Cooperman taking on trump over the Federal Reserve in times of crisis Worldwide Exchange begins right now. Good morning and welcome to the show im dominic chu. Announcer to Brian Sullivan. With me the entire hour, peter bookfar wiright now stock futur indicate what could be a nice open to the upside, about 175 points within the last hour we were up 400 to 500 points implied. Well see if that moves. The Dow Jones Futures have been going from losses all the way to gains. At one point we had a range of 1100 its been a volatile, possibly preshadowing the market. Tenyear government yields we gone down to 1. 0 3 year, setting the record twoyear treasury notes, 1. 2 . The session low for americanbased crude is 43. You can see 45. 53 the last trade there. We have seen a bit of a downside move in the last hour or two lets watch whats happening a rebound in under way, in asia and europe as well as investors hope for action from global Central Banks around the coronavirus. Matt taylor is in singapore. Julianna tatelbaum is in london. Matt, well start with you first. We did see some nice green finally in those asian markets absolutely. Asian markets mostly in the money despite that woeful news for manufacturing numbers. China markets the strongest, up 3 after that contraction in pmi. Australian market, proxy was lower ahead of a possible rate cut out of the central bank there tomorrow lets talk about the pmi data because we saw a big decline, 35. 7 down from a reading of 50 in january we also had the private Sector Survey falling a reading 43. 3. Dom, back to you Julianna Tatelbaum is in london with the latest that green theme continues in european sessions. Dom, thats right we saw a strong rebound at the open in europe with the stoxx 600 up more than 2 at one stage but the optimism has faded in the last hour or so, much like the developments you pointed to in u. S. Futures. Now the italian index has come under a great deal of pressure, down 1. 9 italy remains the hub of the virus here in europe. 90 of the cases remain concentrated in the northern parts of the country over the weekend, italian authorities launched a 3. 6 billion euro package of easing to try to mitigate the impact of the virus on the economy investors still concerned this morning around italian markets the german index has also now slipped into negative territory down about a quarter of a percentage some of that initial optimism has faded in the last moments of trade. The banks coming under pressure this morning banks down 1. 9 here the italian banks are dragging this index down. So, very concentrated risks in markets in europe. Health care up 1. 5 . Food and beverage and oil and gas up 1. 3 . This rally in oil and gas stocks comes off the back of bounceback from crude a mixed session for european markets after the strong rally at the open. Julianna tatelbaum live in london with the latest there to the latest on the coronavirus outbreak, the global death toll exceeds 3,000 with a second death reported in the United States and new york has now its first confirmed case rahel solomon joins us with the latest headlines. New York Governor Andrew Cuomo confirmed his states first case but didnt offer many specifics. He know the woman recently traveled to iran and is isolated in her manhattan home. As Companies Continue to take action nike says its temporarily closing European Headquarters in the netherlands after an employee was infected with the virus. American airlines is waiving change fees on newly purchased tickets and United AirlinesCeo Oscar Munoz telling employees his companies will likely need to cut additional flights. Both these moves as the travel industry deals with declining demand thank you for those updates on coronavirus. Stock futures indicating what should be a green open right now but its well off the session highs. We were just about 150 points to the upside implied right now about an hour ago we were 400 to 500 points implied Goldman Sachs out with a new note predicting the fed will cut Interest Rates by 50 basis points at or before its next meeting later on this month. An additional 50 basis points, half a percent worth of Interest Rate cuts in the Second Quarter as well. Goldman also says to expect action from policy makers not just here in the u. S. But also canada, the united kingdom, australia, india and more. With me now for this hour is peter. The central bank theme has been a driving force behind supporting markets for the better part of, say, a decade now. Why is it the coronavirus fears really did not respond to the idea the Central Banks could step in and help they realize a rate cut or two is not a vaccine and its not going to address supply issues out of china. Its not going to make people get back onto a plane or get back into a casino its not the anecdote to what ails us now. Its not a rate cut, which i know theyll do, but its not going to help Economic Growth. Maybe it will grease the wheels of the Financial Markets for a short period of time im more afraid they do this, the markets rally for a short period of time, give it all back and then these cuts are wasted its interesting to put this move in perspective with whats happened over the course of the past, say, year, year and a half with regard to drawn out trade conflict between the worlds two largest economies that seem to get resolved at the end of last year the trade war had nothing like this in terms of impact so the Economic Growth scenario is still there but this is a bigger threat than the trade war, apparently. No question the world was not prepared in terms of the pace of growth and assets going into this Global Growth was only 3 , u. S. Spread was 2 . Tightest spreads since 07 valuations in the equity markets at 20 times earnings we were set up for something out of left field that is going to rock Economic Activity whereas sars, it was after the nasdaq had fallen 80 , after the financial crisis when we actually had more important things to worry about. So, it was sort of the positioning for this that is making it more profound. We want to show viewers and listeners on sirius xm, we are showing a graph that says falling below key levels a 200day average people like to follow basically every sector out there along with the Broader Market is now falling below a key longer term trend line. Does that mean that this is the buy the dip opportunity people have been waiting for . Thats the mentality people have been trained on for the past decade because central bankers are the stimulant for that kind of behavior. But i think people have to be more careful this time around because they have to understand Central Banks are going to be shooting blanks. Theyre going to give us what they think they can give us but there are going to be blanks in that gun im just warping people. The answer to what ails is an end to the spread of the virus not bank cuts. Liquidity wont save us from a virus outbreak. Right when we come back on the show, trouble at twitter as they troll its founder and ceo. Details coming up next as we head out to break, all 30 dow components are in correction barring this mornings rally with 11 in bear market territory, down 20 from their recent 52week high. Names like boeing, exxon, 3m, disney, all part of that story a veryus by morning ahead when Worldwide Exchange continues to keep me moving the way i was made to. It nourishes and strengthens my joints for the long term. Osteo biflex now in triple strength plus magnesium. 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. Welcome back to the show lets take a look at dow premarket gamers including apple, home depot, boeing, each up 2 if these gains hold into regular trading. Twitter may be gearing up for a fight with a major activist investor over control of the ceo office. Rahel solomon joins us with that story. Sources tell cnbc Elliott Management founder paul singer is looking to replace twitter ceo jack dorsey. Elliott is pushing for dorseys removal because his focus is split between running twitter and square he began as ceo in 2015. In November Dorsey also tweeted he planned to live in taf ka for three to six months this year. That announcement surprised investors. The wall street journal reporting elliott has taken a 1 billion stake in twitter and has been in talks with management about perhaps finding a fulltime ceo and they have nominated four directors to the boards the journal says at least for now, it may be working with twitter instead of waging a public campaign. They nominated the directors before a recent deadline as a backup plan in case talks fall apart. The stock has little changed since dorsey returned to the ceo world. Meantime, facebook has doubled. This is a chart since 2015. What you want to look at for folks watching right now and for folks listening in is over the last couple of years, this stock has troughed and actually had some great upside momentum. Sure looks like it. Until september of last year when things hit started to fall off there this could be a situation where twitter is a company that shows it has to get back to those levels and User Engagement and growth and jack dorsey himself, when compared against facebook, you dont see the growth with twitter, they feel his focus is a little a little spread. Maybe hes spread a little thin these days its hard enough to be ceo of one company. To be ceo of two Companies Square and twitter, sure. You would have to believe he himself would say, this is way too much for me. Both those companies are not small in any way, shape or form either. And the africa announcement unsettled people a lot of questions about what he would be doing. Its a big year for catalysts with elections and olympics. Social media will be a big thing. Still on deck for the show, a warning from the World Health Organization around coronavirus containment. Hadley with the comments from the head of the w. H. O. And the dows worst five stocks for february announcer todays big number 3. 9 trillion. Thats how much market cap the s p 500 has lost since its record high of fruy thebar19 the index tumbled 13 since then these are our sales. By product, by region. You can actually see taste trends. Since when can we do that . Since we started working with bdo. announcer people who know, know bdo. Youre doing more to keep your body healthy for the future. Shouldnt your toothpaste do the same for your mouth . Future proof your whole mouth with new crest pro active defense. Its active Defense Technology neutralizes bacteria to shield against potential issues. Crest. Its almost like a challenge everyday mywws been an amazing journey. To see how well i can eat and still enjoy myself all day long. I wake up every morning to see how much weight ive lost and how much better i look. Myww join for free and get three months free welcome back to Worldwide Exchange. A major barclays investors is calling for ceo jess daley to step down over his ties to disgraced financier jeffrey epstein. Last Week Barclays revealed staley was being investigated about whether he was transparent about his relationship with jeffrey epstein. Nokia says ceo suri will step down in september after six years at the helm. Hell be replaced by a former notice could yeah nokia. Harleydavidson ceo stepped down in friday in a mutual agreement with the board of directors. Harleys revenue has declined he as it struggles to appeal to younger riders board member has been named acting ceo shares up 5 in extended trade. Still ahead on the show, where the chief Investment Officer of nuveen is putting his money. His firm has more than 1 trillion in assets under management. Here are the top s p 500 gainers in the premarket so far today. Were back right after this. Stay restless with the icon that does the same. The new rx. Crafted by lexus. Lease the 2020 rx 350 for 419 a month for 36 months. Experience amazing at your lexus dealer. Welcome back to Worldwide Exchange. Could you believe tenyear Government Note yields were north of 3. 5 . The highs at the day we were at 1. 15 at the lows, 1. 03. A huge move in Government Note yields were still tracking it. Legendary terrain in telluride, the unparalleled landscape of park city, or the famed peaks of whistler, youve faced the hassle of lugging your gear through the airport. With ship skis, youre just a few clicks away from having your skis, snowboard and luggage shipped from your doorstep to your destination. With unrivaled pricing, real time tracking ship skis delivers, hassle free. Ship ahead and go catch those first tracks on fresh snow. Ship skis. Your skis. Delivered. Sales tax, real estate credits, solar incentives. And we have no way to integrate all that . No. But bdo does. announcer people who know, know bdo. Hold onto your hats. We are set for another wild ride on wall street stock futures are up right now but theyve traveled more than 1,000 points in a volatile overnight session. Officials on high alert as report of a second death related to the coronavirus. Central banks to the rescue. What Goldman Sachs is telling clients to expect from fed chair jay powell the second half of Worldwide Exchange begins right now welcome back to the show im dominic chu in for Brian Sullivan joining me peter boocvar markets around the world bounce off their worst week since the great financial crisis stocks point to a positive open but not by as positive as they were an hour ago the dow would open up by 165 points the s p by 13. You can see the Dow Jones Futures, we have traveled from the lows to the highest over 1,000 points at one point. We lot some momentum over the last hour, hour and a half but watch the Dow Jones Futures if theres any indication of the ride well see, the regular session could be pretty bad. The wild ride, we have indicated losses of 130 points last night. Right now there are some moves to the higher. In the bond markets weve seen move lower in tenyear note yelled thats higher than the 1. 03 we got overnight. A record low, by the way twoyear note yields a hair below 73 . Check out the action in crude. The session low for u. S. Benchmark crude wti, 43. 22. Right now 1. 5 to the upside 45. 45 we have global Team Coverage for you as we track the Market Action and headlines surrounding the coronavirus outbreak matt taylor is in singapore. Julianna tatelbaum live in london and eunice yoon in beijing and hadley in dubai. Matt, to you first, with new comments from the bank of januajapan overnight. Thats right. They say they stand ready to help out the markets if we continue to see the volatility japanese markets along with south korea moving higher. China the standout performer, up 3 , despite the woeful manufacturing data this has prompted stimulus hopes coming out of authorities in china. The record contraction when it came to pmi. China, the best performer around the region because we can see the pmi falling to a record low of about 35 over the month of february because its down from a number of 50 the private Sector Survey plunging down to 40. 3. Back to you. Matthew taylor live in singapore. To the early trade in london, Julianna Tatelbaum joins us now. Those european borsis, are they holding up markets have only been open for a couple of hours. After a strong start, the optimism faded we have bounced off the lows of the morning. The german index, the dax, is teetering around the pressure line the ftse mib down more than 2 italy home to the largest outbreak in europe of coronavirus. Over the weekend we heard from italian authorities they are launching 3. 6 billion euro pack toj to offset the negative impacts of the virus but investors are concerned around the italian Banking Sector banks down 1. 8 . The bulk of that selling is coming in the italian banking space. But we are seeing some green on the board as well. Food and beverage up 1. 6 . Health care up 1. 6 as well. Oil and gas, the majors in the equity market are performing well this morning. That sector up 1. 3 . Right alongside the bounceback in oil prices seen in the latest trading session. Putting it all together, a fairly mixed session for europe but a volatile one continue to watch what happens in the lead to the wall street open. A little slowing momentum for the european markets Julianna Tatelbaum live in london to the latest on the coronavirus as the u. S. Reports its second death and first confirmed infection in new york city our hadley gamble joins us live from dubai where she sat down with the directorgeneral of the World Health Organization offering his own outlook for the outbreak hadley, what did he have to say . Reporter it was a wideranging conversation. Essentially what i was able to draw is they still dont know what they dont know hes essentially saying when it comes to containing the coronavirus, the window to do that is narrowing. Listen in. We need to focus, of course, concerns and worries are there, they should be, but