. >> i'm wilfred frost.ood wednesday morning to you from me as well. >> happy international weaponom day. u.s. equity futures after another minor selloff, first back-to-back declines since january. we are flat to mixed. seeking a catalyst. stocks are taking a pause globally here waiting for the next signal either out of washington, federal reserve next week. s&p 500 futures down two. dow up 1.24. nasdaq futures down less than one point. we are seeing the yields tick higher. not massive moves in the bond market, but certainly that ticking of higher yields into the fed meeting, where the fed is expected to raise interest rates next week. we'll see what the jobs report shows on friday. 2.53 is the yield on the ten-year. >> ticking higher. kept the dollar supported but also only ticking higher because moves in yields have not been luge. china posted a trade deficit of 60 billion yuan, the first in dollar terms since 2014. exports rose 4.2% in february, there were distorted eseasonal effects. in there. there is a

also, special guest coming up this morning, wilfred!ining us right here in studio, too, as fast as he can get here, so hurry up, wilfred. >> becky, i am, indeed. i will be there as fast as i can. i'm particularly looking forward to brad gilbert, former coach of andy murray. >> roddick and many others. >> i know we have to gear towards some american tennis players, but i'll get in one at least about andy murray. >> fair enough. >> becky, see you shortly. "squawk box" starts in 11 minutes' time. >>> chase chief economist anthony chan joins us to talk markets, economy and his forecast for the fed rate hike. stay tuned. we're back in a couple minutes. ♪ we're drowning in information. where, in all of this, is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley. >>> welcome back. the big february employment report that comes out friday

. >> and i'm wilfred frost.ery good morning from me as well. >> let's check in on the global markets this morning because we are seeing the selling continue after a rough week on wall street at least for the bulls. the s&p did close lower by 1.3%. dow futures down 1200 points. nasdaq futures down 31. you've got the whole risk-off trade. the dollar is selling off. treasuries are in demand. so is gold right now. as for the ten-year treasury note yield, lower yields across the board. this feeling that the health care bill failed. and what does it mean for the rest of the stimulus and growth-friendly trump agenda like tax reform and infrastructure? we'll talk more about it. but it's some concern across global wall street. that 240 level. >> absolutely. some expect to see a move today. given that friday afternoon kind of a muted reaction to that failure of the health care bill. didn't really do well, the markets, week as a whole, as you said, were down particularly on the start of the week. on that note, financials l

i'm jon fortt with post nine, sara eisen and wilfred frost.orldwide alley we can call it this morning. >> like it. >> squawk exchange. >> lucky wilf another hour with me. meantime top story stocks tumbling here you might have caught early in the premarket action this morning after trump's health care fail. so what's next for the markets as it weighs its next step in washington? joining us now to discuss it, terry haines, evercore's isi political analyst. and joining us ceo of labenthal holdings. welcome back. >> thank you. >> let's start with the narrative in the markets that the first test of the trump agenda doesn't bode too well for the next pro growth policies like tax reform and infrastructure. is that right? how are you telling your clients to trade it? >> well, what we're telling clients is the story is still to be written. i think this is a stumble and not something that's irreversible politically. but congress and trump have about four to six weeks to execute this pivot to tax reform and actually make it go. they can still be on sched

warm welcome to "worldwide exchange" on cnbc, i'm wilfred frost. >> i'm contessa brewer in today for sara eisen. >> straight to the global market picture. futures at this hour coming off the day which was a winning day, a fight back day for the bulls out there. the dow was fraction tally negative, but the s&p higher. nasdaq was higher by a half percent. bottom line there r this was a back from tuesday's trade. this morning essentially flat. the s&p slightly higher, the dow and nasdaq slightly lower. despite the fact equities were resilient yesterday, we saw yields slipping which had been part of the catalyst and spark for the declines the day earlier. we went down to 2.4 on the ten-year, hit 2.35% yesterday. the lowest since the 28th of february. just back a that 2.4 level again this morning. that slight slippage of yields yesterday didn't do much to derail stocks. >>> asian markets are ending higher today as well. that's a definite improvement for the nikkei, which lost 2% yesterday. as you can see across the board, the nikkei is up 0.2%. hang seng flattish, but still in positive te

. >> i'm wilfred frost. good morning to you from me as well. great tune to bring us in. >> let's look at the global markets this morning after stocks lost early gains in yesterday's session. the dow down about 15 points. it was in a tight range all day. the post fed celebration wore off. healthcare was a laggard, technology and financials did end higher for the day. as for futures. s&p lower by a full point. dow down 1. nasdaq barely positive. as for the ten-year treasury note yield, 2.53. we really have seen yields back off lower. >> we have. but this is a decent move up today. we were down immediately 2.5%, but ending the week picking up a bit. the story of the week as a whole, a flattening of the yield curve. the ten-year and the 30-year moving down, the two-year moving up. 2.53 for the ten-year. for the whole, stocks are higher given the fed-inspired mini rally in the middle of the week. up a half percent for the week. >> dollar weaker for the week, and gold up 2%. >> let's look at equities around the world. asia finishing on a mixed note.

. >> i'm wilfred frost. good morning to you from me as well.elcome back. >> thank you. >> let's get straight to the market action. should we pause and discuss vegas? was vegas good? >> breaking even is always a success. >> you can't be a cnbc commentator and breaking even is all that you need to do. >> you need not to lose. shout out to some of the great dealers who say they watch "worldwide exchange" when they get home in the morning. >> at 2:00 their time? i like that. good for them. they go from gambling in one sense to educated investing. >> exactly. not always, but we try to make it educated and give you an edge. but your trip to vegas has made me want to book. i'm going soon. back to the markets. u.s. futures are mixed. you can see the dow fractionally higher. s&p and nasdaq lower. yesterday all three declined. 10 out of 11 sectors, the s&p was lower. that sounds bad but overall declines were a third of a percent. the only sector in positive territory was energy. slightly surprising because we did see oil prices down. materials were the m

turns out wilfred is not alone.ther brit out there having a hard time with this march madness. >> i have read about this. i can't wait to see the video clip. >> he's more famous than you. certainly is. >> more "worldwide exchange" coming up. excuse me, are you aware of what's happening right now? we're facing 20 billion security events every day. ddos campaigns, ransomware, malware attacks... actually, we just handled all the priority threats. you did that? we did that. really. we analyzed millions of articles and reports. we can identify threats 50% faster. you can do that? we can do that. then do that. can we do that? we can do that. >>> good morning. markets now, stocks point to another rally fueled by the fed. >> washington watch. president trump expected to roll out his new spending plan. how it impacts your money straight ahead. >>> and a gopro turnaround. why shares of the action cameramaker are surging this morning. it's thursday, march 16, 2017. you're watching "worldwide exchange" on cnbc. ♪ >> good mornin

. >> i'm wilfred frost. good morning to you from me as well.et's check in on the global market action. yesterday we saw declines. the dow was the out-performer, down just 0.2%, compared to a close to a half percent of declines for the s&p and the nasdaq. more like a third of a decline in those names. oil prices were on the move and energy was the worst sector, followed by materials. you can see we are expected to bounce back today. the called higher by 60 points, s&p 500 by 8, nasdaq by 13 points. all eyes on what the fed does today. all eyes on the bond markets. we've been around the 2.6 level on the ten-year note. we were above it yesterday, below it today. 2.59 on the ten year. the two-year and the shorter end of the curve have been moving up ahead of this 25 basis point, but at the ten-year, hovering around the 2.6 level. >> a revised reading showing japan's industrial production down 0.4% for the previous mouth. >> and south korea will be holding a plthold ing a presidential election on may 9th to replace its leader. the nikkei closed down

wilfred?> kayla, part of this might just be complete line out of the art of the deal where you say it's on the table right here, here it is, take it or leave it. that's what the freedom caucus was doing in the first place any way when they said we can't support it the way it is, rewrite it. does either side want to say yes to this particular problematic bill? >> we'll see what happens when push comes to shove, when that vote happens today. there is a school of thought that says that the freedom caucus as hash sh opponents as they've been of this bill, when they go home to constituents do they want to be on the record having voted dow jonn the optio repeal obamacare. this is the option on the table. do they want a no vote on that metric next to their name when they go home to their constitue constituents. some people think they won't, and they'll vote yes. but they've been throwing around terms, final offer, last-ditch effort. this is our final deal. it feels more like a corporate boardroom tha

i was thinking you do the introduce, wilfred.orry. >> i left it up to you, it's great to have you with us. good morning to you. let's get straight to the market picture this morning. it comes off a day yesterday where we were pretty sharply down at the open. we were down about 0.2% midday, but ended down only about 0.2 for the dow. the nasdaq was slightly positive. banks certainly had led the markets. they also led the rebound somewhat. either way by the sector performance, telcos were the worst. healthcare the best. that performance you can see in the bank index. at one point we saw significant decliners there. a couple percent for certain banks leading the index down, the market down, but they did recover by the end of the day. yield curve had a huge impact on this. we did see a low on the ten-year note at one point yesterday of 2.34%. back close to 2.38%, back near that 2.4 level. that, of course, has had such an impact on what the banks have been doing. those two factors, the yield curve, bank stocks very much linked. the ban

sara, wilfred? >> jay gray. thank you very much. continue to check in with you throughout the morning. >>> economic data out of china. painting mostly a rosier picture. industrial output growing by 6.3%. fixed asset investment growing 8.9% year over-year, and private investment rising 6.7%. but retail sales growth was only up 9.5%. analysts were looking for a 10.5% increase. imagine if we got those numbers on interest rate sales here. where would interest rates be? they'd be soaring. >> higher. the nikkei sold off a bit. shanghai closed positive, just barely. india also a big mover on some of the local election results there. >> data overnight from europe to report. final read on german cpi, rising 0.6 month over month and 2% year over year. you can see, if we look at european trade, we are, for the most part, in the red today. comes off slight gains yesterdaying. interesting to see the ftse 100 holding on to positive territory. the pound falling sharply on the latest brexit news. >>> as for the broader market picture here, let's se

i'm sara eisen. >> i'm wilfred frost. good morning to you.ck thursday, throwing it back with songs from some of the greatest dance artists of all time according to billboard. there we go. >> made the list. >> is this one of the greatest? ♪ i don't know. i don't usually question -- the fantastic music choices of sophia and chris. but guys, don't like this one. sorry. let's go to the market action. we are lower, but not significantly. if we look at futures boards right now, the s&p has just turn the positive. yesterday the nasdaq eked out a fractional gain. the dow down a third of a percent. the third straight of declines for those two indices. all of it was very much twisted by the fall in oil prices. down 5%. we'll get to oil shortly. energy was the worst performing sector yesterday. down 1.5%. oil is falling again this morning. asia, which was mostly negative, the nikkei had a slight gain, hong kong and shanghai down. we had disappointing cpi data for neb ofebruary out of china. something to keep an eye on. >> ppi, the wholesale price number

i'm sara eisen. >> i'm wilfred frost. good morning to you from me as well.f your friday with the latest song from the bleachers and lorde. it's called "don't take the money." >> new music friday. >>> let's get to the market action. hopefully i can deliver this information correctly. we had about a third of a percent of gains yesterday, taking us into territory for gains for the week. the dow up about a half percent. s&p, 1%, nasdaq, 1.5%. futures down by 4 points for the s&p. the dow down 37. the nasdaq down 11 points. for the month, the dow remains in negative territory. the other two indexes slightly positive. for the quarter, all are up nicely, some 5% or so of gains. let's look at asian trade. we have got a bit of softness to round off the day, the week and the quarter and the month. all of those coming on the same day today. hong kong, big gains for the quarter, up about 9%. japan down about a percent. the strengthening yen has played a part in softer returns for the japanese market. european trade for you, is soft as well today. but week to date, month

the entire area, as wilfred there mentioning, cordoned off. police in that press conference talking about keeping people back from the area. people remaining vigilant as they head home over the next hour or two. clearly a number of people left on this bridge. otherwise there wouldn't be so many ambulances. we'll give you updates on that as it happens. >> we appreciate it, thank you. on the scene for us at westminster bridge in london. seb payne is a columnist with the british times in london. what can you tell us as you talk to your source, colleagues and as you watch all these pictures? >> i was over in westminster today. you've got to remember, this is one of the most highly secured parts of london here. we don't have heavily armed police officers that much in the hull of westminster is very tightly secure. you've seen the big fence, big wall all the way around. and the palace itself. so it's a very busy tourist area as well. particularly earlier today, it was packed with tourists taking selfies and all the rest of it, as well as people mps

wilfred, thank you very much.'s bring in bennett waters, from the chertoff group and home of former homeland security secretary michael chertoff. does this have all the signs of an isis or isis-inspired attack? >> i would hate to speculate at this point. there are certainly parallels to things that we know isis has used and encouraged its sympathizers to use, things like knives and cars are things we've seen them use before. it certainly does fit their m.o. but certainly too early to say definitively it is isis. >> talk to us about great britain as a source of isis fighters. i believe in europe, great britain and france have sent the most individuals to go with the isis cause in the middle east. >> well, it's a two-way phenomenon. we certainly have countries from which individuals have departed and sought to join isis and isis-inspired groups. we also know that, as we increased our focus on isis in the areas of operation that they have fragmented. and those individuals are returning home often radicalized and help

wilfred frost back at hq. if you're just joining us, welcome to "squawk alley," carl quintanilla with jon fortt, kelly evans at post 9. watching the markets, which have been in the red most of the day, actually closer to session highs right now, down 35. a lot's on the agenda -- trump's tax policies, china, oil and health care, all weighing on sentiment as we see another down day for stocks. weighing in on those cracks in the so-called teflon rally is byron wien. byron, good to have you back. welcome. >> it's good to be here. >> i guess let's just take your temperature at large regarding anything you think is most important right now. we're going to watch details out of the uk, so forgive me if i have to interrupt. >> sure. >> but is the locust of activity in your view, on capitol hill? >> well, my view is that the market was due for a correction. the market had gone up almost every day since the election, carl. and it was based on trump being able to implement his pro growth agenda. now, the components of tha

wilfred, stay with us because we have to talk about this other top story.et to meet with german chancellor angela merkel today at the white house. merkel expected to have several german leading ceos of germany to promote germany's trade relationship with the united states. of course top of mind has to be those comments from president trump's senior trade advisor a few weeks ago, peter navarro, who's been critical of germany's trade policy while calling their currency valuation exploitative. u.s. is the top buyer of u.s.-german exports and we have a trade deficit, something that president trump has gone after countries for with germany, it's not the biggest, but it's the third biggest behind china and japan. what are you watching today? >> well, listen, i think the biggest thing chancellor merkel will be coming across to say is are you behind the eu or not? because that's caused a great about of ire domestically in europe. the fact he's not only not backed the idea of european integration but actively campaigned for the likes of brexit and sort of almost bai

wilfred? >> thank you, brian. also to you, we're still waiting for fed chair swranet ye janet take questions. she's speaking right now. we'll bring you the q & a. "power lunch" will be back in a couple of minutes. the future of business in new york state is already in motion. companies across the state are growing the economy, with the help of the lowest taxes in decades, a talented workforce, and world-class innovations. like in plattsburgh, where the most advanced transportation is already en route. and in corning, where the future is materializing. let us help grow your company's tomorrow - today at esd.ny.gov so beautiful. what shall we call you? tom! name it tom! studies show that toms have the highest average earning potential over their professional lifetime. see? uh, it's a girl. congratulations! two of my girls are toms. i work for ally, finances are my thing. you know, i'm gonna go give birth real quick and then we'll talk, ok? nice baby. let's go. here comes tom #5! nothing, stops us from doing right by

. >> i'm wilfred frost. good morning to you from me as well. it's throw back thursday.e're kicking off the show with a little r. kelly. what's the theme? >> throwing it back with a great song. >> my favorite one of his, to go to my typical soft music stance "i believe i can fly." >> of course it is. the cheesiest song created. >> i like it. i will listen to it later. >> maybe we can get it on the show. >> the dow believes it can fly. >> the dow believes it can fly. i guess you were impressed by yesterday's rally. >> i was annoyed by it. i knew i would have to admit to you this morning that i was wrong the last couple of days. >> specialtive superlatives are today. best start for the month of march, an unbelievable rally that sent the dow higher by 300 points. the dow is under a bit of pressure now, down 11 points. s&p down 5, nasdaq down 10. a lot to watch today, including that outperformance of the financials. let's look at that one-week chart. stocks really took off yesterday. you can credit president trump and his softer tone in the speech. you can credit maybe the i

i'm sara eisen. >> i'm wilfred frost. good morning to you from me as well.et's get to the global market action. yesterday we saw declines across all three indices. not huge declines. >> i would say they were bigger for the russell. that was down 1.5%. >> the nasdaq down about 0.6. zap about a quarter percent. either way those record 12 closes in a row for the dow came to an end. albeit looks like we'll gain today. dow called higher by 90 points. let's look at the picture around the rest of the world. asian trade was better. chinese pmi came in ahead of expectations, 51.6. january was 51.3. that's manufacturing pmi. japan is higher in the market. 1.5% because of the dollar strength and yen weakness. european trade, which was positive for february, 2% of gains, positive for again today. germany an france up 1.4%ment we did see european pmis coming in in line with expectation. they weren't ahead of expectations, but a nice reading around the 54 or 55 level. >> oil starts the month in the green. coming off a month where it gained about 2.3% for february. wti, 54

i'm wilfred frost. >> i'm contessa brewer there in for sara today. >> syou're wearing the appropriateolor. >> i thought i would jump right nfrmt. > in. >> let's see what happened yesterday. down day for all of the indices. 10 out of 11 sectors were down. financials down 2.89%, within that banks down more sharply, the best part of 5%. very sharp moves to the down side yesterday for banks in particular. there was one positive sector, utilities, it wasn't just positive it was significantly positive up 1.4%. that was the only sector higher. some significant profit taking across the board yesterday. there is the s&p financial sector suffering the biggest daily decline since the brexit fallout day, down 2.9%. ten-year treasury note has a lot to do with this. yields slipped significantly yesterday. now down 2.4%. a couple weeks ago near 2.6%. we had seen a flattening of the yield curve over the prior two weeks, the moves this week have been across the board. yield s now at 2.40. >> we have mick dahave economic ja japan. exports rising 11%. imports up 1.2%. both figures topped forecasts. look

i'm wilfred frost. >> i'm susan li in for sara eisen. >> let's get to the global market picture, comingff a day where the dow ended ets eigits day losing streak. t it was financials bouncing back and leading the charge to the upside that allowed that recovery. today we are flat in the premarket. a bit of red for the dow and s&p. the nasdaq in the green. yields recovered from the lows, back above the 2.4% level. sitting at 2.409 today. yesterday we were up around 2.2.4 2.42%. so slipped a bit over night. the tight correlation between what the ten-year yield is doing and what bank stocks are doing has been extraordinary to see. as yields moved higher yesterday, as did banks, that dragged the rest of the market with it. >> let's check on asian equities this year. asian trading off the end of the dow losing streak. minimal gains across the board. saw japan up 0.1%. the hang seng advancing, shanghai lower by 0.3%. asia, we finished the session intact given that we're expecting the article 50 letter to be delivered today. europe early on in the wednesday session. let's check in. as you see, p

. >> i'm wilfred frost. very good morning to you have me as well.et's get straight to the global market action. yesterday we saw the third straight day of declines for the dow. >> just barely. >> exactly right. you completed my sentence before i could. down just a fraction. >> nasdaq closed positive, right? >> nasdaq slightly positive for its fourth positive day in a row, albeit similarly four p slight positive days. 7 out of 1 1 sectors were negative. the most notable decliner was financials. the bank stocks down over 1%. a poor day for them. a large part of that was what was happening in the yield curve. ten-year treasury note. the yield curve slipped across the board. it wasn't that it just flattened. the ten-year note hit a low of 2.46. at 2.48 at the moment. that was a low not seen since about the last three, four weeks. >>> japan, remember, was closed on monday. it did open tuesday. declining about 0.3%. hong kong and shanghai remain strong. the hong kong stock market, the hang seng is actually at the highest level since the end of 2015. so we

. >> i'm wilfred frost. very good morning to you from me as well.t is throwback thursday, this week we're throwing it back with a punk theme. there we go. >> '90s. early 2000s. >> i'm not the one to ask. >> let's check in on the global markets, show you what's happening with the u.s. futures after a mixed close on wall street. the s&p did nothing. we're approaching the end of the quarter. best quarter for global stocks in years, ending on a sluggish note here. dow futures down 12 points. s&p down less than 2. nasdaq again shines. that was the story of yesterday. tech was a stand out led by apple and amazon. the nasdaq actually finished higher while the dow finished lower. >> yeah. in general, of course, it wasn't huge moves either way. it wasn't a day where we were worrying about big declines or big falls. in the sector performance, the slight surprise we were discussing on "squawk alley" yesterday, driven yields we've seen, banks and utilities actually moved in the same direction. we've seen big moves in opposite directions when the yield curve has

i'm wilfred frost along with morgan brennan in for sara today. good morning. >> good morning.reat to be here. >> great to have you with us. not just any friday, new music friday. we're kicking off the show with lo lorde's brand-new song. the "e" is silent, much to the amusement. this is very peppy for lorde. i'm digging it. >> it's called "green light." let's get to the market action. >> let's look at what your money is doing this morning. starting with u.s. equity futures. we have got red today. we have the dow jones indicated to open lower by 35 points. the s&p poised to open 6 points lower. the nasdaq down 15 points. this after stocks took a pause yesterday given the record rally we have seen in recent days. 9 of 11 s&p sectors yesterday finished lower. led down by financials. caterpillar was the biggest negative after federal agents searched their offices, something i reported on throughout the day yesterday. even so, we are on track for all three of these indexes to close the week in the green. turning to the treasury market. a lot of fed speak this week, which the market

wilfred frost back at hq.lcome to "squawk alley," carl quintanilla with jon fortt, kelly evans at post 9. watching the markets, which have been in the red most of the day, actually closer to session highs right now, down 35. a lot's on the agenda -- trump's tax policies, china, oil and health care, all weighing on sentiment as we see another down day for stocks. weighing in on those cracks in the so-called teflon rally is byron wien. byron, good to have you back. welcome. >> it's good to be here. >> i guess let's just take your temperature at large regarding anything you think is most important right now. we're going to watch details out of the uk, so forgive me if i have to interrupt. >> sure. >> but is the locust of activity in your view, on capitol hill? >> well, my view is that the market was due for a correction. the market

wilfred frost has the latest. >> four people have died including a police officer in a terror attack near parliament in westminster, london, that began at 10:40 a.m. eastern time. the assailant amongst the dead. 20 people injured. the assailant drove a car along the sidewalk of westminster bridge hitting pedestrians as he went including three police officers before crashing into a fence next to palace yard on the north side of parliament. he then exited the vehicle and approached parliament, breaking through barriers on foot, where he stabbed a police officer with a knife before being shot by armed police. the stabbed officer and alleged assailant died from their injuries. assistant commissioner of the metropolitan police, steve rowley, said he was satisfied that there was only one assailant, though the investigations continue and urged londoners to be vigilant though they did not need to be alarmed. this is an elevated police presence across london today. theresa may was evacuated to her nearby official residence at 10 downing street where she currently resides and will soon chair a

. >> i'm wilfred frost. very good morning to you from me as well.

. >>> i'm brian sullivan, along with michelle caruso-cabrera, and wilfred frost. welcome.uge news friday. krechlt o of mylan coming up. right now, breaking news from the federal reserve. let's get right to cnbc' own steve liesman. >> fed chair yellen, in no uncertain terms said a march rate hike would be appropriate if, when the committee meets later this month and judges the fed is on track to meet its goal. she goes on to say conditioned report, three rate hikes this year as far as she can tell. she says to markets, expect faster removal of the combination, aka rate hikes in 2017 than you've seen in the past couple

. >> wilfred frost was jealous of him. and that's it.f wilfred frost is jealous of someone, i mean, other than like bond, i mean, sean connery bond. >> come back an exclusive with mcdonald's steve easterbrook about his company's new game plan for growth after their investor day yesterday. take another look at the premarket as the s&p and the nas coming off their best day of the year. back in just a moment. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach obal markets and drive foard with broader possibilities. cme group: hothe world advances. and her new mobile wedding business.tte fir, getting paid was tough... until she got qukboooo. now she sends invoices, sees when they've bn viewed and-ta-dah-paid twice as fast for free. visit quickbooks-dotom. the markets change... at t. rowe price... our sciplined approach remains. globalarkets may be uncertain... but you can feel confident in our investment experience around the world. call us

wilfred frost sat down with wells fargo's new ceo tim sloan.rsation next. plus, more on our series on deregulation. later, ipo optimism. we're going to talk about the -- talk to the head of nasdaq's listings about why the pipeline will heat up later this year. stay tuned. ( ♪ ) it just feels like anything is possible here in upstate new york. ( ♪ ) at corning, i test smart glass that goes all over the world. but there's no place like home. there's always something different to do like skiing in the winter, jet skiing in the summer. we can do everything. new york state is filled with bright minds like samantha's. to find the companies and talent of tomorrow, search for our page, jobsinnewyorkstate on linkedin. search for our page, ♪ guyhey nicole, happening here? search for our page, this is my new alert system for whenever anything happens in the market. kid's a natural. but thinkorswim already lets you create custom alerts for all the things that are important to you. shhh. alerts on anything at all? not only that, you can act on that opportun

i'll see you guys later. >> let's get to wilfred frost.guest. >> hi, melissa. thank you very much. i'm joined now by the ceo of barclays, jes staley. >> good to be here. >> you've been in the hot seat a little over a year and made some pretty big strategic calls during that time, most notably pulling out of regions like asia and africa and doubling down on the investment bank, which of course has its biggest presence here stateside. are you now feeling vindicated with some of those big calls? >> let me say first, if we can run barclays bank half as well as david tepper runs money, we'll be doing fine. it was quite a change in bank strategy to basically become a transatlantic consumer corporate and investment bank. i think it's way too early to pass judgment. i think we like the momentum we have. getting out of africa is a very, very difficult decision. we do hope to retain an important investment in barclays africa but not a controlling stake. i think, you know, to a certain extent, our strategy is a belief that the global capital markets

wilfred frost will join us at the bottom of the hour to talk to us more about brexit. >>> fed impendingome sales come out at 10:00 a.m. charlie evans, eric rosengren and john williams will start to speak later today. we'll watch for that. in an interview on cnbc yesterday, which hopefully you did not miss, because we told you not to miss it, steve liesman -- >> asked you not to miss it. told nicely. suggested. >> we suggested. he spoke with fed vice chairman stanley fischer and asked if the average fomc member forecast for two additional rate hikes this year is about right or if the markets had to prepare for something else. >> that seems about right. that is to say that's my forecast as well. yes, you have to be -- you know for sure that you don't get everything right, particularly about the future. and you need to think about what happens if the economy is growing more slowly or if the economy is growing faster. >> fischer said the fed's current outlook la nhas not cha much from the march meeting. also a bit of corporate news. joe mentioned at the top of the hour, i mentioned it brief

wilfred frost has more. >> tim sloan received 2 opinion 2.3 million in base pay, and there was no cashf his pay after he and executive commit memb members of his committee did not receive any. the proxy statement says the pay rise reflects the promotion to ceo, but it does deliver a different message to the board's retraction of a bonus. hidden elsewhere is a footnote on carrie tolstedt, and they remain the authority to forfeit her remaining options even if they are vested and exercisable. she already forfeited $19 million of unvested options. tolstedt has not suffered further rebuke from the board review. due to finish in april despite some who reported directly to her being fired for cause. either way, back to tim sloan's pay, his pay is significantly lower than his predecessor john stumpf's last full year of pay at 19$19.3 million and was the lowest of the big six banks ceo's pay for 2016. >> i want to be a ceo. >> you want to be? >> yeah. what do you think? can i be the ceo of "squawk box" or something? >> listen, if we can simply change our title and get those kinds of pay, i will

but this morning barclays ceo jeff staley told our wilfred frost he would not be in favor of such a repeal our view is it would be a good thing for dodd/frank to stay in place, not to repeal it. it's a very complicated piece of legislation which requires a lot of interpretation by the regulators. i think what you will see is more of a volume control. this is a volume control on a complicated piece of legislation. you never get it right the first time. we look forward to that. >> counter intuitive. >> yes and no. i mean, you know, what we hear from some of these -- morgan stanley's ceo jim gorman said the same thing. they're not in favor of repealing it overall. i think they realize the industry got itself into trouble ahead of the financial crisis because there were too few regulations at that time that allowed them to take too much risk. a lot of these guys have been pulling back on risk. and in fact, jes staley's message is that they're just now getting ready to take on even more risk, but it's regulated risk right now. >> right. i do wonder to some extent, if you look at dodd/frank and

now, the election this weekend in the -- thank you, wilfred for going over this and sara.really matters here is that people felt that the netherlands election was a bridge too far. >> right. don't forget of course part of the key thinking behind the border adjustment tax is you have an adjustment in the dollar far higher would off set a lot of the costs. if you're unlikely to see a border a adjustment tax or tax reform, you won't get that up higher. >> and they don't fix or float, so let's be careful there. david, the decline in stocks like morgan stanley is a little breathtaking. i mean, these are stocks that have been going down down down. >> yeah. >> they were going up up up up. i mean, i'll give you ten ups to your three downs, come on. >> probably 25 regulation versus the one law. >> that's still the case. >> jpmorgan, good number there. >> they'll still benefit from deregulation, although dodd/frank is not going to be overturned. >> i need this. the stocks that are suddenly in vogue are up to two fold. it's the consumer products, they have a 3% yield. people have not

i'm wilfred frost.ly this quarter, when yields rise, so do bank stocks. as we found out in march the opposite also holds true. january and february were fairly steady and positive for banks. crucially yields were not falling. and then in march a double whammy, yields fell across the curve and also the curve itself flattened. this shot shows the very strong correlation between the ten-year yield and the banks index, both yields and banks falling during the month of march. what about other factors? well, the slipping of the trump legislative agenda clearly a factor too in terms of what it means for things like tax reform and legislation albeit slightly overstated as it relates to banks because a large amount of financial deregulation can be achieved through appointments and tone as opposed to needing laws. there's also been less of a pickup in m&a than late 2016 optimism suggested which has led to lukewarm investment banking commentary. that coming alongside less positive loan growth in the last two month

i know wilfred frost went back and forth, he was saying some of the things i was saying last night whichs if you just focus on the companies, you really would be using these dips as opportunities to buy because we've had far more companies with better than expected earnings. i don't want to get sidetracked here. and you have them every day. i mean, accensure, but again, the earnings, he earnings, earn. pvh rather remarkable quarter. >> right. you mentioned nunes and adam schiff and manafort and the drip, drip on that. the president in "time" today with a fascinating interview. is that all still removed from -- for our concerns, for business concerns? >> not if comey, fbi chairman comey, he seems to have -- you know, the comey i knew when he was at the u.s. attorney's office, he was not a showman. i don't mean to be too derogatory here, but he says things if i were the head of the fbi i would be more tight lipped because i keep thinking about what happened with hillary clinton. you know, you had, wow, i'm really worried and then no. and will that be a replay here? a lot of people are sayi

this does include sparkling water, which is a much bigger deal overseas, as wilfred frost would tellgrino and perrier owned by nestle. >> yeah, long term health policy implications as well if the trend continues. could be good news for diabetes rates, childhood, onset, you name it. >> right. that's why coca-cola's strategy of smaller packages selling them as a treat is what they're hoping takes them into the next generation where millennials do want to drink healthier. it's also something i've been covering with these soda taxes popping up all over cities. they want to raise their budget and decrease diabetes rates which has been a drag on health care. >> all right. well, let's send it over now to jon fortt with a look at what's coming up on "squawk alley." >> i love it, guys, bye-bye cola wars, hello water fight between coke and pepsi. coming up on "squawk alley," we're going to talk about where the jobs are. also walter isaacson is going to join us to take a look at what's happening with the economy overall and employment. of course we also expect president trump to be meeting with

we'll go to wilfred frost at hq. >> wells fargo is taking further executive compensation matters thiss affecting eight members of the 11 strong operating committee, the eight that existed before the 2016 sales scandal that includes ceo tim sloan, cfo and they will not receive cash bonuses for 2016, in addition some previously given equity rewards that vested during 2016 will also be taken back. the result is a total of $32 million of compensation being withdrawn for those eight people in total. that compares of course to the $41 million that john stumpf gave up himself. chairman says these actions are not related to any findings of improper behavior. they're part of the board's ongoing efforts to promote accountability and put customer interests first. so of course that lack of improper behavior contrasts to the four senior managers albeit less senior managers that lost their jobs a couple of weeks ago. so these actions less severe in that regard. tim sloan the ceo says i fully support the board's action and believe they are critical to wells fargo's commitment to the customers. just

joining us with a look at reaction and the markets is wilfred frost joining us from cnbc headquarters morning. >> yesterday as we know, theresa may officially fired the brexit starting gun by april 2019 the uk will be out of the european union. let's, as you say, have a look at the market reaction, which was fairly muted. yesterday the ftse 100 closed up a half percent. down a bit today because the pound was down slightly yesterday. it's down a little bit more -- it's recovered in the last half hour since "worldwide exchange" ended. essentially flat today. the invoking of article 50 was well telegraphed. on march 13th the brexit bill passed all stages of the legislative process in the uk and thereby allowed theresa may the choice of when to invoke article 50. the interesting response in sterling since then is a move to the upside. suggesting that brexit related factors on their own are already priced in. that is a longer-term chart, but in terms of the reaction, as you can see, at the end there in early march we've seen the pound rally. as for the tone and content of theresa may's let

wilfred frost has more on the reasons behind the decline.ve a bounce in your step today, did yoyou, because e market finally sold off under trump? you were more excitable today? do you have a smile on your face? >> i do only sense i heard the tones of mr. joe kernen, but for no other reason. as you will see, if i get to the reasons, i don't put the reason behind the bank selloff just to politics. to the reasons, the main one being the ongoing fall in interest rates. yields falling across the curve yesterday. but worth noting that even before this week's move in rates, the yield curve had been flattening which is bad for banks. thus it figures bank of america was the biggest faller yesterday since it is the most interest rates sensitive of the big banks. another reason cited for the decline is lessening hopes of trump's agenda being delivered on. for banks we're talking in terms of tax reform and deregulation. those fears elevated ahead of the crucial thursday healthcare bill vote. but are they overdone? for example, while jamie dimon was opt

wilfred frost joins us with a run down of tomorrow's vote in the netherlands. >> much like the votesthe dutch election is not shaping up around traditional party lines. the populist party for freedom led by the continroversial geer wilders is likely to win the most seats. he is the most extreme europe's populists, he stans against islam, against imdpramigrationi against the eu and has the slogan make netherlands ours again. and has been compared to donald trump. dutch politics is highly dial lig diluted. but it is unlikely to win more than 30 of 150 parliamentary seats. holland has the need for coalition government is, and other mainstream parties have ruled out a coalition with freedom. the favorite right now is mark rutte, pro eu. if the netherlands were to have an eu referendum, most suggested it would be close, but an eu in and out referendum materializing is not likely since wilders will be excluded from any coalition formation discussions. the thing come thursday morning, he's expected to get 30 seats. if he gets 40, he still will not be prime minister, but it shows the polls w