tv Squawk Box Europe CNBC October 31, 2022 4:00am-5:00am EDT
but i sure as hell could right a wrong. the bottom line is, there is evil in this world, and it's cost us. evil in this world, and it's cost us. it's cost all of us so much. -- captions by vitac -- european stock markets are open for monday trade. we are picking up on the bumper session on friday in the u.s all three indices getting up this time on earnings. disappointing revenue earnings and spending in some quarters from meta. there are other factors for the week we havechina numbers and
unexpectedly falling in october. still concerns of the factory floor to the world this week is a big one for the fed. the markets have been hoping there may be a fed fall around the corner not necessarily a pivot. the two-day meeting this week. as we round out the week, we look forward to the jobs reports. the market seeing if the tightening measures have cooled down wage pressure and helped the labor market strain. at this point, a lot of earnings crossing in europe as we close out the trading week a lot of stock market reaction to individual names. we are getting this week as you see with the pause or tilt not a run away trade as was forecast on futures. we bounced over 10% on the benchmark. let's look at the individual parts of the market. various components technology at the top. a nod to the action we saw in the nasdaq picking up from some of the weakness we had seen in
various faang names on earnings. at the bottom, oil and gas we are trading weaker by .60%. shell toward the bottom of the basket there we have resources tracking lower by .30%. one wonders in this is end of month window dressing. don't forget energy is performing on stock level for the course of the month. construction names trade down a .25% travel and leisure is weaker media names to the upside. popping 1.1% in the retail basket autos moving north telco up 1.25% utilities .20% a story around health care not a stock market winner and
some playing on the defensive safe side. banking stocks up .40% we have technology in lock-step with the u.s. trade on friday putting in gains the european markets as they kick off the trading week. we are still above the 7,000 foot mark on the ftse. you see we are not moving too far from it in trade this morning. slight drift on the french market for the session down .20%. it has been an interesting month where the index is trying to claw back losses where it tracked below 6,000. now 6,262. dax. not seeing much on the upside on the core markets on the periphery, down on spanish stocks up on italy. across the market in switzerland, up .20% sloppy trade this morning. let's go to switzerland and credit suisse.
priced shares at 3 francs. the lender is hoping for proceeding of 1.76 swiss francs after committed to buying 462 million shares at this price taking the total to around 4 billion swiss francs. we are seeing that hold today. you see 2.6% pop in the stock price. u.s. energy prices shoulding set in a way that allows for economic growth. do you know what that means? that's what was said speaking at the conference, hocstein said more is needed in the sector oil majors looking to be dragging on the market prices abate somewhat.
totale energy is trading as well hadley can clarify what the comments mean. sur prices should be set in a manner we all want. whether we are a producer or consumer what does it mean, hadley? >> great to have out the program. earlier this morning, you said prices should be set in a way that provides for economic growth what do you mean by that that is the right price of the administration >> thank you for having me it is good to be with you in person look, oil prices need to be priced in such a way that we can have global growth we are in a devastating war in europe and pandemic and growth rates and demand is rising we have seen elevated prices which are now triggering economic instability so clearly we need to bring the
prices down so that consumers can afford -- >> this is market manipulation that the administration says opec has been doing and needs to stop >> well, look. the market is not a free market. it is controlled or largely by combination of private companies and state-owned companies that are making these decisions we are saying look as we are going through the extraordinary times with a war that is involved the invader here is a third largest oil producer in the world. we have to recognize that. the president, president biden has done everything he can to maintain smupply. three months ago we were at $120 a barrel today, we released almost 200 million barrels from the spr we need to do more to bring the -- we brought prices at the pump in the united states down from $5 to $3.50 >> the oil producers in america
as you know pushed back on the president's tweet. they are saying this is not our fault. frankly it is not our problem. it is the administration's problem in terms of the policy >> wait a minute i completely reject that notion. the administration has taken every step to encourage the companies in the united states and around the world >> i talk to ceos all of time and they tell me he is not talking to them. >> that is not true. i talked to the senior members who talk to the ceos on a regular basis. the issue is we want them to increase their cap x increase investment. the price environment for the last year, over a year now, lends itself to investment take the profits you are making. we are not against profits the president said this last week take the profits and invest them you want to pay back to
shareholders, some is fine not excessively. we are in a war. you can do more to increase production the united states government can't be the one that supplies the market we've done 180 million barrels nearly can you imagine the last six months minus 1 million barrels a day? >> they can move the swing producer >> hadley, we increased production in the united states. we will exceed record production in the united states companies need to do more to invest in america. >> what about saudi arabia i heard so many versions of this story, it will make your head spin did the saudis agree to a secret deal with you and lie to your face after changing their mind >> you saw the 2 million barrel cut. it has had an impact oil prices have gone up from when they announced that cut
we think that is a mistake we were very open. >> did they lie to you >> i'll not going into the dynamics of who said what when at the end of the day, we were very clear in private and open and in public about the fact we thought it was a mistake to cut production at this time. especially at that level prices were not coming down. we were doing everything we can to american companies and other global producers like saudi arabia the president said we would buy back the barrels we just released we will buy it back at a price if it reaches 70 >> is that market manipulation that's what you accuse opec of doing? >> i released 180 million barrels during a war i wish i did not have to release during the war >> do you believe saudi arabia is helping russia in the war
against ukraine? >> i'm not accusing anybody's motivation i'm saying cutting production at $88 a barrel has the end net effect of helping what russia is doing. oil is the only thing left in that economy putin has destroyed the rest of the economy. he won't sell his gas to europe. all he has is oil. that's what funds this war >> tell me this. most people would say this is a foreign policy failure for the united states. one foreign policy win and energy win has been, of course, what you managed to accomplish with the maritime border with the agreement with israel. what does this mean for people on the ground? how quickly will we see in inve investment >> look, i think i agree with the characterization it is historic win for the countries. at the end of the day, this is an area where there is so much
success in israel and egypt and greece soon for oil and natural gas. lebanon has had zero now this opens the opportunity for the first time foreign investment i think investment will be quick. whether or not discoveries is up to companies to drill. we opened security for the east med which is important for israel and lebanon and egypt and europe this is an important supplier from israel through egypt exports to europe. >> you could not imagine to get this done without the onboarding , if you will, with hezbollah. they are still designated by a terrorist organization >> they are a terrorist organization what emboldens them is more agreement was lebanon and i
israel what transforms them is to support the people of lebanon. i don't care about hezbollah i care about the people of lebanon who under the current structure and hezbollah reign have less than two hours of electricity per day. that is whathezbollah has brought the country. less than two hours of electricity per day. i started negotiations a year ago. i used to say six. now i say two. we can bring gas from egypt to lebanon in a matter of weeks the infrastructure is there. they need to commit to the reforms. we can increase economic activity in lebanon. what we want to do in the middle east, not just lebanon, throughout the middle east is ste security and stability >> you can't do that without saudi arabia last week, fii was in riyadh it was good enough for jamie
dimon, but not you >> i would not draw too many conclusions to that. i have been to saudi arabia seven or eight times this year i have talked to saudis all the time we are two mature countries. we have a disagreement on substance and issues the president said it clearly. he is reevaluating the relationship. >> what depoes that mean? weapons? aid? >> it means we look at the total of the relationship and a lot of things we work well with saudi arabia in and we will continue to do that there are things we have to figure out as we go forward. we had an 80-year relationship which has had ups and downs. every down has been followed by an up. we're going to continue to work with saudi arabia. they are an important country in the region we clearly had a very strong disagreement here. we will continue, you know, we can disagree we don't have to -- talking is not just about agreeing.
>> agree to disagree a question before i let you go you have been to the region many times. i have seen you on many occasions. where is jennifer granholm why is she not leading the conversations? >> look, i think every administration -- >> she is the secretary of energy >> i think there is a lot going on in the energy world right now. >> anything more important than what is happening? >> i think we have a war in europe that is really threatening the energy security of the entire international system i think she has done an enormous amount of work in europe and in asia fortunately or unfortunately, energy is the number one issue in the world today we are we are talking about oil and gas. look what we passed in the united states. it matches what the uae is
doing. these are investments we have to do today for the supply chains and securing the energy futures. as we had in the 20th century in oil and gas. >> i would like to see you more on cnbc. wonderful to have you on the program. thank you for making the time for us steve and karen, back to you. hadley, thank you. let's push to the banks. unic unicredit is raising guidance. the italian lender expects income to come in at 9.76 billion euro up slightly. the stock price up 1.5% today. we are going to take a quick break. we'll be back to talk about more markets at this hour are mixed
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we are flat all day for the boards in europe particularly here with the german stocks. flat lining at thi german sales up. economists expected a 3% drop. to the european boards this is how we are looking at this stage i mentioned the dax on the flat line along with the smi from zu zurich producers are trying to get my steps up this morning and i'll go this way. it's start with the ftse change in direction around policy action and over the course of the last trading day
we do have a slight tilt slower. up .10%. dax is flat line .02% higher. a down beat day for stocks in spain and italian market just flipping into the red now is the smi not a huge amount of upside. let's look at the month to date performance. i'll stay here until we figure out the wall it is this side. 2% higher for the ftse the dax is up 9.4% italian stocks up similar. 7% on the spanish market and 4.5% on the aex. worth noting for the majors close to the s&p 500 we saw from the united states. we have last trading day to play out. nowhere near the 14% that we had on the dow to the upside let's get to deidra cooper
deidra, it has been an interesting month with the stock market performance how are you viewing the dynamics waiting to hear from the fed a lot of earnings to digdigest what do you make so far? >> good morning. great to be here you are absolutely right clearly been a very, very choppy environment in which to invest our view is that we won't get that fed pause, but the other side of that is, of course, that 2023 from the economic growth perspective looks very difficult. we're certainly looking across all our companies and trying to find those companies that have structure drivers rather than cyclical as the base case is we do move into recession as we move into 2023 i think we have seen that to some extent and things with internet advertising for example. there will be lots more to come.
it won't affect every company in the same way there are companies that really have significant structural tailwinds behind them. particularly the companies that will do well in what will unusually be in europe be high energy price recession companies providing solutions for energy efficiency and companies over the long term to help us in that journey to net zero. >> this is your area of expertise. if we look at renewables over the course of the month so far and where we've gone there's been a lot of different policies in the back drop with europe trying to fast forward on sustainability we have inflation reduction act of the united states where do you see the policy actions for the sector >> i think the u.s. has really stolen the march on europe with the inflation reduction act. it is an exceptionally attractive piece of legislation
for every part of the decarbonization universe the companies with the wind and solar tax credits are very generous they have a much longer life than previous versions of ten years of remaining life. i think there is probably parts of the country where the solar tax credits are generous that you need almost limited revenue for the power side you will make such a good return on the tax credits as you move into electric cars, it is really generous subsidies for the manufacturing of batteries in the united states generous subsidy for green hyd hydrogen made from green energy rather than natural gas the ceo of johnson mathis was talking about lagging behind on hydrogen he is 100% right same is true for other energy sectors. europe responded really quickly
because the rush of the invasion of ukraine with fit for 55 following through on that has been a bit slower and things like planning and permitting are huge issues in europe. the u.s. has marched ahead i think what is important to note is this not only sets the u.s. up on a better path to net zero, but allows the u.s. to give visibility to companies that want to invest in manufacturing and they will have low priced highly visible non volatile depending on the moves in fossil fuel prices energy that means we are seeing more companies think about where they relocate and manufacturing depending on the energy prices >> deidre, i met a friend of mine who bought a big farm he is very happy doing that.
he doesn't know if he will get any feed going forward because of the regime which is so uncertain of what the government and local councils are willing to pay for it if they are willing to pay it is a problem about t the regulated guidance >> absolutely. i assume that friend of yours is here in the uk, right? >> right >> if he was sitting in north america, he has ten years of highly visible tax credits and knows what he will get in terms of the regime. whereas in the uk and europe, you have seen lots of debates around planning and permitting for onshore solar. these countries will end up hostage to high fossil fuel prices or very volatile fossil fuel prices and manufacturing will relocate to north america where they will have cheap, visible, renewable energy. >> so we've got problems,
haven't we if the regulator is offering ten years guarantee and the uk is offering no clarity at the moment as well and we heard the same argument regarding crypto from a guest over an hourin ago what is this government going? that is a problem for the investment arena >> what you can say about the uk is it has been a successful offshore program the devil is in the details. that is what our team spends time understanding the headlines policies and digging into the details and the uk continues to be a very, very attractive location to develop onshore wind by far the market leader the government did a really great job on that front. i would agree with your friend in terms of onshore solar, they not doing what they should be doing. the other place in europe where
we see a lot of opportunity is companies who have products which address energy efficiency. we expect to see much more gas de demand destruction than the models suggest europe, to some extent, has been artificially lulled into a sense of security. i think the reaction will be to go and look at those factories and find things you should have done years ago and i mplement them that does over the long term lead to demand destruction >> deidre, very good to speak to you today. thank you very much for your clarity on a complicated area. deidre cooper at 91. let's stay on the energy theme we will speak with the petroleum energy minister tarek el-molla
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their investment came at a bargain price. >> from the climate we saw, i would urge them not to blink not to hesitate and execute. u.s. energy envoy defends the american policy at the opec production cut telling cnbc it needs to happen for global production. >> at $88 a barrel and bringing prices up has the net end effect of helping what russia issing do doing. >> we will hear from tarek ele el-molla just ahead. and authorities ramp up restrictions in china to combat covid outbreaks. european equities make a muted start to the week.
still on track to break a two-month losing streak. the dow eyes its best month since january of 1976. welcome back the world needs maximum energy and minimum emission this according to the sultan chief. he says are zeroing out hydro carbons could mean loss of 500,000 barrels a day. the uae energy minister says the uae and opec plus want to supply the world with its oil needs telling the conference they will always be a trusted technical group with due balance of supply and demand
well, very interesting, dan and hadley, you are hearing from the u.s. envoy about the eastern mediterranean. your next guest knows how important that region is and is exploiting it. >> thank you, steve. i want to bring in the egypt energy minister. tarek, i have to ask you that you are about to host the huge under taking it will be held in sharm-shek. this is not something we have seen in the past. >> yes, exactly. as you know, it has been almost where these companies were used to the companies that are
responsible for emissions and global warming and so forth. with the recent developments and what is happening which proved there is a great need and energy crisis and great need to talk about solutions -- >> it has to be part of the conversation. >> exactly we saidwe need to have the people who are responsible for the problems to be part of the solution how would that be? this is contradicting to the principles of the union. what can we do we said okay, we will introduce them through the coming days we selected what we call decarbonization day on november 11th we will invite and host and to have global energy companies
>> you are bringing reality to the conference >> exactly we demonstrate how they could be responsive and how they can be part of the solution by ensuring security of supplies for energy. meanwhile, to be less carbon emissions and less polluting and to be environmentally friendly and so forth therefore, we will see a lot of good examples of definitely global ceos, not necessarily oil and gas, but service companies, energy companies, all of them together demonstrating and showcasing on how they could really be pro-active and they have already done this, not just inve inventing. >> one person not coming is greta theunberg.
>> this is an international multilateral event that egypt will be hosting. we are like catalysts trying to accommodate and to help the organizers to -- >> what does her lack of participation reflect? >> she is, of course, number one envoy, right >> of course this would be a an issue she will be missed, definitely what we will be able to showcase is reflecting the reality and reflect that the world can have better solutions meanwhile, being pro-active for conserving our planet and having the global warming less
temperatures requested therefore, i mean we will have -- this is our ambition -- to have a successful implementation and we need to see. that is why when i was talking about carbonization, we will talk about the energy companies are using technology in order to improve the emissions. this is from one side. plus why are we being accused or why are we talking about green hydrogen and talking about r rene renewable. this event, cop27, will see a lot of major events of signing agreements for green hydrogen.
between egypt and europe and you will see a lot of companies that will be also offering their technologies for green hydrogen and other what we call low carbon hydrogen. >> i want to ask a question, minister, about egypt hosting this conference. they signed a deal with imf. we see them floating the issues of the egyptian economy. when you speak to the energy narrative it i spoke about the monumental deal with israel and lebanon when it comes to the maritime borders. how is this going to unlock the potential of the eastern med >> what you said just very much correct. let me start by asking the imf and this is all very good positive signs of correct
actions and that the government has taken and undertaken from now. this is from the economic side and from the monetary side meanwhile, we cannot deny energy has almost been the engine for any economy. therefore, these are two aligned channels or pathways whereby efforts are part of what we are talking about and to prove how we will be able to reform and reconstruct what we are talking about restructuring reforms. is our success regarding energy and whether the energy transformation we had from the energy in general and whether it is gas or oil to the export of energy this is from one side. what we have done lately with
the laboring countries as you rightly said when we had this major arrangement not only through the emgf, but also through the actions by having agreements to import gas from israel and pass it through our system and export it from our lng facilities in egypt. >> it greases the wheels for you? >> exactly all that in the neighboring countries as well as what we are currently doing with european country like cyprus. we are working with them to develop their discovery to bringing this gas into our facilities in egypt as well. >> quickly on the economy. with the pound hitting the lows it has, i think 24 to the u.s. dollar a record low in the past month do you think the economy and the currency are on a more stable
path and pathway to growth with the result of the deal >> i think so. investors were a little bit hesitant when they saw this is the prevailing prices of the currency was not reflecting the real value they were thinking that this is not correct. so what happened now with the valuation and imfd and this will give the partners and investors all the desired investors attention and investors confidence and trust that this is where they should put their money. this is from one side. i think this will encourage other activities and when i talk about that, i will mention tourism for example to egypt this is going to be a very attractive destination when you have currency getting to the lowest, as you said, value i think this is also encourage
exports. >> a net win in your mind. >> net win in my opinion i think this will happen short-term, it will have impact on inflation and on the people and therefore, the government has undertaken social safety nets and social safety measurements and actions currently. meanwhile, longer term, it will be a good and positive and going to be rewarding action >> tarek, thank you. we will see you at cop27 thank you for joining us back to you. excellent work thank you for that russia has pulled out, as you hear, of the u.n. backed grain deal that unblocked exports from the ukraine. the kremlin said it was credit a reacting to the drone attack on
the fleet here crimea port the u.s. president biden calling it outrageous. ukraine allies called on re reversing the decision and it is engaging in intense talks to mediate on the issue volodymyr zelenskyy says russia is escalating the global food crisis >> so far, the facts indicate the russian leadership is more concerned with aggravating the food crisis. this is the answer to everyone who talks about negotiations with russia. >> the war goes on in russia and bombing the infrastructure of ukraine with the power infrastructure when the ukrainians hit back, that is the end of the grain deal it seems asymmetrical. who wins the hearts and minds of
those not aligned? a lot of people still blame the west for the large amount of the crisis escalation. >> you talk about poor nations around the world the exports of 9.5 million tons of corn, wheat and sunflower and soy exports since july under the deal so this disruption now does pose a challenge and clearly we have been talking about energy crisis and weaponizing energy supply. this is now putin weaponizing food fertilizer costs have gone up and transportation costs have gone up. now without access to grain. this is challenging for the nations. the question is what happens next whether there could be any breakthrough i know some are trying to get russians back on board they seemed to have stepped away. >> it is limited
it can be a grain deal which is great for the nations. stick on the prices if you may of the soft commodities. i think most interesting is it almost mirror what is we see in the oil prices despite all of the really valid concerns about supply going forward into northern hem hemisphere winter as well you have a lot of prices which are significantly off their highs. whether it is the soft commodities on the screen or oil prices yes, a lot of people as we said earlier are forecasting a lot of price inclines and volatility to p co come and price increases some commodities are well behaved right now despite ukraine. >> it ends up on the supermarket shelves. consumers paying more. central banks are concerned about rising inflation and rising headline inflation.
we see more coming through the system again and the impact on the economies. the other impact is around safety of the product that will be moving. at this stage, the u.n. has had issued a statement saying agreement with the likes of ukraine and turkey and moving 16 vessels today. 12 outbound and 4 inbound. what does it say about those on the move without the agreement on the table >> i go back to my original point. again, one clearly is aligned in this let's be honest. the russians can bomb the ukrainian power sector in the dark age, but when the ukrainians respond by attacking military targets in the port, then the russians pull the deal. >> yes it gets into a terrorist tact. >> they attack russian infrastructure at the bridge and it is terrorism. the russians attack the power
so you get an 829 point rally on the dow a large amount of that after the european markets closed on friday you come in on monday morning and you think we will get a ri real, real boost here. then you get this. overwhelming for the european bulls who have taken a few of the stocks ftse is down again a large amount of the oil prices cac is down. dax is trading flat line the smi had a blip on credit suisse although a stunningly low
level level. it is down as well it is soggy. >> it explains the out performance for the u.s. with the outbeat days europe sells off and the up beat days and europe doesn't catch up that is what is playing. >> i don't know. when i look at the month to date move on the dax and cac, they are both up. >> 14% >> if we stripped out the outsized gains of the dow, actually, the s&p is comparable. actually mirrored what the s&p has done and out performed the nasdaq by 4% or 5% >> if you strip out technology, that's been the main under liar for the u.s. market. maybe that is the europe p markets. that would be supportive of some markets like the uk market which hasn't been necessarily if you
look at the performance, we have not kept up to the 14% pace on the dow. if you look at the one month performance at 14% that tells you we have not stepped away from the volatility although it was to the upside. we have volatility in the markets. nasdaq was stunning. all of the companies undermine w with the earnings profile. nasdaq still positive for the month. u.s. futures and perhaps this is why we are not getting much this morning. it is looking down beat with marching to the down side. triple digit point down for the dow. 160 points lower i guess that is impacting confidence at this stage the dow over the course of the month and you can see it really was at the back end of the
trading month. the last couple weeks with the gains. we did have a lot of earnings that helped out. we hadd the energy sector number encou encouraging. on the treasury yield. it is start on and start off you saw the lower levels with the yield. we marched up 4.2% you can see we come back a little bit close to the 4% level. dollar index following the flux actions. you can see over the month now with a little bit of what with we are seeing with the latter of the month. we actually are weaker on the month. >> it is 1.3% on the month. 1.2% on the week to dig into the dow move with more detail. you are right on the energy sector up 24% on the month as well. it really played into the sector which is strongest in the dow.
industrials and financials up 4.3% and 12% followed by materials at 10% the question we're asking is it about the pivot or data? it is never about one thing. that is the large part we have enormous data in the week ahead the fed is expected to raise interest rates by 75 basis points on wednesday. earnings dominated by uber and starbucks and non-farm payroll on friday. getting into data that you know by now, including the jobs data. >> no, no. >> i'm very interested especially after they plunged in august to 10.1 we have another jobs reading tomorrow and we have manufacturing index. i'm fascinated
>> we were discussing about this sigh cosigh coming at the momen. you think about what is playing out here very strong market still typically in high interest rate scenarios where people lose their job. the spending slams to a stop we are not seeing that at the moment people still have jobs they have the ability to negotiate higher wages and have bonuses for retention and what is still a tight labor market. i wonder if we will see the impact that gets us to a fed pause that there has been a spending slowdown. i think that is still the missing link here. >> i think you are right two hours ago in germany, retail sales were better than expected, but what are people spending on?
what do they pay for the goods they bought previously until we dig into the weeds on those, we won't know if that is robust consumer or customer that is forced into certain areas of retail market at higher price. >> i don't want to risk the element of revenge spending or buying things just in case they can't buy them down the track. we are concerned about changing economic conditions. >> including today's spending billions on stuff they don't need to spend. the joy of halloween you will be out in certain parts of london. >> it could be me. >> it could be you or halle berry. that is up for "squawk box." that is it from us hadley has a big panel coming up at 1100 cet.
it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." call it an october bounce. more than 40 years ago earnings on deck with more than 30% of the s&p 500 set to report results results that are likely to dictate the market's next move. waking up after a busy weekend for elon musk and twitter. musk denying