It is tuesday, february 16th. Im sara eisen along with michael santoli. Got confused with the president s day holiday. Feels like a monday. You didnt feel like it was three days off . I went to l. A. And back quickly. Beautiful weather. A lot went on. If you went to sleep early last night, you miss the uptown funk willing record of the year. The complete roundsup of the most memorable grammy moments in a bit. First, Business News of the morning. The news is really the market news. Big rally in asia. U. S. Equity futures are following along, actually playing catch up. Yesterday was a big global rally day as well. Friday a very strong day. You see the s p 500 set to open more than 1 higher. The dow futures up above 200 points. Looks like theyre going to tack on to fridays gains. Seems like obviously a very strong day in the equity markets. Todays big developing story is oil. Top officials from saudi arabia, russia, and several key opec producers have met in doha. The word is that the Oil Ministers there agreed to a freeze in output. You do see crude prices higher, but they were a good deal higher still before we got the news it was going to be an output freeze. Seems like the market was anticipating the potential for an output cut. They certainly backed off a fair bit. I believe brent was around 36. This was one of their options, the talk of the freeze. They could have gone further and actually cut output. Doesnt look like were going to get that. And in fact, from thursdays lows, were up more than 10 , both in brent and wti. Clearly, the oil market has a firmer tone, but we dont know if we can believe it yet. Of course, its all contingent on many, many things. We dont know if this output freeze means iran is going to go along with it. For now, equities around the world are continuing to rebound. Lets show you whats happening early in europe. Gains for a third day in a row. Europe was open yesterday while the u. S. Was closed. It gained. Part of the reason why oh, looks like were losing early gains in europe, except for the ftse 100 in the u. K. Dax down fractionally at this hour. Well keep an eye on that for you. Yesterday in a speech, ecb president mario draghi says the European Central bank is ready to act and could ease further in march. Theyll evaluate whether lower crude prices and market turbulence could derail the ecbs efforts to boost inflation. Again, talking up this idea they could reconsider their options in march. That sent the euro lower. Its a little higher today. But you saw significant weakness yesterday. Also, keep a close eye on the dollaryen. Were seeing yen strength, which is a cautionary symbol lately. Everyone has been watching the japanese yen. When it gets stronger, that hurts stocks. Though we got a stunning rally out of japan yesterday, up more than 7 . Absolutely. In part, they were catching up friday, u. S. Rally. You did have this kind of strength passed around the world. As you say, the strong yen is not really what you want to see for risk markets. Weve also got other Central Bank News this morning. South korea keeping its Interest Rates unchanged for an eighth straight month as expected. The central bank saying it is monitoring the effects of Global Policy changes on the slowly recovering economy. Meantime in china, reuters reporting that the peoples bank of china is cutting lending to zombie firms. Theyre also said to be stepping up the disposal of bad assets to promote mergers and acquisitions. Also, supportive talk over the weekend from china. They also let the currency strengthen and the market jumped on that. We saw one of the biggest moves weve seen in decades for the chinese currency. Exactly. Just as everyone was leaning the other way. Seems like they took the opportunity. Pretty much wiping out most of the losses. Lets get to more about asia overnight. Major markets closing higher pretty much across the board. Most experts warning that more volatility is likely to come. Susan lee joins us here on set with that story this morning. Good morning. Yeah, i guess everybody was pricing in some sort of selloff when china opened up after the week long holidays. Preemptively, we heard from the Central Bank Governor ahead of the markets. Everyone knew it was going to be under pressure. He said, look guys, were not going to devalue the currency any further. Were not going to get more weakening in the rmb. You saw that also with the trade surplus. Were looking at 63 billion. Thats a monthly record for the trade numbers. That also shows that chinas running a current account surplus, which means there isnt that much pressure on the currency so appreciate in the future. But also, we saw the loans number today. I think a lot of people are talking about the loans number. It was a Record Number of aggregate loan increases in china. So theres a lot of credit slushing around. Money supply was more than what people had expected. Theyre turning on the taps right now in china. Theres talk that, yes, were going to get monetary stimulus. Maybe well see more fiscal side reform first. When you do something monetarily, your currency tends to weaken. So were looking at more m a maybe, promotion of m a activity, some tax breaks, and also they might be reducing the level, the minimum level of bad loan ratios that banks have to cover in the future. Buried amid soft only positive news flow, you had positive inflows falling. Exports down 1 . What does that show about Global Demand . Those were both weaker than expected. Were those just brushed aside in an effort theyre going to stimulate . I guess people looked at the aggregate number of 63 billion when it comes to the trade surplus. At least china is still taking in money. They sell more than they buy at this point. The currency is the key right now to chinese markets. If there isnt that much pressure for it to weaken, thats a good thing from the markets perspective. Whats interesting is the story of last week was that Central Banks around the world somehow losing legitimacy, people dont think they have freedom to affect markets. Across the world, especially in china, as well as in europe, you have central bankers saying were not just going to allow that to happen. Were going to try. You saw the reaction in the r b. Biggest day of strength since it floated in 2005. C maybe theyve still got it, the central bankers. Or theyre just not going to go quietly. Theyve reached the end of what they can do in terms of their potency. Susan, thank you. Good to see you early this morning. Maybe a holiday shortened week, but theres still plenty of data on the u. S. Calendar, including reports on housing, inflation, and minutes from the last months fed meeting. Today, look for the february Empire Manufacturing survey at 8 30 a. M. Eastern and the monthly Sentiment Survey from the National Association of Home Builders at 10 00 a. M. A lot of fed speak. Several officials speaking out throughout the day and week. Philadelphia fed president patrick harker, then brand new minneapolis president and boston fed president all today. We have six fed speakers on the docket this week. Earnings will get very interesting later this week when we hear from retailers, including walmart. Wednesdays fed minutes will also be a key theme. You wonder if the focus is going to shift to the u. S. The better Economic Data here and this idea that the market is really pushing the fed to recalibrate the decision in march and potentially wait. That was the story of january into february. We did get stronger numbers. Sort of changed the conversation a little bit. Well see if walmart continues. Walmart has been one of the exceptions of relatively strong stocks this year. Defensive, turnaround maybe. Maybe. You think its defensive. No, it should be. Well, its a consumer staple. Lets get to more on the broader Global Markets. Joining us from london is the senior european economist at jeffries international. If you could just walk us through a little bit the reaction to Mario Draghis comments. He sort of hit on his common theme of we can do more, were willing to do more. Does the market sort of believe that theres truly the potential for a lot more in terms of ecb policy moves come march . The markets are motte sure at the moment. I think that seems to be the general sort of perception. Willing to give them the benefit of the doubt until the 10th of march. Then i guess well find out how aggressive ecb wants to be. Certainly what we got out of draghi yesterday was not really a lot of new information relative to what we had before. He spoke for 2 1 2 hours almost in front of the european parliament, answering a lot of questions about what policy tools ecb has at its disposal. He basically said everything is on the table. We have the tools to get inflation back to target. I guess for the markets, its not obviously words that matter. Its action. Everyone is waiting for the 10th of march 20 see how aggressive ecb is and what other measures mario draghi might put forward. Of course, the big question now is just exactly how Much NegativeInterest Rates can go more negative given the Banking System in europe. Is there a sense theres not as much room to maneuver . We think theres room to maneuver. From our perspective, i think e drrks b can cut the rate by another 30 to 40 basis points without necessarily affecting banking ability that much. If you look at bank profit margins, theyre relatively healthy. Certainly theres possibility if the ecb were to cut the rate more negative. At that point, banks in europe could simply pass on those negative rates on to their customers. I think theres room for them to cut the rate. As i said, i think for the markets, its really just part of the story. Increasingl where a Lower Oil Price was seen as positive for the Global Economy. Now everyone is asking, well, you are going to get secondround effects. So potentially it has more damaging impacts on the Global Economy than previously realized. Once oil price finds a floor, that will be relief to central bankers, relief to the markets. At that point, we can fast forward and try to have a reasonable estimate of where inflation is going to bottom out over the course of 2016. But to todays agreement specifically, what is the significance of todays agreement in doha . From your perspective and from the Trading Floor behind you, do they see that as a significant step towards stabilizing the price . I dont think so. I dont think theres tooc much of a reaction as of yet. Well see what happens when the u. S. Markets come into life. From the european perspective, you havent seen much of a move. Obviously oil prices is up a little bit, but its not i dont think the move is that significant. I guess well have to see how markets react later in the day. So far, there hasnt been much of a reaction. Certainly a lot of suspicion greeting every rally. Thank you very much. We have some Corporate News to share with you this morning. Apollo global reportedly closed a deal to purchase adt. Apollo would merge adt with another Security Company it already owns. No price tag yet, but adt is valued around 10 billion. You noted this could be significant, just to see private equity back in the market. Maybe we unlocked the market a little bit. This is a unique one. Apollo already owns a company in this industry. This is yet another one. Well see. Specific case or sign that were back in. Now we want to hear from you. We asked you on twitter, can countries freezing Oil Production as weve been talking about, does this put a bottom in oil . Vote in our poll on twitter. Coming up, the trade of the day. First as we head to break, we have a birthday. Happy birthday carl icahn, turning 80 today. His birthday wish might have something to do with oil prices. Icahn enterprises is at a threeyear low after a string of losing energy bets. Keep an eye on oil, trading higher off the highs on that announcement of an output freeze. Well be back on Worldwide Exchange. Looking for 24 7 digestive support . Try align for a nonstop, sweettreatgoodness holdontoyourtiara, kindofday. Live 24 7 with 24 7 digestive support. Try align, the undisputed 1 ge recommended probiotic. Hey, jesse. Who are you . Im vern, the orange money retirement rabbit from voya. Orange money represents the money you put away for retirement. Over time, your money could multiply. Hello, all of you. Get organized at voya. Com. No, youre not yogonna watch it tch it we cant let you download on the goooooo youll just have to miss it yeah, youll just have to miss it we cant let you download. Uh, no thanks. I have x1 from xfinity so. Dont fall for directv. Xfinity lets you download your shows from anywhere. I used to like that song. Welcome back to Worldwide Exchange. Lets get you up to speed on the overnight narcotic action. Global markets were open on monday as the u. S. Had a trading holiday for president s day. They rallied in general. Asia has tackedn to yesterdays rally. Japan up 1. 4 after a historic rally on monday. In general, you had strength as we also had some easing noises out of the peoples bank of china. It generally was a positive tone. Europe traded higher yesterday, on mondays open day. The dax, as you can see, has given up most of those gains. Thats a bell weather for europe. Down almost 0. 75 . Oil gave up some of its gains for the morning. U. S. Equity futures are poised to open higher. In fact, higher by more than 1 it looks like right now. 1880, s p futures indicated open. That would actually be significantly above about 70 points where we bottomed last thursday. So it seems as if the market wants to see if this rally is going to stick. One part of the story here, mike, the big developing story overnight, oil top officials from saudi arabia, russia, and several key opec producers agreeing to freeze output. Nancy hulgrave is following the developments from london and just what it means and how the price will react to it. Hi there, sara. Well, if we can get a check on the oil price at the moment, were looking at brent crude up about 2 . Were in the green. That is off considerably from what we saw earlier in the session of gains of around 5 . That was on a lot of optimism, enthusiasm over this meeting going on in doha. What we heard in the last hour is that saudi arabia, russia, venezuela, and qatar coming together in principle to agree to a freeze of output at january levels. However, thats if, and this is a big if here, if other producers come together and agree to that freeze as well. There are some big question marks around this, chief among them being iran. Iran just getting back on after those sanctions were lifted. Theyre keen to get production going, and many doubts over to what extent, if any, theyll be willing to constrain production. But the saudi minister has come out saying a production freeze at january levels would be, quote, adequate. Theyve also said there is no plan for a meeting of nonopec and opec members in the immediate future, but theyll be looking at additional steps in the coming weeks. We know the Venezuelan Oil minister is due to meet with officials in just a few days. Back to you. All right, nancy. Now lets get to todays trade of the day. The chinese stock market higher after being closed last week for lunar new year. Our data team crunched some numbers to find out which u. S. Stocks have the most to gain. Well, the fxi, which is the large cap etf for mainland china, when it does rally, expedia, priceline, apple, and mastercard all rose. For more, go to cnbc. Com and check out cnbc pro. Seems like some sort of high beta nasdaq names might be the way to play the inflation trade. When we come back, highlights from last nights grammy awards. The winners, the losers, and the moments that everybodys going to be talking about at the office today. But first, as we head to break, heres todays Weather Forecast from the weather channels chris warren. Sara and mike, early on today, its going to be storms in florida that were going to be watching after a very active day yesterday with tornadoes happening from mississippi to florida. We are looking once again at stormy conditions here. Meanwhile, its the northeast seeing some big changes, either snow and ice changing over to rain or youre going to be in heavy snow for a while. Parts of new york and pennsylvania will see some of the heaviest snow. Otherwise, what youre going to notice, and notice in a big way in the northeast today, the temperatures. It is going to be much warmer. Youre going to go instead of highs in the 30s, its going to be highs in the 50s today. It is going to be a much milder day. Coldest air still around the great lakes. Were watching for a big warmup here in the southern plains. In the next couple days, were looking at the financial for record heat, something were going to toll low. Im meteorologist clirs warren from the weather channel. Worldwide exchange will be right back. Rs pitch you investment opportunities. Ive got a fantastic deal for you gold with the right pool of investors, theres a lot of money to be made. But first, investors must ask the right questions and use the smartcheck challenge to make the right decisions. Youre not even registered; im done with you i can. I can. Savvy investors check their financial pros background by visiting smartcheck. 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