Percentage points and australia down after the bank to bring Interest Rates lower. Lets take a look at what happened in europe, youre going to see, at least in the early trading there, european markets for the most part are in the red. The dax down by 0. 75 . So is the cac in france. The ftse is down by 1. 3 . Finally, a look at crude oil prices yesterday, they pulled back again down 1. 13 to 43. 65. Wti is sitting in that same position at 43. 51. Were going to politics but first the top headlines this morning. The biggest one being this, takata expected to announce it is recalling 35 to 45 million more air bags in the United States. This is going to double what is the largest and complex safety recall in u. S. History. An official announcement could come as soon as today. Separately, a bidding war is brewing in the pharma sector as joe said. Pfizer approaching cancer drugmaker medivation to express interest in the acquisition. This could mean that the company could challenge the 3. 4 billion offer last week. Sanofi went public with that per share cash bid but medivation reject it at the time as too low. Also check out shares of cbs, First Quarter revenue, 10 being forecast. The owner of the u. S. Tv networks saw a 31 jump in ad revenue, thanks in part to the super bowl and political ads. Cbs les moonves is going ton on squawk on the street. And losing streak, when did that start . The dollar is on a losing streak . I know we need to shift, we need to quickly get on this, i thought the dollar was too strong for the manufacturers and the fed definitely could not raise rate. The greenback, not only a losing streak but a 15month low and current strategists are predicting further falls. So they made sure that they didnt in any way affect currency around the world. Fed. Fed because of the worries about dollar strength. Next thing you know, you wait a couple months, here we are where the dollar is weak. Maybe it will help manufacturers at this point. Well, it was a huge headline for over a year. This is what happens when you have a forwardlooking fed, though. Theyre looking at everything thats happened. Then yesterday, somebody in china said something that wasnt that great yesterday about manufacturing. About the economy. Thats why were down yesterday. So australia is like, wow, thats an important part. We better cut Interest Rates. Instead of that being something that everybody liked like it has been for years, any central bank anywhere eases and the market goes up, now its like, wow, this is a slow but thats what weve been waiting for, right . But we wont be hearing much more from china about things that arent good. Chinese authorities are now warning commentators with any remarks that run counter to their upbeat view, they do get in trouble. They can get that trouble if they say anything. I hope that never happens here because id be in trouble. You would be in trouble. By the way, a lot of news organizations have already gotten in trouble. You on the other hand let me say this, the New York Times, for example, was kicked out of china. We cant even publish in china. Certainly not able to publish from the obama administration. Theyre certainly going to be happy call the white house, im not sure about that. Maybe you just called the greatest president ever in america. Not the greatest world leader in history. Did you leave that i think he sort of implied that, didnt he . Called himself basically not just the greatest president but really the greatest i dont know that quote. I think he usually stops short of calling himself greater than abraham lincoln. I wouldnt bet on that. Anyway, i was needling you, harwood, earlier, that indiana marked the end of the road for ted cruz. The senator suspended his campaign after a resounding win by donald trump. I was talking about bryce harper and under armour. When did you change from the senators, the nationals are there now. Bob short moved the team to texas, they became the rangers, we were without a team for a decade. Are these the expos, who who you have . The former montreal expos. When . 2006, i believe. Weve got a nice stadium. Come down and check that out. Was that in the sports page . No, im kidding. Im going to execute a bryce harper like pivot right now and say that the general election is going to last six months. And it began last night in indiana. Donald trump won a smashing victory over ted cruz who had placed that as his last stand to try to stop donald trump. And a Nevertrump Movement after a vitriolic exchange in the day, incredible in its viciousness, ted cruz came out last night and said it was all over. With a heavy heart, but with boundless optimism, for the longterm future of our nation, we are suspended our campaign. But hear me now, i am not suspending our fight for liberty. Now, donald trump, who faces only weak opposition right now from john kasich, as he moves towards that 1237 delegates he needs to be nominated immediately turned his fire to the general election opponent, and thats Hillary Clinton. Were going after Hillary Clinton. She will not she will not be a great president. She will not be a good president. She will be a poor president. Now, unfortunately, for Hillary Clinton, she lost indiana last night. And improbably as it sounds, she faces a pesky challenge from Bernie Sanders that is going to last longer than the genuine challenge from donald trump. That diverts her ability to focus on him. But she has done that. She didnt spend money in i indiana in. Were looking aat the general election fight between donald trump and Hillary Clinton. Its going to be an ugly one. Im not saying that the media has been much better, john, the republican establishment. I love these lead, jerry saud, after indiana, shaking republicans. What happened, it snuck up on us . Did we do something . Is there a problem . I love that. We had and they thought they had like somebody for everybody. They had jeb for people that liked scott walker. Hes young and fresh, hes happening. Chris christie, the plain spoken guy from new jersey. And they had each one fell by the wayside, and its like, well, we still got this guy. Weve had them all on the show, too. I dont know what theyre going to do. Theyre going to take their ball and go home now and start think about 2020, the establishment guys. Well, right. And the real question is going to be does the Never Trump Movement disappear . Does it quiet down and ignore the top of the ticket, focus on the house and senate . Some of them have fallen in behind trump. Reince priebus tweeted out last night hes the presumptive nominee. People like john boehner and marco rubio said hed support him. What does mitt romney do, he came out and gave a blistering speech about trump. Calling him a pathological liar. Romney was probably the worst. Romney will be voting for hillary when its over. Id think these people stay home. Guys, we did see yesterday, mark salter, a top strategic for john mccain say after donald trump came out and repeated this completely unsubstantiated story about ted cruzs father associating with Lee Harvey Oswald before the jfk assassination. Mark salter said the Republican Party is about to nominate somebody, im with her. Thats a sign. You can guarantee that the number of people in the republican voting for a democratic nominee is going to be larger than weve seen. John edwards story is crazy. This is crazy, i admit. There are some facts about ted cruzs father. He was initially a castro supporter when he supposedly didnt know it was going to turn out communist. They got facial recognition people looking at a picture of someone that was in new orleans, two years before cruz was supposed to be im going to repeat blah i said, completely unsubstantiated. And the other thing that the National Enquirer publisher is a good buddy of trump. But the incredible thing, guys, the blast that cruz gave that leveled trump after that. Im sure you saw the tape of the rift that ted cruz went on where he called him a pathological liar. Said hes a serial philanderer. He repeated something that donald trump said on howard stern trying to avoid venereal disease in vietnam. But hillary cant move to the center. She cant put a stake in this guys heart even in indiana . John, what happens to the sanders supporters, do they support hillary . Because of the economic anger and the uncertainty with the voters there. Those two its strange they have tended to drop people who would vote for one first and then the other. But there are some strange cross currents between bernie supporters and the trump supporters. My belief, becky, the number of people who would be undecided between donald trump and Bernie Sanders is very, very small. And i do think that Hillary Clinton and the Democratic Party will need Bernie Sanders to come behind her. To rally his supporters. And right now, this is a difficult moment because he wants to keep fighting. She and other democrats want to move on. So, i think its not the best moment for democrats right now. Because donald trump is going to turn donald trump is not worried about john kasich right now. Hes going to focus on Hillary Clinton and begin building his campaign. And she has still got a problem to deal with. Im looking at the daily news. And the National Enquirer, daily news. Did you know that john edwards was on the president ial ticket. If it wasnt for that, we wouldnt know who that was. We wouldnt know who batboy was easither. Thats a different one in the globe. There were aliens advising clinton in the globe. Not that kind of alien, john. Anyway heres good news for republicans, trump is not Going Third Party trumps not Going Third Party. Hes running with the republicans. But some of the establishment of republicans are now saying, the last resort, now we need a third party candidate. Thats true. And dont know how well funded that can be. There are small independent parties that already have ballot lines like the Libertarian Party and the constitution party. So there is going to be some push to get somebody to carry the banner of traditional conservatism. A lot of conservatives are saying that trump is like ted cruz is saying hes not a conservative. Hes killing conservatism. Somebody has to stand up to that and how much can they pull in november. Its how big that push is going to be. Its in the New York Times, in the daily news. The New York Times could have done leg work on john edwards to see how much of that stuff was true. What do you think is written some of the worst most critical stories about Hillary Clinton during this whole thing, i think its shocking. I just think arent there things in the Clinton Foundation now who wrote those stories . I cant enter the conversation, the mindboggling. The times has written some the times has i mentioned the daily news. And the programming, donald trump is going to join us tomorrow on squawk box at 7 00 a. M. Eastern, and i promise, ill ask donald, ill ask mr. Trump about the New York Times. Maybe hes got some comments. Ill make sure to be there for that. Among the other stories that we are watching this morning, at least half the northern alberta city was orlandoed to be evacuated yesterday as a wildfire engulfed homes and sent ash raining down on residents. The main road sat Fort Mcmurray was closed. Fort mcmurray is the capital of albertas oil population. Unseasonably high temperatures combined with dry conditions have transformed the Aurora Borealis into a tender box. The European Telecom group needs approval from the state of new york and new york city for at tease to become the fourth largest cable providers. And google teaming up with fiat. Going to have minivan prototypes. The deal is to create test vehicles only. But we know, becky who loves a good minivan. Thats the only thing that makes a minivan worse than driving you know what it was, somebody pointed out on monday when we were talk about this, the idea that there are all kind of limits. Maybe it was bill gates, that you have to drive the speed limit. You have to override that somehow. Are you sick . Im not sick. You just have a cough. Just a cough. Correspondents dinner. Do you know how hard that is . It sounded like you had a cold. No, all good. Coming up, were going to get you ready for the trading day ahead. Plus, under armour reportedly signed the biggest deal with major league baseball. Were going to talk about it, when we return. A fair price, quality service, and that in a new house, you probably dont share the same tastes as the previous owner. [ dolphin chatters ] so when you need a little house painting or a complete remodel, well help you get the job done right, guaranteed. Get started today at angies list, because your home is where our heart is. You wouldnt order szechuan without checking the spice level. It really opens the passages. Waiter. Water. So why would you invest without checking brokercheck . Check your broker with brokercheck. Welcome back. Time for squawk planner. Heres whats coming up adp employment report out, it will rise 196,000. At 8 30, wee getting the first one on q1 labor costs and march. And Neel Kashkari speaking about too big to fail. And central priceline and time warner report before the opening bell, kraft, heinz, tesla, hopefully all out after the close. The shakeup at under armour, the athletic wear Brand Announces that kip folks will take over. And both of those moves for the officers become effective in july. Perhaps the biggest news, the company has reportedly signed Washington Nationals super bryce harper for a tenyear extension on his deal. The terms of the deal havent been publicly revealed. They got jordan. Jordan spieth, right. And steph. And this guy. So, you know, i dont know. The dow righti iriding a th losing streak. The s p in the three of the last four days, futures pointing to a triple digit loss. Senior Vice President of ubs. And michael tyler, chief investment officer. We just heard about stragglers, people who cant get their earnings in. The Quarter Ended in march. Its may. Were still hearing from these people. But mostly, the earning season is over. What do you give it, bplus, bminus . Thats fair. Beat expectations. Overall, weve had this chihuahua market, it makes a lot of noise, it doesnt really go anywhere. The rallies in the past have kind of faded out, id say, weaker oil, stronger dollar. This time around, youve got the rally again but youve got some stronger oil, weaker dollar. Cyclical participation. That was one of the Better Stories of the earnings season. Weve just come a long way from where we were in january and february. Yeah. It doesnt make much for investors to feel nervous. Weve been camping under this volcano worrying about when mount qe is going to blow. The market having big positions, having overweight positions in the staples and defensive names. So people have been worried. And for good reason. There are clearly issues out there. Its possible with the cyclical leadership that youve got a chance of doing better here. Not a lot of people believe it. Still, its probably a good thing. But if you get energy. If you get treelindustrials, if get materials and if you get some legs under those industries, you may have a shot at achieving growth. We didnt get up to the old house and we turned down a guy you can look at it and i dont know what a technician would say. This is two after both of the biggest worries, headwinds reversed oil, and knockout, we cant buy stock. And then the dollar has weakened. And all we manage is 0. 5 on the gdp. Michael tyler, i dont know, we got a lot of things we wanted and we didnt push to new highs. And there is a global problem with growth that isnt even being helped with negative rates, Central Banks easing. And we still cant get above stall space. Im somewhat concerned about that. And also the prospect of a Trump Presidency is a little more more likely than it was yesterday and the day before. His impact on what markets might do is also somewhat concerning, if you look at his economic policies. But youre right which economic policies . In particular. The dramatic tax cuts combined especially with the very protection, i think can be negative for the u. S. And global economy. Because youve got at least a negative or sentiment from the left which you didnt mention. And even, you know, the republican platform is going to have supply side stuff in it. Less legislation. You decided to pick the scary prospect of trump because of his protectionism, and not the scary prospect of a socialist. Youre in boston, i guess . I think its more simply sanders path to the nomination is tougher than clinton. So you assume shell move back to the center then, because shes out there too. Much farther left on a lot of issues. That does not concern you though, economically . I think hes economically a little more moderate than obama is. Shes certainly more mainstream and accepted by markets than trump is at this point. Well see how that goes. Were still many days in the general election campaign. Youre right that negative interests rates have raised that much. And right now, were at the point where weve had five straight quarters of earnings declines. We have not seen that, even with the lower dollar. Even with oil prices up, we havent seen the market hitting new highs. So i think we could be in for a summer thats a little rocky, before finally getting to third and fourth quarter, i think the earnings comparisons start looking much more favorable. At that point, i think you can see the market hitting new highs. Its going to get rocky between here and there. Youve been around for the last