>> hi, everybody good thursday morning. welcome to worldwide exchange. >> here are your headlines from around the world. >> ceo preparing to take the stage in a highly anticipated update on the emotions battled car makers emission scandal. >> digging deep. investors cheer a new debt reduction plan from glencore as they pledge to further cut capex poosting basic resources stocks across the board. >> rumor has it syngenta jumping at the open today on a report that chem china could be considering a multibillion

dollar bid for the swiss agri giant. >> u.s. futures point higher after a roller coaster session yesterday sending the s&p into negative territory for the year. >> we are waiting for a volkswagen press conference to begin. the car maker says it will bring us up to date on the diesel issue and reorganization of the group. it's due to start any minute now. we will bring you that live when it does start. the co-2 part of the emissions scandal now as bad as feared but it was a much smaller percentage. >> it involves 2 billion euros that they set aside just in case so maybe they won't need to tap those reserves. we should point out that vw shares we are rising today in german trade up sharply

following a surge. it's coming in better than expected than what they initially feared. >> exactly right. co-2 is coming in better and it will be interesting to get -- this is the first big press conference with the new ceo and the whole team lining up but we'll have a listen in now as the ceo begins to speak. >> it's good you're here. thank you for joining us here. >> two weeks ago we already announced when ever there's something that we think should be reported about we're going to get a short notice event. yesterday the supervisory board has met and we had also used the

opportunity to arrange for a meeting here today. what we're going to do at the moment will happen in blocks. first of all t chairman of the supervisory board will talk about the current state of play in terms of investigating the issues and then chairman of the board will talk about customer solutions but also will talk about the new orientation of the company. we have always said that we will be sharing with you information straight from the horse's mouth and this is how we're going to start. >> thank you and welcome ladies and gentlemen.

i'm sure i'm not giving away any secrets when i say that the past 2.5 months is something nobody has ever experienced at the volkswagen group. no one here could have imagined that our company, a company where so many give their best day after day and that is a source of pride to so many could end up in a situation like the one we have been experiencing since the end of september. we're not only deeply shocked but these events also put the group in a very difficult

situation. we would like to update you on where we stand with regards to overcoming this crisis, what steps we have already taken and how the volkswagen group is driving it's renewal forward. ladies and gentlemen, volkswagen relies on the trust of its customers. our customers not only expect to travel from a to b safely, comfortably and efficiently in one of our vehicles, they also quite rightly expect that the emissions produced by the vehicle on their journey do not exceed the thresholds set and we deeply regret this. i'm speaking also here on behalf of the entire company. as a result we have lost trust.

the trust of our customers, investors and employees as well as the trust of politicians and the public. our most important task and our biggest challenge now is to win back that trust that's why we must continue to act with credibility and determination so that we can deal rigorously with the mistakes of the mast and make sure that something like this never happens again we owe that to our customers. now given the circumstances that is not an easy task but we are optimistic we can make it with our team and in these efforts we

must safe guard the group's future success. on one hand financial terms because the fall out will probably be considerable and on the other we must systematically continue with the on going change process to prepare them for the upheaval faced by our industry. this such is certain. we are in the midst of one of the greatest tests in the history of the group. >> it will take an enormous effort to pass this test and we're all ready to play our part. it goes without saying that the supervisory board is supporting the board of management even more closely. the supervisory board has

undertaken many initiatives of its own in recent weeks to take the process of clarification and realignment within the volkswagen group swiftly forward. >> it will be more efficient, faster and more dynamic so that the group will be able to leverage it's enormous potential even more effectively. we have also speeded up staff reorganization in the group. without this realignment the changes we invision would not work properly. we have not only recruited new renowned experts from outside the company but also given some

of the best minds new responsibilities. there's six members in early 2015. that shows how thorough this new realignment is. in addition there are new top conditions. we'll give you it later on. now in particular we need support and good will from outside our company just as urgently as we need the commitment of all of those in a position of responsibility within the group. we are soliciting support where ever possible. >> so the chairman of the advisory board. we'll get back to that press conference. >> the last 2.5 points have been without president for

volkswagen. the company regrets it's action and they have lost the trust of the public and of politicians. they need to win that back and make sure that something like this never happens again. summing it up he says volkswagen is in the midst of one of the greatest tests of the history of the group and they're all ready to play their part going forward. not learning anything new at this stage. we'll hear from the ceo shortly. >> just to add that costs will be very significant according to the head of the supervisory board. let's talk about other car makers. chrysler paying $70 million in fines to resolve a u.s. probe over failures to disclose vehicle death and injury reports. reuters saying that the settlement will be announced by the national highway traffic safety administration later on today. auto makers are required to submit massive amounts of data about vehicle crashes, about deaths, lawsuits, warranty claims and also other information. fiat chrysler, we're seeing a

flat trading session today in line with what we're seeing across the rest. >> the fund that general motors set up to compensate victims of accidents involving ignition switches paid out $505 million and approved injury claims. in it's final injury report gm's costs now top $2 billion. gm created the fund last year under intense pressure for failing to disclose it was aware of ignition switch defects in older cars for nearly a decade. ford will update investors on future plans including developing alternative means of transportation and rethinking the vehicles it will build or sell over the next decade. after he talks to analysts and reporters he will be on closing bell on a first on cnbc interview at 4:45 p.m. eastern time. switching focus, glencore shares are trading higher after an optimistic update on its debt reduction plans. the company outlined a lower net

debt target of between 18 and $19 billion for the end of next year. along side this the mining and trading company also plans to cut capex for 2015 and 2016 as it grapples with the continued commodity route and shares performing well off the back of this. up some 14% now. we were up more like 9% an hour ago. clearly the market taking this well. the headline being on going plans to reduce debt and with that a bigger chance to hold on to its prized investment grade rating which if we think a couple of months ago seemed highly unlikely so they managed to turn things around relatively well. >> relatively well is a very good word. so yeah they're trying to hold on to that investment grade rate chg as you mentioned a few months ago they were pricing in a 50/50 chance of a default from fwlen core but is this any different than what we heard before? they're trying to get net debt down to 30 billion which is one of the highest in the industry and they're looking at sales. did they even mention an ipo of

one of their agricultural arms. >> absolutely right. they're likely to sell off that. agricultural seeing lots of m&a now. there's nothing transformational but the market is taking this well. glencore has shown the ability to reduce it's debt. it did manage to raise equity. we made that comparison earlier and i think it's got through the last couple of months even though we vn sehaven't seen comy routes pick up. they have a long way to go and this isn't going to be a bullish area for the short material but they have got through the worst of it it seems which a couple of months ago is not what people were expecting. >> i would say his credibility and probably glencore's credibility has been dented because earlier in the year he said regardless of where commodity prices are trading their trading arm will make 2.7 to $3.7 billion. they have reduced that now to 2.4.

i think probably on the high end of it so, you know, it's obvious that you can't really buy into all the confidence that glencore always has. >> the trading arm should still be able to from a lower basis it's the issues that we know that they did by becoming more asset heavy and come aing away m pure trading. >> commodities have been the story so far this week. we're looking at close to 6 year lows still for oil pricing. brent, you know, we were poised to crack below 40. we're looking at 40.32 at this point. wti crude, 32.40 is the new baseline. that was the bottom during the global financial crisis for west texas contracts. >> but with wti below 40 and staying there now it doesn't bode well for the outlook, 37.20 today for wti and in the face of

that, in the face of low oil prices chevron is cutting it's spending by 24%. this includes a sharp drop for new reserves which will fall for 3 billion to $1 billion. they're also slashing spending on u.s. production by 34%. the company says it's priorities include completing large developments such as natural gas products in australia and funding higher short-term projects and preserving longer term projects. share price action in german trade down .4%. conoco phillips will be updating it's own investors later today. >> one state in the u.s. that has kind of been reliant on energy has been alaska and now alaska's governor is proposing the first personal income tax in the oil dependent state in 35 years as he is trying to plug a multibillion budge deficit.

it also pays residents an annual dividend check from oil revenues. bill walker wants to generate cash to help finance state governments which would mean smaller checks for alaskans going forward. do you think it might be pointed at former alaskan governors? >> is this big news to reinstate this? >> think about how big the population is and how interesting and attractive alaska is for people to go to live. >> right. there we go. still to come on worldwide exchange, another suitor for syngenta. find out the details after this short break. the flu virus. it's a really big deal. and with fever, aches, and chills, mom knows it needs a big solution: an antiviral. don't kid around with the flu, call your doctor within the first 48 hours of symptoms

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the group lost the public's trust and expects very significant costs from the emissions scandal. an optimistic update on debt reduction plans and facebook is looking to take on linked in by offering users and new profile page for work purposes.

we saw the dow drop into lows and we're in negative territory for the year now. a little bit of a bounce today. the dow expected to open up by 40 points and the nasdaq likely to open up by around about 16 points. let's have a look at european trade. the ftse 100 despite glencore rising by 14% and taking with it the basic materials sector but the rest of the ftse 100 in the red. continental europe up fractionally. gains of 0.2% off the back of what has been a pretty soft week in the face of continued oil price weakness. now the swiss national bank chairman thomas jordan says another rate cut is not off the table. this after the central bank left rates on hold lifting the swiss frank to a one week high do stay

tuned because we have an interview coming up with the chairman thomas jordan. >> we'll check in on shares of syngenta now because they're jumping amid renewed speculation that the swiss agri chemical company is close to accepting a takeover offer. reportedly rejecting an offer just last month but the news website is now reporting that the chinese firm has come back with a revised $44 billion offer and a deal could be announced as soon as this friday. that's tomorrow. checking in we're seeing gains of close to 6% or so and, you know, this goes back to remember when monsanto tried to buy up syngenta for 46 billion. are they going to take a lower offer? interesting. let's tell you what's coming up on the program. we'll take a breather and we'll

be speaking to the global vice president of chinese electronics giant xiaomi about whether he is concerned about the smartphone market and whether or not china is slowing down.

>> increase competition and tighter margin in the smartphone business is forcing companies to look elsewhere and as part of

our tech transformer series, eunice yoon spoke to the vice president of xiaomi and asked him about what he sees as the next big thing. >> i would probably say our tv. our smart tv. so we started about two years ago building smart tvs. we shipped for example the world's first android smart tv with a 4k display and at the time it was a 48 inch tv. we're now at 60 inch and with every new tv model we launch we make it more beautiful and thinner and faster reusing some of the fastest smartphone chip sets in our tvs which no one does and the reason we do that is we want people to have games and have 60 frame per second performance. have the fastest graphics they can get and they won get on any other tv. so we're now quickly becoming one of the leading brands in

smart tvs here in china and also in the world even though we don sell our tv's outside of china, everybody wants a mi tv around the world. >> interesting to hear them suggest smart tvs could be the next step as well. the apple smart tv disappointed the market and that's the next big step. the next leap that one of these tech companies can make is the first-person to really change what's available to watch in terms of content and make it easier to digest. there's still too many different sources. in the way the smartphone is more efficient tvs aren't. >> i think it's a very expensive proposition. apple saying that it's really, you know, the margins are so slim because you had to pay the content provider so much of the revenue but xiaomi is getting into appliances and action cameras, you name it. but there are concerns about xiaomi itself and how they're

losing market share right now to china in a slowing market that's their own home grown one by the way. >> and that push into other tech spaces is an attempt to try to stop that market share. the issue that we discussed earlier is they do still rely on google. they rely on android operating system and that makes them and samsung and everybody else too similar in the eyes of the consumer. they might be cheaper than samsung. is it differential? >> i'm wonnering when they're going to ipo. they go back and forth every month. it's the most valuable private company in the world. if you're worth 50 billion, at one point maybe you need the cash. you need to hit up investors for it. we're going to go to break here. still to come, world leaders continuing to condemn donald trump's comments but will this mark the beginning of the end of the donl's presidential run? we'll be heading out to washington d.c. for the latest.

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investors cheer a new debt

reduction plan from glencore as they plan to further cut capex boosting resource stocks across the board. >> rumor has it syngenta jumping at the open on a report that kem china could be considering a multibillion dollar bid for the swiss agri giant. >> u.s. futures point higher after a roller coaster session sent the s&p in negative territory for the year. >> can you believe it's two weeks to go until christmas. >> which is more exciting? i actually think the federal reserve meeting. but it is. that's pretty exciting. particularly because you still have christmas to come after that. if it was the other way around it would be disappointing. save the best until last. short-term i look forward more to fed. >> okay. >> do you think janet yellen will dress up as santa claus for

the meeting? >> i don't want to picture that. that's not something i want in my head. >> i would hope mario draghi did but no such luck. >> the twinkle in your eyes when you talk about mario draghi. let's talk about u.s. futures. we have been seeing a lot of volatility lately. triple digit moves for the last seven trading sessions. the implied open is telling us we're higher than fair value. the s&p 500 called up by 4.3. we're gaining 32 points and the nasdaq pricing in advance of 14 points. close to 15 points. let's check in on the european session and right now european stocks down to two month lows. we have been lower six of the last seven for the euro stocks and the cac 40 on a five day losing streak so a bit of concern but a bit of reprieve on this thursday. would you say the fed meeting is more exciting than christmas?

>> i think it's been -- >> you're a u.s. equities specialist. >> it's been as discounted as much as christmas. it's in every newspaper you pick up now so hopefully it's done -- one and done and i think we can move on. >> that was the big lesson i suppose from the meeting last week was that a hugely crowded trade but is it as crowded on the dollar side of the bargain? or the fed ex peckation side? >> there's an 80% probability the futures are saying and the dollar is up 20% this year. it is one and done and then they'll give us hopefully fairly cautious commentary. >> when you say one and done, a lot of brokerages are saying it's one every quarter after the december one. is that in line with your cycle read? >> you have to bear in mind a lot of people this year were expecting interest rates to be

raised in september so there's a lot of optimism out there but given what the dollar has done and given the capacity excess is still in the system she's going to be cautious going forward. so i don't necessarily agree with that and that throws up very interesting dynamics about the dollar next year there's a consensus view that the dollar will be better next year. so the interest rate plot graph is going higher but i suspect it won't be as steep as that. >> is there a chance that janet yellen will have to hike rates and then backtrack at some point next year? do you think we hit 1% on interest rates before she might have to backtrack or not? >> it was interesting, i was reading this morning that the pmi, yellen has never raised interest rates when the pmi has gone below 50, in the last 50 years and it went below 50 just recently. so it's highly unlikely -- >> you can prolong it. keep delaying it.

it's been ten years since a hike from the federal reserve -- this is extraordinary. >> i think in the history of the federal reserves they have not waited to hike interest rates. >> absolutely. these are different times and therefore obviously different measures are needed but i think yes she is going to be data dependent going forward. >> top sector pick for 2016? >> we continue to like the health care sector but what worries me certainly as a broker is that all my inbound calls about health care stocks at the moment. it's one area we continue to like. i was reading a u.s. report. i was in australia last week so i can make some comments on the mining sector but i was reading a report saying the percentage of people over 60 are a total of 10% now today and by 2020 they're going to be 20% of the

world population and will drive huge health care needs. a lot of these stocks are overbought but we still like technology but you have to stop looking at the financials. >> thank you for joining us. >> hang on a second. you know, i was thinking about why wilf would think that the federal reserve is -- that meet as good more exciting than christmas, i'm questioning the quality of gifts that you get each an every year. >> i get wonderful gifts and the great thing is i know that will be boosted this year susan because of course you're going to get me a really nice gift, right? >> i'm thinking about it right now. >> she's just joking. >> i think i have the right person in mind to ask what you would actually want for christmas, i think. >> patrick we're going to have to leave it there. thank you for joining us and a very merry christmas to you. managing director and vice chairman of equities.

they issued a short-term spending bill to keep the u.s. operating until december 16th while they work on a longer material measure. they'll vote on friday. the same day the current spending bill expires. lawmakers are negotiating a more than $1.1 trillion bill to pay for government oppenheerations through to september. >> purity ri keys financial fate mixed with washington politics with democrats and republicans pushing competing bills to try to address the physical crisis. puerto rico nearly avoided default earlier this month but as the governor says the u.s. territory likely won't be making further bond payments. republican measures would allow them to try to restructure the debt somehow with only financial oversights from the federal government and that doesn't include bankruptcy provisions. >> let's get back out live where volkswagen is holding a press conference to bring us up to date on the emissions scandal.

the ceo has just begun speaking. >> the first priority on this list is to provide effective technical solutions for our customers and our customers also want to know how this came about. more particularly and rightly so they want us to put them as quickly as possible and i'll come back to that in a moment. they already talked at length about the second priority, establishing the truth and obviously it has very high importance for us and that's why we have done everything in our power to be sure that they could work as independently as possible and let me also add one more point, when in early november we uncovered plausibilities in co-2 data for some models that did not make any situation any easier the

fact that this was uncovered by our own investigations and we went public at a very early stage that also demonstrates that we are absolutely determined to engage in this process of clarification and transparency. we have assigned operational accountability to my colleague francisco javier garcia's sons so it's in very good hands indeed. at the same time we are documenting how important it sfr us that we make progress swiftly. points number three through five on my list of priorities all relate to the fundamental realignment of the group that we have already initiated but we're

also redefining our targets: these points also have a double message to them. we're doing everything we can to overcome the presentation. we will not allow this crisis to paralyze us. quite on the contrary, we're using it as a catalyst for change that volkswagen needs. >> for me it's not a declare ration for intent it is truly our agenda. it's our yardstick if you will. that holds true for volkswagen but this is also true for me

personally. he has already set out the details of putting our words into action i'd like to explain how we're working with the same intensity. >> the technical solution for our customers that are at the center of everything we do at volkswagen. for all the three european variance of the 189 engine we now have robust solutions and we have also received the all clear for all of these solutions by the federal motor transport authority that means we can make sure that all the models effected in europe will have one on both the test bid and real life living and of course they

naturally also come plien also it's financially manageable. may i also take a moment to thank our engineers that have literally been working day and night for weeks now and on behalf of the entire board of management i'd like to express our thanks of their work. owe only need a software update. a flow transformer will be fitted in front of what is called the mass mask sensor. this flow transformer improved the accuracy and optimizes the injection volume and that has a significant impact on the production of nitrogen oxides. >> the volkswagen ceo giving an

update. there's likely only a small number of employees overall involved and nothing truly ground breaking coming from that press conference. we'll bring you all the headlines as and when they continue to come. worldwide exchange is back in a couple of minutes. more of a look forward to the u.s. trading day coming up. looking for 24/7 digestive support?

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>> yesterday when the s&p fell into negative territory for the year. a six point positive open for the s&p. around 52 points for the dow and the nasdaq expected to open up around about 20 points. also a look in on european trade where the ftse 100 is in the red despite glencore taking the basic materials sector up with it and we have continental europe up to the tune of 0.4%. italy leading the charge. it's up 0.45. let's have a look at fx rates as well. the euro slipping .75%.

quite a volatile month. sterling flat on the day ahead of the bank of england decision that comes in 15 minutes and let's also have a look now at the commodity market. oil prices remaining low. wti been below 40 for a few trading sessions now. it's up a little bit more today. 37.1. ge has told cnbc it's declining comment on reports that the company is in talks to buy halliburton drilling assets. separately ge says it's completed more than $100 billion in asset sales from ge capital. the company is targeting $200 billion and assigned deals to get rid of assets worth $149 billion. ge expects it by the end of the first quarter. let's look at price action. that's the swiss franc which is down a little bit. swiss national bank kept rates on hold sending the swiss franc

to a one week low. 108.22. it's off 15 basis points. let's get out to carolyn live with more for us. >> just a few minutes ago guilty or innocent the chance to speak with the chairman of the snb and i asked him why the snb kept policy unchanged. >> we have an unchanged outlook for inflation. roughly unchanged outlook for the business cycle. interest rate differential that is more or less unchanged so it decided to leave monetary policy unchanged it's already quite expansionary. >> you must have felt a certain sense of relief. are you going to be sending a christmas card to mr. draghi. >> we have a very good relationship with our colleagues at the european central bank. i cannot comment on their decision. we look at the impact on the swiss economy and inflation forecast and business outlook

and then we take our decision. >> have you discussed during your meeting the outlook for further negative rates? currently negative 0.75%. is there scope for more cutting? >> i cannot comment on the discussions that we have at the board but what is clear is that we still have room to lose monetary policy if necessary and we'll consider all consequences if that would be necessary. >> do negative interest rates actually work? have you seen the desired effects? >> they work well in switzerland so it was possible to increase the differential between swiss rates and foreign rates and that already had a positive impact on the exchange rate of course. >> you said this morning that the swiss franc is still highly valued. is it overvalued by 10 or 20%? do you have a fair value in mind where you want to see the euro-swiss exchange rate? >> we do not express ourself about a certain specific level of price but what i can say is

its clearly and significantly overvalued. >> let's talk about the growth outlook for switzerland because at the start of the year after the shock removal of the minimum exchange rate a lot of people expected a recession to hit switzerland. you're expecting growth of below 1%. are you surprised by how robust the swiss economy has been? >> that was always our forecast. this is much below the 2% we forecasted in december 2014 but it's not collapse. it was the stagnation the first half of 2015. >> negative 1.4% is the inflation rate we saw last month. how worried are you about a deflationary spiral? >> the negative inflation is not optimal. we would prefer having a situation with positive inflation rates. but given the situation you're in negative inflation is part of

the adjustment process so half of the negative inflation is due to the oil price and the other part is due to the appreciation of the swiss frank. >> how does an economy like switzerland deal with the d monetary policy we're seeing? ecb on one hand? the fed on the other hand? how difficult does it make your job. >> it creates a complex environment. especially if you have big swings in the exchange rate between the most important currencies and that usually also has an impact on the exchange rate of the swiss franc. so we have to trust monetary policy. >> that was the chairman of the swiss national bank speaking to me first a few minutes ago so no big shock from the s&p this time around. remember back in january they massively shocked the markets by removing the cap on the swiss franc. since then it has still risen some 10% for the euro so it's

still too highly valued. how are they going to fight that? over the next year or so many economists still expect the snb to lower the deposit rate to continue to intervene in the market and of course to continue to use verbal intervention. back over to you, susan. >> thank you so much. good thursday morning folks. let's quickly get you updated. here's the headlines today. volkswagen ceo will not let at the missions crisis paralyze the company. glencore shares are jumping thanks to an update on debt reduction plans and facebook is looking to take on linked in by offering users a new profile page for work purposes.

victoria stilwell, you appear on tv working with canines. are you a dog lover, watson? i do not own a dog. but i work with veterinarians. how do you do that? i help them analyse over one hundred thousand pages of medical studies. that's great... 'cause they can't exactly tell us what's wrong with them. isn't that right, rosco? rosco. who is a good boy? who is a good boy? you are. yes, you are. watson, i think you need to work on your dog voice. >> facebook at work, the professional version of the social network is set to launch

in the coming months. a spokesman says the new service is good toward collaboration in the work place. it looks just like your personal facebook page with a news feed, likes and a chat function and users will have special profiles separate from their existing ones. they will be open to all companies and facebook plans to charge a few dollars a month per users such as analytics and customer support. >> it's like a book version of linkedin. >> exactly right. so we understand. >> let's have a walmart then because wm jumping into the crowded, here's another crowded sector, mobile payments and it's launching it's own system later on today called walmart pay in select stores close to its headquaters in the state of arkansas. a full u.s. roll out is expected in the first half of next year and works with ios, also an droi devices through the walmart app. it can also handle any major credit, debit, prepaid and gift card. customers can scan a code after

they pay. a reseat is th a reciept is sent by the app. >> ftse 100 down by a quarter of a percent. u.s. futures. >> let's check in on u.s. futures. we're above fair value at this point. seven straight sessions of triple digit moves. we were up 200 points yesterday and then slipping throughout the day closing down 75 points. so right now we're called higher by 43 at the open t. nasdaq called up by 17 and the s&p higher by 5.5 points. >> that's it for today's show. thank you for watching. i'm wilfred frost. >> i'm susan li. u.s. squawk box and a lovely view of new york coming your way after this.

good morning, futures are a little higher right now but the start hasn't matched up to the finish lately. the commodity crush sending stocks lower. and the on going slump in oil forces one of the biggest energy companies to make drastic cuts to its 2016 budge. and the unstoppable donald trump. his controversial comments about muslims not hurting him in the polls but this eagle next to the candidate turns out to be one a angry bird. it's thursday, december 10th, 2015 and squawk box begins right

now. >> live from new york where business never sleeps this is squawk box. >> becky and andrew are out today. let's get to the markets as we're less than a week away from the big fed decision. the u.s. futures are in positive territory. right now the dow would open higher by 40 points and the nasdaq by nearly 17.5. european markets also in positive territory for this hour. germany and france and italy are all higher and a far more indecisive one over there. those are up 10% after the company increased it's debt reduction targets and announced more cuts in capital