. >>> let's get to simon hobbs in europe's first trading session of the week. >> yep, absolutely.relatively quiet session, this is the last of the month. the big news out of europe, the eurozone, a february print of minus.2. that's because oil and energy, it's falling. the price component down 8% year on year. the major concern is when you strip out energy, you've got a core rate, energy, alcohol, tobacco. you've got a core rate that's actually moving in a negative direction. it's gone from 20.7%. so it's 30 basis points lower. that is a concern for the ecb, feeds into this whole focus of the markets as to what the ecb will do march 10th. another reason why they continue to move into the bond market. yields move lower. this is where we are. we're now at 10.7 basis points. you remember the all-time low we have back in april with 7.9 on a closing basis. so we're going back down to there. obviously, the people are so concerned about what the ecb might be do. in this instance, not boosting the equity market. let's look where we traded through february on the stock 600. and you'll see

." ♪ >> good friday morning, welcome to "squawk on the street," i'm kafrl carl with sara eisen, simon hobbsdavid faber at the new york stock exchange. cramer is off today. stocks looking higher on this final session of a tough week. retail sales come in okay. for the week the dow and s&p down about 3%. europe's rebounding as dich cha make deutsche makes news. ten-year back is almost to 1.7. oil holding on to that surprising reversal from yesterday. jack dorsey square up double digits on news that visa took a 10% stake in the company. >> aig is on the rise after announcing a 14% dividend increase, most importantly carl icahn representative getting a seat on the board and john paulson also taking a board see the. >>> and another heated democratic debate last night with bernie sanders again taking aim at wall street. we'll bring you some highlights. >>> and global banks getting slammed. what's behind the selloff and why? some names are starting to rebound this morning. >>> futures extending their gains after data showed january retail sales rose a better than expected 0.2. a rally in oil price

welcome back to "squawk on the street," i'm david faber, along with sara eisen and simon hobbs. from post nine at new york stock exchange. carl hat ds the day off today. looking at markets and oil. broader markets down quite significantly, though less than 1%. crude down as well. excuse me, they are moving in the same direction, that being down across the board. >> lockstep. >> just as we did in january, we are following through so far the first trading day of february. we have breaking economic data. ism manufacturing and construction data. let's get over to rick santelli in chicago. >> i tell you, we're getting close to some interesting comps. 48.2 on ism, that's january. so obviously it's below 50. 48.2 takes us back to june 2009 to find a lower number. but this is now the third below 50 read. we had 48.8 in november. last look at -- what was the last unrevised here? looking at 48.2. so, to have all of these numbers, i take that back -- this equals our last look. you have go now to a read of 5 under 50, which was february through june of 2008. so, third one we want to keep an

let's get to simon hobbs and get you the european close happening. >> you can see a lot of green, descent bounce back as we bounce back in the united states. there's a shot across for those waiting for the ecb on march 10th. one of the senior members warned the market against mind games. he's saying we are in talks about how we give ample liquidity to the banks but it's very important that the markets don't get lost in mind games on institutionally or technically impossible feats. in other words we may not buy the nonperforming loans. the banks have bounced back and made gains throughout the day today. deutsche bank over 6%. they announced that it's going to basically dispose of the 25% stakes that it has in many regional banks by setting up an entity to buy them from it but it's $20 billion that goes into the capital barrier there so that boosts credit as you can see and the mining stocks have come back again. presumably on short covering. looks like the ceo of glencore persuaded 37 banks to come up with loans that replace the rotating credit facility that they have there. that's almost

. >> let's bring in simon hobbs.uropes close lead by the banks today instead of oil. >> it's all about the banks in europe. you can sthee the national indices are looking poorly but notice as you go to the south of europe where you have the weaker banks in italy and spain that's where you see the greatest losses. i'm not even going to talk about greece. they're somewhere else. you're in an environment where the data is weak in europe. retail sales are higher but falling at an annualized pace in the fourth quarter. if you look within the pmis in europe today you have price cuts coming through again and again and in an environment where the ecb is more likely to act and push rates further into negative territory, presumably on march 10th and in this country dudly and the services data is indicating that the fed is going to be less aggressive, how do the banks make money moving forward if rates are going down and down and down. there's a major rally obviously. we had a pause on monday and now the yields are plowing furt

welcome to "squawk on the street," i'm carl quintanilla with sara eisen, simon hobbs, david faber athe new york stock exchange. cramer is off. futures higher after the best day of the month so far for the major indices on friday. big week ahead with i flags dnf data. china is open after the holiday. europe largely unchanged after draghi says the ecb won't hesitate to act in a crisis. oil is a big story, russia and saudis agree to this production freeze. our road map begins with global volatility continuing. jim mcgoggin. >> and apollo and adt are in a deal. >> and the death of supreme court justice ascalia has creatd a firestorm. >>> first up, stock futures jumping sharply. saudi arabia, russia, qatar and venezuela agreeing to freeze output at january levels provide that other major exporters follow suit. crude prices rose off their highs of the morning. some analysts expected an agreement to cut production. that's not exactly what we're talking about now iran on the tape is saying, maybe, we still want our piece. >> that's going to be the question, iran and iraq as well who is also

let's bring in simon hobbs and get europe's close. german dax, the best day in a week. >> it's a real good finish at the moment. check out the figures on the screen. green, descent bounce back and a lot of it assisted by the fact that oil, brent, as far as the europeans are concerned rose at about 4:00 our time yesterday. they had some catch up to do but it's broad based as you can see. meantime you have had an inflation figure come out for the euro zone. a downgrade on where we thought we were to 0.3% year on year for the euro zone. if you look at where energy prices is going it's likely that will be flat next month and a negative headline figure for march. it all feeds in of course to the idea that the ecb will be aggressive with, people hope, a super bazooka when they meet two weeks from today. in this environment you have a continued very strong rally on sovereign debt and everybody is in on that apart from the short end where you have negative rates. the prices continue to go up. the yields continue to go down and you see the yie

let's send it over to simon hobbs. >> the thing to remember is it was open yesterday.ot a gain there of almost 3%. losses extended slightly during the course of the session. the big news is that the oil majors bounced when the price of oil went higher on the deal and then came back down and the banks have gone in the other direction. just for the record, investor sentiment. the survey coming from germany was pretty poor today back down to levels not seen since october 2014. let's have a look at the moves. european banks were moving to the down side. some of the big names. not just standard chartered but deutsche bank and commerce bank they cut those losses and that's a big plus through the section. just going unchanged there. the italian banks are ripping ahead again. gains of 6 or 7% yesterday. mario draghi had to deny that the ecb was about to buy their nonperforming loans or was even in a conversation with them about that but he did say perhaps they could be bought as part of the asset backed operation if they were packaged correctly. that left city for example sugg

. >> simon hobbs. up next, remember that wild ride chesapeake had? down over 33% yesterday. and vanity fair's bethany mclean is up next with more on that company. stay tuned. meritrade, they work hard. wow, that was random. random? no. it's all about understanding patterns. like the mail guy at 3:12pm every day or jerry getting dumped every third tuesday. jerry: every third tuesday. we have pattern recognition technology on any chart plus over 300 customizable studies to help you anticipate potential price movement. there's no way to predict that. td ameritrade. >>> good morning, everyone, i'm sue herera. here is your cnbc news update. florida senator bill nelson calling for the ntsb to investigate the royal caribbean cruise ship that ran into a big storm in the atlantic ocean over the weekend. the ship was forced back to its home port. no injuries were reported, and the ship was slightly damaged. >>> rioters clashed with police overnight in hong kong during new year's celebrations. the unrest started when local authorities tried to prevent street food sellers from operating

thank you, simon hobbs. we're keeping an eye on chesapeake, expected to reopen any minute. more on the selloff, director of floor operations, art cashin onset. you have oil down, you have europe fallingot of bed. but shanghai closed. where is the relative stability? >> that's part of the problem. this whole european thing, about 4:00 this morning. people started speculating on the problems with the banks. and the german dax fell out of bed, and you're futures which had been better, fell out of bed with them. and we can't get out of our own way. simon talked about the bail-in aspect of the banks, and that can be a little bit of a smoldering fuse here, because if you've got your money in a european bank, and if they have trouble, and you're going to have to lose part of what you have there, as part of the bail-in, your response is going to be to take the money out. so they -- the ecb could accidentally be dancing with a little bit of a run on some banks here. >> is the fear around the banks founded at this point? is it because they have too much exposure to energy, to emergin

let's welcome back simon hobbs, counting down to the close in the uk and europe. >> in fact, europeants are rapidly cutting their losses, even as i speak. we have gone lower on what was happening with oil in particular. but we're coming up towards the flat line. i'm hoping i can show a live shot of strasbourg. draghi has not yet spoken, but we have the prepared remarks in which the president of the european central bank basically reiterates, there will be a march review of qe. as i say, draghi is not there yet. this is a debate on the ecb annual report. he will be there in a moment. but as i say, we have the prepared remarks. he is suggesting the conditions have changed since they recalibrated qe in early december. ecb policy is working, and still flexible. he's reiterating what we got from ben would curry, another member of the bank earlier today when he said the review and possibly a recalibration would be on the cards. what will be interesting is whether he also warns the markets not to get ahead of themselves. another senior member of the european central bank said earlier today t

. >> simon hobbs. back to you. >> up next.ngressman mike pompeo weighs in on the encryption debate. why he says tim cook shouldn't stand in the fbi and his invitation for cook to join the committee. "squawk on the street" will be right back. >> just want to show you the chart of crude oil. wti crude still falling more than 2%. as you can see it it popped after we got that supply data at 10:30 a.m. eastern time which did show a builder build by 3.5 million barrels last week. analysts looking for a number around 2.4 million barrels although they were pretty bearish on this number after the api suggested that we're going to see more crude oil stock piles and we're watching the price of crude because as goes oil so goes the market. >> now to the high stakes fight between apple and the fbi over creating antiencryption software to access the iphone used by one of the san bernardino shooters. they have until the end of today to respond to the house energy and commerce committee which is asking both to come to testify before it. joini

. >> i'm simon hobbs in for bill griffeth. a wild day for stocks. the dow was down 193 points earlier, oil seeing a big move higher, and financials raptly cutting losses from earlier on the session, el and arguably a lack of confidence. >> and the oil drop is far from over. we'll dig deep into the ripple effects of what's happening in venezuela. >>> yahoo, one of the biggest loser on the nasdaq, shares accelerating the decline at ceo's marisa meyers interview. david faber will join us lynn. >>> go pro results after the end of the day. we'll tell you what to watch for. >>> we begin with what's driving these markets higher now. bob pisani, what in the world changed the sentiment so dramatically just recently here? the dollars has been getting killed. dallas turned around about an hour ago, and another thin was oil started strengthening as well. so we get a dollar rally and oil turning around. bottom line, suddenly the s&p turns positive, same thing with the dow jones industrial average. one sector that's gotten very beaten up, is banks, particularly r

simon hobbs is off today. we are in a rally mode. the s&p up over 1.3%. the decline on the year below 5%. oil also stronger. far stronger on the session. >> let's get to the road map for the hour. british prime minister david cameron reaching a deal to keep britain in the eu, but london's mayor says he wants a brexit what does it mean for the global economy? and a live interview with darrell issa, why he's siding with apple. >> and what the results in south carolina's primary mean. >> and coming up in a few minutes, jon fortt will talk to the ceo of intel from barcelona with an exclusive interview. >> the markets looking at a 200 point gain for the dow. oil prices are helping to extend last week's gains, currency fears remain on brexit fears. the pound is plunging against the u.s. dollar. let's bring in jeff and michael. jeff, david mentioned strong gains, we erased february losses. we cut the losses for the year in half. is the sign of strength a signal that the worst is behind us? >> no, i think it's a sign that what we're in is not a trend to the down

welcome back to "squawk on the street," i'm carl quintanilla with sara eisen, simon hobbs, david fabernew york stock exchange. markets continuing that punishing session from friday with the selloff now approaching almost 2% here on the s&p, down to 1847. it is spread equally between banks, oil and gas and some continued punishing of other names. >> coming up, jeb bush sitting down with larry kudlow following this weekend's debate and tomorrow's important primary in new hampshire. that's coming up in a few moments. >>> a tough start to the week for the markets again. s&p close to a loss of 10% for the year so far. let's get some analysis. kevin gillis president of fixed income capital markets. art, what do you see this morning that's different than we had before? >> simon, unfortunately we don't see anything that's different than before we have a selling stampede. they're coming after the leadership now, which is a sign we're getting towards the later stages of a selloff. when you look at what happened friday, there's nothing to stop that negative momentum. the headlines are worse. nort

i'm carl quintanilla with sara eisen, simon hobbs, david faber at post nine of the new york stock exchangeat the markets. japan was ugly overnight. europe did not get a good start. trying to hold levels here in the states. breaking data on wholesale trade. currently at the bottom of your screen. and a close eye on crude, which is higher but still below 30. >> here's our road map for the next 60 minutes on cnbc. with markets under pressure again today early, though climbing back, currently 19 down on the dow, goldman sachs' david kostin will join us live. >> and coca-cola out with results beating on the tom and bottom line. the company's president and coo joins us live. >>> and with the oil market in turmoil, why is exxon one of the top performers in the dow this year? more on energy and dividend i investing coming up. >>> stocks are mixed and feeling the rippling effects the turmoil in asia as investors are cautious in the potential slowdown in economic growth. for more, david kostin is here, chief u.s. strategist at goldman sachs. good to have you back. >> nice to see you. >> goldman's st

simon hobbs. we are following the drug pricing hearing at the house oversight committee. meg tirrell is live outside the hearing. take a listen to trey gowdy of south carolina. >> is it pronounced shkreli? >> yes, sir. >> see there you can answer some questions. that one didn't incriminate you. i just want to make sure you understand, you are welcome to answer questions and not all your answers are going to subject you to incrimination. you understand that, don't you? >> i intend to follow the advice of my counsel, not yours. >> i just want to make sure you're getting the right advice. you do know not every disclosure can be subject to the fifth amendment assertion. only those that you reasonably believe could be used in a criminal prosecution or lead to other evidence. >> i intend to use the advice of my counsel, not yours. >> do you also understand that you can waive your fifth amendment right? you gave an interview to a television station in new york where, if i understood you correctly, you couldn't wait to come educate the members of congress on drug pricing and this

i'm carl quintanilla with sara eisen, simon hobbs, david faber. a pretty good week for stocks.e last fall. retailers, equipmentmakers like deere, even inflation taking a toll. >> our road map heading into the weekend. stocks in the red today after a volatile week. can the markets hold the gains we made monday to witness? >> and david cameron trying to find a way to keep britain in the eu. >>> and apple's deadline to respond to the fbi has been extended. the company has until next friday. big tech names continue to weigh into the debate over privacy against security. >> coming up later, mgm reporting a fourth quarter loss, delaying the opening of its new resort in macau. the company's ceo, jim murren will discuss that and a lot more. >> let's look at the markets. the dow down 111. stocks trying to end the week with solid gains as the oil rally falters. joining us to discuss that we have ellen zentner and jim paulson. jim, it has been a strong week for stocks. and heading into the best week of the year, you say we've already seen the bottom? >> well, that's my guess. i wouldn't b

welcome back to "squawk on the street," i'm carl quintanilla with sara eisen, simon hobbs and david faberthe new york stock exchange. markets down about 55 points. the jobs number is the big story. lighter than expectations, but surprisingly strong wages and participation has some believing maybe a fed rate hike in march is back on track. >> let's get to the road map for the hour. it starts with job growth in the u.s. slowing for january, but the unemployment rate fell to 4.9%. we'll get a deeper dive into the jobs report. >> and also ahead, a live report from new hampshire as hillary clinton and bernie sanders go head to head. >>> and want a last-minute ticket to the super bowl? find out how much that will cost you. the ceo of pik ik will be joining us. >> cme reporting better than fourth quarter results. cme president and executive chairman terry duffy will join us for an exclusive later in the hour. >>> we start with the economy and the markets. the dow is down 60. the u.s. economy added 151,000 jobs in january that was below estimates of 185,000. but on the plus side, the unemployment

i'm carl quintanilla, with sai s sara eisen, david faber and simon hobbs. getting breaking news on consumer confidence and homes. rick has that. >> 97 and change is what we were expecting on consumer confidence. both february reads. that's not what we ended up with. 92.2. that's the lowest level since july of last year when we had 91 even. now, we go from february consumer confidence to february richmond fed manufacturing index. that's minus 4. looking for up two to up three. minus 4 the weakest number since september of last year when we were minus 5. january existing home sales, for that we go to i diana olick. >> existing home sales, the second highest home sales level since 2007. we're up 11% year over year and the realtors are saying all those delays from the new mortgage rules last fall are starting to smooth out a bit. this is a good, solid number. we did see december revised down slightly. what's the down side? inventory. 1.82 million homes for sale. we should be seeing supplies increase as we enter the spring home buying season. we're not seeing it

. >> i'm simon hobbs in for bill griffeth. a wild day for stocks.ts earlier, oil seeing a big move higher, and financials raptly cutting losses from earlier on the session, el and arguably a lack of confidence. >> and the oil drop is far from over. we'll dig deep into the ripple effects of what's happening in venezuela. >>> yahoo, one of the biggest loser on the nasdaq, shares

welcome back to "squawk on the street," i'm carl quintanilla with sara eisen, simon hobbs, david faberow is up barely 4 points, watching oil trying to get back to 34. chicago pmi was a big disappointment. >> our road map for the next 60 minutes. it's the final trading day of the month. it's been a choppy one but we cut our losses. super tuesday tomorrow, and payrolls data on friday. we'll talk to the chairman and ceo of eaton vance. >> warren buffett telling becky quick he's bought more stock since the end of the year. his view of the rail sector and that ibm holding. >> and ad blocking, how big a threat is it? comscore has profiles on who is finding a way around it. >> let's get to diana olick with a check on pending homes. >> pending home sales down 2.5% in january. month to month that is a miss. the street was looking for a slight gain, down 2.5%. this is a forward looking indicator for close sales in february and march. though it's been up for 17 straight months in an annual basis, that gain is the second smallest in two years. sales down 3.2% in the northeast. down 4.9% in the mid

simon hobbs, back to you. >> thank you. what will happen to the trump business ifs the donald becomes the next president of the united states? robert frank has the answer when squawk on the street comes right back. ♪ they say that in life, we shouldn't sweat the small stuff. but when you're building a mercedes-benz, there really is no small stuff. every decision... every component... is an integral part of what makes the 2016 c-class one of our most sophisticated cars ever. because when you're setting a new benchmark for refinement, it is the small stuff... that makes the biggest impression. the 2016 c-class. lease the c300 for $399 a month at your local mercedes-benz dealer. >>> if donald trump is elected president what happens to all of his businesses? robert frank has the answer to that question and i imagine it's more complicated. >> it is complicated but surprising at the same time. donald trump could remain ceo of the trump organization even if he's ceo of the country. there's no law that would prevent dru prevent tru

." ♪ >> good friday morning, welcome to "squawk on the street," i'm kafrl carl with sara eisen, simon hobbsange. cramer is off today. stocks looking higher on this final session of a tough week. retail sales come in okay. for the week the dow and s&p down about 3%. europe's rebounding as dich cha

welcome to "squawk on the street," i'm carl quintanilla with sara eisen, simon hobbs, david faber atter the best day of the month so far for the major indices on friday. big week ahead with i flags dnf data. china is open after the holiday. europe largely unchanged after draghi says the ecb won't hesitate to act in a crisis. oil is a big story, russia and