hi everybody. good morning. welcome. you're watching "street signs." i'm louisa bojesen. these are your headlines. healthy gains. shares of actelion rally to the top of the stoxx 600 on a reported takeover approach from johnson & johnson, energizing the rest of the european biotech sector. the daily mail and general is a paper weight on the london market as barclays turns a

new page and downgrades the stock and cuts its target price. the italian stock market underperforms its european peers. monte dei paschi weighing on the ftse mib as shareholders approve the bank's 5 billion euro cash call but sell out of the stock in early trade. a revolt over romney. a number of republicans go public with their opposition to donald trump's secretary of state front-runner, longtime rival mitt romney, while the president-elect prepares to name wilbur ross as commerce secretary. hi everybody. good morning. happy friday. the end of another week which means -- what date is it today? a month away from christmas. i actually started doing christmas shopping yesterday, believe it or not. european equity markets this morning a bit lower, just a couple points off. we are looking at asian markets set for weekly gains. u.s. two-year treasury yields hitting a high. and we're seeing a slide in the

price of oil ahead of this opec meeting coming up. some other commodities trading lower. showing you some of the main markets. the vast majority seeing a bit of selling. just an hour into trade. nevertheless, that's what we're looking at. most of these off a third of a percent or so. the smi in switzerland bucking that trend trading higher. just two sectors trading in positive territory. you have healthcare an food and beverages. both of these jumping higher. basic resources is high of 1%. oil and gas drifting lower with the price of oil coming down just a tad. let's start with one of the bigger news items making the rounds. shares in actelion soaring after johnson & johnson reportedly approached the swiss biotech company about a potential

takeover. now, this is according to bloomberg, who claims that the company is in early discussions. actelion up 10% or so. actelion declined to comment on this particular report. we spoke to the ceo after the company's last earnings release in october. we asked jeanne paul clossel about the possibility being taken over. >> as a company you do not have to think what is thinking the other company. i'm a ceo. my job is to grow, build a petter company. when you are good, the better you are, the better people -- the more you can say you are a target. people know very well this company, actelion depends on its people, depends on its situation, location in switzerland. i think it will not be so easy

to continue with this strategy of company, this building and growth of actelion if we would be integrated in a monster company. i think when you look at this industry, the megamergers didn't bring value. what we want to do, i really think that what we want to do in actelion is one thing -- we want to create value in this pharmaceutical industry. the best way to create value is to innovate, to discover new drugs, to deadlock them and put them on the market. there are many other models of the industry, like generics, reformulating old drugs, increasing the price of old drugs. this is not our model. our model is based on innovation. this model depends on its people and depends also on our

independence. >> alex tarrant joins us this morning. we heard how actelion wants to create value and would do this by non-investigating. would they still create value if they were to team up with johnson & johnson and accept a potential takeover offer? >> i'm sure they can. the drugs that actelion are developing have gone from strength to strength. just interesting what jean-paul was saying there. the johnson & johnson ceo himself made comments quite similar. he was saying rather than two 0 $20 billion deals, he would rather do four $10 billion deals. that sort of thinking of not creating value within a large company could be attached to

johnson & johnson as well. >> how much of a boost would a deal like this give johnson & johnson pharma offering at this stage? >> quite a boost. actelion has been buoyed quite recently by its results by its drug development and pipeline. j&j have the different parts of their business. they have been saying they will do deals, possibly across the three businesses, consumer, medical devices and the pharmaceutical sector. interesting, in january this year there was a bit of speculation of potential acti activism at j&j, perhaps wanting to split the company up along business lines. i wonder if this might add fuel to the fire there. >> what in general does the landscape of global pharma,

healthcare and biotech look like at the moment? does it make sense to see more mm&and also if we see political changes not in the states as anticipated but also in europe? >> interestingly here, people are saying it might be odd timing. president-elect trump is a fan of cash repatriation law that could be brought in to allow the major u.s. pharmaceuticals to repatriate their off-shore cash at a lower tax rate. that's why they've been looking at all these foreign acquisitions eventually. j&j itself is in a net cash position of $13 billion. it has cash and cash equivalents of $40 billion. we are looking at companies in the uk and europe who have had a currency hit recently. but we were expecting people to

see what president-elect trump would do before the repatriation law before making large acquisitions like this. >> alex, thank you very much for being with us. a alex tarrant. britain's wage growth products are extraordinarily dreadful according to one think tank. they warned that real wages will hit pre-2008 levels in 2021. in a damning assessment of the uk economy, they said it was the worst decade for living standards since the last war and probably the 1920s. tim harris is the ceo of harris capital. that does not sound very good. >> i was intrigued to hear steve in the last show talking about how he pace off his credit card bill at the end of every month. not only is the state leveraged

up to here, but joe is carrying a lot of debt in his or her pocket as well. if the real wage is not going to grow in 13 years, that's a grind. the chance love threw a bone on rhodes, on science, but in general, shall we call it soft austerity? we will see government debt rising. that will be funded. bull market will rise. you will see an interest raet curve changing in the uk. that is going to keep the lid on retail. >> does it have to get that bad? do we have to expect that things will get really worse than where they are now? things feel okay in pockets. the economy is holding up in pockets. do we have to go down the root of destruction? >> it's a question of where we came from. at a time of reflection on the u.s. over the last eight years, the presidential cycle, when the current president came in eight

years ago, the crisis was every week. banks were lining up to be saved every week. so we came from there. belts have been tightened hard. belts are loser now. it's a question not so much for tight austerity as one might have argued, and quite the opposite seen in the u.s. i'm interested to see where that will go, because if fiscal loosening is happening in the u.s. there will be monetary tightening. the balance in the uk is more subtle. the fiscal belt is not loose. it's being loosened and still quite tight going through. i think people are having learn within their means, that's very much the way of the world. still a low inflation world. it's a question of, you know, let's build from where we have come from. that's not a political thing. it's straddling two -- three governments by the time we get there. it's a question of putting the pieces back together. we must remember where we came from. if we see monetary tightening

state side, are we still going anticipate that the ecb will push ahead with an extension of sorts, of its $80 billion euro per mon buying program? >> you have an italian economy which is still resolutely growing at less than 1% the french recovery looks like it's peaking out at 1.4% growth. so, the ecb clearly is extending monetary support and stimulus as far as it can go. its asset purchase program i believe has all of 2017 to go. at least a $50 billion euro boost to come through in the foreseeable horizon that will keep market rates flat in the eurozone, the euro itself under pressure. all these questions we will ask about the euro over the next 12 months. i think monetary policy is

diverging across the world. >> while it's doing that, does that mean equity markets will continue higher still? >> the good news for those of us who follow these things is the large cap european equity markets, like the ftse, the stocks 50, they're global earnings. there will be some boost coming through there. but what we have learned over many, many years now with -- do not confuse domestic conditions with the global leaders. so, low hurdle rates, stimulative monetary policies will help valuations, price earnings multiples of 14, 15, talking actuals, not cyclically adjusted are not expensive. if we get an earnings boost after 2016, companies should be

a bit more liberal with distributions next year, with a 4% yield in uk and european equities. there's an argument there to own the equity wrist. >> 17, 18 times earnings in the -- >> more or less. we had an extraordinary rally through november. a lot of people caught by surprise by how strong it's been. will it scare off the santa claus rally in december? >> that's a u.s. centric comment. uk an europe only 4% off the highs, partly supported by the monetary story and partly supported by the valuation. a lot of risk is still coming through. we may see an oil price which could get steam, if that's not confusing the terms, over the coming week if opec agrees to supply side constraints over the weekend. oil prices could move on, there will be implications for that

and implications for the dollar there. i'm not being extravagant where equity risk goes. i do say there are two real asset classes that pay me to own them. one is equities, one is real estate. the running yields are in reala. with both, i have the option of growth on top. my return is better than 4% on equities, 5% for real estate. i'm not getting paid to have bonds anymore, and there's a bond risk as we've seen with the selloff of the gilt market is sharp. so, almost by default, investors globally, the hunt for return, the hunt for yield are being forced into equities. >> tim, thank you very much. if you're not making gazillions in the stock markets at the moment, maybe you just need to be lucky, listen to tim, because

the founder of corona beer has made ever recent of the spanish village he grew up in a millionaire. antonio fernandez died in august at the age of 98. he left 169 million pounds in his will to the 80 residents living in the village where he was living in northwest spain. he grew up in poverty. he was forced to leave school at 14 to help his parents. he immigrated to mexico and worked his way up the ranks to become ceo in '71. how fantastic is that. 169 million pounds, around 2.1 million -- i can't read my own writing there. around $212 million. around 2.2 million per person.

>> if i leave a legacy, the good residents of berger can live without it. >> he literally changed the lives of these people. >> you never forget where you come frfrmt. >> the question is whether or not they'll be happier because of it or whether it will lead to more trouble. >> think of all the advisers moving down there. >> yeah. precisely. quite a simple village in the nicest way. sweet little village. e-mail the show. the address is streetsignseurope@cnbc. you can find us on twitter, i'm happy to look at your tweets. yes, i was out eating pies all day for thanksgiving, but back, so do find us on twitter @louisabojesen. the polls suggest the former prime minister francois fillon

is a favorite to win the french leak shun. can the polls be trusted? we'll discuss the french election coming up.

welcome back. i'm @louisabojeslouisa bojeseou. dominos pizza trading higher after promising to create 14,000 additional uk jobs. the company increased its store count aim to 1600 from 1200. they kept profit guidance unchanged for the year and said in their trading statement that business remains brisk. daily mail and general trust have been downgraded by barclays. the publisher, win of the world's most english reading

websites, had its target price cut and a new rating of underweight put on it. general mail underperforming the broader market off by 4%. lufthansa pilots extended their strike until saturday and are specifically targeting long-haul flights. the german airline canceled 2,600 flights over three days. that's a lot of flights. that means around 300,000 passengers have been affected by the grounding of these flights. it's the 14th strike since early 2014 amid the dispute between the union and the lufthansa management over a pay increase. and voters in france are gearing up to have their say on which conservative candidate that they want to lead the fight against marine le pen in the french presidential race. francois fillon is the favorite to win, which found him more convinci convincing than rival alain

juppe. mr. juppe criticized mr. fillon for his russian sympathies. >> translator: i was a bit surprised to see for the first time in the debate, i think, in a french political election the russian head of state chooses his candidate. i'm a little bit surprised. >> mr. fillon signed multiple trade deals with putin between 2007 and 2012 when they both were prime ministers. he's been quick to defend his stance on russia. >> i consider that the policy led over the past four years by francois hollande with respect to russia is absurd and it drives russia, it pushes russia to harden itself to isolate itself and to activate its nationalistic reflexes. we have a political analyst with me to talk more about what to anticipate from the second round in france this weekend. do you agree with the poll that

fillon came out stronger? >> i think it was a balanced debate. i watched most of it. it was useful because they were actually talking about policy. and they were giving numbers. it was generally a polite debate. of course the two men know each other really well. they have been in the game for over 30 years and belong to the same political party. overall there were attacks, of course, but overall a respectful and i think useful debate for watchers. >> what do you think sunday's vote hinges on? what will make the difference on whether or not fillon runs off with a strong positioning? >> it's clear fillon has gone from underdog to front-runner and juppe has to play catch up. the best hope for juppe could be a bigger mobilization of centrist and central left voters. it's useful to remind it is possible because it's an open

primary. you don't need to be a member of the party to vote in the election. that's why juppe has had very clear line of attacks. he's insisting a lot about fillon's ultra liberal economic program. he's insisting about fillon's conservative views on social issues, and friendship with putin. so that's, i think, what juppe hopes for. opinion polls have not been spot on recently. at the moment it seems to me that first of all, looking at the results of the first round, there was a big gap between fillon and juppe, and sarkozy endorsed fillon. >> so you're saying that the people who would have voted or who are more socialist at heart that they would vote for fillon? >> i think the opposite really. i think if you look at the scenario where one of these two candidates could be the second round of a presidential election

against le pen, if you are a social list voter you will vote more easily for juppe than fillon. you would see fillon as more traditionally right wing on a number of social issues. as excessively liberal on economics. there was a front page of a left-leaning french daily depicting fillon like lady thatcher, very clever photo shop. >> yes, i saw it. with marine le pen, how much of a chance does she generally stand in the election come may? if we get to that stage? a lot of people are saying the difference is le pen doesn't have a republican party behind her, such as the other candidates do. it's a much smarter party for national. >> i think at the moment i still believe marine le pen has little chance of being elected french president, but i do believe she

looks pretty much certain to be in the second round. again, i have to go with opinion polls. opinion polls currently show that both juppe and fillon would beat marine le pen in the second round bay comfortable margin. from le pen's point of view, fillon could be a better candidate to face because she could point to his ultra liberal economic program which remains a very powerful political attack in france to call your rival ultra liberal. >> did you catch our story earlier with the founder of corona beer who left 169 million pounds to all the residents in the little village where he spent a lot of time. he made everybody a millionaire there. >> i learned about that this morning. an amazing story. >> brilliant. fantastic. thank you very much. get in touch, get involved.

ask any questions or comments that you might have. happy to pose them on to other guests. find us on twitter, @louisabojesen. also there's loads more online. world markets live is our blog that runs throughout the trading day. after the break, more about black friday. we'll check in on the political scenes state side and talk more about european markets.

hi, everyone. welcome back. you're still watching "street signs." i'm louisa bojesen. your headlines today, shares of actelion rally to the top of the stoxx 600 on a reported takeover approach from johnson & johnson, energizing the rest of the european biotech sector. the daily mail and general trust is a paper weight on the london market as barclays turns a new page and downgrades their stock and cuts its target price. the italian stock market underperforms its european peers. monte dei paschi weighing on the

ftse mib, though we've just seen a turnaround in italy in the last 15 minutes. shareholders approve the bank's 5 billion euro cash call but sell out of the stock in early trade. a revolt over romney. a number of republicans go public with their opposition to donald trump's secretary of state front-runner, longtime rival mitt romney, while the president-elect prepares to name wilbur ross as commerce secretary. hi everybody. welcome back. we're beavering away here, catching the data as it flies on the wires. uk third quarter gdp just coming out, confirmed at 0.5% quarter on quarter, which means unchanged from the preliminary estimate and just looking at the third quarter gdp, 2.3% year on year, unchanged, also from the

preliminary estimate, business estimate plus 0.9% quarter on quarter. a bit lower than the second quarter but higher than what the reuters poll anticipated. services yoit put for the third quarter also confirmed at 0.8% on the quarter. industrial output revised, minus 0.5%. revised down just a tick from 0.4%. construction being revised a bit higher. minus 0.1% as opposed to minus 1.4%. that's what we're looking at. third quarter gdp unrevised at a half percent quarter on quarter and business investment just rising a tad. u.s. futures, let's not forget about the u.s. markets, coming back to trade today after everybody gouged on thanksgiving feasts yesterday. i was at a restaurant in london, they were busy.

the implied open, just a bit higher across the board on this friday that will be super busy for the retailers much everybody going nuts, going out shopping and trying to get a good bargain. european equity markets, slightly mixed. a half hour ago we were looking at all markets trading in negative territory except the smi and danish market. no just more grown out there. including the italian market just coming back up again from earlier. the fx markets, the euro/dollar, 1.0594. the story continues. let's talk about italy. that's an uncertain area. the economist has recommended italian voters reject renzi's constitutional reform. they state the country does not need the reforms he's proposing. they added that mr. renzi's

resignation may not be the catastrophe that many in europe fear. the editorial comes two weeks before a vote on which the prime minister has staked his poli political future. the no camp has a 5% lead over the yes camp. some of our guests are also saying the referendum may not be the worst thing. cnbc spoke to a number of ceos of leading italian economy to get their take. >> we need stability in italy. we need to continue the reforms that have been started by this government. this is important for italy, for the country, important for europe. important for the business. >> good stability means being effective, being pragmatic, not turning around and running for nothing.

we need this kind of stuff, without talking about politics, we need our politics to understand that we need the right condition to invest. otherwise there's no investment. >> if italy votes yes, then all of us in europe will say, okay, italy is indeed progressing on the reform path. and therefore the pressure is maybe moving to another country that we go into the electoral cycle next which would be france. if italy votes no, then the investor will say, okay, europe is -- italy is starting to become slow. >> now, banca monte dei paschi ha share holders have approved the bank's 5 billion capital increase. the ceo said the operation could start around the 7th of december

or the 8th, and end before christmas. bmps off by 4.5%. the eurozone's national banking systems are pulling apart and becoming more domestically focussed leaving the continent's financial institutions more exposed to shocks. that's the warning from the european central bank's central economist who deemed the trend dangerous. as he called for a more integrated banking sector in europe. turkey has raised interest rates for the first time in almost three years. the benchmark has been hiked by 50 basis points this comes as the lira hit a series of record lows following donald trump's win in the u.s. the lira continues to recover from a post-coup crackdown. and south africa's central

bank left lending rates unchanged at 7%, but warned inflation reads might lead to a rethink, this after consumer prices have been elevated. political turmoil at home and abroad are also likely to be significant. accusations let's talk more about what's taking place in south africa. louis costa is with us. good to see you. >> good to see you. the south african rand has seen some pressure, especially after donald trump's victory. but you're saying it's starting to level out? it's not going to fall off a cliff? >> we do believe. we do believe 2017 can be an interesting moment for south african assets in general. it's still difficult to becy or rand assets in general, but

we believe we could have interesting opportunities to buy opportunestically. inflation will drive lower in the next quarter of next year. it will be an important year in terms of political background. you touched on the zuma factor there. it's probably the overwhelming factor in south africa for 2017 in terms whoof can be done of government transition. there are a few short-listed candidates in terms of succession of zuma in 2017. some more market friendly. the transition can be a generational one. it's not something happening one year like this. but it looks like south africa could be trending towards a more market friendly, more fiscal, pragmatic fiscal strategy.

>> we heard of overther emergin markets where central banks have been stepping in changing their rate strategy. do we think south africa will do the same? >> it's been a very messy year in terms of political backgrounds, minutes of finance, is the minister of finance being fired or not. all sorts of questions. in this period there was one solid anchor in south africa, which is the central bank. to be honest, if you go around you see a lot of lazy central banks out ere. definitely not the case of the south african central bank. the monetary policy anchor has been there. that was one of the reasons why rand assets did not sell off more than they did. >> is it your impression that the fund flows are going to continue out of emerging markets and into u.s. asset classes? for example, european? do we think this trend will continue? >> the last six months have been

benign. we had inflow in the asset class. now the story is a bit different over the past month given, you know, the price action in the core markets. not only u.s., not only the fear of the fiscal impact on u.s. curve, but also the uncertainty around the ecb policy. we do believe we are still in this transition phase. we have not seen material proof of institutional outflows in the asset class yet. that's one important trigger to see something more dramatic in terms of price action. a lot of retail stuff which is not a leading indicator for my bearishness in the ecm. we do think there is a moment for repricing. i don't think this is the stage as yet. but we can be like that if there's a bit of follow through going into q1 next year. we are definitely more cautious

when it comes to developing market rates. >> when you look at russia, is there part of you that thinks russia could be the trump emerging market play given the perceived commonalties that trump and putin could have? and given also expect takes partly because of that that sanctions could be coming off the table with regards to russia under a trump presidency? >> it's interesting you mention that. investors have been unable to play this accordingly. i don't think russian assets are pricing in a certain degree of re-pricing of the sanctions probability. when it comes to euro land, forget about it. brussels made it clear this is not coming through. how about the white house? for the time being, yes, it stands. with the new administration we

have to re-price the probablibiliprobleability of a rolloff of sanctions in 2017. yes this is one point. but in general the macro picture, despite the fact that the fiscal is still challenged given where oil is, hydrocarbons are, i believe the macro picture in russia is not bad. this is not a central bank that has been on the cautious side, cutting rates a lot less than what the markets were forecasting. this is obviously lending this huge cushion to the currency. i do like the currency now. >> louis, thank you very much. streetsignseurope@cnbc is where you can find us. @louisabojesen. now, a suicide bomb truck attack in iraq has killed 100 people. most of them iranian shiite

pilgrims. local police and medical officials say the blast hit a petro station near hila, where busloads of pilgrims stopped. isis claimed responsibility for the attack. the voices of discontent within the republican party are getting louder as mitt romney remains a front-runner for secretary of state in donald trump's new government. kristen welker reports from the president-elect's mar-a-lago resort in florida. >> reporter: donald trump celebrating his first thanksgiving as president-elect at his palm beach estate, eager to show he's not just relaxing tweeting trying to get carrier a.c. company to stay in the u.s. the company's indianapolis plant in the midst of move to mexico was a constant trump target on the campaign trail. carrier confirming they're in conversations but so far no announcements. it all coincides with striking revelations.

intelligence officials telling nbc news that mr. trump only received two intelligence briefings since the election, far fewer than the daily briefings that are expected. >> by not having daily briefings he's risking the security of the united states. >> the "washington post" first reported the news noting vice president elect mike pence is getting briefed almost every day. the sessions designed to give a summary of key security developments from 16 intelligence agencies, as well as the cia's covert operations. during president obama's transition he requested extra briefings. president george w. bush got into a daily routine after the florida recount. >> there is nothing as important as these briefings for the president of the united states. if he discounts them, then, of course, it's possible there could be ramifications. >> in response the trump transition team stressing national security is donald trump's top priority. one senior intelligence official cautions it's too early to draw broad conclusions with trump busy forming his administration.

so who will be named next? all eyes on secretary of state. the top contenders, new york mayor rudy giuliani, a trump loyalist, and mitt romney, one of trump's biggest critics during the primary. >> donald trump is a phony, a fraud. >> but today one of trump's top advisers seemed to pick a side, with a tweet praising loyalty in past secretaries of state, a sentiment echoed by other trump allies. >> i can think of 20 other people who would be more naturally compatible with the trump vision of foreign policy. >> reporter: meanwhile, yet another sign that trump may be moderating. after criticizing nato as a candidate, today the alliance's secretary-general insisted trump is dedicated. >> donald trump stated clearly he supports nato. >> trump supporters have lashed out against billionaire investor george soros. swaths of backers of the president-elect have taken to social media to lambaste the

republican. mr. soros has been disliked by the republicans as a multimillion dollar donor to the democrats. online, find out why donald trump's win could push opec to cut production. find out more on our website, cnbc.com. good morning to all of you, frank wants to know when do the unemployment levels start to push up wages? we were talking about the wage forecast for the uk in the wake of brexit. nan writes in saying we have 1 00 billionaires in london. what a wonderful thing if they came up with a scheme to give 1 million to all the individuals. >> another writes i love the

corona legacy, could donald trump do the same with all the new york citizens? $2 million each? probably could. the founder of corona beer passed away at the age of 98, made everybody in his small village a millionaire by leaving his money behind for the 80 people that live there. coming up on "street signs," shop until you drop. the black friday bonanza is about to begin. we'll see how stores stateside are preparing. we'll be back after the break.

hi everybody. welcome back. i'm louisa bojesen. u.s. equity markets may have

been closed yesterday for thanksgiving, many stores stateside remained open to launch black friday discounts early. jay gray is in new jersey. jay, we always see these pictures of people going absolutely nuts to get the best deal. we're an tess paticipating the s year? >> yeah. in fact, good to talk to you this morning. a lot of analysts believe this could be a record breaking friday when it comes to sales. hopefully no breaking of bones or mashing of teeth as shoppers try to find the best bargains. a lot of anchor stores here inside the newport center mall have been open all night. shoppers getting an early start on the black friday frenzy. a lot of people say they're coming out to get this done now, not only because of the deals but because it's been a holiday tradition. they enjoy spending the time together, being up overnight and

early morning doing their shopping. it seems to come in waves. last night a lot of shoppers got out after having their thanksgiving meals. we've seen a lull in the overnight hours but picks up dramatically in the next couple of hours. it should be a great day to see what kind of bargains are out there. >> people wouldn't just stay home, click, have it delivered straight to their door? they still want to go out among the droves of people and have this experience? >> it's interesting. a lot of people say it's just the camaraderie of that. it's the social aspect of being out, being in the mall, being together and having a good time. i should say when you look at the data, a lot of people are staying home pointing and clicking. and here's another reason a lot of people come into the stores, and a lot of shopping experts will tell you this. they bring their smartphones,

pads or tablets, they comparative shop online. a lot of stores, a lot of brick-and-mortar places will match a discount on a product you can feel online. so they feel like they get the best of both worlds. >> anything you have your eye on? well, i would tell you, but you're on my list, i don't want to spill things. i've got to be delicate. >> he understand. i understand. i always forget what i need when the sales come around. then i end up not getting anything. jay gray, thank you very much. joining us from new york is kevin quig. good to have you with us today. what do you think we'll see this year when it comes to the retailers out there? which runs are you favoring at the moment?

>> thank you for having me. happy black friday. it's a big american holiday. appreciate that. you were speaking about it. the important thing to remember is today is the first step in the battle. the war is the entirety of the holiday season. we're looking for those bricks and mortar retailers wo ma er en investment trying to increase customers in the store. the first is nordstroms, they put in the effort, the work, investment to increase customer satisfaction and are poised to take advantage of today. >> how do macy's and kohl's stack up compared to nordstroms? >> if you look at our readings, after the credit crisis we saw all the brick-and-mortar retailers have an increase in customer satisfaction score. the workers at those stores were boosting their effort because they were happy to have the job. we've seen as nordstrom's score maintained its high standards,

macy's started to dip. their overall customer satisfaction score dip below the industry norm. that doesn't bode well for their customers experience and the prospects short-term, however they have put investments into their in-store experience and there's the possibility that will pay dividends today. >> how much market share does amazon have these days? >> we talked about the battle earlier. the war is for the consuming dollar. some estimates have online shopping in the holiday season and overall up to 40% 45%. those are historic highs. what we're starting to see is companies like amazon who laid the ground work for years and years, increasing customer satisfaction, the delivery mechanism, they're taking advantage of the increase in the online buying experience, so you will see them take the overall market share of the holiday season. we like amazon a lot.

>> what is it that people want this year? any trends you're seeing? >> well, i think the overall trend in retail is it's an evolution more than a trend. ten years ago it was based on how well did the greeter do? how is that return policy? as we evolved to online marketplace, how easy were the returns from online to the store. amazon, for example, is so well poised because they have laid the ground work to give their customers the entirety of the shopping experience that resonates. shopping is a more competitive marketplace than it's ever been. those who accept that and embrace that holistic experience will succeed. >> do you think people have become more thrifty or are they spending more, on precisely those big ticket items. are people upgrading even if

there's no reason to upgrade? >> i think it's a mix of both. obviously as we move through the recovery, we're seeing different people in different phases of that recovery having the ability to express that through holiday shopping. we're seeing a peck up. like i said the numbers from post recovery where you saw the satisfaction at an all-time high, the fact that it's dipping with some of these retailers would tell you that times are better. the experience has become more complete. because of that there's a slight dip in satisfaction, and it varies from retailor to retailer. we're poised for a good season what we've seen in the markets is since future president trump's election, we've seen an untightening of the market and people are expressing that through shopping, buying, getting out in the marketplace. obviously the lines i saw in the stores and on the way here, if they're indication we're off to a good start. >> is it your impression that the consumer strength is holding

state side? here in the uk we've been surprised by how strong consumer spending has remained after our referendum vote to leave the eu. what's the consumer like state side at the moment? >> i think it's similar to post brexit. while the passion of brexit and the passion of the election was something that people were keeping an eye on, in the reality, post both of those events, people realize life goes on. you have to take a big picture view of what's going on in the broader markets, and people are putting their faith back into the system. >> kevin, thank you very much for your time. have fun shopping. >> thank you very much. >> the founder of corona beer made every single resident of the spanish village he grew up in a millionaire. antonio fernandez died in

august. he was 98. he left 169 million pounds in his will to the 80 residents of the village where he grew up in northwest spain. he grew up in poverty, he was forced to leave school at 14 to help his parents, but now leaving all his money to everybody in the village.

good morning. the black friday mania is in full swing. markets now. oil prices slipping as investors wait to see what comes op next week's opec meeting. scores and more. if a food coma put you out early, a roundup of the big football games. it's friday november 25, 2016, "worldwide exchange" begins right now. ♪ good morning. welcome do