December 2008. Brent had its best day since collecting data. You are still looking at wti at 61. 81 and present at 65. 85 in asia, the knnikkei up about 3 points this morning, some early trading in europe, fairly muted there. Ftse slightly higher in france, the cac slightly down, so is the dax. Check out treasury yields, the soyear is now yielding 1. 833 the 30 year a little lower but well above what weve seen in recent months. Lets talk about the corporate story of the morning wework now delaying its ipo. Surprise but says it will still go public by the end of the year the company has been prepared for its investor road show which was supposed to take place today. But made the decision last night to stand down. This reportedly over concerns that there is not enough stock mark et investors. Work reporting they will not go public until at least october at the earliest adam neumann wants to get through the jewish holidays before he considers the next steps. Because that is what is keeping the interest down . I think in terms of the calendar when you might begin the process. The companys valuation has been slashed by as much as 37 billion since its first ipo filing the biggest investor has been pushing to shelf the deal entirely saying well hold a Company Webcast for employees this morning. My understanding is that softbank and wework has come to some kind of compromise. I dont know if there were additional ratchets or monies or softbank was going to buy part of it. They wanted to shelf it but do they want to put more of their own money in it. My understanding is they want to put more in the issue is not getting money from softbank but that they couldnt get enough from public investors. After smile direct club which was a disappointment and Everything Else, i think there is a few that for better or worse, there is not the appetite out there. How much guests have we had on the last couple of weeks how much guests have panned it or have we had on is this a High Water Mark i think it has to go public to be a High Water Mark. I think it will be a very low water mark im trying to have human to Human Interaction today. What does your horoscope say . It does say not to be cynical. So amid all of the crap and everything going on, seriously thats the latest book. His points are, put down the cell phone interact, look at people in line. When you are standing in line, it will be hard. Go to a movie, wherever you happen to be and you are waiting. Talk about them and ask a bunch of questions and look interested lean in and look in their eyes he said he learned that from oprah and others. If somebody did that to me, i would leave. If i do it, they would think this guy is a creapster. Hes a hollywood type. Hes highly successful. Yes, he is. Im trying to do it . Arent i insincerely you, by the way, have not had cynical comments yourself at all about wework i was thinking im on fast money. I share this work space. We have our own little version of wework. We have too much capacity in everything cars, houses i dont see you sharing in any of those things anytime soon air barc b was a problem i dont want to sleep in somebodys dirty sheet you know what dust is dust is skin so you are sleeping in peoples skin that happens at hotels as well inbev, the Company Plans to raise up to 4. 8 billion and will offer 1. 3 billion shares at a share of 27 to 30 hong kong dollars each valued at 45. 5 to 50. 7 billion. It could sell up to 40 more shares the company will begin taking orders for that tomorrow some new developments on the attack that took place in saudi arabia over the weekend. Nbc news says american intelligence says that the strikes originated from iran in response to the attacks, maybe a little bit of softening to comments. Well go now to riyadh with the latest hello again, hadley. Reporter good morning. If anything was really needed to show you how much legs this story will have. President trump suggesting that secretary of state mike pompeo could be in riyadh within days and the Kings Council has been meeting. We heard this morning, there will be a press conference around 8 00 p. M. Local time with officials from aramco, and oil minister the question will be not just the obvious ones about output. Weve been hearing a lot of reports about saudi aramco contacting customers with warnings that theyll not be able to fulfill their october commitments and questions about what kind of crude they have in reserve and that they would offer as replacements. So a lot of questions later today. Well head off there in a few minutes. Saudi arabia foreign minister releasing a word what is going on here. Suggesting that the weapons used in the attacks were iranian weapons. They did stop short unlike the president and unlike mike pompeo of blaming this squarely on tehran and that saudis dont seem quite ready to put blame for the attacks yet. Well wait for that nothing major in the works at this point from anywhere thank you. Well check back later this morning. Energy majors also responding to the attacks and impact on gleobal production. Here is chevr os ceo. I will tell you saudi aramco is a Reputable Company there are still damage assessments be eing done, signs they may come back on line fairly soon. That is the question, for how long will this supply be off the market there are some areas that will come in perhaps more quickly for the ramp up from the United States and showing that risks in the Energy Sector are real and markets had grown comfortable with those risks coming up, it is fed week we are just days away from the feds decision well tell you what to expect from fed chair jay powell. Reminder that delivering alpha investor summit is back in new york we have a big lineup including one on one interview with mike pence. You can register for tickets now. As we head to break, a look at the biggest premarket winners and losers on the dow. We think you would really shine in the aflac program. Aflac coach saban we have Health Insurance. Did Health Insurance pay for everything . No, we still have bills. Aflac gives you money directly to help with those. Aflac and your deductibles, knee brace, whatever you choose. Aflac sounds like a winner. Umhum. Umhum. We try. Get help with expenses Health Insurance doesnt cover. Get to know us at. Duck aflac dot com for farmers here, this is our lifes work. But when a recall happens, perfectly good food goes to waste. Now, weve got away around that. Looks good. Were on target. Blockchain on the ibm cloud helps pinpoint a problem anywhere from farm to shelf. Its used by some of the biggest retailers everywhere. A nice wedge. So more food ends up on your table, is that daddys lettuce . Yeah. And less food goes to waste. The feds twoday meeting kicks off today. The latest results of the survey more on what he found. Good morning. 43 strategists polled. They are pretty much right about the next stuff 100 see a 25 basis point rate cut. 92 say the next cut would be in december note that is only one more after this one 1. 56 is the average fund rate seen in 2020 another one dialled in for sometime next year or a debate about how many 51 say the fed should cut some of those say the fed should cut by 50 basis points the probability this morning have change. 44 say the fed should not do anything 25 of the reason is put on the trade war. We took a couple of the reasons out. People do not believe that the market is reacting to pressure from President Trump just 8 of the reason of the rate cut chief market Economist Says while the fed does not want to underwrite the john going trade war. We look for four cuts in 2019 completely unwinding the four rate increases in 2018 saying Economic Data and conditions are not exactly screaming for cuts but someone at 1600 pennsylvania avenue sure is ive been thinking about what weve been hearing the past week or two, after the last couple of times we heard from the fed, we saw the market sell off. It was expecting everything it got. If you have 100 already expecting a 25 rate cut and 92 expecting a cut next time they meet in december, it seems like they could be setting themselves up for the same condition. They expect it will happen anything in the commentary that would make it seem like we are not in the rate cut. That old adjustment, that stuff matters in the day to day and the total easing in the economy. If you were to show a chart of the 10year, which youve completely forgotten was what in november 2018. Weve all forgotten this all up near 3 do you remember that no, i dont guys in the back, if could you put up that 10year chart going back to september, november last year. It was up there a lot of easing that has come through the mortgage market, fixed income, bond market. All these easing the fed has to meet the easing it has been delivered by the market if you were jay powell, you have a choice. Im either doing what trump wanted me to do or im acknowledging you as right you could come back and say, well you caused it yourself with your trade wars. Why are there even four people at the table when you could have the conversation with yourself you are right. Thats exactly what i would respond. Because i know you. Im thinking wow, i dont know which is worse, admitting i was succumbing to the pressure to President Trump admitting you are right but then i would say, well, when you do it yourself, its pretty easy to engender your own right cut right . I think that is probably a good response. All right you can stay there are si reason other president s have chosen not to talk about the fed weve gone back and seen many president s have jaw boned over the years. Come on come on. You give me your list, ill give you mine and well compare social media allows it to be widely disseminated. If you think a president would have trouble with the remarks. Who is the pred that through the fed chief up against the wall he used to kick everybody with his boots what do you think jeffery. Ahead ahead of fixed income. Mild mannered Portfolio Manager by day what do you think i think this is a conversation about the yield curve and not so much the rates. I think the curve inversion spooks them or gives them a concern. Weve been threemonth build or 10year notes inverted twos and tens inverted when we look at the drivers, the back end is the global growth. The front end is Central Bank Policy if you run a chart against 10year booms, that holds up well that is pretty solid i think european longer term rates might drive the rate here when youve still got the policy in the ecb through a whole laundry list of easing in the market you still get the list that has paused part of the flattening anyway is the fact that the feds will ease in here but that they are a little behind. Does the flattening create an inversion. I think the back end responds more to global pressures the front end still saying in tune would you buy treasuries here we would not buy treasuries here i think barring any kind of real inflation or growth scare youd have a hard time selling me on 2 to 2. 4 would be a fair share you can build ayearold curve about 40 to 50 . That feels like where we should be we have reasonably good trend growth here in the u. S inflation is kind of within or close to that band positively slope yield curve around 40 to 50 basis points kind of feels right. It will just take a little while to get there a little news and relief on trade and stimulus how are we going to find capacity to do that. Youll get a more normalized curve. Good to see you thank you for coming in today. My response to you would be the weakness that was manifested in europe probably wasnt mainly due to the trade wars. That that was already my response to you, joe, would be i respond to you for me. I dont talk . Yeah. And the trade war is hurting in europe increasingly seen as responsible for Global Economic weakness when brian says talk to people, he doesnt mean talk for them really . I felt like you were communicating with me. Thats what i was trying to do impress the flesh im always trying to impress the flesh. If you were doing a comedy show, they say the guests are the furniture. You are not supposed to say anything that is totally different. Coming up, when when where he return if you are thinking about buying the new iphone 11, dont go anywhere weve been test driving the new models well have the review when we return from the break. Todays big number, 1. 47 billion how many ionphes released to 2018 they stopped releasing unit sales at the end of last year. You should be mad they gave this guy a promotion. You should be mad at forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. Doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Were changing whats possible. For instance, we know how your customers shop. And what theyve already purchased. Like this lamp. And we use those insights to show you what they might consider buying next. Midcentury modern, nice. That way, you can keep sending them offers for the perfect products. And that keeps them coming back. Hows that for changing whats possible . It has been a week since apple unveiled the new iphones our editor has been test driving. You are holding one. What do we think very nice phones. Worth the upgrade for people all the way back to the 6. If you have the 10, im not sure you want to upgrade yet. Two things consumers care about. Batteries and cameras. They had the best camera people thought the google pixel was better now they have the night vision and super wide. Super wide, regular wide the twotime zoom. Iphone 11 has everything in the pro max but just a little different screen not as bright and colorful also doesnt have the zoom lens. This is what most people need to buy. Its 699. Everyone is complaining that iphones are costing too much these are becoming service devices. Portals to serve you have apple arcade, apple tv plus coming. You have apple news. You can pay for all of that. Here is the thing i cant figure out i hate to say this the camera, more innovation. Ios 13, which i can get on my current phone. Is there something coming . Have we maxed out on what they can do thats a good question. You saw that with the samsung and galaxy fold that didnt work yes, down the line, well get to seeing new devices that will get people to say, wow i need that things people care about next year, we are going to get 5g for people who want to buy this phone and get the next upgrade. You have early upgrade thats what i have this is a better camera that what we see here it is pretty good apple is working with developers to film multiple developers about what you see on the back it is impressive it is crazy what that can do. Of the three, you are going with the cheapest one. I personally am going with the large one, the max i like the screen. How many hours can i really go they say five extra five extra over what . Over last years model. The 10 s 10 s max. On this, i can get through most of the day, not all of the day. Yesterday, i was at 50 i woke up and flew home and was still charged when i went to bed. Were you on the whole time . On the plane, i was in airplane mode. Impressive so five extra hours it should go all day. Do you think the battery just dropped another thing after about six months the battery does drop off apple does go through the battery program. They can change the battery for free or for 30. I need it because im at 85 . You need to upgrade a lot of people i talk to have the 6 or the 6 s. Get the 11. Your door is locked my whole house is fully connected. Should i get a battery . He needs a new phone. Upgrade. It seems fine but im at 85 . Thats apples problem. The older phones are still good. Is everything going to be a bigger screen . Can you get close to this size with the iphone 11 pro. Im looking at these pictures like we have a little Annie Leibowitz in the room here im not joking. The quality is better than we are seeing there todd, thank you hes going to be back here tomorrow with a review of the apple watch. You can see more of todds reviews on cnbc. Com in a bit. When we come back, content wars netflix lands the streaming rights to seinfeld. Take a quick look at s p winners and losers through the at t network, edgetoedge intelligence gives you the power to see every corner of your growing business. From finding out whats selling best. To managing your fleet. To collaborating remotely with your teams. Giving you a nice big edge over your competition. Thats the power of edgetoedge intelligence. Should always be working harder. Thats why your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. Announcer welcome back you are watching squawk box. Live from the market site in times square down about 42, 43 points. Nasdaq down around 12. We broke it yesterday. W we had eight in a row. Seinfeld is heading to netflix the Video Service acquired the global streaming rights to the sitcom will offer all 180 episodes of seinfeld starting in 2021. The latest escalation after they lost the rights to stream friends and the office a source tells cnbc thats price far exceeds 500 million they paid for the office. Seinfeld did not do as well on hulu. Unlike friends which accounted for much of the viewing on netflix. There is a big question mark on both the audience and platform in terms of finding shows and who is watching and why. By the way, the s p was down on friday, the dow was up on friday when we come back, the future of work well talk about big changes to the labor market coming up, our guest for the hour, Aryeh Bourkoff will talk about content wars stay tuned to cnbc was ahead of its time. Still, we never stopped making it stronger. Faster. Smarter. Because to be the best, is to never ever stop making it better. The 2020 cclass family. Lease the c 300 sedan for just 429 a month at your local mercedesbenz dealer. Mercedesbenz. The best or nothing. Liberty mutual customizes your Car Insurance, hmm. Exactly. So you only pay for what you need. Nice. But, uh. Whats up with your. Partner . Not again. Limu thats your reflectio