the nikkei 225 fell again about 2%.ful because now the nikkei is down 10.3% from its high which means the nikkei in japan is officially in a correction, moving 10% from its high. now at a 2.5 month low. those are the big stories from a market perspective. coming up, we have oregon senator ron wyden on how to make washington work again. plus, more on the emerging markets, more on japan, and more bruno mars. back right after this. when you order the works you want everything. an expert ford technician knows your car's health depends on a full, complete checkup. the works. because when it comes to feeling safe behind the wheel, going the distance and saving at the pump you want it all. get our multi-point inspection with a a synthetic blend oil change, tire rotation, brake inspection and more for $29.95 or less. get a complete vehicle checkup. only at your ford dealer. >>> welcome back to "squawk box." he's being talked about as the next senate finance committee. he's pushing a tax reform agenda that he says will start wit

the nikkei added 57% in 2013.king about a 14 pins drop since the beginning of the year and that is catching some attention. take a quick look at the rest of the asian markets. the hang seng tumbling on its first day of trading after the chinese new year. this is the first chance it was getting to go ahead and react to what's happening around the globe with markets. take a look at what's been happening with the dollar right now. at this point, dollar up against the

the nikkei in japan closing about 11% higher.emain closed for the lunar new year holiday. hong kong benchmark hang seng index finished lower following choppy trading. in europe european trading, we are seeing pretty mixed stock. the ftse 100 over in london, a little higher. 0.3%. not much movement, though. among the catalysts here, data showing output in the eurozone in the economy there, expanded at fastest pace since june 2011. a quick check here on u.s. equity futures early this morning. set to open just slightly lower. a rebound in yesterday's trading. today's big test for the markets is going to come from a jobs report. the january adp employment report.

the nikkei, we used to trade off the nikkei in '88 and '89.off of that. whoever is the weakest we trade off of. that's what's happening here. when we had good eurozone numbers, it doesn't matter, we're trading off the weakest. when that happens, there's data we trust here. our data is corrupted by the weather. our data is corrupted by retail streams. listen to strauss, they have a billion dollars in cash. people say they have very little cash. the cross-currents of people who think companies are doing well and badly, very hard right here. in particular, we need more data from the united states that we can trust. i think we'll not get that till friday. >> jim, i agree with you. the numbers we've seen to this point, the ism number yesterday, a lot of that did have weather in it. if the january jobs number on friday is a weak number, though, will the markets be willing to give it a pass for weather or are all bets off at this point? >> i don't think so. if you have two bad numbers, the history of the employment number in the last seven years and

wind seemed to have succeeded in meeting the demands of small stroke of luck this week the nikkei stance on improving social welfare. and bp bp and claims he said he wanted to make the summer games the fans. you probably know will need to hit the ground running. he's been stomped on and this is long more and while they may be thinking continued seven cents. the city needs to build and upgrade infrastructure for the twenty twenty olympics. i must prepare for the majors bay it takes to get to hit the team for an extra two years in each kiddo. thank you. really i senior political commentator my essay own advice and offered as this the assists on the sizzling steak terry. do you. first bus to school today to follow prime minister paul socal i tried to make nuclear power the focus of the election campaign but she failed to come up with a concretee created by abolishing nuclear power kosovo also failed to cooperate with all the candy to me. complaints to boost nuclear power. these two have joined foresees one nuclear power. one of them could walk the backing of another informal friend mr j joe

the nikkei 225 last close like this, more than 10% up.t looks like it is going to add about 300 points at the start of the session, that according to futures trading in chicago. the yen right now is weakening. 102.60 at this moment. foru.s. jobs reading january, disappointing again. could this mean the brakes come off on the tapering plan? new fed chair janet yellen speaks not once but twice this week. the language in her guidance will be closely scrutinized. john dawson joins me this monday morning with a breakdown of all of this. >> the jobs, disappointing again. 113,000. 180,000 was the forecast. december, 74 thousand. job creation for the last two of theis actually half average the past two years. that shows you it is slowing down. you can blame a very harsh winter. nevertheless, this will affect tapering, $10 billion a month so far. be held up. janet yellen speaks twice this week to congress. one is on tuesday, the house financial services committee. thursday, the senate banking committee. she will be delivering the fed's biannual mo

that's the nikkei, japanese stock market. mode, technically speaking, that means dropped 10% off of its peak which we saw in last trading day of december where it reached six-year high. many looking at the chart and wondering, does that mean u.s. is headed for a correction, a technical correction, as well? steve, i wanted to bring you in on this because, to me, it seems like it's not a leading indicator. the u.s. economy is on sounder footing. in fact, we're in the mode of tapering or pulling back qe while they're pumping it up embarking on a huge monetary experiment, and, therefore, perhaps while we may be in some type of correction mode it's not a bear signal that the nikkei entered correction. >> i think that makes sense. you want to be careful there. last year emerging markets did not lead the way for u.s. marks, i believe em was down 5% last year. you know that we have a stellar year last year in the united states. but just because they didn't connect last year doesn't mean this year they couldn't be leading the way. the

amiga morning on the nikkei has seen a big job so far this year but earnings reports still positive. he's actually a lot of japanese companies are reporting of positive earnings results but that's still a lot of them getting caught up in this global downward shift in sentiment that we're seeing the first box of bullets have a look at the opening levels for today every fifth and would sing a little bit of a turnaround following on from the us markets as you mentioned i as you can see that the nikkei fourteen thousand two hundred and two topics one thousand one hundred and fifty nine and both are well into the positive that the nikkei is still down around fourteen percent of the year amid stronger yen and a global shift to safer assets as concerns grow over the pace of growth in the us and china however earnings as he sat there are the focus here at no less so than from toyota which came out with earnings after the market's close yesterday saying that net income for the october to december quarter rose five fold from a year earlier beating along estimates now to share still fell almost

and the topics trading in the positive the nikkei however still highly susceptible to movements in the dollar yen currency pair which has been falling out of late as we know and we continue to hesitation by market players i'm just not really it's making major moves such as yet so especially coming through from the uss of data that we have the services i sms data for instance out which showed an upswing eating some estimates put that same time the private sector tossed it up. also did show a decline. and last month us also makes that a debt that now all eyes of course are going to be on the u s jobs numbers on friday. earnings here in japan it will still remain a big focus especially with the sony today i'm going to keep track of the share price and it's going to be reporting earnings after the market closes today and that comes after reports saying that sony plans to possibly sell off the song but it's our loss making sectors. and that really follows o one a lot of other consumer electronics firms . many look at what the panasonic has done for instance shifting more tunisia is a citize

jet, japan's nikkei news services saying that sony may be in talks to sell off their pc business. there has been speculation about the future of sony's pc business. lenovo has been tossed around as a name. not newish headlines but nikkei saying that sony may be in that market to perhaps get rid of or sell off or spin off or something that pc business. that's causing this spike 7% in sony shares. >> a money losing pc business, i might had. >> that's right, money losing one here. if you have a viaio pc. >>> we're talking to a fund manager who says not to throw in the tower just yet. he's uncovering pockets of promise next. >>> a big jump in one stock today is prompting two traders to make moves in their playbooks. we're going find out what today's trades are and if it's enough to shake up the leaderboard for trader of the year. that much more ahead. [ bagpipes play ] make it happen with fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. call or click to open your fidelity account today. every day i spend three hours on weights. four

the nikkei opens in three minutes. >> japanese markets about to re-open. decision up from the central banks. the figures don't seem to add up. we speak with the favorite to lead in indonesia. surprise out of the bank of japan retaining its plan for rise ino ¥70 trillion its monetary base. the bank of japan voting to keep monetary stimulus as it is for the time being and to keep that monetary base target as well. this does come against a backdrop of gdp growing far less during the quarter. looking for any reaction when it comes to the again. let's have a quick look. is -- the dollar is $.81.¥101, is pretty much unchanged. japanese markets coming up. it has been in that range, so very little reaction. this was expected by 34 of the economists surveyed. think we will probably see a change in the next four months, the july timeframe. this is what the picture is looking like. this is interesting. global stocks have a raised losses as growing confidence in emerging markets has restored 3 trillion dollars in value. that news has trickled through the way we have b

the real focus was on the nikkei now in full correction territory. a 10% drop we have seen since this last trading day in december. we get started in positive territory despite the stronger pmi readings from the likes of spain and germany, in particular, the ftse 100 indicates that they are off by .50%. the italian markets are down .80%. >> a little dip down there. with the bond markets, thank you for that. that was the lowest number we have seen. we are still down near tlaefl. the ten-year bond is also slightly lower. the pmis today, manufacturing pmi up to 54. the flash is 35.9. french numbers were okay. and a short while ago we saw u.k. pmis softer and in well expansion mode. on the currency markets, the ftse is slipping at the dollar, $1.63. post that number. it is still pretty sustainable. the dollar/yen, 101.83 at the moment. we are still down near the low we hit last monday. because of em fizz. >> 130 is the number out. we'll get more later this week. jules? >>> earlier this morning turkey's finance minister told the show that the move is key

the nikkei is higher at tokyo returned from lunch. snowy weekend. >> rising fears of a credit crunch in china, bank lending to the highest levels in 2010. is it a shift for the central-bank or merely a lunar new year operation but mark -- operation? what are people telling deal? >> we heard from the chief worry thatat said " policy is to tight right now or that this is hurting or choking off growth because the credit crunch we had in december, those fears are exaggerated." we had a credit crunch in june and july. >> the market rate skyrocketed. it's absolutely and the same thing in november and december. we are talking about the concerns of the credit growth and quality and who is lending is going to. whether shadow lending. let's look at the numbers for january. they are interesting. new loans from banks, 1.3 trillion. that is almost triple what we got in december. these of bank lending is often frontloaded in japan and squeezed in as much as possible and head of the lunar new year holiday. the quotas are different. that is what we h

the market is down, the nikkei lower by 0.5%. mscithough the asia-pacific is advancing, it is early going. we will see how that changes when hong kong and shanghai come online. the nikkei looks like this in terms of stocks that are moving. on the upside, some of the insurers. take a look at those declining. we will also be watching the exporters today. those move likely when we see the yen rise. that is negative for those companies, the big exporters like toyota and sony because it hurts their earnings as they bring back earnings from abroad. is up 0.4%.he kospi hyundai is higher by about 8%. those are some of the local names in that market. as southeast asia gets underway, malaysia starts with a modest advance. you poor looks like this. these are the early movers. a mobile carrier up 1%. logistic properties seeing a 1% gain. we will be watching japan as the session moves on. u.s. markets are closed later today for a holiday. meeting minutes tomorrow from the fed. there is a lot of indication of what is happening. just take you t

the nikkei rising.y seeing samsung one of the gainers, a very strong start to the week. gains, we are going to see china. >> thanks, john. investors in china, are they prepared for more volatility when it comes to bank lending rates? well, they should be, because the source of that information is rather credible, isn't it? >> the central bank itself. i would imagine it would be a problem if you did not come up with somebody more credible. yes. they said they essentially had the message where gone are the days where they would essentially bankroll a lot of this debt. theyl remember 2009, when pumped the economy with 4 trillion renminbi in credit to avoid an economic crisis. now, they are trying to avert another crisis, saying they are trying to roll back liquidity, making sure it goes where it is supposed to go, and just to quote part of that report, reasonable rate changes, so that then becomes an effective mechanism. capital,f allocating they do recognize that all of this construction -- they will be m

for one, the nikkei, the japanese market, surged 57% in 2013. that was its biggest year since 1972. so clearly it got a lot of people locking in their gains and japan has had a much more tremendous move over the past 18 months. another key difference, japan is in the middle of a major experiment, a massive quantitative easing to fight deflation and pump up growth. the jury is still out on whether any of that is going to work. the u.s., on the other hand, is doing much better, so much so that our central bank, the fed, is in tapering mode or actually starting to scale back the quantitative easing. and worth pointing out, the u.s. economy has been a bright spot in the global economy. fourth quarter gdp last week showed 3.2% growth. the consumer at least is alive and doing all right. oppenheimer's chief equity strategist says economic growth in this country, earnings in this country so far counter a good part of the drag you're seeing coming from emerging markets, sluggishness in europe. it doesn't mean we're not in for more pain and perhaps even as much as a 5% to 10% move here as the

as nikkei has gone, so as the dow. how can a nikkei suffer a 20% pullback and stock market in the united states have a 20% gain? >> well, first of all, the nikkei is already 10 % sell-off just in january. my feeling is that japan has problems that are me koopeculia that country alone. it's a high cost producer and low-cost area. so i think it's going to have some problems later in the year. >> byron, good to see you again. here's what i'm trying to get straight. last year you were bearish with the market having moved up one of the best we've seen in years and years. from this level, now you're bullish, look for a 20% return, which most people that i talk to think is pretty aggressive. i agree that it's aggressive that we can't get there. what's changed in you're out look to go for such bearishness to bullishness at such a higher level in the market? >> okay. so last year i thought the economy would be -- it would be a difficult year for the economy, and it was. the economy only grew 1.9%. i thought that earnings would

nikkei up 57% or whatever, take some profits.uldn't have been burned in january. >> good to see you as always. good stuff. cnbc.com, you can check out lawrence's story. the headline these big hedge funds got crushed in january. go find out exactly which ones they were. still ahead on the half, the olympic games are in full swing, but which country is on top of the medal count? we head to sochi for a live update as well as a look at today's top performances. and speaking of the games, we have a little olympic competition of our own. and the best part, you're going to decide the winner. the first competitor is up next. ] the new new york is open. open to innovation. open to ambition. open to bold ideas. that's why new york has a new plan -- dozens of tax free zones all across the state. move here, expand here, or start a new business here and pay no taxes for ten years... we're new york. if there's something that creates more jobs, and grows more businesses... we're open to it. start a tax-free business at startup-ny.com. there's n

that's all from the nikkei business report. back to you. >> thank you for that.orrow, we've got growth in india being in the spotlight as its advanced gdp estimates for this fiscal year. we get third quarter results from taper power while in japan, their corporate earnings story continues. we've got the likes of olympus, isuzu, marubeni and inpex among those reporting. >>> still to come, i've been doing checking out london's shattering new exhibition. it's amazing. we have a renown glass blowing artist. he told me how to trying to break the glass ceiling of art, next. hmm, fifteen minutes could save you fifteen percent or more on car insurance. everybody knows that parker. well, did you know auctioneers make bad grocery store clerks? that'll be $23.50. now .75, 23.75, hold 'em. hey now do i hear 23.75? 24! hey 24 dollar, 24 and a quarter, quarter, now half, 24 and a half and .75! 25! now a quarter, hey 26 and a quarter, do you wanna pay now, you wanna do it, 25 and a quarter - sold to the man in the khaki jacket! geico. fifteen minutes could save you... well, you

japan's nikkei gained 1.8% ahead of tomorrow's holiday. soft bank jumped 5.7% today after an upgrade. meanwhile, banks in australia helped rebound over 1%. we have been watching chinese banks on the back of the ppoc's comments about risk control in the financial system. and they were under pressure in hong kong today, but it's a different showing over in the mainland. banks especially mixed lenders extended last friday's strong rebound on the hopes of better liquidity conditions in the months ahead. aside from financial stocks, chinese electric carmakers were also among the top gapiners. this is after subsidies were extended for green vehicles after 2015. meanwhile, faw also reported a 40% increase in its january sales. so that's a recap of the asian markets. back to you, ross. >> thank you, li sixuan. >>> now the golden arches have finally hit vietnam. mcdonald's opened its first restaurant in the country in the capital ho chi minh city. they even have a special sandwich called the mcpork. we'll have an interview with the mcdonald's ceo d

afghanistan has the nikkei climbed by long years of civil war and terrorism anything. postal workers serving the millions of people living in the capital kabul are under pressure. perhaps for some unexpected reasons. nhk was less a pc that has this report on the unusual challenges they face. in kabul crazy show areas near the city center did not have street names or even proper others. homemade him in this neighborhood and even buildings have no addresses this makes operating the postal service something of a challenge. these are the leaders which arrived in kabul today so it is. somehow i just put some hope is that this is just a stone the alteration in his acceptance his two hundred thousand. and while movies and on the receiving solve mysteries. behind french hospital about half of the elect is arriving in kabul to know how full of receipts. forty six year old muhammad rashid is a bit troublesome. he has a key role in helping these collectors. houses and apartments up from two small areas filled with narrow streets like a giant mates oh yes hundred illegally man cov

and the other issue is the nikkei and the dollar/yen. the nikkei is around 14,000. i know it's not having a good year but let's not lose sight, you would have to take that 14,000 and multiply it by three and end up at the price we were at just shy of three years ago, 40,000. we need to keep that's macro views in perspective. >> michael robinson, what do you make of what's going on these days in this market at this point. i mean, let's look at the nasdaq, for example. technology. i know you like that, but it has been easily the most volatile of the major three averages on wall street. you still like it despite the tremendous volatility here? >> i do. again, i think stock selection is going to be important this year. we're going to have choppy markets, but it's going to be uptrending. technology as a sector has increased earnings in the fourth quarter by 8.2%. so it's one of the big market leaders, and the untold story to piggyback off what one of your earlier guests said is technology as a sector is doing very, very well. i would be buying select stocks that you have

the benchmark nikkei average posted its biggest one-day loss in more than seven months. it tumbled 4.18% to end at 14,008. its lowest close in almost four months. investors pulled their money out of riskier assets such as stocks after disappointing u.s. manufacturing data fanned fears. investors went after safer assets such as the japanese currency. the stronger yen hurt local equities, especially export-related issues and growth sensitive shares. the nikkei climbed 56% last year. the best performer among major economies in the world. since then, many investors have reduced their positions in part because of worries about slower growth in china, and fund outflows from emerging economies. the index has declined 14% since year end. >>> the tokyo stock exchange wasn't the only market taking a beating in asia, and ron madison joins us from the business desk with more. >> that's right, gene. many other markets across the region tumbling to multimonth lows today. seoul's kospi slid to a five-month low. hong kong's hang seng hit a low not seen in more than six months. singapore

the nikkei average climbed 3.13% to 14,843, its highest close in more than two weeks. the one-day percentage gain was the biggest this year. it was helped by a broad-based rally. still analysts say today's advance is just a rebound from the market weakness since the start of the year. they remain cautious about whether the nikkei can sustain the strong performance, it's down nearly 10% so far this year. many other airness bourses ended higher. india's sensex went up for a third straight session. investors welcomed the government's commitment to narrowing the country's fiscal deficit. monday india's finance minister said the deficit for the current fiscal year is likely to fall below the target. in thailand the key index fell 0.46% to 1,326. sentiment took a hit after political violence in bangkok worsened. on monday the index closed at its highest level in about two months. >>> the european equities are coming under selling pressure following recent gains, and london, it's just slightly down 6,733 at the moment. in frankfurt, the dax is trading at 9,600. and in paris t

nikkei futures pointing to a higher open as well this morning. probably going to add 100 points according to futures trading in chicago. the dollar yen is at the 101 spot. it is slightly weakening. boj decision. there is a lot of speculation that boj could be adding to its stimulus plan if not today in the coming weeks and months to come after that. very dismal fourth-quarter figure that came in under expectations. panasonic report supply chain problems. the storm caused delays or cancellations to flights. demand has come ahead of resistance. and the las vegas sands website back online after being hacked. service fort of almost a week. the santas working with state and federal agencies to investigate. tradersrmer barclays have been charged in the u.k. in connection with a global investigation into fixing s.terbank rate' >> good morning. these are the latest charges. governre the rates that this financial market. they touched not only bankers of course but ordinary people as they impact everything from the u.s. dollar to currency rates like the ja

the nikkei 225 last closed in negative territory.looks like it is going to add a hundred points or so at the start of the open. the dollar yen right now is strengthening they could hurt the earnings outlook ahead of the gdp figure for the fourth quarter coming out. start with this. less than two months of the 2014 global investors. they have arty pull money out of the emerging markets. let's get details from hovland inda.n -- from hasl has discontinued? >> more expected. this is probably just temporary. soe's a look at the fallout far. $4.5 billion so far. just sigh of 30 billion for all of 2013. the amount was 29.2. take a look at the emerging markets index, down 4.4. this will extend their decline. retail investors are leading the exit, and recently joined by more visible institutional type investors selling from these as well. these are looking pretty cheap. they are so concerned of slowing china and trade deficits in turkey in the fed tapering. speaking of sentiment, the unrest in thailand, let's talk about that. >> is probably r

in fact sony jumping almost four percent of us have a look at the opening doubles here for the nikkei and the top picks and but as you can see there are well into the positive fourteen thousand three hundred and ninety five up one point seven percent for the nikkei now however we made in the positive right now but after plunging nine hundred and five points on monday tuesday and it is likely headed for the fifth week the negative close unless we make some massive gains today still amidst a global stock selling this weak earnings reports have suggested a more positive tone as japanese companies have aggressively attempted to cut loss making business sector sony for example after its earnings report yesterday after the markets close said there's been a spin off its own tv operations and also sell its pc business is cutting jaunt along the way now those moves will likely push it into a loss for the year ending march two thousand fourteen. but investors are clearly cheered by that news as we saw the share prices in new york trading higher and of course i'm gonna try to publish as a trade

opening doubles for today every twelfth and pretty positive so far up almost one percent for the nikkei fourteen thousand eight hundred and fifty five. now that fed chief the genitals promise of the policy kong's new continuity pretty much lifted stocks in the us and is likely to have a positive effect here in asia as well as japan and asian markets really look at the world's biggest economy. for continuity and that direction so on. so far it's been pretty positive. now earnings of course remains a big focus here and today after the market stalls soft bank out one of japan's biggest mobile phone operators is gonna come out with earnings of numbers and divested be closely watched. of course at an effects of the weaker yen always playing into a lot of japanese corporations are and ask to be a factor as well we'll watch out how this talk of treats later today as well i've ever made and the dandy means the read link to the rise and fall of the nikkei as we know we've seen in the last couple of weeks with all the volatility i'm still against the dollar itself all around the mid one unto him

asia on a downward slide in the tokyo stock exchange racked up the worst loss since the benchmark nikkei average posted its biggest one day loss of more than seven months. it tumbled four point one eight percent in at fourteen thousand and eight its lowest close in almost four months. investors pulled their money out of riskier assets such as stocks after disappointing us manufacturing data and fears investors went after safer assets such as the japanese currency. this country and her local equities especially export related issues in growth sensitive shares the nikkei climbed fifty six percent last year the best performer among major economies in the world. since then. many investors have reduced their positions in part because of worries about slower growth in china and fund outflows from emerging economies. the index has declined fourteen percent since year end. leading japanese companies are reporting stronger earnings despite the volatile financial markets when a mortar executives announced that their company's operating profit more than doubled for the april to december period. and

the nikkei down more than 4% following the dow's biggest one-day drop in eight months. stocks tumbled more than 300 points, down more than 7% since the start of the year. discouging manufacturing numbers and disappointing car sales sparked off the sell-off. >>> the wall street plunge is taking a toll on your retirement savings. the average "american hustle's" 401(k) is now down nearly 6% this year and so for a typical nest egg of $100,000 it's a $6,000 loss in just the last month. >>> some analysts are putting a dollar figure on last month's polar vortex saying the blast across the country probably cost the u.s. $5 billion in lost revenue. that comes from lost productivity and consumer spend egg as well as cost to airlines canceling 15,000 flights. >>> another astounding number, this one recalled vehicles in the u.s. the government says almost 22 million cars and trucks recalled by automaker last year, the most since 2004 with more companies using common parts they tend to be larger when something goes wrong. >>> google has to move its controversial mystery barge from a

in particular, the nikkei.dustrial average starting in early november. if you know the direction of the nikkei pretty much you're going to flow the direction of the dow, you're going to know the direction of interest rates, you're going to know the direction of going along with the dollar/yen trade. why are they diverging today? what's going on? >> well, it's so true. we've been following the nikkei really since the fall of november -- sorry, of 2012. but as you said, since november of this year it's been almost tick for tick. the thing is i believe is because we're starting to get liquidity as being less plentiful. you don't need liquidity to come to a complete end because liquidity is so highly leveraged, that when you get this onlining of leverage some of these risk assets start to go down. that's what i think we're seeing right now. it also means whenever you unwind leverage at any given time smart moves in both directions. the problem is that the net mood tends to be down. we're already seeing it in the ni

the nikkei index over in japan, it fell over 4% overnight. it has lost about eight 1/2% so far this year and it is on its way to a bear market. it lost 14 1/2% from its bull market highs back in december. so, some of those global stock market indexes have gone way past correction mode and near bear market territory. that should be on the radar of every stock investor right now. david: brian, let's just talk about the global growth story for a second here because some people say it was oversold at the end of 2013. and they look at the ism numbers which of course drove the market down yesterday as an example of how it was oversold. what do you think? >> well, first on the nikkei, remember, it was up close to 60% last year. david: right. paper gains, paper loss, yes. >> that. on other side looking at global growth we think the global growth story is intact yet china is still obviously undergoing this transformation from export-driven economy to more domestic demand to help drive growth. that will be a tough process. so you're seeing some of that

tokyo nikkei losing about 2%.ive, steep sell-off on wall street, which followed through to japan. a 2% fall for japan's nikkei puts it in a technical correction. that's a loss of 10% or more. most other asian markets closed for the lunar new year holiday. european markets hovering around break-even right now, this as u.s. stocks took a nose-dive last week. really ugly. both the dow and nasdaq and now the s&p, rather, closing january with a loss, john, for the first time in four years. >> it's not my fault! don't blame it on me. >> i'm just saying, it could be you. the debt ceiling crisis that contributed to the government shutdown back in october, remember that? back on the front burner. treasury secretary jack lew today will appeal to a bipartisan group for congress to extend the nation's borrowing ability so the government can pay its bills. the nation's borrowing limit expires on friday! in case you didn't have that circled on your calendar. cash reserves to pay our bills could run out by the end of the month.

the nikkei certainly has everybody's attention and they are watching not only the nikkei but the yen as well. up to you. >> thank you, sue. we are talking curling off camera. we will talk more about that later today. big, big show. u.s. stocks are rallying today but yesterday was certainly -- up 98 points right now. sheila dharmarajan is looking at some of the global markets. let's begin with it says dominici chu. >> my new name. you didn't get the memo. >> some of the blue chip names already in correction territory. >> there are quite a few. look at the s&p 500. out of those 500 large cap blue chip stocks, over 100 are already off by 10% or more, and another 30 are off by 9%, within striking distance, so 130 plus companies in the s&p are already at or near that correction phase. here are some of the big ones. check out s&p material stocks. year-to-date, they are down 6%, more than halfway to correction phase. one well known name in that mix is u.s. steel. that particular stock is off as well. you can see there, down by 15%. that may go on the shopping list for some people, who are m

the nikkei up 3.1% in japan. best day since back in saturday.aghi would do what he could to help the euro, and it appears that japan is doing the same. they ducked toubled the amount funding and expanding the programs overall. the problem, of course, we keep talking about there isn't a problem with a shortage of cash in japan. as far as i can see u.s./japanese corporations have record amounts of cash on hand just like u.s. corporations do. the problem is lack of demand. and the inability to stimulate that exclusively through the programs the bank of japan is doing. the ggp for japan last quarter 1% despite six, eight months trying to do it still only 1% and that was a real disappointment. the same limits we're facing the japanese are facing. speaking of emerging markets i was in mumbai for 10, 11 days and the papers were filled with the discussions about the slowdown in global markets and particularly the emerging markets and india's gdp only 4%, 4.5%, and that may be good by our standards but they were 7% or 8% a few years ago. and it's gotten

and nikkei volatility is higher in large part because of that. >> i'm in the same trade you are, i'veugust 2012 and we've stuck with it even though this year so far not so great. so what extent will japan or japanese equities benefit by the fact that the u.s. is now able to exit qe, at least so far so good? because one of the things has been, oh, it's a trap you can never get out. and now it seems the fed is proving, hey, look, we're exiting and markets are undisturbed and banks are running more money than ever. is that going to help the japanese trade as people realize this isn't qe forever? it actually can be a happy ending, it is possible? >> kind of a two-part answer to that. the first is that the japanese are entering qe, not exiting it. >> right. >> as the u.s. exits it, that's good for a weaker yen because relative supply of the currency shifts. so that's good for them. i think in terms of maybe risk premium and long-term view on what is the market worth over a ten-year view, the fact that you can exit qe without a lot of pain so far is a good thing. >> yeah. >> how do you play

the nikkei 225 saw further profit taking.orts in china placed heavy industrials taking a beating today. the hong kong market lost 1.2% today. mainland markets gave back early gains after disappointing pmi data. chinese oil majors capped some of the losses. so the search in sinopec fueled a rally. asia announced plans to restructure and sell up to 30% of its retail oil business to president busters in order to boost the strangling downstream arm. meantime, banking shares came under pressure today after reports that china aims for 100% bank liquidity coverage ratio by 2018. but bank of beijing bucked the down trend. it was, in fact, surging as much as 10% before ending higher by about 2.8%. and this after the bank announced a cooperation plan with smartphonemaker shaomi in areas such as mobile payments and insurance products. speaking of the tech spade, 10cent pulls back further after the strong rally earlier in the month, down by over 3% today. and this was possibly on fears of the whatsapp deal could bring greater competition

that's all from nikkei business report.ack to you. >> thanks very much for your report. >> we're getting reports of an earthquake in china magnitude around 7.3 striking the xinjiang apparently. we'll have a look and more reaction to the that, as well. >>> earnings continues tomorrow. on the economic front, we'll get january employment figures from australia and the central bank in indonesia and south korea will step up their respective policy decision. >>> america's top dog taking best in show honors is sky, a wire fox terrier. a he beat a blood hound, a welsh coggie and a minister pincher. the terrier has won now 14 times at the show. sky won't get any prize money, but she does take home a silver dog bowl and lots of prestige. should your pet have won best in show? send us your pet picks and we'll be the judge. get in touch with us by e-mail,@worldwide@cnbc.c e-mail,@worldwide@cnbc.com. ross, you just hung there. what was that thought? >> dog shows just don't do it for me. >> when i suggested to ross yesterday that i quite

the nikkei closes up more than 3%.hina central bank drains in lending by draining nearly $8 billion from the system. >>> sterling drops as uk inflation falls below the bank of england's 2% target for the first time since 2009. let's take a look at some of today's other top stories. there's been a lot of action in the m&a world. for up to $25 billion. the deal could be announced as early as today. the combined company would offer a wide range of generic and brand name drugs. actavis has been buying up specialty brand drugs which have higher margins than generics to boost profits. let's take a look at shares in germany. they're up by more than 22%. meantime, apple's m&a chief reportedly held a secret meeting with elaine musk last spring. the talks occurred at apple's headquarters, but neither company will confirm that meeting. nothing came out of the talks. the chronicle reports appearing is eyeing the medical device business, especially technology, to redifficult heart attacks, a signal apple is looking to expand beyond

tend to lean too difficult to change him from class cricket and will fail if i am going with the nikkei fell to a cool uncle calls from clients he still comes up from me and took a piece that i can count on doodling and for putting me to conclude that any cocktail with having meantime i am looking through the tension on monday that he or she was sick on and on. today till the hour on and on the lam to lincoln me to move to keep it going to move on as if she patted the new companion and i can push in the mini champion panel and me on ttp at it and you can pick and then collects ubuntu the influx of chinese tourists as change the image of downtown seoul the conning carefully goes over the economic effects as well. chinese tourists has become a decanter in the green tourism market and domestic details have also gotten busier. sometimes i didn't see it i'm losing aaron. i know. we need the trip by one week apart it is awesome. the number. i feel like that. he's the owner of the fawning they don't. i got five hundred wonderfully light and warm bath. actually i pass by he didn't intend it to

asia's nikkei falling sharply on the heels of yesterday's markets.pan was not mess overnight. sandra smith joins us with the trade. sandra: our markets bouncing back but overseas completely different story. want to take a look, you mentioned the nikkei down 610 points, a drop of a full 4.2% on the key level for the tokyo index, just above 14,000, not only did this index be a 4% drop on a date for the entire month of january lost 8.5%, now down 14% from its december highs. firmly in collection mode. our markets have not reached that yet. only 5% from reaching their market territory and farther west hong kong index, the hang seng down 3% on this session. down under as we saw a key central bank decision looking a little more hawkish in their language, reading to a sell-off in sydney 1.7% drop off of 87 points. red arrows across the board following our market is down. want to point out one thing when we're talking about the nikkei index, the most significant plunge. a lot of this based on currency movements. going to the currency board watching the japan

overseas, at least for japan's nikk nikkei, dropped 4%. the nikkei is actually in a correction. that's a 10% decline from recent highs. and that's where some -- some say that's where we're headed. but they say, listen, it sounds bad, but it's really healthy for the market, because it keeps bubbles from forming. suzanne? >> yeah, it's a good point. what about the traders? speaking on the floor there, what are they telling you? >> you know, they're calm about this. but at the same time, they're also a little pessimistic, worried about all of the weak economic data we've gotten over the past month. here is how one analyst put it. listen. >> early weak jobs number and payroll back into december. so the ism number coming in much below expectations, causes a little bit of fear that maybe it's not just a blip in one month of underperformance for the economy. potentially could be long-lasting. >> so the thinking is that stocks at this point are catching up with the economy, and what a tough year it's been to give reason for stocks to catch up. look at corporations reporting fourth quart

tokyo's nikkei gained more than 1.5%. hong kong's hang seng lost a quarter percent.his country rose last week in part due to the belief that the fed will post another reduction in its monthly bond buying. the dow jones industrial gained 95 points for the week. the nasdaq composite finished the week nearly 22 points higher. >>> nearly 9 million pounds of meat is being recalled by a north american california company because it processed meat from deceased animals and animals that weren't properly inspected. rancho feeding corporation shipped the meats to distribution centers and retail stores in california, florida, illinois, and texas. the beef products were processed from january 1st to january 7th. the company has been under scrutiny by the usda. there had been no reports of illness. >>> aol has abandoned an unpopular retirement plan move. ceo tim armstrong was forced to apologize after blaming the cost-cutting move on obamacare and the medical expenses associated with caring for two sick babies of employees. aol had planned to pay company contributions to employees

and going with the nikkei fell to a cool uncle coaching client east of consent from me and took a piece that i can count on doodling and for guiding me to tears when he cuts out with having named carolina looking through the tension on monday to do was sit on and on so called today. over the top the class on until the lamb to win can meet tomorrow to keep it going to move on as if she patted the new companion and i can push in the mini champion and cranny on ttp at it and you can pick and then collects ubuntu. the influx of chinese tourists as change the image of downtown seoul the conning carefully goes over the economic effects as well. chinese tourists has become a decanter in the green tourism market in domestic details have also gotten busier. sometimes i didn't see it i'm losing aaron. i know. we need the trip by going well. it was awesome. the number. i feel like that. he's the owner of the fawning they don't. i got five hundred wonderfully kind and warm bath. actually i pass by he didn't intend it to him the booklet exhausted. for what the was this guy. a month before i'm gone a

tend to lean in and took a picture of him from class cricket and will fail if i am going with the nikkei fell to a cool uncle calls from clients he still consent from me and took a piece that i can count on handling them for putting me to tears when he cuts out with had human being who i am looking through the tension on monday to your specific on that. today till the hour on and on the plan to link underneath to move to keep it going to move on as if she packed on the team opinion and if i can push in the mini champion daniel and me on ttp at it and you can pick and then collects ubuntu the influx of chinese tourists as change the image of downtown seoul the conning carefully goes over the economic effects as well. chinese tourists has become a decanter in the korean tourism market in domestic details have also gotten busier. sometimes i didn't see it i'm losing aaron. i know. we need. i became the head by one week apart. it is awesome the number. i feel like that he's the owner of the fawning. it looked like he'd been gone. i know how far god and will not back yet another taxi. i pass

short almost all of the markets, even the nikkei at this point in time. people haven't panicked yet. you want to buy the panic. we haven't seen that. all i've heard is buying opportunities. guy is the only person who said selling opportunity. everyone else is saying buy opportunity. you start to hear people panicking, saying, i have to get out. that's when you buy. we're not there yet. >> in terms of panic -- i don't want to throw that term around. but we are looking for a degree of panic because that would indicate some capitulation in the market. >> i agree with that. >> what would that be in your view? >> the volumes have been larger on the dow. they said big volume today. i don't think today is that day. you're going to see it in the form of a day when the s&p is down 20, 30 handles. has a bounce and a subsequent move to the upside. but i don't think you've seen panic at all, which is scarier than the move would indicate, if that makes sense. >> we're too complacent. >> the market has been too complacent, in my opinion. and they've been right. somethi

the nikkei did end higher by .6%. over in china it's a mixed bag for bank shares despite strong bank loan data. licker ma link licquor makers are up. down under the asx hit its three-month closing high. and minors clocked in very strong gains today. among other activitictiveactive are strong. meanwhile, chinese aviation firms also among the top gain ners today after local media report that china is soon to release a blueprint on low altitude air space management so look at aero engine surged up by 10%. that's a look out of the asian markets. back to you, ross. >> sixuan, thank you. the strength of japan's economic recovery is in question. gdp coming in below expectations. are all those arrows miss firing? we'll be in tokyo to find out. fifteen minutes could save you fifteen percent or more on car insurance. everybody knows that parker. well, did you know auctioneers make bad grocery store clerks? that'll be $23.50. now .75, 23.75, hold 'em. hey now do i hear 23.75? 24! hey 24 dollar, 24 and a quarter, quarter, now hal

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tokyo's nikkei failed to hold on to earlier gains. moving to currencies, the euro remains under pressure against the dollar. euro-dollar is around 1.3528. all eyes are on the outcome of the european central bank policy meeting due out soon. analysts say the folk cows will be whether mario draghi gives any signal about the future of the bank's policy. dollar-yen is right around 101.50. the british pound is staying in a tight range against the u.s. dollar. many economists forecasts the bank of england will decide not to change course at today's meeting. the peso rose after the key rate stayed at 3.5%. they say the scope for keeping interest rates unchanged is narrowing given the pickup in inflation. >>> the consortium in charge of a panama canal expansion project has ordered its workers off the job. the group is involved in a dispute with the canal's operator. the workers are building a wider shipping lane next to the original canal. construction began in 2007 and is expected to be completed next year. >>> a spanish-led consortium is in

. >> japan's nikkei fell 4%. but it's not the equity market.orried about puerto rico. you're worried about this. >> the japanese bond market has been short for 15 years and everybody lost money on it. in the last 4% drawdown in the nikkei, you saw the bond market not respond that well. in fact, if you look at it compared to the u.s. bond market, it was almost a 2-1 ratio. yields went lower two-times as fast in the u.s. as they did in japan. then, look at the credit swap market in the last month. japan's starting to go up. we have a tokyo general election this weekend, which could be a referendum. in april, you have a sales tax increase. if all these things come together and your bond yields go up, japan has a huge problem. and it will make greece look like a side show. >> are you investing? >> i'm short jjbs. there's an etf. it's thinly traded. i think it's jgb something or other. that's the way to do it. but this is a better trade than a lot of people have made a fool on this time, perhaps, maybe i won't look like a fool. who knows? >> heavy-d