a very warm welcome to worldwide exchange. here are your headlines. we hear exclusively from the ecb vice president after talk turns to descent with the head of the bank voicing his opposition to the central bank's decision. >> 100,000 jobs is all we need. a bullish picture of the labor market as the central bank eases towards a hike. >> all talk but will there be any action? a lot of interest in this big

opec meeting but production levels are set to remain unchanged despite talk that saudi was pushing for some form of production cuts. >> uber launching another funding round that could value the company at $64.5 billion. this makes them worth more than 80% of the s&p 500 companies. a very good morning to you. oil prices are treading water ahead of today's opec meeting in vienna. steve is there with an update. >> thank you. don't worry if i appear d distracted. another minister coming in to the meeting. the iranians already arrived and

this could be an incredibly contentious meeting despite the fact that we're not expecting a change in production levels. 30 million barrels a day is what the group says it produces but it actually produces around 31.5 million barrels a day and people are concerned they're creating some form of disequilibrium in the market creating an oversupply on the market here at opec and globally as well which is driving prices ever lower as well. there's doomsday scenarios in term of what the producers are looking for. it's currently double that but the real concerns that the equilibrium and stabilization many are hoping for just won't happen if we continue to see oversupply. it was a year ago the saudis said we are not going to be the price stablers. we'll try to get former market share because a lot of things changed structurally in this

industry. changes like shell, iran and iraq coming back in some fashion and concern about what's going on in paris and cop-21. >> you mentioned iran but what's the wildcard for 2016. which producer could be one of the swing producers if you will coming back online. is it libya? is it iran? what are you hearing? >> i think you make a very good point, carolyn. it's not just about the iranian oil. surely people have factored that into their forward models. it remains to be seen. we know they got the oil in the ground. they just need to get the money in and those international oil companies in to get it out of the ground. they have reserves that could knock on the door of 150 million barrels of oil. the libyans at their peak could produce 2 million barrels a day now producing under half a million barrels a day. they could put a half a million,

maybe a million barrels on the table if they can sort out their situation. a lot of other factors in here as well. you have the russians producing over 10 million barrels a day and if price were to move higher, $50, maybe further north than that, the taps can be turned on quickly as well. there's a whole host of issues that even if saudi were to get some form of organized cuts other people desperate for those petro dollars and revenue will put the revenue and the oil back on the table again. this has been financially very punative as oil has fallen from 100 down to $40 barrel. they have lost around about half a trillion dollars. half a trillion dollars of petro currency. >> how are you markets looking? >> more red than green so far today. continuing the losses from yesterday but much less

pronounced losses. we're down by .3% in the stoxx 600. as we know, sharp, sharp declines yesterday after mario draghi underwhelmed. when you consider how much of a run up we have seen over the last couple of years it's unsurprising that markets moved 3%. up 12% in october, 5% in november so 3% decline. big for one day and put that in perspective. ftse 100 down today. it was down yesterday but less than the rest of continental europe. euro dollar is where most of the action was yesterday. 3% swings during the course of the day. we briefly touched the 109 handle. we're now close to that once again. 105 -- excuse me, 10883. we're off.5% today so it's just undoing a little bit of the bounce back yesterday but in

terms of explaining how much of a crowded trade that weak euro, strong dollar had been we saw that with the bounce back of euro strength yesterday when mario draghi only cut rates by 10 basis points. >> could it be so what overdone? mario draghi justified his actions despite decent among some board members. >> we're doing more because it works. not because it fails. we want to consolidate something that's been a success. >> let's get out to julia standing by in frankfurt. we were reminded by two things yesterday. first of all, mario draghi is mortal after all and second of all he's bound by consensus. >> i think your second point is very relevant. of course it has to be a consensus that they try to find. they try to find a majority and that's what they got and they don't need further stimulus at

this point. it also shows the problem of managing extremely vigorous expectations yesterday and he couldn't match up to it and this was the question we were asking the whole way through. as you said it underwhel med the market and it wasn't trivial what he did. we got the extension to the qe program. an additional 360 billion euros worth of bond purchases. he extended to local and government debt so we're looking at the german angle in particular as well. he did cut the deposit rate 10 basis points and when i pushed him to say is that it, he refused to answer. if we read between the lines perhaps there's more options this as well. we also got the news that he's going to reinvest the proceeds to buy more bonds going forward. i just wonder if that was assumed anyway given what we have seen from the fed and the bank of england too but the real disappointment is we didn't see the step up in the monthly

purchases and i tackled him on that as well. i said was that talked about? was it considered? and are you admitting in some way here that there's diminishing marginal benefits when bond yields are so low? and he said to me all the options still remain on the table so despite what he did yesterday trying to make the point that, hook, we've still got weapons in the arsenal effectively here and we can make moves if ultimately they're needed. >> who do you think was gagged yesterday? who was restrained from how they would have liked to act in an ideal world? was mario draghi despite him trying to have justified what he did? would he have liked to have done more or was it the other way around? was it incredible that he managed to push through what he did given the strength of opposition from the germans amongst others? >> all about consensus. there were enough on the governing council to allow him to push through census. it's about the marginal benefit

or increase he was allowed to provide in this point in particular. we know that it was very clear that he wasn't happy even with what was done but i think perhaps the bigger question here is why has the market lead over the last month if there was a recognition that as far as the germans were concerned, there were five on the governing council that weren't happy with this decision, why was the market allowed to be lead to the brief that there was going to be more stimulus than was achieved? perhaps we'll ask the vice president when i speak to him in, what, just over an hour's tile. certainly plenty of questions on the events of the last 24 hours guys. i'll pick up with him shortly. back to you. >> thank you for that. meantime, i want to bring you some flashes coming through from the opec meeting in vienna. the saudi oil minister saying the opec production quota is there. there's no disagreement

anywhere, he says, and we're willing to cooperate with anyone that helps pal the markets. so really reiterating his stance that reports flushed out earlier this week. he says everybody is welcome to go into the market. now i also want to move on to some of the comments coming from the nigerian oil minister. they expect oil prices to stabilize next year. they're forecasting 2016 oil output to average 2.2 to 2.4 million barrels a day. >> still to come on the show, surely uber has to be one of the most disruptive tech companies over the past decade. >> no doubt about it. >> more money, more problems, maybe? we'll tell you which start up is valued higher than 80% of the companies of the s&p 500. i think i just gave eightway the -- it away there. but it's still coming up. [sfx: bell] [burke] it's easy to buy insurance and forget about it. but the more you learn about your coverage,

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>> hi, everybody. welcome back. you're watching worldwide exchange. with us to discuss what's been going on over the last 24 hours with regards to the ecb, we're joined by the mixed income strategist at ubs. we're joined by mike bell. good morning, and from denmark, the fx strategist.

thank you to kick off with you. we went from somewhere in the region of 105.23 to we're now at 109 something. this reaction, is it an overreaction to what we saw yesterday? is it just a bit of year end finnicing before we trade out? >> there's some of that. you can tell the positioning was the wrong way around and the move was probably bigger than you would have seen ordinarily because of the time of year, liquidity and expectations so whether it came as a surprise or not is the big question and we'll have to see how they respond to the mix. >> what do you think? >> i don't think it was no reaction. this is one of the most remarkable communication break downs we've seen in modern market history. it's so dependent on signals and we have a clear drum beet of noise coming into this meeting and we did not get something

big. we got a disappointment across all points that we were expecting movement on. i think there's the risk of the further reaction in the euro dollar exchange rate if the data doesn't particularly surprise to the upside. >> do you agree with that? do you think that there was a break down in communication on part of the ecb over the last five or six weeks or so? >> yeah, mario draghi said they would do what they must to get inflation up as quick as possible and clearly disappoint. the market was expecting a 10 basis point cut and perhaps more. the market was hoping they were going to get more than just the 60 billion a month. maybe 70 or 80 billion a month. not doing that was a disappointment. >> i want to get back out to you. the 105, 106 handle many are targeting toward the end of the year, do you still think that's intact? >> well, we need to see the u.s.

jobs report and how the fed issues it's first hike. ironically this does free up the fed to be a little bit less cautious in it's forward guy lance because it's not worried about the dollar higher toward parity but the risk is does this trigger greater derev rajing because we have a key signal being sent and assumptions were one way and we saw quite a melt down yesterday so this extends into the year in. there's a risk we could trade through 110, 111 euro dollar, why not. >> yesterday we heard mario draghi say the conclusions of our policies have been effective. these are adequate to achieve our objectives. he was trying to echo the sentiment that thus far things are improving and apart from inflation data things have improved so with this extra rate cut, the extension of the bond buying program will there be enough traction to improve the fundamental economy?

>>. >> data has been improving but it's interesting to see this reaction in the markets to see people's response to yesterday. it's eased policy dramatically into an improving economic situation. so we'll have to wait and see but if the data does keep picking up arguably there isn't need for them to do nil. we have to see how we go. >> can we be positive into the year end after yesterday's correction? relative to recent months of course it performed very well. >> it's probably just a healthy pause for breath and we don't think this is the start of an upward trend in the euro. the euro will move lower from here. positioning going into yesterday was very extended. now the euro can probably go further down and that should be european equities. >> when we look at yields around europe are there any countries in particular that stand out for you? particularly after yesterday's

moves in terms of where our yield pick up, perhaps relative to the german bond market is attack tif? >> it's the german bond market itself where we see the biggest move. recovery is gaining traction in the euro zone. the safe haven bid that disto distorted yields to a degree could fade away. we thaw think that's probably the end of it and over the course of the next year you could see yields on core bonds start to rise. >> thank you very much for now. we'll be back to all three of our guests just shortly. >> meantime we're getting more and more interesting comments out of opec and vienna. now the saudi oil minister says the report of the saudi cut proposal is baseless. once again he reiterates this report is baseless. he says it's not true. there is a saudi lead proposal to cut output and there's been so much discussion this week as to whether there was going to be a change of heart on the part of

the saudis but they're now saying these reports are baseless. >> let's move on because the u.s. job growth is likely slowing in november but not enough to hike rates later this month. we're still looking at 200,000. november jobs report is out at 8:30 a.m. eastern time. as said, forecasts are looking for this print of 200,000 jobs being carey crated during the month versus the 271,000 we saw in october. unemployment holding steady at 5%. >> fed chair janet yellen is down playing the significance of today's jobs report as a factor whether to raise rates. testifying before congress on thursday the u.s. labor market made substantial progress since the recession with unemployment dropping from 10 to 5%. >> we want to see the economy being on a path where we'll continue to erode the labor

market slack overtime so we'll be looking very carefully at that but we can't overweight any particular number. we need to be looking at trends in the data. >> i want to kick things off with you talking about janet yellen there. what do you do this morning? how do you change your positions? >> it's very difficult because what you have seen here, the main driver of euro dollar lower has been dramatic policy diver je divergence but the it's up to the dollar side of things and the fed to do the heavy lifting it's putting it quite higher now. so while longer term i haven't

changed my dollar upside view we're faced with challenges here on the positive dollar story unless we get really dramatic data. >> how much more divergence are we going to be seeing in terms of treasury and bund yields? we did see the 20 basis point pop in bund yields. that has been narrowing. if we do expect that hike largely priced in by the fed we're not going to be seeing too much movement in terms of the treasury yield curve. >> no, in fact that narrows further. it's been widening dramatically for recent months for some of the reasons we touched on speculation around the european bond markets. we think the treasury yields probably start to level out and bund yields continue to rise. so that can contract quite significantly over the next year or so. >> but surely though now given the euro dollar move.

>> were risk about the strong dollar and what they're starting to do. clearly had yesterday gone in the other direction and euro dollar was at 103 it would make the communication task difficult next week. this will give them some relief. >> we're looking at draghi's comments up to an event like this. i always find it interesting if we think his comments are hawkish or dovish or just in between. were they really that dovish? are are we thinking we the market got it wrong? . no perhaps there was a split at what should be rolled out at this meeting. perhaps he would have liked to have done more but he has to send out the opinion of the governing council so i don't think the market got it wrong. the market played it's hand very aggressively coming into this meeting but this truly was a communication break down. a real shocker for the market and the move was fully justified

in terms of where we were in expectations and what we saw delivered yesterday. >> why did u.s. equities react negatively yesterday? because surely this announcement only made it easier for risk assets to take a u.s. rate hike in their stride because the u.s. dollar strength part of their bargain is less strong now. >> i think equity markets tend to move very rarely. you see a sharp fall of 3% in the euro zone and then the u.s. market up. it wasn't as sharp as you saw in europe and there's a chance you'll get good jobs numbers out today then the u.s. equity market can do okay. >> does parity in the euro dollar go away for full time? is it never going to be here? >> i don't think so. if we look further into 2016 we

see enough diver jens here. the ecb is in an easing stance doing qe. but it doesn't destroy the longer term story but it has made us hook at our 1 to 3 month forecast and question them for now. >> how are you repositioning your fixed income strategy right now? any changes after that shock? >> it's a bit of a sigh of relief. we think the euro zone is going to recouple over the next year or so so the move wes have been seeing until yesterday were the ones we were worried about. the correction we've seen now which could go further is something we have been calling for really. >> but surely the fed can't only be looking at the nonfarm payroll data for today. we had a strong print the month

before november. what would a disappointing print be today? 150? 100? >> the payrolls is always so volatile i would be surprised if they paid much attention to it on the day. >> precisely. >> the earnings is the big th g thing. that's what needs to keep accelerating whatever they might be doing. they want to see evidence they're tightening up so when they hike they feel confidence. >> thank you, gentlemen. >> fixed income strategist at ubs. global market strategist at jp morgan chase. >> after a couple shot 14 people dead at a party in california authorities say they're looking to see if the pair had any links to terrorism. they were killed in a shoot out with police five hufrs they conducted the massacre. nbc's pete williams filed this

report from california. >> investigators are analyzing a trove of evidence including cell phones and computers. he was communicating by phone and social media with people in the u. s. and overseas during the past year that showed an interest in radical jihad. another important discovery they say, an explosive device left behind at the shooting scene. three pipe bombs tied together with a remote control detonator. inside the couple's shot up suv official ss say was the remote control itself. that same diesign was used by te tsarnaev brothers to set up the boston marathon bombs. investigators are now looking at whether that same design was available somewhere else from a non-terrorist source. u.s. officials are also looking at farook's oversea's travel. twice to saudi arabia where he met his wife and to pakistan where she comes from.

on the other hand the victims were people farook knew and worked with. >> so we don't know whether this is work place rage or something larger or a combination of both. >> investigators also say the attacks were planned well in advance. police and federal agents found a dozen pipe bombs and 4500 rounds of ammunition in their house and the suv get away car was a rental picked up by farook three or four days ago. >> this took days, weeks, if not months to plan out. there's nothing impulsive about shower shooting at all. >> so with all of that fire power did they have other attacks in mind. >> we don't know at this point the extent of their plans. we do not know their motivations. >> tonight, investigators say they tried to cover their electronic tracks before the shooting erasing emails and destroying computer hard drives and cell phones. >> that was nbc's pete williams.

right. worldwide exchange will be back in a couple of minutes after this short break. it's hard to find time to keep up on my shows.

that's why i switched from u-verse to xfinity. now i can download my dvr recordings and take them anywhere. ready or not, here i come! (whispers) now hide-and-seek time can also be catch-up-on-my-shows time. here i come! can't find you anywhere! don't settle for u-verse. x1 from xfinity will change the way you experience tv. we hear exclusively from the ecb vice president to get his take on whether the ecb has underdelivered as european markets continue to trade cautiously. >> 100,000 jobs, that's all we

need. fed chair janet yellen paints a bullish picture of the labor market as the central bank eases toward a hike. >> all talk and no action? opec is willing to cooperate sending brent higher. >> uber launches another funding round which could value the company at over $64.5 billion. this makes them worth more than 80% of the s&p 500 companies. >> the equity research firm muddy waters cashed in by shorting the stock. i caught up with the founder yesterday at the conference taking place in london anded asked him about his firm's activities in china. >> we're also looking at china because we like to short frauds and china is just, you know, fantastic at producing frauds so

with we will always have that interest. there's been a lot of pumps and manipulations upward. so those are interesting to us. you know, always keeping a little bit of an eye there. there's actually this movement underway with some of those companies in the u.s. because a number of them are going private and they're saying these guys are paying too little for these companies. that'sn interesting play. if you take the numbers these companies report at face value and you say, okay, well, look, if your numbers are real, you're paying too little for these. so you know, look, maybe there's an event an opportunity for us to look at something and, you know, if it seems like really management is paying too little to take it private, i don't know, maybe we somehow get

involved. >> how do you respond to critics who say it's unfair to look at companies where so few of us have a chance to do the same? very few people have access to other developing companies and developing markets? how do you respond to that? >> that's actually pretty interesting because one of the points that i have been making since i started this business is that a lot of investors that have no business investing in emerging market companies are doing so. chinese companies with operations entirely in china, unless you at the very least read the language you probably should be extremely cautious about buying those. so, you know, i think that basically if people don't feel that they're capable of the

analysis, the answer to me suggests itself which is you shown be investing in them. >> yeah. so that was carson block from muddy waters from yesterday. i thought it was interesting that he said unless you know what you're doing be careful when you're investing in overseas markets, or chinese or developing markets essentially and interesting to keep in mind his background. it was an interesting piece. i tweeted it earlier about how initially he went to china. doing research on a company and they thought they would be writing something positive about this company and it was paper company and they show up at the company and he thinks that company is a complete fraud. management couldn't answer basic questions. it looked like a dump. that was his version of what happened there. they went short the stock and the shares fell after this research note here that went viral overnight but there's ethical questions also like should you be putting out very, very negative notes and shorting a stock.

>> huge ethical issues. muddy waters is named for this type of company. what they do is merky. insider trading rules are strict for the right reason. this is not breaking any laws but there's a middle ground which they fill and frankly i don't think it's ethical what they do. >> but if companies are committing fraud, if they are doing that -- >> someone should point it out. >> so a journalist should do it then without also making money out of the article that they publish. >> true. >> i don't think it's ethical what they do. >> but are journalists as invested as a company that is invested. >> no, but similarly it's absolutely right that none of us are invested in the market in direct stocks or anything like that because there would be a conflict of interest. they're not journalist, they're not held to ethical, rules of journalism to regulations and the like but they're making huge amounts of money for this so you can't applaud them for the work they're doing. you at best can sit on the side and say they're getting away with it. >> maybe this is a hole in the

market for a research firm to go in and investigate the books for companies that u.s. investors are investing in. >> well, in the case of valeant that's a good example and they didn't take the stake, did they? >> i don't know. but if they don't then that's a different case. >> so separate to china as well he's also arguing now that europe might be an opportunity to put some shorts on and he's arguing for one reason mainly and that's that we had cheap money and low rates for a long time and a lot of companies that shouldn't have been propped up and shouldn't have been surviving they have been because of that flow of money. look out for the smaller companies propped up by debt where it's unsustainable in the long-term. >> let's continue to talk about that easy money. it wasn't so easy yesterday was it? the additional monetary easing was unnecessary according to the ecb governing council member. he's saying new forecasts did

not raise concerns. joining us now on the phone is one of the so-called wise man and thank you for joining us. do you think we're overplaying the rift? >> thanks for inviting me to talk. i don't think you're overplaying it. the jered macgerman representatd concerns and was against the move and it's one person, one vote and there are many in country where is the situation is different so, you know, draghi could say i have a large majority for my position. >> so essentially whatever it takes or we will do what we must, that doesn't really hold true then, does it?

>> well, i think the whole case was being overplayed. the monetary policy is extremely easy even without this additional stimulus so i don't think it was necessary and oil prices are helping to boost growth and draghi says that so in retrospect i'm not surprised that the overexcited expectations of additional purchases, didn't come out true. they said we're going to go on longer and reinvest principle but they didn't increase the speed of the purchases. at least there you can see that the way the economy is going there was no case for major additional easing. i think they should talk about slowing down the sense of purchases. >> do you think there's a sense

of sour fwrgrapes? it appears that they were all powerful within europe's financial circles. in deed they did get their own way on greece but now with the central bank and monetary policy mr. draghi does tend to get his way. maybe he was a little bit muted yesterday compared to his ideal situation but do you think there's a sense that he is put out because he done control the situation in a way he once did? >> no, i don't think that's the right characterization. the influence has been much reduced ever since we created the european central bank so, you know, when first labor and after him it was clear they woen have the type of influence they had many years before and he is somebody that modestly but

consistently said in this forum it's possible to voice opposition publicly and i do it when i believe we should go in a different direction. comparing to greece and the government there's a different situation. kwour talki you're talking about the largest economy in the euro zone and they're guarenteeing a large part of that risk so of course they have a stronger voice. so these are two very different situations and the german government will continue to be powerful on those questions simply because the size is clearly reflected there. >> do you think that the connection or the link between the ecb is too close or do you think that it should be closer? >> well, i think the ecb is the big player here in frankfurt. in many ways whether it's research analysis, staff in terms of economies and of course influence. the decisions are made in the

ecb building. he is doing a good job of making himself seen in the public but certainly they could invest more in the research. >> thank you very much. >> and stay tuned because we will bring you an exclusive interview with ecb vice president later on this morning. that's happening in the next hour. don't want to miss it. >> now global cfos are staying cautiously optimistic on their outlook for global growth. as we head to break take a look at what some of the world's top financial heads are expecting for 2016. >> it is true that the monetary policy, all the things that have been done like the quantitative

easing have basically stepped on the gas. so this is what we see. it's progressive. >> as long as there's gdp growth there's traffic growth which is the driver. i guess also for the airline industry the more capacity they will need the more traffic there is so that's how we look at it. >> we are in a tough cycle for the entire industry currently. you can see that it's significantly underperforming. for us it's not a question of chasing rates. we need to resize the portfolio. >> i think consumers do feel a little bit more confident today than they did 12 months ago. they have a little bit more money in their wallets and purses to spend but more broadly with the global economy perhaps slowing down and the impact that would have on the market in particular i'm a little bit bearish about the speed of recovery. i think we will recover overtime.

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>> sorry i have the giggles. >> should i do it? >> yes, please. uber has raised about $2 billion in a new round of funding that could value the ride sharing service at north of $64 billion. reports say investors include

tiger global management uber to raise $12 billion in debt and equity raised $10 billion. coming up later today uber's chief advisor and former white house advisor? he will be on squawk box and that is at 14:40 cet. >> we got lou back now. >> sorry. well, you guys made me laugh during the break. >> we did not. >> and i can't keep it. >> he sold his car. that's all he using now. >> the valuation is 65 billion after this round of funding. >> what i find amazing about this is every time there's a new

round of fund-raising for uber we feel a bit astonished by the valuation and we make that debate between public and private markets and valuations and the information that the private investors are getting that we're not getting to see yet is blowout because each time they raise money they manage to convince very credible investors it's worth paying even more more and it's a case where you look at the other ones like for example clearly it's lower. >> but that story isn't completely overwhelming because they're facing competition. >> they're using money to pay discounts to new passengers so they're not unimpeded in their growth and we're seeing lift working together with two asian ride sharing companies. it's trying to break into some of the markets that uber wants

to be present in. india for example and china for example and the jury is still out as to who is winning over the emerging markets. >> they're expanding in more than 350 cities across the world. that's a big expansion. >> but the jury is still out as to whether these valuations will prove correct but what the jury is not out on is how convincing they are to these investors. >> that's true. >> the people seeing the detailed pitches and the numbers we tonight get to see they're overwhelmed by it and fund-raising for them is so, so easy. always higher valuations and always credible investors. >> the way to do it is once you have a company like this that's so successful then if you're smart you find ways to piggy back on to these companies so for example i think there's a ride sharing company called kangaroo for children that has the uber model but it's for children so the drivers have gone through child caring

classes or things like that and of course we had the helicopter uber. >> and just quickly as well so on twitter we have got some guesses for nfp between the three of us. >> or the helicopter. >> i feel so sorry for you. the drink you'll have to buy me, just get ready. >> what's your guess? >> you said 179. >> i'm saying 210. >> i went 178. i got to guess last so i went one under carolyn. those are on twitter. >> let's move on. saudi has appointed the vw ceo as it's chairman. they revealed the three liter v-6 diesel engine was fitted with rigging software. vw is willing to start selling it's assets should it be unable to repay a loan of up to $20

billion. they're set to fork out billions of euro zone fines, lawsuits and repairs after it emerged the rigged emissions tests. u.s. new registrations have fallen 20% on the year. >> well, honda and takata reached a settlement. it's been rejected by a u.s. judge as well. 1900 honda vehicles have been recalled since the scandal erupted in 2008. >> with the slow down in chinese growth sales in one of the largest car markets started to falter. eunice headed to find out how it's impacting china's dealerships. >> she's on the front line in the battle for car buyers. at her dealership the 25-year-old sales agent is under pressure to move 12 cars by the

end of the year. it's very difficult for us to sale cars. in the past customers would always come after us but now we have to chase the customers. she competes in the world's largest auto market. for years sales of sedans and suvs have grown in the double digits but so far this year new car sales are up 3.9% as the economy weakens. the manager says potential buyers here have turned price sensitive. >> it's common practice in the car market today to sell cars below cost because otherwise you won't sell anything at all, he says. on average, we're losing nearly $1,000 on each car we sell. the average discount is now around 10%. he says many are trying to boost after sales and other services to make up for the profit short

fall. >> we're driving along the famous car street. it's 3 kilometers long. people come here to get their cars fixed and serviced and buy new models and car streets like this one have been cropping up all over the country. normally they're bustling but this year business is way down. >> the government has cut taxes on certain models to boost demand. even so, she still worries she may not be able to meet her sales target. >> if i fail, i won't even get paid a penny for the whole month. the market is imposing huge pressure on our company and on us as well as the entire auto industry. cnbc. >> now a record week for lewis. the u.k. retailer said that black friday helped to push 188 million pounds through last week up by almost 5% in 2013. demand saw a significant jump

with sales growth of over 15% from the year before. >> retailers that embrace technology will do better this holiday season. that's according to a new report from sales force. the cloud computing company said consumer expectations for personalized shopping is at an all time high as customers are armed with information from their smartphones. joining us to discuss is the senior vice president at sales force. thank you for joining us. >> good morning. >> so this point about tech enabled shopping sites, it's not just online. you mean in store where people can interact while they're in the store with live information. >> absolutely and i think what we found really exciting about this was consumers are starting to say, not just want but expect that retailers are starting to blend the great value and experience we're getting online with what's happening in store. so we think that's where the industry is going. we're working with great companies like lewis and

disruptors and traditional retailers and we think that they need to merge the experience. we're getting great things online. >> you're trying to suggest online is an opportunity for even traditional forms of stores but overall online is a threat to them. is it not? >> i don't think so. i don't know the details on the announcement but when you go underneath that there was a lot of reports that black friday was not crowded or successful on the high street so i'm certain that lewis did well on both that was not strictly happen on high street. their online business is strong. >> do you think if consumers are using apps in store doesn't that lead to less impulse buying? because that's something we're seeing online as well. you won't have that person walking or browsing the store anymore and picking out different things.

>> i think you'll have a combination of things happening. imagine your online and 80% of consumers are now doing research and checking prices online before they go on to the high street you do that research online and walk into a store and you'll have a store associate come up to you. they'll say you didn't make a purchase. are you still interested in that? is that why you're here today? yes i am. let me take you over and show you that. we can get that item for you. >> but isn't that super irritati irritating? i have gone online and looked for whatever i need to buy, jeans or whatever and like six months later i'm still getting suggestions for jeans i was looking at half a year ago. >> well, i think that the mission is to create an optimal customer experience and what we have seen online is most consumers like that experience.

so i think what you'll see is retailers saying how can we create a richer experience in store that takes some of the great things from online without annoying our customers and overall the more that they do that and blend that experience you'll see more consumers saying i'm willing to have you know who i am when i walk in the store because you're not going to annoy me you're going to help me be more efficient. >> who is getting it right? >> we're working with lewis and aldo, the fashion footwear company. a lot of retailers have this vision and a lot are on this zwro journey and i think you'll see great things from those companies very soon. >> thank you for your time. senior vice president as sales force. >> right. more dynamic action from fifa as it tries to repair it's image. the acting president of the world football governing body has been captured apparently

falling asleep in his own news conference. he is currently steering the ship at fifa as authorities continue to make arrests in relation to a corruption scandal. and this is classic viewing. >> have to take this poor man's side. having been in the situation of falling asleep. >> hopefully not during the show. >> almost at one point. >> he is getting deep into his nap there. >> it takes over. you can't do anything. >> i have been to some of those conferences and they do drag on. >> maybe he's just jet lagged. >> we'll have a quick nap here for the next couple of minutes. we'll be bright when we come back in two minutes though.

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