back to you. >> seema modi. may not be familiar with some of these coins and questions, so we're getting none other than the crypto baller p.k. to brieak them down for us >> a couple of here that they're talking about exploring an remember there were issues that potentially people saw them ahead of time and that's why they're trying to get out ahead of it and say this is what we're looking at cardano, number one, that is something similar to an, theer yum, they have a live working network and they have a road map, so that's important and that's what the sec said was important. so it's not a security basic attention token. you use this in the browser and you can have the ag-free experience and use the basic attention token to pay for content on the web 0 x is one of the most interesting ones and that's the decentralized protocols and i believe coinbase launched a bulletin board exchange type of thing and that's why this one's on the list. >> stellar is similar. the crypto people will kill me because it's similar

i'm seema mody pepsico reporting.00 also indicating a higher open by 5 points. >> time for today's morning must-reads today it is all about president trump's pick for the supreme court. the wall street journal said president trump kept everyone guessing until the end about his supreme court selection monday, but in nominating brett kavanaugh, he kept his promise to select a justice who will faithfully interpret the constitution as written. judge kavanaugh has an exemplary record that suggests he will help restore them. "the wall street journal" leans more conservative. that's their view. it is not one that bodes well for opinion. >> this will get a lot of feedback, criticism, backlash and opinions from both sides it's interesting you look at the opposite take from "the new york times." the editorial board writing we're witnessing a global movement against the idea of liberal democracy and in places like hungary and poland it's grounding in an independent judiciary. they're happy to ride the wave to unlimited power the

>>> i'm seema mody, it's 5:00 a.m. here is your five at 5:00. netflix shares getting slammed after the company's subscriber growth disappoints >>> prime day problems amazon suffering glitches at the start of its major sale day. >>> microsoft and walmart announcing a new partnership on cloud technology more on that >>> president trump returning from his overseas trip and now facing criticism for his comments about russian election meddling >>> and going, going, and gone national solutioner pri eersolu bryce harper winning the major league derby it's tuesday, july 17, 2018, "worldwide exchange" begins right now. >>> welcome to "worldwide exchange." i'm dominic chu. a quick check on the market. it's stable. the dow jones would open up by 5 points as these futures gains hold, if they do this morning. the s&p basically flat the nasdaq off by 57 much of that driven by what's going on with netflix. we'll have more on those broader markets in a moment. that's our top corporate story shares of netflix in freefall after subscriber growth fell short of for

"squawk alley" will be right back >>> let's get to seema mody. >> european markets falling from a sixk high as trade worries continue to linger officials from canada, eu, japan, mexico are reportedly set to meet in geneva this week to discuss their response to president trump's threat to impose tariffs on foreign auto imports, that according to reuters, german dax down heineken cutting its outlook for the full year after reporting earnings that missed analyst expectations heineken said its operating margin would drop by 20 basis points, compared with the previous forecast of 25 basis point increase the stock down 5%. look ahead to this week. italian prime minister meeting with president trump today at the white house. investors digesting a host of monetary policy statements from the u.s., japan, uk, brazil, and india. meantime, ahead of those statements, eurozone bond deals rising on the back of a strong italian bond auction and positive data from germany the highest level since june this year. back to you. >> thank you seema mody at headquarters. >>> let's get to sue herrera who has

. >>> i'm seema mody here's a quick check on markets ahead of the meeting futures right now pointing to a higher open. up by 50 the s&p 500 is up around 4 points >>> our big story this morning president trump is about to kick off the face-to-face meeting with russian president vladimir putin. let's go live to helsinki ahead of that meeting. what's at stake for the united states and what's at stake for russia >> good morning, contessa. enormous stakes for both sides as it meeting is about to begin in a couple of hours' time the events have started here the president this morning meeting with the president of finland for a breakfast session here the president of the united states talking about his meeting with nato calling it a great success last week even the president suggested that the nato leaders agreed to up their spending the nato leaders disputing that. the president coming off controversy there. this morning, the president has been tweeting and said our relationship with russia has never been worse thanks to many years of u.s. foolishness and stupidity. now the rigged witch hu

seema mody, in fremont, ohio. >>> founder of kkm financial welcome.'ve got trump, trade, oil, global politics. you've got all this stuff. to you, what is the one or two most important things for our viewers and their money this week >> well, sully it is a new week and a new quarter. a rough six months but this week we're focused on this trade tariff conversation. why we're so focused, even though it's only $34 billion we're talking about on friday, july 6th being imposed on chinese products the idea is it could morph the posturing and positioning. like we walk into an old country buffet, there's a lot of different ways to attack this. if you look at 2017 we were at trade deficit. 552 billion. by and large, 60% was china. this rhetoric we're talking about is happening this week, there's going to be more foyer woorks than the fourth of july. >> the biggest gain was the volatility, the vix, i'm not a van of it but people are buying and selling it like it's an instrument it's up 17%. if you don't know what's going to happen, is buying volatility the best

. >>> seema mody is back at hq. >> i'm taking it over, seema has the day off. talk about european markets closing higher rallying after president trump negotiates a lot of green across the board. best day since april 5th german automakers are leading gains. volkswagon rallying more than 4% daimler rising by more than 2% a lot of green across the board for the automakers daimler is higher despite following u.s. rivals, warning earnings would be hit by tariffs on steel and aluminum. and maker of mercedes-benz predicting arise in costs a full year after sharp drop in profit this past quarter. the french oil giant raised production target over the second time this year, accelerating its emergence from years of cost cutting initiatives. those shares up a third of 1%. nestle had a 19% jump in profit. sales first half topped analyst forecasts and exceeded last year's numbers which were the weakest for the swiss vendor since the 1990s. nestle shares up by almost 2% for the european close back to you guys. >> thanks. >>> let's get to sue herrera for a news update. sue?

seema mody is monitoring. see you in a bit.stephanie link is here and carey firestone joins us. leading the dow was united health while mcdonald's was the biggest laggard. s&p granger a big winner, double digit. and clorox lagging that index. we usually talk about technology. for a change that was not the leader. it was financials and industrials. >> tech takes a breather. i wouldn't want to predict this is the rule for the summer. if you lived through last year this kind of low drama, drift higher, some groups not participating. but today industrials and really transports was kind of seizing on the good earnings. and it was just enough to tack on a quarter of a percent. that felt like 2017. the vix goes below 12. does that mean the coast is clear or are we emptying the tank and waiting for the next catalyst in. >> banks rallying because of better earnings that could continue for the rest of the year. >> it was both really. i think powell's comments helped the banks. expectations got so overdone on the negative side. remember,

. >>> you're watching "worldwide exchange," i'm seema mody. >> i'm courtney ragan.n is off today. it is a busy morning to take care of. let's get over to landon dowdy with the top headlines. >> hey, court. here's what's leading cnbc.com president trump blasting germany at the nato summit in brussels calling out germany for its ties to russia. here's what he has to say. let's listen. >> if you look at it, germany is a captive of russia. they got rid of their coal plants and nuclear they're getting so much of the oil and gas from russia. i think it's something that nato has to look at i think it's very inappropriate. >> the president is about to meet with fellow nato members. we'll bring you any news headlines we get some deal breaking news, 24th century fox is increasing the bid for u.k. box officer sky >>> pfizer says it will postpone price increases after discussions with president trump. shares of pfizer are down slightly in early morning trading. back over to you. >> thank you more on the top story trade. the u.s. is set to impose tariffs on an additional $200 bi

. >>> let's get to seema mody. >> european stocks coming off a one month high basic resources sectorluding minors are in correction territory as metal prices continue to slide. also weak earnings reports, the latest advertising firm to disappoint with quarterly results. revenue fell in both north america and europe where it suspended business with publishers that couldn't prove they were kplienlt wicompliant new data law and sap under pressure, news overshadowing earnings beat and raised outlook due to strength in cloud business. down 3%. but unilever, sales were hurt by weak pricing and trucking strike in brazil. they expect a lift from stock prices up nearly 3% lastly, sky set to close lower after comcast dropped the bid for fox assets, deciding to focus on the offer for sky back to you. >> thank you very much. >>> when we return, tim westergren is with us, taking on streaming wars, with the dow down 81. "squawk alley" continues in a moment >>> i'm michelle car use oh cabrera. here's your cnbc update. president trump railing against the european union fine. he tweeted i told you so

>> all right eunice, thank you. >>> let's check in with seema mody with how we got to this point. seema? >> hey, melissa. the trade fight began in earnest in april when the trump administration's tariffs on steel and aluminum imports went into effect. and that prompted a number of key trading partners to retaliate. first, china, imposing tariffs on steel and fruit and mexico took aim at pork, cheese, steel, among other u.s. items european union targeting bourbon, orange juice and motor bikes, which led harley davidson to move some of its production out of the u.s canada responding, as it was the hardest hit by the steel tariffs, $12.6 billion on steel, whiskey, condiments among other items. some of the major items. overall there are hundreds of individual u.s. products being subject to these tariffs and this conflict is about to enter a new phase tomorrow as eunice was just pointing out the u.s. readying $32 billion in chinese imports as punishment for theft on intellectual property they could follow up with another $16 billion on u.s. tariffs. potential targets. >> seema, thank y

josh lipton will cover alphabet, seema mody will bring us td ameritrade in the meantime, we have michael smed, and also biggest winners in the dow, jpmorgan the s&p, hasbro was the biggest winner halliburton the biggest loser. which shows us that these are earnings related stories >> they are. within the market, of course yield related stories as well. but i think the overall picture is that the market keeps finding a way for the top to keep spinning it was ten days ago that the s&p first got to 2800. barely buncheddged a few pointsm there. so there is a general flow of earnings, but it seem like we're waiting something. >> from a macro perspective? >> maybe a break one way or the other on yields or something like that. >> what gdp print would be enough for people to be surprised to the up side are we pricing in over 4.5% already? >> that is about the threshold where i would say that is genuinely a surprise because i think anything in the low 4s is around what people are looking for right now. but 4.5% and above and we'll pick that number apart. there will be a lot of oneoff things inclu

. >>> i'm seema mody, it's 5:00 a.m. here is your five at 5:00.med after the company's subscriber growth disappoints >>> prime day problems amazon suffering glitches at the start of its major sale day. >>> microsoft and walmart announcing a new partnership on cloud technology more on that >>> president trump returning from his overseas trip and now facing criticism for his comments about russian election meddling >>> and going, going, and gone national solutioner pri eer

get to seema mody. >> european stocks closing higher ahead of a much anticipated meeting between trump. he was hopeful they could work something out on imports, but he doesn't plan to arrive in the u.s. with a specific trade offer. meantime, in the uk, british prime minister theresa may announcing she would leave the country in brexit negotiations does this shift the focus of the brexit department which will prepare for a possible no deal outcome with the european union. that announcement, in fact pushing the pound higher, extending gains against the dollar to a session high sticking with currency, the turkish lire is plunging after the turkish central bank decided to change, despite inflation rising to 15 year high and fears over the economy worsening following re-election of president erdogan. turkish etf down 30% since start of the year among the worst performing global markets. guys, back to you. >> thank you. >>> when we come back, battle for the cloud. google taking on microsoft and amazon as its cloud conference gets under way and they report big cloud growth and hiring. we take

. >>> let's get to seema mody. >> good morning.n markets closing lower as trade tension worries linger ahead of the european commission president's trip to the white house wednesday. all of the stocks, worst performing led by defines in chrysler and ferrari after sergio marchionne's sudden departure. shares of those two names down sharply, ferrari on track for the worst day since september of last year. ryanair fell more than 6%, reporting a 22% drop in pretax profit this past quarter the airline, the largest in europe by passenger numbers has been hit by a series of strikes since it agreed to recognize unions last december ryanair warning that average fares would be lower than expected in the key summer period, amid uncertainty over potential strikes going forward. it did say it was on course to hit annual profit targets. shares down 7.5%. >>> and finally, look at shares of wpp that stock trading higher on reports that tech giants alibaba and ten cent are in talks to buy out 20% of the ad buy out chinese business sky news says it

a good year for jack dorsey. >> thank you, seema mody i did want to check in, of course it's been quietfox front. remember that? disney and comcast fighting it out for fox, the current bid from disney, $38 cash and stock has, of course, they have a merger agreement in place. the question is, when will comcast come back? it's been quiet so far one thing, though, that seems certain regardless of whether comcast comes back and offers more than its $35 all-cash bid right now is you're going to see a large transaction take place for the sale of these regional sports networks. remember, disney in an effort to move along the aenti-trust reviw as fast as possible came in and didn't even make an argument saying, here, we're willing to sell all 23, and when the doj saw that, it appears they were happy to take it and enabled that deal to really be fastracked for that approval that was so surprising to be received only six months and 13 days after the deal, itself, was announced. but that was key portion of it we're going to have a large deal, though, down the road. not too long, perhaps, in terms

. >> seema modi? >> what do we have on axp?> it's the most difficult thing and these guys are executing the long provision and it has people a bit concerned and the company is executing across the board and i wouldn't run far from it i don't need to own it >> i wouldn't run from it at all and i own calls right now and i would consider buying more because i think this will absolutely be a race very quickly. >> i don't think the valuation is that unreasonable it 12s at 12.5, and 13 times forward earnings it's not crazy they probably have 10% eps growth rate and the fact that people are using more points, that's interesting and maybe the consumer is not as healthy as they think and i'm not sure that's yet stock is tradiwhy thg lower. i think the street was looking for more, but i'm with pete on this one >> the stock ran 6% at the end of this month and it's butding up against the prior all-time high and since the stronger q1, and i think above anywhere on 95 and it's a buy on valuation, and i think it makes a good value proposition

seema mody has a look at where these things stand give us more color on this >> yeah. it's important to know that it all started back in march when the u.s. administration unveiled it's steel and aluminum tariffs on imports from key trade partners that invited a strong response from mexico, the european union, canada and china let's break it down. let's look at the numbers. starting with china. it has already unveiled $3 billion worth of tariffs on u.s. goods like aluminum, steel, fruit and pork hundreds of individual u.s. products will be subject to these tariffs. these are some of the major targets. mexico responding with $3 billion in har rif tariffs on p, steel. and the eu slapping tariffs on bourbon, motor bikes this resulted in harley davidson announcing its moving some production to europe and canada responding with $12 billion worth of tariffs against the u.s. went into effect last sunday on steel, whiskey, and other things the next round of tariffs could spark a larger international response the trump administration will start imposing 25% duties on 818 items

sara >> that's a big move seema mody thank you very much >>> increasing trade tensions being felt bypanies and all sorts like whirlpool which finished lower by 14% today after the company missed expectations this one was very weird because it was supposed to be helped by the appliance tariffs on its competition. >> but it was the steel impact, of course, they cited. sandy, overall what's your take on this? is this an example of a company that concerns you for the impact of tariffs or are you still pretty relaxed about it. >> well, you've got higher input cost, lower volumes. i think it was a tough quarter for those guys and tariffs not helping out at all i think that was a tough one, and i'd have a hard time buying that even on this dip. >> meantime hasbro finishing the day lower after saying it plans to move production from china in order to avoid increasing trade tensions that down 4.5% and harley david finishing higher up nearly 8% out of the company estimates that steel and aluminum tariffs could cost it $45 to $55 million this year >> hopefully their brand will be able to overco

we'll get to seema mody here good morning. >> good morning.ght trade, of course, still the big headline right now dow is down about 50 points now. some concerning comments from german chancellor angela merkel in the last hour she's warning that the brewing transatlantic trade war between the united states and the eu is now, quote, very serious of course, when it comes to china, the big topic once again on the currency front. the yaun weakening to the most in two years and then it erased most of the losses overnight on a report that a big chinese bank injected liquidity into the chinese market shanghai composite closing out by around 2% as u.s. china trade tensions escalate, president xi visiting south africa to cement china's role there in the united states another solid batch of earnings keeping the market on track to close higher for the week. microsoft beat by a nickel and gave strong third quarter guidance there's intuitive surgical honeywell raising the full year guidance and then stanley black & decker had another strong quarter saying i

.] >>> let's get over to seema modi, looking at the rebounds in emerging markets. >> emerging marketsbeen volatile to say the least in 2018 but in the month of july, we've seen some signs of stabilization the eem is higher on the month currently on pace to break is three-month losing streak. in investors see this as a sign that the worst may be over goldman sachs agrees with the notion saying valuation alone will not trigger a recovery instead driven by positive growth figures from asian economies. chinese stocks rebounded in the last two or three days after the central bank reassured investors that it would not devalue the chinese yuan the smart phone maker had a lackluster debut it is higher today by around 13%. that's seen as a positive as more chinese companies look to go public in the coming months now, let's go to the middle east because that has been one standout within emerging markets. getting an upgrade to emerging market status last month this is the i shares saudi arabia etf and as you can see up nearly 20% in 2018 transforming economically as the kingdom moves away from t

seema mody is live at a kraft heinz plant. ketchup or catsup? >> reporter: here's the story, joe.liating with tariffs targeting of all things ketchup. specifically kraft heinz iconic tomato ketchup we're at the larnlest ketchup plant where over 2 million bottles are produced every day right here in these small industrial town of fremont, ohio the strategy is twofold on canada's part. not only does kraft heinz dominate 70% of the canada ketchup market, but this is a politically sensitive state. it almost always determines who wins the u.s. presidency we spoke with residents of this small town, many of which are president trump supporters who say this ketchup plant is a big source of jobs for people who live here. >> kraft heinz is a very big impact on this economy in fremont, ohio. it is the mothership of all kraft heinzs it makes the most ketchup in the entire united states very big >> heinz is a staple in fremont. they've been here for years and years. as long as i can remember. and i'm pretty old is. >> reporter: republican senator patrick toomey in a senate hearing last week ex