Worst day in nearly a year. Media reports surveillance quest one of the pilots on the crashed german wings plane may have been locked out of the cockpit during the aircrafts descent. Welcome everyone to the show. If youre just waking up and looking at your portfolio yesterday was a rough day on wall street and what made yesterdays price action particularly interesting was we did see a rebound in oil prices but despite the out performance in Energy Shares stocks fell across the board. The dow down about 1. 6 . The s p 500 Still Holding on to the psychological level. But nasdaq biotech shares moving to the down side. Thats what really drove the nasdaq to the down side. Taking a look at futures, what can we expect in todays trade . The sell off could continue. The dow down triple digits. 110 point move to the down side. The s p 500 down about 15 points. The nasdaq down 37 points. Taking a look at european markets, generally an optimistic view on the rebound with manufacturing and the data yesterday surprising to the upside but that resulted in the euro gaining ground against the u. S. Dollar. Thats the opposite of what draghi wants. Were looking at investors taking some money off the table. It does look like we have a sell off here. The dax down triple digits. 180 pound move to the down side. The cac 40 seeing a loss of 1. 2 . In italy a move to the down side. 1. 5 move and the ftse 100 with a loss of around 1 . So it is red across the screen here. Not just in response to what we saw in the u. S. But here in europe investors taking money off the table. That has to do with the currencies market. Definitely but a very odd spark. Very tech focus and equities in the red. Oil prices in the green today. Bouncing after those saudi backed air strikes in yemen. A lot to discuss with our middle east correspondent Going Forward but the effect on the oil price has been clear. Climbing over 4 . It was much as much as 6 earlier. Wti, 51. 6. Just under 5 . Brent just shy of 60. 59, excuse me. Thats up 4. 34 . Gold rallying as well. Thats at 1212, up 1. 4 . Also the euro is back above 110 up. 5 . The turn around in the u. S. Dollar has been very pronounced. Is it just a correction . The u. S. Dollar had been very strong or is it an outright change of direction. Is that story over . Well be talking to citi strategist toward the end of the show to discuss that but the euro dollar at 11030 today. Lets check in on markets in asia. Sri is standing by for us as ever. Over to you. The situation here is grim in a word. Were seeing some fairly widespread risk aversion because of two negative factors. The first one is what you talked about earlier. The drop on wall street overnight one on the nikkei pulling it down to 1. 4 on the close. The other factor is the surge in the price of oil. We saw it in the trading sector continuing on where you are in london as well because of the saudi led gcc military action against the forces in yemen. Big spike in the price of oil so that created ripples of risk aversion in equities and currencies as well. So we have seen safe haven in flows into the relative safe harbor of the japanese yen as we have another impetment for the nikkei 225. Higher oil is bad news for some of the big importers over here. India is one of the reasons its on the offensive. Thank you so much. Back to our top story this morning, overnight saudi arabia hit yemen with air strikes. The president fled the country by sea. The air assault was announced by saudi arabias ambassador to the United States 30 minutes after the bombing began. He said the kingdom would do whatever it takes to restore the Yemeni Government they have taken over the armed porss of the yemeni state. They have taken control of military bases and ports. The legitimate president of yemen was able to escape and relocate to yemen. Other ministers were able to also escape and move to southern yemen, the city offed aen where they continue to run the operations as the legitimate government. Lets recap the effect this had on the oil price. Strong gains today. Brent and wti both up the best part of 5 . Lets also look at the saudi stock market which is off about. 8 as we look at it at the moment. I just want to bring you the latest flash on this situation as well. Yemen shut all major seaports due to the escalating conflict coming from local industry sources. Reuters is reporting that were joined now by hadley. Just to set the background, what is this about . And the broad coalition. Its not just saudi making the attack. Were also hearing that the sudan also took part in this strike. 150,000 troops on the border. Yemen has been falling apart for quite sometime. Back in january there was a big question about what was going to happen there. We knew it was going to fall apart. Were talking about the soft underbelly of saudi arabia. They have a divide 30 shia and 70 sunni but you also have to remember saudi arabia isnt going to allow a government in the south backed by the iranian regime. You were addressing this growing conflict could spread to the Eastern Province where the oil deposits are. Whats the likelihood of that happening . The likelihood of that spreading to the Eastern Provinces is low. Thats where the oil plants are. When we talk about the gulf of aden were usually talking about somolian pirates. Yemen has been falling apart for sometime. Its a great place for terrorists to hide. Its been an area of concern certainly for the u. S. Government and weve seen the rise of the drone war pair in that country. Stick with us because u. S. Led coalition launched its first air strikes against Islamic State targets in tikrit after a request from the iraqi government. Theyre the first in a series to come in coordination with iraqi troops. Iran has also been providing support to baghdad to try and destroy isis strong holds but this isnt the first time we heard of this growing conflict taking place. But you have to remember whats happening here the middle east makes for strange bedfellows. So in one place we may be against them but if thats helping the situation in iraq then well be working along side them. You have this ideaed that if you allow the militias to work within their own country and within their own system of tribes and within their familiar relations here quite close ones. If you allow them to do the work for you have a better chance of rooting out the isis backed elements as well. It makes for strange bedfellows and you see this across the region. Thank you for that. Now they agreed to pay 2,233 million for a sanctions relating to iran and sudan. As part of the deal with the Justice Department the company will pay 155 million criminal fine. The largest ever imposed for a sanctions violation. This caps a six year investigation. As you can see theyre up though today 1. 2 . Weekly jobless claims are out at 8 30 a. M. Eastern. Jobless claims are expected to hold below 300,000. Atlanta fed president Dennis Lockhart is also speaking today at the engage conference in detroit. The largest student investment conference. Before he does that hell sit down with steve at 8 30 a. M. Eastern on squawk box. Meanwhile Charles Evans continues to make the case for patience when it comes to rate hikes citing low inflation. I spoke with him after a speech in london he made and asked about the likelihood of a june rate hike. Were in so hurry that we should monitor the economic situations look for growth to continue. Have confidence that well pick up to the 2 objective. Id like to have confidence that inflation is going to be moving up. Its a challenging environment with the headline inflation down around 0 due to energy price declines and theres a lot of uncertainties and i think we would benefit from having more time to assess those fed policy continues to grab headlines. Yesterday the fed downgraded the Economic Forecast and this highlights the growing concerns around the health of the u. S. Economy. Yesterdays number nothing to write home about. We had five months in a row of poor durable goods numbers. Its the direction and momentum behind growth and gdp figures. In europe were seeing it pick up. In the u. S. Were seeing it slow down. We had that strong bounce back last year and that will create harder comparatives as we go forward. That could have a big effect. Yesterday as we discussed the moves are more focused because of Semiconductor Stocks but these corrections have to be expected when we have disappointments. When you have a multitude of external factors like the stronger dollar and weakness overseas and a lot of progress was needed. Thats one thing he did speak to as well as the external factors could derail the kpik growth story. Thats why he doesnt think a rate hike should happen until 2016. Last week we broke three consecutive weeks of declines in u. S. Equities but yesterdays moves putting that to bed. Premarket right now suggesting another ugly day on wall street. Also still to come here on Worldwide Exchange speculation mounts in the germanwings investigation after a surprising report tied to the aircrafts pilot. Well bring you the latest on that devastating story after the short break. Welcome back. Oil jumps higher after saudi arabia launches air strikes on yemen. The nasdaq has the worst day in nearly a year and adidas aims to step up its game against nike and underarmor. A number of reports suggests one of the german wings pilots may have been locked out of the cockpit when the flight crashed. Were waiting for an update from our sales Public Prosecutor on the crash investigation expected at 12 30 cet. In the meantime annette is in frankfurt with more on this story. Over to you. Thank you very much. We have just confirmation that theyre also giving a press conference. Germanwings at 2 30 to update us on recent developments and probably also with all the rumors flying around. Theyre probably picking up that toir which is reported and also by the New York Times that one of the pilots have been locked out from the cockpit allegedly and tried to even slam the door to get back in. When the other one was not responsive at all. Another report is saying the very aircraft itself was the one grounded the most among the fleet of german wings having technical difficulties quite often and another report is also saying here in germany and the pilot was new to germanwings and didnt have experience. Nothing confirmed yet from the official side but its just based on rumors from newspapers. Another rumor as well citing a senior official on the ground down in the south of france that the black box located but its very difficult to access we are expecting a lot more update during the course of this afternoon. Thank you very much for that if youre interested in learning more about how black boxes work check out our explainer video. A series of tornados that ripped through tulsa, oklahoma area left one person dead in a Mobile Home Park and several others injured. Authorities also said up to 70 people were inside a gym when it collapsed but no injuries were reported. More than 79,000 people were left without power across the state according to utility companies. Well keep you up to date on that story. Still to come setting up shop. Well check in with facebook as it opens its marijuana to App Developers and retailers. Well be back in a couple of minutes. Gook announced the opening of its messenger app. Mark zuckerberg is focused on building out the portfolio of apps and making them a richer experience. Part of that is turning the app into a platform. It has 40 developers on board from espn to the Weather Channel to help users create and share content without ever having to leave the app and for the first time its launching for businesses to allow them to interact directly with consumers consumers. Also announcing an extension of its ad tools so brands can buy, and manage their video and display ads across mobile apps and facebook is also taking on youtube launching an imbeddable video player. So instead of uploading videos to youtube and sharing them across the web now you can upload to facebooks players along with facebook ads. It has 3 billion video streams on its site every day. A number thats sure to be bigger when the player is not limited just to facebook. This is really interesting. Facebook wants to make its Messenger Service a big player in the game and independent within the social media platform. For me its too little too late and i cant see it working. They were so far behind on that front. I think these are being welcomed by the developers and as well as consumers. Theyre saying that messenger is no longer a platform to communicate. Its about sid owe, photo, payment, doing everything through the messageing platform. Theres multiple players out there in the messaging servicing space. I think its far behind. People have how they use their phones and book has a slightly different dna for me. I do think that the developments on video is interesting. It doesnt have to be a link to a different site. Thats separate. In the meantime the stock down slightly yesterday but it has been trading in record high territory and he did mention that 600 Million People already use the messaging platform. Thats my nickname for him, zuck whats going on. Well get him on the show. Hes coming soon. Apple is planning to overhaul its Digital Music business. Theyre going to launch its own subscription streaming service. It wont have a lower price like rivals like spotify. Taking a look at shares of apple, this is what i found interesting. Despite the sell off we did see it wasnt just apple that moved to the down side. It lost about 3 but those Semiconductor Stocks is where we saw the pain on the nasdaq. Seema im afraid to say ive got some bad news. You have to brace yourself for this. Im ready. Im holding on. All right. Teenager girls the world over including seema mody are likely to be in a state of shock as one directions zane malik decided to leave the Group Rendering it a lonely 4 piece band. Going public with the decision he apologized with fans but said he has to do what feels right. He had been diagnosed as suffering with stress last week. There was a big reaction with fans on twitter including the classic omg and always in our hearts. I have to say were joking about this story. I had no idea how big they were. Theyre huge and from the u. K. You should be a big fan of them. I thought they were a relatively big boy band within the u. K. I didnt know how big they were globally. They have a massive following in the u. S. I remember seeing them in times square. There was always a could of women. Mostly teenagers. Not me i just walked bypassively and engaged from far away. He is dealing with stress i feel a little bit compassionate. Hes so young and youre in the public eye, sometimes clearly you need a break. We wish him and the rest of the band the best. Absolutely. Well leave you with a look at how futures are trading ahead of the open on wall street as we have been telling you. A rough day across the board for the s p, dow and has the tack. And the dow down 150 points in premarket trade. Were back in two. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. In new york state, were reinventing how we do business so businesses can reinvent the world. From pharmaceuticals to 3d prototyping, biotech to clean energy. Whether your business is moving, expanding or just getting started. Only new york offers you zero taxes for 10 years with startup ny business incubators that Partner Companies with universities, and Venture Capital funding for high growth industries. See how new york can grow your business and create jobs. Visit ny. Gov business here are your headlines from around the world. The price of Oil Spikes Higher after saudi arabia launches air strikes on yemen. Iran calls it u. S. Backed aggression. U. S. Futures point to another down day after the nasdaq has the worst sell off in nearly a year yesterday. Media reports suggest that one of the pilots on the crashed germanwings plane may have been locked out of the cockpit during the aircrafts descent. And adidas unveils a new play book to catch up with u. S. Nike and underarmour. This as we gear up for earnings out in just a few minutes. Lets get you up to speed on what happened on wall street yesterday. It was a day of red across the board. The dow jones seeing a loss of 1. 6 . The s p 500 down 1. 5 . A pronounced sell off in the nasdaq dragged down by biotech stocks. The worst day for the nasdaq in nearly a year on pace for its worst week since october. A rare green arrow in oil prices. Oil prices moving to the upside. Energy responding or outperforming and even in todays trade. The wti crude up about 4. 4 . Brent crude seeing a spike of around 4 at 58. 71. Taking a check at european markets following that Global Market sell off european stocks also moving to the down side despite encouraging Economic Data over the past couple of days. The dax down 216 points. The ftse 100 with a loss of 1. 3 . The cac 40 down 1. 5 . The italian markets down 1. 7. Investors keeping an eye on whats happening in greece. The pressure on the prime minuter is of greece to unveil a convincing reform plan to its creditors. Of course time is is of the essence. Thanks seema. We just got numbers out of lululemon. Revenue 602. 5 million. That was bang on in line with what the forecast was. The earnings per share 1. 85 previously and its gone up to 1. 9 dollars so just about in line. Perhaps fractionally ahead of expectations. Those numbers of course not opiate for trade but we he will of course be following that throughout the day here on cnbc. Lets also have a look at u. K. Retail numbers which have come out better in the last few minutes. Were looking at retail sales stronger than expected in february. They have come out plus. 7 month on month. The forecast had been. 4 . So u. K. Retail sales coming in better than expected of course. Earlier this week we had u. K. Inflation at 0 but retail sales managing to surprise results. Well talk a little bit more about some o