Also taking comments from top fed president. Trade turmoil, white house economic adviser larry kudlow signaling new in person trade talks with china and ecommerce on alert a new porch pirate threat that could have Online Shoppers running to protect their picnic baskets. Its friday, august 23rd and Worldwide Exchange begins right now. He faces one of the most divided Central Banks we have seen in ten years. Those comments are due out at 10 00 a. M. And well take you there live on cnbc those comments will be the ones traders pay the most attention to today now the stock futures indicating a higher open. The bond market always a focus right now and the ten year note yield below 1. 65 and the two year note yield 1. 64 . Checking that spread, as you can see here were moving and were pretty much flat at this stage watching that level here, its not inverted but its goingbac and forth between positive and negative well keep an eye on that. Lets go worldwide in the asian trade, to close out the trading week, we did see a mixed picture. The nikkei up by half a percent to japan the hang seng and hong kong with percentage moves the south korean kospi to the down side. The german dax up. 5 and ftse 100 up. 75 for more on that powell push and pull and what investors want to hear, lets turn to joel, joel, thank you very much for joining us take us through what wall street really wants to hear out of fed chair jay powell today wall street wants to hear theres going to be some language suggesting that there will be imminent rate cuts, further rate cuts in the next few months so right now, we had previously priced in 25 to 50 basis point discount that we had one 25 point basis point drop recently and then the second one is the one that everyone is focussing on and whether well see more in the near future remains to be seen but people will be parsing this commentary very closely later this morning. Does wall street, do investors . Do Global Markets need another rate cut to the fed . I think from a signaling standpoint it would be very nice to calm the markets. People are focused on this two year ten year inversion. We have heard more talk about inversion in the last couple of weeks than we probably did the prior ten years and the reality is we have a flat ratecurve an the reality is its 22 months away anyway between when the inversion occurs and we have the first true signs of a recession. Does it concern you at all . The inverted yield curve ive heard it doesnt matter as much anymore because of Massive Central Bank intervention around the world. So as a professional money manager, is it important for us to Pay Attention to . Im affected by the volatility so you cant avoid the volatility that is occurring right now with the sort of discussions when the market drops 600 or 800 points on news like this and were talking about fractions of a percent were talking about 10 basis points or that so i dont think it changes the way theyre going to operate theyre benefitted by low Interest Rates whether it moves by ten basis points one way or another. Were seeing a lot of activity in the marketplace comparable in terms of total market value. We had where we were last year in terms of pending deals from this point forward so were seeing the markets moving strongly on low Interest Rates and most companies are able to work just fine on this but its the fear. Theres a consensus building on wall street and elsewhere around the financial world that we need to have this rate cut done and we need to be on a path of rate cuts will you, as a wall street professional, be disappointed if the fed does not cut next month . Ill be disappointed from the standpoint that the market is going to respond negatively. So the market will respond negatively yeah. I think the market will respond negatively with so much sentiment right now based on seeing a further rate cut, i think people will respond to any signs that if theres no further rate cut its going to be negative news. Lets assume that a base case plays out where the fed does hypothetically cut going to the next few months toward year end what exactly should we be expecting from the markets as we head toward that i think where we are right now, people forget that in may we had 4 or 5 of our biggest drops of the year and now we have another 4 or 5 in august. So may and august were very bad months but we had one of the strongest junejuly since 1955 so people forget summers are usually not a big rallying period and we had a really, really strong summer and were still 1. 4 above where they are. I would like to see the small caps catch up. If we see good news with the fed i think the last quarter is going to be strong for small caps well, for complete coverage of all things jackson hole, continue miss insights from top Market Movers including the st. Louis fed president James Bullard and the cleveland fed president theyre coming up later on well, in corporate news, german banking giant Deutsche Bank facing new fines this morning. Frank holland joins us with that update. Deutsche bank will pay more than 16 million to settle foreign corruption charges regulators accused the bank of violating laws by hiring relatives of officials in russia and asia to win business in those countries. The fcc also says Deutsche Bank created false records to conceal the connection between employees and government officials as part of the settlement the company didnt have to admit or deny any wrong doing over the past decade the fcc cracked down on vie ratiolation the foreign corrupt practices act with multiple banks forced to face fines. Thank you for that update when we come back on the show, the white house signaling new trade talks with china as a new round of tariffs looms a live report from the ground in china coming up next then new details in the aftermath of the incredible refinery explosion back in june that we saw. Well fill you in on the details and in the show, much more on what to expect from fed chairman jay powell when he takes the stage at 8 00 a. M. Eastern time. Well speak with former fed governor here on Worldwide Exchange a very busy ur sllhehoti aad keep it right here these folks, they dont have time to go to the post office they have businesses to grow customers to care for lives to get home to they use stamps. Com print discounted postage for any letter any package any time right from your computer all the Amazing Services of the post office only cheaper get our special tv offer a 4week trial plus postage and a digital scale go to stamps. Com tv and never go to the post office again welcome back, the dow will open up about 88 points. The s p 500 up by about 11 points and the nasdaq would open up by about 40 points again if the gains hold the Trump Administration is planning for a new round of in person talks between u. S. And chinese officials next month this comes as a new set of tariffs are set to go into effect on september 1st. Thanks so much. Im coming to you from a factory here in the Industrial Town and President Trump says that American Companies are pulling their supply chains out of china. Well, thats not as easy as it sounds as we found out. He helps a michigan based start up that specializes in industrial lighting. They were hit with 25 tariffs in may and expects more products to be struck on september 1st. That pushed him to explore other countries to source his goods but none could match china factories like this are the only ones that can make what he needs at the cost. Workers have experience and the only supply of the product is here. Those help the supplier shrug off the u. S. Tariffs they have been manufacturing in china for 25 years. Any additional cost is bad. So it doesnt pay us a lot. So then you dont split the cost we dont. Have your orders from the u. S. Gone down because of the tariffs . No, in fact we see increase. That means they have to contend with the extra cost and uncertainty of the trade war. The tariffs are concerning not only for the impact in the cost and pricing today but also in our planning going forward. How does that impact our position in the marketplace . Thats critical to us. And for other american businesses too. He would love to make his products in the United States but hes waiting for the infrastructure to be there and hopes it happens one day but for now he says his best choice is still china despite the tariffs. So eunice, its interesting that youre bringing this up because its one of the things that its not talked about as much this idea that these supply chains are not as easy to move as some people think theres the idea that suppliers could work with vendors in the United States to mitigate the damage and share in the pain is that something that plays out more prevalently than we think here its very, very difficult to be able to uproot a supply chain because the whole point in what we see in manufacturing over the last several decades is a lot of the supply chains and various parts and components and everything has moved to one certain area he looked in another place that has suppliers and thats Southeast Asia and even there he said the skill set of the people is not developed enough. The experience level is still not quite there for the type of product that he is in. Thats another big factor he has to face. Not to mention the fact that a lot of other companies, American Companies are looking now for other places to go and theyre all competing in these smaller countries and theyre able to accommodate all the American Companies. Its a big story for a lot out there. Thank you for that update. New developments in the unrest in Hong Kong Google says its axing more than 200 Youtube Channels after they had been found to misinformation about the hong kong protestors this comes days after twitter and facebook said they would suspend 1,000 accounts linked to a state backed Disinformation Campaign originating from china. Much more on this story as it develops well, still on deck for the show, your stock of the day, set to surge on better than expected quarterly results. We will reveal that name to watch coming up next plus, paying up for peppa pig, a multimillion dollar deal for a company that introduces hit tv shows to children. Worldwide exchange returns after this ry fortunate i can lean on people, and that for me is what teamwork is all about. You cant do everything yourself. You need someone to guide you and help you make those tough decisions, thats Morgan Stanley. Theyre industry leaders, but the most important thing is they want to do it the right way. Im really excited to be part of the Morgan Stanley team. Im justin rose. We are Morgan Stanley. Applebees handcrafted burgers now starting at 7. 99. Now thats eatin good in the neighborhood now starting at 7. 99. I was on the fence about changing from a manual to an electric toothbrush. But my hygienist said going electric could lead to way cleaner teeth. She said, get the one inspired by dentists, with a round brush head. Go pro with oralb. Oralbs gentle rounded brush head removes more plaque along the gum line. For cleaner teeth and healthier gums. And unlike sonicare, oralb is the First Electric toothbrush brand accepted by the ada for its effectiveness and safety. What an amazing clean ill only use an oralb oralb. Brush like a pro. Welcome back to Worldwide Exchange making headlines this morning, bio fuels producer wants to buy the Philadelphia Energy solutions refinery that was badly damaged by fire that happened back in june. The Company Wants to convert the plant to make Renewable Diesel and jet fuels so well see if that developing story takes hold there. A possible oil refinery if this goes through lets get a look at the stock movers so far. Sales force shares are risiing after the Software Company reported better than expected results and gave guidance. Thats important theres a huge wave of Digital Transformation i have the opportunity and mark has the opportunity to go around the world and talk to a lot of other ceos and theres a huge imperative around Digital Transformation and Everyone Needs to get closer to the customer and everybody is trying to improve the Customer Experience and thats where sales force really brings value to the table. Investors like that story sales force shares are up by 6. 25 in extended hours trading. U. S. Toy maker hasbro is buying entertainment 1 for about 4 billion in cash and if you dont know them, Entertainment One is the owner of the popular preschool brand peppa pig. Entertainment one in british trading up by 32 . Well, gap same store sales missing estimates in the latest quarter after all the brands experienced a sales decline. Gap shares dived as much as 7 in the after market trade before rebounding a little bit. Right now in the Early Morning off by about 2 premarket. Well still to come on Worldwide Exchange, the astounding number you will not believe that commuters spend in traffic every year im a commuter, i know it might make you envy our Early Morning schedule here in the United States. But its not just Big Technology a number of states attorney general taking on what they call the number one consumer complaint. Robo calls you know what theyre talking about. Details when worwi ehae tus ter thisng the first survivor of alzheimers disease is out there. And the Alzheimers Association is going to make it happen. But we wont get there without you. Join the fight with the Alzheimers Association. Mno kidding. Rd. But moving your internet and tv . Thats easy. Easy . easy . Easy. Because now xfinity lets you transfer your Service Online in just about a minute with a few simple steps. Really . Really. That was easy. Yup. Plus, with twohour appointment windows, its all on your schedule. Awesome. Now all you have to do is move. That thing. [ sigh ] introducing an easier way to move with xfinity. Its just another way were working to make your life simple, easy, awesome. Go to xfinity. Com moving to get started. Welcome back the dow opened up by 68 points the s p up by 10 points and the nasdaq up by 35. On the oil side of things a little bit of movement and it has been a focus for many traders. Lets get a check on this mornings other top headlines. Francis rivera is live with the latest good morning, happy friday. Happy friday to you we start this morning with a huge fraud crack down that is effecting a whole lot of americans. Federal agents arrested dozens of people accused of taking part in an International Fraud ring they allegedly tricked businesses into making bogus transfers while using fake romance schemes in a 252 count federal inindictment the 80 defendants are accused of hacking email accounts to convince more than 30 companies and individuals to transfer money allegedly making off with 6 million and attempting to scam another 40 million. Fires continue to devastate the amazon rain forest concerns are growing throughout the world that the burning land could be lost and could no longer produce 20 of the planets oxygen. Now most of these infernos were intentionally set. The Biggest Phone Companies are pledging to Deploy Technology to defeat the robo calls and help catch fraudsters in july alone there were 4. 7 billion calls. They agree to deploy new Call Blocking technology and trace robo calls to their source i get three to five of those on average a day and theyre all coming from ones i should recognize in my own area code. I hope youre not answering them. Im totally screening my calls. Coming up, an interview you cant afford to miss Sarah Bloom Raskin weighs in on everything from what we can expect from powell today to fears in a Global Economic slow down a lot to cover when Worldwide Exchange returns right after this i had a few good tricks to help hide my bladder leak pad. Like the old tunic tug. But always discreet is less bulky. And it really protects. cause it turns liquid to gel. So i have nothing to hide. Always discreet. Fed in focus, a big day ahead for jay powell as he delivers a major address in jackson hole wyoming investors are watching well ask what the markets want to hear from fed chair jay powell plus yogi stole picnic baskets but this bear is living in the age of ecommerce and that means it has a whole different kind of target the video going viral this morning. It is friday, august 23rd, youre watching Worldwide Exchange right here on cnbc. Welcome back to Worldwide Exchange im dominic chu in for Brian Sullivan this morning. Lets get right to the markets and where they stand stock futures are pointing to what should be a higher open rig