Forecast to 2. 1 in 2017, down twotenths percent from earlier estimates. Theyre trimming next years Growth Outlook as well fiscal policy will be less expansionary than expected they expect fwrogrowth in china, japan. Happening now, opec and nonopec ministers gathered in russia to discuss Global Oil Output speculation swirling they could ask libya and nigeria to join in on production cuts both those nations are exempt from a deal to cap output. We have much more on the meeting later in the show. Not Much Movement in the energy markets. In corporate news, kkr nearing a deal for web md. They have had a five month auction to be bought they solicited bids interest more than 100 companies and firms since february the price is unclear as of close, they had market cap 2. 1 billion. Put in some symptom you have, and then you find yourself falling into a web of web md leads to self medication, which is not good for anybody. It is good it is out there. Before you couldnt find the stuff. You go to the doctor. Friend of a friend would tell you some crazy story. It is probably good, you know what the down side is. You can diagnose yourself with the worst things from two symptoms that have nothing to do with so the fal negatives and false positives are impossible. Everyone is a hypochondriac. 2. 1 billion. What is propecia . Thats my latest question. You clearly dont have that you see, i am moving my hair. No, seriously, you dont have it if it is wet, it is thinning here can we try that minoxidil does not work except here. Propecia works here. I think the president may have that it does something. You start messing with testosterone levels. When you get old, those levels are not what they used to be anyway and it can do some of the things that arent great. May need to combine with Something Else this from web md . I was looking around google what pfizer makes. Thats recently. Is it viable, would you, ill try it, i will give you a testimonial of how if it works on you. Ill need it we all are going to need it. You look great now. You look shiny gl thats because i didnt have makeup on. Why not i wanted to go oh natural i had a sick image of you i cant unsee it in washington, President Trump will meet with a group of people that the white house calls victims of obamacare sounds dramatic. He will then make a statement on health care. In a warning, the president tweeted if republicans dont repeal and replace the disastrous obamacare, repercussions will be far greater than any of them understand lot of news about Jared Kushner today, andrew. Yes, sir. Had to disclose a meeting again with the russians that hadnt been disclosed, but it wasnt a private meeting, it was at the mayflower, people were around in other news, the president s son will sit out taechl Intelligent Committee will ask about his meeting with a rigs lawyer the appearance is not public, and kushner will not be under oath he has publicly issued a statement to the panel in which he says he did not collude with any Foreign Governments and has had no improper contacts and hasnt relied on any russian funds to finance any business activity. I understand it was done in private, i dont understand not under oath, means you can go and lie if you would like to i dont know. How often is it under oath in front of the senate. I dont think it is under oath when you go and talk he says he hopes to put matters to rest. The white house said yesterday that President Trump is open to signing legislation that would toughen sanctions on russia. Senate and house leaders reached agreement on a bill saturday that would allow new sanctions targeting russia, iran, north korea. Health vote expected tomorrow. European union warned the u. S. Against unilateral sanctions and is willing to consider retaliation. Eu officials concerned sanctions could target European Companies doing legitimate business with russia in key industries, including Gas Pipelines and rail transport. Democratic leadership rolling out a new economic platform we have some of the details. Good morning. Democrats are laying ground work for the message in 2018 and beyond this new campaign called a better deal. Takes aim at big businesses and trug companies here is what it would do first, it would create a trust buster, a person focused solely on scrutinizing big corporate mergers that have enhanced Enforcement Authority and the power to review mergers after they have been completed at t pending acquisition of time warner is one deal in the democrats cross hairs, telecon, Beer Industry and at sunglasses. The plan would create an independent agency to take on Prescription Drug prices that agency would be able to investigation pharmaceutical companies and drug makers that jack up prices it would allow businesses tax breaks if they train workers on the job and promote Apprenticeship Programs. Top democratic lawmakers, including representative nancy pelosi, with Chuck Schumer, elizabeth warren, announcing this campaign in a virginia county that President Trump won, but that democrats have long been trying to turn blue guys, we will be watching that and get back to you with more. Thank you for that report a lot going on a lot going on. Talking about it the entire time back to wall street, heaviest week of earnings season 180 companies in the s p 500 are set to report. Alphabet after close today we will hear from 3 m, dupont, mcdonalds, boeing, cocacola, facebook, intel, starbucks, chevron, exxonmobile to name a few. Thought you were doing all 200. Am i right on that, almost 40 of the s p 500 yes. That would be 200 did you see me do that like lightning. Exactly calculator. Human calculator. Had my coffee. Economic data, existing home sales tomorrow home price index, Consumer Confidence, fed begins two day meeting. Wednesday, fed sales thursday, durable goods, jobless claims, and look at Second Quarter gdp and consumer sentiment. Really going to do the market, not talk about Jordan Spieth because i knew you would want to talk Jordan Spieth, i had to get up on Jordan Spieth. Did you see. I saw the clips. Remember couple times tiger needed to do something, it is weird. Almost like caddy shack. Then like theres divine intervention thats what happened to spieth. Comes back to caddy shack. Five under for four holes many times i have been five over i have been five over on two holes, never i havent been five under on one hole, but this never happens. Final round at the british open. Jordan spieth yesterday, he was kind of i tuned in at 14. Didnt see the mess on 13 that took a half hour gave up a three shot lead on the front line, and on 13, hit it so far right. Supposed to miss it right, but not that far right on the top of a bluff, later take a drop. Took a half hour kutcher had to sit around waiting, had to be torture turned it on from there. Hit a shot almost went in the hole on par 3. Sunk a 50 foot putt for eagle. Pointed out to the caddy, theyre like a team. And never looked back. Sunk another 30 footer, hit a Perfect Pitch shot birdied that unbelievable kutcher, it was heartbreaking. Great guy, had come over as surprise flew over from colorado. Then was very emotional. You have been five over. I have been five over thats what i said, on one hole. My question, if it is par five and you are like ten over. On the hole or on the hole if you hit a 15 on the hole. Yeah, yeah. What do you score it as if you really are playing to score. I would score it as a 7 x or 8 x. You put an x there but you have an excuse for the handicap, cant allow yourself to take 15 strokes, youll be sandbagging, handicap goes too high. Theres a certain number youre allowed to take. If youre playing, you have to put it in the hole, you need to count every single stroke which can make it very scary, the real game. I just wanted to know his third major, second youngest player to get the third leg of a career grand slam. And then 8 guys that have done it, those three are like the greatest golfers you think about that have the three legs of the grand slam. Anyway wow. Do you remember what you were going to say about the markets at this point . You dont. We can skip it whats your handicap, really. Four digits lets check the Broader Market joining us phil orlando, chief strategist at fed rated investors. And head of short Term Investment opportunities at ubs Wealth Management. I like that. It is short term thats specific. Tell us exactly what that means. We look at opportunities six months or less in terms of horizon. Doesnt mean we ignore long term think about switching from golf to sailing for a second, more familiar to me if the best nation is there, you rarely go, you would pack. You dont go straight either. Yeah. Would it be fair to say youre friendly about equities in general yes. But think maybe u. S. Kwekts wont perform as well as some other places longer term because of valuation difference, more attractive valuation abroad, and improvement in the political atmosphere, in europe, versus the u. S. I think it is time to diversify, not going to make an argument to buy one market, then sell the u. S. Market, that would be damaging to the performance. As short term guy, there are times you might recommend that absolutely. That would be aggressive. Most people that watch arent going to arbitrage different markets. You say stay long. If youre a person that stoedoe want to do research to go abroad, stay in the u. S. With the currency. In terms of staying long everywhere, including the u. S. I am a one and only guy not looking at derivative strategies. Staying fully invested. We are fully in invested. Have the 3,000 forecast we talked about a bunch of times in the early stages of 2019. On the s p. Thought we would get to 2500 this year. We are 30 or 40 points from that in terms of the trajectory from the election to the 3,000 level. We are tracking along. We are kind of in another fit now. We had a phenomenal run, up 20 since the election getting into time of year that tend to be a little seasonally perilous to begin with could we see 3 to 5 correction through earnings season, past the gdp report, absolutely doesnt in any way inhibit our longer term optimism about where this is tracking. So everybody is calling for 3 to 5 correction because we havent had one before how do you sort of prepare for that are you preparing for that do you not see it short term in. I would personally see it as opportunity. You have to understand, equities are not like tbills, you should compare them with 30 year bonds or longer. For them to move 5, 7 is normal it will be an opportunity which people are waiting for by the way. And the fed talking this week i think the next big thing to look at is jackson hole. Big deal, tuesday and wednesday, arent they this is a nonevent. Next thing is jackson hole yell enmay use that as what is her vision how the fed will shrink the Balance Sheet in the next five years. Then youve got september meeting, a couple weeks after that the fed will theoretically trigger what she and other governors talk bout. Not expecting anything big this week, jackson hole meeting end of august will be particularly important. What happened to the dollar bearish the dollar for some months now the reason is principally expected the growth gap to close. What we have not expected was shift in Political Risk being european to moving across the atlantic quickness of that move was unexpected coincident to the call for weaker dollar, weaker Interest Rates as well, lower rates no. Slight weakness, underperformance of inflation for four consecutive months, these are not expected yeah, thats partly what had bonds and stocks rallying. Whats interesting is in the face of a bond rally, we had a stock rally. Even this year, stocks outperformed bonds by 3 dont forget in 12 months, 20 performance. That dollar weakness to some degree is serving as positive backdrop for good earnings season thinking earnings up 6 or 7 in a year our view was maybe 10 to 13 we are only starting earnings season Large Cap Companies doing half or more business overseas are benefitting from the weaker dollar given the trends, ought to benefit back half of the year as well gentlemen, thank you. Thanks for putting up with the opening stuff. That will go down. Theres golf lore and the open championship, things that happened in the u. S. That arnie and jack did, that tiger did this is almost at least equal, no one has ever finished a major like that. Five under for five holes. Never been done. What happens is after that. Is there more about what theyre going to win in the future im saying you want to put together a career talked about in the same way as legends, 23 years old and done this, well on his way to doing some special things hopefully get him back you cant look at Jordan Spieth without seeing underarmor. I remember randall saying he has to win a major that was before he had won the first major. Beyond anyones wildest dreams it is great. This is the human this is it, andrew this is good for everybody positive positive make golf great fwen coming up, we will tell you why german auto stocks are under pressure. The latest from opec meeting from russia. Squawk box will be back. Are you ok . What happened . Dad kinda walked into my swing. Huh . Dont you mean dad kind of ruined our hawaii fund . I thud go to the thothpital. There goes the airfair. I dont think Health Insurance will cover all. Of that. Buth my fathe without that cash from aflac we might have to choose between hawaii or your face. Hawaii what . Haha. Hawaii you might have less coverage than you think. Visit aflac. Com and keep your lifestyle healthy. Aflac you are loved hey youve gotta see this. Cno. N. Alright, see you down there. Mmm, fine. Okay, what do we got . Okay, watch this. Do the thing we talked about. What do we say . Its going to be great. Watch. Remember what we were just saying . Go irish see that . Yes im gonna just go back to doing what i was doing. Find your awesome with the xfinity x1 voice remote. Welcome back to squawk box. Look at shares of germany top automakers, theyre sharply lower. Alleging bmw, daimler and volkswagon. Collusion. To fix prices of diesel emissions systems. European commission could step in to investigate possible collusion we know that word sounds familiar. Bmw issued a statement saying its vehicles comply with all legal requirements. Gas prices have been dropping for months. Average price of a gallon of regular, up a penny. Risen the past two weeks 2. 32 ten cents higher than a year ago. Survey predicts gas prices will rise by a few more cents i was pumping my own gas this weekend, i thought it was higher than that. Then i started using a debit card or credit card, i blew the whole thing. Pennsylvania . No. New york, great state so is pennsylvania and i was trying to figure where you were. You were in new york thought your place was we were in long island. Okay. You went out saturday friend friday. You went out friday and we went with friend, a couple, not a lot. We have some friends. How far out did you go . We went not all the way to montauk, end of the island, a little bit in from there sfwl which one multiple hamptons. You dont want to say fine. Next time a crowd will be waiting. We have Security Issues as it is where were you this weekend im trying to, trying to dodge the cameras. Difficult. Tmz people are waiting outside with cameras what am i supposed to do opec Oil Ministers meelt counterparts from nonopec countries at a meeting in russia jackie deang less joins us in russia good morning, guys. The meeting isnt official opec meeting but it is important. Is this not a political segment . This is a russia. This is an Energy Segment the 1. 8 Million Barrels a day, cut they promised thats been supporting prices, thats contingent on nonopec participation. Russia of course being key they agreed to 300,000 barrel a day cut. Despite that, they said the cuts have been made oil prices are closer to 50, but the market is cautious during the first half of the year, everyone was cooperating libya and nigeria have been increasing output, so have saudis who are the linchpin of the deal 18 months is a long time to sustain this type of cut, especially for countries that sustain themselves on oil revenue. Saudis cheat, can you blame weaker countries for doing it. Td saudi minister met with representatives from libya and nigeria to discuss the challenges theyre facing. Those conversations will continue today what happens in st. Petersburg may be less important than whats happening at home u. S. Production is steadily rising to 9. 4 Million Barrels after having fallen a Million Barrels. Thats what players in russia cant control. That may change dynamics of where we see prices going. It is impacting the market they supported it, cant get it back over 50 at this point and it is not just libya and also nigeria, worried about ecuador, uae as well a lot of players here. Some say the russians may say theyre cutting 300,000 barrels, we dont know if theyre doing it this is an honor system and thats questionable much. One of the most Amazing Things from five years ago remember last time we were stuck above 100, never thought it would never coming again. Now we think it may never go above 50 again. Thats the thing. People say we will rebound, but it keeps extending longer and longer this rebalance may never happen. The secretary general saying it is slower, we will see it second half. You said 232. Higher than last year. Thats music to my ears. Some are paying 2. For gas, not bad confused about russia were there meetings in russia . We might do fake news and we didnt we will do some later. 85 of Financ