it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we start with the s.e.c. approving the first ever spot bitcoin etf. it is called a game changer. will it spark a wider range of adoption? also, seven days and no solution from boeing as united and alaska continues to cancel hundreds of flights a day because of the fleet. what david calhoun told phil lebeau. and the countdown is on for what could be a major market

event. december cpi report. we speak with moody's mark zander about that report. and we look ahead to taiwan's presidential election and why events on the tiny island could have massive implications. and later in the show, the big bank risking a fourth quarter loss in the middle of the hmassive turn around plan. it is thursday, january 11th, 2024. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm frank holland. let's start your day with the kickoff of the u.s. stock futures check. after a higher day for stocks that saw the nasdaq extend the win streak to four and s&p turn positive on the year. we are seeing in the green across the board with the dow opening up 40 points higher. the nasdaq is the best in the

pre-market up over .30%. we are checking the bond market with the ten-year yield holding below the key 4% mark. you see 3.994. we will continue to watch the moves on the bond yields throughout the morning. this action here as investors await the december cpi report. that is due out at 8:30 a.m. eastern time. economists are expecting the headline figure to ease a bit from november with the core remaining about the same near 4%. also this morning, a lot of news in crypto. > we are watching the expfirst s etf with grayscale and ark invest and others. we will have the ceo of one of those sponsors later in the hour. the entire complex in the green across the board. bitcoin with the muted rise above the $46,000 mark right now. that is the u.s. setup.

let's see how the european trade is with joumanna bercetche in the london newsroom. joumanna, good morning. frank, so much green on the board. decidedly risk on after yesterday. every major is trading in the good. we are seeing gains led by basic resources. minors at the top of the ftse 100. also seeing a good bounce in autos with the leader automakers in europe having a good session. ftse 100 in focus because we had a bunch of retail earnings. marks & spencer is down 5% in con ttrast with tesco which is showing a positive momentum this morning. dax is up .40%. the key industrial names in that index. the cac 40 in france is up .30%.

seeing a bounce in luxury names as well as autos. we are seeing a mild underperformance in the european banks. it could be on the back of the downgrade in the sector. let me take you to asian markets. again, there is one index we are watching closely there. that is the nikkei up 1.77%. 600 points higher through 35,000. that is a key level, frank, because we have not been there since february of 1990. another milestone for the nikkei and this is on the back of the 23% in 2023. >> joumanna bercetche live in london, thank you very much. turning back to the u.s. the it is what we have been waiting for this week. the december consumer price index is out at 8:30 a.m. it could dictate the path of rate cuts for the fed for the year. headline inflation is forecast to rise .2% month over month.

hotter than the 1% gain in november. year over year, expected to right 3.2% over 3.1% in november. core prices are climbing .3% in november and rising 3.8% from a year ago. joining me now is nancy. nancy, good morning. >> good morning, frank. happy new year. >> give us a sense. so much talk about the cpi report. how big is this for the markets as well as the bond market? >> look, every number is important in that sense. our view is it will break the 4% mark. frank, we have been expecting fl inflation to head lower.

expectations have been heading lower. pce was 1.9% annualized. the bottom line is inflation is heading lower in 2024 and we continue to expect and had expected last year a soft landing for the u.s. economy and the fed to be able to cut interest rates. whether it is in the first quarter or not remains to be seen. >> nancy, you are expecting a soft landing and according to research, since world war ii, there has not been a recession during the election year. we are here in the u.s. with an election year. you shared your portfolio building blocks. a lot to digest right here. you focus on three areas. stability and diversified and growth assets. i want to ask you if the economy is in good footing, do you want investors to focus on the growth assets and with this new bitcoin etf, is that the example of a

growth asset? >> first of all, within those three buckets, we are most favorable on diversified and growth. we have been diversified. private credit infrastructure. we are able to get 8% to 10% returns. that is a challenge to growth as sets as well with really interesting tax benefits. that is on the diversified side. on the growth side, we think earnings and economic recovery will come through this year. that will be good for growth assets, particularly for things that didn't do as well last year. we continue to have this broadening in market participation. that is our expectation. on the stability side, the fed will cut rates. shorter rates coming down. >> nancy, that is still a strong economy with lower interest rates. is this the time you think investors should take more

risks? >> look, if i can make 8% to 10% with fixed income volatility, that is interesting. having said that, frank, we are overweight equities. we have been that way through 2023. that is a good place to be positioned. we are constructive on the outlook of the market and do think that earnings will benefit this year from a combination of economic recovery and lower input costs and inflation and m& a which are contributing to what will be a good year. >> i think it will be a good year. nancy curtin, thank you. now is time for the check of the corporate stories with silvana henao. >> good morning, frank. alaska ai

alaska airlines will cancel all flights on the boeing 737 max 9 jets as it waits for the instructions on how to properly inspect door panels on the grounded planes. united, the other 737 max 9 operator in the u.s. canceled 167 flights yesterday and expecting significance legislation situations today. david calhoun said the investigation results in the blowout last week will change things for his company. listen in. >> i'm confident that process will not only prevent accident, but the data we collect from each and every one of the inspections will inform all of the actions we have to take as a company. citigroup warning investors charged to the decline of the argentina peso and the

organization are coming in far higher than it previously disclosed to the tune of $3.8 billion. citi says it booked $7680 million in restructure charging and $8880 million in conversion losses and $1.7 billion in charges to replace the fdic insurance fund. don't miss the exclusive with citi's cfo on "closing bell" tomorrow. and google is laying off hundreds of staff working on the digital voice assistant and engineering teams in the effort to cut costs and focus attention and cash on developments in a.i. the company also says the co- founders will also be departing. go google bought fit bit in 2021, but rolled out new invesversionh

fitbit. >> i'm a fitbit wearer. i have to do research on this one. >> move over to the pixel. >> maybe. silvana, see you later on. more to come on "worldwide exchange," including the one word investors have to know today. first, much more on the crypto game changer and what a spot etf approval could mean for wider investor adoption. and tiny island and global implications. we look at what investors and business leaders need to know. and later on, openai looking to train a.i. and avoid possibly billions of dollars in legal liabilities. a very busy hour when "worldwide exchange" returns. we earn your trust. maintain our financial strength and stability. and deliver solutions that meet complex needs. massmutual. partnering with financial professionals, benefits brokers, and institutions.

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welcome back to "worldwide exchange." in a watershed moment for the crypto industry, the s.e.c. approved the first spot bitcoin etf. this will draw in new investors into the crypto market. watching crypto right now and it is green across the board. some other coins are doing better. the 11 funds operated by ark invest and franklin templeton and wisdom tree and others are expected to start trading today. joining me now is the technology reporter mackenzie sigalos with

the key adoption. mac, good morning. >> frank, good to see you. >> mac, spell it out. what are we seeing? is this a watershed moment for crypto? >> up until the wednesday approach from the s.e.c., the $30 trillion wealth management industry in the u.s. largely had been cut out of the crypto sector. view investors have any material allocation to bitcoin at this point despite it being the best performing asset class in the last 18 months. the vanex ceo saying the financial advisers have been told to steer clear of crypto until now. that changes today. standard charter looks at inflows of $100 billion by the end of the year. that is the primary flows. that is not the secondary flowing with the publicly listed funds changing with the s.e.c.

to allocate more assets under management to bitcoin. >> a lot of moving parts here. for the audience, does this make crypto more of an investable asset? >> that's the trend and what we are seeing so far. in the first week of january, mutual fund manager advisers updated their prospectives with the s.e.c. to asset 15% to indirect exposure. it is a trend that is catching on. i spoke to bitwise chief investment officer and he said financial advisers includes ras and wirehouses. that is a trillion dollar market. among those they work with, portfolio allocations with the crypto going at 1% to 5%.

>> we showed the cryptocurrency complex, if you will. bitcoin is the under performer. any reason why? is this a sell on the news event that people are less excited? >> we saw the jump in ethereum. that is the next round of flex applications. you noted we are seeing prices moving higher this morning. there was a question of whether we would see a sell the news event once we got the slew of approvals. the larger point is a lot of asset managers put out more recommendations they will allocate more portfolio to the crypto space and that is a net positive for the industry. >> the first bitcoin etf expected to start trading today. mackenzie sigalos, thank you. coming up here on "worldwide exchange," we will stay on the crypto beat and "worldwide exchange" exclusive with the skrceo of the spot bitcoin etf

sponsors. we will be back right after this.

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eunice yoon is joining me from beijing with more on why the election on a small island could have worldwide implications for investors and businesses. eunice, good morning. >> reporter: frank, the weekend election could be a game changer when it comes to security in the region and potentially change the course of the u.s./china relationship. the frontrunner for the elections in this vote is a man named william. he is the current vice president. he is backed by the ruling party which beijing again described as an extreme danger. the xi jinping looks at lai's party as independent. that is the perception from beijing. since the communist party believes taiwan is not an

independent country s, they see williams lai's party as such. they perceive the likelihood of the status quo. the parties are not very different. his main rival of the kmp ruled out unification talks. the polls have narrowed but continue to suggest william lai is going to win. for investors in the business community in the u.s. believe this is important because of what it says about the security situation. right now, because beijing has been framing this as a choice between peace and war, if lai does win, beijing has already indicated it would maintain a hostile stance toward take'aipe. it would ratchet up the military and it would announce economic

punishment with the tariff rates. in terms of security of the supply chain as well, frank, that is another thing that would be on the minds of ceos. >> a lot of broader implications from the selection, but also from the u.s. deciding to send people to taiwan following the elections. can you tell us more about that u.s. response to the event? >> reporter: so far, the u.s. has said beijing should not interfere in any way in this election. also said that they are going to send out an unofficial delegation right after the election. that is likely going to annoy beijing. there is a little bit of a hope on the part of beijing based on the comments we heard out of the

administration here that there would be some upset because of the other two candidates who are there, as i said, are seen as friendlier. because of that, the xi jinping administration has already indicated that they would be more willing to engage with taiwan, potentially reduces tensions. >> eunice yoon live in beijing. great to see you. coming up here on "worldwide exchange," getting set for the market event today and the december cpi report that is due out before the opening bell when moody's chief economist mark zander says who it means for the fed's next move. and we have arjun kharpal with the latest on the approval of the spot etf. arjun, are you about to go to b bed? >> i was in bed at 9:30.

i'll bring you the reaction from the st. moritz conference. stay tuned. [♪♪] your skin is ever-changing, take care of it with gold bond's healing formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond.

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and pulling the latest read on inflation as one chief warns the markets are overly excited about the potential for rate cuts. it's a go. the s.e.c. giving a green light to several etfs. what it could mean for opening the doors for more investors in crypto t crypto. it is thursday, january 11th, 2024. you are watching "worldwide exchange" here on cnbc. good morning. welcome back to "worldwide exchange." i'm frank holland. let's pick up the half hour check with the stock futures. you see futures solidly in the green. it looks like the dow would open up 35 points higher. nasdaq is the best in the pre-market up over .10%.

take a look at the yields. we will continue to watch this all morning long. we are watching breaking news. the oil tanker at the center of crisis in the gulf of oman is boarded by unauthorized men in military uniforms. details are unclear in what was the latest seizure of the chip in ship in the waters of the middle east. oil iss moving higher. we will show you in a minute. in general, oil moving higher. actually, we will move on. that is the morning money set up. the key driver for the markets today is the release of the december cpi which is due out in three hours. that is expected to show an

increase from november of 3.2%. the core figure is expected to show a drop of 3.8%. nearly double the inflation goal set by the fed at 2%. the fed watch tool gauge shows a strong rate cut potential in march. comments from john williams, he said the central bank needs to see more movement. we have mark zandy from moody's. >> good morning, frank. >> mark, is this cpi report a big mover? we have the pce report coming up and the fed report for january. >> my sense it will be close to expectation. you point out .30% on the month for the top line and .20% on the core. we are getting close to that.

the markets will take that in stride. more broadly, i think there is a general sense and it is correct that inflation is headed back to the federal reserve target. all of the trend lines look really good. one month, if we are off script, no big deal. i think people think rightly so that inflation is going in the right direction. >> it sounds like if it is a little hotter or cooler, that is not a big deal. are there certain data points in here like shelter inflation or other data points you are watching closely? >> there are things that inflation will continue to moderate which are key. you mentioned the growth in the cost of housing which is key. that is .30% of the cpi. that has to come in. everything says it should. it is tied back to market rents and rents have been flat for more than a year. it takes about a year for rents to translate through to the cpi.

i would expect that to occur and we will see more evidence of that today. that is something to watch. prices are key. vehicle prices went skyward with the collapse of inventory. used vehicle prices have come in, but new are elevated. that is key to the outlook with inflation back in. i would watch that as well. >> in your mind, are we on path for a soft landing? we talk about the soft landing story. how important is the cpi report? what do you make of the comments from the new york fed president? >> i think we are on track for a soft landing, meaning no recession. inflation is key. if inflation doesn't stick to script and remains above target, then the federal reserve the will not cut rates and may have to raise rates at some points. key to the soft landing,

necessary conditions for a soft landing is inflation moves in right direction here. i think president williams is making a good point. he is saying we have a way to go in getting inflation down. even if inflation sticks to the number today, we need something closer to 2%. 2.5% on the cpi. we have a way to go. it is premature to conclude we will have lots of rate cutting. the fed is forecasting three. the markets are six rate cuts. that feels overly opt his parti optimistic. >> what is the most likely outcome in 2024? >> closer to the fed forecast than the market forecast. three rate cuts is aggressive. that is probably closer to what we will get in 2024. >> mark zandi says don't fight the fed. thank you. let's get a check of the corporate stories with silvana

henao. silvana, good morning. frank, good morning. openai is in talks with cnn and fox and others to help train its a.i. systems making it more relevant. openai has been battling copyright infringement allegations. sheri redstone is launching a bid with bdt capital is sharing nondisclosure with private firms over financials which has a 10% stake in para paramount. the post adding redstones p prefers to sell all of national amusements.

that following the report that sky dance media is discussing a bid for national amusement. meaningful rebound in the housing market could be underway. kb home posting lower sales for the fourth quarter, but the decline in mortgage rates makes buying a home more attractive noting it is seeing an increase in orders over the first several weeks of the first quarter. the home builder believes it is well positioned to meet demand signaling home prices could fall from where they stood in the fourth quarter. >> silvana, thank you. turning back to the top story and the watershed moment for the crypto industry. the s.e.c. approved the first spot bitcoin etf. watching crypto on the news and bitcoin is up .30%. by far, the laggard with the crypto complex. ethereum is the best one up

5.5%. the 11 pufunds operated by ark invest and grayscale and others are trading as soon as today. joining us is arjun kharpal from the conference in st. moritz. >> reporter: frank, i was in bed at 9:30 to be fresh for "wex." people said the celebration started off tame because they were not sure with the s.e.c. and they got rauowdy because th is a big deal. three things stand out on the news. you mentioned bitcoin relatively flat. it had 150% rally last year. along with the etf optimism. that is priced in. ethereum. there is expectation with people here on the ground that the ecb coul s.e.c. could approve in may for ethereum. ethereum is up.

i want to contrast that from the s.e.c. chair comments which were strong after the approval. gary g,ensler says don't think e will approve others. he reinforced the fact he sees most crypto assets as securities. bitcoin is a commodity. he reiterated that bitcoin is a speculative asset and can be used. the s.e.c. hasn't turned pro crypto. that could be pouring cold water over the etf thoughts about ethereum. i want to give you a view of what this means for the industry and prices going forward. i caught up with anthony scaramucci. >> because of the broader nature of ownership and the pushing of

the wall street sales force, bitcoin will go through the all-time high. we see it as digital gold. if you look at the market capitalization of gold, there is no reason why bitcoin could not be 50% or 60% of the market cap. that implies a 10x price. could it be a double or plus more than a double by this time next year? i believe that. >> reporter: scaramucci's view is broadly that bitcoin will hit all-time highs thanks to the etf and the halving as well. frank. >> arjun kharpal claiming he went to bed early. i heard a lot of partying. thank you. we will still with bitcoin and joining me now is hunter horsley. hunter, good morning. great to have you here. >> thank you, frank. good to be with you.

>> what do you think? obviously you are excited about the spot etf business. what does it mean for bitcoin going forward? arjun is at the conference in europe. people believe it will hit all-time highs on the back of the new etf. >> i think this is the most important moment in bitcoin history or in the last tempeten years. it is a huge unlock to the space. this is an important moment. >> according to a survey, your portfolio managers have been waiting to add bitcoin and other crypto currencies. etf is the opportunity. now it is approved and once it starts trading, what are you adopting? do you believe it is a certain allocation? what are you hearing? >> yeah, we're hearing huge demand. bitwise is launching bitb.

as you said, we heard88% of advisers who said they wanted to wait for an etf to be approved to allocate to that space. that moment has arrived. we heard demand from our cleaned base. we serve tens of thousands of investors across the country. how they will incorporate it will be different across different investors. what we see is a 1% to 5% allocation in portfolios where the volatility but low correlation of bitcoin can be added to the overallpicture. i think people think investing in bitcoin with the volatility that comes with that is a risky bet. most investors are sizing it in a way that is beneficial to the overall portfolio. they are not putting all of the money in bitcoin. the etfs make that straight forward and possible today. >> you mentioned people that think crypto and bitcoin is a

risky bet. people at the s.e.c. is among those people not that longing ago. what changed to allow for the approval of the bitcoin etfs? >> the first filing for the bitcoin etf was ten years ago which is hard to imagine. we have been working on it six years. bitwise is a crypto specialist and has been in the space managing over $1 billion for clients for seven years now. i think the market is matured a long way. the s.e.c., over the years, wanted to know if there is regulated qualified cuts to sec securely hold these assets. there was concern of risk and manip manipulation. the order last night approving bitcoin etfs to be introduced to the market expresses they are comfortable with the elements. that is the watershed moment for investors to see that analysis from the s.e.c. >> in your mind, now you are

able to buy a spot etf, how does that undermine the asset? >> i think it is a catalyst. if you look at the history of gold, after the dollar came off the gold peg in the '70s, gold was still around. it was in 2003 when gold got the first etf that the market expanded and gold went to a ten-year bull the market. the etfs show a way for investors to access this opportunity and that will mean adoption through the etf, but also grow the overall market with investors buying bitcoin directly as well. >> hunter horsley, great to talk to you. i hope to have you back to see the progress once this gets going. thank you. >> absolutely. should be an exciting day. coming up on "worldwide

exchange," more bad news for boeing as the ceo looks to do further damage control over the fallout over the mid-flight plug blowout. and the telast in the race for the white house looking smaller. we're back after this. so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

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womanelcome back to "worldw exchange." time for the "morning call

sheet." barclays raises chewy. and goldman cuts lyft shares. and baird hikes salesforce rating. shares up .30%. time for the "global briefing." according to court documents. s.a.p. delivered political contributions and luxury goods and electronic transfers to obtain valuable government business. uniqlo owner tops expectations

as it benefits from europe and america. it is preparing for a new expansion phase. and the eu anti-trust chief to meet with ceos to discuss digital impacts in europe. she is set to speak at the tech anti-trust conference this week. coming up, the one word that every investor needs to know today and our next guest says the magnificent seven could be expanding to nine. the stocks part of that group. we have carrie bradshaw's wardrobe taken from new york to l.a. the tutu is expected to go up

for auction. and fruit stripe gum is being discontinued after 54 years due to changing patterns. another farewell for one major name in college football. alabama coach nick saban re retiring after seven championships. in a statement, he says his 17 years at university are not about how many games won or lost, but the legacy he leaves behind. "worldwide exchange" is coming up after this break.

welcome back to "worldwide exchange." time for the "wex wrap-up." alaska airlines is cancelling ou all flights through saturday as it awaits a green light from regulators.

boeing ceo says they will form all of the actions the company will have to take. citigroup warning that the decline of the argentina peso were higher than $3.8 billion. you don't want to miss the citi ceo interview tomorrow. and alphabet is laying off the staff working in the automated engineering teams. and chris christie dropping out of the republican presidential race. the nikkei climbing above 35,000. the heexpectation for the rate t is contributing to the rally as the shares get a boost. we are watching the price of oil after the oil tanker was boarded in the gulf of oman by

unauthorized men in military uniforms. the price of oil is up over 1.5%. similar for brent crude. here is what to watch today. the december cpi is out at 8:30 a.m. and we get jobless claims and federal budget figures. we are set to get fed comments from tom barkin this afternoon. markets continue to rebound. futures right now showing a change for the dow. the dow moving lower. down 13 points. the nasdaq is keeping its gains in the pre-market up over .10%. joining me now is malcolm ethridge. malcolm, good morning. great to see you. >> good to see you. good morning. >> i think we have to start on the news with the uptick in oil prices. seemingly on the incident in the

dpu gulf of oman. any thoughts of the jump in oil? >> i think we won't see data on that in the cpi read we are about to get. obviously, that is where the market is focused right now. energy prices will definitely have an impact on core cpi. we might find out it did have a significant impact in a couple of months. thankfully, as far as today's numbers, it is too far out to tell. >> we'll continue to watch that story. i want to focus on today and the market today. we have cpi coming up later today. with that in mind, what is your wex word of the day? >> my word of the day is dislocation. there is a clear dislocation between what the market feels about itself or the economy feels about itself and what consumers feel about the economy. any survey you looked at over the last two months has been a

negative sentiment for consumers. where the economy is showing, cpi is coming down even with a slight uptick. the job market is still fairly strong. any time you hear from consumers, it is sanguine. >> interesting. you are saying right now that people are sanguine with the economy and the outlook. what does it mean for investing? is this a better time to invest in bonds? are people not as bullish on equities? is the magnificent seven just as popular? >> another dislocation. the economy is telling us one thing and consumers are telling us another thing and the stock market is telling us a different

story. the stock market is powering on regardless of what the consumer feels is happening. things are great. there is a broadening out toward the end of a lot of year where anything that wasn't the magnificent seven started to show itself in the last couple months. i do think that once we get into bumpy territory and more volatility back into the market, we will see a reversion back similar to the magnificent seven. i don't think we will call it the magnificent seven again. >> you are also adding two names to what could be part of the new mag whatever number. both intel and adobe. i want to ask you about these higher valuation names. intel is up. adobe under performing. why these two names? >> these are names that fit into the theme of a.i. legitimacy. we had hype with the a.i. which

kicked off in early 2023 with chatgpt. i think what will happen now is we will continue our love of a.i., but it will be companies that actually have a clear path to turning a profit in the near term. if you think about a company like adobe, the creative cloud and text to image tools are just getting more valuable as more creators try to draw a moat around their works. we saw the lawsuit from "the new york time" trying to protect their intellectual property. that helps adobe. and then a.i. and pcs into cars. i think you have to consider a world where nvidia has gotten as much orders as it can possibly handle. somebody else has to pick up that slack. >> malcolm, adobe and intel.

thank you. a quick look at the futures and oil market. right now, we are seeing the futures mixed right now. the dow going into negative territory. not that long ago with the oil market moving higher. that will do it for us. "squawk box" is up next. with t business... it is. is it possible to help keep our online platform safe from cyberthreats? absolutely. can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring to address operations issues? we can help with that, too. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening.

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good morning. landmark day for cryptocurrency. the s.e.c. approving the first ever spot bitcoin etf. finally. a big lineup to talk about the potential impact of the decision. citigroup -- it is funny. crypto and we go right back to citi group. fourth quarter charges coming in higher than expected. we will tell you what it could mean for tomorrow's quarterly results. when you look at citi, divide it

by ten. plus, key inflation data on the way. we get the december cpi at 8:30 a.m. eastern. we will tell you what it could mean for the fed. it is thursday, january 11th, 2024. the first day of the rest of pampliano's life. "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 and andrew ross sorkin. here we are. it's thursday morning. let's look at where the u.s. equity futures stand. things are quiet. dow futures are down by less than a point. s&p up five. the nasdaq, which has had a good run, is up 6