brent crude hitting levels not seen in more than a decade. spanish banking shares drop as investors are rattled. rohoy winning the election but falls short of the majority and there's the possibility of a left wing party taking power. ericsson says they have

inked a deal. analysts say it could be worth billions of dollars annually. red card for fifa for blatter and platini after an ethics probe into past payments. all right. and mentioning what's taking place from within fifa, seth blatter now expected to kick off a news conference any minute now. we've got some live pictures coming through from there. the conference arena. that's taking place in zurich. we'll bring you that live when it begins. just glancing at the u.s. futures, still a couple of hours away, but we're being called a little bit higher on the open this morning following on for a pretty sharp selloff on friday. the dow suffering significantly on friday's trade with a bit of unwinding from some previous gains that otherwise had been

made. here in europe, of course, this morning we're looking at just some slight gains on the stoxx europe 600. our main european equity markets also, indeed, reflecting this as we head into the shortened holiday week with christmas upon us. ftse up by .7 of a percent. cac 40 higher. the ibex not quite making it up. xetra dax up 1.5%. the spanish electioning took place over the week end. fixed income markets? >> yeah, that's also reflected in the spanish ten year. we saw that rising to a one-month high. currently at 1.79. the yield for the spanish ten year is now higher than the italian ten year. that hasn't always been the case over the past year or so. that's quite a market shift. the ten year german yield is a tad higher. the ten year european yield, up

a bit. more selling in the oil space. wti crude down by another 0.8%. brent crude making history overnight. 36.56 is where we are. overnight in the asian trading session what we saw is brent crude actually hitting the lowest levels in almost 11 years falling below the crucial 36.20 level. that is the financial crisis low of 2008. so do keep an eye on those levels but we're back above the 36.20 level once again. also, quick check of the currency markets. we're just talking about the spanish election outcome which showed a lot of uncertainty in the equity markets and the 3w07bd markets but not so much in the euro dollar here. the euro is holding up relatively well, 1.0854.

the dollar is up against the japanese yen up by 0.2%. off the two week highs that we saw last week. carolyn, thank you. let's continue that discussion. we have the head of market strategy at swiss core bank. happy holidays. >> to you as well. >> thanks for coming in to spend this monday with us. let's talk a little bit about the big drop in the price of oil. 11-year low for brent. that's pretty significant. nymex shy. >> i think commodities are telling the story right now. the first thing we're seeing is less technical trading, real fundamental. the weather situation in, you know, europe and the u.s. has been significantly more mild than expected. we're seeing production now reaching levels where storage capacities can no longer handle it.

we're seeing the expectation for, you know, demand to come down as well. so all of these stories have toind put more and more pressure on oil prices. i think that's really what people are starting to concern themselves with is this is just a structural weakness with oil or is this an indication for global demand moving forward. this is a story starting to show itself in 2015. >> are we going to see the euro dollar going lower? we recovered from recent lows, 105, 108. after we've had lift off from the fed, is next year going to mean free selling from the fed? >> easy trade is continuing to see strong dollar. the expectations for dollar strength against euro i think should be really reconsidered. one of the -- we've got the fed tightening although it was quite dovish. the expectation was for the ecb to go with some significant easing as well and what we saw is probably a hawkish version of

easing, if you can imagine. we're seeing decent numbers from the european economy. this week the german ifo should come up better than expected. put us on track 1.75 for gdp in europe. that's a good number. the disinflationary pressures are still in place. probably not to the level that will cause the ecb to ease more. without that ecb story coming into play, that dollar -- that euro dollar sort of lower story starts to fizzle out a little bit. i think we saw a lot of the strength of dollar already show itself in 2015. >> just on that point, how much conviction is there in that dollar trend going into 2016? i'm looking at cft saying that the dollar fell the lowest in early november. yet you can't go against the dollar at this point, or at least the fed is expecting four more hikes next year. >> yeah. >> how do you want to be positioned, pretty neutrally? >> i think so. the path of least resistance is the strong dollar trade.

as you said, we're not seeing the significant steepening of the yield curve. people are not saying, okay, that fed is going to trigger off a much steeper dot path and, therefore, you know, we need to pile into the dollar. most of what we're seeing right now is a ho hum saying, okay, the fed dots are significantly above the market expectation which is more fruition? and a lot of people are saying the market is correct and, therefore, we're more likely to see two or three rate hikes than, per se, four. it means the expectations for a stronger dollar should be taken. >> can the story for 2016 really be the yuan? the last 11 trading days the pboc if i canning down the yuan rate. they didn't do that overnight. more devaluation in 2016? >> we take a slightly more hawkish view on china to be honest. i think the market is

underestimating the amount of stimulus that the pboc and policy makers have put forward. in fact, recently in august per se they loosened up the rights for regional banks to issue debt and now we're starting to see the returns of that as, you know, the economic data starts coming back into china. i think given the size of the stimulus packages put forward we should see china come back a little bit stronger in line and that to me means less of a devaluation in the yuan. >> peter, thank you very much. happy holidays to you and your family. peter from swiss corp bank. we're getting pictures that the fifa president seth blatter starting to give the press conference after 9 rulithe ruli ban him from fifa for eight years.

>> what's created by the great humanist nelson mandela. i just received -- >> it seems the quality is just a tad bit poor on -- from that press conference, but we'll keep our eye on what's being said as blatter speaks on this fifa ban. and still to come on the show before we go for a quick break, after "star wars" raked in over half a billion in worldwide sales in its first five days, which u.s. politician has the force on their mind? join us after this.

these are the headlines. crude continues its slide with brent hitting lows not seen since 2004. ericsson and apple settled their patton differences and signed a new license agreement. fifa banned seth blatter and plantini for eight years. everybody, welcome back. you can see here live in zurich a press conference is taking place. the fifa president, seth blatter, is speaking there following a ruling to ban blatter from football for eight

years. in the last couple of minutes he's been saying, i'm very sorry. i'm sorry for football. he talked about how he's sorry that he's a punching ball as the president for fifa. he says, i'm sorry for the football association, for everybody involved. i'm sorry for me, how i'm treated in this world. that was a quote. and he was also saying that he's still an optomist, but he's giving a very broad apology. >> is it really an apology though? because to me it seemed incredibly defiant. has he testified for any of the wrongdoings? >> i would agree with you in terms of the tone. let's just listen in. apology has just improved a bit. let's listen in. >> we pay you part and then later. but what astonish me now if i am going to the decision of this adjudicatory chamber today, it is a summary decision but,

still, is that they deny, they deny the existence of such an agreement and this agreement was indirectly or directly confirmed by two meetings of the ufr executive committee, the one in sweden and the other one in 1998 and here in zurich it was an international executive meeting because the next day we had fifa executive meeting. there are people that spoke -- they spoke about can you imagine the europeans? they liked latinia because he was supporting me. they don't like me because the took the presidency on the

eighth of january -- 8th of june. they say can you imagine -- this is written down, can you imagine that platini is going to vote for fifa for 1 million and he never devalue. this plantini is nothing because he will be paid 1 million. they have confirmed the discussion and also one of the man from france who is actually the chair of the organizing committee for europe -- euro 2016, he could recollect this discussion. so, therefore, we have -- we have to prove or be proved that this was not only known by platini and me and, therefore, this agreement existed. now this regulatory chamber has

denied that it existed and therefore the 2 million -- the 2 million swiss franks that -- by -- which was then -- by letter from platini to me or to the finance department of fifa that we said this is due to platini and it was paid to platini, it went through the finance committee and then through to the executive committee, to the fifa chrome t -- control committee and to congress, it was registered and done in good terms. as this contract -- oral contract never existed, this is a donation. this is a gift. they have -- they have avoided corruption because they took it out at the beginning of the meeting but, still, that i have given this money to platini to buy ufr, to buy the votes for

the fifa 2011. >> okay. just to give you a little background on this. the suspension for eight years for mr. platini and mr. blatter, this is not a lifetime ban. this is the only good news for the two gentlemen. they've been suspended since october while the ethics investigation was carried out into a 2 million swiss payment that was made to platini back in 2011 with blatter's approval. this is what all this investigation is about. but once again, mr. blatter this morning has been incredibly defiant. he did say sorry a number of times. he didn't apologize for any wrongdoing. sorry for how fifa's employees are being treated. he said he's still an optomist and they're widely expected to appeal the decision. >> he sounds angry. >> yeah. >> sounds angry and a bit defiant.

he sounds irritated, just the actual tone of the press conference. remember, this is a very, very wide ranging investigation that's been going on for a long time now. something like 27 current or former soccer officials, including eight former fifa executive committee members and the current heads of the north and south american federations are all being investigated over allegations that they ran these bribery schemes connected to the sale of television rights for these soccer competitions. it's a wide-ranging probe with the two heads very much there. >> but i think even if he had been cleared by the ethics committee, again, the punishment isn't the worst, if he had been cleared, his position would not have been tenable -- >> yes. >> -- because so much has gone down. there's been so many wrongdoings, whether it was a part of him or on the part of other people, officials at fifa. >> yes. >> so what is needed is a clear, clean sweep of fifa. let us know what you think.

you can find us on e-mail, worldwide @cnbc.com. find us on twitter @carolyncnbc. now shkreli tells "the wall street journal" that he's being targeted for his drug hikes and top persona. while he's unapologetic about raising the price of an aids drug, he said he should have been more patient and less inflammatory in explaining himself. the head of wall street's big bond desk, jpmorgan's jim casey tells "the wall street journal" says he does not believe the market is still in a bubble and there's good money to be made. he still thinks there will be sizeable losses in the short term. jpmorgan has the issuance of

high yield bonds to drop about 6% next year. the bank has underwritten $30 billion in deals this year, more than any other firm. you would think he's talking his own book in a way. someone else who might be talking their own book, "star wars" franchise or the "star wars" family. i mean, its's amazing. the force is strong. "star wars" "the force awakens" shatters box office with $517 million worldwide this weekend alone. it had the biggest opening in hollywood history with $238 million in the u.s. and canada. they set records in the u.k., australia, russia. disney which bought lucas film, they're planning four more films, very smart. they're cashing in on this while they can. reuters breaking news, they estimate the company is on track to triple their $4 billion investment. the "star wars" mania even extended to the world of u.s.

politics this past week. >> okay, everybody. i've got to get to "star wars." >> if you will join me in this campaign, we will make that a mission. thank you. good night. and may be the force be with you. >> also another way of cashing in on something everybody loves, flight. >> yeah. >> have you seen it? >> no, i haven't. never seen any of them. >> neither have i. neither have i. i don't think lindsay has, either. >> very few of us. >> we must be the only three people in the world to see it. >> i don't know if we'll get around it. >> no. maybe "star wars" 18. >> maybe. we're going to go for a quick break. the silicon rally. we take a look at the european tech scene with the head of india at silicon rally. that's coming up after the short break.

u.k. finntech leaders see europe as the best place for growth and expansion in 2016. only 20% of the fintech bosses think the u.s. will be the strongest market in 2016. phil cox has joined us around the desk. thank you so much for coming in today. really interesting survey. i wonder what it is.

what are t"the herd"lesthe hurd us going? >> fin tech covers many industry sectors. there's so much opportunity in the u.k. and europe that going to the u.s. for these businesses and being regulated at a state level by 50 states makes it pretty complicated as well. >> when you talk about fintech, there's no way around talking about valuations and valuations have been sky high. a lot much people telling us recently that it's become such a crowded market.

it's driving the changes that we see from within the financial spectrum? >> i think the financial services generally in the u.k. and across europe when we had the crash of the banks i feel like in '07 and '08, i think it kind of opened the door while those banks were focused on their own businesses for these new businesses to be created, but there's software for banks and insurance companies to use, there's marketplace lenders, there are payment companies. so it's starting to be really pervasive across the broader services industry. >> is there something across the industry of fintech that you think is more pervasive. when i think back to the telecom space before apps were around, there was all the talk about the

operator. then it switched into the actual software that was on the phones, then it switched to apps. are we seeing the same type of movement in fintech? >> those that will survive are those that can solve bigger problems. also to streamline their back office operations and to, you know, lower the cost space of doing business with their customers as well. so the secret for me is they really solve big problems and they're really attracted to large organizations. >> finally, it's been such a poor year for ipos especially in the tech space. 2016 going to look any better? >> yeah, i think potentially as we go through the year. there is still a lot of money in the private sector. if you take the corporate investing as well as venture capital and private money going into the businesses, there's

still strongly qukw liquidity. phil cox head of mia at silicon valley bank. after "star wars" raked in over half a billion in worldwide sales in its first five days, which u.s. politician has the force on their mind? join us after the short break. looking for 24/7 digestive support? try align for a non-stop, sweet-treat-goodness hold-onto-your-tiara, kind-of-day. live 24/7 with 24/7 digestive support. try align, the undisputed #1 ge recommended probiotic.

the ruling party wins the election. opening up the possibility of a left wing coalition taking power. ericsson shares jumping as they cheer that they've inked a settlement with apple over licensing rights. it hasn't been revealed. analysts say it could be worth billions. battling blatter, suspended fifa president says he will fight the ban saying he is sorry for how he is being treated.

hi, everybody. welcome back! if you're just joining us, thank you very much for being with us today. we are here with a shortened holiday week. christmas is coming. geese are getting fat. this is how the markets are faring this morning. in the u.s. we're being called a little bit higher as well. the implied open seen on the right-hand side of your screen. the dow being called up by 132, 133 points. quite a selloff. a sharp selloff in futures heading into the session. european markets it's said mostly in positive territory. spain off by almost 2% on the back of the elections taking place yesterday. neither prime minister's conservatives nor the left wing parties have a clear mandate to

govern. we're looking at perhaps a messy period ahead as a coalition government is attempted to be formed. the oil route is intensified. brent crude hitting its lowest level in a decade. brent futures heading down towards $36 per barrel. the lowest level since december of 2004. wti crude holding on to right around 34, $35 a barrel as well. >> yeah. we broke through that 36.20 level earlier on this morning in asian trade. we have recovered quite a bit from brent crude. that was the 2008 low. so we did actually reach 11-year lows for brent crude. let's get back to spain. spain's political party set to continue the complex party after they failed to deliver a clear verdict. they won a narrow victory but fell short of the 176 seats for a majority. let's go back out to julia in madrid. jules. >> reporter: thanks so much,

carolyn. after four years of austerity, they lost the election. we saw a strong showing by the far left podemis party which is fueling some of the uncertainty. we saw the two party political system blown wide open. no two of those individual four parties can come together to form a majority. so a lot of head scratching here over who leads the country going forward and what kind of coalition or alliance will be formed. now i see two options, the first being that we see some kind of minority government formed by the incumbent people's party and prime minister mario rakowin. they suggested that this morning. listen in. >> i think even now that we don't have one majority, we can have, you know, agreement maybe at the beginning because the budget is already approved. so maybe some parties can just have an extension. >> reporter: so they just back you as a minority base? >> and then we have to reach

agreement in each law, in each field. >> reporter: the other option is a broader coalition, perhaps a coalition of some of the leftist parties, too, which we believe to be pretty unstable, struggle to implement reforms leading to fresh elections sometimes in 2016. two analysts this morning telling me there's a 50-50 chance of that. i think what's important for inbe vestors here is what happens on the left. do the socialists form some kind of coalition with podemus which is a real fear factor here. i spoke to the socialists this morning and they play down the process of doing that kind of formation putting the markets and the spanish people there. >> i don't want to see any event much less before the party has taken it. what i can tell you from the socialist party, i want to give the markets a strong sign of confidence. we are a party of government. we govern in eight of the

regions in spain. markets can be very confident that anything that the socialists decide will give confidence to the markets. we are a party firmly anchored within the european family, within the european framework. we will not do anything that is not responsible or that leads the country down to a path that we want to avoid. >> reporter: the truth is, guys, it's pretty much guesswork at this stage and the coalition talks have to continue. let's get more thoughts on this. i'm joined by sophia. the party came forth in these elections. could you imagine your government supporting a minority party for the people's government? >> what we need to think about now is being responsible. we are facing very hard moment because none of the majority parties, some of the majority parties are going to give us the ability to give a whole majority

to guarantee a government, right? so now we need to be responsible, and that's what we are asking to the socialists, to be responsible with the country and not with the party because now we need to think more about citizens and less about our -- our -- our party and our missions. >> reporter: you're saying if the socialists tie up with podemus, it would be totally irresponsible? >> the socialists and podemus don't have the majority in the parliament and they need to make coalition with some nationalist party and that would be terrible for the country. >> reporter: could your party work with the socialists, do you think? >> we could work with the socialists. we have as long as they respect the democracy that the constitution must be reformed. as long as they agree with that, we can make a pangt.

>> what do you think the big risk is here? >> the big risk is to make a pact with the parties that want to break spain in different parts. that's the most dangerous part we're facing. >> that's what the left might have to do in order to get a majority. sophia miranda, great chatting with you. as you can see, guys, lots of options. we have to wait and see how the coalition talks play out. thank you so much with that. sticking to politics. brazil's finance minister joaquim levy is replaced. he's replaced with the planning minister who analysts see more dovish on fiscal austerity. by the appointment he has vowed to keep the lid on the country's large deficit. the real weakened against the dollar on the back of the news currently at 397. the force is strong with this franchise. "star wars", "the force awakens," shattering the box office records as said with an

estimated $517 million taken in worldwide just this weekend. in fact, the biggest opening in hollywood history. $238 million in the u.s. and canada alone. it set records in the u.k., australia, russia, disney which bought lucas film three years ago. today they're planning four more films through 2019. righters breaking news they're estimating they're on track to triple their $4 million investment, triple it. "star wars" mania even extending to the world of u.s. politics this past week. >> okay, everybody. i've got to get to "star wars." >> if you will join me in this campaign, we will make that a mission. thank you, good night, and may be the force be with you. >> well, paul is a senior media analyst at rentrack and he joins us from los angeles. paul, good to see you. >> great to be here. >> what is it that makes "star wars" so special? how can they continue to rake in

all of this money time and time and time again? >> well, you know, this is an iconic franchise. many people's formative movie going experience was actually going to see the first "star wars" back in 1977. and what j.j. abrams and his team did, the film making team, they made a great movie. at the end of the day that's the most important thing. when the premiere happened last monday in los angeles and the tweets started coming out from the celebrities who attended the premiere, and it was so positive, it's positive, we knew that we were on track for a really strong opening weekend. got the record of all time $238 million in north america. 279 internationally for a total combined box office of rentrack data of $579 million. this is just the beginning. think of down the road with the small screen play. once this movie hits on demand.

the merchandising. all of those. like you said, there's five movies in total, but this is a cash cow for disney. they're going to make a big multiple on that $4 billion investment in lucas film. it was money well spent. >> and is it -- are they increasing the amount of money spent to do these movies year after year after year? does it only go one way or do you think at some stage they're going say, okay, enough money spent? now it's time to rein in the budget a bit? >> i don't know because if you're making these kinds of dollars in terms of just the box office, which is just the engine that's going to drive everything else down the road, i don't see that they need to pull back on their spending in terms of what they -- you know, the resources they commit to this franchise. disney is very smart. they own marvel, they have pixar under their wing and lucas film. these are some of the biggest brands out there. and it's also about the audience. who is the audience for the

movies? we have a service called post track where we look at who went to the movie, why did they go, will they see it again? will they recommend the film? we're seeing a big push from male audiences who love this movie but with a great lead character daisy ridley as ray, i think over time we're going to see that more females come out to see this movie and will for the successive iterations and the movies that come down the road. >> paul, if "star wars" is going to be such a big blockbuster for disney in the years to come, you almost get the feeling that $4 billion that they paid for lucas film was a complete bargain. should they have paid more? >> i mean, when 4 billion is a bargain, that tells you how powerful the brand is. the fact that they are going to probably make at the end of the day on this first film alone worldwide just box office in theaters probably over $2 billion, there's only two other movies that are in the $2 billion club, "avatar" and

"titanic." both were released in the mid december corridor. the multiple that they're going to earn back on that $4 billion investment, sky's the limit right now, but they made a great movie. that's what really does it. if the movie was disappointing, it could affect down the road all of the success of each additional film because this sets the stage and a tone for how well people are going to -- how well this movie is going to do, this and all successive movies under the "star wars" brand. this sets the screen for the decades to come. >> it's not a straightforward year for disney. in august we're concerned about cutting the cord an subscribers numbers. net net does the movie business easily outweigh the concerns about cord cutting over at disney? >> i think it does because,

look, if you have these kinds of brands under their wing, finding dori, the next pixar movie comes out. there's going to be "captain america, civil wars," the next installment of captain america with robert downey jr. you have a lot of big movies on the way for disney in general. that will bolster the entire bottom line. it's a high profile part of their brand. when a sony movie is released, pixar movie is released. this solidifies their smart business acumen and shepherding these movies and properties to the big screen and then to the small screen as well. >> paul, thank you so much for that. thanks for staying up late or getting up early. either way, thank you -- >> getting up really early today. still to come on the show, he may be the most hated man in america. but martin shkreli isn't backing down after being arrested last

week. we'll have plenty of more on that after the short break.

welcome back. you're watching "worldwide exchange." brent prices hitting an 11-year low of 36.18 overnight. just below the $36.20 a barrel in december of 2008.

wti also lower today. the lowest since february. now we've seen brent crude come off those levels, $36.48 year to date we're still down 36%. we are also on track for the worst monthly fall for brent prices since 2008. so far this month off by roughly 18%. i know i've thrown a lot of numbers at you, louisa. the topics and the underlying reasons are still the same. continue to oversupply fears. we've got the weak dollar, sluggish demand. you have opec and russia producing at year records. >> you do. the issue is whether or not the sent imts are going to change next year or whether it's going to be the same. a lot going on when it comes to the price commodities. in separate stories out there, not backing down from a fight, martin shkreli is now on the offensive days after being arrested by u.s. authorities. landon dowdy is at the cnbc headquarters in the states. landon, good to see you. more now on shkreli.

>> that's right. good mornings, shkreli gave an interview to the wall street journal on sunday in which he says he's being criticized by authorities for the over the top persona and drug prices. trying to find anything we could to stop him was the attitude of the government. beating the person up and then trying to find the merits to make up for it. shkreli was arrested and charged with allegedly misleading investors for hedge funds and raiding a public company to cover losses. the sec has reportedly been probing him since 2012 but his investigation became the bigger priority after he raised the price of the aids drug in september. the u.s. attorney's office is declining comment. shkreli has stepped down and has been laying low in his new york city apartment. his twitter account was taken over by hackers sunday just hours after he went online to plead his innocence, a series of tweets included anyone want free

money? willing to donate hundreds of thousands to charities before i go to prison. a spokesman for shkreli says his youtube page may have been hacked. he was the focus of a few jokes on "saturday night live" this weekend. >> martin shkreli is a real live grinch. maybe one day his heart will grow three sizes too big, and then we're going to be there to jack up his heart medicine by 5,000%. >> shkreli is still unapologetic about hiking the price. he tells "the wall street journal" he should have been more patient and less inflammatory in explaining his decisions. back over to you. landon, thank you for that. this may be a first, big story which has broken twitter. during the miss universe pageant saturday night the host accidentally announced the wrong winner, miss colombia. she was given the crown and the sash but the only problem is she was actually just the runner up.

take a look. >> i have to apologize. the first runner up is colombia. >> it was a bit awkward for everybody, right? like you were saying in this past hour. >> geez. >> first of all -- >> can you imagine? >> he's a comedian, right? when he says i have to apologize, the woman who initially was crowned, she didn't know what he was apologizing for. awkward. >> he apologized profusely. he says it was an honest mistake. the question is, is this a mistake that should have happened? >> it can happen, right? >> it can happen.

>> we all make mistakes. that's a pretty big one. >> miss colombia tweeted that those were the best 40 seconds of my life. >> if those are the best 40 seconds of -- well, i'll save my opinion. >> say no more. >> i'll say no more. >> okay. these are the headlines this monday morning. crude continues its slide with brent hitting lows not seen since 2004. ericsson and apple settle their differences and sign a new license agreement. fifa president seth blatter says he'll fight his eight year ban from football. we'll be back.

welcome back to the show. quick peek at u.s. futures. we're expecting higher open bounce back from the heavy selling on friday. the dow jones is seen up by triple digits, 112 points. nasdaq up by 41.

the s&p up by 60 points. dow tumbling 367 points. we saw the worst back-to-back losses in three months for u.s. indices thursday and friday. joining us from chicago, michael guerga. do you think we can sustainably recover from the selling pressure that we saw on thursday or friday? are we still going to be seeing that santa rally this year, michael? >> well, i think that it's in the cards, but clearly i was noticing at least another afore mentioned, opec's second largest member iraq. we're seeing that prices are going to in the next couple of months, start to climb and it seems as though that the powers that be are willing these prices higher. the production itself is one of the reasons why i still think there's $1.50 to even $2 lower in crude. i'll be watching to see how the markets are at least going to perceive the first quarter of 2016. >> but the oil market decline, the continuation of that, is that a dollar story still?

is that as you say still fundamental a supply story? what are the fundamental reasons behind it? we seem to be dropping every single day. >> well, you know what, i don't think it's a dollar story anymore. i clearly think it's a supply story. that's really one of the precipices why we've changed mentally from this time set. right now at least you started to see it show up in canada first, then of course global demand and metals and australia and others started to play in the minors. i think the global story here is that supply is just not going to stop. one of the reasons why we're starting to see these pressures is the monetary policies of, you know, entertaining fed policy and the ecb is one of the reasons also that the dollar's not going to be a story anymore in crude. >> michael, we're going to have to leave it here. michael guerka, founder of brent hill partners. >> we're back tomorrow morning nice and early so join us tomorrow for "worldwide exchange." bye for now.

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good morning, everybody. crude is getting crushed. oil prices dropping again with brent dropping to levels we have not seen since more than a decade. also, "the force awakens" and it does in a big way. "star wars" smashing box office records bringing in more than half a million over the weekend. a major oops. steve harvey having to apologize after crowning the wrong woman. it's monday, december 21st, 2015. "squawk box" begins right now. ♪ ♪ live from new york where business never sleeps, this is

"squawk box." good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with andrew ross sorkin and brian sullivan. joe is off today. brian, welcome. >> welcome. >> let's get to the markets this morning. check out the u.s. equities futures. we saw the markets pick up at the beginning of the week but by the end of the week the dow was down by 2% on friday and that did pull the averages down for the full week. you can see this morning the futures are up by triple digits. dow up by 117 points. s&p up by 14 and the nasdaq up by 41. the big story today, oil prices. brent crude dropping to its low. brent is below 37 at $36.50. wti still below $35. down another 30 cents to $34.42. big oil benchmarks have now fallen by more than 2/3 since the middle of the year whe