To repair and could it be a september to remember. Trying to brush off its reputation as one of the worst months of the year for stocks. It is monday, september 23rd and Worldwide Exchange begins right now. Good morning, good afternoon or good evening and welcome from wherever in the world that you may be watching. Wherever it may be, good morning, im brian sullivan. Here is how your money and your Global Markets are setting up their day and their week futures now down 99 points right now. Little red on the screen this morning. Coming into today the s p 500 has been up three sessions in a row. Right now, looking like its not going to make it 4 but a long way to go. In the credit markets, things have cooled off just a bit well talk about that in a second benchmark ten year treasury market 1. 86 after all those wild moves, things have cooled off just a bit in the last week. There are no Major Economic data points or policy speeches today. Around the world in asia, japan was closed for a holiday the Chinese Markets we are seeing shanghai down just about 1 hong kong fell as well and in europe, again, not a major trend that we are spotting maybe little more red on the screen you can see the major market average now down about 1 . Its been a good month here and around the world as well still we are down across the screen this morning. It is maybe a busy week ahead. Wall street trying to look past the trade war an the fed to more actionable items including things like nikes results theyre out tomorrow afternoon we get a Housing Health check out as well. And the final reading on Second Quarter gdp on thursday. Durable goods on friday. The bond market scenes after those wild moves we have to calmed down just a bit lately and just three months left in the year, lets try to figure out to decipher what is ahead and bring in your guest of the morning who is chief Investment Officer of fixed income and Portfolio Manager at diamond hill capital management. Bill, good morning happy monday, happy week what is to you the most important thing now . The fed is behind us trade war has been going on now for nearly two years what is the most important thing to you and your team to focus on right now . Well, i think probably the trade wars versus the trade truce would be the biggest issue. Are we going to get a trade deal or are we just going to get a trade truce . And could we even get an escalation of tariffs from here . Now why does that matter to the credit markets and how do you see it affecting the markets Going Forward . Well, i think certain parts of the credit markets are starting to price in a trade deal, which i think we see very little evidence of that. We are seeing evidence of a trade truce, but even that could change at any minute. So what do we do . Whats the best move for your clients and our viewers right now . You have to stick to your late cycle play book you have to be prepared for an escalation of tariffs which would have a very damaging effect on the u. S. Economy its already putting germany into recession or very close to recession. Its having an impact in china if it has a negative impact on the rest of the world, its certainly going to come back and affect our economy do you see the economy slipping into recession in the next year or so, bill . I think were right on the cusp of what the Government Bond market is telling us is that were right on the cusp of high risk of recession or this mid cycle adjustment as chairman powell likes to refer to it. We look at markets now and say the bond market may have done the result of the federal curve. Were waiting on the fed, we have seen yields come way down and back up to 137b9 7 hanging around these low Interest Rates for the foreseeable future or any way we can pop back to 2, 2. 5 even 3 on the ten year . Yeah. I think 3 on the ten year is a real long shot, but 2 on the ten year would be interesting. If the twoyear stays around the levels right now, thats kind of how i would draw the line in the sand for whether were talking about the risk of recession versus this mid cycle adjustment, twoyear, lets say 175 or lower ten year more like 2 . Right now the yield curve is still just barely positive, maybe three bases points between the tenyear yield and twoyear yield. Youre in columbus, ohio, ill leave with probably the most important question youve ever heard, how badly will ohio state beat michigan this year because michigan is not good i dont want to comment on that, but we did have a great come from behind victory against miami this weekend. Oh, yeah, those red hawks, they really put it to you guys, 73 to 5 . We were sweating it out we only pulled ahead by 71 points. My wife went to miami of ohio bill, thank you very much. We appreciate that. Sure. Meantime, your top corporate story, another twist in the seemingly endless saga of wework new this morning, Board Members and early investors in the startup are now pushing for the removal of its controversial cofounder and ceo adam newman Frank Holland with more on this story. Good morning, frank. Good morning, brian sources say weworks board could mean as soon as today to discuss details to possibly oust newman, softbank chief who had been one of newmans biggest supporters is now reportedly in favor of removing him softbank and its vision fund is weworks largest exterm shareholder. Some Board Members not associated with softbank align with pneumonia on the keep him as ceo the company postponed ipo road show after investors questioned its complicated governance giving newman large voting power. Newman had once been forced to reschedule a private plane trip after marijuana was found on board. Newmans erratic behavior includes desire to be the president of the world, living forever and becoming the worlds first trillion nar they see this move against newman an effort to prevent the companys ipo. Softbank views the writedown small in size and believes a leadership change would be beneficial for the wework in the longterm. Thank you very much. There is so much left to do on this very busy monday morning. When we come back what cooling trade tensions between the u. S. And india could mean for the markets and your money then, what happens when the worlds toelsd travel and Tourism Company stops operating overnight. It happened. And theres about 150,000 angry travelers who want to know the answer. Later, Disneys Bob Iger on why he walked away from talks to buy twitter. A very busy hour straight ahead tus. Rlidexan ge rern as soon as the homeowners arrive, well inform them that Liberty Mutual customizes home insurance, so theyll only pay for what they need. Your turn to keep watch, limu. Wake me up if you see anything. [ snoring ] [ loud squawking and siren blaring ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. So servicenow put your workflows immhm. Cloud, huh . Your employees must love you. Thank you. Ah, you could say that. So how are things with you guys . Great. Thank you. Thank you, sir. Lunch next week . Terrific. Say hi to the team. Will do. Call my office, i will. Sounds good. Alrighty. Servicenow. Works for you. Welcome back and good morning. Your big number of the day, 142 billion. That is the total value of goods and services traded between the United States and india last year indias gdp now 2. 5 trillion, basically the same as england. Remember, india likely to become the worlds most populus nation by the end of most of our lifetimes. That also makes india the u. S. s ninth largest trading partner overall. Something President Trump has kept on top of mind during a howdy modi event in houston, texas, over the weekend. Here is more on what was a massive weekend in houston thats right. President trump joining Prime Minister modi on stage at nrg stadium in houston he removed the countrys preferential trade in june both leaders sidelined the trade discussion and focussed their attention on reaffirming the u. S. india relationship and emphasizing the importance of Border Security for both countries. On this day im happy to report that the relationship between the United States and india is stronger than ever before the ties between our two nations are grounded in our common values and our shared commitment to democracy we are free nations with great fate and a fierce devotion to our national independence. We are strengthened by our love of liberty those comments come weeks after india sent troops to cashmere amid tensions with its neighbors pakistanpakistan it comes after an overwhelming majority of Indian Americans voted for Hillary Clinton over trump in 2016. The warm exchange between trump and modi tees up forthcoming talks in new york this week at the United Nations any deal will not likely address ecommerce rules that have challenged walmart and amazons growth in the country. Seema, what do you think that the stalled china trade talks mean for india are they going to be the net winner of all of this as Companies Look to move their supply chain i think if President Trump is focussed on winning a trade deal of some sort, then it may potentially incentivize the u. S. Administration to ink some type of deal with india in the coming weeks or months. And you wonder with the backdrop of stalled talks with china if that really pushes him to put some type of deal on the table with india. Seema, i would like to change gears while we have you and its a spectacular pleasure to have you on sWorldwide Exchange, we would like to talk about travel. Thomas cook collapsed, literally ended business over the weekend suddenly its liquidating and also setting in motion what is being called the biggest repatriation about 150,000 brits clients of thomas cook are now basically stranded around the world and being forced to seek alternate ways to get home what happened with thomas cook yeah, this is really an extraordinary story playing out in the travel world. Were talking about the worlds oldest travel firm, of course, based in the uk. Last ditch efforts to save thomas cook really failed. This is a company thats sitting on, i believe, 1. 7 billion pounds of debt and its been really hurt by the fast evolving nature of the Online Travel market booking holdings and expedia plus geopolitics in turkey also hurt its bookings and stock chart over the past one year really tells the story some of its competitors are trading higher on this news. Brian . A big Company Thomas Cook a lot of people stranded trying to get a way home thank you for joining us on deck, the Opioid Crisis has devastated towns it has devastated families now theres new risks from a financial perspective. Were laying out stocks who may be at risk extremely delicious duo, why pizza hut chose to partner with its latest and greates [upbeat actiont creation in the snack food business pilot were going to be on the tarmac for another 45 minutes or so. As a principal i can tell you this. When one student gets left behind, we all get left behind. This is a problem that affects each and every one of us. Together with ibm, we created a whole new kind of School Called ptech. Within six years, students can graduate with a high school diploma, a college degree, and a pathway to a competitive job. You know whats going up today . My poster. Today, there are more than a hundred thousand ptech students around the world. Its a game changer. Welcome back its 5 18. The oil markets, some newer reports suggest that saudi aramco emergency talks with contractors to speed up repair on its massive facility offering to pay premium rates for parts and repairs. Wall street journal also reports that it may take months to fully restore operations rather than the maximum ten Weeks Company executives promised of course thats what you heard us and other guests speak about on cnbc. Costs could run into the hundreds of Million Dollars. Am ram koe is pushing ahead with its ipo plans. They added ubs and Deutsche Bank as book runners for the deal in the meantime, despite being off the major headline, hong kong still remains a major global flash point prodemocracy protests stretching into the fourth month over the weekend demonstrators flooding a Shopping Mall yesterday, trampling a chinese flag and setting it on fire they chanted hong kong people strive on. The clashes in the mall followed street balts on saturday where protesters threw molotov cocktails at police. Hong kong cancelled fireworks for the founder of the communist party which son october 1st of this year. Coming up, new numbers this morning on the 2020 race for the white house. Well give you those numbers and details ahead. Plus, some famous royals are heading to africa this morning well tell you how prince harry plans to walk in his mothers footsteps when Worldwide Exchange returns. Man can i find an Investment Firm that has a truly longterm view . It begins by being privately owned. With more than 85 years of experience over multiple market cycles. With Portfolio Managers who are encouraged to do whats right over whats popular. Focused on helping me achieve my investors unique goals. Can i find an Investment Firm that gets long term the way i do . With capital group, i can. Talk to your advisor or consultant for investment risks and information. Welcome back and good morning. It is exactly 5 22 stock futures, theyre not indicating new record highs today. In fact, we have dow futures down about 73 points right now lets get a check on this mornings other top headlines including a new update on the race for the democratic nomination for the white house nbc Francis Rivera is in new york with that and more. Good morning. Potential sign of trouble down the road in 2020 for President Trump. The latest polls from nbc news and the wall street journal mounting trouble for the president. His Approval Rating is at 49 but 69 of voters say they dont personally like the president , politics aside half of voters say theyre very uncomfortable with mr. Trump as a president ial candidate Elizabeth Warren on the democratic side topped a new iowa poll for a first time in a statistical dead heat with former Vice President joe biden. Prince harry and Meghan Markle are traveling as a family bringing baby archie along for his first officials overseas tour theyre expected to arrive in cape town south africa he is expected to honor the legacy of his mother angola. She was famously pictured by a mine field her 1997 trip raised worldwide awareness of the damage land mines do Downton Abbey brought in 31 million domestically and 61. 8 Million Worldwide making it the largest Opening Weekend from a specialty studio in a decade rambo got 19 million for a monday, those are your headlines. Brian, back to you. Francis, thank you very much and have a good day. Up next a growing number of investors reportedly looking to oust weworks ceo plus, your morning rbi and why new yorks Real Estate Market may be a lot worse than you think. 5 24 were back after this. Do you have concerns about mild memory loss related to aging . Prevagen is the number one pharmacistrecommended memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. You should be mad at leaf blowers. [beep] you should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. But youre not mad, because you have e trade which isnt complicated. Their tools make trading quicker and simpler. So you can take on the markets with confidence. Dont get mad. Get e trade and start trading today. Is weworks controversial ceo about to be shown the door maybe. Theres some powerful investors have their way we have the very latest. Why disney didnt buy twitter. New details this morning from bob iger. And the emmy goes to well, you got to stay tuned. Were going to bring you the winners and losers from last na nights big show its monday, september 23rd. Youre watching she show right here on cnbc welcome back and good monday morning. Thanks for being with us here on cnbc im brian sullivan. We are not quite halfway through the 5 00 a. M. Hour stock futures are down right now down about 70 points now, despite septembers reputation as the worst month of the year for stocks, this year were having one of the best months of the year were having the best month since january and june the average return of s p 500 stock this month 3. 5 . Check this out, 54 s p 500 stocks are up 10 or more this month, september, doing a little reputation makeover. Were not going to catch june in january. Still overall, not a bad month for stocks new developments this morning in the saga that is wework and its ceo adam newman. Cnbc. Com reporter joining us with the latest twist and turn alex, good morning good to see you. Youve been all over the story is this the end for adam newman . We dont moe. As a weworks ceo he has friends on the board or lets bring us up to date here theres going to be a Board Meeting today for people at weworks discussing the fate of adam newman as ceo he may stay on as chairman, simila