Recovering, pushing shares atop the market. And investors are cheering the potential, the firm hiking its dividend after quarterly figures and extending its Business Activity in asia and africa. Announcer youre watching worldwide exchange, bringing you Business News from around the globe. All right, a warm welcome to todays worldwide exchange. Were waiting for the latest press conference on the mysterious disappearance of the malaysian flight 370 to begin. This is the room in kuala lumpur where that will be held. As soon as it does, we will be going there. Meanwhile, a very good morning to you. Welcome to the start of your trading day. This morning, the dow right on fair value as well as the nasdaq. The s p clearly down 9. 5 . At a moment, just a particular above fair value. London copper down at 44month lows. Ftse lower 0. 8 . Xetra dax down 1 . The cac 40 off 1. 22 and the ftse mib off 0. 75 . Adecco near the top of the stocks 600. The Companies Making progress and cutting costs while improving higher in italy. The stock up nearly 5 . Nearly 5 for potential. The green for the fit company after posting a 17 jump in operating profit last year. The british insurer saying its asian business remains fairley well positioned. Investors reacting to the news that it signed a new 15year Bank Assurance partnership with Standard Chartered. Standard chartered down 4 today amid concerns about whats going on in china with the program there. And swiss re, traders citing costs and trusts controlled by families could be looking at buying stake. Now, as far as bond markets are concerned, the stock losses bond markets, tenyear treasury yields, yielding 2. 76 . Youve got to remember, post the jobs report friday, yields lower in germany. A little higher in italy, 2. 4 and tenyear gilt yields, 2. 74 , as well. In the currency market, dollar yen still around the 103. 102. 83. Youve got to remember, we got a sixweek low for the dollar. And euro dollar, just marginally lower, 1. 3848. We hit that 2 1 2 year high are friday. Lets check in on the commodity webs as well. Copper down 1 today. London copper down at 44month lows. Spot gold do i know doing fairley well today, gold coming up to a 4 1 2 month high on the safe haven demand. Brent off marginally, below 108. Nymex, just below 100 at 98. 79. Thats where we stand an hour into the european session today. Sixuan has a wrap of what happened in asia. Thank you for that, ross. Worries around chinas economic woes and the shanghai composite ended down a modest 10. 1 . Is shenzhen down by 0. 1 . In hong kong, the hang seng index dipped 1. 6 . In japan, hurt by a stronger yen and those china jitters, the nikkei 225 had its worst loss in over a month ending down by 2. 6 . In south korea, chemical and steel shares came under pressure on the earnings for you. Investors continued to sell down shares for the Third Straight session. The kospi ended lower by 1. 6 . In australia, although miners made a rebound today, still lower by 0. 6 as we got a very weak reading on consumer confidence. As for individual stocks, chinas baoding tillway splitted 5 after delisting posting net losses for two years in a row. Its Corporate Bonds were suspended ford second session spurring credit default jitters. On the other hand, let me show you the bright spot in hong kong today. Chinavision surged almost 200 after news that alibaba is buying a 60 stake in the tv and sales proction firm for over 800 million. This comes one day after the dotcom deal while chinas internet players have been racing each other by joining forces for the smaller firms. Thats a look at asian markets. Back to you, ross. We have news out of the International Association of travel agents. Its revised down 2014 Airline Industry forecasts to 18. 7 billion from a previous 19. 7. Thats downgrade driven by the ukraine prices and weakness in latin america. And just a reminder, were still waiting for the latest press conference on the mysterious disappearance of malaysian flight 370 to begin. This is the room in kuala lumpur where that will happen. Well keep you updated. Away from that, concern about whats going on in china. Big selloff in copper. Patrick expense, the managing director of institutional equity sales. Patrick, very good morning to you. Shanghai copper down 5 on credit fear these morning. Whats your take on this . Morning. Well, just before actually coming out, i did check the price of copper. And, you know, copper basically, from its 2008 low, is up 130 . And the crb index, the beginning of this year, has been quite strong. Just a little bit of profit taking, maybe. A little bit of weakness with regard to worries around ukraine. Im not overly concerned with regard to that. Theres certainly deflationary concerns in the market. What it is, its easing concerns. Are we going to see defaults across the Financial Sector . Copper and iron ore. Yeah. I think, you know, the big concern here is about china and china slowing. China, in reality, is 13 of world gdp. On the world stage. So its important, but its not significant. And i think the other thing is what youve got to remember is that china, just like my point about copper, youre taking a bit of a pause for breath here. Basically, china in terms of u. S. Dollars, china has doubled its gdp since 2008. So it continues to grow nicely. I think we have just it will be priced in at the margin, isnt it . The chinese stock market hasnt done very much at all and resource stocks last year were underperformers. But then when you look at the developed markets, developed markets are flat this year. Emerging markets are down 5 . So, you know, when you start to cut liquidity, like you do with tapering, capital finds the right finds its right level and it finds the right areas to invest in. And the right areas to invest in at the moment are the developed markets. You know, japan has taken a bit of a pause. Europe continues to do okay. The u. S. Has been the place to be and will continue to be the place to be. Very much so. I mean, if you look at whats happening to corporate earnings recently, corporate earnings are the best theyve been for three years. Corporate earnings are they good enough to justify current i think they are. Everybody talks about the market being expensive. Once again, just before i came out this morning, pes are basically not about where were going, theyre just a reflection of where weve been. If you look back at 2008, pe is at 60. The following year, the market was up 20 . I think youre in the same scenario. But pe is now 1516. You know, theyre on 20, 30year averages. So, you know, theyre not cheap, but theyre not expensive. Theres a lot going on. Patrick, stay there. Come back and see you for a little bit more. Whats the corporate view on china . Weve been catching up with some of europes leading executives this morning. Listen in to what they have to say. We do a little better. Probably better there is a company that i will not name, but asian markets. Long investors. Okay. Is there money thats been going in and out. If you look at the big numbers, markets are fine and, really, these economies are really very well managed. Also from china, we expect similar growth, like last year. China will definitely continue to grow more rapidly than the average. Nevertheless, he should not forget that the base gets bigger every year and, therefore, percentage rates will come down sooner or later. But we are very confident that china will stay on course and we will see another year of good growth. As far as the agenda is concerned for the states today, the monthly federal budget statement is out at 2 00 p. M. Eastern. On the early side, look for retailers express and williams sonoma. As well as krispy kreme and veil resorts. Were still waiting meanwhile for the latest press conference on malaysian fly 373 to begin. When it starts, we will be there. And this is the search for that flight continues into its fifth day and confusion still reigns over the planes final path. Malaysias air force chief has denied reports that a military radar detected the aircraft off the western coast of the peninsula, a detail that would confirm the plane turned back on its course. It scaled back a sea search while it waits for more information from malaysia. Still to come, as well, new jersey says goodbye to tesla, voting to ban the direct in the states. Why would they do that . Well have the details, after that. That. Pay my bill. Phone your account is already paid in full. Oh, well in that case, back to vacation mode. Boots and pants and boots and pants and boots and pants and boots and pants and boots and pants. Voiceenabled bill pay. Just a tap away on the geico app. Huh, 15 minutes could save you 15 or more on car insurance. Yup, Everybody Knows that. Well, did you know that some owls arent that wise. Dont forget about im having brunch with meagan tomorrow. Who . Seriously, you met her like three times. Who . Geico. President obama plays host to the ukrainian Prime Minister in washington. And china expands its serve for the missing malaysian plane and its passengers. And we are still waiting for the latest press conference on the disappearance of malaysian flight 370 to begin. It will take place in this room in kuala lumpur. We will go there as soon as that starts. Before that, call it the s p 501 index. Standard poors is changing how it plans to handle googles stock split. As a result, the s p will now have more than 500 stocks listed, but will still just represent 500 companies. Is that clear . And get the champagne out. Because today marks the 25th birthday of the internet. What did we do before that . The idea of the net was conceived in a swiss computer lab in 1989 by the englishman tim bernersley and has since gone on to change global communication. So do tech stock valuations sit. Now the right place, patrick, 25 years since we invented the internet. What do you think of techs . People say that theres a massive of tech valuations and theyre overvalued. What do you think . It was referred to yesterday as nose bleed valuations. My clients get a bit concerned b about how to get their arms around the value. Thats why we come from. How do you value these fantastic companies . To me, its all about the treasure at the end of the rainbow. These companies are like private Companies Operating in a private on equity environment. Its all about land grant market share and not profitability. So i can understand why people get concerned. But the opportunities, you happen, we were just talking about tesla in the break there. I was looking this morning, worldwide sales of cars is 2 billion. Now, if tesla were to take, say, a 5 stake of that, it would be 100 billion. And the profitability of that 100 billion for tesla would be around its current market cap of 30 billion. So you can understand, you know, rainbow at the end. You know, its basically investing today for profit tomorrow. So i think theyre adequately priced, and with that example a lot of investors dont care about whether theyll reach that tomorrow. They want to be along for the journey until the end. Yes. But if you look at things like tesla, for instance, there must be more jam tomorrow because 40 of the stock is short. So, you know, people talk about the bubble valuations. Bubble valuations dont come about with a short position. There is legacy tech, things like intel which still have good margins. But for the expensive techs, which is isolated, i still think theyve got tremendous opportunities. You mentioned tesla. Lets just recap why were talking about it. New jersey, banned auto sales effective april the 1st which forced tesla to use dealers instead. New jersey is now the third state to not less tesla sell cars directly to customers. Most traditionals make it through franchise dealerships. Tesla currently has two stores in new jersey and the states rule requires the dealership to be larger than 1,000 square feet and have a service facility. Tesla says the move is unfair. The tesla business model, competition ensures that theres a vertical monopoly in the sales process and it restricts consumer access to very valuable and very important Public Safety considerations. This is not fair. This is not fair at all. What makes this not a dealership that you cant come in here and get an oil change . I dont think so. Its a dealership. Tesla sales are down 2 on tuesday. This is supposed to be the home of free market capital. This seems to me unbelievable restrictive trade practice. And look, imagine if they said you cant sell books direct to the public . Where would amazon be . Isnt that the same principal . Yes. That you have to go through an Old Fashioned shop . I find it extraordinary. I find it disappointing. Its just noise with regard to tesla. He referred in that interview about teslas business model. You look at tesla. It employs ,000 people and has a market cap of 30 billion. Fiat employs 225,000 people and has a market cap of 13 billion. Its about productivity. Its about technology. Its about breaking down these traditional barriers and the way we sell. This will just get swept apart. So i agree with you. I think its uncalled for and unfair. Amazing. Good to see you. Thanks very much indeed. Patrick spencer, joining us from buried. Now, another alternative, the u. S. Attorneys office in manhattan has reportedly opened a probe into gms recall of 1. 6 million vehicles worldwide. Prosecutors are examining whether gm is liable for not properly disclosing issues with its car and prompting recalls last month. Gm and the u. S. Attorneys office have declined to comment. Gm shares down 5 tuesday. The worst oneday performance in more than two years. Down another 2. 5 today in frankfurt. Now, just how satisfied are you with the service at your local starbucks . If you are very satisfied, you can leave a virtual tip for your barista. Starting next week, the tip option will be available in the coffee chains updated iphone app. After paying, customers can leave tips of 50 cents, 1 or 2, anytime within two hours of the transaction. Starbucks says roughly 10 of all purchases are now made with a mobile device. So has the tipping gone too far . What services do you tip for . Let us know what you think. You can email us, worldwide cnbc. Com, tweet cnbcwex or direct to me rosswestgate. Should you be tipping the barista for your Morning Coffee . I dont have drink Morning Coffee. I have a cup of tea. Make it myself. This morning, on the down side in europe. Decliners outpacing advancers by more than 9 1. Well continue right after this. Just a reminder, we are waiting for the latest press conference on the disappearance of malaysian flight 370 to begin. It will be taking place in this room in kuala lumpur. U. S. Futures meanwhile are indicating a negative start a little later this morning. The dow down 67 points yesterday. Its currently called down 32 at the open. The s p 500 which was off 9. 5 points in tuesdays session, currently down nearly 5 and the nasdaq implied lower by 9 at the open after having its first fourday consecutive losing streak since august. As far as asian markets are concerned, the nikkei down 2. 5 . The shanghai composite down 0. 2 despite the fact we saw copper down 5 . Hang seng down 1. 6 and the s p asx down 0. 5 , as well. Collide, nice to see you. Its been a while. Were suddenly very worried about copper and credit limits. How much of this is due to fears about the slowdown, industrials slowdown and the fact that copper is used as collateral . Well, i think ahead of some chinese economic data, which will be out tomorrow, industrial production, i think there is some anxiety going into that. We have seen obviously weak export numbers. I would argue this is quite impacted by some seasonal issues. But it seems like investors are not willing to to have too much risk in their portfolio heading into some more sensitive chinese data as suggested. That export data, i actually wonder whether part of that was on the comparisons of last year. Because we had a lot of sort of fake deals around, capital controls out of hong kong. I just wonder whether we had unusually strong data by which the comparisons werent going to look great. Yeah. I would agree with that. I think that theres certain question marks about the quality of the data, obviously, but particularly seasonal in january and february. I think we need to be careful about reading too much into it. However, nevertheless, even if one want to quibble about the data in the first two months of the year, one can. But its indisputable that the overall transfer of china continues to be slower growth. And i think that drum beat is whats leading to underperformance versus regional tiers six months, 12 months yeartodate, take your pick. And chinas governor has increased investment in the electricity grid. Growth still out from the first two months of the year, one a healthy 6 . So i mean, there are some good things going on, besides all the fears. Well, you know, again, the quality of those sort of that sort of data may not be perfect, shall we say. I think that the data that we can rely on such as bank lending data, total society financing, you know, those sort of in numbers could continue to point towards deceleration and growth, i would suggest. And i think, again, thats the backdrop, which is leading to this, you know, continued selling, steady selling in the china market. Collide, nice to see you. Short but sweet. Thank you for joining us from Standard Chartered bank in singapore. Well take a short break. Still to come, as president obama prepares to host ukraines Prime Minister, will congress back all sanctions against russia . Well be in moscow and washington, d. C. Right after this. [ male announcer ] youre watching one of the biggest Financial Services companies in the country at work. Hey. Thanks for coming over. Hey. [ male announcer ] how did it come to be . Yours . Ah. Not anymore. Its a very short story. Come on in. [ male announcer ] by meeting you more than halfway. Its how edward jones makes sense of investing. This is worldwide exchange. Im ross westgate. Cop erp futures falling by their daily limits. Ur asian authorities set out with the latest press conference. China expands its search efforts. The jobs picture, the worlds biggest staffing company, adecco, suggests a jump in revenues in europe forces shares towards the top of the market. And investors hiking dividends after strong quarterly figures and extending its Business Activity in asia and africa. Youre watching worldwide exchange, bringing you Business News from around the globe. Hello. Youre watching w