, thanks for joining us. >> thanks for having me. >> do you feel this market

. >> so larry fink likes you heard canada and mexico.eak down both of those calls. cnbc's deidre bow sa is with us from vancouver. first, let's start with mexico. larry fink has actually been bullish on mexico for a long time. here he sat down with our colleague brian sullivan who happens to be out today. we hope he feels better. he sat down with brian back in october of 2013. >> you both love mexico right now. is that your favorite place to invest in the world? >> so -- >> besides america, outside of the united states, of course. >> it would be mine. >> it would be yours, mexico. >> so mexico is at the beginning of a real revolution. the president has proposed liberation and changes in how -- in the whole energy complex. through this change, if it's approved which it looks like it's going to be approved, you're going to have a tremendous opportunity for mexico to become one of the largest providers of energy. >> all those things are true and when you look at the mexican stock market, this is a custom built chart. we went to the same day

larry fink, the head of blackrock, that's the world's largest asset manager, says stocks could fall another0% from today's levels. and that's not the only thing he sees. >> having a market decline like this in the first couple weeks of the year really puts -- in my mind puts a negativity across the economy, a negativity to every ceo looking at his or her stock price, and negativity related to business and the forward thinking about businesses. i actually believe you're going to start seeing more layoffs in the middle part of the first quarter, definitely the second quarter because if we don't see some swift rebound -- and as i said, i think we're going to have probably more pain before we have that lift. but i do believe by the second half of the year the market's going to be higher. >> mr. fink also said oil prices could test $25 a barrel. >>> so let's turn now to mohamed el ariane to talk about what's happening in the global markets. he's chief economic adviser with allianz. good to see you, mohamed. welcome back to the program. >> thanks for having me on. >> could you put in perspective

dallas larry fink with erik schatzker and david westin in dollhouse.ere to break down contrarian , speaking with different investment strategies. clearly defining two different sides of this market. >> i would say since the middle of wednesday, we are up about 5%. good.g they are the big asset manager. start buying again on wednesday, that is definitely an encouraging sign. ignore what they are saying. that is definitely on the forefront of people's minds. think recognizes we have capitulated a little bit from maybe some of our more bullish stances. definitely something to keep an eye on. i think a lot of his argument relies on the sense of -- the sense that outside foreign investment may destabilize a little bit. right now the balls are winning. next week could be a totally different story. >> why are there such differing opinions? >> it comes down to china and oil. are going to bounce off 30, we are going to go all the way down to 20. you have guggenheim partners, based on the fact that oil is going down to $20 per barrel. that is the sticking point.

this morning larry fink was talking about how he sees the upside from it.for thein his world economy because people get cheaper fuel bill. there is not complete angst. the longer it stays down, the more questions about what it means for inflation. francine: talking about that report at the end if every chemical in you give us a sense of what the main changes will be compared to last year? fatih birol: the february report in which we look at the next five years of the oil markets and what does it mean for producing countries, what does it mean for the oil importing companies and what does it mean for the transformation of the energy sector? we just talked about price. to change the word to have cleaner energies, this low energy prices complicates the transformation, because many of those solutions, clean energy solutions, are high cost investments. in a low gas price, low coal price environment, it is becoming more and more difficult of fish through the high cost -- to push through the high cost clean energy prices. francine: do you get harassed by coeeo's?

interviews with larry fink and the columbia university president, lee bullinger.e looking ahead to an exclusive conversation with george soros coming up on bloomberg television. ♪ bloombergcome back to markets. looking at the world economic forum in davos, switzerland. filledose chairs will be by francine lacqua and george soros. that will be an exclusive interview in just a couple of moments. stocks trying to bounce back after plunging more than 1% yesterday. their highsis off right now. the energy sector keeping the market afloat. markett is keeping the afloat but oil is not as high as it was earlier. point --by about four it's1% but we see basically fading and trailing off right here. we did see in the noon hour or so that this caused -- this crossed the $30 threshold about nine times in 30 minutes. we are now at the $29 handle. let's look at the energy select etf. the day is mirroring what's happening with wti crude, up by 3.3%. 34 stocks are up and just six are down. is up and ranged resources up. as for some oil companies that have the biggest weight on the

. >> it's interesting you talk about wednesday because this morning on ""squawk box"" larry fink saidyes, there had been a lot of institutional selling, but the tide seemed to change on wednesday. there was a bit of a sentiment shift. do you feel that overall in the market? >> we did. i mean, one of the reasons i went on in the afternoon and said what i said is that i felt the sentiment change. i thought that, you know, i had spoke tony a couple of oil traders. they all said the same thing. they felt it was really the end. right now short-term, i do think that we did definitely reached the short tv term bottom. >> given that so many eyes are on oil, how much do earnings next week matter? i mean, we've got apple, qualcomm, facebook, amazon. if they have good stories in q1, how much can it matter? >> probably the point that's been missed on tv for the last week and a half -- it's definitely important. if you look at it like next week, there's a lot of big names coming out, and this is -- these are tech names. these are names that, you know, this is -- these are the forward-thinking comp

you still -- i still hear, you know, larry fink saying on friday stocks could go down another 10% nor>> it will be important to see how companies respond and react to good earnings. today is very encouraging but it's one day. united, delta, even the returning to some of the quality banks like a wells fargo or jp morgan, those are reporting good things. people are rewarding it. >> it's barely holding on to a 100 point gain, doc. why can't we sustain any sort of bounce? >> in tremendously oversold conditions. >> well, we know we're well over supplied in crude oil. >> this isn't something they can put off. they don't have the dollars coming in from the sale of crude oil. you would have to start selling. >> that's a good sign like mr. fink said last week, and i acknowledged that he is a very smart investor. he is not saying the odds are that we go down another 10% from friday. he said there's a chance, which is a different scenario than, say, odds are we're going to be down another 10%. i think -- >> he said there's not enough blood yet. >> i agree with him. >> and i still do. >> probably

i don't think, as i have said that larry fink is going to be right that it's 10% lower. i mean, i think it's somewhere between 2% and 5% from here, and it might be 2% or 5% in an afternoon like that. >> the flight to safety is gone today. gold breaking above 1,100. we'll tell you why traders say it might be time to pile into that safe haven asset. the halftime portfolio challenge underway, and march wroe is going to grade -- our mario will grade our picks. we're actually not going to go to break because the dow is now down by 500 points. 500 and change. you know, if -- we haven't gotten the whoosh yet, and you -- the fact that so many people are so negative -- you hear ray dalio today on ""squawk box"" saying that it's going to be asymmetric to the down side. they're asymmetric to the down side. there are a lot of very, very smart and very successful investors out there who think it's going to get a whole hell of a lot worse than it gets better. you look at that, scott, and you fwet into the mid 60s. 66. that's huge. you see the volumes we've seen over the last few days.

larry fink is guest host for the first hour from 6:00 a.m. eastern. so lots further indicators from the financial companies today and that's going to be very important for sentiment here in the u.s. retail sales are something to focus on today. it's pretty strong. they're suffering and the online guys are doing well. if this retail sales number is very strong might that help the likes of amazon and carolin i wish you all the best for your upcoming maternity leave. >> i'll be back and i'll be sending plenty of pictures. and i'll tune in in the mornings or middle of the night for that matter. >> people have been writing in and saying is there a baby on board? >> there. >> it's funny though because if you look on screen you can't always see it. from the side definitely, you know. >> kwa hii can't hide it anymor >> let's have a quick look at u.s. futures. another down start to the u.s. trading session. the dow jones off by 252 points. the s&p 500 off by 27 and the nasdaq could fall by 80 points after we saw a little bit of a bounce back from the recent se

larry fink felt the stock market would fall, additional 10% to go.ou look at that 10% and go, okay, now we hit the bottom, up and going from here? >> well, you know, it's more dynamic than that. in other words, as the prices go down, i calculate what the future expected return is. i look at what the risk, what the risk premiums are, and look at the pass through through this negative effect, and then what the central bank does, so, yeah, you know, i don't think it's as easy as, you know, a 10%, and what we're dealing with is something that is bigger than -- i want to see the big issue. >> all right. ray, thank you. appreciate it. >> thank you. >> great to have you here. really appreciate it. >> my pleasure. >> thank you. >> absolutely. >> when we come back, wikr, sell on top secret messages and keeping identity safe, "squawk box" returns in just a moment. in new york state, we believe tomorrow starts today. all across the state the economy is growing, with creative new business incentives, the lowest taxes in decades, and university partnerships, attr

the re-think -- larry fink says you need more losses.s no doubt that the energy market and commodities are going to drive a bad credit cycle. athink that we will see credit cycle driven by that. i do not think it will be thank you fornna: joining us today. have a good weekend when we finally get there. let's talk about japan. we woke up this morning to this news out of the bank of japan. let's run through some asset classes and show you some reactions to -- reactions. da saying the board sees higher downside risk to gdp and cpi. will dollar-you move lower question -- dollar-yen lower? anna: equities move higher. have a good weekend. ♪ the only way to get better is to challenge yourself, and that's what we're doing at xfinity. we are challenging ourselves to improve every aspect of your experience. and this includes our commitment to being on time. every time. that's why if we're ever late for an appointment, we'll credit your account $20. it's our promise to you. we're doing everything we can to give you the best experience possible. bec

larry fink talked about what's ahead in the markets for davos.n. >> we're not over yet. we still haven't found the bottom in oil prices yet. we still are learning more and more supplies everywhere in the world. first of all the equities, these are just market corrections. as warren buffett said it's a long, long race and i think too many people are panicking over these corrections that are necessary and the reality is over a long cycle, you're going to do fine. >> so let's talk about that. with us now, david leave vits and from boston, michael arrone. michael, is that what you are telling your clients right now? short-term pain, long-term gain, stick with it, don't panic? ? >> that is what we're telling clients. we're expecting a little two steps forward one step backward market for most of the year. what i find interesting about the volatility is a lot of the economic conditions remain largely the same. so kind of good but not a great economic growth which is leading to accommodative monetary policy, low interest rates and low inflation. certain

larry fink said we are facing 2% growth. the circuit breakers might be telling us we are falling out of bed and we could be in for a rough ride. david: it's not all about the center -- central bank. >> i would not be concerned about the -- a chinese economy based on a shanghai move. stephanie: it's a new year and new markets and stocks around the world are slumping but they are being led by this route in chinese equities. it triggered a market wipeout. yielding currencies tumbled as investors are turning away from risk over concerns about the middle east. , let'srabia and iran cover this with our bloomberg global team. as wellve to hong kong as mark barton in london and matt miller is here breaking down the markets in new york. we will go through this with everyone. let's get you some first word news. vonnie: the refugee crisis is orking western europe's policy. danish leaders were angered by sweden's decision to start imposing its own border checks to stem the flow of middle eastern refugees. that could lead to a logjam ove

we had a gentleman today by the name of larry fink.runs the largest asset manager in the world, black rock, say stocks could even go down another 10% plus from here. certainly sobering words on a day where the dow has already gone down by more than 500 points. >> people are just trying to get to the weekend at this point. we will continue to watch this. it is monday being a holiday for wall street. cnbc's scott wapner, thank you. appreciate your time. want to show you live pictures from the campaign trail, sioux city, iowa, where we expect bill clinton to take that stage there. he's holding an event for his wife, hillary clinton. this comes as the now democratic front-runner and bernie sanders are locked in a super-tight race in the hawkeye state. last night on the rachel maddow show, the future secretary of state went after bernie sanders, hitting him on health care. >> now, the only clue that i can find because he hasn't laid out a plan is to go back and look at the bills that he's introduced nine different times, and it's a bit conc

we will be back live at davos with black rock ceo larry fink. betty: it is 10:00 a.m.1:00 p.m. in hong kong. welcome to bloomberg markets. ♪ betty: from bloomberg world headquarters in new york, i'm betty liu. we are 30 minutes into the trading session right now and we are lower but we have been fluctuating in the first half hour. the s&p indexes trying to rebound from its lowest close in 21 months. european stocks are rallying after mario draghi says the ucb -- so the ecb may reconsider its monetary stance and could add more stimulus in march. we will hear from our discussion with christine lagarde. we will be talking with ukraine president petro poroshenko who met with vice president joe biden. we will be talking with the bank of america chairman and ceo ryan moynahan days after the

larry fink and scott minerd spoke to the squauks box crew in switzerland.hat they think about central bank action. >> i think what mario said was great. mario said with his inflation rate and the issues around his economy he has more ammunition and he is going to use it. >> i don't see the fed raising rates in march and i think the probability of a return to zero is dramatically increased, but i wouldn't want to be making that call until we got into the second quarter. >> this is a good process. actually, this market correction weeds out the weak. >> this is a very interesting time for people to be putting money to work. this is not 2008 or 2009. >> well, the larger question here is are central banks coming to the rescue of the markets. joining us is anthony chan. first of all, you know, now that the european central bank doing it, is it too much, just enough or not enough? >> i don't think it's too much, kelly. i think that central banks realize even though they don't want to target equity markets if they get weak enough there is going to be an impact on c

not hear from did larry fink is he said he was confident they would not devalue the yuan.ncy has become overvalued because it's tied to the u.s. dollar which has not rallied a lot because the u.s. fed is the only major central bank in the world that has a tightening bias. it's an impossible trinity idea were you cannot have independent monetary policy. with free movement of capital at the same time. there is a form of tightening of liquidity conditions and that is what is plaguing the market. from my perspective, the currency wants to come down and it has and the chinese already devalued last august and what we saw in november and december and january is more of a stealth the valuation. in november, policymakers said the currency needs to go lower. i don't think there is a lot of debate that the currency needs to come down. how does it come down? it a massive devaluation? i don't think that is likely because that's too disorderly. will it be a slowed evaluation with as little disorder and volatility as possible. that's what everybody is hoping for. devalue are not devalue?

i think larry fink does a nice job. rebounded off its bottom and there's plenty of upside. >> paul, thank you. you can go to cnbc.com for the latest on all the latest portfolio fors for additional analysis from our managers. >>> next on "squawk box," starting off with a big downdraft, jim cramer gets his chance to sound off for the first time in the new year. the markets according to jim next. hardest job in the world. that's why i'm here. can you... i can offer advice from the accumulated knowledge of other educators... that's wonderful but... i can tailor a curriculum for each student by cross-referencing aptitude, development, geography... sorry to interrupt. but i just have one question: how do i keep them quiet? (pause) watson? there is no known solution. >>> let's get down to the new york stock exchange. jim cramer joins us. is it possible a year could be like a day where some days you start out strong, you don't make a firm bottom, it's better to see it start off, build a base, go up later. maybe a year like that

davos coverage including the chairman of ubs, and the chairman and ceo of merck, meg whitman and larry finken rania of jordan. about the crisis and terrorism we're talking about every day as relates to isis. "varney & company" is up next and charles payne taking the wheel from here. >> thank you very much, maria. don't look now, but stuart's return is around the corner. there's a lot and maria talked about it. the big turn around in the dow, a 300 point reversal off the lows. we'll be sng

when we come back, the ceo of the world's largest money manager, the one and only larry fink of likek. ♪ . david: welcome back. here we are with erik schatzker. erik: it has been a big week. arry think will be with us in minute, but we want to bring you up to speed. matt miller has that in new york. matt: thank you. first off, looking that big gains in crude oil. take a look at west texas on the nymex, up 5%. day is the second big of gains for nymex crude. say they, i would not results, but they have been so uncorrelated that i can. futures up across the board. it helps that we have big gains in asia, europe, because the world is expecting central banks, other than our own, to inject more stimulus. s&p 500 futures of 27 points and dow jones up 200. if we get a triple digit gain in markets today, it will be the soak 77% of all the trading days this year have seen triple digit gains so far. very interesting. david points out a lot of volatility that is not the percentage figure for last term. let's go over to vonnie quinn. travel plansu have today, you will probably change them. threat

davos coverage including the chairman of ubs, and the chairman and ceo of merck, meg whitman and larry fink, blackrock and an interview with queen rania of jordan. about the crisis and terrorism we're talking about every day as relates to isis. "varney & company" is up next and charles payne taking the wheel from here. >> thank you very much, maria. don't look now, but stuart's return is around the corner. there's a lot and maria talked about it. the big turn around in the dow, a 300 point reversal off the lows. we'll be swinging all over the place and can't return away from the screen. we'll watch it step by step for you. oil starting to come back just a little bit. creeping above 28 and all bets are going to be off. we've got a new inventory report that comes out two hours from now, it won't dictate oil, but also your 401(k). and vladimir putin accused of ordering the poisoning of a former soviet spy. and john mccain treading in political waters, blaming the president for the market. and jeb bush says that donald is afraid of him. "varney & company" is about to begin. ♪ >> we're going to

also, tomorrow on "squawk box," an exclusive with blackrock chairman and ceo, larry fink, largest moneynging quarterly results talking to us first starting at 6:00 a.m. eastern time. "squawk box" will be right back. >>> welcome back, everybody. crude dipping below $30 a barrel for the first time in over ten years after the wti group took a similar fall. for the latest on oil slide prices, the head of research at klr group, and, john, we are looking at potentially stabilization in oil prices, at least in the early going this morning. does that suggest to you there's a bottom or too difficult to call any of this? >> becky, in the near term, it's too difficult to call any of this. we are seeing the conditions set in motion, though, to suggest there is seasonally normalized convergence back to balance, but, no, we do think with a reasonab reasonable probability the effect happens here in the first of the year. >> you are looking at oil prices rebounding significantly from here, the course of this year and next year, and closer to $47 a barrel for the balance of 2016? >> that's correct, and,

. >> that was blackrock ceo larry fink speaking with us in davos last week.y to invest in our neighbor to the north. cnbc has a report from vancouver. >> reporter: good morning. here in canada the r word is back and some say it never really left. i'm talking of course about recession. the looney hovering around 13 year lows. saw its biggest declines since it was unpegged from the u.s. dollar. it could stay that way for a while. >> i would like to see the lonie increase, the canadian dollar. i don't see that happening in the immediate future. ultimately it will. >> reporter: and that may mean more expensive groceries for a while. canada imports 80% of its produce. take cauliflower. i have one right here. the humble cauliflower has become a national talking points. it can be seen in the ails as high as 8 canadian dollars, that's $6 u.s. for a head of cauliflower. over $2 for celery, triple the price a year ago. the loonie's weakness is due to oil. >> a lesson, of course, don't put all of your economic eggs in one basket. some parts of the country have done so a

. >> we talked to, i forget who it was one of the major ceos, maybe larry fink from blackrock they arestors sell, the institutional traders are making big moves. >> they are more tactical. we've seen redemptions pick up a little bit. not extraordinary so. our retail sales have held up a little bit comparatively well. that's encouraging. people taking a longer view. redemptions have picked up a little bit but not extraordinarily so. >> what do you look for next, joe? >> you know, i think what we're working on is continue to encourage all investors, be they institutional or retail to diversify. it's clear diversification can smooth out this enormous volatility. you can diversify into different asset classes. that's why we acquired a real estate manager, added to our hedge funds capability to offer more choice for investors to diversify and to smooth, you know, smooth volatility. we've gotten over the last several years with all the qe in the market we've gotten very accustomed to low volatility as rates will move up a little bit, we're returning to normal, to normal types of volatility i