>> european markets on the flat line. economists forecasting a 12th straight month of gains above 200,000. >> a show of support in athens for the greek government despite the failure to renegotiate it's bailout deal. meanwhile stocks cloud back losses. >> a bush for peace in ukraine. they head to moscow with a new plan for vladimir putin. this as the u.s. debates

supplying arms to kiev. >> twitter stocks soaring after it tops forecast although user growth is still growing. we is an exclusive interview with the ceo. and welcome to worldwide exchange as we just said. lots of focus on greece which we'll come to in a moment with jeff out in frankfurt. the other things to point to, first of all vladimir putin is under pressure to agree to this latest proposal because he said look i don't want u.s. to put more weapon ri into ukraine but this peaceful negotiation won't be there forever. >> and geopolitical tensions could be on the rise and it will

be one more factor investors have to digest because there couldn't be enough things an investor has to focus on whether it's the greece negotiations and volatility in the price of oil, rebounding after selling off the day prior. >> with that volatility in the oil price u.s. equities have been stong this week. this time last week we ended the month with a very negative month for u.s. equities and they raised all of their red ink for the year as a whole during the course of the week. >> the dow is up 4.9%. the big question will the rally continue now? all eyes on that jobs report. let's move on to an era where risk has been increasing this week and have a quick look at greek bond yields. they have spiked over the course of the week and over the last 24 hours or so they have come back down again. you can see the three year in

greece is at 17.1%. it touched 19 very briefly yesterday now it's 17.1. the ten year below 10% again. it's at 9.25%. let's have a quick look at markets in greece in particular the european markets are just at below flat. we have france for example down .2 and germany down about .6. but athens down .6. pretty small move. yesterday athens down much more significantly than that. >> this comes after a tense meeting between the german finance minister and his greek counter park speaking to tv after they clash at a press conference in berlin. they were unable to bridge differences over austerity and

debt. >> julia is in athens. let's start with you, jeff and anetta. what has the reaction in germany following that meeting yesterday. >> well, the reaction in germany is actually broadly positive if you look at what the media is saying this morning it's backing the strategy not to give away anything like at the beginning of the negotiations it's not everything is black or white. if you look at the social democrats in berlin who are also providing the economy minister are saying they're going to find a compromise with the greeks. he's playing hard ball currently and is backed but remember it's

the beginning of the negotiations. it's just the beginning. there still might be a compromise or like little compromises on our way to a package. >> it's the second set back really that we have seen as far as this greek tour is concerned because we had a lot of promises to the greek people. lots of language was used that was at the time very provocative like describing what was physical water boarding. now they have to make the rubber meet the road and talk to euro zone members and get practical steps forward on a renegotiation of the debt path as far as greece is concerned but the second set back of course was the ecb decision earlier this week ahead of that meeting to say okay we're mow taking greek

paper off the table in terms of collateral for loans into the banking system and while there is this emergency liquidity position available there shouldn't be concern for the greek banking system but it was a tough message. it's tough love from the ecb. >> it's tough love from the ecb and also looking at the emergency liquidity assistance it looks okay. we have that reported 60 billion euro figure. but with it's a huge difference because they have to renew it every two weeks and every two weeks the governing counsel in hand sight can say no we don't like that anymore. they need a two third majority for it but there is that possibility and it's just a short-term measure. it's completely different from being able to handle sovereign debt as a collateral. >> guys back to you.

>> let's get one more quick question. to see what kwour sentiment is in the short-term about german thoughts about quantitative easing. we talked so long about german opposition to quantitative easing but in the short-term it's of course supported yields or stopped yields riseing and without it would the bargaining power be a lot weaker? >> perhaps, yes. perhaps you might be right but i'm not sure whether this is actually interfering in that debate at least not here officially. qe is from the ecb. what we are talking now is what finance minister or politicians has to agree on. that's completely different animal i'd say. >> i take your point entirely. we're now, wilfred, in this political realm of negotiations over fiscal easing ultimately.

the greeks have a program. they have been told to stick to the program that program has been harder to meet the terms of as the economy has been contracting and the debt burden is getting higher the current trajectory of dealing with that debt takes greece out a long way. we're still talking in excess of 100% through gdp. >> according to calculations by the ministry of finance it's 120% by 2022 if they stick to the program. >> that's an awful lot of growth that's only going to be there to service the debt obligations going forward. you can see how the greeks feel this is an impractical situation but is the rest of the euro zone willing at this point to take the pressure off when it comes to the reform agenda?

that's where both the ecb and the finance ministers around europe agree the reform agenda must be stuck to. taxes must be paid. the public sector must shrink in this. back to you. >> thank you before that. before we get back to athens let's bring you flashes coming out of seimens announcing the job cuts they're creating. the numbers being confirmed. 7,800 job cuts worldwide which includes 3,300 in germany in particular. >> thousands of people gathered in front of the greek parliament last night in a show of support of the governments effort to renegotiate the bailout. julia is tracking the action in athens and joining us with the latest. julia. >> thanks. as you said the first time in all the times that have been to

greece and seen protest rallies here was this actual aly a support for the government here. people very happy with the start that the greeks are taking irrespective of what they have taken. i would argue that the danger is allowing now these countries in europe politically to procrastinate further and it's a real problem for him here perhaps it had been more open had qe not been in place. the bottom line is they want to see reforms. behind the scenes and i hear he agrees to 70% of the forms already in the program with a memorandum of understanding. the problem is sticking to them. that's what this government has got to prove. their red lines, the fact that they don't want to see it here anymore. they don't want to see the super vision they have seen.

the germans are pushing back on that too. can they meet in the mid snl what we're expecting to get is the legislative agenda going forward. we'll be seeing what kind of agreement could be reached next week and if you tie in what we've seen from the ecb, some of the concerns from depositors here it means time is running short here and some kind of agreement needs to be met at the euro group next week. the question is what does that look like and can this government get away with extending the program which they ultimately promised they haven't he was challenged on the backtracking over the debt negotiations. he said we're still going to fight for debt write downs but the push back means this has to be a longer negotiation. the question is how much longer. guys, back to you. >> thank you so much. the question is really how much

longer. let's discuss more with our next guest james ashley. chief economist at rbc capital markets. one of the notable take aways was the ecb's decision to stop accepting greek debt as collateral. do you think this is politics or the ecb sticking to its objective? >> i think a mixture of the three. we heard from jeff. we are now in the political sphere. so it's right that the ecb should try to extra kate itself from that. there's an active debate about the political way forward. should we as politicians be trying to keep greece in the euro? that's not something the ecb should be involved in. they're saying we're going to cat liez a decision taken anyway and we're not going to in anyway precipitate liquidity crisis. we have the processes in place which are sufficient to finance the greek banks but it's a very

strong message that unless the greeks do adhere to some kind of program then the ecb is not going to give them a free lunch. >> one of the notable takeaways from my perspective is the complexity of the euro financing scheme. do you they will improve going forward? >> no, layers of loans from the private sector officials sector, all different maturity profiles i think overall what will come out of this the best thing is that the loans become ever more complex. the interest rates become a bit more complex and more difficult to read so if anything the situation is going to get ever more americay. >> and i want to come to a point and i tried to put it to jeff. is germany's bargaining power supreme at the moment given there hasn't been any contagion

in financial markets and does that rest on the fact that we hr will qe announced? it's hugely important. part of it is we do have qe in the background. don't fight the central bank. that's a message that market participants have learned time and time again the hard way throughout the crisis. don't fight the central bank. at the same time if we get to a situation, which we don't expect -- if fwrees leaves i'm not sure the qe and the rest of the policies will be sufficient. if greece were to leave, markets would immediately look at economies like portugal and say so when are you guys going? and i think the fact that the moment seems to be thinking this is a greek story and greece alone is too complacent. >> we'll be back with another chat shortly. >> you were just mentioning the potential head wind the big risk out there.

that's been one of the big financial terms used this year britain leaving the eu. coming up we'll speak to the man that coined the phrase and we want to hear from you dear viewer. what's your buzz word. get ready for great ones. e-mail us at worldwide at cnbc.com. tweet us at our handles on the bottom of the screen. should we keep the audience waiting? >> let's kick off with one or two. >> let's do it. >> we have plenty. we have of course been talking about the possibility of a further crash in russia or crusha. >> crusher. perhaps it should be renamed to the truoble. people are saying those are

draed dreadful. what have you come up with? >> despite euro zone in deflation european stocks are at a multiyear high. what's fuelling it. mario draghi. perhaps we should call the rally, the drally. >> you win the first exchanges. >> i don't know about that. >> do keep getting in touch with us either by e-mail or on twitter. let's put the focus on the serious things. we're just about in the red on the stocks 600. we did open a little softer. we had a bit of a yoyo session but nothing too cigsignificant. all the moves were down a quarter of a percent. you can see dominated by red but nothing too significant. the ftse 100 down a quarter of a

percent. germany .6% in the red and italy managing to stay just above flat. let's look in to the bond markets because of course earlier in the week we did see that interesting move for the ten year in germany falling below the 10 year in japan. that's .63%. we had a little bit of positive data coming from the u.s. in the retail space yesterday so we did see a little bit of prof taking the bond market. we come above the 1.7 handle. we're at 1.81% and of course the greek ten year just ticked above 10% but we did see some yields come back a little bit yesterday even though those announcements didn't go that well but the yields of course still highly elevated when we look at things in a medium term perspective. let's look at what's been happening. well, the euro yesterday had quite a strong rally and if we think it was immediately after qe was announced it was back on its 111 handle the rally we have seen over the last couple

of weeks is really quite surprising when you throw in the issues we have been seeing in greece. is it just a bounce or short covering or really had the euro gone too far already? well anyway it's at 1.146 today after a descent rally yesterday. the aussie dollar put together a decent run after falling at the start of the week sterile as good flat 1.53. let's have a quick look at an oil price chart. we did see the strong rally that kicked off this time last week on friday. we're looking at brent at the moment which today is is at 57.97 and if we rewind just over a week it did go from just above 48 to just below 58 in five days. so we saw the best part of an 18% rally and then it's come off again today. up 2.5% today. the volatility is back.

what's coming up in the rest of the show? >> we have a jam packed show. it was a roller coaster session for go pro sales. what went wrong for the camera maker? that's coming up. twitter beating earnings expectations but is it clear skies ahead? we'll discuss ahead of that exclusive interview. plus we dig down into the metals and mining sector. we speak to one analyst that thinks rio tinto is best in class.

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plus enjoy special savings when you purchase any new verizon wireless smartphone or tablet from comcast. visit comcast.com/wireless to learn more. >> today it's all about the jobs report. they expect another steady month of hiring. following 252,000 in december. that would mark the 12th straight month of job gains above 200,000. james ash ri from rbc capital still with us. arguably today's focus isn't going to be on the headline number. more about wage growth and labor participation rate which is still at a multiyear low in the

u.s. >> the market reacts to the payroll. the most significant thing is what's happening to the wages being paid out. you look at the wage growth and number of hours worked and put those two together and in december it's expanding by over 5% year on year so we're seeing the household sector getting sizable growth. i hi today that will be the key. >> and james on the headline number itself do you think there's a risk to the down side given that we're a bit complacent after such good prints on that number over the course of the last year? >> our own forecast is about 20,000 south of the consensus. i think the retail sector is due to see a modest negative this time around. the risks are to the down side but we'll probably end up north of 200,000 and coming away with a message the labor market continues to tie it in further. >> let's also talk about denmark because that's been making global headlines.

lowering it's deposit rate by another 25 basis points yesterday. the fourth cut in less than three weeks. this as the central bank continues to defend it's currency peg against the euro. now i spoke to the governor of the danish central bank shortly after the move. i asked whether protecting the danish crown could become too expensive. >> it's unlimited. by nature we have an unlimited supply of our own currency and we're going to do whatever it takes to techbd the peg. >> he is fiercely defending the exchange rate. some people are saying that but it's highly unlikely they scratch the peg. >> yeah. but fiscal policy, debt

issuance. unlike switzerland where it was a convenient device that was only ever going to be temporary. denmark is completely different. one issue that is concerning is what you hear from the tannish government government. but that's exactly what we heard from the snb and there was a huge shock to the market when the peg was taken out but i think in this case for denmark i fully buy into the rhetoric that they're expousing. i think it's there to say. i think the peg itself that will hold. >> even though they spent $16 billion to support that currency. >> this was meant to be a year of tightening and denmark is specifically defending a peg but we had lots of rate cuts from india to australia, russia turkey to name but a few of them

are we easing more than we're tightening. >> because we expect the fed to tighten and the bank of england to tighten we're probably still heading toward a bias but we're in an environment now where central banks that we had been expecting to tighten policy and now reversing that and starting to ease. so the rules of expectations for 2015 have changed just in the space of the past couple of months. >> and are they acting rationally or having to respond to situations outside of their own circumstances. will new zealand be forced to ease? will the u.k. have to put off rises? >> there's undoubtedly significant spill overs from one economy to the next and if you take the u.k. for example what's happening in the euro is hugely important. it's a key financial and trading

partner. if the conditions change it's appropriate for the authorities to react accordingly. i don't think it's ration naught be rational but they need to be reactive. >> you're very generous and i saw your head hang in shame as i came up with with my last one. thank you for joining us. chief economist at rbc cap alabama markets. >> still to come on the show it's a new dawn for telco company sunrise. we hear from the ceo as it starts trading. that's coming up next on worldwide exchange.

european markets just below flat ahead of the u.s. payrolls with economists forecasting a 12th straight month of gains above 200,000. >> a show of support in athens despite a failure to secure backing for its debt plans. meanwhile banking stocks right now clawing back some losses. >> a push for peace in ukraine. they head to moscow with a new plan for vladimir putin. this as the u.s. debates supplying arms to kiev. >> twitter stocks soaring after

hours although user growth is still slowing. cnbc has an exclusive interview with twitter ceo. and let's get a check on european markets. of course this week the discussion on wall street and here in europe has been on greece worries around it's they fwoesh -- negotiation terms. xetra dax down 10%. still the best performing developed market in 2015. showing a little weakness today and we're keeping an eye on italy which is higher on the day. the euro stocks 50 a good gauge of stocks across the euro zone now. trading slightly lower. profit booking down about 14 points at this moment. >> let's have a quick look at bonds which have seen a little

bit of move yesterday. the ten year u.s. treasure saw a little bit of profit taking off descent retail earnings at 1.82%. the ten year in germany still very low the euro had a strong day yesterday. it eased off 15 basis points a day still somewhere from the lows of the 111 handle it touched after the announcement of qe. sterling is flat. that's despite the data coming out on the annual global trade deficit for 2014 has come in for the trade -- total trade deficit of 34.8 billion versus 2013 which was 33.78 and overall the headline coming out according to dow jones that it's the largest since comparable records began in 1998. >> a lot of that has to do with the cheaper oil imports. a big part of the trade deficit number widening in the month of

december. let's take a look at the top stocks right now. sharply lower following a in front of the warning. they said annual profits would come in below the annual average. they blamed weakness in the ingredient units that sells sweeteners such as splenda. the telecom equipment company said net income more than doubled as margins improved thanks to a series of cost cuts. statoil shares. this is a stock on the move from promising to maintain it's dividend despite the recent oil price route. they posted a net loss of almost 9 billion norwegian crowns below expectations after taking a series of one off charges. we have been talking about oil. it's been a wild ride over the past one week. although right now we're looking at oil prices moving slightly

higher interestingly enough. yesterday we saw a rebound of around 4%. investors talking about the correlation between oil prices and equity prices. wall street did end higher on the day. >> and the moment we're on track for the best two weeks for crude since march 1998. >> amazing. can it continue? that's the question. let's talk about what the trade is for some of the stocks that are heavily impacted by the price of oil. henry dickson fund manager at glg joins us in studio. a pleasure to have you on. when looking at u.k. equities the ftse 100 has a waiting in oil and gas. the price of oil has a large impact when it comes to the oil and gas stocks listed. >> it's been a huge performance dividend if you like over the last 12 months. we have had shares that have fallen. it's very surprising to sit here up on a 12 month view.

from our perspective, the market became expensive about 20 months ago. it's been hard to find the value. oil shares for us did fit in a point in time the theme of businesses. it would be awfully difficult to replicate. i think now if we marry up price actions with the fundamental earnings action and what we need to see is earnings are forecasted to fall by a third this year the reality is the earnings need to fall by 55 or 60%. fundamentally the picture is actually pretty poor with regards -- >> 50 to 60% is that year over year? >> yes. >> you still underweight? >> we were underweight. what i think there's been is a huge scrabble if you like people chasing their underweight trying to lock that in. i think that's what fundamentally rerated these by 100%. these shares are on 10 times

earnings. the true number now is about 20 times earnings and we're using that opportunity here to sell things like bp and shell which curiously are up on a 12 month view. >> what are you pricing in? because of course you said it was an easy decision to underweight as things were falling but we're now potentially finding a bottom. volatility picked up do you think we found that bottom? what oil price are you working in to come to those earnings forecasts? a reasonable break even is 45 very few people cut the production. i do. it's a little higher. we try not to have a huge dramatic view ourselves our best guide will be the foreign curve. but as we analyze current production rates these are businesses that are not on a 1

to 2 to 3 year view. these can take advantage of the bond market at the moment and it was a week ago they issued ten year paper at 1.8% yield. that's a surprising transaction but while you have the opportunity to do it and pay your dividend i can see them continuing to pay their dividend. i don't think it's a dividend threat. just look at it right here right now given the balance we've had on repositioning, people chasing that underweight and given the fact that it's been 100% i think there's an opportunity to sell the shares. >> one of the reasons investors have been buying the oil and energy sector but the question is given the decline in oil prices and a lot of these companies struggling when it comes to margin compression can investors bet on future m and a in the sector and what could be good-bye out targets? >> that's very important but the

complacency is taking it to unbelievable unreliable places and i would place the oil majors in that. it's an incredibly interesting point you raise. it would be a rescue right issues so there would be mid caps like dragon oil. i can see them easing short-term cash flow con trantstraints but i can see more of that happening in the next few months. >> is it fair the election risk is weighing on markets or is that overstated? >> in many ways probably the most nerve racking is the last election when we had to get our heads around what a coalition

might look like and what it might do. the annual risk this time around as you see is the minority government. maybe it's going to be some form of coalition. the only stat i would give you on the election is i do think they're two major political parties have 95% of the vote and 90% of the seat. today it's 90% of the seats and 65% of the vote. we're starting to see the fast track or slow track of some sort. we have to get used to the fact that it's under a bit of threat i think. >> thank you for joining us today. much appreciated. that was henry dixon. fund manager at glg. now let's move and go to switzerland where sunrise communications opened higher. the current price is 72.45. it's the biggest debut since

2006. it has a valuation of just above 6 francs. carolyn is live with the action. >> that's a pretty successful ipo. that translates into a pop at the start of trading of around 4, to 5, 6% at one point this morning and obviously this bucks the wider trend we're seeing in europe today. there's doubts in the market as to whether it would actually go through. interestingly enough sunrise communications announced its ipo in early february just a day before the snb shocked the markets and world by depegging the swiss franc. they said we saw strong demand from institutional and private investors across the world and

they will continue to hold a 25% share. the other big question in the market as to what sunrise communications was doing 1.6 billion swiss franks. they said they're going to be paying down banks but is it also a precursor to compete? let's hear what the ceo told me this morning. >> we have a clear stand alone strategy. there's an opportunity to do additional partnerships which we believe with the strength of having invested in the network and having invested in people and high quality service that we will continue attracting swiss customers on the consumer side as well as on the business side. >> so you're going for a stand alone strategy really? is that because you know the regulator would shoot it down? is that the main reason? >> no actually that opportunity

clearly exists however my role as the leader of sunrise is to make a stand alone strategy clearly possible. we have done that. and based on that and in the opportunities one of them that is there is tying with with them together. we are a stand alone company with good results on our own. >> that was the coo speaking to me this morning. this is the biggest ipo in 8 years and the biggest telecoms listing in europe since 2004. so we have seen a whole host of action over the last couple of months and years but not really ipos so a big day for sunrise communications. >> let's see if this is a start of more ipos to come. thank you for bringing that to

us. sticking with tech news verizon is selling off a quarter of its internet options as it sells noncore assets. it's selling it's business in california, florida, and texas to frontier communications for more than 10 beside. they'll also sell at least more than 11,000 cell towers for 5 beside. they're also launching a $5 billion stock buy back. shares rose 1% in after hours and is up as .7 in frankfurt. we have been talking about ways to work with it's peers. >> it was an interesting development yesterday for twitter whose fourth quarter results beat forecast but user growth slowed although the ceo said it picked up again in 2015. twitter added 4 million users.

that's a 1.4% increase from the fourth quarter. the slowest growth on record for the company. the cfo says twitter lost millions of users partly because of the roll out of apple's ios 8 software as people forgot their software or didn't redownload the app. twitter rose 10% in after hours trade. carl has an exclusive interview with dik cock costolo today. we're always focussing on that growth in average users and it did slow and yet after hours the stock did well. why is that? >> i hear one of the reasons is the explanation twitter gave for the slowing user growth. according to the management it was lost 4 million users during that period as a result of integrating various third party applications. so that was the reasoning that twitter gave for slowing user growth and that perhaps was enough to get wall street still enthused about shares going forward.

>> let's talk more about earnings. revenue rose 44% as they're using companies to recruit and assess job candidates. business is booming with revenue growth of 50% over the past three quarters. that's being held by expansion in international markets. linked in rose around about 8%. frankfurt it's up 11.3% today. >> go pro participate forecast on strong holiday sales. revenues rose 75%. they sold 2.4 million cameras or 1,000 units per hour. but first quarter revenue could miss estimates. they also announced a surprise decision. coo nina richardson is re-signing at the end of this month. go pro fell about 15% to $46 a share but it's still trading nearly double above it's ipo price. keep in mind this was the best performing ipo in 2014. >> i love when we talk about

gopro because it's all so awesome. >> the question is not only are they selling these cameras which any other company could make a similar camera but how are they tieing to monetize that content. that's the big question. >> let's switch focus. we have been keeping a close watch on greece's new government as leaders try to build support for debt negotiations. earlier we asked if they were justified in sticking to their terms. the conversation got a bit heater. we are going to get that video clip for you in the next couple of minutes. of course that busy week for the greek government with the finance minister and prime minister hopping from one country to another to drum up support for their debt plans. check out the highlights of this

whistle stop tour which coming shortly for you.

>> they are heading to russia with a new proposal to end the violence many eastern ukraine. the new visit will include talks with russian president vladimir putin. it comes a day after john kerry met with ukrainian leaders in kiev. the white house was still

deciding on whether to supply arms to ukraine. >> those discussions are going on. the president will make his decision i am confident soon but not before he's had a chance to hear back from myself and others who are having conversations in europe at this time. >> lower commodity prices will be in focus when earnings get underway next week. among the top four list of firms our next guest says rio tinto is best positioned. joining us is the head of metals and mining research at jp morgan. thank you for joining us. >> thank you. >> over the recent couple of months we have been talking about the oil majors and whether their balance sheets were under significant pressure. is the same true of the mining. >> it is. the key thing for us in 2015 is

really around the sustain bltability of dividends. iron ore that has fallen 50% in addition to the price of oil and other commodities. that's putting pressure on free cash flow generation and we think the best companies are the ones that will be able to maintain to adjust their profiles. >> help us understand your case on rio tinto. it has under performed by about 13% so you would think bhp makes more sense. >> i think there's a question about whether what we have seen over the last year is an opening up of a gap in rio's favor or a

longer term valuation. it's really around the balance sheet flexibility. we think that they are basically the only company that without cutting capex can maintain the dividend and continue to invest in growth with the potential to actually announce an increase to the capital return. perhaps a buy back. >> let's touch on it as well. you have just downgraded that. >> yeah and again it's very much on the theme of flexibility. they reaffirmed all the ratings on the european diversified minors but current commodities and fx rates we think that

metrics will come under pressure and we expect them to announce capexcuts and potentially look at deleveraging taking some money out of the marketing business it's always been regard regarded as a growth stock where you have to tolerate multiples on the basis that the business will grow more quickly over the next few years if they're reducing investment on that horizon then that calls into question that valuation in our view. >> great stuff. stick with us. freight rate for ships carrying raw materials slumped to the lowest level in 29 years. hit by falling commodity prices and a drop off in demand from china. also the strong dollar is expected to continue to post challenges for near term commodity prices but they're set to out perform oil according to

our current guest. let's touch on the main kind of point there in the second part of my comments there which is the correlation between the strong dollar and weak commodities we all know about. is its just correlation or is there causality there as well? >> the issue with a strong dollar is -- well there's a coup of elements. commodities are priced in dollar and it's a small consumer of most commodities. no more than 20% in most cases, the most commodities are offshore u.s. and commodities are more expensive for them. in terms of the mining companies there is a benefit from a stronger dollar weaker producer of currencies and that helps from an earnings perspective so roughly speaking a 10% move in

the australian dollar which is obviously critical for iron ore and coal is about a 15% benefit to the earnings of these companies. that tends to insulate rather than completely offset reductions in fx and we would expect to see that coming through in results. >> thank you for joining us today. much appreciated. head of metals and mining research at jp morgan. i never heard it explained that way. the fact that it's 15 to 20% of demand. >> perhaps global currency that's a term that we need to put together around the volatility we have been seeing is not just iron ore and copper but oil is a big story and that perhaps warrants it's own financial buzz word? can you think of any on the spot? >> well indeed taper tantrum, the next one coming up is notagion and we'll be speaking

to the man that did coin that phrase. what do you think will be the next big financial buzz word? >> we have been getting tweets. it will be europah. when greece and the euro wins. if you want to join in on the conversation. i don't understand that one. can you explain it? >> i don't understand it. >> we'll talk to christina and get her clarification on that one. but worldwide at cnbc.com. tweet us and you can see our handles on the bottom of the screen. rate rage. that's another one. >> coming up the greek-german show down continues. who will blink first? we'll speak to a former ecb executive board member. we're back in a couple of minutes.

welcome to worldwide exchange. here are your markets from around the world. the dow aiming for the best weekly gain in over three years. all eyes now on the jobs report. >> a show of support in athens for the greek government despite a failure to secure backing for its debt plans. we speak to former ecb executive board member in a few minutes time. >> twitter stocks soaring today after 4th quarter results top forecasts although user growth is still slowing. coming up later today cnbc has an exclusive interview with

twitter ceo. >> gopro shares take a tumble. down sharply after the company put it's results. may miss forecasts this quarter and says a top executive is stepping down. you can't ignore the rally on wall street. the dow now posting it's best weekly gain in 2011 but a lot will be predicated on today's jobs report especially given the economic data we have been getting the past week. gdp coming in lower than expected. so potentially if this jobs report is also weak maybe more pressure on janet yellen to delay the rate hike until perhaps even 2016. >> i'm definitely surprised how quickly u.s. equities bounced back this week. after 2014 it was due a pull

back. earnings haven't been good. oil prices still very volatile. so the fact that we have seen the u.s. equity markets raise their losses for the year as a whole is quite a surprise to me. >> of course the greece contagin effect. that's another risk not only in the u.s. but here in europe. take a look at futures. the dow indicating a lower open. nasdaq down 2. keep in mind the dow is aiming for the best weekly gain since december of 2011. already up about 4% this week ahead of the highly anticipated nonfarm payrolls report. investors not only focus on the headline number but wage growth and labor participation will be discussing more with our next guest. let's take a look at the global 300 index because there's been a lot that investor hearsay to factor in this week. weeker than expected china pmi data. that rrr ratio cut by 50 basis points and of course here in europe all eyes on greece and the bailout terms being

negotiated between leaders and european policy makers. the index trading flat at the moment but let's dive into the european markets because that's where the story can be seen. we're lower across the board. the ftse 100 down about 26 points. we're seeing a significant move down about 1%. we were down about 30 points 20 minutes ago. cac 40 down 24 points and the ftse mib which was trading in positive territory has now reversed the gains and is now trading in negative territory. we'll have to see if the sell off continues especially as we await details around the negotiations or lack there of taking place between greek leaders and european leaders. >> it's hardly a surprise to see these declines. they follow a flat day for european markets yesterday and given that meeting certainly didn't have any clear positives it wasn't hugely negative. >> they're playing hard ball. >> but of course we can expect a bit of weakness because contagin

has been so very muted thus far and that lack of contagion is easy to see. still not at its peaks compares to germany. that's a great, great indication of how there's no serious contagion in markets. germany is in a strong position if the worst they're facing is just issues for greece. the ten year in japan is fractionally below germany. in the u.s. 1.81%. we saw a little bit of taking in the bond market yesterday after recent sales numbers. the story yesterday was the euro which had quite a descent rally. it's at 1.145 today. somewhere off the 111 handle it was at straight after ecb's qe

announcement. quite a surprise given the uncertainty that the your row has been able to rally over the last couple of weeks. the aussie dollar had a couple of sessions after one day of sell off earlier in the week when it cut rates. it's been on an upward trend of course the oil price has recovered significantly although the last couple of days see movements in both directions. brent did manage to rally. the best part of 20% over the course of five days kicking off with that last friday but it pulled back a little bit 58.25 and up. the best part of 2%. >> getting breaking news euro zone finance ministers are going to be holding an extra meeting on greece on february 11th which of course is next wednesday so the fear of default prompting leaders to put together further

meetings to discuss the bailout terms and negotiations around a potential deal coming together. in response let's see, euro trading slightly lower against the u.s. dollar but we should point out that the euro has come off the lows that it hit about a week ago. it's now trading at 1.14 against the u.s. dollar where it was at 112 just last week which of course was a multiyear low. the other focus today aside from the developments out of greece will be on that u.s. jobs report. it is due at 8:30 a.m. eastern and economists are expecting another steady month of hiring with forecasts calling for a rise of 237,000 in nonfarm payrolls following 252,000 in december. this would mark the 12th straight month of job gains above 200,000. joining us now, patrick o'keefe, director of economic research. always a pleasure to have you on on these highly anticipated jobs report days and given the acceleration we have been seeing

in jobs growth it's arguably more important to see wage growth which is expected to tick up around .2% this month. >> absolutely. we do expect a little bit of a deceleration in the jobs growth but all eyes will immediately go to that earnings number. we do expect a little bit of an up tick but still not seeing the momentum we would like to see given the fact that wages and salaries are the primary source of income for american households and they make up 2-thirds of the demand for goods and services. >> but you were saying that you're expecting slightly weaker than expected headline jobs number. is that because that ism services number came in weaker than expected? that was something that steve pointed out last night on closing bell? >> yeah we saw some -- not negativity as much as a little more caution creeping in. if we think back to what

happened in the fourth quarter, look at retail sales, look at a lot of other things there was loss of forward momentum in the final quarter. it didn't turn negative. it wasn't troublesome but we didn't have the same strength we had been exhibiting. that's true in the jobs growth too. think about november to december there was a pull back and our forecast is that we'll have about 225,000 jobs reported for january which would be lower than in december. >> let's talk about the split between the private and public sector. it dominated the gains for most of last year. the public sector started to make a difference toward the end of the year. do you expect that to continue into the start of this year? >> yes, the public sector is finally, particularly at the state and local level is finally getting it's fiscal house in order to the point where they can restore some of the jobs. not all of them but some of the

jobs they cut back during the downturn. a lot of the missing jobs that we have in the american economy, overall we have record levels but missing jobs when you go sector by sector are at the local level of government where tax revenues are now coming back relatively well. >> how much does the total nonfarm payroll account for workers that produce the entire gdp of the u.s. what are your thoughts? >> it gets into one of these wonderful economic debates about how you're going to define it. when we're talking about the nonfarm wage in salary we already excluded the self-employed and agriculture sector. overall we could reliably say that the payroll survey gives us a count of about 80% of all of the jobs that exist in the american economy. >> patrick thank you so much

for joining us today much appreciated. patrick o'keefe. now in the last few minutes it's announced the euro zone finance ministers will hold an extra meeting on february 11th to discuss the situation in greece. this comes after the meeting between the finance minister and his greek counter part. speaking to german tv after they openly clashed in a press conference in berlin. they were unable to bridge differences over austerity and debt. let's get out to jeff who is live in frankfurt with the latest reaction to that meeting. >> yeah. this is the ebb and flow of negotiations you see playing out now. they have toured around europe. gone to different european cities to try to put across the message that the current arrangements really will not

hurt -- will not help the greek people or maybe it easy for them to continue to service their debt burden. he was elected on an antiausterity platform and they're expected to take that back to brussels. it was going to be a difficult meeting and when the greek finance minister stat down with him, what could we expect? these are the terms. like it or lump it but i think very interesting that we have now had this development of an additional meeting next wednesday. they're focused on the current impasse with the greeks well ahead of the deadline later on in february when the current program comes to an end. >> the euro sign is moving

around like a candle in the wind. is that indicative of the strength of the single currency at the moment? >> absolutely. this sign heads itself to so many metaphors at the moment. i have to tell you, we just had a regular viewer describe himself as a groupie came up to find us at our position here and he had a look at our set and he said to me as he was looking at the euro he said jeff are you going to put up a more stable euro sign? and this one is blowing around a little bit isn't it? it's very easy to move it around and unfortunately that's what we have in europe at this point. until this story is resolved sot tats faction of all parties. until we get back on what looks like a proper growth trajectory or euro is going to be blowing around all over the place and

deflating. i might have to put a bit of air back into this sign very shortly just to make sure it maintains it's integrity and shape because at the moment as you know the euro is on a one way path and that's getting weaker at this point as there are questions of confidence around the current structure of the monetary zone and questions still being asked as to whether the greeks will remain a permanent member. back to you. >> thank you for that update and the inflatable ecb euro sign is now famous. it's on the front page. you can follow the sign on twitter at ecb euro sign cnbc. it's gathering quite the following. >> you're envious of the sign. >> of course. lots of traction. >> absolutely. more to come. coming up on the show the greek german show down continues. who will blink first? we speak to a former ecb executive board member.

that's coming up next here on worldwide exchange.

welcome back. let's give you your headlines. u.s. markets aim for the best week in more than three years as they eye payrolls. twitter stocks soaring after

they top forecasts and go pro shares take a tumble after the coo announces her resignation. >> let's bring the focus back to europe. joining us on the phone is a former ecb executive board member. lorenzo thank you for joining us this morning. let's talk about the latest developments that we've had in this situation was it right for the ecb to act as it has in such a crucial stage of political negotiations between germany and greece? >> well it's between greece and all the other european partners. but precisely because of these kind of negotiations, the ecb could not do otherwise the

treasury bills that the ecb accepts from the greek banks is not rated as junk so they can accept only conditional. the ecb had no choice than to expand the eligible. if they go back to the negotiating table and reaches an agreement with the other european governments then it's eligible again and ecb can accept the paper. >> i know that the move we saw this week was some way short of removing the ela but how serious is the risk of serious capital flight from the greek banks?

it all depends on the greek citizens. they're afraid that the negotiating strategy that the government has adopted ultimate ultimately entails leaving the euro. if they're con fireworks den that the mandate even to the government clearly excludes leaving the euro then on the other hand it takes away one of the negotiating threats from the government because the main arguments that the government has with the others is the threat. but if this threat is not on the table, then the position of the government is weakened. >> that is one step further and

not only if greece will exit the euro zone but if this will have a contagion effect. what do you think the broader implications will be if that takes place. >> well it's very difficult to forecast. in september 2008 many people thought well the markets are prepared for the bankruptcy and, in fact they were not. so it's difficult to say how the markets will react. but my impression is if anything happens from that side the remaining european government and the ecb will do whatever is needed to avoid major contagion because the other countries are committed. you have countries like portugal and spain which have implemented the programs. austerity programs and implemented reforms. i think it's not in the interest

of germany or other countries to let them out. so i think they will stick together and try to fight against contagion. >> we're going to leave it. former ecb executive board member. please do come back and join us here on worldwide exchange. in the meantime thank you for your time. a fascinating discussion given the intensity around the situation around the greece negotiations. the other focus will be on central banks not just here in europe but in the u.s. steve has an exclusive interview with charles plosser today on squawk box at 8:00 a.m. eastern time. one of the questions i did want to ask to lorenzo is whether central banks are creating a global currency war and whether he thinks that's a responsible act on behalf of the ecb. it's been a busy week for the greek government with the finance minister and prime minister jumping from one country to another. check out the highlights of this

whistle stop tour. ♪

welcome back. german chancellor angela merkel and french president are heading to russia with a new proposal to end the violence in eastern ukraine. what should we expect? bill joins us live from kiev with the latest bill. >> yes, hello from kiev. there's an intense military push at the moment by the rebels in the east and an intense

diplomatic push. the french president in moscow today to talk to president putin. they have a plan apparently. i say apparently because they were here in kiev for five hours last night with the ukrainian president and they talked about this plan with him but no details have been released apart from a statement saying that they're trying to implemented a truce agreement. for angela merkel in particular she is investing a lot of personal reputation in this. it's the first time she has been to moscow since the war started. she does some what see eye to eye with president putin on a number of issues. for example she speaks russian having grown up in communist east germany. he speaks german having being a kbg agent and he floated some ideas and they're in russia in response to that. however the united states and ukraine are very suspicious about this. john kerry here in kiev

yesterday very lukewarm toward this idea or this meeting. ukraine does not want to be cut out of any deal. it wants to be at the table and does not want it's country to be split up anymore. so we'll see what happens from this intense diplomatic effort which as i say comes with 5,300 and more dead in a war that is escalating all the time. back to you guys. >> thank you so much. financial markets are, in fact, focused on as well. take a look at how u.s. futures are trading ahead of the wall street open and the highly anticipated jobs report. the dow indicating a lower move by 15 points. s&p 500 down fractionally in premarket trade.

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and a busy friday morning. welcome to worldwide exchange. >> here's your headlines from around the world. >> u.s. few tursutures pointing to a lower open. all eyes on the nonfarm payroll support. >> show of support for the approximate greek government. >> and twitter stocks soar today after they top forecasts. cnbc has a exclusive interview with the ceo. >> gopro shares take a tumble

after earnings down sharply. results may miss forecasts this quarter and a top executive is stepping down. you're watching worldwide exchange. bringing you business news from around the globe. and with oil stabilizing a mixed earnings season coming to an end and that lackluster data out of the u.s. coming out over the past one week. the gdp printing in at 2.6%. all eyes really now on the highly anticipated jobs report due at 8:30 a.m. eastern. unemployment expected at 5.5% but the biggest focus will be on wage growth and labor participation rate given the acceleration we have been seeing in jobs growth over the past couple of months. take a look at u.s. futures despite the rally this week the

dow up about 4.2% so far this week. futures are indicating a lower open so investors a little cautious ahead of the jobs report. the dow indicating a lower open by around 15 points. the big part of the story has been oil. it's been a choppy ride for oil prices up about 3.8% in today's trade and as you can see over the past one month up about 4.5%. a great stat we have been talking about today. wti crude on track for the best two weeks since 1998. has oil prices found a bottom? at this point we're really not too sure. one of the reasons we did see u.s. stocks end higher in yesterday's trade. what does it mean for european markets? despite the rebound we saw on wall street last night european markets trading lower today. of course the focus here in europe has been on the negotiations taking place around greece's bailout terms and right now we're looking at the xetra

dax down off the lows of the day. cac 40, ftse mib also trading in negative territory. >> in the last half an hour it's been announced the finance ministers will old an extra meeting to discuss greece. jeff is live in frankfurt with all the latest jeff. >> yeah high wilfred. so i think this is a fascinating development because we had here a meeting overnight where the greek and german finance ministers were unable to find any common grown at all. the greeks have been traveling around europe trying to find some consensus on where they go next on their bailout program. he came to power on an antiausterity agenda and the message they have taken around european cities is we would like to see changes in the bailout program that allow room for some

more fiscal easing and perhaps growth back in the greek economy. so that meeting didn't go so well but i think it's very illuminating that the finance ministers are going to hold a special session to see if they can come closer to some form of agreement that would allow us out of this effectively, what is a closed end road right now where the greeks are asking for changes and nobody seems to be on the same page. back to you. >> jeff thank you very much for that update. we have of course had lots of terms coming out relating to what this might mean moving forward. >> the big fear of course is greece leaving the euro zone or as some people are coining the bregzit. another one on top of investors minds is the taper tantrum. the risk or volatility that will

enshoe insue when the u.s. raises rates. what ever terms do you coin for this year? notagion is one we're talking about because of our next guest. he'll join us in a second but we have been getting your tweets this morning. the next big one might be gcr. that's a good one. >> that is a good one. >> it's an acronym rather than a term. >> e-mail us at cnbc.com. our personal handle is on the screen for you as well. you look like you're dying to get one out there in the open. >> i shared one with you before. we have been talking about the rally on european stocks and that has to do with the waun quantitative easing program. >> i do like that. i was actually just looking if i was going to deposit any money across the euro zone. perhaps i was going to deposit

in europe or denmark or switzerland but i lost interest. >> joke in there. >> enough of our own puns because our next guest coined the stage notagion. joining us is global head of fx strategy. thank you for joining us. we have been stealing your word throughout the show. are you surprised at the extent? >> yeah have to say we had that bad news about the ecb not accepting greek government bonds as collateral two days ago and then we looked at the price action and the at a after everything had recovered, global risk assets recovered and periferal bonds recovered and the greek bonds themselves were actually recovering so this type of news had extremely limited spill overs and if you compare to the effect we had back in

2012 it really is nothing like it. so that's why i put down that word. it's very very different. >> you know, switzerland, singapore, denmark, all announcing rate cuts this year. we're only in february. what does this tell you about the new age of central bank activism? >> well so there's this huge debate about whether we're facing it openly. it's an open question. we have big, big shocks hitting the global economy. low oil prices. the dollar moved big time over the last six months so there's lots of moving parts and i think also what's going on in the bond market, you have to look at what central banks are doing and a lot of them are buying a lot of bonds so maybe prices are distorted in a way where you

can't read out of bond price what is the deflation nary outlook actually is. that makes it tricky and it's certainly what we have never seen before. >> with all of these places cutting rates and still easing does that mean the u.s. the u.k., and other economies doing well will have to delaniey any form of rate rise outside of 2014. >> we have key data in the form of the payroll numbers and the fed has been sticking to the line essentially that they're ready to lift rates by the middle of 2015. and in the last month or so i would say the u.s. data has had a weaker tone but the fed has not reacted to it. so we're hitting a critical phase where the data is potentially getting weak enough to put the fed under pressure and i would say by the march meeting they really have to take a stand. do they stick to the line or do they actually say we're more

patient at that meeting. that will be important for different markets and the dollar potentially. >> currency is a big discussion. denmark cutting it's rate for the 4th time in less than three weeks. i spoke to the central bank governor and asked whether protecting the danish crown could become too expensive, listen in. >> it's unlimited. by nature we have an unlimited supply of our own currency and we are going to do whatever it takes to defend the peg. >> the central bank governor clearly stating he will do whatever it takes to defend that currency exchange rate against the euro. does that mean investors shouldn't have to worry about hedging their bets? >> so i grew up in denmark some years ago and the peg existed at that time. it's been more than 30 years there. so it certainly is a peg that's very credible and it survived

the euro crisis and survived the global financial crisis and erm currency crisis in the early 90s. so i think they have a great deal of credibility and it's a very differ arrangement from that perspective than the swiss arrangement but on the other hand there is certainly a very very large scale capital flow coming to denmark. so i think that danish authorities have to be willing to intervene in very very big size and potentially lower rates further into this very unchartered territory to maintain the peg and i think that's what we're going to see over the next several weeks and months months. >> they already spent over $16 billion defending that currency peg. it's getting very expensive. thank you so much for joining us. >> and i'm just going to bring you flashes coming from chancellor merkel. of course she is part of a trip aimed at countering escalation in ukraine.

merkel is unsure if the trip will be successful saying things are influx and saying that and that no military solution to the conflict in ukraine. and still pursuing something around peace. those were similar messages coming yesterday but he did say the offer of a peaceful solution cannot last forever and this conflicts slightly to the messages we're getting out of the u.s. who are considering supplying more weapon to the the ukrainians. they're searching for a peaceful solution. twitter shares rising sharply as the company beats forecast. relieving some pressure on the coo. we get a handle on the details after the break.

switers 4th quarter result added 4 million users during the period. that marked the slowest growth on record but ceo says user growth has already picked up in 2015. shares rose about 10% in after hours trade. cnbc has an exclusive interview today on squawk on the street at 9:00 a.m. eastern. you won't want to miss it.

>> that will be a good one. also reporting earnings yesterday was linked in whose results beat forecasts. revenue rose 44% as more companies were using it's services to recruit and assess job candidates. the hiring business is booming with revenue growth of nearly 50% over the past few quarters. that's being helped by expansion and international markets. more than three quarters came from outside the u.s. rose about 8% in after hours trade but it's up about 11% today. >> another big mover was go pro. 4th quarter results beat forecasts on strong holiday sales. the company sold 2.4 million cameras or roughly 1,000 units per hour but the first quarter revenue could miss estimates and it also announced nina richardson is re-signing at the end of the month. we did see shares fall about 15% in after hours trade to $46 a share. keep in mind gopro is still trading nearly double above it's ipo price and you can see it's

down slightly in frankfurt. >> u.s. markets aim for their best week in more than three years. as we just told you twitter stocks soaring after top results. gopro shares take a rumble. we'll be back in a couple of minutes.

let's have a look at what european markets are down. the stock 600 is down today and a week when risk in greece has gone up and down but at the margin not improved overall. unsurprising to see we're finishing the week with a little bit of negativity. >> of course investors will now turn their attention to that job's report.

the january u.s. jobs report due at 8:30 a.m. eastern. unemployment expected to drop to 5.5%. ahead of that report u.s. futures pointing to a lower open. this as the dow aims for the best weekly gain sense december of 2011. up about 4% this week so a rebound in u.s. stocks but doesn't seem like it's going to continue at least at this point in premarket trade. let's talk more about that jobs report a pleasure to have you on. thank you for joining us here. of course given the acceleration in jobs growth we have been seeing over the past couple of months investors not focused on that headline number but more on wage growth and labor participation rate. what are you expecting? >> and also the unemployment rate. there's risk to the down side just based on the adp report this week and the employment component of the services index but the unemployment rate is important because the fed has a 5.2 to 5.4% estimate of their

inflation rate of o unemployment and we're just a few from that while they have rates still at zero. so wages are going to lack that so even if we see a disappointing wage number that does not necessarily make the fed believe we're not going to see a pick up. i'm sure the headline number will be above 200,000 again but i think all of this combined buts the fed in a tight box as they walk into their march meeting and specifically their june meeting after that when everyone is looking for them to raise rates. >> another factor is if we do see a impact how that will be profitability investors focus on the fact that it's at a five year low. do you think we could see the change that we're seeing more people leave the hay boar force that they're now retiring? >> it's interesting because baby boomers participations rates

have gone up. it's been the strange decline in the 25 to 50 category that we're seeing the decline in the participation rate. unfortunately it's because there's benefits not to go back into the labor market. that's where the labor market is getting like that in a sense. these people they expect to come back are now. it's easy to assume they're retiring. that's a factor. but it's in the middle age category where people should be working and they're not. it's more of a government fiscal policy and social and welfare benefits that have incentivized them not to come back. but that's where the issue has been. >> i wanted to bring the focus back to europe and touch on the situation in greece. we have been talking a lot on the show about the lack of contagion thus far in financial markets. i wonder if we're underestimating that a little bit. particularly when we think of the political situation across

europe. >> i think everyone assumes it will be a deal of some sort and it's in no one's interest not to have one. that's the basis that markets are betting on. number one you have the ecb buying an enormous amount of bonds in marchand everyone's mutual interest to have a deal people assume will result in a deal of some sort. therefore don't worry about it until there's not a deal i guess. >> i was just going to say clearly the ecb is playing hard ball with greece saying they're not going to accept greece debt as collateral. >> as they should. as they absolutely should but i think greece greece was a pull in a china shot when the new government became elected. roadway y'all reality is smacking them in the face and that reality check is going to temper their

expectations. they'll try to get something and they will get something but not anything close to what they were hoping for. >> is this tough situation in europe, do you like the look of them at the moment? >> well with the prospect of ecb qe the weaker euro as i have said for years when you print money like they're going to print, anything is possible on the upside. the question though is whether that's going to translate into actual economic growth. that should be the purpose of what the ecb is going to accomplish. just as we have seen with the fed and bank of japan it's not going to happen. it's not the medicine that ails the european economies. >> thank you for joining us today today. >> let's get more about today's trade ahead of the jobs report with the president of trader audio.com. ben, ahead of your reaction to

today's job support or your preview, i want to talk about the rally we're seeing in bonds because despite low yields you're still seeing investors see this massive flight to safety and thus driving this rally in bonds. how long does this continue? >> well the rally we have seen there's been a bit of a ceiling to it associated with right around the 151 area in the 30 year and i think the flight to safety-type trade has been mixed. we actually saw some of that into the medals. silver made it back up above the $18 level but we saw the cold up above the $1,300 level which has actually come out of the gold and out of the bonds as the bond z have come off and gold have come off as we have seen a rally throughout the stocks. we came out of super bowl sunday in the red zone if you will

because we had the s&ps trading at a lower level or balance performing since the middle of november. it's increasingly mature. we're expecting to see a sharp move out of the range. that's the 2088 area to the 1960 area. there has been flight to quality type trade but i think it goes without saying that at some point rates are going to go higher so the bonds are in a bit of a battle with their own if you will in that flight to quality brings a bid to the market but reality brings an offer into the bond to the future's price. there's a lot of focus on the rate. that goes without saying and investors think they will be going up at some point. >> let's talk about the jobs number. is there a bit of complacency given that nfps were so strong last year? >> well there is and there's a bit of complacency in the sense

that for the most part we have seen activity even mixed to some what bad news if you will? we're back in that bad is good and good is good type trade. again the stock market has been so strong this -- well last year, and unprecedented strength that we've seen over the last few years but really what's the focus now is the russell and the mid caps and we're noticing the russell back up above that 1200 level. that was the level we breached to close the year out of 2014 and that was a sign of strength. that also proposed the other majors into that new all time high print but without the follow through into 2015 it's been subdued so yes a bit complacent but certainly poised to continue the rally we have been he seeing. big strength yesterday. >> all right. the rebound in the small caps. have a great friday. that's it for us on worldwide exchange. >> i'm wilfred frost. u.s. futures pointing to a negative open. squawk box coming next.

good morning. tweet all about it. twitter shares trending higher on better than expected quarterly results and upbeat comments from the company's ceo but then there's a wipe out. gopro shares dropping sharply after warning earnings could miss estimates. it is official. you'll have to find a new place to buy spare parts for your electronics after hanging on for years. radio shack filed for bankruptcy. half of them might stay open though. half closed. we'll see what the owners have in mind. it's jobs friday by the way. >> we have all this -- we don't

have the big panel on. we don't have the big circle panel on its february 6th 2016, squawk box begins right now. >> live from the most powerful city in the world, new york, this is squawk box. >> oh we're on tv. good morning everybody and welcome to squawk box here on cnbc. i'm becky quick with joe kernen. andrew is on assignment today. the january unemployment report is minutes away now. they added 237,000 jobs last month. the unemployment rate is seen falling to 5.5%. we're already at the lowest level in six years of 5.6%. they see it dropping an