Decoupling markets in asia and europe were slightly weaker but here in the u. S. Were in the green. Treasury yields at this hour as well, we have seen some better than expected german labor data cause some firming in the global bond markets right now the 30 year is just sitting at a 2. 15 yield the tenyear, 169 and the twoyear at 164. That story that really dragged our markets on friday. We finished off the lows on friday any way only down half of 1 on the s p 500 by the close, but clearly if that story is turning around, its unsurprising to see futures up a little bit this morning. Broader market was down 1 last year. The u. S. China trade fight continues to dominate the Global Market headlines friday, stocks dropped amid the report that u. S. Would limit eunice yoon with the latest. Hey, eunice. Hey, guys if its true that the u. S. Officials are clarifying that the Trump Administration is not going to be imposing any restrictions on u. S. Investments into u. S. Companies that would definitely be a welcome move earlier today the Foreign Ministry made a rare statement at its press briefing saying that any decoupling of china and the u. S. Would cause instability in Global Markets and harm both sides. I say its rare because the ministry generally doesnt like to comment on what it considers to be rumors separately from that analysts were scratching their heads as to what kind of harm these types of restrictions would have on china in any case because Foreign Investors generally dont have a whole lot of money into the chinese stock markets of course that includes u. S. Investors. Then on top of that the chinese have been trying themselves to market their own markets to Chinese Companies. And to make them more attra attractive they established a nasdaqstyle exchange in shanghai, so this move, if it were to happen by the Trump Administration, was seen as one that could be playing right into chinas hands. Separate to that, china published more Economic Data surprise to the upside but for the most part most people believe that this is just a temporary blip so the pmi officially came in at 49. 8, a little better than august and what people had been expecting. The new orders swung back to growth and a lot of analysts said that the stronger orders were probably because of some front loading. Also, the idea these are seasonal factors and government stimulus these figures came right in time for a massive celebration that china is having to celebrate the founding of the 70th the founding of the peoples republic and the 70th anniversary of it. Today president xi jinping was at Tiananmen Square with other communist party leaders. They were laying a wreath to mark to memorialize some what they consider to be the nations heros. But the big festivities will be tomorrow well have a military parade and a big party and then theres president xi jinpings speech. Most investors are watching to see if hes going to make any comment about chinas attitude or any change in policy towards the west guys thank you very much japanese Industrial Production down. 21 . Well talk a lot more about china later this morning when Top White House trade adviser Peter Navarro will join us live 8 00 a. M. Eastern time Corporate News this morning, shares of ab inbev rose more than 6 in hong kong today on their first day of trading this is the second biggest ipo so far this year behind only uber many analysts say that the ab inbev offers a major test of Investor Sentiment amid political protests in hong kong during recent months we have our own issues here with the ipo window whether thats still open well see. Well test it again. Certainly a few data points last week not looking so positive for that market heard about wework today. Its like its weird. Wework, peleton. Theres no leases being signed for wework anymore. This is the first time in history, i think, that the bag isnt being held by the poor Retail Investors that get in on the ipo. Its the private market taking the brunt of the revaluation of wework, 47 billion obviously thats also a positive spin to put on it the worst the Public Market has managed to do their Due Diligence and obviously did it with endeavor as well when you get to a certain point and youre tainted by the other ipos, you decide im not coming out at this price i dont need to come out at this price. Peleton is done since but got top of the range 8 billion valuation, an example of the flip side they still managed to get away that week. If you dont want to do no, of course. The range was lowered and then it would be below that. Ill just wait. Wework is concerned several major banks for the last three years have been warning that corporate real estate may not be if not overvalued at least fully valued it does raise the question of what sort of governance the private market was able to provide or if they were throwing money at this company. Well take your hands off. You do what you do best. Thats on them. Absolutely on them. Theres a lot of questions for the likes of soft bank and others who took part in fact most recent wework private funding and also on the bankers who, of course, approved the s1 original version the bankers who were involved were attracted private market investors. Theres also that round for Investment Bankers its not as public its not as open it doesnt go out to as many uneducated investors but they still are trying to entice bench Capital Funds i bet a lot of people are criticizing those people that told them this is a great deal. I think the vanguard, the fidelities the black rocks would consider themselves educated investors but investing on behalf of the broader public. Lets tell you whats happening in hong kong where protests have taken place for a 17th straight weekend. Nbcs Janice Frayer joins us from there with the full story ahead of a key chinese holiday janice, good morning reporter good morning. What a seething sunday it was here with riot Police Firing hundreds of rounds of tear gas, hundreds of rubber bullets including near us, water cannons, sponge grenades, pepper spray against protesters who were throwing fire bombs, vandalizing metro stations and pulling up bricks from sidewalks to throw at police this was the 17th straight weekend of protests. It was easily the most violent over 150 arrests were made thats a sign that police are showing no tolerance for decent. The timing of all of it, of course, is significant with china having its national day tomorrow there are huge celebrations planned for beijing, for the 70th anniversary theyll be a parade through military parade through Tiananmen Square xi jinping will oversee it its such a big deal in china. The government donated 620,000 tv sets to chinese households who didnt have one so that nobody would miss the festivities. Of course, what they wont be seeing is the split screen that most of the world will see with what will be happening here. Its expected to be a tense and very violent day police are urging people to avoid violence they have banned most protests but its not expected that protesters will Listen Police say they should expect a dangerous day. There will be clashes across the city with the first protests expected to start just after dawn. Thank you very much for that. Still to come on squawk box, tech under fire. Why antitrust investigators in congress are looking at google today. First, as we head to break, look at the biggest premarket winners and losers in the dow. What do advisors look for in an etf . Dont just track an index, help me meet a clients need. Is the fund built to sell or built to last . Etfs are only part of a portfolio. So make it easy to explain. Give me a quality fund that helps me get clients closer to their goals. Flexshares etfs are designed and managed around investor objectives. So you can advise with confidence. Before investing, consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. Welcome back to squawk box on cnbc. The Tech Industry remains under fire from regulators the wall street journal is now reporting congressional antitrust regulators are looking at plans by google to use a new internet protocol. They fear it could give the tech giant an advantage by making it harder for others to obtain consumer data with all of the ways that washington is scrutinizing all of these tech companies, its hard to imagine how they could go forward with certain new products and policies that would be seen as such. Huge amount of scrutiny even before we get into the election campaigns, probably only going to increase the rhetoric and fang was trading off quite noticeably last week, could argue thats also broad rotation but the politics plays a part in that. Couple stories about wework this morning bloomburg reports softbank is help turn around wework. Meantime the wall street journal reports turmoil at the company is keeping wework from signing new leases landlords are not having much interest on taking on the company as a tenant. Back to the broader markets, ed campbell senior Portfolio Manager at qma and head of research and chief Market Strategist welcome to you both. Katherine, i thought we would try to stay out of getting too political around here. But one of your biggest concerns is how the democratic dominating process plays out. You think that viewers and investors need to start thinking about who wins the first couple primary. And if its Elizabeth Warren, youre recommending people buy now . Yeah. Its a great time to, joe. The fact is the s p 500 is 49 comprised of the three sectors that she most hard hits, thats of course tech which you previously talked about, expect a breakup of the Major Companies there. If in fact we start to price in the risk theres no chance that Elizabeth Warren is priced in at s p 500 of near 3,000. One of the three main sectors that comprise almost half of the s p, tech, of course financials and of course health care, all three of which i think would fall precipitously if the market and when the market starts to discount even some chance let alone pretty good chance of an Elizabeth Warren nomination and later presidency. Youre okay if you end up in her campaign ads now for another bankster that doesnt like her thats a badge of honor . Look, joe, our game here is to help out our clients and to make money on the market i think a way to do that is factoring the biggest risks. This is for me the biggest risk. Markets are not pricing in corporate reform, Corporate Tax reform which was a very big part of the legup we have seen over the past two years in the s p 500 is going to go away. We need to protect ourselves and protect positions. Its a good idea to put on a put option with march expiree. Comes after the first two big caucus and primaries then you have super tuesday in early march. I think its a very prudent, very inexpensive way to protect ones positions. You like look at that backdrop its beautiful. Its going to be october tomorrow i know. Miami is amazing will you sign on for you have no income tax down there. Will you sign off on all our endreviews on remotes would it matter if were not here, you think . Move the entire show to miami . Move the entire network its also still 90 degrees. A lot of hedge funds. We dont need to go to the washington swamp. Is that being considered . Im joking only in my diluted mind only in my diluted mind. Theres an exodus of new york and new jersey its not just the weather. No kidding. Carl icahn. Thats right a lot of hedge funds, tax benefits, quality of life and the weather is impeccable, especially this time of year. You keep telling yourself as the weather rises above. I hope you laugh this interview out. Come on. Ed, you just are worried, i think. Theres no reason theres barely any reason for you to stay long at this point. Its all about trade as well, right . Well, i think the outlook is as clear as mud. We have a Global Economy thats very weak and vulnerable we have a u. S. Economy thats resilient at this point. And keeping things in keeping our head above water, but theyre a major cross currents in both directions and i think that raises both the upside and Downside Risks for financial markets. So yeah, were sticking pretty close to the shore in terms of our positioning relative to policy benchmarks. I like that i never heard that you heard that before, will . They dont say it in london much at the moment. Right no, but sticking close to shore. Keeping you dont want to be out in a storm if you cant see to try to get the boat back in there. But youre sitting there at your benchmark waits and not taking any conviction course. So, were overweight Global Equities relative to fixed income modestly because of the relative discrepancy values that have built up there. But, yeah, keeping a focus on the United States economy because its relatively more resilient. We have bought some value stocks recently because of the increasingly wide valuation discrepancy thats built up there in favor of value. The u. S. Economic surprise index has spent most of the year in negative territory we think that could spark some improvement in value relative performance. But, in general, not taking big bets because its really difficult at this point to determine whether the upside risks or the Downside Risks are going to gain the upper hand is the ipo asset class totally off the table for you right now . Were typically not buying ipos im doing global asset allegations. That would be im sure some of our small cap managers may be dipping their toes in there, but not really focus for us. If youre worried about trade, isnt tomorrow a big day. How long are the tariffs delayed . Two weeks. We want to get past tomorrow, right . Friday the market sort of went down when there were some comments out of china that werent great, right then today we dont do the delisting. They might be considering stopping investment into china. China responded how they were pretty bell close. Yes, as eunice just said. So, two weeks from now, now were back on the schedule for putting tariffs back on, right we are. But before that there is another round of trade talks on october 10th and 11th. How are those going to do well see it will be interesting to hear from Peter Navarro what led to the administration coming out and categorically saying we will not have Chinese Companies delisted from the u. S. And which other restrictions may not be off the table. To do it in the first place sounded like they were angry about something, right so i dont know. Also potential tariffs on the eu in certain sectors. I dont know whether that suggests the administration is going hard on everyone or whether its an alternative avenue for the sort of protectionist rhetoric if it feels a deal is coming with china. Katherine, the next two weeks specifically theres all these flash points on trade, does that skew the way youre investing . Does that lead you to sit on your hands for a couple weeks to see how it all shakes out . No, it hasnt, kayla. One of the reasons why the market dropped almost a year ago 20 was because of trade fear. At that point, we contended that trade incentives were aligned. I think there are even more that much aligned for President Trump who needs the victory. My concern, however, is that the chinese sense blood in the waters and have measure incentive to hold out now given that he has been weakened. So, hey, these capital controls could be trump trying to countervail or counteract his weakened position in front seat of the chinese but i do think from here to november hes going to desperately try for some type of victory with regard to trade thats been my longheld view. I think if yeah, i think if he gets it hell be very well positioned for next year. Thank you my pleasure. If theres blood in the water, you want to be close to shore, too, i think. Because it could be were not ready to front run President Trump. If the trade tensions do tamp down, then i do think theres a lot of stimulus out there. And that could fuel a rally, but we want to wait and see on this one. Blood in the water could be from the great white, which is right off the coast apparently of did you see that cape cod, did you see that went from above, its that shadow its like 50 feet from the shore. Although great white sharks on the coast of massachusetts arent anything new. Well, im not sure i knew they have shark warnings every summer. Great whites . Yes. That was new york, wasnt it . That was long island you probably remember better than i do. I knew that was coming. Didnt you see jaws 6. Yeah, the computer animated version. Following people on shore i think into the sea world it did they tried to sell that. Speaking of elon musk unveiling a new rocket the pictures of that straight ahead. But first as we head to break, a look back at this day in history you should be mad at airports. Excuse me, where is gate 87 . You should be mad at nonseasoned travelers. And they took my toothpaste away. And you should be mad at people who take unnecessary risks. How dare you, hes my emotional support snake. But youre not mad, because you have e trade, whose tech helps you understand the risk and reward potential on an options trade its a paste. Its not liquid or a gel. And even explore whatif scenarios. Wheres gate 87 . Dont get mad. 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