Shrugs off with a sector trading in the green. A bedrock of global stability. Chinas president urges stronger cooperation with the United States as he works to reassure Business Leaders amidst reform and cyber security. Instagram tops with over 400 million people. Coming up on the show, find out how bank of america chief has held on to both his titles despite concerns of descent. A victory for hillary clinton. The pharma firm will drop prices but by how much . And new york yankees legend yogi berra passes away age 90. We take a look back at his stellar career and inspiring quotes. Lets look ahead to the u. S. Markets open. Futures indicating a higher start after a sell off of 1 across the board. So the s p and the nasdaq are within striking distance again of correction territory. I should point out that the dow and the russell 2,000 already remain off their highs by more than 11 so the implied open is telling us that the s p 500 should be opening up five points higher. The Dow Jones Industrials looking at gains of 48 points and the tech heavy nasdaq seen in advance of 21 points so far when markets start up for their wednesday session. Lets take a look at the lead from europe and were coming back a bit today. The ftse 100 in advance. After being sold down in last years trading sessions being weighed down by the auto concerns and at the emissions cheating from volkswagen and the like. The german dax with volkswagen in a big heavyweight on this benchmark. Gains of 1 . The ftse mib coming back as well. Lets check in on asia. Theres been a lot of pain across asia with the shanghai comp down 2 and this is after manufacturing continues to look ugly with the pmi for the month dropping to a 6. 5 year low. And it looks like there is no reprieve for the worlds second largest economy. Thats right. And susan, you and i know that the external factor has been a drag for quite sometime and looks like a similar story with the latest data set. 6. 5 year low for factory activity and the new export orders components was particularly weak as well. So that just really highlights the drag from the external side. I want to say maybe the numbers could have been distorted to the down side at the victory day parade and blue skies over beijing and for that to happen we needed to see factories being idled so bear that in mind. Here and now this was a disappointing figure although not entirely unexpected. Lets take a look at the Market Reaction to those headlines. And it really stoked risk aversion across the asian markets. Especially in Greater China and the Australian Market in terms of trade australia. Its very hard wired into the chinese economy. Two year lows for the s p so its interesting dynamics. China is the main narrative now. The fed highlighted Global Growth concerns and todays data just seemed to under line that weakness. Thats where we stand at the end of trade here in asia. Back now in london. Thank you. Lets get back to our top story. Its all about vw these days and shares in the company have recovered quite a bit after trading near the bottom of the stoxx 600 this morning. Have a look now. Were up by 1. 79 right now but over the past week were off 36. 46 in the last two days alone. This stock has lost roughly 26 billion euros in market value. I also want to show you what the dax is doing because they have a very heavy waiting on the dax, roughly 25 . The xetra dax is rebounding. A call revising its target lower on the index on the back of the vw scandal. Deutsche bank not the only one making a call on volkswagen in light of recent events. We did have them cutting the price target to 130 euros a piece keeping it at a hold still. Jpm coming out and cutting its outlook. Down to a neutral price target here. Barclays has warned that diesel penetration might see some fall out across europe but it sees modest opportunities in the future. Lets talk about the fall out. Volkswagen faces at least 50 class action lawsuits in the United States with the company admitting to maybe over 11 million vehicles being effected. Vw ceo apologized for this misconduct but ryu morse continue to swirl about the safety of his job because he has contract extension coming up and people thought he was a shoe in but in light of whats been happening its all about the Corporate Culture and whether or not he can find a new person at the top. Youre right. It looks very uncertain. Key members of the Supervisory Board are expected to meet today after they reportedly kick aufd last night. Lets get back out. Can he hold on to his job . What do you think . Well, the feeling i get on the ground is no seems to be the consensus here but its really still too hard to tell. Were being told if the supervisory meeting takes place today, keep in mind they have not officially confirmed its being held but its believed that the top four members of that board are meeting here and that is just ahead of the friday official meeting which will include the entire Supervisory Board. So friday will be the real test as he tries to hold on to this position but theres some serious questions here about what he knew, when the issues happened, because of course he has been in the position since 2007 and a lot of these defeat devices were talking about that were deliberately designed to be put on these certain diesel power cars in order to defeat admissions tests started to come in from 2009 so under his ten year and he is a ceo that prides himself on being an engineer. So at the very best if he did not know about this software it raises the question of how could he be so removed from the situation . So either way his prospects are not looking great at this stage but he did make another appeal to both customers and employees at volkswagen and really stressed how sorry he was for the incident. Heres what he had to say. I personally am asking you for your trust as we move forward. We will get to the bottom of this. We are working hard on the necessary Technical Solutions and we will do everything we can to overt damage to our customers and employees. I give you my word. We will do all of this with the greatest possible openness and transparency. So trust there being the operative word as he tries to regain confidence in this brand and keep in mind its not just the struggles in the u. S. With the nearly 500,000 vehicles being effected were also talking about 11 million cars worldwide and some pressure here in europe to extend the probe to other european auto makers but were seeing that pop in stock today because given the two day consecutive drop people are seeing this as a buying opportunity but other analysts noticed if the ceo does have to resign this could be a positive catalyst for change because volkswagen has continued to struggle to turn around the flag ship brand in the United States. A crucial market for them. And also everyone seems to know about the troubles in china and just a week agatha was the real focus at the frankfurt motor show. It was to what extend theyd have to turn around their performance there. So a lot of questions as we await the initial supervisory talks. Well get that to you. Thank you. Another person weighing in is the renaultnissan ceo that said a lot of people would have known about the emissions issue. He said it would have been hard to hide such an effort to falsify data. He urged the industry to be extremely open. Lets continue with some other top stories. The chief executive has told nbc he will lower the price of a pill at the center of a drug fire storm. Hillary clinton sparked the sell off when she accused the sector of price fixing. Her comments were in response to the fact that they raised the price from 13. 50 to 750 a pill overnight. The ceo said he would decide on the exact price cut over the next few weeks. Yes, its absolutely a reaction. You know, i think that there were mistakes made with respect to helping people understand why we took this action. I think that it makes sense to lower the price in the response to the anger felt by people. Its large to see a large drug price increase but when you find out the company isnt really making any money. What does that mean . Its hard stuff to understand. Shares of Goldman Sachs closed down around 2 after falling around 3 on the back of the news that Lloyd Blankfein has been diagnosed with a curable form of lipoma. He will run the company as normal but had to cut down travel plans during the course of treatment. The firm plans to expand the responsibilities of goldmans coo. Brian moynihan will maintain his role as chairman and ceo of the company. 63 of shares cast were in favor of allowing him to keep both posts despite an on going push from other activist investors to separate the roles. Lets look at shares in this hour. In germany theyre up by 1 . Still to come on the program, market volatility, currency intervention, slowing growth and cyber hacking, what does this mean . And the chinese president makes his First Official state visit to the United States. More after the short break. 400 million users only nine months after getting to 300 million and pope francis and chinese president xi jingping continue their visits to the United States. Insurance website cover hound has raised 33. 3 million in its latest financing round. The new investment raises the companys funding total to over 53 million. Cover hound now marks the 5th u. S. Company to work with its accelerator and exceeds a 100 million evaluation. Joining us is the ceo of coverhound. Thank you for joining us. You recently talked about the fact that the Insurance Market is ripe for disruption in two key areas. Homes and autos, why . Auto insurance comparisons in the u. S. Has been believing the advertising over the last four to five years in the billions of dollars range so you can see consumers looking for true choice and transparency and coverhound is the best place to do that. Why are you so well positioned to offer the customer a better offering . Theres so many sites out there where you can compare and buy insurance. What makes you stand apart from others. We stand apart because of the 30 plus carrier relationships we work with today but also we focus mostly on the Digital Consumer experience. So we make sure whether its desktop or mobile that the consumer has choice and transparency. That the ability to easily and simply Purchase Online at any time. Keith, i really want to talk to you about fundraising. I always find this so fascinating because some are calling this the repeat of the. Com bubble in 2001. This is serious funding for you. Youre raising 33 million. Can you take us through how easy it is to get money from Global Investors . It is never easy and rightfully so. We worked really hard. The team is fired up around the great Consumer Experience we delivered and now were going to take these funds and expand into stroker home and also commercial and small business. Lets just quickly touch on insuring against cyberattacks. Thats something that youre involved with. How big and significant could it be in the future . Its a big area and were focused on it and hope to roll out products in 2016. But the primary focus is to make sure that people understand the product first. Thank you for staying up late or getting up really early for us. Still to come on the show, volatility grips Global Markets with with the dow posting a trim digit move in 19 out of the past 24 sessions. Stay tuned for how to monetize the market moves. Hello. Oh. Yes, hi. Want to survive. A crazy busy day . Start with a positive attitude. Great. Thanks. And positively radiant skin. Aveeno® positively radiant moisturizer. With active naturals® soy. To help reduce the look of brown spots in just four weeks. I gotta go. And for gentle makeup removal. Try our nourishing wipes to brighten skin. Aveeno®. Naturally beautiful results®. The state visit has begun. The chinese president seeking to reassure the u. S. Business community that the worlds second largest economy is still a good place to invest. Speaking in seattle he said beijing will not manipulate its currency to boost growth and he also pledged to implemented strict reforms. Translator when it comes to the toughest reforms only those with courage will carry the day. We have the resolve and the guts to press ahead and take reform forward. We will stick to the direction of market economy reform and continue to introduce bold and result oriented reform measures concerning the market, taxation, finance, investment in financing, pricing, opens up and peels livelihood. China will never close its open door to the outside world. Opening up is a basic state policy of china. Its policies will not change nor will its pledge to protect the legitimate rise in interest of investors in china and to improve its services of Companies Operating in china. Former treasury secretary said the u. S. And china need to collaborate as he warned the worlds second largest economy had shown signs of weakness. They have an economic model thats run out of steam and they need to place much more reliance on domestic growth and consumption. Meantime, he is scheduled to meet a string of senior tech leaders later on today including apples tim cook and microsoft. It will be front and center days after the app store was hit by a malware attack in china. We get an inside look at how hackers operate. From his office in china, this former military officer says he heads a 5,000 person team known as red hackers. I decided to learn hacking skills after my computer was hacked, he said. After i retired from the army i thought i could use my skills to continue to serve and love my country. I chose to be a red hacker. To be the personification of justi justice. Chinas hackers are a source of friction. They angered the u. S. Which blocked business deals for Chinese Companies and is considering sanctions on those expected of engaging on commercial cyber theft. The hackers say they work from all over the country but they tend to cluster in hightech areas. This city is home to the countrys biggest Electronics Market and is chinas silicon valley. Prince denies his group targeted u. S. Companies though they have attacked commercial organizations in regional rival japan. He showed me one way he hacks today into a local hospital. He finds an email. He guesses passwords like the hospital address. By the third try, were in the system in less than five minutes. Were now able to gather more information. Email, phone numbers, fax he says. Prince says the hackers act on their own but occasionally theyre called on by the government to help track those believed to be working against the state. The Chinese Government says it doesnt support hacking activities and we couldnt verify his claims. I independently have cooperation with the Chinese Government but its all off the record. The government normally asks me to follow the electronic footprint of different hackers, gather information on hackers and submit official reports. For the country he vows to protect. Cnbc beijing. Okay. Lets talk about Global Markets and joining us in our london studio, chairwoman and founder. Good to see you. Lets start with the visit by chinese president xi jingping. It seemed to be a line by line rebuttal saying were not going to see any more devaluations and he said it was necessary to prevent massive panic. Did you hear anything that you havent heard before . Theres nothing we havent heard before and quite frankly the chinese have made comments to make the devaluations actually sound like policy reform which, in fact, it goes against all the stated goal thes have in particular the goal that they want to enable household buying power and it makes Everything Else more expensive and does favor corporations. They have to defend their currency because the widest spread weve seen in yuan history. So theyre spending a lot of money to make sure that the chinese currency doesnt weaken from its current levels like it should. Youre right. Theyre an exportlead country and they made no policy reform to change that which makes them more vulnerable while global trade volumes are shrinking so they are going to fight with everyone to take an ever larger piece of a shrinking pie. Youre going to stick around a bit. Well talk about what else is happening around Global Markets as well. Also well take a look at the markets because according to harvard its a little frothy. So is harvard really top of the class . Well grade the Financial Performance of the Worlds LargestUniversity Endowment fund and how futures are trading just ahead of the wall street open and were pricing in a higher open so far. vo what does the world run on . It runs on optimism. Its what sparks ideas. Moves the world forward. Invest with those who see the world as unstoppable. Who have the curiosity to look beyond the expected and the conviction to be in it for the long term. Oppenheimerfunds believes thats the right way to invest. In this big, bold, beautiful world. Hello and welcome to worldwide exchange. Im susan lee. Im wilfred frost. Here are your headlines from around the world. Vw ceo is deeply sorry but his future hangs in the balance as the board holds an emergency meeting to tackle the fall out from at the missions scandal. Millions of people all over the world trust our brands. Our cars and our technology. I am deeply sorry that we have broken this trust. No end in sight for chinas economic slow down. Data surprises to the down side sending shares in asia sharply lower but all sectors trading in the green. A bedrock of global stability. Chinas president urges stronger cooperation with the United States as he looks to reassure senior Business Leaders of concerns over reforms and cyber security. A shot in the arm for facebook. Instagram overtakes twitter as users top 400 million people. This coming from an instagramer and not a facebooker. Correct. Only within one and not both. They say instagram is more facebook is too much of your life. Messages, pictures, instagram is simple. And facebook is now the biggest source of news for 19 to 45yearolds. No longer appointment viewing. What does that mean for us . We should also launch an instagram channel. Or facebook channel. Thank you for joining us on the program today. Lets check in on the markets because were just 1 away from correction territory for the s p and also the nasdaq. Now lets check in on the future. Were looking at a recovery after close to the 1 sell off yesterday. So on wednesday the implied open is telling us that the s p 500 should be up by one point or so. We have come off the session highs we saw earlier on and the nasdaq is priced in to see gains of close to 14 points or so a bit of recovery after the selling the last few sectors. Cac 40 advances, this is called a rally up 1 . The dax, this is important, coming back since volkswagen is the largest heavy wait and seeing gains of 1. 25. Its also interesting that we did see europe in positive territory despite the losses in asia last night thanks to the decline in pmi numbers. The worst read in 6. 5 years so things are looking worse when it comes to china. The composite is probably the most significant since we saw declines of 2 . Thank you very much. Lets move on and talk bank of america. Moynihan will maintain his role as chairman and ceo of the company. They are in favor allowing him to keep both executive posts despite a push from Pension Funds and other activist investors to separate the roles. Shares of bank of america, lets have a look, theyre up 1 . Now the worlds biggest Endowment Fund has warned that maybe some markets are looking a bit frothy in their view. The Harvard Management company is proceeding with caution in several areas of its portfolio. The elite university has posted a 5. 8 return so far in 2015 after hitting a record amount in close to 38 billion. However the growth rate is still well below the return of several rivals including princeton and yale universities which have yet to release their returns this year but some say its in double digits close to 10 . Mit, 13 already in 2015 so maybe a bit of underperformance. Lets talk about the markets and ban banks. We have the Vice President of Equity Research. And also an alumni at harvard as well so you put some of that 38 billion into that fund. Some of it. A little bit. I dont know if you have any money in the Endowment Fund there in harvard but you know theyre calling the markets a bit frothy and looking for some cash. Maybe hiring some short sellers. How do you feel about market moves . I think that the market is a little bit out of control here. Its extraordinarily difficult for investors to get any grip on whats going on and to make decisions. If they can look beyond the near term the key factors is that the economy is strengthening. Interest rates will go up at some point next year and those two factors will be very positive and ultimately it will give you a nice positive return. If we had had a fed rate hike last week would that have reduced volatility . But is that what the market now needs . The market needs reassurance that growth is, in fact, coming back and that that recovery is real and really what the fed did was made everybody wonder whether the recovery was real or does it purely based on excess money. What about your sector . For the banking stocks . Are they waiting on this rate hike to come or are they happy to enjoy the volatility for their Investment Banking arms . The volatility is not helping them the way it normally would. Usually volatility would be very good for their trading activities and that would be positive but thats not happening this time. So i think if you took a look at the core businesses that theyre operating they are make more loans mortgages are coming back slightly. Commercial real estate is doing well. Credit cards are doing better so their core business is doing better. The deposit flows are extremely positive. Theyre in the most liquid condition that weve seen for perhaps 30 years and they have a massive amount of excess capital so the banks are in very very Good Condition in the United States. The outlook for the industry is not bad at all and, you know, by keeping Interest Rate where is they are, youre maintaining the value of their Financial Assets so thats not bad either. So the net of it is the outlook for banks is actually relatively good at this moment. Lets talk about bank of america. First of all, were you surprised by that vote yesterday . And second of all does it matter for a banks performance whether the same title or whether the same person holds both the title of the ceo and the chairman . Yeah, its the most ridiculous issue we could talk about, right . In other words i think theres Something Like 350 companies in the s p 500 where the chairman and the ceo are the same person. I have been doing this for close to 50 years and basically i never once had anyone say i want to buy that stock because, you know, theyre splitting the position of chairman and ceo or im going to sell that stock because theyre putting that position together. However bank of america shot itself in the foot. It raised this issue and now its created a problem for the company because 63 is not an overwhelming, you know, if you will, sense of confidence in the company. I think that the board has to be changed. I think that the key lead director has to go. I think the committee has to be reshaped and i think that the company itself has now got to come out with a much stronger positive view so i think theres a lot that has to be done at bank of america as a result of this ridiculous issue. I want to come to gina. Do you agree with dick when he says this is a ridiculous discussion . In some ways but one of the things i will say is Corporate Governance is generally an enormous problem and bank of america highlights this issue. Youre looking at the situation where the head of the governance committee, theres intertwined board positions here where one sits on the board of the other. Thats not how its supposed to work. Thats what is happening. Its ridiculous. Lets talk about corporate leadership and i want to get your comment and your view on Goldman Sachs and blankfein having highly curable lymphoma. Were you surprised that the stock dragged as much as it did . Down 3 at one point . No, i think this say terrible blow to the company. They would realize this company is restructuring its business model. Its taking a look at where the financial industry will be over the next five to ten years and concluded that the model they were working was not the right model so they have taken pretty dramatic efforts and changed their method of trading and number three they are looking at retail activity. Number four, they have gotten rid of the vertical sbi grags in their trading businesses. Number five, they derisked the Balance Sheet. The company is in the midst of major, major changes similar to what they had done maybe 20 years ago and they need a strong effective leader to continue this strategic change and now we have this additional point of stress because hopefully hell be extremely successful with his treatments but he may simply say what am i doing here . Im 61. I made enough money. Its time for me to move on and enjoy my life. So the net effect is i think theres going to be a succession issue. I think theres going to be fighting among people that want the ceo slot. This strategic change is on going and we have a hold rating on the stock. This is not the place to put your money. Hold rating on Goldman Sachs. What is your top pick of the big cap u. S. Banks at the moment . Unfortunately its bank of america. Im in love with companies that sell big discounts to book value and when you look at the comment. Theres more common equity in bank of america than anywhere in the United States. Than google or facebook or apple, what have you. The company is absolutely overloaded with excess liquidity. Were talking about over 500 billion of cash and securities not being put to work. The company has 1. 1 trillion worth of deposits. It has 2. 5 trillion sitting in Merrill Lynch and its returns are extraordinarily low because of litigation and conflict and as this litigation and conflict goes away, basically people will focus on this Balance Sheet and relsz this company is selling at cash. This is a very cheap stock. Thank you for being with us. The Vice President of Equity Research at rafferty capital. Gina thank you for joining us here in london. Guys, interesting comments coming from the european Auto Association saying there is no evidence, once again, there is no evidence that the emissions scandal is an industry wide issue and this is why so many of the european auto stocks sold off so heavily over the last two trading sessions. I want to show you what shares are doing today. Up by 2. 8 . Many of the bargain hunters coming back in but this is after the stock lost 26 billion in market cap over the last two trading days. Others trading to the upside recooping losses. Baseball legend and ambassador for the sport yogi berra died at the age of 90. He played his entire career for the new york yankees where he won three mvps. He was elected to 15 consecutive all star teams and is regarded as one of the best catches of all time. He was elected in 1972. He was also known for his yogisms including it aint over until its over and love is the most important thing in the world but baseball is pretty good too. Welcome back to worldwide exchange. Quick look at the markets. Bond prices are moving lower. This is a reversal from yesterdays trading session when prices jumped on the back of the weakness in equity prices. The treasury yield at 2. 14 . In the currency markets we did see a little bit of safety in the yen but that has rewound a little bit. Also whats going on in the aussie dollar. We saw the disappointing chinese pmi. Thats down by. 2 . Its a little bit higher today but crossed the handle for the first time ever. So continued pressure on the emerging market currencies. In the commodity space all eyes on platinum. Its rebounding today and this story is related to vw because platinum is a big component in the diesel cars. Were off by a third of 1 . Oil prices just a tad higher ahead of the u. S. Data. Thank you. Well change focus and look at a crazy toir with a lot of attention the last couple of days. The ceo has told nbc hell lower the price of a pill which as i said has been at the center of a drug fire storm. Landon has all the details for us from cnbchq. Hey, good morning he sparked a whirl wind of out rage this week when he jacked up one of his drugs 5,000 to 750 per pill. He responded by saying he will lower the price of the pill. In a phone interview with nbc news on tuesday he thought it made sense to respond to the publics frustration and role back the price. Though he did not specify what it will be he expects to determine the exact price cut over the next few weeks. Its actually a reaction. There were mistakes made with respect to helping people understand why we took this action. It makes sense to lower the price in response to the anger that was felt by people. Its easy to see a large drug price increase and say those people must be gouging but when you find out that the company is not making any money, what does that mean . Its hard stuff to understand. We should probably expect to see it fall back to near break even levels. The move also comes as a reaction to democratic president ial candidate hilary clib on the that tweeted that the price hike was outrageous and proceeded to roll out her own plan on tuesday. The drug itself daraprim fights what effects those whose immune systems have been weakened by aids, chemotherapy and pregnancy. He understood why the public wasvilwas villifying him. Hillary clinton voiced her opinion on the Keystone Pipeline saying its a distraction from the important work we have done to combat climate change. Instagram is cracking the code and taking the social media world by storm it has hit the 400 million user mark this coming nine months after it crossed the 300 million mark. It last reported 316 million monthly active users and the pace with which its gone from 300 to 400 million is astonishing. Nine months for another 400 million users. But i like the International Component of the business and half comes from here in europe and also asia. Two third of us are still not on instagram. Im on instagram. Only one third. Oh, no, im behind the curve now. Well set it up after the show, right . Ill try. All right. Lets go to break but before we head out, these are the headlines so far this morning with volkswagen and volkswagen ceo apologizing for the emissions scandal as key members of the board reportedly will meet later on today instagram surpasses twitter by hitting 400 million users and pope francis and the chinese president continue their visits in the u. S. Excellent looking below the surface, researching a hunch. And making a decision you are type e. Time for a change of menu. Research and invest from any website. With e trades browser trading. E trade. Opportunity is everywhere. Big day . Ah, the usual. Moved some new cars. Hauled a bunch of steel. Kept the supermarket shelves stocked. Made sure everyone got their latest gadgets. Whats up for the next shift . Ah, nothing much. Just keeping the lights on. laugh nice. Doing the big things that move an economy. See you tomorrow, mac. See you tomorrow, sam. Just another day at norfolk southern. Hey hi our cloud its a platform based on awesomeization really . Can it keep our data where it needs to be no matter what country were in . Integrate with our systems to help keep transactions secure . Combine Customer Data with likes, tweets, the weather, to predict trends . That would be awesome. Tote . Now theres a cloud that understands business. Now theres the ibm cloud. Well give you a run down of what to watch for this trading day. A key read on manufacturing coming your way at 9 45 a. M. Eastern time. Well also get result on the first bond auction since last weeks Federal Reserve meeting with the two year and five year notes being auctioned and well hear from Worthington Industries before the bell. Atlanta fed president will be speak at 12 30 p. M. Eastern about the feds big decision last week not to move higher on Interest Rates so the s p 500 is looking at gains of 5 points or so. Pricing in an implied open at 53 points higher and nasdaq should be up by 21 points. Back to our top story, vw is facing at least 50 class action suits in the u. S. The company admitted over 11 million cars could be effected. The ceo apologized for the misconduct but rumors continue to swirl about the safety of his job now key members are expected to meet today after a crisis meeting kicked off last night and shares in the company are rebounding quite nicely in todays trading session. Theyre off by 2. 8 so many of the bargain hunters coming back in. Absolutely. They have in the second half of todays warning. It was down a bit and clearly the first couple of days is quite opposite direction were getting more and more many negative views but theres no analyst out there who will say this is the time to buy. Many have told investors to steer clear of the stock. Well have to wait and see what happens on that a couple of them downgrading the stocks. Dont forget the likes of the other auto makers that suffered as well now the pope has kicked off his u. S. Tour in a modest fiat 500 keeping with the italian brand. This car however was dwarfed by the large security vehicles flanking it as the holiness made his way to the Vatican Mission in washington going at quite a pace there as well. But on that note its time for us to go. Thats all we got time for today here on worldwide exchange. Im susan li. U. S. Squawk box is coming your way next. Good morning, another example of how we have gone global. Chinese stocks down 2 after factory activity shrinks more than expected. Meantime chinese president is here in the states today meeting with u. S. Business leaders and new details this morning, the ceo of the Small Company in controversy for the price of a life saving drug is changing his tune and rolling back the price increase. Coming to america washington rolling out the red carpet for pope francis as he begins a six day three city visit including a big white house welcome. Today its wednesday, september 23rd, 2016. Today is the equinox. Its the official start to fall and squawk box begins right now. Live from new york where business never sleeps, this is squawk box. Good morning, everybody. Welcome to squawk box here on cnbc. Im becky quick with joe kernen. Andrew is off today. Our guest host is mike santoli. Take a look at whats been happening. Overnight we did see weakness after the weaker closes in asian markets but things have been picking up through the course of the overnight hours. The dow futur