Slightly the nikkei up by 0. 2 . Shanghai composite under pressure as was the hang seng, down by a third of a percent the hang seng down by a third of a percent, shanghai composite down by a half percent in europe, in early trading, mostly green arrows. The dax is up by almost 1 the cac in france up by a half percent. If you check out crude oil prices, yesterday up 1 to 49. 16. This morning wti back down to 48. 99. Lets get an update on Hurricane Irma heres what we know. The most powerful atlantic hurricane on record ham agriculture string of northeastern caribbean islands with winds up to 180 Miles Per Hour its a category 5 storm. Its killed at least eight people and millions are without power. On the island of barbuda, 90 of the buildings have reportedly been destroyed for the latest lets get to nbc meteorologist kale dionne. Its an active time in the Atlantic Basin we have three hurricanes irma, jose and katia thats the First Time Since 2010 the main topic is irma as it marches closer and closer to south florida. This is what the latest update is as of right now looking at 180mileperhour winds, and look at the alerts here. There are hurricane warnings in the purple for really the Dominican Republic over to haiti, northern part of the island there turks and caicos, which could get hammered by this storm this evening. The southeastern bahamas are under a hurricane warning at this point as we look at the track, if we move over here, you can see a lot of the models are moving this further to the east still west coast, east coast of florida the southern tip up to the carolinas, you need to make sure youre putting preparations in place it looks like south florida could see this storm as early as sunday just wonder how much wiggle room is still left there if as far as evacuations for miami, not official yet, right not official, we have about 36 hours before were really going to know where this storm is going to go but everyone still needs to be prepared islands are not enough to have this storm peter out. It has to get to the mainland before it loses intensity . Is this expected to be a fullon category 5 category 5, category 4 as it makes its way closer whats happening here, its an environment where theres very warm water that fuels the hurricane, also low sheer. Sheer tears a hurricane apart. Its a low sheer environment until it gets closer to the eastern side of florida. Everything is kind of helping this storm stay strong at this point. We have to hope it continues to weaken as of the latest update it has dropped or it has seen a little bit of weakening, but well see that fluctuation over the next couple of days. Heed the warnings, keep an eye on this. Thank you kale dionne. Nelson peltz just unveiled a plan last night to shake up Procter Gamble its a 94page white paper can i Second Screen i have im about halfway through. You have not finished i have not finished i suspect andrew has read its something. It is something. Trian wants peltz on the board he wants an overhaul of management compensation and more outside leadership trian thinks the consumer giant should focus on buying and developing smaller, more local brands in a statement p g said no we dont agree with you they point to the latest fullyear results as proof well have more on trians plan for p g at the bottom of the hour great in washington news, President Trump is reportedly not likely to nominate top economic adviser gary cohn as the next fed chairman. The wall street journal says the president s change in opinion comes mostly from cohns criticism of trumps response to the violence in charlottesville. Yesterday fed vice chair Stanley Fischer announced he will resign midoctober for personal reasons. This brings the total number of vacancies on the board of governors to four. Chair Janet Yellens term ends in early february. Perhaps janet yellen will be nominated once again as fed chairman trump has softened his stance on her over the last several months saying she kept the rates too low to shes done a decent job Stanley Fischer, 73 do you have anything on this, sorkin whats a personal reason what does that mean . The personal reason i dont have anything on that. The larger question is how it changes the dynamic, at least in the next couple months inside the fed in terms of who fills this vacuum. He was one of these people, always a great wrangler of the other members. Sort of if you have 44 of 7 governors leaving, the entire dynamic changes. Then well talk more about this we will talk about the gary cohn piece of this. By the way, or the fact he probably wont, kevin warsh, who was always talked about, his stock has gone down because the person who was trying to bring him to the fed originally was gary cohn. Hes considered hawkish. John taylor is another name Larry Lindsay the bb t guy you go back and read the opeds that some of those people have written over the years, most have been relatively hawkish. He is looking for somebody dovish i love john alice, hes like an aei type. Hoover but hawkish yes if you recognize sort of what his thats the change thats been the change ofthe president s rhetoric around this, going from janet yellen is keeping rates low, and then thinking i like low rates, too the reason that gary cohn seemed like the perfect person was that because he was on trumps team, so he is relatively dovish. If you understand the way he thinks about this stuff, but it doesnt look that way. The appearance and the actual. The black fine comments about cohn were positive you never know about the post. New york post says it was a think praise, black fine is not ye yellen he said he is not an academic, but at one point he said i cant think of anyone better to do it. He is the best at understanding the markets. Coming from Lloyd Blankfein, hes not an academic is a compliment i dont know that he reads a lot of policy papers let alone writes them. The post says those are luke warm comments. I dont know lloyd said something about the markets being long in the tooth. He said it makes him nervous when the yield on government bonds are below dividend yields. Then hes been nervous for eight years. You would think the bond yields start to rise as Economic Prosperity comes about but if thats your only metric, its been that way for most of the i also think of him as a divining rod to know when things get long hes a risk guy, but also sometimes when everything you do is based on downside protection, maybe you dont stay to the end. We have some i call this business Politics News bipartisan action on the debt ceiling and Hurricane Harvey relief kayla has that story reporter an unexpected deal. Senate Majority Leader Mitch Mcconnell introducing a bill packaging hurricane aid with threemonth Extension Force the debt limit and Government Spending a proposal by the democrats and backed by the president yesterday. Gop leaders are privately stewing over the deal which speaker ryan hours before the president s decision, he called it unworkable. Last night mark short said that the deal was an effort to clear the decks in september to focus on tax reform. The president taking to north dakota to sell tax reform yesterday, notably singling out democratic senator Heidi Heitkamp in doing so democrats were agassed and surprised when they heard about the news the president said the gop is happy enough with the outcome. We will a great meeting with chuck schumer, nancy pelosi and the whole Republican Leadership group. We walked out of there, pitch, pau mitch, paul, kevin, we walked out, everybody was happy not too happy, but happy enough. It was nice to see that happen for a chance the legislative deck is stacked for december gop aides say the deal sets up multiple fights on critical spending deadlines and gives democrats new leverage Speaker Paul Ryan will be dining with President Trump tonight at the white house residencresiden. To be a fly on that wall after all the vitriol between them and Mitch Mcconnell as well. Exxonmobil, the largest publicly traded oil and gas company is undergoing the difficult process of trying to get its large gulf coast refineries back in business after Hurricane Harvey now as a second storm nears americas shores, i spoke to darren woods from baytown, the second largiest refinery in the United States. The area in houston was impacted significantly by the hurricane. Our refinery in baytown and Chemical Plant had significant impacts, lots of flooding. The team has been working 24 hours, seven days a week since that storm passed through here put ag lting a lot of priority getting equipment back up and running. Making sme ing sure plant and pr safe its hard to imagine things getting back up and running at this point what is your take on the damage done and what are the efforts to try to get things running . I spent a good part of the day today going around to different units talking to different employees. Ill tell you, the stories are humbling we had people hours prior to the storm preparing for the storm and working overnight mitigating the impacts of the storm, all the effort on the recovery people spending the night while their homes were being flooded, they were in our refineries working, trying to keep critical processes up and running so when the storm passed we can start the recovery quickly thats happening in baytown. Were making Good Progress starting to flow barrels to customers out there. The First Priority is making sure people and families and the community is safe. Second priority is getting our units up and running and resupplying the demand out there for our xhcustomers. I know you have about 7,000 employees in the refinery. Whats the situation in terms of how many of them are affected . We set up a hotline we had impacts in houston and the beaumont area. We set up a hotline and put in programs to support employees. We had about 1,000 employees call in. About 1800 have indicated some type of damage and need for assistance the refinery is the second largest in the United States i understand theres capacity for 560,000 barrels a day to come through the plant how long do you think before you get back to that peak level . Our plant is about 585,000 barrels a day of crude coming through. Thats were making progress on thachlthat its difficult to predict when those units will be back up and well be back to full load were making Good Progress hoping to get units started up later this week, and then one unit after the other, well keep building on that as youre cleaning up the aftermath of one storm, we have another hurricane barrelling down on the United States, irma. Were not sure which direction its headed. Been watching the governor of florida making comments about how theyre starting evacuations and how fuel availability is a top priority as irma comes on to the scene what are you doing for exxonmobil to prepare for the eventuality with that . We had a team set up that was working on the response to Hurricane Harvey when irma started to reform, we saw that moving in. That team formed a subgroup to make sure our supply operations going into florida were robust weve been working that for several days the strategy is to make sure all the Distribution System is as full as it can be and that were getting fuel dribtded to the distributed to the points so if the hurricane hits, we can aid in the recovery once the storm passes through terms of potential operations that may be in the way in the deep water gulf or other areas, is that something you still have time on before you have to make final decisions on these the Hurricane Harvey had a bigger impact on the gulf of mexico operations. We brought all those down safely were in the process of starting those production platforms up again. Some are online and going through integrity checks thats moving fairly well. Irma has not impacted any of the offshore production. We will hear more from woods later in the show on the impact of the hurricane on exxons bottom line, still something theyre trying to assess at this point, but something that continues as we see irma coming on. Coming up, some of the stocks moving this morning the biggest movers of the day after the break, and well tell wlau t you what to expect from the ecb mon meeting. Squawk box coming right back are you ok . What happened . Dad kinda walked into my swing. Huh . Dont you mean dad kind of ruined our hawaii fund . I thud go to the thothpital. There goes the airfair. I dont think Health Insurance will cover all. Of that. Buth my fathe without that cash from aflac we might have to choose between hawaii or your face. Hawaii what . Haha. Hawaii you might have less coverage than you think. Visit aflac. Com and keep your lifestyle healthy. Aflac if only the signs were as obvious when you trade. Fidelitys active trader pro can help you find smarter entry and exit points and can help protect your potential profits. Fidelity where smarter investors will always be. Hey youve gotta see this. Cno. N. Alright, see you down there. Mmm, fine. Okay, what do we got . Okay, watch this. Do the thing we talked about. What do we say . Its going to be great. Watch. Remember what we were just saying . Go irish see that . Yes im gonna just go back to doing what i was doing. Find your awesome with the xfinity x1 voice remote. Welcome back to squawk box. News just out from amazon. The Company Announcing a search for a second Head Quarters in a city yet to be determined. Amazon is soliciting pitches for a location for what it calls hq2. It will invest over 5 billion in the new facility and offer more than 50,000 highpaying jobs Ceo Jeff Bezos says he expects hq2 to be a full equal to the Head Quarters in seattle wow 50,000. Think about all of the cities and towns and states that will try to figure out how to lure them. Whats the tax incentive, all the stories that will then come from are they actually creating real jobs . What happens the ecosystem around it . If i think not just about amazon headquarters, but how well seattle fared between microsoft, starbucks, and the question is will he choose a city and try to become a new anchor tenant of the city . My guess would be yes that doesnt have the ecosystem, or go to a scity tha already has it would it be better to be on the other side of the country or oregon or something . Logistically what makes sense for a headquarters for amazon . I dont know probably the taxes are the logistics that were talking about. The tax deal. Weekly jobless claims is it thursday . Out at 8 30 a. M. Eastern along with revised second quart productivity and labor costs the ecb is meeting today a Rate Decision expected at 7 45 a. M. Eastern then Mario DraghisNews Conference at 8 30 a. M a programming note, dont miss Steve Liesmans first on cnbc interview with new york fed president bill dudley, thats at 10 00 a. M. On squawk on the street. Markets in focus this morning. Joining us now to try to make sense of where we are, steven leiding for Citi Private Bank and phil orlando here from federated investors. I want to ask both of you guys, well talk to Steve Liesman later about this whole fed situation, both on phifischer a whether cohn is out. I know joe didnt love what Jeff Sonnenfeld said, he said if cohn leaves, the market will tank fischer leaving, does that matter to you . It does theres a number of issues that concern us in terms of the market, the fed was at the top of the list. We were concerned about leadership transition risk in terms of whether or not trump was going to reappoint yellen or pick someone else. Fischer we thought would stay in place until next june when his term expired the fact that hes leaving now for the same reasons that yellen save when she gave her speech at jackson hole, and now questions about whether cohn will be the guy, that raises a bigger question mark about this fed leadership issue when you heard that news yesterday, did you do anything as an investor we didnt we pulled our horns in earlier in august. We took or equity weight down from 8 to 4 because we were concerned about how the fed thing will shake out weve been essentially neutral on u. S. Markets, and overweight International Markets because of the movements in the dollar theres greater uncertainty about the Monetary Policy. This doesnt clarify what the direction will be. The opportunity has been to be long in other markets appreciating currencies rates are generally better in emerging markets, and return opportunities, even in some of the dms are stronger this is one more uncertainty the direction is not clear yet in the u. S. But its in favor of International Markets. Anybody here betting on tax reform is that factoring in did you see this news about the Freedom Caucus this morning . Freedom caucus putting together a plan, that woulddhash would ke keep the tax rate down to 16 . Theyre willing to blow out the deficit. The freedom guys . The freedom guys which is opposite of what they said swInternational Markets<