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>>googleet tpa$700 miion er the app storeeing ti-com ti-comtitive and siness and leisure it is tuesday, december 19th, 2023 yoare wahingwex. good morning welcome to "worldwide exchange." i'm frank holland. t's kioff the hour with the checof the.sstock fures with tow witthe fih stight rord cle in a row apple, right now up 100% we will now look at the futures. looking at futures they are green across the board. the dow would open up 25 points. the s&p and nasdaq in the green. we are checking bond yeeiel

with the ten-year yield down 30 basis points over the last week. similar for the two-year note. falling 30 basis points over the last week. we want to look at energy, specifically oil wti, u.s. benchmark at $72.16. ice brent is down .50% similar story for parts. time for the check of the tocorporate stories and silvana hena silvana, good morning. frank, good morning. will pause u. sales on twof blooerg is reporti that ple is scrambling toescue the $1billion wearle busine rushg to changand eate it deternes satution aow

e-setst to cusmers the repo as if harare new models andhippinthem could takehree months. th is not cluding the time for s. cusms to approve the move google has agreed to pay $700 million a aow for brigh greatecompetion helay stor the $700 millio $630 llion is in settment fund the statesion used for finalpprova eligib peoplmay t $2 a bad on the snding in the gole play beeen 16 and 20. >>and tea isnformi some of e holy emploes tt

wi bpaid ireases by 10 th will srting rly xt ar cordinto iernal emai se by bc, tesla ll the increa mayelp tesla es fend off worker interests in forming union d shinfo nevaecve agreement in comment from tesla. itilbe a big issue in 2024sue. silvana, see you later on. attention back to the rkets and the soft landing as investors bet on not one, t several rate cuts next year. mary daly added fuel to the fire with her comments. she says the positive outlook warrants lower interest rates in 2024 speaking with the journal, daly adds the forecast for rates is

close to fed's medium propjectio of three rate cuts next year let's discuss what this means for the markets with the fixed income and solutions and goldman sachs asset management priya, good morning. >> thank you for having me. >> i think we have to pick up with mary daly do you agree with her with the progress and how does at inform your opinion with rate cuts next year >> one of the biggest macro wins of 2023 is progress on disinflaon and that has come without a sharp slowdown in growth or sharp rise in unemployment are looking at a balanced picture for policy decisions what this means the loosening

inflation constraint is creating room for central banks to begin talking about cuing rates and moving from what jay powell described it as strictive rritory to less restrictive territory or closer to neutral if we continue to see the progss on disinflation, and we continue to see the inflation data on friday moving well, then we do expect the f to begin to cut rate >> we are focusing on the u.s. right now. i want to talk about the ecb you are in london. we have a big audience in l london we saw a number of central banks making decisions on super thursday >> on the back of what i mentioned is moving inflation closer toward target against balancing downside growth risk in europe, the downside growth

risks are dpgreater. we see slower movement in europe weaker because the economy is more sensitive to higher rates we have shorter fixation periods for mortgages and fer variable ras. the theme of the central bank cuts are going to diverge. d >> you are looking on your 2024 outlook. what is the outlook for next year >> coming back to the entire premise of balancing act it is a pivot from the mantra that cash is king which dominated in 2023. cash will be moved beyond 2024 and that is where bonds will play a larger role for yields.

bonds are still higher than where they were last cycle it is still attractive income with opportunities as we press further in the high rate regime, we have geopolitical uncertainty and we feel the value of bonds as a protection to downside risks are back >> bonds are back. gurpreet is calling for her forecast for 2024. thank you. >> thank you turning attention now to a developing story with the houthi attacks on ships in the red sea. maersk says it is rerouting ships around africa via the cape ofoohope due to the security security t situation.

this coming after bp and evergreen said it was pausing red sea routes with the concerns maersk has0 vessels pausing trants in the area the u.s. and 39 other allies, including the uk, canada and france and italy and spain, are expanding to secure shipping channels and prevent escalation. we will have more on the story throughout the hour and all day on cnbc, including our conversation with the ceo at 11:00 a.m. eastern we have more to come on "worldde exchange," including the one word investors have to know today. first, getting setfedex. what you need to know. and nippon is looking to close in on the bid for u.s. steel. and we look at the best play for airlines and hotels an

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welcome back to "worldwide exchange." looking at the futures this morning with the s&p is up slightly this morning. let's go to see what the european action is looking like this more than with joumanna bercetche. >> i want to bring you price action from asia the shanghai composite is flat

line hang seng is dipping .75%. the focus overnight in japan nikkei is up 1.4%. this is in direct response to the bank of japan meeting. expectations were high that maybe they would sound hawkish in the end, the bank of japan kept raise steady. the governor said it is difficult to give a firm picture on when the central bank will end the country's ultra loose policy after leaving rates unchanged. that was expected. it makes it the only central bank in the world with rates in negative territory nikkei up 1.4. the yen is 1.3% weaker against the u.s. dollar. ten-year jgb is in linewith fixed income markets this is the picture today for the markets. we are moving toward the green the ftse 100 is up .10%. a bit of a bounce in energy

stocks the declines are pretty notable in autos and other cyclical sectors this morning dax is up .20% the french index is slipping into the red down .3%. both of the indices reached record highs last week other comments from the european central bank and this time around supervisory mandate. the central bank raised capital requirements for 20 banks stating they did not have enough cash on hand to cover bad loans. it is preparing for the rise in delinquencies in the higher-rate environment. ubs this morning is up 2%. we found civean raised the stake in the bank on the value expectation doubling in the next

five years frank. thank you, joumanna bercetche. higher ahead of the earnings after the close today. the stock out performing u.p.s. as they look at cost cutting efrts. relate revenue is expected to decrease. the metric to watch for the delivery giant is marginal the forecast is expected to come in over 6% compared to 5.3% last year and on top of mind is the raise to forward guidance with the shipping rates to increase next year the stock is under valued joining me now with expectations is the chief investment officer of north star. good morning

thanks for being here. >> good morning, frank >> i want to talk about the expectations last quarter, fedex had a beat and raise to guidance. you are expecting that this quarter? what is your oversall view on th stock? >> fedex is in a great place right now. they have been after the dismal q1 2023. since then, the company is focused on being efficient and right sizing the network and gaining efficiency on ground they are in a sweet spot they won the business from u.p.s. and yellow. we are looking for them to retain and hold on to the business fedex is in a sweet spot here, frank. >> you like the direction fedex is going you have a still in understatement you talked about that warning last year. the ceo said the entire world is slowing down we're on the brink of recession,

which didn't happen. i know you are not an analyst, but analysts have a price target of $300. a 6% upside. it has a huge run-up year to date do you see more run-up or is the cost cutting already priced in >> as long-term shareholders, we think fedex is getting its act together becoming a lot more disciplined and an efficient organization. you talk about the drive program. as we look out at 2024, they will reorganize and combine express and ground into one fedex. that's always been an issue for fedex. they operated two networks there is a lot of power from combining the networks we think fedex is finally becoming more effect and cutting

backap ex. they are rolling that back and being more disciplined to how much capital expense they need they are getting disciplined on capital deployment and striking a balanced tone there with b buybacks of $1.5 billion this year this is a company with 15% increase in dividends in the last five years. we feel good where fedex is going. we don't expect this to be a lineal path. it rarely is we're committed to staying with the company. >> i want to talk about shareholder return fedex in the middle of the $1.5 billion buyback which has been questioned since the ceo gave the dire warning do you feel instead of the buyback, they should use the money somewhere else and continue to raise the dividend one thing was that they had plans to raise the dividend long term >> the fedex payout ratio is low

compared to the peers at 20% there is room to raise that. we welcome that. it is always good to have a balanced approach between internal investment to make sure you meet customer demands and position for long-term growth. balancing that with shareholder returns in the form of dividends or buybacks. >> happy with both bullish on fedex thank you for being here >> thank you coming up on "worldwide exchange," what one global shipper is telling his clients whose cargo is bound for the red sea.

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let's choeck on the headlins are jessica layton in new york >> frank, good morning we are looking at the devastating earthquake in china. it struck in the northwestern province according to officials there, the tremor killed 118 people. xi jinping ordered a full-scale rescue effort. turning to iceland where weeks of eruptions led to the

rejiak volcano people were evacuated after ighten ssmic aivity which alerted them to the erup eruption. and the back-up quarterback with the clutch monday night performance against the eagles with less than two minut in the game, loch led wh the -aheadouchdo pass. was one of the best interceptions of the season. the hawks keep the playoff hopes alive 20-1 frank, a lot of love for loch this morning the post-game interview was heart felt saying he was grateful for his teammate >> you know i'm an eagles fan. are you producing this show in dallas where is this produced >> frank, sometimes you have to take o for the winning team. >> some twist of the knife

everybody showing him love >> everybody except frank. we're still winning the super bowl i'm edicting it right now. it is great to see you. >> we'll make a wager offline. >> great to see you today. coming up on ""worldwide exchange," lawmakers in washington taking usissue with g tech and they are letting the white house know about it. we'll be right back on "worldwide exchange. go. and go and go and go. (tense music) but what if you. (tense music) stop! you work hard. it's time for a bank that'll work hard for you. everbank performance savings is built to put your money to work with some of the highest rates in the country. going, that's what got you where you want to be. we're the partners for your next move. everbank. advantage, you.

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it is 5:30 a.m. in the new york city area there is more ahead on "worldwide exchange. here's what's on deck, the rally continues, but the word of the day is anything but reassuring. and breaking this morning, maersk makes drastic moves to stay away from the red sea a live report from the region coming up. plus, laying out the 2024 stock playbook and the key plays in travel and leisure for your portfolio in the year ahead. 2023it's tuesday, december 19th, u are watching "wodwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. let's start the half hour check with the stock futures and the dow trying for its fifth straight record close in a row

looking at the dow and you can see it in the green. it would open 20 points higher s&p and nasdaq are in the green. we check bond yields with the ten-year down 30 basis points from a weeking ago same for the two-year note then with wti, down .30% off the lows from early this morning. brent crude is $77.69. down .30%. that is the money set up let's get a check of the top coorate sties with silvana henao. silvana. >> good morning. enphase energy will layoff 10% of the global work force as part of the restructuring plan. the solar company will stop operations at plants in wisconsin and romania and re-size the other plants the moves come as the company

struggles with slow demandinven. shares are down 50% this year. u.s. lawmakers are pushing back on the eu growing wave of tech regulation. a bipartisan group of lawmaker has written to the white house warning it iunfair targeting ape and meta and nincludg chinese or eu firms. the test cualty,ut not whicis ford tocraphebe acquisition of fmaollowi the ro blockacrosshe e d japan'nipp steel fendinthe u.s.teel acquision afr the shares got hit ha in ernight tradin the compy's esident tellg

japan it wan to compte a new anthere ufficit t indusy rationale for 0% premiumt is paying for u.s. stee if finalized, itould be the second biggest steel producers >> the story broke on "worldwide exchange" yesterday. we will continue to watch it silvana, thank you. turning attention back to the breaking news and latest with the houthi tattacks in on the red sea ships. maersk is rerouting ships around the cape of rica d to the security situation this is coming after the company and a dozen other shipping firms, like bp and evergreen were pausing shipping over concerns

nbc's ali arrouzi is live with the latest >> reporter: they are launching a multinational force after a string of attacks by the houthi rebels which disrupted shipping lines and commerce defense secretary lloyd austin said canada and italy and seychelles and the united kingdom is joining the initiative there is ongoing talks to see if other arrab nations could join the coalition known as operation prosperity guardian. a security initiative under the maritime force which focuses on security in the red sea. again, there are complications the saudis have lowered tension was iran if they were to join the

coalition and get into a fight with the houthis, that could bring on an issue with tehran and riyadh this is coming after an increased attack by the houthis in the red sea they ramped up drone and missile strikes on vessels in key shipping lanes with the apparent links to israel. over the weekend, the u.s. and british navy shot down around 15 drones in that waterway prompting a dozen or more companies you mentioned to suspend travel through the red sea with the security concerns that is having a massive effect on trade and goods and insurance prices something the houthis and iranians are aware of and trying to exploit frank. >> ali, what are we hearing from the governments in the region

and the yemeni government especially >> reporter: the houthis says this coalition makes no difference to them they continue to pledge attacks as long as there is a blockade on gaza and the aggression is coming in. the aggression has not put the houthis off launching attacks. they will continue supporting palestine. it will be harder to conduct attacks in the red sea with the multinational coalition there. they are still determined to disrupt the waterways and commerce and put israel and the u.s. under pressure. what is interesting is if more arab nations join the coalition. it will be a dangerous move

because they are within striking distance with yemen with saudi arabia that has to be aoncern. >> ali live in kaycairo. thank you. we will bring in our guest here who has customer cargo in the red sea region phi phillip, good morning. >> thank you >> phiip, best wishes to your crew mbers in the region hope they will g to where they are going safely give us a picture for the ships you have in the region how disruptive is all this >> it is hugely disruptive first and foremost, the safety of the crew is paramount in all this that's why the decion has been taken to go around the cape of hope the transit time, this adds 10-to-14 days on all transits

from vessels from asia to europe and also europe back to asia anything that is not arriving in the next 10 to 14 days in europe will be hit by delays. weekwhere cargoe is arrivin fr asia. th is maively disruptive rticularly aa time where the trel is increasing it is very disruptive. >> very disruptive as far as time give us a sense of cost. how does it impact the oan shipment costs for customers and you as well. are you able to pass along the costs? >> the costs over the weekend have doubled they are climbing every day. a lack of space now. people are realizing there are noessels in asia on the back end of january, ople are looking at a diffulsituation.

we have had coersations th our cuomers about e sts. saw t supplchain ring cod and e suezrisis. a lo perioof timand if it escalate >> we are showing the audience the red sea now. narrow parts of transit where the ships get through ich makes them susceptible to attacks. i want to ask you about the container ships your company has in the region and from maersk and other companies which were diverted what kind of goods are slipp sh and what is impacting europe and asia and the middle east >> allin of products a ken thugh the. thingsre shees in surmarke disposables and me wr ems. asia has been the manufacturer of the world for u.s. and

europe a plethora of issues on the vessels. it will be a major issue the longer it goes on, the wor it gets. the loop from europe to asia and back to europe means if you add on fr weeks, you need to add that to the marketplace. you are oking at 30% to 40% capacity that is not there and t available. >> last question is there a long-term impact? these ships are moving goods and not military ships and they are being attacked by drones and rockets. how does this impact your business and the ability to get on the ships to do the work? >> well, like i said before, the safety of the crew is absolute ramount in all this. no one wants to go, particularly, civilians wants to

gon the areas under threat stopping convoys or military aid? i don't know how they combat it. something needs to bdone before the shipping lines feel safe to put crews in the region. >> philip edge ceo of edge logistics. this is adding three-to-four weeks of shipping times in asia and europe best wishes for the safety of your crew. >> thank you coming up, airlines looking for a strong problem-free year to end the surge in business, but will it help airline stocks help the rally inte ar d?thyeen stay with us eel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest diffently. it still does. what can you do with spy? ♪

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welcome back to "worldwide exchange." there were thousands of flight delays across the u.s. yesterday as the storm swept up the east coast. it was nothing compared to the holiday travel meltdown last ar with thousands strand with southwest airlines. this year, the airlines are heeding the motto be prepared from the boy scouts. we have phil lebeau with more. >> reporter: good morning, frank. delays we saw yesterday and cancelations were nothing in part to last year with the smaller storm and not as much impact having said that, the airlines had fingers crossed that there is good weather until the new

year the busy period later this week and early next week. averaging 2.8 million passengers a day. that is up 16% compared to last year as i mentioned, thursday and friday of this week and next week after christmas is tuesday through thursday being the busy days the airlines are better prepared compared to last year with the surge in traffic because, one, they have better staffing, and two, the faa along with the other agencies and federal government, are prepared for opening air space and having more air traffic controllers available and working with the sameage get ready for more he flights. we wl see an increase flights. a flurry in fligs betwn now daysoming theext uplege

almo 49,0 fligs heren the unit states cong up on thursday, thent drs off with the fest flights on christmas day and then it picks up next if you look at the airline index, it has en a nice move since the end of october up 20% roughly speaking you may look at this and say they are nowhere close to the 52-week highs. i'm not sure anybody expected them to get back close to the 52-week highs. if you are an airline investor, frank, you will be happy being up 25% to 30%, frank a lot of people athe end of october, people were saying ese are oversold not the case today >> phil, you stick around. we want to talk more with you about the whole traffic and leisure outlook. once you fly from point a to point b where do you say and what you plan to do is what it

is all about we have bill freemanrom raymond james joining you go >> good morning. >> give us a sense with hotels and other places to stay and leisure activities throughout the holidays and into the new year what is your outlook >> separate those two from the holiday perspective with thanksgiving a the festive season are not great times f the hotel industry people travel a lot and they stay at their homes or someone els's ho what we see in the year aheais encouraging. we see business travel to ramp up from s covid period we see group activity and group demand on the books looking strong we see continued healthy and normalizing leisure demand and higher rat as we pass on this

inflation with the business travel next year looks pretty good from the fund amental perspective. the biggest issue is the macro economy if we get into the hotel space. >> the economy is a factor in every business i want to come back over to you, phil the ceo of hilton was on a few weeks ago. he is hearing from customers that business travel is going to pick up in the new year. do we see the same thing with flights? is that a direct benefit for flights? >> reporter: yes it is a little harder to measure, frank the business travel patterns are still different than what they were pre-pandemic. one area where the airlines are watching and saying maybe we'll see improvement here with the single-day business trips. that is not helpful with the

lodging, but the single-day business trip is the big part of the travel since the pandemic. after the pandemic, that is starting to change the last six-to-nine months, when i talked with airline executives, they say we are starting to see a bit more of that that is the area of focus. that will tell a lot of the airline executives as well as the industry overall that we see business travel really getting back to where it was before the pandemic >> speaking of the pandemic, bill, i want come back to you. have we seen the peak or end of the revenge travel where people wanted to get back out after being cooped up after covid? >> leisure unchained, if you will the peak in 2022 we have seen normalization in 2023 we expect further normalization through next year. that could be offset by

international travel it is better than 2019 where we are just coming back to the level where we will get 5% above 2019 on the permanent basis given the flexibility of the workplace. >> bill, you have picks in the leisure space. what is your top pick with the leisure space and why? >> you mentioned hilton earlier. that is one of our top picks this year. it performed well. the combination, really, of the spectacular balance sheet and repurchase 5% of the shares outstanding each year and growth at 5% or 6% a year it is a really good long-term play in the space. the reits. mortgage rate sensitive. rhc with 70% of the demand from

group business that group is strong host hotels. >> they get the tourist benefit as well with the grand ole opry. we will talk to a dovish mary daly at the end of the show. the rate cuts and feeasing policy how does it impact travel? >> it will help. all businesses will benefit from lower interest rates i think the airlines right now are in a position where they are comfortable with the projections for 2024 what ihink they're watching, a couple of things, frank, one is the labor costs are out of the way and they look at jet fuel. then the other thing is what ppens with international travel we have seen improvement with the international airlines in europe and adding flighthere to the u.s does that continue to be as

robust >> phil lebeau and bill crow thk you. cong up on "worldwide exchange," the one word every the under performing stocks our next guest says arhigh on her t t mnice senand one tech name noinheagfintev we'll be right back with much more "worldwide exchange." power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley. power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades

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welcome back to "worldwide exchange." time for the "wex wrap-up. apple looking to make changes on the apple watch after the pause of u.s. sales of the watches starting on thursday. sticking with tech, google agreeing to pay $700 million for greater competition in the play store which is part of the anti-trust settlement. tesla says it will increase pay by 10% for the hourly

employees at the nevada battery factory next year. the company will bump wages from $20 to $22 on the low end and from $30 to $34.50 on the high end. ecb raising capital requirements for banks saying they have not set aside enough cash to cover bad loans. this as they look to prepare for a rise of delinquencies. activist investor cevian capital taking a stake in ubs looking to increase the valuation in the next three-to-five years. marvel cutting ties with jonathan majors following the conviction yesterday in the harassment and assault after the incident with him and his -glfriend back in march.

here is what to watch today, earnings from accenture and fedex. we will have comments from atlanta fed president bostic as well as watching maersk do not miss a one-on-one with the ceo of maersk at 11:00 a.m. eastern time today. let's get a look at the trading day. look at futures right now. they are in the green across the board. we are seeing the dow close to the highs of the morning s&p and nasdaq in the green. for more, let's bring in jenny h harrington jenny, good morning. >> good morning, frank. >> we have been talking about the rally with the dow hitting new record lcloses jenny, give us your word of the day. >> it is trendless we are in a trendless market from here until the end of the year it is confusiconfusing. i was trying to come up with a

more inspiring word of the day, but didn't get there i think there are so many cross grounds. we have seen rotation where there is money moving out of the mag seven and other areas. we have year-end repositioning and profit taking. those are all hitting and you cannot say between now and year end we should focus on small cap or focus on value. i think there's a lot of noise between now and year end. >> it is lower volatility. i want to push back on one thing. you say trendless. inflation is trending down we see number of fed speakers coming out sounding dovish >> that is a macroeconomics trend, frank you asked for market >> it is impacting the market. >> it is that is why the market has been lifted higher. that's why i'm trying to be specific on saying it is trendless between now and year end. i think i have pretty clear

idea of what happens after year end and what happens after year end is i think the areasave been the biggest winners this year tone down for next year i think this goes into ideas where you want to be positioned for next year is the losers of the year, but non participants >> let's hop into it here are your picks. they are all down for the fourth quarter. all negative for q4. are you buying on thdip here >> not really. you know, investing 101. buy low and sell high. i like to give ias particularly on cnbc on things that haven't had a big spike i think what investors do which is wrong is extrapolate forever. just because a stockis up a lot, they want to buy because it is up a lot. we want to chae that and say

where is the value one thing is cisco cisco is down 6.5% this quarr. they reported temporary slowdown and growth should pick up in 2024 earningsading at 12.5 times they will be a big benefit from a.i. a network security. one thing we need to figure out is i don't think companies have created a.i. i don't think they will, in the long term, be the ones to make the most money off it. cisco is in a position to make a lot of money in the next decade. i'd rather be there. >> jenny harrington playing the bones of the a.i. trade. cisco and aptiv and unilever. one look at futures before we go. dow opening up 15 points higher right now off the highs of earlier today. we will leave it there "squawk box" is coming up next thank you for watching

good morning breaking news. shipping giant maersk is diverting ships around africa to avoid the security threats in the red sea. details are straight ahead. central bank news. the bank of japan intaining the ultra easing monetar policy the yen giving back gains overnight. google agreeing to pay $700 million in the app store settle these settlement it is tuesday, december 19th,

2023 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen andrew is out today. hi, joe. >> hey, becks. >> how are you >> you never call me becks >> i'm fine. becky. yeah they said tv wouldn't be glamorous. you know exactly what i'm talking about. >> yes, i do >> they said it would not be glamorous. low le little did it they know how are you? >> i'm feeling good in times square >> nice digs >> jealous of my lighting? >> is this you or me