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 investment

firm and climate talks go into overtime. negotiations set to extend into the weekend as xi jinping calls president obama in a bid to step up efforts to reach a deal. >> global oil markets will remain oversupplied according to the international energy agency. the iea says it will continue to put oil prices under pressure and the oversupply will only get worse in coming months as additional supplies from iran will push more oil into storage. the volatility and softness has

been one of the main factors. we're down .4% for the ftse. germany and france off more than that. u.s. futures expecting a mixed open. the nasdaq called to open up by five points but the s&p and dow expected to open down. >> thank you very much for joining me. good morning to you. let's kick off with the u.s. and fed in particular. we're expecting a rate hike. does that mean we'll see inflation next year? >> the fed is acting on a bunch of data points they have. and they are seeing that's a justifiable case to raise interest rates perhaps this week coming up on wednesday or the

near term. >> when inflation does come is there a possibility that it comes strongly and in fact it starts growth itself. >> that's a risk and that's probably why the fed is going to act in the nearer term to start their rate hiking cycle before the inflation and the general economy overheats but i think aside from taking out the oil calculation from the inflation measures you're still going to see that slow build up in inflation and i don't think that risk is too high in the near term, the inflation bounds way out of control. >> looks like we'll end the year basically flat similar to last year. so that's two lackluster years are u.s. equities a good place to be? >> there's always a big part of

the economy. it's not an area where investors should move away from but you do need to rerate the expectations. a rate hike doesn't mean weakness in the market over the medium term. from such a low rate level right now a rate hike doesn't always cause massive equity sell offs. the u.s. consumer is in a good place. we're seeing strong gdp numbers. there's a lot of reasons to be still invested in the u.s. equity market and that doesn't change for 2015. >> let's talk about your sector calls. in particular, financials are something you're positive on. >> exactly. when interest rates rise, who is are in the best position to make money? we also think that consumer discretionary has a chance to continue it's momentum play in 2016 playing off of the high consumer confidence in the u.s. good unemployment numbers means people are making money and want to spend it and one of the calls important for 2016 is finding value in energy stocks which have obviously as a sector play

been very disliked given the oil price but that might offer some stock picks in 2016. >> now after the global financial crisis, one of the things that i suppose helped global growth is em growth boom. that's looking less likely moving forward from here. if that is the case, which areas of the u.s. economy, which sectors are going to suffer the most. >> the em connection to the u.s. has always been fairly strong, especially when emerging market versus been in their booming phase. they're not going to stop growing. they're growing at a lesser pace which means u.s. industrials might see less of a earnings growth in 2016. >> thank you for joining us. much appreciated. global market strategist at jp morgan asset management. now the yuan hit it's lowest level in 4.5 years after the pboc set the midpoint rate at the weakest level since august 2011. 6.45. a steady rise since november.

since that abandonment of course more recently than the late summer but nothing too significant. 6.4538. trading was halted in a number of companies held by fosun 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 whether he's, in fact, assisting an investigation. he someone of china's richest men and is often described as the country's warren buffet. do head online for the latest on that developing story and plenty more details. still to come on the show, junk food gets a junk rating. find out why s&p cut the credit rating of kfc and pizza hut's parent company. that's coming up next.

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it's gotten thinner. even curvier. but what's next? for all binge watchers. movie geeks. sports freaks. x1 from xfinity will change the way you experience tv. one of china's richest men goes missing sending shockwaves through the shanghai market and ford announces plans to invest an additional $4.5 billion in electric and hybrid vehicles by 2020. s&p is cutting yum brand's

rating by three notches firmly into junk territory. it announced the plan ahead of its spin off of china operations. they say the plan is a major shift in financial policy which raises risks of the company being more highly leveraged. the share price action in german trade is up 2% today. now the ceo will be on squawk box this morning for an exclusive interview at 8:00 a.m. eastern time. walmart says it's marketing chief will retire in january. he's been ceo since 2007. they're hiring michael francis to revamp it's strategist. francis who spent more than 26 years at target stepped down in august and previously worked at jcpenney. share price action up nearly 2%.

steve has been on the beat for quite sometime. he has all the details it's perhaps the most important decision. and it's going to be done by exhausted people. if they're going to pull another all nighter tonight having pulled an all nighter last night negotiating throughout the day today i hope they get it right because they're going to be absolutely shattered because as you say we were hoping -- he was hoping for a deal as of this evening. it's now not going to be that case so hopefully they'll come up with something by tomorrow but there's a whole host of sticking points.

>> this is where they come to the forefront because there's a remarkable degree of agreement already. those sticking points have to do with fundamental principles. differentiation. they need to figure out a way in which they can retain the principle of differentiation but no longer in the sense of one group does something and the other one doesn't. i think we surpassed that point because 185 countries submitted their national climate change strategies. this is unprecedented. the question now is okay what is our common responsibility and there are countries that contributed very little and have less resources and still having access to electricity. we often forget that africa's reality is that out of its 1

billion citizens 700 million do not have access to electricity so there's priorities that are different the promise of the 100 billion which many consider to be charity and it's the best investment we can make in a global climate response remains challenging but it will be overcome an there's this question of how much risk are we willing to take or are we going to signal here in paris that the world should aim for 1.5 degrees but we will have to watch carefully. >> we have come a long way and a great graphic provided by academics and basically there were a week ago 24,000 words in the document. it's down as of last night to around just under 19,000. in terms of brackets and

parentheses there were 887 issues apparently around about a week ago. now only 48 but they are very contentious including the very thorny issue of five yearly revis revisiting, stock taking and the differentiation between developed and developing nations. big issues still to come. >> steve, just a quick follow up question now over the last couple of weeks when we have been discussing this we braugou up the fact that we had to reach cop-21. how confident are you that we'll look back on this as being a ground breaking moment of change and perhaps mean that there's not a need for a cop-22?

>> i like to say maybe there's been steppingstones in key meetings but something else has been going on and this is very important. country versus gotten richer during that period and also the cost of renewables have gotten cheaper as well and there's a lot of companies making money out of efficiencies out of solar, out of wind and all kinds of other initiatives to negate fossil fuels and carbon as well so i think the world is moving in the direction that it sees that you cannot live in the fossil fuel age forever. it's a question of how we get there and get the right investment mix. the most disappointing thing is a global carbon price. that would have been better for people saying we know the regulatory agreement and now we can move on as well if your couple of weeks there have you picked up french? >> we went to schools where we learn a lot of french. whether any of it sticks beyond the age of 18, i don't know.

but i have pretty good french. i worked for a french bank as well so i'm very well versed. >> thank you very much as ever. we'll be back out later in the show. now adobe systems fourth quarter profit beat forecasts. the 9th straight quarter, the company topped analyst estimates. they saw strong subscriber growth for tools that include photo shop. more than half of its customers are buying the highest priced products. shares rising 5% in after hours trade united technologies is forecasting that profits will rise slightly next year. most of the gains will come from stock buy backs. they expect weaker growth in latin america and europe. this year it cut it's profit outlooks three times as results were hit by the strong dollar. united tech is up 1% in german

trade today. now down with the kids. michelle obama and saturday night live comedian jay farrow chose rap as the way to challenge their college awareness message. >> hang out i guess. ♪ ♪ ♪

♪

>> the u.s. house will vote today to keep the federal government operating through next wednesday. they passed the measure on thursday. lawmakers need the extra time to work on a longer term spending bill that would fund the government through september. the current bill expires today. a majority of american voters oppose donald trump's proposal to ban muslims from entering the u.s. but there's more support from the idea and greater anti-muslim sentiment among republicans. let's get out to nbc's tracy pots lipo -- tr tracie potts live with the latest. >> the poll numbers show a mixed bag when it comes to donald trump. we have a new poll that shows a majority of americans, 57% oppose the idea of banning muslims from coming into the country. but we found a majority of

republicans think he's bringing up good issues. so even within the party while we have seen some distances from donald trump, most of the voters do think he's bringing up the right issues. so on the other hand people don't like his ban for the most part but the cbs new york times poll showed they do like donald trump. he's up to 35% report which is more than twice as much as the next closest republican, ted cruz and he has been trying to back away from directly criticizing trump while criticizing his issues. we'll see how long that lasts. he's getting some criticism from opponents that he can't win the general election. final point, last night, donald trump got an endorsement from a key police organization in the northeast. and while they're accepting that, he came up with yet another idea saying if he is president he'll do an executive order that would allow for the death penalty for people who kill police officers. obviously that's been a huge issue and a number of cases here

with police in the community. now donald trump is weighing into that. his numbers in terms of support continue to grow. his numbers in terms of his pollutions to problems still sort of back and forth. >> tracy i wanted to bring in a comment i read that hillary clinton said on nbc's late night show to seth meyers saying that donald trump is no longer funny, he's dangerous. although secretly will she be wishing he does, in fact, win the nomination? that would play into her hands significantly. >> it's a good point you make because if he wins the nomination those same polls have shown us over the last weeks and months that he can't beat hillary clinton. he is not the most likely republican to beat hillary clinton so the democrats have to be sitting back saying the trump thing is good for us. in terms of the point about danger, the point she is trying to bring out is if you exclude muslims and you alienate the

international muslim community there's a lot of countries that we need to work with to solve issues like syria and isis and we need to partner with them and they'll be much less likely to do so if they see the united states is antagonistic. >> there's been a petition to ban him from entering the u.k. that's crossed 500,000 signatures. is that getting much news state side or is it pretty irrelevant over there? >> no, actually, we have been talking about that and the international reaction and the fact that department stores in israel don't want to carry trump's line of home goods anymore and i think the international reaction we're seeing in israel and great britain with the huge petition and other places is having an

impact here as people look out of the united states and see that it's not just some people and it's not just democrats but also others around the world and world leaders condemning trump but a mixed bag because it doesn't seem to be stopping his moe m momentum here at all. >> now alipay is being launched in europe as the e-commerce giant looks to tap into the growing number of chinese tourists coming to the continent. the chinese top global spenders abroad in france, italy and the u.k. are the countries in which foreign tourists spend the most money. the last public offering of 2015 was software maker atlassian. shares surged helping to end a stifled ipo year on a high note. speaking to cnbc they outlined

how it works with two at the top. >> we have a lot of experience at doing this. we have been doing this for 13 years. we have made it work really well. it's a huge strength for the business and competitive advantage. we have four times the ceo bandwidth of some companies. we made it work. we have done every job in the business over the years. we have broth grown up in the business. so it's amazing to have that at the top of the business. >> let's get some flashes from president putin of russia. he says the russian operation in syria is aimed to avert a threat to russia. he says the navy caused serious damage to islamic state infrastructure and that the military is acting in an extremely tough way in syria.

so that's the latest flashes out of russia. will the central bank offer a dovish helping hand? we'll break the monetary policy decision, that's in just a couple of minutes time. 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...

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here are your headlines from around the world. global stocks set to end the week deep in the red. cruise prices below $40 barrel after the iea says the oil glut is worsening. yum gets downgraded to junk after the pizza hut and kfc owner launches a $6.2 billion rights issue and details it's china unit spin off. the chairman of fosun goes missing and climate talks go into overtime. negotiations set to extend into the weekend as china's president calls u.s. president obama in a bid to step up efforts to reach a deal. >> they left interest rates unchanged at 11%. lots of options leading into

this. some expect a roughly 50 basis point cut but they do face various head winds. still at 11%. they're saying that they will cut rates at one of the next board meetings. they say that rising inflationary risks exist but they also say that of course there are risks of economic cooling. let's have a little look at what else they have been saying in this central bank meeting. inflation slows down in line with the forecast and investment demand is to be con stained and estimated price growth is estimated around a couple of

percent. 69.715. he's on the line from moscow and i also have the managing director at trusted sources with me in studio. simon, let's start with you. lots of issues that the central bank is having to juggle with. are you surprised by no cut in the interest rate? >> well i think they missed a bit of a trick, actually. the russian economy is actually faster. the real economy here is struggli struggling. but on the whole the down side risk to russia is a stagnating

economy. >> chris had you been expecting a rate cut or were there some factors that made you think this was very plausible that they would leave them on hold. >> i thought they would leave them on hold. it was a very finally balanced decision. what simon was saying on the stagnation of the economy is obviously true in spades. if russia isn't going through a deep recession, however the last couple of weeks have brought new inflationary risks. it means price inflation as vegetables and fruit are banned. there's other things going on to keep inflation high but above all it's the oil price slump which spells not only greater inflationary risks but a risk of new pressure on the ruble so the central bank has gone for

overall stability. it's next meeting will be at the end of january. by then headline inflation will be tumbling right down because of the favorable base effect. this time 12 months ago we were looking at a gigantic exchange rate crisis so that will come out of the index. the local debt market will be reasonably robust and it's lived well through the slump and the ruble will be supported at least by this decision and i think the scope for inflation and rate cuts is still very much there. >> simon let's bring you back in here. you said they missed a trick. does this alter your forecast for the economy as a whole for next year and what are you expecting particularly in the light of these very weak oil prices that chris has been mentioning? >> well, we had the ministry of finance say 40 to $60 for the

next seven years. consistently sharp oil prices. we had 15 years of people saying they need structural reform. maybe the collapsing oil price will spark that finally but we also haven't had that here so massive structural reform. not least at all in the federal budget but it will have on going effects on the fx rate as described before and my forecast is that we'll have consistently negative gdp growth rate. forecasts are minus 1.7 to 2%. i think we'll probably see further declines than that as oil price remains soft many

thanks for that and for joining us today. >> let's broaden it and talk more generally. how has putin played the middle east crisis? has he got what he wanted from that do you feel? >> i think he played a weak hand pretty well. russia is obviously a rank underdog and any normal analysis of the correlation of economic par and military par but it has very serious leverage in the middle east. for two main reasons. first because it's ally is the government of syria but secondly they have very clear aims.

russia's goal is to prevent the break down of syria and the fanning out of fighters back into russia and therefore russia has very clear goals. it's to prevent the collapse of the syrian state. that's a defensive goal. it's clearly defined and clearly attainable and they are attaining it. it's a limited and defining goal. that's not widely appreciated and i think that's why just before we started this sequence you were giving putin quotes. that will be from his talks with john kerry today. you can see he's making sort of tough robust remarks on the military campaign. so that's my take on the context. >> as you say he's having talks

with john kerry. is it plausible that sanctions on russia relating of course originally to the ukraine crisis, is it possible that those could get lifted in the midst of trying to find political deals on the middle east front? and if they were, would that be a big boost to the economy or because where oil prices are that's the dominant factor and sanctions don't make as much of a difference? >> it's would be a big boost to russian financial asset prices or a descent boost because it would be a positive sentiment driver. it would have the effect that sanctions were list lifted. i don't think it's going to be a huge amount of difference because sanctions have been absorbed into supply chains and financial flows and so on. so that's really -- it's the interesting question for mark s markets. i think the european union will have started gradual lifting of the sanctions. that's my prediction.

not in january, not now. this weekend they're taking a decision for the first six months of next year but middle of next year. >> thank you very much for joining us. pleasure as always. >> let's have a quick look at u.s. futures before we go to break. a tune of ten points. the dow expected to open down 10 points. nasdaq by 18 points. still to come here on worldwide exchange, ford has a new strategy that's electric and the company hopes customers and investors get a jolt out of it. worldwide exchange back in a couple of minutes.

>> the social networking giant will test the effort of launching add verts 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% as you can see up 1.93% after hours. ford is moving full speed ahead on a new strategy that involves even more electric and hybrid cars. >> gas prices may be falling in the u.s. but ford still believes

electric and hybrid cars will play an important role down the road. the company plans to invest $4.5 billion on new electric and hybrid models by 2020. it will add 13 new vehicles and 40% of its line-up will be electric by the end of the decade up from 13% now. they'll launch a new electric version of the ford focus by the end of next year. it will have a 100 mile range and can reach 80% of its full charge in 30 minutes. apee appearing on closing bell he expects consumers to still focus on fuel economy. >> we're building our leadership and it's driven by customer requirements and even with gas prices low, fuel economy is still really on people's minds because they also have short memories. it's part of our leadership and responding to customers need and also being very aware of the regulatory requirements. >> ford is somewhere in the middle of the pack in the

electric car market. it doesn't set the pace like toyota but it doesn't lag like fiat chrysler. another 1700 focus electric cars and ford is also having plans to take on uber. the company wants to develop it's own ride sharing service with a fleet of ford transit vans. initially employees will be able to hail a ride using an app to take them around the auto makers campus in michigan. ford says it's looking to create a commercial service instead of just selling cars to uber and lift. as for the future of the company's sales he's not worried about a fed rate hike causing damage to u. s. consumer's appetite for new cars and trucks even as some in the industry suggested there could be a negative impact. >> you think about all of this talk about a higher interest rate, first off a, let's take a deep breath. that means the economy is doing well that means that the labor market is doing well. they're having wage and income growth. that's good for the car business and of course going forward, as long as the rate increases are

gradual, which we expect, we think it's going to continue to support held thil sales in the auto industry. >> shares are up about 1%. back over to you. >> thank you very much. 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, american, united and delta are banning the two wheel devices also known as self-balancing scooters. they're citing an on going investigation by the consumer products safety commission looking into at least 10 reports in the u.s. earlier this year british police warned people it was illegal to ride them on public streets and sidewalks. also pretty foolish if you're as clumsy as me. right, honda's first aircraft won itself a tight certificate allowing the business jet 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. more than 100 have been ordered. many by small business owners. >> many of them are of course individual but the small to medium business and several of them are also pilots themselves. >> it's built in north carolina where 1700 workers are part of honda's growing footprint in the u.s. while most of us think of honda as an auto maker the company has steadily expanded over the years into motorcycles, financial services and other products like lawn mowers 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 ultimately want to succeed they're going to have to spend a lot more money and come up with with more new products against two very tough competitors in the most price competitive part of the market. >> the business is not only highly competitive but it's also volatile. in fact, 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 an often turbulent industry so 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. >> right. mma fans are hitting las vegas as they prepare for ufc 194 tomorrow night. the headline featherweight title fight between connor mcgregor and jose aldo is one of the most anticipated ever in the ufc. dana white expects the gate to be about $9 million which would make it the second largest gate in ufc history. now the arizona cardinals are playoff bound after the cardinals took a late 3 point lead. minnesota quarterback drove the vikings to within field goal range and a chance to tie but he stripped the ball from bridgewater's grasp and they recovered to clench the victory and a playoff birth for the second season in a row. right as we head to break, let's remind you of the headlines. futures turn negative as crude extends losses. russia's central bank keeps rates on hold but it will loosen policy and a new poll shows most

americans object to donald trump's plan to ban muslims from entering the country. we're back in a couple of minutes.

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could be hiding in your coverage. my heaven! ♪ we are farmers bum - pa - dum. bum - bum - bum - bum ♪ >> collectors aren't tapping the breaks in the auction world. ferrari 1956 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 porche went for $1.76 million. well above the $600,000 estimate. the car has been on display at the rock and roll hall of fame museum in cleveland for the past 20 years now they're looking to jump on the excitement

surrounding the new star wars movie. them selling off 175 lots from a collector. it could fetch up to $18,000. a display from 1977 is expected to go for around $9,000. a rare baseball card hits a home run at auction as well. this 1952 rookie card sold for more than half a million dollars on thursday to an anonymous bidder. that's a record. it was part of a 400 card set distributed that year but 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 reached stores and the rest were destroyed. let's have a look at european markets. we're finishing off the week in the same way that we have seen markets for most of the week and the losses have increased. we're now down over 1%. germany is down 1.4.

france down 1.06%. the ftse 100 down 0.83%. let's have a look at u.s. futures. also looking in the red. we have the s&p down 10.5 points. the dow expected down 85 points and nasdaq to open down about 20 points. let's discuss what to expect this trading day and the week ahead a lot of weakness. we did break the three day losing streak yesterday in the u.s. we're pointing down today. what's weighing on markets? is it just the oil price? >> i don't think it's the oil price. we're in a market that's in pretty big consolidation we're around 2040 in the s&p. i wouldn't expect us to break out to the upside or down side here until after the federal reserve on wednesday. i think we're seeing very volatile consolidation where the

markets are turning because you're really just seeing a flat line across. there is a lot of pressure on the market and reasons to think we could go lower but everybody is still waiting to see if janet yellen has the backbone to go ahead and raise rates on this particular meeting recently we have seen market strength because it suggests confidence in the economy. is that how markets will react next week if we get a hike? >> i think probably what you'll be looking for but here's the deal. i don't think they're going to raise rates. i know i'm in the minority here but they'll find a reason not to raise rates and the market will receive that as a very big negative saying that we have a lot more problems because you're now seeing a lot of divergence between all the economies and it seemed like all the central bankers were in tune together and now they're separating out so i think the overall problems here, if she does not raise

rates which used to be bullish it will turn out to be very bearish information but also that the markets have a lot of trouble going forward. i don't think it will happen this year. up around christmas we're just about through with the trading year. i think next year you have a lot of problems no matter what she does here because overall they have signalled that no matter what they do there's major problems because we haven't seen growth and the jobs we have added have not been that good. >> you're standing pretty cautious in the short-term. give me some trades. what are you positioned in with the three weeks left of the year? i'm short some of the tech. i'm a buyer of gold and oil down here because i do believe new take a look at oil, if you look out a year from now, oil is priced about 12% higher than it is today and the trading world that's what we call a formation

where prices are higher. so they're telling me that in the future we have found the bottom. commodities are the place to be right now because they have had such a total devastating blow and down here on 17 year lows unless we're going to stop eating, driving and heating our homes there will be a demand for commodities going forward as the overall economy weakens and as people look for other places to invest their money because i think the markets are in trouble. >> thank you for joining us this morning. much appreciated. right. that's it for today's show. it's also my final broadcast from london, for now. i'll be picking things up on the 4th of january from new york. so all that remains for me to say is thank you very much for watching and have a wonderful christmas. squawk box is coming up next.

demand growth is slowing while output continues to boom. one of the most prominent billionaires has gone missing sparking speculation about the country's sweeping anticorruption crack down and hover board is grounded. while the biggest airlines are banning the hottest gift of the holiday season saying they're no longer welcome on board planes. it's friday, december 11th, 2015

and squawk box begins right now. >> live from new york where business never sleeps, this is squawk box. >> good morning and welcome to squawk box. i'm kelly evans. the bulls will try to make it two in a row after a losing streak in yesterday's session but the s&p and nasdaq are all down at least 1.5% so far this week. that's putting stocks on track for the worst week in a month. u.s. equity futures let's check in on that this morning. keeping an eye across the major indexes. it's down 117. the s&p 500 to about 14 points right now and nasdaq 28. energy is a big market driver right now.