That was going to be demanded here by the European Commission were huge. What weve got here in 13 billion is significantly away from challenge the ruling. And youve got the u. S. Treasury that they feel companies, u. S. Firms operating europe are being targeted unfairly as well. I think behind the scenes here, theres going to be a lot of kons nation at the significant size of the charge reform in the interim because if the tax laws there change and some of these companies repat rate the cash theyre holdi ing overseas, thats moves the cash out of the way of the European Legal system. Then will they ever get the money back. If they do push for a legal challenge here, the question is whether europe gets hold o tv monof the money or not. Well have more from your later on this hour. In terms of talking about what it means. Number one, youve got the eu. Ireland entered into this in gait v good faith. Apple entered in in good faith. Obviously the country says they can do it. Do the system. Worked out well. Then the eu because ireland is part of the eu decides oh, no, no, no. You may have some sovereignty, but youre part of the eu. Then they go back and tell apple, sorry, in hindsight, were going to change everything we entered in to with you because the eu says we cant. Once again, a fundamental flaw of those guys over there. Eu is ordering ireland to recover the back taxes so the eu is saying find out whats wrong with the system. Go back to the company youve been doing business with for well over a decade in this exact structure. The eu says it was happening since 2003. The eu should look across the water at the uk. Say, maybe thats something we need to anyway. I think that should have been that way for a while. I dont know. 13 billion. Euros. And they go 200 over there supposedly. Thats a lot. Thats not 200 million, for example. The other thing i think about, i like the treasury. I havent seen the treasury ever not like taxes being paid to anyone, and as a globalist of th, this administration, its good to see they get the taxes instead of another country. At least theyre not saying, hey, anyone that socks it to a corporation is good. At least they want to bring the tax money back here. So i can see that. Im surprised they are taking apples side. Its interesting to hear the talk about okay apple has 230 billion in cash. This is the portion of it that is sitting abroad. I remember years ago when the banks were doing mortgage fraud settlement with the government one of the reasons they never wanted to say how much they had in reserves they didnt want that to be the Sticker Price the government went after. The eu had no problem saying heres the size of what were going to demand to recover from you because we know that youre good for it. The eu with some of the antitrust stuff against some of our leading corporations that happen to do things better than competitors so the eu considers them pseudo monopolies because they happen to do something really well. I dont like this. If you were the u. S. Government and you were more nationalist you might say back off. Get your own structural problems in order and grow faster th than. 5 and you wont have to keep trying to shake us down. Anyway, meantime mark your calendar. Apple, i told you theres a lot of different ways of looking at it. I dont think were marking our calendars anymore. No. Hopefully you were using a pencil. If you did mark them, erase that. Now were going to talk about mondelez walking away from proposed bid or hershey. Ending talks of acquisition after a month Long Campaign saying it was disappointed with the outcome. Would have created the Worlds Largest candy maker. Hershey shares are down almost 12 percent while mondelez shares are rising. Meanwhile housing tops the reports. Home prices in the 20 biggest metro markets are forecast to have risen more than 5 in june. Same pace in may. 10 00 a. M. Look for august Consumer Confidence. Joe, we have two days left of trading in august. Three and change three before we get the jobs report. People are going to be trying to figure out how to parse this data and what it means for whats traditionally a low volume week. That means the volatility can be higher. Lowest volume day of the year yesterday, which was two days after the super bowl of Monetary Policy. Supposedly and yet people today europe is up a little bit. Thats not what were doing. No, we know how important each and every trading day is. Lets check on the markets this morning. I saw the dow might be up a little bit. Up 8 points. The s p is basically flat, down about. 5 point. Its worth noting the apple news did that i can the futures down. All three had been implied to open in the groon. I want to see how the progressive websites write about this. Theyll take the as globalists, theyll take the eu side. Its nasty for krorpt. They want them to go somewhere. Let me look at what the Huffington Post says and some clown is going to write it. Im sure there will also be a conservative thread that says the money and jobs and taxes shouldnt have been over there in the first place. They should have been here at home. Thats not conservative. Thats populist. Theyre blending together. I think the conservative would say, look, you work within the framework of global laws and you do everything you can to pay the lowest level of taxes you can to maximum profits to shareholders. Thats the normal free market conservative would say. Normal. Traditional. There arent anymore. Hard to find these days. I dont know what i am. Anyway, lets check out europe. Everything was up more than 1 earlier. Moderate add little bit. You can see germany and france up nearly 1 . We were up yesterday. I dont know if is this is following through from the u. S. Markets or whether it influenced us today, theres shanghai. Which i look at now. I dont know why. Japan is more important. Shanghai was down at 26, 27, 2800 and we were worried. Its been shol id above the 3,000 level for a while. Lets look at oil. A feature yesterday because it was down. Its up a bit. Between 45 and 50 it has been in a pretty tight range. Tenyear was moderating below 1. 6. Now 1. 587. Following all that talk and anticipation on friday. The yen has been weaker against the dollar recently. The euro 1. 11. The pound, 1. 30. Lets take a quick look at gold. May be another hike at some point in the future. Maybe in a decade. Theres been one. Theres been one quarter point hike in the last ten years. I was setting you up for that. Theyre likely to do a hike at any time. Theyre crazy, nuts, insane. For more on the markets, someone did write a piece on how many times you can cry wolf and people with janet yellen now just like janet, you know, you cant job own forever and pretend youre going to do something and back off. People stop believing. Also people who say there had been such a stampede after yield into some of these dark pools, but less liquid assets s extrey high yield, distressed debt and you have to job own quite a bit to get people moving there the asset classes. Really. I didnt think about that side of things. You have a detailed sort of understanding of a lot of this bond stuff. I just try to be the counter chance balance. Thats my job. Thats a good idea. Lets bring in ed campbell. Qma. Executive direct of the. Ed, i think weve talked before about this. Youre latest thing is that postbrexit, markets have rallied. Not deservedly so without any without any fundamental underpinnings or reason why. Did you think before brexit if brexit happened it was going to be a disaster. I thought we would see a selloff and eventually recover. Are you still clinging to that wrong notion. The markets are wrong. Ed campbell is right. They went up, but they shouldnt have and sooner or later youre going be right and come back down. Weve been active this year. We started the year off defensively positioned which turned to be good because we had big selloff at the beginning of the year. Played that rebound pretty well. Ill admit postbrexit i havent expected the rally to be powerful and it hasnt been. Its been driven by expectations of Monetary Policy easing. So i think heading into the fall were going be vulnerable to a bit of a pull back here. Nothing as dramatic as what we saw in the beginning of the year, but because theres no recession on the horizontal, we ultimately recover from that and rally into year end. Youve been looking for the pullback as the market has rallied for the past four months. Looking for a pullback the entire time. We saw the big move in july. Havent done much in august except tread water. Been low volume and people are on vacation. As we get into the fall, we have a lot on the calendar. U. S. Elections. Italian referendum. I think were going if get a fed rate hike this year. As you begin to hear more hawkish rhetoric out of the fed. Do you describe any discounting mechanism to the markets at all . How do you know its not looking at better corporate earnings 69 months from now. Weve been in this earnings recession for about six quarters mow. Most people think were coming out of it. The expectations are that were coming out of it, but thats still more forecast thae rather than fact. Very low gdp growth and margins high. A lot of room for disappointment in those numbers. Market is not anticipating that rover in earnings. That could explain it. It could explain the postbrexit rally. Uhhuh. Along with Monetary Policy the expectation that were at an inflection in earnings, but as i said, thats still more forecast rather than fact and a lot of room for disappointment there. Do you diverge from this at all. Somewhat. We expected the rally post the uk referendum. If i check, will i find thats true. Absolutely. Okay. Probably here on squawk box. Hes not going to check, but if he did. If i did. You absolutely would, but our view this morning is a perfect example of the fact that this point, the market is pricing in virtually no political risk. We see the id making noise. We know theres going to be an election in front of us. We too gains. The market currently expects Earnings Growth near 14 . Digestion particularly after the uncertainty of the election. Whoever wins whatever the outcome voters will be satisfied they made a choice. You think the economic doomsayers who say the reaction of the u. S. Markets post election could be something that came to brexit. You think thats completely unfounded. If you look at it, maybe it is postbrexit reaction. And initial shock, but a realization that first of all policy takes a very long time to implement. There are checks and balances in the u. S. And things tend to have an adjustment period and i think thats why youve seen stocks rally in europe as well. By the way, joe, our research saying the opposite. Low Interest Rates are bad for multiples and very low Interest Rates as you approach zero are bad for multiples and stock market returns. A normal environment is much better for multiples and better for stock market return. The whole discount model of financial analysis. If you go from high rates to medium rates, r thats correct. If you go from medium rates to low rates. Thats relationship breaks down. No alternative. That relationship breaks down. Its a reflection of the economy being sick. If i can get a 3. 5 yield. Why does that not make 3. 5 more attractive . It may be a reason to invest in stocks for the extra yield. Have you ever heard that low Interest Rates are a contractionable. It doesnt mean higher Interest Rates. We have heard of it. Youve seen it in japan. We would say the low Interest Rates that weve had in the u. S. Have sent defenses high sgler if the low Interest Rates result from negative growth or from the recession after recession of slow stagnant growth, then its sort of like talking about the tail being anyway, all right. Thank you. Julian and ed. We are remembering, gene wilder this morning. The actor died from alzheimers disease. Best known for blazing saddles, Young Frankenstein and willie wonka. I love the original. I liked it even more at the Johnny Dejohn johnny depp reboot. Theres a seen. He walks forward, the actor himself, he falls straightforward, flipped over and gets up and starts walking and i think his top hat stays on. He takes his top hat off. The actor himself did it. He works on that for days and that was one of the coolest moments of that. I like the full figured kid. Whats his name . Agus tus. Loved chock las. Rub it all over his face. He was everybody loved this guy. I went to a premier once in 1989 for this really stupid movie called see no evil, hear no evil. One of them Richard Prior was blind and gene wilder was supposed to be deaf and they worked at a newsstand and there was a murder. They couldnt really one guy couldnt communicate with the other. They thought they had done the murder. They had to clear themselves even though one was blind. It was a preposterous thing. They made it work. Hes one of those recognizable iconic actors you see him on screen. You dont mistake him for anybody else. I read that he was in therapy when he was younger he took care of gilda for years and year. He was 83 years old and alzheimers is such an awful, awful tragic disease. It is. He said he didnt want people to when kids saw him, he didnt want the downer of alzheimers. When we come back on squawk box, the eu ruling that ireland must recoup 14. 5 billion in back taxes from apple. The stock fouling. Thats bringing the market down with it. More on the story straight ahead. Also, cnbc has obtained Hillary Clintons daily schedule while she was at the state department in 2009 to 2011. Eamon jabbers has read all 3700 pages and tell us what he learned. Up next. Road out there. No one surface. No one speed. No one way of driving on each and every road. But there is one car that can conquer them all. The mercedesbenz cclass. Five driving modes let you customize the steering, ift points, and suspension to fit the mood youre in. And the road youre on. The 2016 cclass. Lease the c300 for 369 a month at your local mercedesbenz dealer. Wonka. Welcome back to squawk box. Cnbc has obtained Hillary Clintons schedule in the state department. Eamon jabbers has read them all. 3700 pages. Im sadly neglect manager twitter feed. We obtained these documents last week. These are the same documents the Associated Press used to do their big story last week. Weve been going through them and looking at all the meetings and everything that Hillary Clinton did from early 2009 until the middle part of 2011. Thats what has been produced so far by the state department. Some of the spots on the documents are heavily redacted by the state department. We dont have every single meeting Hillary Clinton attended, but you do get a sense for who had access to Hillary Clinton and ha she spent her time doing. Mostly that was traveling. She was the most widely traveled secretary of state in history. She visited like 112 Different Countries over the course of her tenu tenure. You see that in the documents. You see the billionaires who met with Hillary Clinton during her tenure. Bill and melinda gates. Sandy wile of citigroup. Warn and sue buffet of. Medical repo mort zuker man. The warn and sue buffet meeting is one of the few where they give us a topic of the meeting. There they were meeting to discuss the buffet foundation. Interesting with the Clinton Foundation in the news so early on she was talking to warren and susan buffet about their organization. A whole lot of detail here in terms of what Hillary Clinton did and where she was on planet earth every day for two and a half years. You heard the rap from critics that one whatever theyre called depending on the airline, that doesnt necessarily add in to accomplishments. Riding around on a plane and visiting different places, that doesnt necessarily mean that you are accomplishing a lot of productive things as secretary of state. I dont know what you point to there. The iran deal, i guess. One of the interesting things you get the historical detail of her tenure. Particularly the weekend of the bin laden raid. On friday night after president obama had given the order to go ahead with the raid and the principles that were in the loop on it knew the raid was going to happen friday night Hillary Clinton goes out to a private dinner in washington with ellen tousher. A former congresswoman who is big on intelligence issues. The next day on saturday, they were all determined to keep the schedule sort of to the normal schedule that they had publicly announced so Hillary Clinton went to a wedding actually on saturday. And then on sunday she goes over to the white house at about 12 30 in the afternoon and there through 1 00 a. M. , midnight, 1 00 a. M. Thats the time you see the famous photo of all the principles during the bin laden raid watching the live feed of the raid. You get some sense of what her life was like over the time and who had access to Hillary Clinton. All of that is posted up on cnbc. Com. You can look at every single meeting that Hillary Clinton had over that period of time on our website right now and look Fernando Rodney yourself and decide what she spent her time doing. We were with the president the night of the raid. Were you . Thats right. Just a small intimate fwatherifwath eri gathering of a few thousand people. Joe, you were at like the a table and i was at the kids table. Im not sensitive about that. And rightly so. Sure. Absolutely. And success has many fathers. A lot of people taking credit. Failure, no one wants to claim. And speaking of failure, one of the things dwoent have from hes documents is the day of the benghazi raid. That was. I wasnt going to use the b word, but you did. What we have does up to 2011. The benghazi date was 2012. Has not been produced yet. At some point we will see the daily schedule for that day. You wonder if well see that date before election day.