here are your headlines from around the world. this just in, the iea says the saudi lead strategy could pay off but warns iranian oil production is an unknown risk. basic resources drag again. >> negotiations set to go over

into the weekend. this as president xi brings president obama in order to try to get they gaucnegotiations ba track again. and fosun chairman goes missing. welcome to the show. we have got the iea's world energy outlook breaking and hitting the wires at the moment. as we said on the supply front they said the evidence that the saudi-led strategy is starting to work. they're taking a toll on non-opec supply with annual growth shrinking in november however they do say that they see iranian oils ramping up and that is the big unknown for next year. on the demand side, they're

saying that lower oil prices have driven demand growth to a five year high as motorists fill up their tanks. however that is likely to have peaked in the third quarter saying consumption is now going to be on the wane and in 2016 we might see demand starting to slide a little bit. oil price versus been soft this week. one of the reasons why equity markets have been soft as well. wti below the 40 mark and comfortably below that, maintaining that position for five trading days now. 36.62 for wti. brent 39.5. it's looking soft below 40 for wti. quite an important barrier that we crossed a few trading days ago. >> i had a chance to look at the detail in it as well. i see a lot of bad things but

that's the other point. we heard all of this earlier this week and heard it several times as well. you're talking about the supply side and that's important and i think the fact that demand growth is seen slowing in 2016 that's very interesting. it's something i'm beginning to hear more regularly as well. demand growth was in 2015 about 1.8 million barrels a day. demand growth in 2016 seeing only 1.2 million barrels a day so the demand growth is tailing off and coming from china and emerging markets as well. so despite the fact that we're up $35 barrel and below $39 barrel in wti and demand growth is slowing and you'll still have the oversupply in 2016 so it's a

worry. it's continuing to swell and that's a very interesting point and also important for cop-21 as well. there will not be a carbon price in this agreement as well. that will be tough to compete on a purely economic basis. i'm waiting for my guest to come but i'll hand back to you guys. and i'll just tell you that lord nick stern is going to join us in a couple of seconds time. he's behind the stern review which is the 2006, 700 page report for the government and

how it could effect the global economy from now going forward. we'll come back to that in a couple of minutes. back to you. >> we look forward to that interview. jim, oil prices have been weak for a long time, particularly in the last week or so. do you think equities are due a slip in reaction this week? >> good to be with you. thanks for having me on. i think that what's going on with commodities is when oil prices and metal prices go down there are enough people who are on the other side of the trade that there's a squeeze on liquidity for demand from collateral and that's what is really causing the positive correlation between commodities and equities. there's no fundamental reason for that and if you're a fundamental investor that is an

opportunity. because if equities go down with commodity prices there's no real fundamental r fundamental reason that that should be the case. so i think fundamental investors, longer term investors can take advantage of that irrational move in markets. >> what about special cases? the likes of brazil, petrobras such an important part for them. could things go so far that we start to see those companies and governments brought down because of this commodity weakness? >> absolutely. i should have qualified my earlier comment by saying lower commodity price is the good news unless you have oil wells and mines and of course brazil has both of those and that's very bad news for companies like petrobras. we have seen scares around glencore so in both oil and metal there's either the likelihood of further credit

issues. the default rate in bonds has gone up. the high yield market is in a mess at the moment. that's an opportunity though because it's very isolated to the commodity sector and that's where the problems are. >> more from jim coming up. let's get back out to cop-21 where steve is standing by with his guest. >> lord nick stern joins us. let's start off on then and now. whether things have gotten much worse or better. >> some things transpire differently. technology improved faster than we thought then. ten years ago the cost of a solar panel is 90% down.

divided by 10. i don't think we expected that. technology has moved faster than we thought. on the other hand the science is still more worrying than ten years ago so i think the statement that i made that the cost of inaction are much bigger than the cost of action is still stronger now because the cost of inaction from the science look to have gone up but the cost of action with the great changes in technology look to have gone down. >> in terms of the numbers it was like 5% a year costing global gdp is the price of inaction as well as what you said in the review. is it still the same kind of numbers? >> that was a figure averaged over a period of time. averaged over countries and averaged over possible outcomes but i also said it could be more than 5% and i think it's a lot more. >> in terms of what's going on here, i got the impression just listening to you speaking earlier that you were quite

encouraged by things but there's a lot of issues, such as carbon neutrality, 1.5 degrees rather than 2 degrees. dynamic issues. there's a lot of massive issues still out there, aren't there? >> well, there's a great move to resolve those issues and they have come down. if you measure in terms of brackets and text, it's unagreed text. in the two days we had up to last night when the latest version came down we went from 350 brackets down to about 50. so we're moving toward agreement here. i think the text is good. it's not the final text. but it does have as far below 2 degrees that we can and the statement that 1.5 degrees is the kind of objective that would be good. it does have that language. that's good and it's there for a

reason. there's a difference between what developed countries do and what developing countries do and those are are important too but i do think that we're close to an agreement. a very good chance we'll get there and the text at the moment is quite strong and transitions the low carbon economy is where we're going. it's very attractive. it's the growth story.

if we don't get enough investment in hydrocarbons we could see enough horrific problems in the next couple of years, couldn't we? and replacing colby gas as a bridge and renewable and other low carbon future is something likely to happen. carbon capture and storage is something where we need research and development and demonstration. >> british government just cut that. cut support for it. >> they cut support for it in a particular root and they're still working with india for example and i hope that's something that the british government will continue to support. this is a big challenge. we have to go at it in anyway we

can. you don't know for sure exactly what's going to do better. you should diversify and look at everything. energy efficiency is going to play a big role and i believe the u.k. government will be looking at different ways. i hope so. not only in the u.k. but around the world. >> nice to see you. thank you for your time. it was only 700 pages. >> 690 something. >> i bit like reading a few cop texts. >> absolutely rivoting. >> is it shorter than the ar-5. >> lord nick stern. back to you guys. >> thank you very much. we're just going to have a quick look at the squawk box poll of whether you should be staying in paris or coming home.

>> bring him home. >> the latest 65%, leave steve in paris. >> i voted ten times so. >> well, i was the other vote for bring steve home. republican presidential front runner donald trump called scotland's nicholas sturgeon ungrateful as he was stripped of his scottish business ambassador role. he said the u.k. politician should be thanking him and not panderring to political correctness. he was removed following his comments on banning muslims from entering the u.s. quick comment from you as a scottish man. correct response from the scottish people? >> that's an understandable response. i don't think they'll have to

worry about dealing with president trump because i doubt he'll be elected but you never know and from a market and business point of view the market hasn't been taking it seriously yet. when we get to the process it will start having an impact on the market and i think that the key issue here is who are the candidates in the election. if it's hilary versus rubio they wobt mind as much. >> the latter option, is that likely? >> i think that that's potentially right. it could be clinton trump, it could be clinton carson. the republican field is wide open. if hilary doesn't blow up, though, she will be the candida candidate. they're extreme individuals.

rub b rubio is conservative himself. >> i think the extreme candidates do because carbon and trump can mobilize the republican base, however in a general election there is very little cross over appeal. i can't see many ethnic minorities voting for donald trump so i think that would mean a much easier route for hilary to the presidency. odds on it will be hillary clinton as president but there are still some questions around it because a lot of events can happen. >> we haven't got on to markets specifically. time for one more. fed next week, you're expecting a rate hike. is there enough inflation for that to be the case?

>> the world has too much deflationary conditions going on. we, in fact, have a very benign environment where you could get 2 or 2.5% growth in the u.s. with no inflation and that would be very good for prosperity. i think the idea that we need inflation to justify a rate rise, i think you can have very low inflation, perhaps zero and a normalization of monetary policy, which might mean a short rate of 1, 1.5% in a year or two time. if that's the case that could be a pretty healthy economy. i'm both expecting and hoping for a modest rise in the feds fund rate last week. >> great stuff. we have to leave it there. thank you for joining us and have a lovely christmas. >> still to come, one of china's richest men goes missing. we bring you more on that story after the short break.

it's the business of wind. the business of sunlight. it's the business of making energy cleaner, smarter and more efficient. we have committed our people and capital, bringing higher finance to lower carbon. why? because it's not just about climate change. it's a change in the business climate that is creating a better environment for everyone. bank of america merrill lynch. named the most innovative investment bank for climate change and sustainability.

the market.redict but through good times and bad... ...at t. rowe price... ...we've helped our investors stay confident for over 75 years. call us or your advisor. t. rowe price. invest with confidence.

welcome back. let's look at european trade. it's been a soft week because of the factor at the top of the

show. weak oil prices. wti well below 40 now. around 36 or 37. that weighed on the market for the best part of three or four trading sessions. it's the same today. we're down by about 0.7% for france and germany. the ftse 100 down about .5%. let's look in at the commodity names themselves. investors still not liking that space and they're one in the news today. it's latest rights issue was undersubscribed. 71% of the sales were taken up and there's a shoe of announcements with capex reductions and job cuts. other names, angelo america down 2%.

the pboc said it's at the weakest level since august 2011. let's check in on the wider trade in asia. sri is there for us now. >> hi, wilf. we're running off the week on a losing streak as you can see here and it's really being dogged by the collapse on the oil side and also depreciation pressure in the chinese yuan and i think the move here is very, very nervous. we're down to the wire in terms of the fed and we're still trying to price it in and it has been well telegraphed but all comes down to the u.s. dollar. slightly firmer u.s. dollar and weaker japanese currency so that helped the japanese equities market elsewhere we are seeing weakness and nervousness ahead

of the fed and also ahead of the china data dump that comes tomorrow so yet another event risk that the markets have to contend with. i think there's a lot of jitters in the market now. as we head closer to the fomc and the big question is asia. especially at the emerging market end of the spectrum. ready for it. it has been priced in for a large degree which way does it go. as we stand, back to you. >> a pleasure as always. thank you for that. right trading was halted in a number of companies as the chairman of the chinese investment group has gone missing. the financial magazine reported that he was seen being taken

away by police at shanghai airport yesterday. it's unclear if he is under investigation or possibly assisting an investigation. he is one of china's richest men and is described as the country's warren puff gbuffet. for the latest, visit cnbc.com. now divergence, one of the biggest issues for the swiss national bank head said the difference was creating huge challenges for small economies like switzerland. this after he kept rates on hold that pledge to intervene again in order to weaken the franc. the currency causing major headaches. many of whom are living in some of the most expensive cities in the world. they now take the top four spots in the eca international list of pricey places to live. let's get out to carolyn. she is live for us.

>> pretty expensive out there. >> it is but it's always been a very, very expensive city but after the shock removal of the swiss franc cap in january 2015 we saw that prices have risen more in relative terms it's dropped 10% so far this year. a lot more headaches and they come out with a similar study every year and confirm that it's the most expensive city to live in. you need around 3,600 swiss francs to get by every month. that's roughly 2400 pounds. so that's quite a lot of money but at the same time and i think this is very significant ubs points out that the nominal or relative wages are also the highest in the world. to some extent they're

compensated by what they're earning. how difficult is the rise of the swiss franc really for the people living in switzerland. >> i am living in an economic way myself. life is expensive in switzerland for sure. and and i am aware of that so i'm always living in an economic way. >> we are healthy and i think it would be a kind of ignoring the really poor countries if we say we have less wealth here in switzerland. that would be ignoring the really poor countries because we still living a good life here. >> i don't think that it was corre correctly seen in switzerland. we saw it in the economy. the smi was going down and with

the swiss franc was strong and all of these are difficult to work with germany or france. but for the swiss economy it's marginal and difficult to work with a company outside of switzerland. >> there's less people than two years ago. on friday at 5:00 there were so many people and now there's so less people than two years ago. >> and wilf, it's obviously the big companies out there. the smi companies and the ubss of this world that find it a lot easier to offset the effect of the strong swiss because they're so very well diverse identified but many of the small companies and many in the manufacturing sector they're really feeling

the pain and there have been plenty of job losses this year. but before i hand it back to you, i have a couple of coins left. you can have cheese or chocolate. i don't think it's going to be enough for that swiss watch that you always wanted. >> top of the list would be the watch but definitely chocolate over cheese. is swiss cheese a thing? it's more swiss chocolate. >> of course it's a thing. it's a big, big thing. it's a big thing. >> i just like the cheese they put on top of the mcdonald's hamburger. i don't know where that comes from. but i'll take a double order of chocolates please, thank you very much. >> all right. >> we'll be back out with carolin again later in the show. still to come on worldwide exchange. taking it up a gear, find out why ford is looking to stay current by setting it's sights on the electric car market. that story coming up next on worldwide exchange.

ashley bryant, you are a teacher of small children. that's right. i have read it is the hardest job in the world. that's why i'm here. can you... i can offer advice from the accumulated knowledge of other educators... that's wonderful but... i can tailor a curriculum for each student by cross-referencing aptitude, development, geography... sorry to interrupt. but i just have one question: how do i keep them quiet? (pause) watson? there is no known solution.

>> china's president calls u.s. president obama to reach a deal. and the chairman of fosun goes missing halting the trade of five companies held by the investment firm. let's have a look at european markets which are in the red rounding off a pretty soft week for european equity trade. as you can see we're down about .5% for the ftse 100. continental europe down from that. about 7% for the german market. the euro had a pretty extraordinary month just below 110. it then came down to 105 and it's now back at 10961 of course after that ecb meeting last week failed to surprise investors

quick look at bonds where we're looking at the u.s. ten year at 2.21%. it is anchored by the yields around it. 0.56%. already a big yield pick up for the u.s. yield compared to that let's have a quick look at commodities. very weak with wti at 36.6 and brent 39.6. let's have a look at some flashes coming from the ecb he says he is not focused on the fed and what it's doichk with it's policy but it does need to be taken into account. he says weak global inflation is

a risk but the risk of deflation is now off the table. those are the latest flashes coming out of the ecb. let's have a look at the euros. you can see 10959. it's up .16% today. but more significant rises last week, late last week, thursday in particular. let's get back to oil which i just mentioned of course has been pretty weak with wti firmly below 40 and has been for five or six trading sessions now. joining me to discuss oil further is the oil analyst at barclays. good morning to you. thank you for joining us. >> good morning. >> let's talk about wti below 40. is that an important level we have broken below? and where might we find resistance next? >> momentum is certainly going in terms of the down side now triggered by the opec meeting and even when we saw the data this week, even though it was a relatively strong set of stats that surprised the market we did see the rally and then we saw it

get, you know, being sold off again which just means that the market is still, the sentiment is still very much focused and geared toward the down side. but that said in terms of fundamentals though, relative to where we were before the opec meeting and where we are now, things haven't deteriorated that much. if you look at supply, it looks like the markets focussing a lot more on the statement opec has made or rather signalled in terms of the ceiling. they are near the upper bounds. it doesn't look like they will produce much more. >> what about iran? could iran surprise next year? >> iran, we have 600,000, roughly between 400 and 600,000 next year but our point is this, we see iran being accommodated within opec because of the decline rates we have seen in countri

countries. so three quarters can be increment so it's not that large of a problsupply source that we to deal with. non-opec supplies are scheduled to fall quite sharply as well so things may not be as bad next year at least as the market is expecting. >> what about demand? because for most of this year despite excess supply being in place, people have been saying demand is picking up making the most of low prices. will that continue to next year? >> so we have grown by, as you said, very strongly, 1.8, $1.9 million tracking so far. there are some sources of weakness, such as diesel demand, et cetera, but we're still expecting more than a million dollars a day of growth already on a high base so since opec made the decision in november 2014, we going to be adding more than 2.8 million barrels a day to global demand and the supply

side adjustments are very much there in the pipeline and if anything with these current prices the stress is just building for a sharper catalyst. >> so your price forecast for next year is what? >> brent trading between 50 and $60 barrel. >> thank you very much for joining us. great to see you as ever. oil analyst at barclays. now the largest u.s. independent oil company is taking drastic measures slashing spending and selling assets as it contends with the route in crude. >> the 2016 capex budget is $17.7 billion. that's down 25% from an expected 10.2 billion this year but keep in mind the oil major already slashed investment every quarter so far this year. from an original forecast of $13.5 billion and that of course as energy prices stay low.

so the projection is also 55% below 2014. operating costs falling to $7.7 billion as well but production is expected to grow modestly. 1 to 3% and that as several major projects come online next year. selling non-core assets and expects 1 to $2 billion in sales come 2017 and on an investment call other executives spending a lot of time assuring analysts that it will and can maintain the dividend which is the company's top priority. also noting that the lower energy prices stay for longer the more rapid the up cycle will be but that the company needs to start preparing for the next downturn after that as well. so all of this on the heels of chevron also announcing that it too will slash it's capital budget 24% next year to $26 billion. we saw shares of both of these giants trading higher. back to you. >> the economic fall out

continues from south african president jacob zuma's decision to sack his finance minister. shares remain under pressure on increasing uncertainty after he was relieved from office less than two years into his position. the rand has hit new lows against both the dollar and sterling. you can see the rand at 15.56 today. reno will hold a board meeting this morning in an attempt to help resolve a power struggle over the influence of the french government. let's get to stefan live in paris with more for us. >> just ahead of this meeting they're reportedly close to a deal with the french government. a deal that would see a restriction of the voting rights from the french state and also could include the review, the master agreement set in 2002 for the alliance between them, according to a source close to this alliance they'll keep the

right in the french car maker but only for everything else it would reduce it's voting rights to 17 to 20%. the deal also could rebalance the alliance between the two car makers. it was put in place when nissan wasn't profitable but since then the company became profitable and it makes two third of the car produced by the alliance. nissan has a 15% stake but has no voting rights because of a french low on holdings. we might have an announcement early in the afternoon. >> thank you very much for that. now, ford plans to invest $4.5 billion more in electric and hybrid vehicles by 2020.

the auto maker will add 13 new hybrid or electric models to its line-up. the ceo says the company will launch a new version of the electric ford focus late next year that has a 100 mile range you can recharge in 30 minutes share price action up 1.2% in german trade today. ford also has plans to develop it's own ride sharing service. it will use a fleet of ford transit vans that employees can hail to get around the auto makers campus in michigan. ford says it's intent is to create commercial service and not just sell vehicles for uber and lift. >> business groups criticized the government for delaying the heathrow runway decision until next summer. they wanted the government to

push ahead for the runway. supporters of the delay say it will give the government more time to think over the plan and analyze it's environmental impact. honda's first aircraft won itself a tight certificate allowing it to get airborne within days. phil has been on board and sends this report. >> it's not a big business jet but it is a big step for honda. this is the honda jet. an entry level jet that carries six passengers and sells for $4.5 million. many have been ordered by business owners. >> generally small to medium business and several themselves.

>> 1700 workers are part of the growing footprint in the u.s. it's expanded into motorcycles, financial services and other products like lawn moors and generators but can the japanese auto giant soar selling planes? experts say it will be tough because the honda jet is just one model going up against a number of jets being offered. >> they'll have to spend a lot more money and come up with more new products against two very tough come petsors in the most price competitive part of the market. >> the biz jet business is not only highly competitive it's also volatile. backed sales are still recovering after the recession when scores of people and companies sold their planes but honda aviation ceo believes his company can fly successfully in

a turbulent industry. >> this market is more long-term. i have very good confidence to expand market. >> it's definitely not your father's civic or accord but soon this may be what people think of when they hear the name honda. for cnbc business news. >> hover boards may be on a lot of people's christmas lists but don't take them to the airport. the top three u.s. airlines are banning the two wheeled devices that are also known as self-balancing scooters they're looking into at least ten reports in the u.s. earlier this year they warned it was illegal to ride them on public streets and sidewalks. still to come here, we speak to a company delivering festive

cheer straight to your front door. more after this short break. [sfx: bell] [burke] it's easy to buy insurance and forget about it. but the more you learn about your coverage, the more gaps you may find. [burke] like how you thought you were covered for this... [man] it's a profound statement. [burke] but you're not even covered for this... [man] it's a profound statement. [burke] or how you may be covered for this... [burke] but not for something like this... [burke] talk to farmers and see what gaps could be hiding in your coverage. [sfx: yeti noise] ♪ we are farmers bum - pa - dum, bum - bum - bum - bum ♪

>> twitter is launching a new way to reach it's users. they will test the method of showing adverts to people without logging in. the feature will be piloted in the u.s., the u.k., japan and australia. shares jumped in the session and rose nearly 2% in extended trading as you can see up 1.93% after hours. s&p is cutting yum brands rating by three notches firmly into junk territory. the move comes after the fast food giant announced plans to return $6.2 billion to shareholders ahead of the spin off in china operations. it's a major shift in financial policy which raises risks of the company being more highly levera leveraged. share price action up almost 2%. the yum brands ceo will be on

squawk box for an exclusive interview at 1400 cet it's the ninth straight quarter they topped company estimates. more than half of the customers are buying the highest priced products. shares rising more than 5% after hours. a similar move in german trade. 2015 has been a stellar year with deal volume rising nearly 20%. chinese investment in europe provided a boost to the numbers with with over 60 deals coming from the country. emerging market says the key drivers will persist in 2016 and see a steady pipeline for the year ahead. obviously it's been a big year for m&a. how significant has it been? >> we have seen a huge increase

over the last three quarters in particular and that's never happened before. we had a lot of anticipation about the increase in interest rates as well but it doesn't seem to be putting anyone off. >> if we look at europe in particular it's really the u.k. that held up that average. >> yes. u.k. and ireland and significantly a lot of that is coming from the u.s. as well. u.k. had strong industries. a lot of industries increasing. >> what's the driver behind that? >> well, when we put the u.k. in europe it's very, very strong and it's obviously also off of the mainland. it's not effected by the euro zone crisis. >> what can we expect from next year? has it been a last desperate attempt to make the most of low interest rates and might that drop off quickly next year? >> there has been an element of that so far and leading into

december we've seen the last few weeks have seen a slow down. it may be that the interest rates will be increasing but you also might have another camp where companies are waiting for those to increase and they'll have a little bit more confidence about that. >> and in the last week or so we heard possible news of dupont and dow and would be a very big merger around 100 billion. is that likely to go through and would it lead to further deals in that sector? >> i can't comment on whether it would go through or not but the industrial sector has been strong this year and it's one of the top sectors for next year as well. >> and other sectors that you think might see m&a action. >> still pharma. a lot of deals in the large transaction in that industry we've seen this year and tech and financial services. >> and finally we had a heightened threat of terrorism in recent weeks and months. is that something that plays into the m&a market or it's not

really relevant. >> it's not something we have seen so far but it all comes down to the confidence. >> thank you for joining us. now collectors aren't tapping the breaks in the auction world. a 1956 ferrari which was built for formula one racing legend sold for $28 million on thursday. that makes it one of the most valuable cars to come to auction. a 1963 porsc he recollects owned by singer janice joplin went for $1.76 million. the car has been on the display at the rock and roll hall in cleveland for the past 20 years. >> now a rare baseball card hits a home run at auction.

this 1952 rookie card sold for more than 500,000 dollars on thursday to an anonymous bidder. that's a record for a rookie card. it was part of a 400 card set. tops distributed that year but it was a so-called high number card that didn't reach the supply chain until after the 1952 season so there's just a few that actually reach stores and the rest were destroyed. >> now these are not the auction prizes you were looking for. southerby's is looking to jump on the excitement surrounding the new star wars movie. today the auction house is selling off 175 lots of memorabilia from a collector. a luke skywalker figure could fetch up to $18,000. a cardboard store display from 1977 is expected to go for up to $9,000. the december divergence in monetary policy keeps investors

on their toes. it switches to the fed and whether janet yellen will preside over the last decade. he gave his view on the central bank. >> that's a great question. how do markets react to great divergence given that central banks are no longer on the same side? the fed is going to be easing it's foot off the stimulus accelerator. they're going to be pressing harder on the stimulus and since nothing else is adjusting in the policy world the currency market will carry the burden and that's going to translate into higher volatility and more tactical volatility for investors. the difference between u.s. and european monetary policy was creating huge challenges for small economies like

switzerland. this after he kept rates on hold but pledge to intervene again as necessary in order to weaken the franc. >> roughly 1%, well, this is much below the 2% we forecasted in december 2014 but it's not the collapse. it was the stagnation the first half of 2015 and we believe we can achieve roughly 1%. >> that's the inflation rate we saw last month. how worried are you about a deflation nary spiral? >> the negative inflation is not optimal. so we would refer having a situation as positive inflation rates but given the situation you're in it's part of the adjustment process. so part of it is due to the oil price and the other due to the depreciation of the swiss franc. >> how does a small open economy deal with the monetary policy that we're seeing?

ecb on the one hand, the fed on the other hand. how difficult does it make your job? >> well, it creates a complex environment. especially if you have big swings in the exchange rate between the most important currencies and that has an impact on the exchange rate of the swiss franc. so we have to adjust monetary policy. >> what are the biggest risks facing the global economy but also the safe haven status of the swiss franc? is it china? further geo political risks? >> well for us it's important. they could have an impact with growth in europe and the u.s. with respect to the safe haven this is less the question about global gross but rather a specific event that something

happens and has the inflows into switzerland as a consequence. >> before we go to break let's wrap up how the markets are standing at the moment starting with commodities. another weak day for oil prices. 36.6. brent just below 40 now. 39.5. it's down 0.6% today a quick look at european markets and part of the reason for that has been the oil price weaken in volatility and we're ending the week as has been the case for most of it. we're down about .5% for the ftse and the dax down 0.6%. what does this mean for u.s. futures? we're expecting a mixed open with the nasdaq called to open slightly up. s&p and dow expected down a little bit. the dow expected to open down by 12 points. s&p down by 1.4. yesterday u.s. markets broke their three day losing streak but they closed off their highs

for the session. still to come, u. s. lawmakers are looking to buy extra time on a long-term spending bill. we'll have all the details of that of the short break. 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. when the flu hits, it's a the aches. the chills. the fever. an even bigger deal? everything you miss out on... family pizza night. the big game. or date night. why lose out to the flu any longer than you have to? prescription tamiflu can help you get better 1.3 days faster. that's 30% sooner. call your doctor right away. and attack the flu virus at its source with prescription tamiflu. tamiflu is fda approved to treat the flu in people 2 weeks and older whose flu symptoms started within the last two days.

before taking tamiflu tell your doctor if you're pregnant, nursing have serious health conditions, or take other medicines. if you develop an allergic reaction, a severe rash, or signs of unusual behavior, stop taking tamiflu and call your doctor immediately. children and adolescents in particular may be at an increased risk of seizures, confusion or abnormal behavior. the most common side effects are mild to moderate nausea and vomiting. call your doctor right away. don't lose another moment to the flu. when there's flu, tamiflu.

a very good morning to you and welcome to worldwide exchange. here are your headlines from around the world. global stocks set to end the week deep in the red. crude prices below $40 barrel after the iea says the oil glut is worsening. yum gets down dprgraded to junk after they launch a $6.2 billion rights issue and details it's china unit spin off. the chairman of fosun, the chinese billionaire goes missing halting the trade of five companies held by the