welcome, everyone, to "worldwide exchange." haem thanksgiving if you're watching in the u.s. i'm seema mody. happy thanksgiving, everybody. i'm louisa bojesen. >> key opec players signal they are not prepared to cut production in a bid to protect their market share. >> spain falls further into deflation than expected with november harmonized down by 0.5%.

>> the future in china is blurry, but the stock is sent to the top of the stoxx 600. and u.s. criticizes the use of google as lawmakers get set on a landmark proposal to break up the search engine in europe. >> announcer: you're watching "worldwide exchange," bringing you business news around the globe. >> hi, everybody. welcome to "worldwide exchange." we've got two hours together. i think it's fit to go recap the days with us. you've got the german november seemingly adjusted jobless rate, 6.6% now. that's after revised 6.6% seen back in october. you're looking at the november seasonally adjusted jobless change compared with the reuters

forecast to a drop of 4,000, the seasonally adjusted total at minus 14,000 to just shy of 2.875. so that figure having hit here in the last couple of minutes or so. we're just seeing the euro on the back of this. we've been hanging on to that 1.24/1.25 area. looking at what the policymakers are saying ahead of next week's meeting. >> and it's important to note germany does have one of the best unemployment rates when it comes to the eurozone. 0.1% from germany this week, confirming germany was able to avoid recession thanks to a boost in exports. >> this is for a separate conversation, but i still think it's incorrect to think that all countries in the entire europe have to have the same jobless rate. spain traditionally has had a lot higher jobless rate than what we've seen in germany.

happy thanksgiving. >> thank you. oil continues to be our top story today. oil ministers prepare to gather in vienna with rumors the cartel may not opt to cut production. speaking yesterday, the saudi oil minister said oil nations had reached a, quote, consensus on oil output. what does that neen? steve is live in vienna. >> the ministers are in now. pretty tightlipped coming into the meeting. we just heard from an opec watcher who thinking they will cut by a million barrels a day. but the consensus going into the meeting was maybe they were going to pull back because they didn't want to do the heavy lifting, they wanted to maintain market share and they thought the market would stabilize. he wouldn't say anything this morning when he walked in. but i did catch a pretty

exclusive chat with the nigerian oil minutester. she answered my question about what opec would do in the following way. >> well, anything is possible. i think that, as usual, we have to have a pragmatic meeting and decide amongst ourselves what's the best way forward. is it best to stay where we've been or is it best to appreciate our program? >> and you know full well how difficult it is selling product to the west now, to the united states where you and i have been previously. you've pretty much been shut out of that market. but the asian market, do you have concerns that they've been slowing down? >> well, we do have those concerns about the asian market particularly since that is where our major exports in terms of nigeria and i think most of africa's crude will go do. but i think we'll wait a little while and see -- >> one more question. do you think it's disappointing the americans are producing as much oil as they can and nonopec

is -- do you think nonopec needs to offer a little bit more to the table? >> i think going going forward in the future, we will all have to reach out and sit across the table, whether we're opec or nonopec and begin to come to some equilibrium on prices. >> therein lies the conundrum. a lot of people want to price higher. they see a fair price at about $1 is 00 a barrel. but who is going to do the cutting? they would have fallen very clearly on the shoulders of gcc and that means primarily saudi and saudi has had enough of losing market share and maybe wants to draw a line in the sand. but as we've heard, some people think think there will be a cut in production. it's all going on upstairs now and we're going to go in and find out what's going on any

minute now. >> thank you, steve. a lot going on outside of opec. we have a lot going on outside of oil, as well. anna crewchek armstrong, good morning. >> good morning. >> coming into the studio nice and early. how are you? >> excellent. >> the price of oil having dropped substantially, off by some 30%. you're looking at whether or not we're going to see a cut in production from the opec members today. what's the impact of oil going to be in terms of investment strategy and does it change how you verse investing at the moment? >> it's getting pretty obvious that unless they do something and take action, it is not very promising for the price of oil. and looking at the u.s. economy, reduction in the price of oil, oil is not bad for the economy. $10 of the cut in the oil price is boosting economy by 0.25% or so. so inflation expectations are

quite low, having in mind the lower prices of oil. so unless opec decides to take some action, i think we'll see further -- in the action. there's a supply including the congress, the ban on the exports, iran discussing whether they should double the production for the next year and so unless strategic action is being taken -- >> when is it a good time to step in? if oil prices have come down so much and if some of the oil services companies have seen a drop because of that, when is -- >> it can go even lower than it is now. but yes, we are definitely going short on the oil price. when it comes to investment opportunities, i think there are some better opportunities than just looking at the oil markets. what we have been looking at at the moment is japanese story. they simply came back from

japan. and the change in the policy of gpif towards its investment is going to have a massive influence on the market. and the timeline is quite precise. the target is going to have a substantial influence on the market. and not just on these equities, but on the u.s. equities and other asset prices. >> why get bullish now? prime minister abe's monetary policies has not worked yet to revise the japanese economy. what tells you now that things will work? and it's a good time to see the fruits of the labor of abenomics? >> we have three hours now working together. but they're doing this in

conjunction with corporate restructuring and the ongoing process between the management and the shareholders. companies are working to give the shareholders more access to the management and the information. the process is slowly evolving. >> while we're at it here at the top of the hour, why are you closing your long position on the kospi? >> we think there's other opportunities. pressure in the united states is on wheat prices. we see better opportunity on other things emerging. >> so short coffee at the moment, long wheat? >> exactly. >> we have a couple of hms coming out of opec. leaders and different

policymakers are meeting in vienna to discuss whether, in fact, opec should potentially cut the production of oil to provide a support to oil prices. we are hearing from the uae oil minister saying he's confident that opec will decide what's best for the market. oil minister from uae saying oil oversupply is everyone's responsibility. hearing from the iraqi oil minister saying they want a win-win with krg. we want the price to be just. we want stability of the oil market. those are some headlines, again, coming from the iraq oil minister. as well as the uae oil minutester. taking a look at oil prices right now, trading down about 1.7%. the light crude trading below the $75 mark. louisa. >> so checking in on our

european equity markets, the stoxx europe 600 just a couple of points higher right now. and you would remember when you and i spoke some 14 hours or so ago. yesterday on the close, we saw a mixed market close in yesterday's session. markets have been drifting higher by and large looking at some of the core european markets this week. and we are really gearing up for this important ecb meeting next week. most analysts still think we won't be looking at an increase in stimulus next week, but we had these comments yesterday which we saw some movement on the back of indicating that they might be looking at buying sovereign bonds as early as the quarter of next year. so we're still seeing a ramping up in some of this rhetoric from various leaders, whether it be from the ecb or some of the other central banks, as well, with regard to support to the weaker economy. when it comes to some of the main movers here in europe this morning, glancing at our main

european markets, the ftse, a couple of points higher. 67.35. the xetra dax higher by 0.5%. ftse mib higher by 0.4%. cac is flat. i'm questioning that, but let's move on. >> announcing its first ever dividend, poundland is up 1.7%. it's dependent on whether or not we see a strong christmas. >> investigate have to provide the value. i think we're one of very few

companies, retailers in particular that at the moment are both the issue price. and the share price is up. >> moving on, although infineon saw profit rising by 27% during q4, it's been sufrlg just a little bit in trade today. the chibmaker's full-year outlook is to blame coming in below expectations. it's warning on challenging markets ahead. lower by 11.5% or so. danone, pretty flat. it's considering selling a stake worth $11.9 million. the two companies last year, they ditched plans for a nine-year alliance opting for looser cooperation. and last but not least, weakening chinese demand has, again, hit the sales. but the maker of remy martin

cognac is sticking to its full year outlook. stephane pedrazzi is in paris. don't you fancy a glass of cognac every now and again? is that up your alley? >> not really. but if you want to offer me a bottle of conyak for christmas, actually, there's the louis xiii cognac which sells for 2,500 europe bubbles. i'll think about it, stephane. sounds like a great present. >> well, some of the great presents in china so far. but you know the new anti-corruptions law in the country have risked significantly the maximum value in the business context in the country and thats the reason why it's suffering in china and that's the main reason behind

the drop in first half profits. they are not selling such an expensive cognac. they weren't as exposed as remy. that being said, despite weak chinese sales, the average forecast was around 90 million. the company remains confident that it will be able to improve its sales and its operating profit of the full year despite the mixed economic climate and that explain why the stock is doing well today. >> i do like cognac, actually. >> you do? >> yeah. but it's that round kind of glass experience. it feels like i should be by the fireplace. >> champagne? >> no, i'm not a champagne person. anyway, stephane, we will

continue over a glass of cognac one day by a fireplace. >> stephane pedrazzi there. i want to show you what's taking place in our bond markets. the ten-year germany, we saw new all-time highs being set in yesterday's trade with regards to buying into some of those debt markets. incidentally, we saw yields being pushed again to an all-time low 0.72%. in germany, you saw potential buying taking place in the u.s. u.s. treasuries triggered by weaker than anticipated data in the states. the fx markets, again, always trading on the back of that data yesterday. the euro/dollar sitting tight around 11.2472 or so. we need to recap what's been taking place in asia in our joef night session. sri jiggy jegarajah joins us out of singapore. hi, sri. >> hi, louisa.

i think to think about a suitably pun laden name for you. let me work on that. the nikkei 225 under selling pressure on the close. down by 0.8%. we're following some stock-specific stories today. jakarta shares continue to suffer. they were down by almost 8% during the session earlier on today. what i can tell you is that toyota are expanding their global recall of cars to 57,000. they issued a recall for japan of over 7,000 vehicles. the safety crisis with jakarta and the air bags is fair from being contained. we are seeing some volatile strength still in the mainland market. shanghai composite closing % to the good, so still very much basking in the after glow of that surprise rate cut we saw last week.

a little more caution for the hang seng. back to you now. >> sri, thank you very much. the opec meeting is the big story today. angola oil minister, some headlines from him, as well, he's not too happy with current oil prices. algeria's oil minister wants oil prices to return to previous levels. we heard from the algae ya oil minister that they would be ready to cut some of algeria's production. they want oil price toes return to previous levels. so potentially some market moving headlines from various oil ministers. oil prices in focus. trading down about 30% since june 2014. we'll keep you updated on that story. now, it is thanksgiving and for all of you celebrating the holidays, happy thanksgiving. it was a good day to be a ring tailed lemur in illinois on

wednesday. the animals were given an early thanksgiving day lunch. wow, they really enjoyed. coming up, we will tell you where in london you can find such a spread. that's coming up.

welcome back, everybody. here in america if you're joining us, maybe you're taking a day off and you're up early. shares in samsung higher after the company announced its first share buyback in seven years. amid problems in its mobile division. analysts, they've welcomed the move, saying it allows samsung to buy time for its turn around. >> becoming a highly competitive environment for samsung, given the launch of the iphone 6 from apple. will you see consumers switch from samsung to apple now that apple has the bigger screen?

>> you need bigger pockets. >> yes. another big story, google in focus. a european parliament is to vote later on a plan to break up google and force it to spin off the search engine part of the business. although the vote won't be binding, meps hope it will send a strong message to take a tougher line with the online giant. in the u.s., senior politicians have criticized the plans with two government committees questioning the eu's commitment to open markets. let's talk about this with john from 3h3. john, do you think this decision could potentially break up google, is this just a way to basically stop google from dominating the online space? right now, it has about 90% of the market share here in europe. >> yeah. actually, i think it's unquestionable that google has large market share. i think the issue at home is whether or not google is providing lock in services, so whether or not it's easy for

people to jump out of their ecosystem. i think that's going to be a hard thing to pursue a -- it feels to me something from the eu trying to send a message about how they want koogel to operate. >> doesn't this question google's open to a fair and dwal market? >> yeah. the outcome could be bad for invasion in that sector. >> this is so political, though. some would argue this widens the gap between where the eu is versus the u.s. and we're heading in the wrong direction. >> yeah. it feels like the nail and the

hammer is a much wider issue. i think this is a much more highly charged issue than what is at hand in this report. >> i think the disconnect between the way that the americans -- and the eu is seeing this is driven a lot by the political agendas. i think there's concerns over the amount of data google handle. i think the way they're trying to pursue this at the moment is not the same issue and they're trying to find a point. it feels also like history repeating itself. is it the same rhetoric microsoft got during the 90s around having a monopoly during 2000 and wanting them to bundle next door with their service. >> we're just following momentum for the tech investment, but we don't have a long view in google.

>> as a tech entrepreneur, i want to ask you, when you see this policy, this push back from eu lawmakers, is it discouraging and do you think it will stop others from their presence here? >> yeah, i think it is discouraging. i think google has been able to build an eco sent rick -- of services. search is so highly engrained in their services. that business model is to revive their revenue from search, not from customers. >> what is three of three? >> we help large companies to innovate. it's very close at hand. >> thank you very much for being with us this morning, john. we appreciate it. anna, how are we supposed to invest? the year is almost over. people now talking about we could get more stimulus measures from central banks or the ecb as early as next year.

does that happen or will it change your policy? >> i think equity markets are going to have further boost. we're looking at different opportunities between the asset classes. we are looking for arbitrage opportunities. we definitely believe in the dollar versus yen. we like sterling and we are shorting euro. so there is a number of trades that are emerging, but i think we are still bullish on the equity market. >> ana, where do you see it heading from here, is it 120, 119? >> i think it can go even lower with the whole monetary status in europe. >> are you celebrating thanksgiving today? you're not american, but -- >> no, i'm not american. >> but happy thanksgiving for everyone who is celebrating. >> yeah, yeah. you're celebrating, though? absolutely, of course. it's an american tradition. >> what are you celebrating for?

>> oh, family. i think when you're thinking away from thanksgiving, you value them even more. happy thanksgiving, mom and dad. >> what are you thankful for? >> happiness, love, life, success. >> i completely agree. >> and yourself? >> definitely health and love. what are you thankful for? let us know. find us on twitter. >> our director says, i'm thankful for the break. you're stuck with us for another hour and a half, adam. today, more trouble for takata as toyota is ramping up its recall of the potentially deadly air bags. we cross to tokyo for the break after the latest. also, we have an exclusive interview with the co-ceo of monetize as it looks at a new partnership in the mobile payment space. again, happy thanksgiving. find us on twitter. we'll see you in a second.

nigeria's oil minister tells cnbc exclusively that anything is possible. >> well, anything is possible. i think that, as usual, we have to have a pragmatic meeting and decide amongst ourselves what's the best way forward. >> remy admits its future in china is blurry, but they're at the top of the stoxx 600. >> and u.s. politicians criticize the eu treatment of google as lawmakers get set to vote on the landmark proposal to break up the search engine's business in europe. hello, everybody. welcome back. you're still watching "worldwide exchange" here on cnbc. our european equity market being called a couple of points higher this morning. just up by, what, over 0.5% for the xetra dax, 9917.

most of our markets are trading a bit higher. when it comes to asia, though, he we saw a pretty firm showing. >> aeshan shares have hit a one-month high. the shanghai composite is now trading at a three-year high. meanwhile, the nikkei is the second best performing market in the region following the massive stimulus program. hans, how much farther can this rally take us for china and japan? >> well, central banks are centering all this.. we've seen what happens when the fed stops its asset purchases. the next day, the bank of japan increase theirs. now we have stimulus out of china and we think it's going to continue. it will have not only an effect

in japan and china and on the whole region in certain cases on global markets. >> so how are investors putting too much focus and reliance on central bank policy and not enough on private consumption and when we'll see a rise in the domestic demand? >> you could have a buoyant equity market without the economy doing pretty well. you have micropicture in japan, we have companies watching cash, they're buying back their own shares. you have pension reform in japan which pushes capital into riskier assets. above all, of course, you have the boj who is doing qqe at the sale which makes the fed blush. so i think the stage is set for japanese equities to go higher, even if the economy does not

really fall. >> hans, hi. it's louisa. how much further do you think the yen is going to weaken? >> well, given the divergence between fed policy and the poj, it's likely the fed is going to -- the yen is going to weaken much more. at the moment, you see a counter move, but wej the u.s. market is in a bull market and could rise 10% to 15% from here. >> and just coming back to china for a moment, we've seen this surprise rate cut that they came through with. how much further stimulus is that going to lead to trade in chinese equities? >> you have to bear in mind that you have a lot of capital

outflows out of china for the stomach ewe husband you've seen so far has served to offset those outflows. it is conceivable there's more rates to come and the cut in the rates. it is an economy that is slowing down, you about equity markets respond to an increased stimulus by the central bank. >> hans, do you think going forward in 2015 investors will question international diversification given the fact that developed economies like the u.s. are posting growth of 3% and markets are outperforming? >> no, i think it's an environment which is conducive to higher equity prices. i mean, you're right. the u.s. economy is firing on all cylinders. it's growing, it's expanding and the situation is improving.

we see further rise in the u.s. based on fundamentals and in the rest of the world. in china, india, as well, and in the case of china based on central banks and i think in india it will be a rerating story on the outside based on a new political environment. >> and we can tackle inflation, of course, that will be the big question for indz ya. thank you. a couple flashes hitting our wires at the moment, the bank of england announcing uk net lending under the funding for lending scheme, minus 2.4 billion pounds sterling. that's just hitting the wires along with details with regard to the various banks. the scope of the vehicle

recall tied to takata vehicles is set to expand. >> since honda's recall two weeks ago over defective air bags made by takata, toyota and -- have notified the ministry of transportation that they will take similar action. takata recalled now total 276 million vehicle necessary japan and over 13 million worldwide. if recalls are shaking investor confidence in japanese automotive stocks, putting a chill on sentiment towards the sector is the revelation honda sales report serious accidents involving its vehicles in the u.s. over the past decade. domestic production numbers underscore the stuff situation japanese automakers face. the output figures for toyota, honda, and mitsubishi motors were disappointing. toyota contracted for the

seventh consecutive month. production rose overseas, but not enough to offset global performance. to regain momentum, japanese automakers will need to launch initiatives to win back trust and confident. back to you. monitise is looking to partner up. shares of monitise have falling over 25% since september when visa announced it was considering its options to sell its stake in the business. today, shares are up around 13%.

alistair joins us now to talk about these partnerships. when will these new tie-ups that you've announced be an issue? >> good morning. first of all, we think 12 years into the journey, this is our most important day as a company and i'll explain why in a secretary. we connect around the world so people can use their banks and buy stuff. that takes time. by 2016 we'll be profitable. by 2018, over 200 million consumers around the world will be using our product. >> that is obviously reliance on these new partnerships that you've been announcing today? >> yeah, they underpin it. but we worked with 700 banks around the world.

what's so important about these announcements, santander, sixth biggest bank in the world, largest in the eurozone. ibm, clearly a world leader. millions of people have come in behind our strategy to be a collaborator. and the mobile payment space is breaking into two different categories. there are disrupters and then there's people working together for the good of everyone. >> visa invested first of all in 2009. we were a pretty small company then, about 200 people. we're about 1200 today and it made a great return on their investment. the interesting thing about the market reaction, they said,

look, we wanted to see the platform grow in this space. we wanted to see someone come out and make it all happen. monitise have become the big leader and they're mature. >> how do you scale up and keep costs in check? >> that is one of the cruxes in any business of our size that's trying to grow. you have to watch both things. you have to make sure you don't have one foot on the break and one on the gas as they would say in america at the same time. we've remained debt free. when we get into profitability, we retain 70% growth margins.

these cards were owned by the banks until they got to scale and then they become public companies. we've just done tilt other way around. what makes you so confident that some of these large banks you've tied up with will one day leave your technology and work on an in-house development or solution? it's a great question. were we to just rely a that, i think you're right. we're limited in what we can do. but because we look at a revenue job, as well. you're confident in the subscription based model versus licensing? you've made that big shift and there are some criticizing that

shift saying it's a bit risky. >> it is. and it depends on what you want to become. we've become a network. we plug some stuff into your platforms. we're now saying we believe in our model. to answer your question directly, you don't get better validation than the validation we've had today. >> you used to play rugby. >> i did. >> do you miss it? >> i do miss it. lots of broken bones. being a public company is quite similar. it's just verbal abuse than the physical. >> who did you play for? >> sarasin. >> who? >> sarasin. >> fantastic. i think there are similarities between rugby players and big companies. >> yeah, why not? it's competitive. you need a lot of padding. >> you need a lot of padding and

lots of friends around you, as well. some big brothers. we just got four big brothers today. >> thank you. of course, still to come, our own steve sedgwick heads into the opec scrum. let's hope he has better luck than he's had in previous years. >> mr. niami, could you tell us if you've got a court between members? there you go. that was the saudi oil minister. he normally doesn't say much on his way in and once again he doesn't say much on his way in. do you think opec has spare capacity? >> i don't know anything. okay?

hi, everybody. welcome back. i wanted to get you up to date with the latest on greece. we're hearing that the pretty prime minister says the bailout could be extended for days or weeks beyond the end of the

year. it was thought they were likely to extend this bailout after talks recently failed. we've seen the euro drifting lower against the greenback. we've had weaker u.s. data stateside and a very thin trade today, of course. happy thanksgiving if you're just joining us. meet mac and cheese. these turkeys, they are not destine for the dinner table as they have received a white house pardoning. an online vote receives america's next turkey. people, they've spoken. this is cheese. he's a grand champion. 49 pounds, which translates into something like 22 ckilo, or something. he would already have been put in the oven if he were going to

be cooked for thanksgiving, right? it takes a while. >> that's right. and coming in at 47 pounds, this feather shaker has a gobble that will remain you of bluegrass. okay. two turkeys that you have just met. >> i was going to say, once you give them names, you kind of can't eat your friends, right? >> you have this personal relationship. >> i know. >> after a turbulent two weeks on capitol hill, the president joked the decision on which turkeys that would be pardoned would be the most talked about executive order of the month. president obama said his fowl friends had a lucky escape. >> let's face it, if you're a turkey and you're named after a side dish, your chances of escaping thanksgiving dinner are pretty low. so these guys are well ahead of the curve. they really beat the odds. >> thanksgiving celebrations are spreading across the atlantic, according to amazon. the uk is embracing the holiday spirit with sales of thanksgiving items and one london bourough up a whooping

8.4%. the most popular item being a pack of pimp kin cookies. top lobbed eateries, chicago the firehouse, are making the most of the u.s. holiday by serving lavish lunches of traditional slow roasted turkey and pumpky pie. >> love pumpkin pie. what's your favorite? >> peach cobbler and apple pie. that is a favorite in the mody house. this time around, i'll have to see what's on the table. >> lobster fill r first, when the pilgrims came over, lobster was included on the dinner table. by the way, keep your tweets coming in on what you're thankful for. we'll read out some of those tweets later on. >> and you know what? if you want to celebrate thanksgiving but you're not sure where to go, have no fear. johnny, the deputy editor of time-out london is here with

some ideas. johnny, welcome. >> hi. >> so you've done this analysis on london, where to go if you're american. where should one go? >> sure. we do this every year. we look at the home grown american places like the big easy in the gardens, for example. but, yeah, if you want to go fancier, there's ek heart in the mobile arts, the chef is from the southern u.s. and does a fantastic turkey. >> why put this research together? is it ex pats like myself who are bringing the tradition from the u.s., or are you seeing interest from the brits in partaking in the festivities? >> both, really. we know the numbers of americans are increasing and that cultural interest in filtering through. but we also know londoners are interested in american food.

wove seen these american food come to london, burgers, barbecue, fried chicken. now i think thanksgiving, people are like, hey, why don't we try some of this food? >> another skoout excuse to put something a bit untraditional for them on the menu, maybe. but is it traditional food that's being served mostly? >> it's the mix. i mean, you get turkeys in a different way, fried this year, then you will get, you know, yams and your colored greens and your pecan and pumpky pie. but then at the firehouse, they're serving truffles and things like that. so it's quite fancy, i think. >> it's interesting when you go to places like the children's lighthouse, it is quite expensive. you forget that europe is dealing with this laundry list of economic challenges, but it's

still clearly a market for high end restaurants. i worn going forward, do you think that will be the case? >> yes, i do. london has a huge variety of different sorts of people living here, a whole spectrum of wealth. central in the center, there are enough of high end diners to support this restaurant boom that seems to be ongoing. and i think also people, they really value good food in london. >> what are you thankful for? >> i'm that happeningful for the people i live with. i'm thankful for my friends and my family. >> excellent. >> i'm thankful for you, i'm thankful for being on the show this morning with you. having fun. johnny, thank you very much. keep your tweets coming through.

what are you thankful for? that is what we're asking for on this thanksgiving. find us on twitter. with u.s. equities near all-time highs, perhaps you're feeling flush this thanksgiving. this is pretty incredible stuff. one new york city vaund could be offering the perfect meal for your family for this holiday season. for a mere $35,000, it's for four people, 8/w 750 per person. the steakhouse is offering percentageon with foie gras soaked in $500 per bottle cognac. turkey stuffed with wagyu filet mignon with chateau mouton rothschild. sweet potatoes with three pounds of caviar. why? and black truffle butter nut

squash. the black truffle butter nut squawk, that's the one i would get. >> this is crazy, $35,000 for four people? >> to watch it, there is plenty of the finest alcohol. if you're still hungry after all of that for dessert, 24 cared gold plate pumpkin pears. lessons to learn, the turkey trot at fred as tear's dance studio. >> they would only last 24 hours and then they would start to smell a bit. >> what do you eat for your

holiday dinners? is it to-turkey or turducken? >> what is that? >> if you're vegetarian, you can buy turkey made out of tofu. they call it tofurkey. >> replicating a turkey using tofu. >> what is a turducken? >> turkey with duck and chicken inside of it. don't ask me how you do it. it is a concept. it's out there. >> too much. too much. >> leave it to the americans. now, opec, of course, is still something we are watching today. we have live in vienna. all-important opec meeting coming up with the latest.

and welcome to "worldwide exchange." happy thanksgiving if you're watching early with us in new york or on the east coast, it's 5:00 a.m. over there. i'm seema mody. >> i hope that you're sleeping with one eye on "worldwide exchange." welcome, everybody. i'm louisa bojesen. these are your hl headlines today. >> key opec producers signal they are not prepared to cut their market shared.

guy nearan oil minister saying anything is possible. >> as usual, we have to decide mujs the ourselves what is the best way forward. is it best to stay where we've been or is it best to appreciate our progress? >> remy admits the 2350u6r7 in china is blurry. and u.s. politicians criticizing the eu's treatment of google as lawmakers get set to volt on a landmark proposal as they get set to break up the search engine's business in europe. you're watching "worldwide exchange," bringing you business news from around the globe. due to thanksgiving, the u.s. markets are closed today. but take a look at the ftse cnbc

global 300 index. a good gauge of what's happening across the world. right now, we're looking at the index down just about 2 points. flat on the day, down 0.3%. traders expect a lower trading volume in the equity market given the fact that the u.s. market are closed. but that does not mean it will not be in movement in the oil market. diving into the european markets, we did get that data out of germany this week. so far, data coming out either in line with expectations or slightly better. that's why you're looking at the german markets outperforming. today we're looking at the xetra dax. continuous rise up just about 72 points. the ftse 100 up just about 9 points. and you can see the green in italy, as well, just up about 112 points.

louisa, even though u.s. stocks did close at record highs and even though they're closed, you are seeing gains here in europe, as well. >> you are. yesterday on the close here in europe, we were looking at slightly mixed markets. it does look like we're in a wait and see mode with regard to what the ecb is going to do next week. subsequently, draghi, today you've got dragdy speaking in finland. he's speaking at a bank of england conference. so we might be getting a couple of small indications from him a bit later today on what the ecb could be doing next week. i highly doubt it, though. we're a couple of days away from the actual ecb decision. consensus yesterday indicating that we could be looking at the first quarter next year, being the quarter where we see more stimulus being put in place by the ecb. there was a big hint towards

buying of sovereign bonds in europe. incidentally, we saw the bond markets moving higher in germany. we saw treasuries being bought up, too, and peppering that with some softer data stateside, as well. looking here at what weir seeing with regard to the ten-year yield at the moment, we're seeing yields being pushed lower. talking about germany, the bund over here. you've got the ten-year german bund. 0.71 now. we're continue to go push lower on the ten-year bund. let's show you what's taking place on the currency markets, as well. we've been very range bound in trade. euro/dollar, 1.2869 at the moment, moving a little bit lower. quite a bit of data out this week. the aussie/dollar recovering against the green back, higher by a percentage point following a couple of days of being a bit

walk. after we had some indications that it could be overvalued according to one of the central bankers there. commodities, you've got nymex and brent both lower. down by some 2% i'd say on average. nymex hanging on to $72 a barrel. brent at $76. let's head back out to steve who rejoins us from vienna once again on what is the big day, steve. >> yeah, louisa, cut or not to cut? is it about market share or getting the price up? there had been hopes that there would be an opec or a nonopec deal. the russians and the mexicans produce about 13 million barrels a day between them were in town. and the russians went away with no firm promises to cut which left it firmly on the shoulders of opec. as we've discussed many times,

there are many from opec who want exemptions including the likes of the iranians and iraqis, as well. so then who would be cutting? it would be the gcc led by saudi the there were any cuts. coming in today, we spoke to the oil nigerian minister. >> anything is possible. we have to have a prudent pragmatic meeting and decide for herself ourselves the best way forward. is it best to stay where we've been or is it best to appreciate our progress? >> how difficult is selling production to the west now where you and i have gone previously? but the asian market, is it better in terms of cost for demand? >> we do. since that is where our major exports in terms of nigeria and crude will go to. but i think we'll wait a little while and see. >> one more question.

do you think it's disappointing that russia came to town and america is prutsing as much as they can and nonopec is not doing any of the hard listing? it seems to be very much on the shoulders of the -- do you think nonopec needs to offer a little bit more to the table? >> i think going forward in the future, we will have have to reach out and sit across the table, whether we're opec or nonopec and begin to come to some sort of equilibrium on prices. >> so i've just been into what is known as a media trauma, the polite way of talking about it, to speak to the ministers. i tried to speak to the minister from saudi. he had nothing to do. the iranian minister, he seems quite hawkish. i think personally he thought there was a need for a cut. he said i think it's necessary to do something that has a short-term effect on the market reaction. listen to that. that is what he said. then i spoke to mr. al masuri.

he said we're not interested in short-term fixes. so one thing, no short-term fixes. the latter being an allied saudi. the iranians saying we think it's less important to do something in the short-term. the oversupply was not our fault there,ite not fair that only us are responsible for fixing it, which i thought was very interesting. i.e., maybe pointing fingers at our producers including the u.s. and russia, as well. we're interested in long-term stabilizing the market, which is a line we think we've heard, as well. the uae talking firmly about longer term solutions. iranians talking about the short-term. then i spoke to mr. ramirez, the venezuelan foreign minutester who is the opec representative and asked him about this. he's been running around all over the place taking flights across the globe between the middle east and south america and everywhere. he said look, many of us share the point of view that the consensus price is too bad for

everybody. nobody is happy, he said. we've got this on tape for you. in the end, were going to do something. so the point here is everybody is on the same page. >> i get the impression from my conversations, of course, the likes of the iranians and the venezuelans would like something now and immediate from this meeting. others includes the uae and saudis are potentially prepared to wait for the spring. i think we're going to get a firm statement about commitment to not overproducing, but we get a cut that is very much in the balance. back to you. >> steve, thank you very much. gosh, it's been a busy morning already for you. we've spoken to like 250,000 people and it's only 10:00. we'll be hearing more from steve throughout the day. we've joined next by chief economist at saxo bank. stane, good morning. the price of oil, we need

stability on one hand. on the other hand, we're looking with our economics glasses on. aren't we happy that oil is heading lower? >> yes and no, of course. it's a huge problem on the fiscal side. some said 635/70 seems to be the bottom level they will accept in oil. but overall in terms of the eu economy, yes, it has short-term impacts, but also has some negative. i don't think it translates, certainly not in europe, to you and me getting cheaper electricity or cheaper energy overall because our governments are very, very good at making sure that any benefits that should be forthcoming to you and me is taken away again. >> serm helps the u.s. consumer.

gas prices are down 10% year over year. we have seen energy stocks underperform over the past couple of weeks due to the drop in the price of oil. but now there's, of course, about banks feeling the pain that have exposure to the oil market. do you think that is also a risk going forward? >> it is, certainly. i must say personally i think that is one of the big things we need to watch in 2015. of course, as this rate goes down and the u.s. is producing three decades high production, but at prices in excess of 100, now we're trading 6$65, $70 a barrel and that is a very, very different equation for a lot of these companies. if you look at rosneft energy sectors, they are way down on the year. i think a lot of restructuring will have to happen and a lot of default coming through. unfortunately, we have to -- for banks overextended to the sector because they seem to think to some extent that they are providing financing for lending

and real estate. at the end of the day, it's about an impact by the oil price. so for me, it's a negative on euro growth. overall, it's one of the risk factors we have to notice. and it's nothing new again. the oil companies have been on the slide relative to both the s&p 500 global indexes all year through because it's getting too expensive even in $1100 they were expensive. because one dollar of new reseven costs them $the do get. stick with us. here are your top stories at this hour. gathered protests have continued across the u.s. following a grand jury decision not to indict a white police officer. in ferguson, the number of demonstrators was significantly lower than previous nights amid the presence of some 2,000

national guard troops. >> meanwhile in london, up to a thousand people were gathered outside the u.s. embassy. protesters observed a moment of silence before marching through the capital's busiest shopping streets and then on to the british parliament. now, gold has been losing a bit of its luster ahead of a swift referendum on its central bank research. this is interesting. we've got all the griddering details, up in a moment.

hi, everybody. welcome back. i'm louisa bojesen. these are your headlines. crude falls as opec producers meet in vienna for crucial talks with trader speculating a cut to oil production is not on the table. eu lawmakers preparing to vote on a plan preparing a break-up of google's business in europe. and thanksgiving dinner could be in the icebox for millions of americans as a huge storm bears down in the eastern united states. gold prices have slipped slightly as the market awaits a swift referendum on the central bank gold researches.

weekend, they will decide whether to stop the country's central bank from selling any more gold and boost its holdings 20% of its total assets up from current levels of 7%. now, in the case of a yes vote, gold prices are likely to surge, but analysts said this would an unlikely outcome. you never know the polls on this. dean jacobson, chief economist on saxo bank is with us. right now, opinion polls show the no vote is winning so far, but if the yes vote gains momentum, how much of a boost does this provide? that would be a 17% premium to where gold is trading right now. >> i think the psychological

aspect is much more important. traditionally, you know, central bankers are very consensus driven and very much of the persuasion to do what others are doing. so i think it's a huge signal overall for the world economy if it happens. but the price, 17%, 20%, i wouldn't be surprised, but overall, i don't think it changes the balance. i think gold has been driven down maply through the fact that we have a deflationary climb and a strong dollar. i think both of those will ultimately reverse higher as we come into the new year. but for now, i think this is really a political issue more than a practical one. >> you've got to love switzerland, though. they vote on everything. where else would you find a country where recently they voted against two extra weeks of holiday because it would have a

bad economic impact on the country? this is brilliant. coming back to gold, though, the central bank is saying it's going to make it harder for to us properly remain independent and to make independent choices with regard to stability. do they have a point? >> absolutely. i think the banks have been given too much power relative to the business cycle. overall, they are failing to be able to maybe handle the politicians in terms of doing fiscal reforms. switzerland maybe being the one exception here. overall, the central bank governors has become the generals in an economic war, which is pretty much predicated on trying to make the currency weaker instead of doing reforms. to some extent, more power has meant we have a less ability to translate that into some action by the politicians, which should be and so far have not been accountable. >> bringing back the gold standard would make it harder for them to conduct monetary

policy. it would expose the central bank and the country to the volatility that we see in the price of gold. but let's say the yes vote does win. do you think other european countries could follow? >> as i said before, i think it's a huge signal for other industrial banks. the gold box will lost this. but i think overall we have to address the issue, which is that we have created a society where we invest in paper, not in productivity. we seem to be happy with 20% of the economy, which is the list of stocks and banks instead of investing into the 80% which is productive and create 85% of all jobs. so i think the gold debate, the inability of central bankers to move the agenda in the needle and the fact we all just are resigned to be dividend yield chasers is the real issue for the economy if we want to have a future which is brighter. we need to have a discussion of all the issues you both rate and rightly so. >> steen, thank you so much.

it's thanksgiving today, granted it's not really traditionally a non-u.s. holiday, but what are you thankful for? >> i'm thank you for having a great place to work, to have a great family and i have an american daughter, so i'll be celebrating with her tonight. >> there you go. there you go. so the cranberries and the turkey and the whole thing. >> indeed. >> yeah. thank you very much. chief economist at saxo bank. we've been asking what you're thankful for. keep your e-mails and your tweets coming through. and louisa, it's not just turkey and cranberry that are part of the thanksgiving day traditions. weather chaos, a big storm hitting the east coast. we'll cross live and get you a forecast to expect on this big day.

welcome back, everybody. this is "worldwide exchange." it is thanksgiving. many of you sending in your pictures of delicious food. mouths watering in here. meet mac and cheese. these turkeys, they are not destine for the dinner table as they are receiving a white house pardoning. an online vote was held to choose america's next top

turkey. the people have spoken and the pardons include cheese. why would you name a turkey cheese? he has the strut of a grand champion with a romantic kind of a gobble. works for me. besides that 49 pounds, around 22 kilo. he would have had to be in the oven already roasting if they were to use him for a thanksgiving dinner, right inspect that's a big bird. >> absolutely. and in second place coming in at 47 pounds, meet mac, born in july. this feather shaker has a gobble that will remind you of a bluegrass. >> what is bluegrass? >> let's stick with thanksgiving. after a turbulent few weeks on capitol hill, president obama joking the decision on which turkeys would be pardoned would be the most talked about executive order of the month. obama said his fowl friends had a lucky escape. >> i'd say if you're a turkey and you're named after a side dish, your chances of escaping

thanksgiving dinner are pretty low. so these guys are well ahead of the curve. they really beat the odds. >> now, for those of in north america, though, it's almost become part of the annual thanksgiving tradition, battling bad weather and travel chaos to spend the weekend with loved ones. with a blast of rain and snow now bearing down on the u.s. east coast, millions will be hoping to make it to the dinner table on tienl before that turkey gets cold. tom costello reports. >> reporter: up and down the east coast on this thanksgiving eve, a day of snow, slush and sloth, largely tracking the i-95 corridor. >> nothing is going to be easy about today. it's the beginning of the travel nightmare. >> heavier snowfall rates of an inch plus an hour. >> reporter: snow, lots of it. 18 inches in papaw, west

virginia. nearly 7 inches in plainfield, mass. and lots of reports of thunder snow. at the major east coast airports -- >> today will be about 13 hours. >> reporter: most ceilings, rain and fog, brought delays and cancellations to new york, philly and washington. >> the weather is always an impact at holiday time. raining and snowing. >> the roadways are getting dicey. >> reporter: on the highways, snow on i-81 with multiple accidents in pennsylvania. the state lowered the speed limit on several highways. on i-95, heavy rain made for slippery conditions. nbc news producer jay blackman spend the day driving from d.c. to new jersey. >> it's been raining and snowing a little bit. the visibility has been pretty awful. we're going pretty slow, but we'll get there at some point. >> 41 million americans are driving this thanksgiving. cheaper gas is one big reason. meanwhile, late in the afternoon, bad news at the airports with snow flying.

misery map showing red delays and cancellations spreading. and thanksgiving is just hours away. so if you have decided to fly tomorrow instead of today, consider yourself lucky. tomorrow should be the least traveled day of the year been now the bad news. the most traveled day of the year is sunday, as everybody tries to get home, back to work and back to school.

happy turkey day, everyone. hope you're having a great thursday. welcome to "worldwide exchange." i'm seema mody. >> and i'm louisa bojesen. these are your headlines from around the world. >> key opec players signal they are not prepared to cut production in a bid to protect their market share. we're going live to vienna. >> nigeria's oil minutester telling cnbc cluesexclusively t anything is possible. >> as usual, we have a pragmatic prudent meeting and decide amongst ourselves what is the best way forward. is it best to stay where we've been or is it best to appreciate our progress? >> a stock in focus, remy admits its future in china is worry. but the group sticks to full year forecasts sending the stock to the top of the stoxx 6 left lane. u.s. politicians criticizing

the eu treatment of google as lawmakers get set to vote on a landmark proposal to break up the search engine in europe. sdmrie you're watching "worldwide exchange," bringing you business news from around the globe. hi, everybody. good morning. if you're just tuning in, happy thanksgiving. hope you have a lovely day with loved ones. looking at the market and how they're faring in europe, lighter volumes and we're having some technical difficulties apparently on a number of the bourses here in europe. that's why we're seeing -- >> specifically france, i think. >> that's what we're seeing this morning. >> and we did get that german

unemployment number at 6.6% coming in at record lows. better than expected data out of germany. putting money into the bond market. we're looking at the yield falling at a record low coming back above 0.71. and another focal point for investors, investors are preparing to gather in vienna. speaking yesterday, saudi arabia's oil minister said gulf nations have reached a full consensus on output policy. our very own steve sedgwick has caught up with the saudi minister over the years. here are some of the highlights. >> do you think opec has enough spare capacity? >> i do not know, okay? go. just go. >> you're the most important member here.

you have the spare capacity. >> i don't know anything, okay? go. >> mr. naimi, can you tell us if you got a court between members? there you go. that was mr. al-naimi. he normally doesn't say much on his way in and once again, he didn't say much on his way in. >> are you happy with the current level of prices? >> please go to other minutesters. don't ask me any questions, please. >> may i just ask you one question, sir? one question. >> no, no, listen to me. get the hell out of here and go. >> why is that, sir? >> i don't want to talk to anybody. go. >> can i ask you one question, is sir? is it about market share or is it about price? >> no. no, no, no, no, no. >> wow. steve, i've got to admire your persistence. you definitely have gone after him. but he hasn't been able to give us any good headlines.

but that doesn't mean you haven't been getting some great on the floor or on the ground reporting with various other leaders. >> i'm begin to go take it personally. he didn't speak to anyone again today. i shall persist and he will continue to tell me where to go, i'm sure. we've had a lot of luck with other ministers. we've been speaking to the venezuelans and all kinds of minutesters over the last couple of days here in vienna. had some nice chats, as well. as you can see, a mr. massive fail with mr. al naimi. i spoke to the u oil minister, as well, and he's made some interesting comments. this man is seen as a traditional ally with the uae. >> we care about the long-term stability of the market. >> oversupply is not something that -- oversupply.

>> therefore, it's not fair to ask to fex or to do it. we believe the market can stabilize itself. that is the fundamental of the markets. >> hopefully we will give you the verdict once again. >> the other thing that was interesting is we want others to do heavy lifting. clearly, the finger of blame, if there is a finger of blame, would be pointed towards the united states which has its own energy revolution going on. >> i also spoke to b.j. sangun,

the iranian oil minister. i thought this was interesting. >> we think this is necessary to do something which has a shorter pick in the market. in my understanding, to go home and to make other markets based on its nature react in this situation. >> in those two finds from al masuri and -- i think you've got a lot summed up. one believe potentially we leave it and take our market share over longer term. they need price action immediately. everyone is hurting. is there any consensus anywhere? mr. ramirez, the foreign

minutester, the foreign minister of venezuela, a very important man in their country. it's about timing of the issue. >> share the point of view for inflation. >> the price for everybody, nobody happy with this price. then we are going to do something. >> so there you have it. to cut or not to cut, to defend market share or to go after the price, as well. this is what we've been talking about all week here. it's the oversupply in the market. he didn't look happy at all there. i'm not sure, despite the consensus talks we've heard that he's happy with the situation.

that could lead, though, do a rollover in production. currently, as you all know, 30 million barrels a dale day rather than any cut. i do anticipate if they don't cut, we're going to get a meeting in february or march. >> there's been a lot of speculation on when we'll get an announcement from opec. there was speculation that it would leak maybe before 11:00 a.m. what are you hearing on the ground? when are we going to get that announcement? >> it rarely comes that early, to be fair. we have had what's called the media scrum. this time around, there's 300 journalists here. i think actually the issues are so great and i don't necessarily think -- of course we're going to see it before the end of your program and if we do, we'll bring it to you straightaway. at the moment, he still thinks a million cuts.

i don't think we're going to get the announcement this year. >> for this price, back to you. >> whatever the decision is, we know you'll be bringing it to us. >> i'm just trying to get some flashes just hitting our wires. we're hearing the european commission is going the be -- france, italy and belgium tomorrow, that their 2014 budget risks breaking eu rules. this coming from reuters. it is a theme from draft document showing us three countries part of this group. they all are at risk of busting these budget limits. they're picking out a couple of countries around paris, brussels, for second review of

compliance. that is going to take place in march. >> back to the markets, specifically asia, because we have been seeing quite the outperformance there. the shanghai composite, taking a look at the chart, continues its rally after the country's central bank cut rates last week and is now trading at a three-year high. meanwhile, the nikkei is the second best performing market in the region following the boj's massive stimulus program and a delay in the second sales tax hike. should you be bullish now on asia? the contractor of asset allocation joins us now. thank you for joining us, mya. clearly, there's been a rebound in asian markets. is this the time to get in or is this a rally? . >> i think china being one

example, the market has done quite a long way. but i'm not sure that it's a relatively small rate cuts that we had were a gain changer. don't forget that they cut rates, but because they also changed the rates which banks can actually charge effectively, if you like, and remain the same. so i think there's in some cases been perhaps a bit of an overreaction to good news. the overall emerging market picture still looks quite challenging. i should point out that if you strip out china, emerging markets -- capital for the first time in 1990s.

>> this need comes at a time when growth and growth expectations in emerging markets continues to be -- >> talking about current account deficit, you take a look at india. that's been one of their biggest issues at hand. if you take a look at the bombay sens sensex, it's up 34%. are markets overly optimistic about what modi can come mish on the ground and that he'll be able to deliver on the promise of change? >> well, i think in the case of india, we've had a big rally in the market. a major top performer this year. now i think there's a number of positive factors. it's one of the biggest benefits of low oil prices.

so 1.5% from 4.5% from a couple of years ago. >> the impact on emerging markets from a lower oil price, it's fairley positive. >> it is going to be positive. that is for the r for sure. he think it's quite difficult to argue that. it's a lagging indicator of demand. i don't think it's a leading indicators. but i think policy for financial conditions everywhere. do you have a preferred emerging market at the moment? i think this looks about right to get in. >> well, i think is there are some emerging markets.

>> in addition to gaining some oil prices lower in the case of india there. for example, both india and understaindonesia have noted oi. i think there is room for some central banks to perhaps deliver some ease for two months ago. >> what are you thankful for today? >> life, i suppose. >> thank you. >> thanks for being with us. still to come, the christmas creep is here as retail shops are flooded with hotel decorations. is it too much too soon? we have that story, coming up.

hi, everybody. welcome back. happy thanksgiving. happy thanksgiving. one of our viewers, george, sent this in. we've been asking for your pictures and asking what you're that happeningful for. this is a picture of a turkey. cooked on the grill, no less. and, in fact, he says he watches

every morning. he's an american living in germany. he started doing thanksgiving for his friends. it's become so popular they talk about it all year long. >> he's brought the american festivities and customs to germany where he lives. >> he said dinner isn't until saturday at 1900 and we're both welcome. so you and i, seema, we'll be at george's place for dinner on saturday. >> yo not. >> thanks a lot, george. now, black friday has a warm up act. courtney reagan whether consumers are getting shopping fatigue. >> it's all about market share for retailers and what it takes not to lose it to a competitor. the ultimate early bird gets the worm. it's always been xet i. so convincing consumers to buy

is difficult in itself. add in online shopping which never closes and the holiday dollar fight got hotter and never cooled off. >> it is a fight for market share. i think what's occurring is the retailers have recognized that with this every dollar counts economy that they must, in that case, bring shoppers into the stores as early as possible. christmas creep is changing the shopping experience as we know it. so shoppers have learned they are going to search for deals, they're going to search for prices, for availability early in the season to decide where they're going to shop this season. k-mart started running holiday commerce in september. target offered plaque friday deals on november 10th and have had various deals since. in 2012, macy's experimented with a midnight opening on thanksgiving. it worked. other retailers began pulling

black friday door busters to thursday night. it's a game to see what makes what first and everyone piles on. and shoppers are responding.ibp says on-loon sales the weekend before thanksgiving increased nearly 19% year over year and the national retail federation says nearly 55% of americans began holiday shopping in early november or before. many consumers do refuse to shop on thanksgiving, but last year, an estimated 45 million americans did shop on turkey day. of those planning to shop on thanksgiving this year, the majority of them did it last year, too. most retailers pay overtime, offer meals and extra discounts for employees in addition to asking for volunteers for thanksgiving hours. jcpenney's ceo mike goldman says the store employees voted to open at 5:00 p.m. on thanksgiving so they could be earlier than competitors. while it's debatable whether early deals shift the timing or

add to the deals, experts say consumers don't retreat.

an oil revolution in the

united states, growing elsewhere, has it caught opec by surprise? >> i don't think it's caught them by surprise. surprise.