regulators. the headway number in just a few minutes. and is italy headed back to reception? this as german industrial orders see their largest drop in three years.6. . >> announcer: you're wachgs "worldwide exchange," bringing you business news from around the world. this is what's coming up on today's show. what's your plan b? we bring you the highlights. >> plus, a second ebola patient arrives in the united states. what is the real threat to developed nations. can the company's earnings beat despite the weakness? 21st scentury fox is droppig its bid for time warner. he says the offer had merit, was compelling financially and fox's approach had always been friendly. he says the drop in fox's share price since the bid was unveiled last month makes the bid unattractive to shareholders. time warner says it's committed to shareholder value. 21st century fox, shares up by 5.8%. time warner down by almost 11.5%. the other big story, cnbc has confirmed reports, sprinting dropping its $32 billion bid to buy t-mobile in the u.s. as the challenge to get regulatory approval was too steep. last week, the s.e.c. proposed rules to keep the companies from bidding together. sprint, which is controlled by japan's softbank was replaced with telecom entrepreneur marcel who has no wireless network experience. sprint, down by a whooping 15%. t-mobile u.s. down by 7.3 and deutsche telekom shares, a parent company, down by 3%. reports say t-mobile will reject a takeover bid from iliad today. allen moore joins me on set. just in calm of hours, deals worth $100 billion have fallen through in the united states. does that worry you in terms of risk sentiment? >> no, it doesn't. this year we've seen a large increase in m&a. 89d obviously, these two are for different reasons. the rules in the u.s. are a lot different than elsewhere regarding m&a. >> do you think that valuations in the stock markets are simply too high because many of these deals are simply falling through. >> a lot of markets have gone up a long way in the short-term. and over the long-term, markets move in line with earnings. earnings going forward are likely to be more than 5% or 7% per annum. it's more than likely you'll see markets growing over the medium to longer term. valuations swr risen considerably. >> just want to break in for a couple of numbers. first half profit of 1.74 billion euros, regarding 1.47 billion in the year earlier and said net liquidity, 2.54 billion at the end of june. wall greens is expected to announce today it will buy the rest of a european drugstore chain aligned to about $6.4 billion. report say walgreens will not move its headquarters to the uk or switzerland where corporate tax rates are lower. let's have a look at how walgreen is trading. currently down 2.2%. >> it looks like this is going to be one of those stories that's more interesting for what isn't happening rather than what is. walgreen is expected to go for one of these conversion deals. whether this is partly due to our -- americans saying they would boycott the store if they did one of these deals or not, who knows. so it's obviously in a tax inversion deal. and there's increased speculation over whether it will, in fact, ton be possible to have these kinds of deals in the coming months. you have president obama backing a bill, which means it could retroactively clear back tax on these deals. if you look at, for example, shire or astrazeneca, those companies have been doing in early market trading. you will say there's definitely a lot. increasing cynicism. this will still be an option for american companies. >> is this the case of walgreens bound to political pressure or rationale for the deal. was it never tax inversion in the first place? >> this deal was always something that was very likely to happen. they always had the option to acquire this further 55%. but, of course, it had always been something that they had a benefit to. this is not just about tax inversion, but it did seem to be potentially one of the elements there. >> catherine, thank you so much for that. >> let's have a look at these european markets in the trading session. the stoxx europe 600 continues to fall down. down by 0.6% in a close in yesterday anticipation session. we saw a continued sell-off in the u.s. including asia. japanese markets down 1.8%. once again, investors worried about the tensions between ukraine and russia after the polish foreign minister's conference in yesterday's trading session. the ftse 100 off by 0.5%. the xetra dax lower by 0.75%. we're now more than 900 points away from the record high we saw last month. the cac 40 coming under a little pressure this morning after what we saw in yesterday's session. yesterday we saw an underperformance of the periphery, the ftse and the imex underperforming and that seems to be continuing in today's session. let's have a look at the bond markets. no surprise. we are seeing safe haven buying, bunds going into treasury. the treasury 2.47%, largely ignoring the better than expected nonmanufacturing data that we got into yesterday's trading session and, once again, take a look at the portuguese ten-year yield of 3.7%. in the forex markets, the dollar is holding on to the 11 -month highs, especially after that very strong services manufacturing services data that we saw yesterday. euro/dollar at 1.3373, close to nine-month lows. it's pretty much unchange on the day, but i guess investors don't want to take too much risk. we have that ecb meeting later on this week. the japanese yen against the dollar, 102.51. you would think there's more safe haven flows into the japanese yen with all that risk aversion going on. and the cable rate is at 1.686. we're going to get industrial production in about half an hour's time. so with developed markets continuing to face headwinds, it's now the time to move cash back to emerging equities. "squawk box" talked to david anderson who said investors should consider raising their exposure. >> if you look at the big drivers if your long-term returns of an equity investor, it's certainly true that earnings per share growth is likely to continue to be stronger in emerging markets, maybe 13% to 14% a year than in developed markets where you're looking at maybe 10 to 11. and i think more critically, as you say, stopping valuations are more attractive today, not cheap by historical standards, but relative to developed worlds. so i don't want to make the call, but i do think for investors who don't have any emerging exposure, now is a good time to get some. and for investors that are below that strategic allocation now is probably a good time to rebalance. >> all right. and still coming up after this short break, standard chartered is set to post second -- job and first half profits. penalties could steal the headlines. we break the numbers, next. in india we have 400 million people who don't have electricity and i just figured that it's time i do something about it. what we're doing right now, along with ibm, is to actually transfer data through a satellite from our wind farms directly onto the cloud. i think we could create a far more efficient system across the whole network where we could actually draw down different kinds of energy based on when it's needed by the consumer. a smarter energy system is made with the ibm cloud. the ibm cloud is the cloud for business. welcome back to the show. we are waiting for numbers from standard chartered. the company derives nearly three-quarters of its profits from asia. standard chartered has come out with a profit warning not too long ago, late june. helia, what are we expecting beyond what we already know? >> well, look, we know that the earnings with going to be dire. around a .3 billion level. this is a focal point for investors. and even the chairman is going to survive this. last year was the first time that came off the board. it's been a very testing time. finance director, we've got investments putting pressure on. so these numbers are quite key. >> we've got the profit before tax numbers. it is 3.26 billion, down 20%. operating income down 5% to $9.6 billion. customer advances increase 3% compared to the second half of 2013 to $305 billion. dividend per share is about 28 cents per share. normalized return on equities per share equity of 10.4%. the pretax profits, $3.25 billion. eps of 94 cents per share. common equity ratios, 10.7%. helia, is this more or less in line with what we're expecting? >> it is more in line with what we expected. the other things investors will be looking out for is information about what's going on with the u.s. regulator. remember that standard chartered was hit significantly by the u.s. regulator. he's preventing more transactions that the regulator is not happy with. what's the detail on that and could it lead to a fine. >> it's a term that is likely to be extended. so this is the line that we have in getting from the company this morning as saying the performance has continued to be affected by difficult margin conditions and they're saying that taking action to address the near term fulfillment challenges. it seems, though, that investors patience is running very, very thin when it comes to the position of the ceo. we could argue that today's numbers, these are make or break numbers from the ceo. do you think we could stay after this? i think it will be difficult. we're seeing some of those big investors have called for peter sands to step down. there's a regime of know your customer, detail, and to prove to regulators, especially in the u.s., that they are doing everything they can to abide by the law. it's becoming tougher and tougher. >> what do you make of this? >> a lot of this depends on the statement and whether the earnings and profit warning. speaking of the born again, i will say when the boards say that an individual has their full support, they tend not to last very long. >> i'm trying to remember who it was. >> and remember, we have been involved for a very long time. that's part of a decade. so it's the end of a very long era, but it's the end of what has been seen as very profitable. banking is this levered play on the economy in which it operates and the economies have seen a big drop in the kind of growth rates that they were enjoying maybe tief years ago, three years ago. >> we've got more flashes that i want to bring to you. standard chartered says it is in discussions with the new york regulator and monitor with respect to those issues that were flagged. they say the resolution of these issues is likely to involve an enforcement action of the regulator and that will likely include an extension of the term of the monitor. so basically, they've paid a massive fine two years ago. unfairly maybe, maybe not. some of the transactions still weren't monitored effect ily enough. >> well, no. i think regulators, whenever they take action, there is a prolonged period in which they have a much closer relationship with a company. a lot of times they are in the company, looking at things in detail and in this case be gentleman minute lowsky's people have been involved with standard chartered. what they have said is they're still seeing things that don't come up to scratch. this is the things they're talking about. >> a monetary penalty, for example, what does it have in terms of provisions? >> these things, the issue, you don't provision for regulatory type because how can you? that's suggesting that you're going to be doing wrongdoing beforehand. >> in this environment, you should, helia. >> one of the criticisms is while you're fining a bmp or a barclay's this amount of money and putting a fine for goldman sac sachs. so i don't think it's quite as easy as, say, we'll provision for it because that's like saying have i had gold through a regulator recently. >> committing significant resources to raising the bar on conduct. and earlier on this week, hsbc saying this environment of litigation of confined stops any risk taking on part of our employees. that is pretty bad for the bank earnings, it's pretty bad for the markets overall. >> you've received the same thing in barclay's. the actual results in terms of earnings and share prices are quite disappointing. i don't think you're talking about 100 or so million dollars. and in the context of the overall market cap, it could be small. >> and the profits. but it's the fact that it's continuation of this. >> all right, helia, thank you so much for this. appreciate it. in other earnings news, ing shares are slightly higher after reported pretax profits ahead of expectations. ing up 1.5%. and telecom italia down 0.73% due to weaker demand from brazil and a tougher economy. swiss re down 2.4%. they were down heavily in yesterday's trading session. and telefonica, of course. swes re is lower than expected by analysts. citing weak prices in the insurance industry. and finally, let's finish things off with hannover re. down 5.2%. net profit rose 10%. that was below analyst forecasts due to falling premiums. moving on in the u.s., disney's third quarter profit rose 22% beating forecasts. the studio profits more than doubled thanks to strong box office for "captain america 2," "maleficent." disney says higher theme park attendance helped. higher change for espnoff set the forecast despite strong ratings for the world cup. >> we had great results. profitability, the interactive group. tremendous consumer product and, of course, the studio had some great results for movies like captain america, maleficent and the lingering positive effects of frozen which is the highest grossing animated film of all times. >> and disney shares fell in after hours trading in frankfurt currently up by 0.9%. what do you make of the earnings season in the u.s. so far? it's actually been pretty good. but is it the revenue growth that we're seeing that so many analysts and investors are banking on in terms of valuation of the markets? >> i mean, as a result, u.s. companies have been given revenue and earnings. it's a complete contrast to europe where revenues in particular and the revenue beat is about 35% to 40%. so you can see that actually the earnings have been disappointing in europe. it's been about 55%. much lower than the u.s. and within those figures, it's really come to cost production, it hasn't come to revenue growth. >> what does it tell you about market performance going forward? if this simply isn't the justification of what we have been seeing going into europe? do you think that from now on, and based on what we've seen in the last couple of days, we're just going to be trading sideways or maybe lower? >> yeah, i agree. particularly in europe. there has been a lot of euphoria by fund managers and people have -- on what they're buying. if you look at the forecast over the last six months, the average europe yarn earnings has been down graded by 7.8%. the average u.s. companies have been downgraded by 1%. so the multiples keep on going up in europe. at least in the u.s., the companies are growing into the multiples. allen, we're going to continue our chat with you on where to invest. where you see opportunities. i know you like china a shares. allen miller, parter at scm private, our guest for the first half. coming up on "worldwide exchange," manufacturing and recovery. germany's industrial production following unexpectedly for july. how will the uk compare? we bring you the numbers next, don't go away. welcome to "worldwide exchange." i'm carolin roth. these are your headlines from around the world. mega mergers abandon, sprint runs away from t-mobile in the u.s. dropping its offer for the firm. and rupert murdoch pulls his $80 billion offer for time warner sending the shares down in frankfurt. plus, standard chartered in the firing line. the lender says it is in talks with new york's regulator and could face a monetary penalty. and is italy headed back into recession? this as german industrial orders log their sharpest drop in three years. uk manufacturing and industrial production rose as a whole on.3% in the month of june. we were looking or expecting a number around 0.6% compared with a fall of 0.6% in the month of may. so basically, britain's economy is driven by the massive services sector, not so much by the west. michael snade is fx strategist at bnp parva and joins me down the line. let's have a look at the reaction in the cable rate. 1.6837. this ticked lower from what it was before. but we did see some weakness in sterling today. once again, very patchy data points. yesterday, we have a services sector pmi. that was very strong and that accounts for roughly three quarters of the economy. so what kind of data do you want to be looking at? do you want to disregard the data that we got out this morning? >> well, it has been quite choppy. earlier in the year, we had five consecutive monthly gains in the ip data. this is a very strong trend. so what we've been seeing from data in may and june is likely to reflect in pullbacks off of these strong data points. we are seeing that the cmi manufacturing remains quite strong and it growth outlook remains strong for the second half of the year. >> what does this mean for the boe, though? we're not expecting a change, but what we're really looking at is the inflation report and we're looking at the minutes for any clues as to when we'll see that first rate hike. with all this patchy data coming through. do you think that the boe will actually be pleased because it can hold off on that rate hike for now? >> it's likely to implicate that it's continue to go watch the data ahead of the november meeting, which is when the markets are most anticipating the first rate hike from the bank of england. in terms of sterling, we have seen investors do hold long sterling positions. it does mean that sterling is going to be very sensitive to the uk data over the next few months. >> sterling has been down and is now at 1.3867, a far cry from what we have seen a month ago for quite a long time. even the imf saying the pound/sterling is overvalued. now that it has come down, do you think it is fairley valued against the dollar? >> this is a very pivotal level, sitting just at a 100 day moving average. if we get a break below this, we could see sterling downside continue against the dollar. we don't think the pound is overvalued. u.s./sterling, we could see decline towards 026 by tend of the year. and in terms of cable, it would have to move to the high 1.70 before we would consider sterling overvalued. >> just to clarify, basically, it's going to on be very, very difficult tore make any towards the grades. whenever they do come there, there's a big data about that. but against the euro, it will be much easier to make gains? >> yes, that's right. we're seeing rate rises. and the policy from the ecb is going to be really contrasting. it's loose policy. the dollar and sterling against the euro and in terms of cable, it's likely to be kind of a choppy train over the next year or so. >> michael, thank you so much for that for now. michael snade, fx strategist at bnp paribas. alex salmon came off worse following his tv debate. a poll for the guardian thought 47% of the chancellor won the contest. however, another poll showed support for the yes vote has risen to 40%, its highest level so far. the two leaders spoke about various issues, including a currency union. >> the currency unit is stupidity on stilts if you're a political union and a -- i want you to do something which is really difficult. i want you to contemplate for just one minute the fact that you might be wrong. what is plan b? >> darling several blows, he was lacking a plan b on the pound. >> the euro will tell you the flight of the capital, and its currency. i assume our capital would be -- but you can't tell us what currency we'll have. what rate are you going to make with that? >> alistair, it blopgs to scotland as much as it belongs to england. and it's our pound as well as your pound. >> let's get back to our fx guest, michael, a potential post independence currency for scotland. what would it look like? would it be closer to let's say the sterling/dollar? is it going to be one of those commodity currencies? in it's going to be tricky to look ahead to the currency. so probably try and have something to the pound. however, the bigger issue in terms of scotland with the eu, there's a lot of constraint around that. and in terms of what it boils down to is the big risk for sterling going into the september election. it's really via options structure to the down side. >> the big tail risk for pound/sterling. thank you so much for that, michael. moving on, americans are set up with politicians in washington. the latest journal poll finds 80% are unhappy with the political system. president obama's approval rating has hit a new low at 40% while a mere 14% give congress a thumbs up. as for the economy, 60% of americans are dissatisfied and 70% feel the u.s. is headed in the wrong direction. the u.s. is adding an average of 200,000 jobs a month, nearly half the country feels the u.s. is still in recession. how do you feel about the u.s. economy? are younger generations facing a grimmer prospect? if you want to join the conversation here on "worldwide exchang exchange", get in touch with us, worldwide@cnbc.com, @cnbcwex or direct to me, @carolin.cnbc. that is my handle. let's get back to the market action. let's show you what the equity markets are doing. the ftse 100 is down by 6%. the xetra dax is down by 0.9%. this is the market that is exposed in terms of its corporates to what's going on in russia and yesterday we did see that late session sell-off in the u.s. on renewed fears about russia and the ukraine. a flight to safety is pushing up treasury bund and yield prices. the ten-year treshy yield back by 2.5%. and in the forex markets, were seeing the dollar more or less holding on to the gains that we saw in yesterday's session. eight-year highs is what we saw there. dollar/yen is down by 0.9%. the yen seeing some safe haven flows euro/dollar, 1.3368. on the back of disman german industrial numbers at 6%. down by a quarter of 1%. china says audi, chrysler will be punished for mon poply practices. the national development of reform commission accuses the companies of including vehicle maintenance and spare parts prices. let's get out to eunice yoon on the latest. >> there is quite a bit going on about this latest discovery by regulators who say they have found both audi and chrysler are guilty of monolistic behavior. a lot of people in the industry are very nervous. the industry has come under pressure. the government has started to ramp up its enforcement of a privatesy law. we're seeing them target the prices of cars as well as spare parts. what's unclear, though, is what the government means by monolistic behavior and exactly what that punishment is going to be. the two in question have dropped prices in a run up to their investigation announcement. one of them, chrysler, says that it was going to drop the price of one of its cars, the top of the line grand jeep cherokee in order to appease the regulators. chrysler says it's going to drop prices by about 15% even though it has not at all yet been found guilty. the government has said that this is for consumer protection, however, within the industrial here and within the greater foreign investment community, there's been a lot of nervousness that foreign companies are being fairley targeted in a lot of investigations and a lot of complaining that i've been hearing about the transparency for these investigations. >> the latest could be significant to the economy but could potentially cause an economic crisis in finland. so this is a very harsh warping. he says that if the sanctions hit the economy they will seek aid from partners. still coming up later on the show, apple reportedly organizations a mysterious -- next month. could this be the big unveil of the next generation iphone? all the details later on "worldwide exchange." israel says its military forces will take up defensive position outside the gaza strip after withdrawaling ground troops as part of a 72-hour cease-fire. meanwhile, representatives from israel, hamas and islamic jihad are meeting with the intent of finding a longer truce. >> after a month of bitter fighting, israeli troops today finally pulled out of gaza. gazans tried to put their hives back together. fishermen were back at work. so what changed? israel accomplished its stated goal of destroying hamas' tunnels. and just in time, because washington was losing patience as civilian casualties mounted. hamas, after a month of punishment, realized it was nearly without friends in the region, especially egypt. its arab neighbor and former ally. this is gaza's crossing into egypt. throughout this war, hamas's major nand has been to open it. hamas has enemies in israel and in the military-led government of egypt. >> egypt's president -- hamas which is part of the muslim brotherhood. he ousted the brotherhood in egypt and has been putting its members in jail. in gaza, as he picked through the rubble of his home today, he was at angry with egypt as he was with israel. >> egypt didn't help us, he said. trapped between israeli bombs and tanks and egypt's sealed border, hamas had little choice but to negotiate with its enemies. richard engle, nbc news, gaza. from one geopolitical hot bed to the next. vladimir putin has ordered his government to take measures to counter sanctions by the west. moscow may force european planes to fly around its air space. the russian president will travel to crimea next to retaliate against measures by washington and brussels. >> translator: the instrument of putting pressure on the economy are unacceptable. it contradicts all promises and rules and the russia government has proposed retaliatory measures to sanctions imposed by some countries. >> kiev's presence has regaining ground in denetsk. they fought to regain ground. mean wheel, the government of poroshenko carries out military exercises close to the border as, quote, provocative. this as nato officials say russia now has 20,000 troops in the region, sparking fear and an intervention. and president obama hosting nearly 50 african heads of state at a white house dinner. this after announcing $33 billion in commitment in supporting economic development across the continent. most of the new money will come from private sector companies, including coca-cola and ge. obama told the u.s. africa summit attendees his administration has a long-term interest in africa's success. >> the key to unlocking the growth is not here in the united states, it's going to be in africa. so during this week's summit, we'll be discussing a whole range of areas where we're going to have to work together, areas that are important in their own right, but which are essential to africa's growth. capital is one thing. development programs and projects are one thing. but the rule of law, regulatory reforms, good government, those things matter even more because people should be able to start a business and ship their goods without having to pay a bribe or hire somebody. >> liberia has -- across a shadow of the u.s. african summit. leaders are calling for a global response to fight the ebola disease. nigeria's minister of health said the word needs to take precautions. >> for every government, for citizens to get quite concerned if not worried. it is problems with africa, but i can tell you that the whole world is at risk. given the fact of the way -- i know by air you can travel very far. and there's no doubt in the world now and human beings, there's not a -- even when you think you are you see how it happened. but by air, there's no border. i think it's -- >> and we're going to be speaking more about the threat of ebola coming up. that's coming up in around 20 minutes time. let's get back to some corporate news. apple and samsung are burying the hatchet, sort of. apple and samsung has been battling for three years, accusing each other of infringing patterns on smartphones and tablets. reports say apple will unveil the iphone on november 9th. the company traditionally scheduled -- to follow up with that new model. one with a 4.7 inch screen and the other with a 5.5 inch screen. let's have a look at how shares are trading in frankfurt, down by 1%. softbank said it will abandon plans to acquire rival mobile phone company tmobile u.s. we have the story live from tokyo. makiko. >> yes. softbank executives said after months of negotiations, there was little prospect of winning approval from u.s. regulators, so it has decided to end the dispute for now. the number of sprint subscribers is about half that of leaders and it has been relying on t-mobile to boost its numbers. deutsche telekom had recently bought agreement on the mergers. it will be extremely difficult to get approval for the u.s. authorities. earnings are back on track, although it did manage to return to the flat on the april to june quarter. softbank shares fell becoming the top traded stock of the day. thank you so much for that. thailand is keeping policy rates steady. this comes as policymakers remain concerned about household debt and want to disclose excessive borrowing. some analyst see a chance for rate hikes towards the end of the year due to innationary pressure hikes. now, you don't expect inflationary pressures to rise towards the end of the year. why is that? >> the administration is doing in items of keeping tight control. so we've seen that actually towards those transition period, the management team of this government will try to keep inflation under control. and the other fact is that we are in a special period where we're going to form and it seems that the income growth will be below trend. so the future from the demand side inflation should be very limited. >> but how long can the bot afford to stay on control? do you think we'll see another bout of huge outflows? >> absolutely. i think that is a great point. if we compare inflation flows to other banks within the region, for example, indonesia, malaysia, philippines is at 3.75 and south korea is at 2.5. so as long as the fed doesn't accelerate their signals towards a tightening, i think we still have some time before we start moving on our policy rates. >> we saw foreign investors, big net sellers in the first half. selling has now stabilized. we are seeing domestic buying. but at what point are we going to be seeing foreign buyers coming into the thoi market? >> well, there are some foreign investors who are coming back, doing some window shopping in items of high equities. >> contrary to what you would expect, the crew and it was good for the economy, it was good for consumers. maybe positive for investors. what are some of the top picks in the thai market? >> well, we have a couple of picks. we have to be in the market because we want to make sure the market as a whole is trading at about 14 times earnings. investors did want to in the thai market, the company is -- we think in the next couple of quarters will start to ramp up their production capacity in fields such as myanmar, australia, and that will come on line. some other things are bpf, the domestic prices are up about 21% year on year because there's a shortage of supply, which will help to offset the slowdown in the shrimp business. this would shift into their earnings for this year. on the property side, they are watching about 27 new projects altogether valued about 900 million u.s. dollars and many of which are located at the prime locations of bank options and electric trains. and it's currently trading at about 12% discount. >> you say the market overall is cheap. i'm guessing there is a reason why it is cheap. we're still looking at elections in a couple months' time. >> that's correct. it seems that thailand is taking a time-out to fix our political, social and economic glitches which in the past has allowed a special cycle of corruption, prices increase and perpetuate and holding back the country. you look at the economic trades by consensus and by us, it's still going below what the world trend rate at about 2.5%. we're looking at economic growth at about 2.3%. and it should tighten up in the next year to about 4%. >> thank you so much for your time today. sgloous regulators are telling big banks they must come up with better plans to avoid a bailout in a future crisis. a group of about a dozen banks have sent a so-called living will for the third time this year detailing how they would go through bankruptcy without disrupting the financial system through 2008. that's global markets, the second largest u.s. exchange is reportedly at talks with regulators to settle claims it gave unfair advantages to high speed traders. any deal would mark the first regulatory -- to come out of a three-year s.e.c. investigation that exchanges priority to certain orders for high frequency traders. still to come on the show, forget merger monday. it's all about m&a wednesday. we wrap up the latest and preview your trading day in the next hour of "worldwide exchange." dire news coming out of ita italy. italy's economy unexpectedly sliding back into recession in the second quarter this as gdp shreds 0.2% from the beginning of the year. expectations were for a slight rise in 0.1% in the gdp data. so this is a huge disappointment. the results below all forecasts. they were expecting a gain between 0.1% or 0.2%. gross domestic product fell 0.2% year on year in the second quarter. again, that was below forecast as well. so that is a big blow to the italian economy, a big blow to the government which is helping to kick start the economy. this, though, as we saw the june italian industrial output number rising above expectations. so this data that we see coming through, it is slightly contradictory. the big headline this morning is sliding back into the the quarter. let's get some instant reaction. he's joining me on set. we've got all these worries about the periphery. once again, we have the portugal story. we have spain performing in the last couple of trading sessions. now this. the eurozone crisis has never really left, has it? >> no. the eurozone for 2014 and i think it hasn't followed through. italy and france, they're the two. all of that for political reasons. he has yet to come in. with italy, minus 0.2%. as you said, with those industrial production numbers for june, you may see that revised higher. technically, it's a recession. but it's flat, right? minus 0.2%. but ultimately, the eurozone failed to follow through this year. the deflation risk, of course, has hampered that and the ecb have tried to deliver policy to resolve it. it doesn't look yet as if that policy is doing the job. it will be interesting to see what draghi says and what his update is tomorrow. >> the ecb would argue you have to be patient on these. because its takes months and months to come through and show its effect. we shouldn't be expecting any follow-up from the ecb anytime soon, right? >> absolutely not. i think the key time stamp for that is the bank's stress tests aren't due until september. you're not going to get any more action from the ecb until at the fairley earliest october. i think in the meantime, if you can get some weakness as it's happening following through, that might help on the deflation front and perhaps a little bit of political momentum driven by figures like this which gives them a bit of a kick and they need to get on with it. >> let's go to the next story. 21st century fox is dropping an $80 billion bid to buy time warner. rupert murdoch, time warner's refusal to come to the table to discuss a deal. he said the offer had merit and was compelled financially. fox's approach had always been friendly. murdoch says the drop in fox's share price makes the deal unattractive to shareholders and says fox is launching a $6 billion buyback. time warner says it's committed to enhancing hair holder value. let's check in on shares of fox and time warner in frankfurt, 21st century fox shares up 5.8%. time warner down by a whooping 11.5%. cnbc has confirmed reports sprint is dropping its $32 bid to buy t-mobile as the challenge to get regulatory approval. last week, the fcc proposed rules to prevent the company from bidding together at an upcoming option. reports say sprint which is controlled by japan's softbank will replace the ceo with telecom entrepreneur marcel lsh will have no wireless network. sprint off by 15.2% in german trading. t-mobile u.s. off by 7.4 and the mother company, deutsche telekom, seeing some down side pressure up by around 3%. reports say t-mobile will formally reject the $50 billion takeover offer from iliad yesterday. lots going on, pierce. do you think that really is just a great excuse for investors to take profits? >> yeah. it's happening. i would say the m&a space has had a very good year. i don't think it's massively surprising that that has fallen through. i think there's lots of different appearingels. >> i don't think there is. fox share price down 111% since the ease. and you can see the reaction this morning. got that share price back higher and that's really the markets delivering their opinion on this and that is that they don't -- >> we're going to have much more about that and why it fell through in about 25 minutes time. just let it come back to market levels. you say this is above that crucial support line. we're not nsly going to fall below that? >> you have powerful positives on the fundamentals. u.s. fundamentals. some of the data we got yesterday, that the ism manufacturing data, it wasn't just good, it was the best number on the headlines for 2005. that's been up every month this year. it hit another eight-year high. but we haven't had a string of new orts increases seven in a row. we haven't seen that since records began in 1997. this is extremely strong data. coupled in with the payrolls number, the highest readings with the prices. i think there's a lot of powerful momentum there. that being tempered by the fact that the fed's tightening cycle is going to begin earlier. come the end of the year, tapering happened and we got over that hurdle and confidence was there from underlying fundamentals. so this is what i think. by ten of the year, you're going to see tight.ing fears being dealt with. i think you're going to see the fooe ghee your political risk calm. i see the main scenario, a diplomatic solution for the ukraine. i think the did a diplomacy will come to the border. and i think that can continue for the of course few weeks. >> it's always about the key word, isn't it? first it was tapering, then it's tightening. thank you so much for that. stay with us. and walgreens is expected to announce today it will buy the rest of boots. but reports say walgreens will not move its headquarters to the uk or switzerland where tax rates are lower. the walgreen shares in germany off by 4%. still coming up on the show, apple reportedly organizes a serious precedent next month. could this be the big unveil over the next generation iphone? all the details later on "worldwide exchange." don't want to miss it. and thank you for your bravery. thank you colonel. thank you daddy. military families are uniquely thankful for many things, the legacy of usaa auto insurance can be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life. and these are your headlines. rupert murdoch pulls his $80 billion offer for time warner off the table. sprint dropping its offer for t-mobile u.s. because of regulatory hurdles. and italy falls back into reception in the second quarter, gdp down 0.2%. good morning, everyone. here is how markets are fairing ahead of the u.s. open. the dow is seen off by around 30 points, adjusting for fair value. s&p off by 3 points and a similar loss expected for the nasdaq. this is after we saw another decline in yesterday's session. this is in part because we saw the continued tensions and fears about the build up of troops, of russian troops on the ukrainian border. the s&p now 3.4%, the lowest record high. i also want to show you what's going on in the european markets. once again, we're seeing a sea of red. and i want to point your attention to the ftse mib in italy, down 0.3% after we saw that second quarter gdp number. the cac 40 off by 1.2%. the xetra dax worsening off by 1.6% after that very, very small bounce back we saw in the last couple of days. but overall, this is the biggest underperformer in terms of its exposure to russia. it's huge, obviously. let's have a look at the bond markets. no surprise. we are seeing some safe haven woes into bund, into treasuries and into gilt. the ten-year treasury guilt, 2.45% is the level that we're seeing. it didn't get much support from the fact that we saw this very strong manufacture number yesterday. the teb-year italian yeel, it is rising 2.79% is the level that we're seeing there. but obviously, still very, very low compared to the levels that we saw during the eurozone debt crisis. and last but not least, this is what's going on in the currency market. we are seeing some safe haven flows into the yen. and 0.2% against the u.s. dollar. the euro down to the u.s. dollar is slightly on the back, but at 1.3363 is the level that we're seeing. so not too much of an impact from these italian gdp numbers. we saw the german factory order numbers at a three-yee low. so very disappointing numbers coming through there. and the cable rate is at 1.6839. a little bit of down side after we saw that on the industrial and manufacturing numbers, as well. so how do you feel money in these markets? here is one some of the experts have been telling us this morning. >> investors are factoring gains on the risks out there, ukraine, libya, gaza, all these risks are out there that could flow up. i think investors off that anything could go wrong. >> growth is likely to be stronger in emerging markets. 13%, 14% a year. in developed markets, you're looking at 2011. and i think even more typically, as we say, sharp valuations today. >> it's more than enough for the equity markets. and i do believe that this will be quite difficult for global equities. >> and we're seeing some interesting flashes hitting the wires. the london mayor, boris johnson, says he will try to run for parliament in the 2015 national election. this obviously feeding into all the speculation that he could be running for the prime minister's seat. do you care to comment on that? >> boris, he's pretty flippant, usually. i think he'll probably try and sneak into the mix at some point. i don't think the 2015 elections -- you know, it's too early, obviously, but i wouldn't be sprieftd at 2020. >> let's get back to the markets. our bread and butter, essentially. you say you expect dollar strength and gold strength among equity weakness. we've seen a couple of bouncebacks in the price of bouillon. but you were saying this is a dead cat bounce because at some point the fed is going to tighten. >> right. yeah, that's true. i would say that gold is heavily off its all-time highs back in 2011. despite dollar strength which i think is going to happen, i think the geopolitical risk might override that in terms of gold price. i think that can help, also. but with dollar strength, it's happening. how do you position your in an environment where the dollar strengthening. i think you have to look at developed economies rather than emerging markets. i think you have to look at large cap rather than small cap. i think that is coming to an end. that will be continued to be exacted by the higher yields. and i prefer u.s. over europe because, ultimately, the ukraine more so than most, and i think that the fundamentals in the u.s. are phenomenally strong. so i think we'll get over this hurdle of the tightening cycle fear by the end of the year as long as this momentum continues. if russia do rush into the ukraine, then that will lead to a much larger correction. >> and your gold target is 1335. let's come back to high yield. very interesting outflows. in fact, last month, we have seen inflows again. and it's heavily dominated by etf. but do you think that what we've seen in high yield bonds, do you think that is entering the coal mine for what we'll be seeing in the treasury, in the yield markets? >> i think so. i think look what's happening with peripheral bond yields. i think when we move into this year, they have to move to get back to normal. so i think the high yield stocks, which has been a great trade for 12 months, that is the beginning of the end of that trade. you're seeing that in some of the outflows. pierce, appreciate your time this morning. coming up on "worldwide exchange," a second u.s. aid worker infected with ebola has arrive down in the atlanta hospital. we'll bring you the latest on this after this short break. a second year aid worker who was infected with the ebola virus has arrived at an atlanta hospital. writebol will be treated in the same area as a colleague. the ebola outbreak has over-shadowed the u.s.-africa leader summit in washington. acnbc africa spoke with nigeria's minister of health who said the world needs to take precautions. >> most countries in the region. so we're all at risk. walking with the rest, and working with international -- and to see what can be done. >> we're now joined by dr. andrew easton. thank you so much for joining us. andrew, what this story tells us is essentially that we're now just an airplane ride away from a very deadly illness. are hospitals in the u.s. and europe, are they prepared for this? >> up to a point. it eventually occurs to identify anyone potentially affected as quickly as possible. and there are guidelines and guidance made available to the appropriate staff and particularly in the u.s. once somebody is identified as having some of the symptoms that might cause concern, it might be dealt with promptly by providing them with a relevant type of health care in the relevant environment and containment. >> but given that there is no secure for ebola, what difference does a good hospital environment make in terms of the rate? >> as you know, there's no treatment for the virus. but it is possible because supporters -- the patients by continuing to hydrate them, to potentially provide them with antibiotics or other types of drugs that might prevent complications factors that would enhance the mortality. there are a modest number of things we can do to limit the impact that are certainly modest, that's true. it's to try and make sure it doesn't spare them the community. >> it's called for the experimental drug to be given to those affected in africa, and not just to those u.s. doctors, to those two people. do you agree with that or do you think we should hold off on giving out that test drug to those affected in africa because we don't know anything about the safety implications, rather. >> that is absolutely true. this is a difficult situation where we have a really serious disease here. we have a potential drug but it's really only been given to two people, so we don't have any idea whether it has any use or not. of course, you want to do what you can. you don't want to introduce another factor which may contribute to helping at all. so i can see both sides of the argument here, that you want to introduce new drugs as quickly as possible, but there has to be some level of caution about it. >> and i guess it's very expensive, too. dr. andrew easton, thank you so much for your time from warwick university. still to come on this show, rupert murdoch, we discuss 21st sen at this temperaturery fox and walking away from time warner as both companies report earnings. welcome to "worldwide exchange." i'm carolin roth. these are your headlines from around the world. mega mergers, rupert murdoch's offer for time warner, sending the bid share target down in frankfurt trading. and sprint runs away from its bit in t-mobile u.s. in the firing line, standard chartered says it is in talks with new york regulator and could face a monetary penalty. and italy slips intak into recession. italy contracts unexpectedly in the second quarter, sending shares lower. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> good morning, everyone, if you're just tuning in. thank you so much for joining us here on the show. let's have a look at the futures here on the open. we are expecting a lower open across the board. the dow is seen off by 30 points. if you take fair value into account, the s&p 500 is seen off by 4 after falling 1% in yesterday's trading session. 3.4% below that record high. and the nasdaq is seen off by around 4 points. the fall out in yesterday's session, that was in the afternoon. that obviously came on the back of renewed worries about russia and ukraine. the polish foreign minister making those comments about a possible invasion. the vix jumping 11% in yesterday's trading session. and the fact that we're seeing the collapse of those two mega mergers, that is certainly not helping sentiment, either. let's have a look at the european markets. not really looking that much better. the ftse 100 off by 1.1%. the xetra dax down 1.5%. take a look at the ftse mib, the italian markets steepening its declines 2.6% is the job that we're seeing there. that is coming on the back of a much worse than expected italian second quarter gdp numbers, down 0.2%. the italian economy is officially back in recession. so a lot of worries, again, about the peripheries and lots of worries about geopolitics, as well. but let's get back to one of our top stories. 21st century fox is dropping its $80 billion bid to buy time warner. in a time, rupert murdoch cited time warner's refusal to come to the table to discuss a deal. he said fox's approach had always been friendly. the drop in fox's share price was unveiled last month, makes the deal unattractive to shareholders. instead, fox is launching a $6 billion buyback. time warner says it's committed to enhancing shareholder value. checking shares of fox and time warner, we see fox up 5.8%. time warner is down quite massively, off by 10.5%. and cnbc spoke to disney ceo bob iger following disney's results yesterday and asked him his response on fox dropping its bid for time warner. >> news corp. or 21st century fox tried to do something under less than hostile circumstances. time warner was not well received and i think it's hard to do something of this size under hostile circumstances and i can only speculate that rupert murdoch decided that that was not the way to go. since he didn't get much receptivity to what he was talking about, he probably has decided not now. that doesn't necessarily mean that they don't come back. cnbc has confirmed sprint is dropping its bid to buy t-mobile u.s. as the challenge to get regulatory approval was too steep. last week, the s.e.c. proposed rules to prevent the companies from bidding together at an upcoming wireless spectrum option. sprint will replace their coo who has no wireless network experience. let's take a look at how t-mobile shares are trading in frankfurt. sprint down almost 16%, t-mobile off 7.5% and deutsche telekom, parent company, is off 2.9 the%. t-mobile will formally reject the $15 billion takeover offer from france's iliad. and iliad, off by 3.2%. let's talk more about these two mega mergers, which were never meant to happen. joining me from new york is s&p capital iq and editor at the merger market group. now, let me quick things off with you. we had an analyst on the show saying time warner would now have to prove itself to shareholders in terms of how it expects to create value. what do you want to see from the company going forward? >> well, obviously, i think they had his work cut out for him. he has to lay out a case now to maintain intaptive growth in pretax flow and earnings per share going forward. especially after the spin-off of the publishing unit. so i think what investors expect to hear is a sustainable strategy for future growth. and perhaps also more importantly to prove that it can create a lot more value, as he said that he would when the offer from fox was turned down. so for time warner, i think really the -- you know, the work is now cut out for them. and investors are going to have really, really high expectations going forward. >> and what about fox and rupert murdoch? this was supposed to be his last major deal and some appear lists say what he wants he gets, but this time that simply wasn't the case. what about his legacy? do you think it has been tainted? >> well, i think i have to agree with bob iger in the comments that this kind of transaction doesn't lend itself to the hostile bid scenario. and as far as rupert murdoch, i would argue that he has learned from value lessons, especially taking some hits in the past for acquisitions that he did, that didn't really work out. you know, myspace comes to mind, of course, and having taken a huge write-down on dow jones. so i think for rupert right now, he's, to his credit, learned to exercise a lot more discipline. this is one acquisition that he couldn't afford to overpay or to get wrong because i think investors would have punished the shares for that. he would have almost had a devastating impact on news especially now that rupert is a lot of questions about succession. so i don't think that he really wants to kind of, you know, bow out, you know, with a deal that would have been considered a disaster by overpaying. >> and do you agree with this? >> well, i think rupert murdoch always wants scale. and with the changes occurring in the media market, with the evolution of netflix that shipped on people having no one to watch their television shows and possible changes in advertising over the next few years, that he feels there's the sense to be bigger and he needs to do something important. so i anticipate that he'll let things die down for a little while. he'll see how the business is evolving in the beginning of next year. where the new programming is heading, where the stars are heading, are they having deals with netflix, are they signing deals with other start-ups. and if there is a serious migration for these platforms, i think he's going to feel a greater sense of urgency. i think time warner is going to feel a greater sense of urgency that there may be need for change. so i think the legacy he's trying to protect or keep intact is something that can he make a major transition from this cable platform to the internet. and to do that, i think he needs scale and i think at the beginning of next year going into next year, you'll see more data points that there is a need for large programmers to evaluate whether they need to be bigger or not. >> what murdoch wanted is he wanted more size, he wanted more leverage against likes of the comcast and the at&t of this world. the dash for content, that is still going on. so we're still going to be seeing deals, maybe just not in this specific combination, right, ed? >> there will be two levels of deals. the mega deals and there will be deals of the smaller players. the smaller players are now going to sit back and evaluate where they fit within the overall industry. something like amc networks, pretty much want to stay. but the programmers or the media companies have become much larger over time. disney is a massive company. comcast has become a massive company. and so the question with these smaller independent-type companies is can they develop the quality of program where they can demand the pricing to support the economics of being an independent company? so you have the mega deals where they want scale and then the smaller companies, they need scale in order to participate. >> i want to get back to you and talk about the other mega deal that is never going to happen between u.s. and sprint, of course. sprint down 15% in yesterday's trading session. now, iliad is the third player. do you think iliad will have the last laugh? because it is set to make an xwrov improved offer if you believe those reports. >> i really doubt that they can come up with a credible bid to get this deal done. but i could be wrong. but i think it creates other possibilities for other players, like, for example, dish network which has been left at the altar here given the consolidation that has happened at the top. and i'm sure charlie ergen, he's talked about plan and diversify into the market. and there is other possibilities, as well, for i think sprint out there. i wouldn't be surprised if a comeback is tries to mound this credible disk. >> shooting for the mon right now, iliad. thank you very much for that. still comeling up on this show, walgreens may be bound to growing criticism from washington to so-called tax inversion deals. we have the details for you next. and thank you for your bravery. thank you colonel. thank you daddy. military families are uniquely thankful for many things, the legacy of usaa auto insurance can be one of them. if you're a current or former military member or their family, get an auto insurance quote and see why 92% of our members plan to stay for life. and these are your headlines. rupert murdoch pulls his $80 billion offer for time warner off the table. sprint dropping its offer for t-mobile in the u.s. because of regulatory hurdles. and italy sliding back into the recession in the second quarter, gdp contracting 0.2%. several u.s. companies have been using acquisitions of overseas rivals recently to take advantage of tax inversion deals to cut the amount of taxes they pay. walgreen's may be bucking that trend. courtney. >> yeah, that's right. walgreen's says it will make an announcement at 6:00 a.m. eastern time. walgreens 45% in 2012. reports say it will exercise its option today to buy the rest of the cup for about $8.4 billion next year. but wal deny greens has decided not to move its headquarters to the uk or switzerland, which would significantly lower its tax bill amid backlash in washington to so-called inversion deals. wal greens has been pressured to use an acquisition to pursue a tax inversion. janet was part of that group that lobbied management in a private meeting in april. more than 60 companies have taken advantage of inversions with the majority of deals occurring since 2008. president obama and treasury second jack lew have publicly criticized companies for seeking such transactions. on tuesday, the treasury department say it was exploring ways to bypass congress using the president's executive powers to reign in inversion. drugmakers have been most active on this -- u.s. drug measures have been most active on this front recently with buying part of european rivals in order to escape u.s. taxes. pfizer failed in its attempt to buy astrazeneca which would have allowed it to move its headquarters overseas. we check on shares in walgreens to see how it's performing in europe. shares are lower by 4% at this point. more news to come regarding inversions. >> thank you so much for that, courtney. finally put a number on that, 50 deals in terms of tax inversions happening since 2008. let's take a look at today's other top stories. disney's third quarter profits rose 22% and revenue nearly 22%. the results in tv operations were unchange as higher costs for espn offset the broadcast division despite strong waiting for the world cup. >> we had great results, profitability, the interactive group, tremendous consumer product and, of course, the studio which had great results from movies like "captain american," maleficent" and the lingering effect of "frozen" which is the highest gross b animated film of all time. >> disney is currently higher by around 0.5%. apple and samsung are burying the hatchet. the companies have agreed to drop all litigation outside the u.s. apple and samsung have been battling for three years, accusing each other of infrin infringing patents. the company traditionally schedules a forum to show off new models. the iphone 6 is expected to come in two versions. apple is looking like this in terms of share performance in frankfurt down by 1.2%. coming up on "worldwide exchange," we bite into snack giant mondelez. can the company beat despite the weakness? we have your analysis after the break. the latest nbc "wall street journal" poll finds 80% of americans are unhappy with the political system. president obama's aproflt rating has hit a low of 40%. after the economy, 60% of americans are dissatisfied and 70% think the u.s. is headed in the wrong direction. although the u.s. is adding an average of 200,000 jobs a month, nearly half the public believes the country is still in recession. how do you feel about the u.s. economy? do you think we're on the road to sustained recovery or are younger generations facing an even grimmer prospect? if you want to join the conversation, you you can do that here on "worldwide exchange." get in touch with us by e-mail a and, worldwide@cnbc.com, @cnbcwex. we're seeing another day of lows for the european markets. the ftse 100 is off by %. xetra dax is off 1 is.5%. the cac 40 is down 1.1%. the ftse mib is off 2.3%. this is on the heels of the worse than expected gdp number out of italy for the second quarter. 0.2% was the decline that we saw. technically, this economy is back into recession. we were expecting a number of around 0.1% in terms of growth. so this is a huge negative surprise. but, obviously, we have been in terms -- risk of sentiment over the last couple of trading days. so the red that we're seeing is nothing new and it follows a 1% decline for the nikkei and the sell-off in the u.s. markets yesterday. let's have a look at the bond market. no surprise, we are seeing a flight to safety in terms of treasury, the bunch and the gilt. the yields for the ten-year treasury from fallen below that 2.5%. 2.44% is what we're seeing now. the ten-year italian yield is ticking modestly higher, 2.8% after that very disappointing number. let's have a look at u.s. futures. we are expecting another drop in the trading session following a 1% drop in the u.s. basically fears about further escalation between russia and the ukraine. the nasdaq is seen off, the s&p and the dow seen with some modest losses in today's trading session. let's get back to earnings. mondleze is expected to report second quarter earnings before the opening bell today. the company could see head whipped winds in the emerging markets. we're now joined by aaron lash, analyst at morning star. thank you so much for joining us bright and early. consensus eps of 39 cents. what are you expectel? >> obviously the company is focused on driving both top line as well as profit improvements. and so, you know, we think that they have a strong portfolio of brands. overall, we're optimistic on the company for the long-term. >> we've seen this cost reduction plan being put in place. do you think this will more than offset the weakness that we are seeing emerging markets? specifically in china? >> yeah. we think that the cost savings that they're going to be able to generate will enable them to reinvest wind their brand portfolio, both from a products innovation standpoint as well as to invest behind the marketing of those new products. and we think that that is extremely important in an intensely competitive environment that they planned, not only in the u.s. and europe, but also abroad and in emerging markets like you mentioned in china. >> there's been a lot of shareholder activism. you would think that that hurt pretty well. do you think that the cheese business in europe, do you think that will also be spun off inspect there's a lot of speculation surrounding that at the moment. >> yes. there obviously has been a lot of speculation with their overall european grocery business on following the announcement last quarter that they would be spinning off the coffee business. obviously, the prime focus is on that business, biscuits as well as confectionary. that's going to make up about 80% of their portfolio following 80% of the spin-off of the coffee business. there could be additional announcements made over the next several quarters to further push that focus. >> all right. thank you so much for your time. appreciate it. erin lash, analyst at morning star. and that's it for today's show. just want to remind you what u.s. futures look like this morning. we are expecting a big drop for u.s. markets. once again, the s&p is seen off by 4 points. the dow could drop by 30 and the nasdaq is seen off by 4 points, as well, following on from yesterday's steep slide in the afternoon trading session. that's it for today's show. i'll carolin roth. thank you so much for watching "worldwide exchange." we'll see you here, same time, same place tomorrow. have a very profitable day. good morning, everybody. welcome to "squawk box." tuning out and hang up, rupert murdoch decided to drop the company's pursuit of time warner while sprint droptd its t-mobile. israel withdrawaling troops from gaza. and targeting websites large and small from around the world. it is wednesday, august 6th, 2014, and "squawk box" begins right now. good morning and welcome to "squawk box" here on cnbc. i'm michelle caruso cabrera along with electricky. steve liesman is joining us, too. two mega deals dropped. rupert murdoch decided to pull the plug on its $80 billion offer to buy time warner. rupert murdoch cited time warner's refusal to come to the bargaining table as one of the reasons. after that announcement, time warner said it is committed to producing long-term value. on reaction to the news, show you what happened to the stocks. 21st century fox climbed, actually, and time warner was lowered by a little more than $9. stocks announcing a $6 billion stock buyback. maybe one of the reasons why we're seeing 21st centu f

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