welcome to "worldwide exchange." i'm seema mody. here are your headlines from around the world. ferguson sees the worst night of violence after a grand jury decides not to charge a white police officer for the shooting of a teenager michael brown. president obama calls for calm. >> those in ferguson, there are ways of channeling your concerns constructively and there are ways of channeling your concerns destructively. germans get spending

healthy. the european powerhouse posting a mere 2% rise in exports. iran's extreme leader accuses western leaders of, quote, arrogance, after nuclear talks fail in vienna. this despite references to a deal will be eventually made. and currency headwinds denting fisher's become line. the stocks open in the red after an 11% drop in profits. >> you're watching "worldwide exchange," bringing you business news from around the globe. and the our top story right now, several buildings and cars in ferguson, missouri, are on fire after protests over a grand jury decision not to indict a white police officer after the shooting of a teenager turned

violent. the grand jury determined he acted in self-defense. brown's parents said they are extremely disappointed, but urged the public to make a positive change. >> we need to recognize this is not just an issue for ferguson, this is an issue for america. we have made enormous progress in race relations over the course of the past several decades. i have witnessed that in my own life and to deny that progress i think is to deny america's capacity for change. >> and across the country, the decision in ferguson sparked mostly peaceful protests. in new york in, crowds chanting black life matters halted traffic in times square. in seattle, protesters blocked a

downtown street as they lay down in the streets. in several other areas, protesters bid 44:30 minutes of silence to mark the 4 1/2 hours his body was left lying in the street after he was killed. hadley gamble joins us now to discuss the outcome of this case. it has fueled a national debate. >> it has. it raises the question where is president obama in this? is the president in control over this? problems for the president. we have anarchy in ferguson. they had to have known that an outcome like this one would cause problems. secretary of defense chuck hagel, this is the only republican in his cabinet. he's just lost out big times in the midterms to a republican congressman. he's lost the one sort of playing card he had there in terms of getting consensus on iraq. and we've just kicked the can

down the road in terms of the iran negotiations. so, you know, it's been a tough 24 hours for the president. >> absolutely. a busy time for the white house. there are questions around why authorities would announce the decision on this case at night rather than waiting for daylight hours, given the prospect of an uprise in violence that we are seeing in ferguson. >> that is questionable on that decision. there is also the point had they waited an overnight, possibly the president would have gone out there, he could there been there for that decision. the white house, yet again, trying to distance themselves from these problems. at the same point, this is one of those moments in politics where you need the president to take on a leadership role and we're not seeing that right now. >> we did hear from president obama right now. he addressed the result of the case. the violence continues and does seem to be taking place in ferguson. do you think we will potentially see another announcement from president obama? >> whether it be in foreign

policy or domestic policy, he's dealing with a barrage of attacks on all fronts right now. they'll probably attempt to distance themselves from this because, you know, obviously, the president has nothing to do with this directly. it's just an issue. >> hadley gamble, we're going to leave it there. we've been showing you those live shots of ferguson, missouri. a fire has been taking place after grand jury does refuse to indecide the police officer in the michael brown case. now, these are live shots of pope francis arriving in extrasburg where he is due to address a european parliament later. he's set to meet with jean-claude juncker and ma dayo renzi, prime minister of italy. so there is pope francis arriving at strausbourg.

and take a look at the stoxx europe 600 heat map. a little bit more green than red right now. even if you take a look at the stoxx europe 600 index, on the back of that better than expected data out of germany, we are looking at the index up right now at session highs. up just about 1 points or 0.3%. we should point out that, you know, we have been seeing a rebound in european stocks over the past couple of months. in fact, the stoxx europe 600 index has gained about 14% since the october lows. in fact, germany, greece and france are now up about 15% from their respective lows in october. a little bit of a rebound. a lot of that having to do with the dovish commentary coming from ecb president mario draghi. can we see results in terms of economic improvement? that is still a question. taking a look at the euro stoxx 50, this index trading in positive territory just about 14

points. as you can see over the past one month, up 6.5%. diving into the european markets to show you where we're seeing the green, where we're seeing the gains, the ftse 100 trading up about 10 points. we'll be hearing from mark carney as he addresses the parliament on his latest inflation report. the xetra dax up about 71 points after we did get that read on gdp. it was able to ward aef recessi recession. markets see that as a positive. france up in the green about 15 points or 0.the%. italy, a gain of 143 point in today's trade. now, focusing on top stocks in today's hour, home improvement retailer kingfisher posted an 1 1.8% decline in third quarter profit hurt by a tough french market and foreign currency movements, sending the stock near the bottom of the stoxx 600 for one of the underperformers. take a look, down about 3.1% in today's trade. bp billiton lower 1.1%.

and then there's petrofac, extending losses after slumping 26% yesterday on a profit warning. the oil and gas infrastructure from net profit in 2014 will come in at the bottom of its range due to lower oil prices and project delays. and then there's lvmh. shareholders are set to approve the redistribution of shares at a shareholder meeting later today. let's talk a little bit more about that story and bring in stephane pedrazzi live in paris. where are you? there you are. >> hi, seema. knight nice to see you today. the shareholders today are expected to approve what was announced in september. lvmh agreed to stop their long running dispute. it lasted for four years. lvmh voted 23% stake and the fear is that the lvmh would -- of the company.

now, under the terms of the agreement, lvmh is going to distribute all of its shares to the shareholders and the company announced yesterday that the shareholders would receive one share for each block of 21 lvmh shares. the main shareholder of lvmh is now expected to do exactly the same with his own shares, too, its own shareholder. if it's approved today by the shareholder, the plan will be effective on december 17th. market reaction is slightly limited because it's not really anything we didn't know. but there is a bit of market action, it's likely to be on the 17th of december because the floating part of the capital of hermes will increase significantly from 7% today to 22% after this redistribution. and because no stock portfolio managers are likely to -- what's going on, they are likely to sell their shares.

according to some market analysts, we are equity expecting a volume of 450 million euros for hermes on the 17th of december and that's roughly 25 sometimes the daily average. pencil this on your agenda for the 17th of december. back over to you. >> we will do that. thank you so much, stephane. he said treasuries are still cheap despite the 10-year and 30-year bonds have fallen significantly. so a contrarian view in the bond world. right now, we are looking at the ten-year treasury yield trade at around 2.9%. the ten-year bond trading at 0.77%. mario draghi has been trying to use his dovish commentary as a

way to weaken the euro. will further pushbacks delay full blown wasn't tafb easing and how does that impact the trade on the euro? that is still the question. right now, we're looking at the euro at 1.24 against the u.s. dollar. now let's bring some sri jegarajah in singapore. over to you. hi there, seema. the stand out is today's shanghai composite. you're looking at fresh three-year highs for the index. the highest close since august 2011. it's all very much basking in the after glowing of that surprise rate cut by the pboc at the tail end of last week. very different story, though, for the hang seng. we're seeing a degree of caution

and consolidation for the hong kong benchmark. the nikkei 225 playing catch up after yesterday's money. the stock up by more than 6%. we got some positive revenue guidance which makes the change for the struggling giant. they said they expect a jump in revenue for its electronics division over the next three years. clearly, the restructuring program is start to go bear some fruit here. this is where we stand right now, seema, back to you. >> sri, thank you so much. interesting to see the bombay sensex underperforming. up about 34% year-to-date. now, in terms of what's been happening in europe, let's take a look at some of the top stories. germany narrowly avoided a recession in the third quarter thanks to a jump in private consumption. the final gdp reading has done

firmed growth of 1% during the period as private investment posted its biggest rise in three years. meanwhile, the european commission will not ask italy and france to make further budget cuts. that according to a jou dow jones report. a formal announcement is expected thursday. france and italy have said they will likely miss budget targets agreed to earlier this year. and the head of the bundes bank, jens weidmann has spoken out against plan toes buy government bonds. he said the move could be a moral hazard. that has had an impact on the euro. let's bring in anatoli center societe generale. thank you for joining us in studio. the dovish comments was cheered on by investors, but now it's receiving pushbacks by german policymakers. will this pushback delay mario draghi's plans to unveil quantitative easing which by the way is what the market is

pricing in right now? >> i think it's a bit of positioning going on ahead of the next meeting in december. there will be detailed discussion based on some of the background work that the ecb has done. and we will see. it is a valid discussion that they need to have. >> so is it going to be a game of cat and mouse or should we expect some type of resolution to come to place? >> we'll see. it's a very difficult question because one of the issues is really what can qe achieve at this point? i can that's a more relevant issue. and we are very doubtful ourselves. but, clearly, its data will come in lower again. the ecb will have to do something. >> let's talk about that data today. gdp out of germany at 0.1%.

it was able to avoid falling into recession. does that help or hurt mario draghi's plan to unveil quantity tiefb easing? some would say it hurts the ecb's plan. germany feels like if it's economy is doing well, others should, as well, without the need for further easing. >> clearly. and we are kind of on a tipping point in terms of the economy. there is still a lot of weakness out there and especially on inflation. we can't see -- in our forecast, we see inflation next year at 0.7% and picking up just over 1 is% for a long period. i think that's the problem. if we get too low inflation for too long, clearly, the ecb will do whatever it can to avoid inflation expectations to come down. i think that's the key. >> do you think the market is overly optimistic on european markets right now? as i was just pointing out in the beginning of the show, the stoxx europe 600 index up about

14% since the lows of october. but the eurozone is dealing with laundry list of challenges which does include slowing growth, yet markets are rebounding. >> i think at one point we're trying to pursue is that we are looking at potential growth in europe, which is much, much lower than we had before. we are down at 1% maybe. also on the prospect of what qe can deliver, we see that structural reforms is really the key, the way out of the crisis for europe and much more needs to be done. it's not enough as we have it today. and that is also said by the ecb and others. we can add demand today, but it will only have a temporary effect. >> we are looking at the german dax trading at a fresh two-month high on the back of that gdp data. we're going to leave it there. thank you for your time. and coming up on the show, find out why twitter cfo might

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xhodzties continue to be a focal point for investors. brent is trading bloez $80 a barrel ahead of opec's meeting. in the run up to the meeting, reports from moscow suggest russia could be willing to cut output by 300,000 barrels a day to support the price. now, a number of analyst res questioning how effective opec will be in stemming the fall in crude prices. barclay's issued a report yesterday saying failure to take steps to improve market balances is likely to result in rev

selling of oil. socgen says what the cartel will do is better than a command, but commodities think there's a 60% chance opec will do a meaningful and widely shared cut. >> arrogance have made their -- to bring iran to its knees, but they were not able to do so. this after the deadline for a deal on iran's nuclear program was extended by six months after the country and six world powers failed to reach consensus in vienna. the iranian president said he has no doubt a deal would be made sooner or later. >> translator: our logic has grown closer. many gaps have been eliminated. but there are still many steps that need to be taken.

there are still paths forward that we must take. ali now joins us from tehran. what has the response been from tehran on this delayed agreement between iran and the u.s.? >> well, seema, the reforms haven't been great. it hasn't been an overflow of response because i don't think the separate leaders from gone do town on this. >> we're going to pick it up from ali once we fix that technical difficulty. another focal point has been india. the india sensex is paring some gains today, but it did hit a new record height on monday just days ahead of the all-important gdp number due on friday.

joining me now, julia dickin'son. >> india is up about 34% year to dade. but there is some questions on what prime minister modi can achieve. can he deliver that? >> this is a turning point right now. certainly there's been a huge amount of optimism and speculation going into the elections in may, which is what drive prices so much higher. now modi has a chance to get infrastructure spending, to make it easier for investments to come into the country. this will take some time. what we find refreshing is the sense of urgency modesy's going is taking on, pushing local government to streamline the industry. and what we're seeing is activities picking up, earnings

in corporate profit are starting to improve. >> what are some other issues or challenges that india is facing including khuram. these are things that will need much time to solve. >> well, sure. some things are going to take longer than others. we think india's economy is probably going to grow about 6% over the nmt couple of years. we also see domestic investment coming back into the market which is why we're seeing prices so strong. domestic investment exceeded foreign investment for the first time in five years. the so there is a time of confidence in the market.

both locally and by foreign markets to come into this and take the cross corporates and this provides a tailwind for some of these reforms to come through. >> let's talk about sentiment. since mody has become prime minister, he's created a boost to. they're afraid they will be called out. what do you think mody has provided in terms of sentiment to india's corporate activity? >> the very first thing is discipline. he does bring in discipline in terms of financial responsibility, financial responsibility. what we're seeing is companies

starting to pay down their debts, we're seeing leverage being reduced. we see corporate revenue growth growing over the next 15% to 15% over the next few years. we expect corporate profits to expand 25% to 30% over the next two to three years. >> trading up about 34% year-to-date? >> it has gone up ahead of earnings. when that happens, we'll see india become a lot less expensive. >> thank you so much for your time. >> thank you so much. headlines out of spain's santander, the bank of santander says alvarez will replace the ceo. jose garcia has been named the

head of finance. executive suite announce manies being made from spain's santander, it's up about 0.7%. and ip about 5.5% over the past one weeks. banco santander, once of the banks that has had a series of challenges over the next couple of months. we will head into break and leave you this live shot from ferguson, missouri, after riots have broken out after a grand jury decided not to ip decide the police officer that shot and killed michael brown.

ferguson sees the worst nice of violence after a grand jury decides not to charge a white police officer for the shooting of teenager michael brown. president obama calls for calm. >> there are ways of channeling your concerns constructively and there are ways of channeling

your concerns destructively. >> germany's economy avoiding recession in the third quarter. turpan powerhouse post ago nearly 2% rise in exports. iran's supreme leaser accuses western leaders of arrogance after talks fail. a management shake up at spain's santander. the eurozone's largest bank replaces its current ceo putting jose alvarez in his place. and the focus today really on germany after its gdp number of 0.1% confirmed germany was able to avoice entering recession thanks to a boost in exports. the ftse 100 up just about 1%.

the cac 40 up 4% and the ftse pmi up about 0.7%. the stoxx europe 600 has gained about 14% since the lows of october. the currency space continues to be a focal point. the dollar right now weakening against the yen. the battle continues between mario draghi and jens weidman on whether the ceb can unfail full blown qualitative easing. now some data out today, we had october coming in at its lowest level since january 2014. take a look at how sterling is trading against the u.s. dollar. right now, trading at 1.56 against the u.s. dollar, down just about 0.2%. spiking out data out of the uk,

bank of england governor mark carney will address the house select committee in about 30 minutes' time. the bank has warned inflation is, quote, more likely than not going to drop below 1% before the uk general election next year. joining me now to discuss is richard hunter. thank you so much for joining us. this will be an important time to see carney's address and the reportling or the investigation of whether the boe has been involved in the recent manipulation of currency. >> yeah. that is probably going to grab most of the headlines, what's been happening in the for mechanics markets. he's unhikely to get away with a

smooth rise on that one. i think it's fair to say that the german consensus in terms of the interest rate rise has possibly now been pushed away from 2015. we may be looking at 2016 if the current economic environment persists. >> some hawks point out this is growing at 2.3%. is carney simply using stagnation as a reason or an excuse to keep rates low? >> yeah. it's an interesting dilemma at the moment. there is still some flack in terms of the uk economy which is what he will continue to refer to in not raises rates. it's arguable whether that 3% growth will be maintained next year. i think if you look at the treasury market, it's --

>> but if the something data continues to fall, could we see more committee members take a more hawkish tone? >> of course we could. it is effectively a tax cut for the uk and u.s. consumers. it's very much dependent on how the economic indicators continue to come through. one thing the markets have got used to is that any rates are likely to be done on a gradual basis. it's about 4.5% from where we are at the moment. that is not going to be getting back to historical levels at any considerable time. >> richard hunter, thank you. >> thank you. home improvement retailer kingfisher posted an 11.8% decline in third quarter profit hurt by a tough french market

and currently head whippeds. the firm says it remains cornerus on its outlook. richard, want to get your thoughts on the stock sing fisher. >> it's a fairley uninspiring update, to be honest. there are a couple of bright spots. sales up about 13% or so. the share buyback program remains ongoing is supportive. but, of course, there are a number of things working against it even though russian sales were up. but the real thorn in the size was the french market. the outlook for the french

market provided this. we're seeing a 21% drop in the last 12 months or so. does that have to with the high unemployment? what do you think it really is? >> both of those, plus the fact that as in all of it's smkts, there's fairley severe pressure on the markets. i think it's fair to say that kingfisher's difficulty has been well documented and the incoming chief executive snows exactly what she haas to do. >> and xing fisher right now trading down just about 23% so far this year. >> richard hunter, we're going to leave it there. other corporate news, phillip greene's arcadia was hit by mild weather.

the brand owns topstop and department stores weighed the most on earnings. green said the turn around at bhs remains challenging. wart mart's chief purchasing officer announced he's stepping down just days before black friday. he was considered a potential successor to bill simon when he resigned in july but was passed over. walmart shares down just about 0.1% in frankfurt. so not a lot of movement in today's trade. t tracing up by 21% over the past year.

speaking to cnbc earlier, the ceo said growth has benefited from the products. >> our business group by about 15% if the year and what we think is going on is a notable channel shift happening. we're seeing a blurring between food service and convenient stores and we're moved on share. >> and people are being more of that food to go type product. is that a trend you're struggling with? >> no. i mean, we have some business in that channel, as well. we pretty much supply everybody in the uk and the net effect of the format change we've seen over the last three years, we've

seen about 7.% growth. that's the part of the market where our business is strongest. we've seen a growth in our exposure to the discount channel and some of our products, really meals and cooking sauces, they've done okay on the back of continued moves towards private label. >> and with the trends that we have in the market, how important is it that you nailed the logistics? s smp. >> it's absolutely vital. it's become popular to beat up on the uk super markets. and as we head to break, we leave you with this live shot of ferguson, missouri, where violence has broken out.

we will keep you updated on that story, coming up. we are live on the ground. stay tuned.

and our top story, sections of the town of ferguson are in protest after a grand jury decided not to indict a white police officer in the shooting of a black teenager turned violent. jennifer bjorkland is helping set the stage of the story. has the violence continued to become more of a concern or has it calmed down? >> it has calmed down, seema. it is very early in the morning here and it is pretty cold out, which is helpful in these types of situations. overnight, it was the worst night according to the chief of the st. louis county police that they have had yet. there has been such protest, such outcry, such outrage in this community since that august shooting and word that there

would not inflame people. there were at least 150 rounds fired just randomly. and that's just counted by police officers in the area. 27 arrests, at least 12 billions were on fired at the same time. and local authorities had a news conference at 1:30 in the morning local time. just to go over what they had gone through on this night. they said they should have let it play out, almost like a festival not to get in the way and get very protests. it got very violent. businesses have been trashed and burned. it's been a difficult night here in ferguson and another tough couple of days ahead, seema. >> thank you very much, jennifer, live in ferguson with the latest the. now switching focus to japan, the bank of japan released the minutes of its october 31st policy board meeting, which surprisingly besided to expand the easing

measures. >> hey, seema. the boj minutes showed a sharp divide between the board members. it's passed by a narrow 5-4 vote. warning that the cost of the measures outweigh their benefits. some members said expanding the easing measures could increase the risk that it was seen as the financing government deficit. on the other hand, members who supported the additional easing said more easing measures were necessary. the minutes showed.many board members were concerned over the impact of weaker crude oil prices along with weakening domestic demand. many worry that the downward pressure on prices continues until early next year if they

don't act quickly. meanwhile, the governor reiterated the boj's strong commitment to beat deflation. he spoke of business leaders meeting today saying he will continue too just policy without hesitation to achieve the 2% inflation target. seema, back to you. >> thank you so much. sony seas it expects revenues to rise up to 730% over the next three years. the troubled japanese firm warned it would further restructure the tv and mobile divisions. but it has has hopes for the image sensor business as well as for its playstation 4 game console. it is up about 32% over the past three months. now let's turn our attention to africa because south africa saw its economy expand 1.4% in the third quarter. the quarter on quarter data which hit the wire less than 20 minutes ago was just shy of forecasts with.

but that is much higher than the revised growth in the second quarter. nigeria's currency is trading at a record low ahead of the central bank meeting today, raising pressure on policy measures to act. the country is bracing for further economic headwinds due to the sudden drop in the price of oil, its main export. let's discuss nigeria and its economic prospects. amangi, obviously a focal point for investors. inch vesters haven't been too positive on nigeria. >> i think if you look at the central bank statement over the last few months, they've made it quite clear that they're going to continue to defend the niro using reserve. the problem is, the markets don't seem to be confident that, you know, they will continue down on this path.

we've seen it decline close to 10% for the year. are we simply going to get tightening and i think we're going to get some level of tightening on the niro. it should help ease confidence. >> the drop in the oil price has prompted foreign reserve sales from its central bank. if oil continues to drop lower, perhaps below $7 on a barrel, does that put nigeria in a tenuous situation? >> absolutely. i think nigeria does benchmark its -- he year. it is against the oil price benchmark. this year still seems to be anticipating the $73 per barrel. i mean, i think that, again, expecting with the opec meeting in two days that we're going to get a cut into the fly and, therefore, that should hopefully keep oil prices above 70. if we don't get oil prices

around 70, then i think we're going to get serious economic crisis. nigeria's policymakers will then be forced to actually react more dramatically than they have. we've seen cuts expenditure for next year. they're going to have to do a lot more than that. >> of course, nigeria is africa's top oil prices. it makes about 80% of his government revenue through oil. analysts say that nigeria is one of the biggest victims to the shale book taking place in the u.s. is there a a big concern? >> it is a big concern for them. however, i don't think they've moved as dramatically as they should to address its currency. we've seen india become a major purchaser of that. will that be competing for the

same market? what we're probably going to be in the short-term is they're going to have to borrow more than markets to meet the expenditure of clients that they do have. it has a low debt to gdp ratio. i think markets might tolerate a bit more borrowing from nigeria. but long-term, you cannot continue to borrow as an emerging market and expect the people and the markets to remain confident in your economy. >> and let's talk about terrorism which continues to be a headwind for nigeria. 120 million people live in nigeria. islamic insurgency has been a factor in the north. how do you factor that into your thesis? >> we've seen slow reductions over the next few years. the government was anticipating growth. after the election, the government has absolutely no -- to confirm that.

the main crisis, while we have a lot of the security crisis isolated in the northeast, there's always the risk that you're going to have attacks in southern parts of the country which are economically stronger. i think that's absolutely new confidence in the country. >> by the way, who has invested in nigeria? are they from asia or are there investors in europe and the u.s., as well, trying to get exposure in this economy? >> in the kind of last ten years, the main investors were maybely western investors. a lot of it is coming from asia. some of it is coming from the banks. again, in the financial services and retail, there is a key growth area and oil and gas servicing, as well. i think we're going to get more diversity. there's a lot of african investors investing in nigeria, as well, particularly african countries.

>> these are live shots on screen of pope francis. he is currently touring with president martine schultz. you can see pope francis right there due to speak in the european parliament in a couple minutes time. we'll get you the latest from that as it occurs. and the u.s. economy in focus today. the u.s. services pmi data came in at its lowest level since april, but that did not stop stocks from hitting fresh highs. there is still some key data releases to come. steve liesman, our economic reporter has a preview of what to expect. >> a generous helping of economic data today and tomorrow should give investors plenty to chew on ahead of their holiday meals.

the servings begin with a second look at second quarter gross domestic product. investors will have to look at a slight downgrade from the originally reported 3.5%. weakness overseas, especially in europe, hurt u.s. exporters. that will be offset by slightly better consumption here at home. the data side dishes include the case-shiller price report and consumer confidence, which is seen hitting a new post recession high of 96.5. confidence will be watched closely as investors try and gauge the move of the consumer, and especially to see if lower gas prices lift spending spirits. a second helping of data comes wednesday, stuffed with jobless claims and durable goods orders where economists see a 0.5% decline driven by a fall in aircraft orders. the business investment is forecast to rise by a percentage

point, underpinning economic optimist. >> you've got growth in employment in the 25 to 34-year-old bracket finally starting to kick in, which could lead to greater household formation which has been missing in this recovery. you add that to the fixed investment part of the economy, capital spendsing, and you see much less fiscal drag. >> rounding with out the data delicacies will be personal spending for october. after a run of upbeat data for the u.s., the hope is that none of the reports end up being a turkey. bon apatite. back to you guys. given u.s. gdp review, in a couple hours of time, twitter's cfo may need to look twice

before hitting send. that was intended as a private message possibly for another twitter executive. it says, quote, i still think we should buy them. he is on your schedule for december 15th or 16th. we will need to sell him. i have a plan. now, the post was deleted, but not before being screened by 187 followers. it's unclear as to which potential takeover target he was referring to. who would you like to see twitter buying if you want to join in with the conversation here on "worldwide exchange." get in touch with us. e-mail us, at cnbc.com or tweet us @cnbcwex. now, a check on european markets which have been trading higher thanks to that gdp read coming in.

this following two positive reads on investors sentiment, the zew survey we got out last week and then that ifo index that did come in better than expected. the cac 40 and the ftse mib. now a look at u.s. futures as steve liesman was pointing out, many of the focus being from that gdp number which is due today. nasdaq up 4 points. keep in mind, apple hitting report highs yet. s&p 500 indicating a higher open by around 3 points. we leave you with these live shots of pope francis in extrasbourg where he is due to address the european parliament in around 15 minutes time. we'll be back with more.

it's 5:00 a.m. in new york. thank you so much for joining us this morning. welcome to "worldwide exchange." i'm seema mody. ferguson sees the worst night of violence since august after a jury decides not to wharnlg a chiet police officer for the shooting of black teenager michael brown. president obama calls for calm. >> for those in ferguson, there are ways of channeling your concerns constructively and there are ways of channeling your concerns destructively.

iran's supreme leader accuses western leaders of arrogance after nuclear talks fail in vienna, this despite assurances from president rouhani that a deal will eventually be made. the good times keep rolling for u.s. stocks with major indices on track for their best of the year. walmart's merchandising chief is reportedly heading for the door just days before the retail giant's biggest day of the year. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. the top story of the hour, several cars and buildings in ferguson, missouri, are on fire. the grand jury determined there was no probable cause to charge

darren wilson and he acted in self-defense. michael brown's parents say they're profounding disappointed, but urge the public to channel their frustration in ways to make a positive change. president obama echoed those thoughts. listen in. >> we need to recognize this is not just an issue for ferguson. this is an issue for america. we have made enormous progress in race relations over the course of the past several decades. i have witnessed that in my own life and to deny that progress, i think, is to deny america's capacity for change. >> across the country, the decision in ferguson sparked mostly people protest. in new york city, crowds chanting black lives matter halted traffic in times square and in seattle protesters blocked a downtown street facing

a lie in as they laid down in the streets. protesters observed 4:30 of silence as requested by michael brown's family to mark the 4 had and a half hours his body was left in the street after he was killed. we will be on the ground in ferguson around 20 minutes time to get the latest on the violent protests that have been taking place since we got the outcome of michael brown's case. and a look right now at u.s. futures and how they are trading ahead of that read on u.s. gdp. we're looking at the dow jones industrial, up about 24 points. the s&p 500 up a couple points in premarket trade. keep in mind, the s&p 500 did close at a record for the 45th time this year. the dow settling at a record for the 29th time. so another record day for the u.s. markets. of course, will that u.s. gdp looet read confirm that the u.s.

economy is improving? that will be the big question. now, it is green across the screen for european markets right now at this hour. we're looking at the ftse 100 trade up just about 9 points. we are waiting for bank of england governor mark carney to address the parliament in his testimony. the xetra dax, driven markets, really the outperformer after the gdp number came in at 0.1% after an uptick in exports. the market up 0.8% at a two-month high for the german market. france and italy seeing a bit of green right now. we're looking at the italian markets up just about 129 points in today's trade. now, in terms of bonds, where are we seeing the action? yesterday's focus was really on the bond king speaking to cnbc where he basically said treasuries are still cheap despite 10-year .30-year bond yields falling significantly during 2014. we're looking at the ten-year treasury trade at 279%.

the ten-year bund in focus after we got that read on the german me. it's right now trading at 0.7%. now a look at currencies where the focus being on the euro. thanks to those reassuring comments from mario draghi on friday, we did see the euro weaken against the u.s. dollar. keep in mind so far this year, the euro is trading down just about 10% against the u.s. dollar. the big question is what will the ecb receive from jens weidman from the bundes bank. he's been quite vocal given those comments made on friday. now let's get you a rundown of what to watch about this trading day. and at 10:00 a.m., it's november consumer confidence. campbell soup, hormel foods, tiffany, chico's and cracker

barrel report before the bell. after the close, the focus will be on hp and tivo. to discuss markets this week, let's talk to the founder and ceo. jim, we've seen the s&p 500 gain about 11% since the lows hit in october. the question is, will this result in markets not outperforming? typically that's possible for u.s. markets. >> yeah, it really is. what's really going to help consumers this year is the drop in oil prices. you couldn't get a better stimulus in the economy at this time of the year with putting more money in the markets. we're already run up around 1700 points and with the dow jones and the s&p doing well, also, we expect maybe another 1%, 1.5%

for the end of the year. let's be cautious because we had a nice run up towards the end of the last year, as well, and it gave way into the second part of january and into february. so let's be cautiously optimistic here. >> yeah, i agree. what do you think the market faces right now? >> well, just looking back a month 1/2 ago, we had china slowing down, we had the european issues, we had isis, an ebola outbreak. all of a sudden 1700 points later, a month and a half later and all of that seems to be discounted now. so i think once we get baft this euphoria a little bit, i think you'll get back to some core fundamentals o market. i think after the first of the year, it could be choppy. maybe even tip over into the low double digits like rick is seeing this year again.

>> would you prefer putting money in domestic stocks that maybe 100% of the revenue right in the u.s. or is it time for diversification as we look into 2015? >> i would always look at international diversification. you don't really have a big fear fear until interest rates start jumping. if you take all those into consideration, i would look at good dividend producers, the things that are on a global basis. when you peel back, if you're looking at some good fundamental stocks, they're getting a lot of revenue abroad. but you can invest domestically to be able to achieve those, you know, above average returns, as well. >> all right. jim lineweaver, thank you for joining us this morning. now, the bank of england governor mark carney is giving

evidence to uk lawmakers following the central bank's quarterly inflation report. the bank has warned inflation is, quote, more likely than not going to drop below 1% before the uk general election next year. so far, he has said spare capacity has fallen major yapally over the past three months. total hours worked have risen less than expected in the last three months, commenting on the uk's labor market. we'll get you the headlines as mark carney continues to talk or i guess testify in front of the parliament on the latest inflation report. now, let's take a look at the other top stories at this hour. walmart's chief merchandising officer is reportedly expected to announce ooet he's stepping down just days before black friday. "the wall street journal" says duncan mac naughten was considered a potential successor

to u.s. ceo bill simon when he resigned in july, but was passed over. taking a look at shares of walmart, trading just about flat on the day in frankfurt. shares in walmart up about 20% so far this year. now, cnbc has learned david tepper will return billions of dollars to clients following a disappointing year for his hedge fund. they will return between 10% and 20% of investor assets by the end of the year. meanwhile, iran's supreme leader takes to twitter to weigh in on the nuclear talks. we'll tell you more after this break.

violence proactivities erupt in ferguson after a grand jury decides not toni diet the police officer that shot michael brown. was it a mistake? twitter's cfo of theed a public tweet intending to be private regarding a takeover plan. and the dow and the s&p are set to consider their run ahead of economic data including gdp.

oil is a big story, now trading at $75.99. in the run up to the meeting, reports from moscow suggests russia could be willing to cut output by 300,000 barrels a day to support the price. a twitter page, of course, in focus today associated with iran's supreme leader, ayatollah saying arrogance has done sheriff best to brings iran to its knees, but they were not able to do so. this after a dealing deal was extended by seven months. nbc's ali now joins us live from tehran with the latest. over to you. >> that's right, seema. fighting words from iran's

supreme leader. and i think you can read two messages into his words about iran not kneeling to rev gant western powers. firstly, it shows his disdain for the u.s. and other countries that are negotiate, iran. he's never hidden his hatred for these countries and he always thinks they have it in for iran. he's sent a message to his negotiators, saying they supported them, he's saying the negotiators didn't cross red lines, didn't pander to u.s. pressure and they've come home victorious. president rouhani said there was still room for maneuver and a deal could be made. this has raised a lot of questions in the country, very hard line newspaper in iran. tehran had a headline, an extension of talks means an extension of sanctions. and one must ask the question that if these two sides that have been negotiating furiously for the last year an american, iran, broke b taboos and spoken to each other couldn't reach a

comprehensive deal, not even a political agreement yesterday, what are they going to be able to reach in the next six months that they weren't able to do in the last year? the timeline is troubling. seven months is a long extension. president obama is going to be fatesing a hostile congress. republicaning are calling for additional sanction toes be in place in iran. it will complicate matters more, possibly pushing iran away from the negotiating table. but for now, the -- on the nuclear deal keeps ticking. and still to come on the show, will the heavy corporate bond issuance weigh on markets next year? we're going to get expert analysis, coming up next.

whole sections of it is town of ferguson, missouri region are in chaos after a decision not to indict a white police officer in the shooting of a black teenager turned violent. we're going to get a live report

from ferguson with jennifer. >> seema, it's still very much a work in progress here, restoring order and cleaning up the fire trucking rolling by. mind me, sam's meat market. we sat here and watched as it was set on fire and looted overnight. some firefighters did manage to put the flames out, but then they had to move on abuse there were so many other fires burning. 25 fires in all were burning and about five of them are still going this morning. at that 1:30 a.m. news conference, they were talking about how officer were hearing gunfire coming from demonstrators, maybe 150 rounds throughout the night, just f flying bullets through this neighborhood. so much so that they put flight restriction necessary place for planes flying over. those restriction is still haven't been lifted. probably in the next half hour or so is when they'll xierpd. a really disk night. it is a difficult nooim nigight

residents. seema. >> thank you, jennifer. protests indicated in new york city, as well as seattle. jennifer, thank you for that live report. now, let's take a look at u.s. markets which have been on the move to the upside. the s&p 500 hitting a new record high for the 46th time this year. it does look like we are going to see another positive open on wall street. the eyes, of course, really focusing on that u.s. gdp report which will confirm on whether the u.s. economy is improving. dow jones industrial up about 28 points in premarket trade. the nasdaq up about 5 points, which by the way did hit a new 14 1/2 year high in yesterday's trade. despite the upcoming thanksgiving day holiday, there's still some data release to come. steve liesman has a preview of

what to expect. >> a generous helping of economic data today and tomorrow should give investors plenty to chew on ahead of their holiday meals. investors will have to digest a slight downgrade to an estimated 3.3% from the originally reported 3.5%. weakness overseas, especially in europe, hurt u.s. exporters. that will be offset by slightly better consumption here at home. the data side dish owes tuesday included the case-shiller price report expected to rise by 0.84% and consumer confidence seen as hitting a new post recession high of 96.5. confidence will be watched closely as investors try and gauge the move on the consumer heading into the holiday season. a second helping of data comes wednesday stuffed with jobless claims and durable goods orders.

economists see a 0.5% decline driven by a fall in aircraft orders. business investment is forecast to rise by a percentage point underpinning economic optimism. >> you've got growth employment in the 25 to 34 bracket starting to kick in which could lead to greater household formation. you add that to the fixed investment part of the economy, capital spending, and you see much less fiscal drag. i think you could finally see the overall economy growing at the same pace as the private sector has been over the last couple of years. >> rounding out the data will be personal income and spending for october. consumer sentiment and new home sales. after a run of upbeat data for the u.s., the hope is none of the reports end up being a turkey and that the forecast for the 2.8% foegrowth for the fort quarter stays on the table.

pope francis is addressing the european parliament. the pope is speaking in italian with translation in 23 languages. we will continue to monitor his speech and bring you all of the headlines. that's pope francis speaking in front of the european parliament. now, stock action, apple keeping the move to the upside. the stock did close at a record price yesterday of $118, putting its market value, get this, at about $696 billion. the tech giant's market cap has nearly doubled since tim cook became ceo in 2011. shares have been outperforming, specifically the s&p tech index. apple shares up just about 48% year-to-date. now, apple has been stepping up its presence in the corporate bond market, launching its first euro debt offering earlier this month. this after a record $17 billion bond sale last year. now, china e-commerce giant alibaba is getting in the game, as well, raising $8 billion in

debt sales last week. wells fargo says the alibaba deal is just a drop in the bucket, predicting december will see significant issuance, as well. joining us now from new york is george bori, head of credit strategy at wells fargo securities. georgia, thank you for joining us. help me understand, what is driving alley ba pa to raise money in the u.s. bond market? it just got down raising about $22 billion in its ipo in the new york stock exchange. >> yeah. well, i think if you look at what's going on in the corporate bond market, it's very attractive for companies to issue. corporate borrowing rates are relatively low and the markets are kind of wide open for companies to cap the market. i think investors need to keep a close eye on the corporate bond market. there are some mixed signals coming through. it's very advantageous for companies to raise money, but for investors, i think it's getting a little bit more challenging. alibaba, many chinese

companies are tapping the u.s. bond market, in fact, hit ago record so far this year. will that continue next year even if rates do, in fact, rise? >> well, you know, the trend looks pretty strong right now. this year, you've seen about a trillion dollars of just investment grade corporate bonds issued. we're well on track for a full year record. and that's coming on the heels of two consecutive prior years of issuance in excess of a trillion dollars. and the u.s. dollar bond market seems to be alive and well. you know, our concerns as we go into next year is that the pace may accelerate rather than decelerate. if you look at what's driving this, it's not just companies from asia or companies raising money for the first time. it's companies who are funding share buybacks and very importantly m&a. m&a, as we happen, has been rising pretty dramatically. and all those purchases need to be funded and increasingly corporations are looking to the

bond market to provide that financing. >> the question is, if we do see a crookdown on tax inversion deals and fewer m&a deals, does that result in fewer companies tapping the u.s. bond market? >> so i think that's a very good point. and if you look at sectors like health care, where some tax inversion deals seem to be more popular than other parts of the market, there might be a slowdown there. but the broad base pore m&a activity is very, very robust. it's across a variety of sectors. it seems to have very strong momentum. we've seen an acceleration volumes in the second half of this year. they look poised to carry into next year. you know, as we just discussed, a lot of this m&a activity is underpinned by the ability of companies to fund these deals and the corporate market looks to be -- looks to be wide open right now. i would say there are some signs of a little bit of indigestion. credit spreads have started to widen a little bit if you look

at the spreads in both the investment grade as well as the high yield market spreads have started to creep wider. but as long as companies are willing to pay a few extra basis points, they are able to secure sizable financing packages, which in total, and when you look at the average cost of debt, is still very, very attractive for large corporations. so we see this trend continuing well into next year and may actually even accelerate. >> and this comes at a time when we've seen the u.s. ten heavy year treasury yield trade at around 2.3%. george, we're going to leave it there, head of credit strategy at wells fargo security. thank you. still to come on the show, the street is expecting another sparkling quarter from tiffany's. but will it deliver? we get more clarity up after the break.

thank you for starting your day with us. you're watching "worldwide exchange" and here are your headlines. ferguson see tess worst night of violence since august after a jury decides not to charge a white police officer for the shooting of black teenager michael brown. president obama calls for calm. for those in ferguson, there are ways of channelling your concerns constructively and there are ways of channeling your concerns destructively. the good times keep rolling

for u.s. stocks with major indices on track for their best quarter of the year. this as investors await a data deluge of data ahead of the holiday including a gdp revision. brent hovering around $80 a barrel amid mixed views on how effective the crude will be. and walmart's chief is reportedly headed for the door just days before the retail giant's biggest day of the year. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. and to our top stories, several buildings and cars in ferguson, missouri, are on fire after protests over a grand jury decision not to indict a white police officer in the shooting of a blooe black teen ager turned violent. the grand jury determined there was no probable cause to charge

him. president obama also echoed those same thoughts. >> you need to recognize that this is not just an issue for ferguson. this is an issue for america. we have made enormous progress in race relations over the course of the past several decades. i have witnessed that in my own life. and to deny that progress, i think, is to deny america's capacity for change. now, across the country, the decision in ferguson sparked mostly peaceful protests. in new york city, crowds chanting black lives matter halted traffic in times square. and in seattle, protesters blocked the downtown streets facing a die-in as they lay down in the streets. in several areas, protesters

have build 4:30 minutes of silence as requested by michael brown's family to mark the 4 1/2 hours his body was left lying in the street after he was killed. we'll continue to keep you updated on that story out of ferg standard operating procedure. taking a look t markets, u.s. futures are pointing to a higher open. the s&p 500 did close at a new record high for the 46th time this year. the dow settled at a record for the 29th time, both the s&p and the dow now are on pace for their best two-month performance since march, up about 4.9% for those markets. today's focus, of course, the gdp number out of the u.s., will it confirm the u.s. economy is strengthening? that will be the question. now, diving into the european markets, we are seeing green across the green. with germany in focus, its gdp read came in with 0.1% confirming the german economy was able to avoid recession. right now, we're looking at the

xetra dax, trading at a two-month high. european stocks have been rebounding off the lows hit in october. the stoxx 600 index has gained nearly 14%. germany, greece and france are now up about 15% from their respective lows. the question is when will the economy start showing strength? pretty much the markets are moving off the dovish commentary coming from ecb president mario draghi. now, in terms of stocks, luxury action has been in focus. it's been a great run for tiffany. last quarter, the luxury brand surprised analysts with a strong beat. it's expected to be a similar story this morning when tiffany report before the bell. the reuters eps forecast is for 6% growth year over year. now, another dominant player in the sector is lvmh, which owns brands like bulgari and tag. their stock is up about 9% this year.

meanwhile, richemont is basically flat on the year, so underperforming the retail index. let's talk more about luxury and what to expect from tiffany's. da dana joins us this morning. dana, that you can so much for joining us. weak growth in europe and china has been ahead of us. how much will that weigh on tiffany's earnings this quarter? >> something definitely to watch. but given that nearly 50% of tiffany's sales is in the americas and that's where the strength has been. i think that's where the possible beat could come from. certainly what we're seeing in the americas, we're seeing increased tourism, we're seeing locally spending. with the new launch of the tiffany tea collection which took place during this quarter, we should see a pretty good quarter out of tiffany this morning. >> stronger dollar is another concern. it's been trading at a four-year

high. that's also going to weigh on earnings. it also has been a factor that a lot of the retail players have had to deal with this quarter. >> it certainly has. that's something also that will be a headwind in 2015, too. companies basically, whether it's price increases, changes are being made to accommodate that. but that is going to be in focus for all luxury goods players. and what about this holiday shopping season? of course, the drop in oil prices, gas price webs that's supposed to be a boom for consumer spending. how much do you think it will impact holiday sales? >> i think overall, we're going to see holiday sales for the jewelers and the luxury goods players happening to be very good. we should have some of the strongest increases in this category. tourism in north america will be a benefit to companies like tiffany. but all the luxury goods players are talking about some of their most robust growth coming out of north america given the pricing. and dana telsey, stick with

us. we get to get your thoughts on walmart. but first, let's get a look at the other top stories for this hour. elsa, tops barbie as the number one toys for girls this year. how about that? that's according to the national retail federation top toy sur y survey. it's the first time that the t mattel doll does not hold the top spot. and twitter's cfo may need to look twice before hitting send. anthony noto appears to have posted a public tweet on monday that was intended as a private message. possibly for another twitter executive. let's get you that tweet. he says, i still think we should buy them. he is on your schedule for december 15th or 16th. we will need to sell him.

i have a plan, end quote. the tweet was deleted, but not before being screen grabbed by some of his 87,000 followers. it's unclear as to which potential takeover target he is referring to. the key executive is reportedly exiting walmart just days before the start of the annual shopping frenzy known as black friday. we'll get you the latest after this break.

welcome back. let's take a look at u.s. futures and how markets are shaping up this morning. the s&p 500 indicating a move to the upside by around 3 points. the dow jones industrial up about 19 points after the dow settled for a record high for the 29th time. dow transports, in fact, and the s&p midcap index hitting new all-time highs. they both closed at a record. keep in mind, the s&p and the dow are on their pace for their best two-month performance since march. gdp data, that will be in focus today. retail continues to be a big story. walmart may soon have to fill a big hole in its executive ranks as the all-important holiday shopping season begins. kate rogers joins us live from cnbc headquarters with the latest. kate. >> seema, that's right. walmart's chief merchandising officer is reportedly expected

to announce he's leaving the company just days before black friday. "the wall street journal" says duncan mcnaughten joins the retailer in 2009 as cmo of walmart county before taking the position in the u.s. the following year. he's worked in the retail and consumer goods packaged industry for more than 20 years. he is been seen as a potential successor to bill simon who resigned as what walmart's ceo in july. but he was passed over. earlier this week, the journal says walmart changed the reporting structure of its marketing division so that the chief marketing officer reported directly to feran and not mac naughton. the chief merchandising officer decides on strategy and which products to promote to drive sales. walmart has struggled to boost sales amid a decline in customer traffic. the company reported same-store sales rose 0.5% in the third

quarter, the first increase since 2012. walmart is trying to encourage u.s. consumers to shop early and often this years. it's launched more than a week of deals online and in stores ahead of the thanksgiving day holiday. walmart is among ten major u.s. chains that will be open on thanksgiving. and a recent survey found an estimated 1140 million consumers say that they will or may shop at some point over the holiday weekend. seema, back to you. >> kate rogers, thank you so much. picking up on that report on walmart, we're going to get reaction from dana tellsy, from telsey advisory group. dana, where do you think we are seeing this potential shake-up in walmart's management ahead of that critical holiday shopping season?

>> certainly this black friday holiday season was set quite a long time ago compared to the timing of his de-pparturdepartu. but i think black friday and the holiday season continues as planned. >> dana, there is a lot of confusion on when the best sales this holiday shopping season will be. some analysts say it's before black friday, others say it's after. when do you think it will be? >> i think it gets terrific deals on black friday and frankly, even now thanksgiving day. but those ten days before the holiday season are crucial to the sales. i think you're going to get terrific deals this weekend, friday being some of the best deals. i think we go into a lull pattern over the next two weeks after plaque friday. and then beginning december 15th, every day becomes incrementally bigger. >> it's interesting that a cnbc.com vote indicated that 55% of our viewers say the best deals are not on black friday. of course, there was a time when

black friday was a day when you would get the best deals. but that's all change now with the proliferation of online retailers. >> yes. online is absolutely huge. and online gives people time to extend the timing of their purchases. and we've certainly seen, beginning two weeks ago, many different black friday deals. but retailers planned so carefully all year long in order to plan the pricing competitiveness, what they'll need over each day of the holiday season. >> dana telsey, from telsey advisory group, thank you for joining us this early morning. let's get you a look at the top headlines at this hour. violent protests erupt in ferguson after a grand jury decides not to indict the police officer that shot teenager michael brown. and the dow and the s&p, as we've been telling you, set to

continue their economic run ahead of key economic data including gdp. we leave you with a live shows from strausbourg where pope francis is addressing the european parliament. we will continue to monitor her speech and bring you in it any headlines.

back to our top story, seconds of ferguson, missouri, are under protests. cnbc special correspondent scott cohen joins us live from ferg standard operating procedure. set the scene for us on what you are seeing on the ground. >> sure, seema.

it's been a long and largely sleepless night here in ferguson. and i'll orient you to where we are. we've pulled back from where we spent much of the night about half a mile down the road. that's the neighborhood where all of this unfolded back in august. michael brown, the unarmed 18-year-old who was walking home after apparently robbing a convenience store gets into an encounter with the police officer, darren wilson, is fatally shot, his body left for four hours. there were protests, sometimes violent, back in august. local police say this is much worse than that. there were at one point directly across the street from us about four fires burning among 12 in the overall area. 29 people arrested overnight. and a lot of gunfire around, remarkably police say nobody was shot, nobody hurt, no deaths last night. but the situation is still tense as firefighters continue to

battle these fires and they try and get the situation back under control. back to you. >> scott, thank you so much. of course, the outcome of that case has fueled a national debate and we'll continue to check in with you throughout the day. now, a look at european markets right now which are trading in positive territory. we got that gdp read out of germany which did come in at 0.1%. german economy is not entering recession. we're looking at the xetra dax trade at a two-month high. france in the green, the ftse 100 up about 8 points as we listen in from mark carney, the central bank governor of england testifying in front of parliament around his inflation report. now, a look at u.s. futures right now indicating a higher open. keep in mind, all three major u.s. indices are on pace for their best quarterly gain this year. the nasdaq, in fact, leading the way up just about 5.8%. we did see apple trade at a new record high, that stock fuelling

the nasdaq to the upside. let's give you a rundown of what to watch this trading day. the second estimate on third quarter gdp is due at 8:30 eastern. at 9:00 a.m., we get the latest look at u.s. home prices with case-shiller and at 10:00 a.m., it's november consumer confidence. campbell soup, hormel foods, tiffany, chico's cracker barrel report before the bell. and after the close, we will put our attention to hp and tivo. joining us now, john schultz from oppenheimer. thank you so much for joining us. john, clearly, the s&p 500 is on this bull market run. it's back up 11% since hitting a low in october. will this take steam out of the santa claus rally which typically takes place between thanksgiving and christmas? >> we would have to think that the market moves higher from here. there is a -- there is a chance,

if we get some kind of external problem, whether it's geopolitical or elsewhere, the market might take pause. but so far, it looks like a lot of people have missed the rally. they're still coming in. we've got window dressing, we've got rotation. lots of action in the market across the board. we would expect more close higher from the levels that we saw yesterday. >> carter also joins us. carter, a surprise rate cut from china. a potential easing from the ecb. some say the santa claus rally came early to the u.s. does the market have more room to run? what do you think? >> i spp suspect it's been a rally all year, if you think about that. it's a mixed market in the sense that equities as an asset class have essentially done nothing this year, despite all the fireworks. so if one were to take the broader csi, that's up about 5%.

yet if you take the u.s. out, the index ex the u.s. global equities are down on the year. small cap stocks, unchanged on the year as measured by the russell 2000. after a big year last year, this has for the most part been consolidation and sideways chop. it's a thin and dominated market by a few super cap names. it's really been -- this year that are the winner, clearly. >> and let's focus in on emerging markets. out of the brick nations, india is the best performing market. it just shut a new record high, up about 34% year-to-date. john, would you recommend clients to get bullish on india here or do you think at some point valuation will become a kern. in fact, the index is trading around 20 times earnings which is more expensive than its emerging market peers. >> seema, i think the best time to be investing in india this

year was ahead of the elections. post elections, it's been an amazing run, as well. but at this point, that market does look like it could be due for a rest before it moves ahead again. the real question in india is a question of execution in items of restructuring, reforms, getting infrastructure build out. we would have to think that we could get a pause in the indian market, but a spectacular run this year. up last i looked, around 33%. >> do you agree. >> we are typically momentum players. we like to favor strength versus trying to ferret out opportunities. >> gentlemen, we're going to leave it there. the msi emerging index up about 0.8%. john, i want to ask you a quick question. you just raised your target on the s&p 500 for the end of 2014.

>> yes, i did. our target for this year that we put in last november was 2014. in 2014, we went through that on october 31st. it was happy trick or treat. and then we raised it to 20/80. we can imagine that will likely be surpassed here stateside as the momentum seems good at this point all right. we'll see if you're right, john. thank you. and carther worth, gentlemen, have a great day. that does it for us on today's show. let's get you a look at u.s. futures and how they're trading. right now, green across the screen ahead of that u.s. gdp read. the s&p 500 up just about 2 points, the dow jones up about 19 points and the nasdaq, which hit a 4 1/2 year high yesterday, is trading up just about 4 points following a positive session for european stocks. we're looking at the stoxx europe 600 index, trading higher up about 14% since hitting lows

in october. that does it for us on today's show. thanks for watching. i'm seema mody. next up is "squawk box."

good morning. happening now, violent protests in ferguson after a jury indicts the police officer in the shooting of michael brown. today brings new tests as the markets end. planes, spain, and automobiles could all face trouble this week. a major east coast storm threaten to go reek havoc on thanksgiving travel. meanwhile, today, i'm told it's tuesday, november 25th, 2014. "squawk box" begins right now.

good morning, everyone. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. take a look at a live picture of ferguson, missouri, at this hour. cars and belgs are still on fire. the st. louis county police chief says no shots were fired by police when the violence erupted. in his words, there was a lot of gunfire. that not coming from police officers. about a dozen buildings were set on fire. at least 29 arrests were made. protesters turning out in some of the biggest cities overnight. by most accounts, the rallies outside ferg standard operating procedure were peaceful. in new york, about a thousand people marched on union square. during protests, one man was arrested for throwing what appeared to be red paint at the po