hi, everybody. good morning and welcome. you're now watching "street signs." i'm louisa bojesen and these are your headlines. the italian banks leading declines in europe as fears about the financial system mount ahead of the constitutional reform. the foreign minister telling cnbc that concerns are overblown. >> don't fasten your seatbelts because it's not the case of a tremendous turbulence. any case we will have a weaker and more unstable country, but

not a threat for the european economy. weaker crude prices also weighing on oil stocks. saudi's energy minister hints that the oil market may not need a producer deal to rebalance itself. a resounding victory for francois fillon. the second round of conservative primaries putting the prime minister in position to win next year's presidential election. and aberdeen hitting the top of the stoxx 600 after the value of its managed assets rises by 10% despite a net outflow of funds amid political volatility. speaking to this program, the ceo downplayed the impact of the u.s. election. >> obviously, we've seen a temporary setback with donald trump being nominated as president, but i agree with the sentiment that great opportunity for 2017-2018. hi, everybody, and welcome to the show.

very glad that you're with us for this full hour. we've got a packed show for you, and indeed kicking off with some data just hitting our wires, the italian november consumer confidence figure 107.9. that's slightly higher than what had been anticipated, a little lower than what we saw in october. 108 is what we saw in october. we're looking also at the business confidence figures printed, 101.4, versus october figure of 101.7, so pretty much what we saw the prior month is what we're seeing here for the month of november. the euro/dollar relatively unchanged at the moment, a little up by 0.7%, 106.59. there are a lot of issues taking place with regards to fitly and all eyes are on the political atmosphere in italy as opposed to maybe some of the individual data points at the moment. we'll talk more about italy here in a couple minutes. i just want to show you what we're doing on european equities this morning.

we're a little lower, down by 0.9%. we have, indeed, seen a number of these sectors pulling lower this morning, the likes of autos, for example, the likes of basic resources, the likes of oil, also pulling down. let's not forget the banks, either, and that scene here reflected in some of the main european markets and some of the sectors out there. all of the european equity markets trading in negative territory. note the underperformance by the ftse middown 2% or so. in fact, the danish market being the only slightly in positive territory, though not much. you can see the sectors out there and see we indeed have all of them in negative territory, apart from utilities, but banks off the most by just over 1.5%, oil and gas down. the price of oil also moving lower on nerves ahead of the opec meeting on wednesday. we have full coverage of that, too, and travel and leisure off by just over 1.33%. but let's get back to one of our top stories this morning, namely the italian banks and the move seen there. the banking index in italy

having hit an eight-week low as fears about the impact of the upcoming constitutional referendum are mounting. a report in the "financial times" suggests as many as eight lenders could go under if the no camp wins the vote and sparks market volatility as a result. the italian banking sector still has 360 billion euros of nonperforming loans on its books and a number of small banks are considered to be in serious distress. now, at the same time on the streets, thousands of anti-government protesters are outside to protest in rome over the weekend, to stage a rally against prime minister renzi and has proposed changes to the constitution. many demonstrators carried banners with the words "let renzi go away" or "i vote no." it comes just days ahead of italy's pivotal referendum on this constitutional reform, which has come to be seen now as a proxy vote on renzi's leadership. now, a lot of the no-voters, they think that the referendum

changes would be antidemocratic, but speaking on cbs over the weekend, mr. renzi defended the votes. >> this referendum is not a referendum to change democracy in italy. it is a referendum to reduce bureaucracy in italy. italy is the worst country for bureaucracy around the world, and this is very important. if we have a system with a lot of politicians, the consequence is 63 government change in 70 years. >> yeah, so mr. renzi speaking there. julie's with us, and indeed, you'll be heading to italy to cover this as of tomorrow. >> yes. >> the trip begins. >> yes. >> so, what is this a vote against, do you think? i mean, is there a vote for, for that matter as well, is it for or against renzi, is it for or against the government, is it for or against the reforms? >> i think all of the above. i think as we've discussed the last several months, unfortunately, because prime minister renzi said he'd resign, it became a test once again of

the establishment here in europe. and obviously, what we've seen with brexit and with trump has got the markets concerned, hasn't it? i think that's the ultimate point here and you're seeing that with the banks today. i'd make the argument that whether or not renzi steps down as a result of this result, the challenges that the banking sector faces are there either way, but ultimately it's going to come down to i think a pressure point in the markets when we get this result on monday, but we should also talk about the prospect of renzi winning this. we're struggling with the polls at the moment. we don't know which way they're taking us. they're surprising us. when i spoke with the foreign minister, i said brexit was a surprise, trump was a surprise. is ahre renzi vote with a yes v also going to be a surprise? listen. >> if the benchmark are surveys and polsters, i think that the brexit and trump are good example for what i am saying, that at the end --

>> polls are wrong. >> they are very close -- they were very close when they were allowed to be published. i think that the gap is now very, very narrow, and i am confident in eight days we will prevail. >> "the economist" publication has come out and said italians should vote no. former prime minister mario monty has also come forward and said no for a number of reasons. a number of mps as well that originally voted yes in parliament are also now coming out and saying no. why? has the government made an error here? in the contents of the changes that they're proposing? >> well, the foreign reactions are very controversial, obviously. we have very relevant newspapers saying you have to vote yes,

because with no prevailing, we risk a great danger for italian future and the italian economy. and then as you mention, we have other relevant newspapers that say you have to vote no. but the italians are voting, not the "wall street journal" or "the economist" or "financial times." >> have they got it wrong? are they misunderstanding? >> well, i think that those saying that we are going to a catastrophe are exaggerating, and i think those who say no because you risk the italian regime are totally ridiculous. so in one side we have some exaggeration. on the other side, we have, it's really ridiculous. if you just, perhaps who writes these kinds of things has no idea, and i understand, because it's a totally italian issue,

has no idea of the content of the reform. but saying that there is a risk of an authoritarian regime in italy where, obviously, the risk is bureaucracy, not functioning, too slow process of legislation. we all know what are the risk of the country. the only one that we don't have is the risk of an authoritarian regime. it's ridiculous. >> so he was just saying there, look, there's not going to be a huge issue here. he was also trying to underscore the point that the government has a plan. whichever way this vote goes, they will take action. and i think they recognize that if there is a delay, a period where the president has to appoint a technocrat in the case of a no-vote winning, that that time will be i think allowing pressure to be put on the italian market and assets. so, i think they get that. >> lorenzo cudono, a regular

guest on cnbc, says a no vote is a vote of changing the system. do people know what they're voting for? >> i think there's a little bit of confusion. i think a lot of the articles i've read, particularly from the international press, suggest that actually they don't, and they're not separating this idea that this is a referendum to shrink the power of the senate, to stop legislation bouncing back and forth between the lower house and the upper house, change to electoral law comes afterwards, and that then will have implications for which party can then get a majority in a future election. so to make a giant leap from this referendum result to the possibility of the five-star movement taking over as a future government in this country, and that then leading italy out of the eurozone, these are huge leaps, and i think we need to separate them. >> okay. jules, we'll be hearing plenty more from italy -- >> you will. >> -- here over the next couple days, so we'll see you soon again. >> thank you. >> julia there talking about what's to come in italy. it's not just italy that's

seeing possible changes in the political sphere. france has now chosen its center-right presidential candidate, and it's not who the pollsters were predicting it would be just a matter of weeks ago. francois fillon receiving around 66% of the vote in the second round of the republican primaries, squarely winning in the process. here's what mr. fillion had to say to his supporters after securing the nomination. >> translator: these past five years of presidency have been pathetic and we need to put an end to it in a way we haven't done in over 30 years. >> now carolyn is in paris covering this. good morning, carolyn. good to see you. a month ago, fillion was less than 10% in the polls and now runs off with this astounding victory. it's been a huge change for the french. >> reporter: no, absolutely. he was the outsider, the political outsider. yes, he's been in politics for

more than 40 years, but no one expected him to win the republican conservative primaries, and now he is the front-runner for the presidential elections next year. but how do you explain his sudden rise in the polls? let's dig a little bit deeper with a senior correspondent for "politico." thank you so much for joining us. how do you explain the rise? >> well, he was the first to declare. i mean, this is someone who has worked a long time, three years ago patiently visited france, met a lot of people, built a program that is a bit hard right or in the french tradition, but i think it's hard work, and he's got all the advantages of the underdog that people discovered in the last weeks before the primary through three debates, where he performed very well. he's got that assurance, looks serious, and he's just the type of man that people aspire to. he looks like a president, which

you can't say really about the last two presidents that france has had, either sarkozy or hollande. so, he's got a lot going for him, especially all political sides are telling us that french opinion, french voters, right-wing voters have moved right, even more right than traditionally. and so, he came at the right time. >> reporter: what's surprising to me is that it seems like under fillon, his main platform will be one of radical economic change. in this election, it doesn't seem to be about security, about terrorism. it doesn't seem to be about immigration so much. why do you think is there so much talk about the reform of the labor market of the economy? >> well, his platform is radical only in the sense that he suggests the radical downsizing of the french state apparatus, major spending points, to the point it's so radical that a lot of people think it's maybe not that realistic in terms of capability to shrink the ranks

by 500,000, for example, over five years, which means there would be no hiring at all during those five years. we'd have to shut down all the schools that actually hire those people. and so, and then he's going to, of course, run into the big, powerful public-sector unions, which he promises to take on, and this is part of his attraction for a lot of people, actually, his appeal to a lot of people. but on terrorism, he has published a book. of course, lately, like a couple, about a month ago, to show that he had a plan. and as everything fillon looked at it very seriously. this is a very thought-out plan, again, on the right-wing end of the spectrum. but again, he looks and is the kind of guy that would not make big mistakes in that area. >> if we look at recent polls it shows he can actually win the presidential runoff next year. you don't think this is a trump moment for france. why not? >> there hasn't been much of a trump moment for france.

very small similarities, but we've been with this for 30 years now. the le pen name surge in the last year or so. there's a threshold to the vote in france traditionally where people vote out of anger but don't want the director of the national front to actually be in power, and we've seen that in local government, regional government. we're going to see that again next year. for the moment, fillon's problem is not le pen, whom he would beat soundly, with a guess here, he would beat her soundly in the second round. his problem would be if ever, it's not likely for now, a central-left candidate appears that could really unite the leftist and centrist vote, then he would have a problem, because everyone -- that guy, that man or woman, actually, would tag him with a hard right label, which might be a problem for

him. >> could that be arman macron? >> it could be, but it's an uphill struggle for macron, because a lot of people don't like his economic program, think he's too close to the right for comfort, th comfort. he's going to fight hard to do that. >> pierre, thank you so much. pierre briancon, senior correspondent for "politico." louisa, back to you. >> carolyn, thank you so much. we'll see you soon again. carolyn joining us live from the streets of paris. keep it right here. keep your questions coming through. streetsignseurope.cnbc.com. i see the questions popping through already. we have plenty of guests coming up and i would love to incorporate your thoughts and comments to our guests, so keep them coming through. we're also on twitter live, of course, too. you can find the sh show @streetsignscnbc or tweet me @louisa bojesen.

it's wonderful to hear from you one way or another. as the dollar weakens and u.s. bond yields slide, is this the beginning of the end for the trump trade? most people say no, but we'll take a closer look right after this. we've got strategists coming up in this next part, so again, get your questions through on how to position yourself, market questions. we'll be right back. generosity is its own form of power.

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hi, everyone. welcome back. you're still watching "street signs" here on cnbc. i'm louisa bojesen. good morning. good morning, good morning, good morning. china's industrial profits rose by 9.8% in october, a pickup from the previous month, thanks to higher profit in raw material production. the data is pointing to a strengthening in chinese economic activity. paul ly pauline's in sing more with more on the asian market. that would be good news then. >> yeah, that's good news. the number was off the back of higher prices for raw materials, such as coal.

let's look at the china markets. the shanghai composite ending up 0.4%, almost half a percent. also, the hang seng up by the same amount. part of that optimism was because finally there is news of a launch date for the shenzhen hong kong stock connect. that had been delayed. the belief was because of depreciation and capital outflows out of china, but now it's been announced that the launch of that stock connect will happen next monday, december 5th. now, there are a couple of factors playing out on the asian markets today. one was the softer u.s. dollar. the other was oil price declines and also that schengen stock connect i mentioned. the nikkei stofter dollar resulted in a softer yen. the nikkei down. also emerging markets still under pressure right now. the philippines down 1%. jakarta composite in indonesia down by more than 0.1%.

there is a report that's come out saying that emerging market asia has seen $17 billion worth of outflows so far this month since that trump victory. and let's take a look at what's going on with the nifty, because it's had choppy trade today. it's up by 0.33%, but that's with banking pressure after the rbi this weekend told banks it has to place a majority of its cash reserves at the central bank as a result of what's been happening with the banning of the 500 and 1,000 rupee notes, creating a huge surge of liquidity there in india. so, that's a snapshot of this monday afternoon. louisa, back to you. >> pauline, have great rest of your day. we're just getting started here on this end, so you're a bit ahead of us. we'll talk soon once again. standard charter reportedly set to cut 10% of its corporate and institutional banking unit, according to reuters sources.

it's understood the job cuts may come this week as part of a wider cost reduction drive. shares off 1.5% in today's mostly negative markets. aberdeen asset management's full-year profits have fallen by around 30% to 353 million pounds amid a continuing shift to passive investing. aberdeen reported annual net equity outflows of 13.6 billion pounds for 2016. that's a less steep decline than it reported in the prior year. speaking to cnbc earlier this morning, the ceo of the scottish asset management firm said that the outlook for emerging markets is improving, despite donald trump's election victory. >> it's probably the first quarter we've seen for probably three or four years where we have net inflows of over 600 million pounds. so we've definitely seen a change in investor sentiment and a lot of people taking offshore positions, et cetera, et cetera. obviously, we've seen a

temporary setback with donald trump being nominated as president, but yeah, i agree with the sentiment that it's a great opportunity for 2017-2018 and correcting the three, four, five years of horrible performance we've had in the sector. >> tim hayes is a chief investment strategist from ned davis research. good morning, tim, and welcome back. >> good morning, louise. >> we just heard there that the emerging market outlook seems to be improving. at the same time, pauline cho talking about how we've seen some $17 billion of outflows since the trump victory. why would emerging markets and the outlook necessarily improve now, especially if the fed is getting ready to start hiking rates? >> well, i think a lot of the sell-off we've had on the emerging markets has been related to the dollar rally. and we try to distinguish between what is related to what's going on in the global economy versus what really was a reaction to the trump win.

and the dollar is the one that was really a change from what we had seen before. emerging markets are likely to continue to benefit from the global reflation theme, which was well intact before the election. we raised our allocation in emerging markets two weeks ago as emerging markets were weakening. we had already been 4% overweight the benchmark and added another 2%, so we're 6% overweight relative to the benchmark. >> and this is down to what you think would be the next dollar move to come. >> right. >> it's dollar-led. >> well, dollar weakness is likely. and i think we should already be seeing signs of this. the dollar had gotten overdone on the up side. currencies right now are driven more been sentiment and a widening of interest rate differentials, which would be supportive of more sustainable moves. so, it did look like the dollar had all the makings of a trade that was ready to correct. >> there's a 100% chance of the fed hiking in december. i mean, is now really the right time to think about dollar weakening? >> i think the point is, it's already priced in now.

in fact, it's 100% expectation, there's really no doubt, so it could be one of those situations where, actually, when the rate announcement comes out, the dollar then will sell on the news. >> i do think it's interesting that you're repositioning on emerging markets. how about on this extraordinary race to the up side that we've seen, especially in u.s. equity markets at the moment? i mean, all the main four indexes hitting record highs last week that we haven't seen since 19d 99. do we buy the dips stateside, buy the dips in europe? do we anticipate equities will continue to go higher? >> absolutely, buy the dips globally. we raised our allocation in march to maximum overweight on the view that we were coming out of a cyclical bear market. where we are going into next year is really what drives -- we have to remember when we get away what drives equities, it's expectations for economic growth, and therefore, earnings growth coming through. we're coming off of an earnings trough, global in scope. in fact, 98% of the markets

around the world have positive earnings expectations, and about 33% of the earnings are negative. so the point is, we're at that point of the earnings cycle where we're going to start to see the earnings come through. that's going to reduce pressure on valuations. this is going to contribute to improving sentiment in the market and encourage people to get in equities. and that will most likely continue until we get to the other end of the extreme. earnings are at the other end of the cycle and earnings look stretched, and that could be the situation next year. >> that scenario there's europe, because when europe hasn't been part of this astounding rally and a lot of european equities with looking a lot weaker over the last couple months. we also have political uncertainty, and the italian banks, some are worried that we could be looking at another round of banking mayhem in europe led by the italian banks, and we still have ecb expectations that they could be prolonging or even broadening out their 80 billion euro-per-month bond-buying program as well. are we anticipating that

european equities can continue? >> i think we have to remember, distinguish relative versus absolute performance. back around the same time back in april when we went overweight emerging markets, we went underweight europe. and as we move into next year, we have a lot of the political uncertainties that will represent overrisk premium in europe with the election, germany, italy coming up this week. all of these points should be kept in mind, and i wouldn't expect europe to outperform, but the valuations are performing, and this is a global trend we're seeing, the reflation trend, the global economy moving back, and that's what the markets are telling us. the fact that we have even in europe, the vast majority of markets are participating, even european banks, despite what we're hearing today about italian banks. european banks are doing a lot better. about half of those stocks are above their 200-day moving averages. this is quite a different situation from the prior banking crisis, sovereign debt crisis and before that the financial crisis. >> it is astounding. it is at the moment. tim, thank you so much for your

time this morning. >> sure. >> go have a cup of tea, wake up a bit and have a good day. tim hayes, chief investment strategist from ned davis research. is that a bad thing to say? you got up at 5:00 or 6:00 probably, right? okay, go get some lunch then. world markets live is our blog. it runs throughout the entire trading day. you can find lots of good stuff on there. you can also find us live on twitter @louisabojesen and we're on e-mail, too. streetsignseurope@cnbc.com. we'll be back with much more here on "street signs." in kazakhstan, due to its economic stability and low taxes, kazakhstan is over half of central asia and we can see here opportunities for business growth. welcome to the country with the best investment climate of the region, where you can easily attract foreign labor. in 2017, we introduced free entry for citizens of all countries.

hello, everybody. welcome back. you're still watching "street signs." good morning! it's monday and i'm louisa bojesen. these are your headlines. italian banks leading declines in europe. fears about the financial system are mounting ahead of the constitutional referendum vote. the foreign minister tells cnbc that concerns are overblown. >> don't fasten your seatbelts

because it's not the case of a tremendous turbulence. any case, we will have a weaker and more unstable country, but not a threat for the european economy. weaker crude prices weighing on oil stocks as saudi's energy minister hints that the oil market might not need a producer deal to rebalance itself. and a resounding victory for francois fillon. the second round of the conservative primaries putting the former prime minister in poll position now to win next year's presidential election. and aberdeen hitting the top of the stoxx 600 after the value of its managed assets rises by 10%, despite a net outflow of funds amid political volatility. speaking to this program, the ceo downplayed the impact of the u.s. election. >> obviously, we've seen a temporary setback with donald trump being nominated as president, but i agree with the

sentiment that it's a great opportunity for 2017-2018. >> hi, everybody. welcome back and good morning. here in europe we're seeing quite a bit of red on our screens. u.s. futures, though, we're some five hours ahead of the market open there. we're being called a couple points lower. the dow jones called down almost 50 points. nasdaq and s&p also seen falling a bit lower. keep in mind, the dow, s&p, nasdaq, russell 2000, all of the main four indexes hitting record highs over this past week, highs that we haven't seen since 1999. sounds like a prince song. but nevertheless, maybe just little bit of money coming off the table after these massive gains stateside. as i was saying, in europe most of the markets are trading in negative territory, all of them, in fact, apart from the danish market, just hanging on to slight gains. and we have slight underperformance in the ftse

mib, led lower by the italian banks on worries about what's to come after the referendum. now, brent, the price of oil trading down as well. there is a lot of speculation about what's to come at this opec meeting this week on wednesday. the venezuelan oil minister's expected to meet his algerian counterpart in algiers for a pre-opec meeting before the two reportedly fly to moscow to meet with the non-opec member, russia, to seek support for a production cut. the russian trip is unexpected, as a formal meeting between opec and non-formal meetings for today was canceled based on internal disagreements on the level of a possible output cut. at the same time, libya is saying it will not take part in any cuts to output for the foreseeable future. the country's national oil corporation said it was trying to get as much production back online as the civil war continues. and saudi arabia has hinted that the oil market does not need opec intervention to

rebalance itself. the country's oil minister says he expects demand to be encouraging in 2017 and that current levels of production could be justified. he added that a cut was not the only option on the table at the opec meeting in vienna on wednesday, arguing that a recovery in consumption could mean maintaining current output. and crude prices, as said, have been trading lower on the back of these comments. now, richard mallensen, geopolitical analyst at energy aspects, is with us this morning. richard, good to have you along for the discussion. quite a lot going on here ahead of this opec meeting. saudi hinting, the saudi oil minister, haled al faleh, that they expect demand to be encouraging in 2017 and that opec may not need to intervene in order to balance markets. wouldn't that be going back on what they preliminarily agreed on, namely the production cuts here back a couple of weeks?

>> yes. i mean, i think what we need to see khalid al falih's statements over the weekend is really an attempt to manage market expectation because of the possibility we aren't going to get a deal cemented this week, so it's really trying to take a bit of sting out of the price reaction if they can't come to an agreement following the problems that have emerged over the last week. >> the vallen zulan oil minister and the algerian oil minister heading to moscow today when a formal meeting has been canceled, it's not going to happen with the russians? >> well, i think both venezuela and algeria have been at the center of the public efforts to try and get a deal throughout this year, so the build-up to the doa talks in april, the algiers meeting at the end of september and now this. really, i think the dynamic we need to watch over the next couple weeks is between saudi arabia and iraq. i think that's where we really hit a big sticking point at the end of last week. that was why saudi arabia said it wouldn't attend a meeting

with non opec producers. today it said opec needs to get its house in order first. and so, i think unless we can get resolution of the saudi/iran dynamic, wherever and whatever venezuela and algeria try to do to try to shore things up, that will be secondary. >> it did seem, though, that they were moving towards being a little bit closer on agreeing on what to do, the saudis and iranians as well. and adding on to that from a political momentum point of view, also the saudis encouraging the u.s. administration to stick to the iranian nuclear deal as well, which one would assume certainly wouldn't hurt relations, either, between saudi and iran. >> yes. i mean, i think the fact that we had the algiers announcement in late september, which did have, you know, iran and saudi and other countries in the group on board saying let's try and get production down below 33 million barrels a day, the last couple months were really intended to just finalize the details so that there could be an agreement announcement wednesday, and that's still a possibility.

we're definitely not ruling out that they can cross the bridge of divisions between the two countries, but it is looking a bit more difficult than it was, you know, two weeks ago, even a week ago. and i think what's happened is whilst the iranians haven't budged much, the saudis feel they have made compromises. they are, you know, now seeing countries like iraq, iran last week, really trying to push them for more, and it's getting beyond what they're willing to do. so, the negotiation stance on both sides has hardened, and the question is can they compromise over the next couple days or will we actually see all these efforts fall through? >> again, important to point out to people that the iranians have said we're happy to play, but let us get back to the levels we were at before the sanctions were put on us. what do you think the cost of the consequence would be if a deal isn't reached? >> well, i think if we don't get a deal, we are going to see a big sell-off in the market. you know, we certainly could see brent prices go back down into

the 30s, you know. we could go through some of the positions put on by pen yex to hedge its production next year. that could be very damaging. and going into next year, those lower prices will be felt across the industry. so by the international oil companies, they'll be cutting their capex once again, but also by the opec member themselves. very few of these countries, including saudi arabia, can really cope with another year of low prices in terms of their budgets, the deficits they've been running and the spending they need to maintain. . >> richard, good seeing you this morning. thank you very much. richard mal llmallinson, geopol analyst. we'll be live from vienna for the opec meeting with loads more analysis from there. steve will be traveling outs there and will be covering that in great detail. donald trump launched a twitter rant against hillary clinton on sunday after her team said that it would support jill stein's campaign to secure recounts in key states.

trump called the decision sad and said that nothing would change. the president-elect also claimed that he won the popular vote as well as the electoral college if "the millions of people who voted illegally" were deducted. he offered no evidence to support this claim. nbc's tracie potts joins us from washington. i have to say i was stuck to twitter yesterday, tracie. twitter just on fire following these comments from donald trump. so, if he really thinks that there are these millions of illegal votes in the system, then surely he would support a recount. >> reporter: well, you would think so, but not in the states where the recount is being requested -- michigan, pennsylvania and wisconsin. these are blue states that he won. these are the states that the green party is targeting, saying that they're not trying to favor hillary clinton over donald trump or vice versa, they just want to make sure that the system works. and he now questions, then why not question recounts or push

for recounts in places like california and virginia and new hampshire, where hillary clinton won, where he alleges that there was also voter fraud? but alleging voter fraud in those states, alleging that millions of people voted illegally, alleging that he won the popular vote with no proof for any of that, it's just words on twitter at this point. we will find out later this morning whether or not this recount, at least in wisconsin, is even feasible. there is a federal deadline. those results have to be certified in the states by december 13th. a recount would have to be done by then. and from what we're hearing, it's probably not going to happen, at least in wisconsin. >> tracie, also, i have to say, i really don't understand this one, but kellyanne conway, the top adviser to trump, one of them, has also been speaking to the press and been very outspoken in a negative manner with regards to mitt romney. but of course, donald trump is trying to possibly get mitt

romney put into the position of secretary of state. what's the strategy here? is there even a strategy? >> reporter: it's interesting. it's definitely some dissidence going on inside the trump transition team. she's a senior adviser, speaking out publicly against what it looks like the president-elect may be leaning toward, mitt romney as secretary of state. her argument is that she's hearing from a flood of people who are saying, look, we don't even know if he voted for donald trump, if he supports donald trump. he was so outspoken against trump as a candidate. why would he consider him as secretary of state? so, she says she's just reflecting what she's hearing from a lot of people. and so is newt gingrich and so is mike huckabee. it's not just kellyanne conway. there are several prominent republicans who have been working with the transition team or supporting donald trump who are kind of shaking their heads at this idea of mitt romney as secretary of state. >> tracie, lovely to see you, as always. tracie potts joining us via nbc

news. and sti and. and sticking to the u.s. and politics, cuba will be entering day three of its official mourning period today following the death of fidel castro. people are expected to pay their respects at memorials and rallies before castro's ashes are taken to santiago de cuba, where he launched his revolution in the 1950s and where his funeral will be taking place on sunday. now, of course, there is quite a bit of speculation also with regards to u.s. relations with cuba. they've been very, very frosty for the last couple of decades. obama's been trying to thaw those relations, and trump also taking to twitter and being quite offensive, some would argue, towards fidel castro. others would say that he was being fair. nevertheless, the tone was definitely quite aggressive, one might say. but nbc's andrea mitchell reports from havana on cuba's future after castro. >> reporter: until fidel castro's burial ceremony on sunday, there will be this continued period of mourning. no baseball games, nightclubs

are closed, as cubans of all generations try to assess the legacy of the founder of the revolution. dissidents against his regime were home today, the first sunday in 13 years that the protesters known as the ladies in white did not march after church. they say it was out of respect to the mourning period. but clearly a bigger factor, nbc news has learned, state security police told them to stay at home. if you all wanted to go out and march today, what would have happened? she says "they will punch us, they will beat us, they will put us in jail until the national days of mourning are over," but she says nothing will change with fidel gone. his brother, raul, is still in charge. a different take on cuba today from omar guerrero, who drives a 1950 red chevy convertible. 1950? this car was before the revolution. >> this car is like, i don't know how to say, a spoiler girl.

>> reporter: business is good since raul castro's opening to the u.s. cruise ships come from florida. americans spend money. >> we are getting better. we need the economy. >> reporter: what will happen if the new president, the next president, trump changes all of that? >> that will be bad for us. >> reporter: donald trump, who once explored business deals in havana, now taking a hard line. and so, with the obama white house considered a crowning achievement, the diplomatic and economic opening to cuba could still be reversed by donald trump. back to you. >> and that was andrea mitchell reporting for nbc news. president-elect donald trump has called fidel castro a "brutal dictator," and said in a statement that he hoped his death would lead to a freer cuba. on the campaign trail, trump criticized obama for re-establishing diplomatic ties with cuba and his incoming chief of staff, reince priebus, told

"fox news sunday" that president-elect trump is willing to reverse the policy. some might say it's an open opportunity now for the new administration to be working closer with cuba, but others say that the tone, again, in these tweets isn't helping. but meanwhile, trump's senior adviser, kellyanne conway, told nbc's "meet the press" that trump would be open to maintaining relations with cuba. >> on the issue of diplomatic relations being reopened with cuba, what president-elect trump says is that he'd be open to that himself but that we got nothing in return. we're allowing commercial aircraft there, we pretend that we're actually doing business with the cuban people now when really we're doing business with the cuban government and the cuban military. he's been very clear that the major priority now is to make sure cubans on cuba have the same freedoms that cubans here in america have, which is political, religious and economic freedom, make sure those political prisoners are finally released into freedom and make sure the american fugitives face the law. the syrian observatory for human rights has confirmed

reports by syrian state tv that government forces have seized the rebel-held district in east aleppo. the group's director said that the capture marked the biggest defeat for rebels in aleppo since 2012. the move is part of a rapid and widescale offensive by the syrian army, which has seen it capture several rebel-held districts over the weekend. state media reports that thousands fled to state-controlled territory. now hundreds of thousands of south koreans took to the streets over the weekend to voice their anger against president park geun-hye, who remains embroiled in a corruption scandal. one of the embattled president's advisers stands accused of using her position to go ahead and further donations. the south korean president has apologized over the affair but is resisting calls for her resignation. coming up on "street signs," breaking shopping records left, right and center. something completely different. we'll look back at a

bargain-busting black friday weekend and see what type of weekend it was. also, we'll be talking about what cyber monday has in store for all you online shoppers who want to find a deal. we'll be right back here on "street signs."

hi, everybody. good morning and welcome back. you're still watching "street signs." i'm louisa bojesen. the italian banking index hitting an eight-year low today as fears of an impact of an italian referendum coming up as they mount. a report in the "financial times" is suggesting as many as eight lenders could go under if the no camp wins the vote and sparks market volatility as a result. we've been speaking to market voices from around europe to get their take on the impact of this referendum. >> i think that probably prime minister renzi will lose the referendum on reforming the italian constitution. as a consequence, he may be forced to resign or there may be a new government.

and at some state in the next year, perhaps premature elections in italy, which in one scenario could bring to power the five-star movement, which would like the state referendum on whether it should leave the eurozone. >> we've got a number of problems here. the first problem is if you actually look at italy on growth for the last ten years, essentially it's been a flat line. >> we have seen already a big reflection of the risks in the prices of italian assets. not as much of the opportunities, because if the vote is even marginally in favor of a yes or mr. renzi stays in power, we could have a normalization of the risk premium. >> now, today's cyber monday buying bonanza is poised to be the biggest shopping day of all time with online sales expected to hit $3.4 billion. what are you buying? that's according to adobe digital insights, which says the sales are expected to surpass the record-breaking $3 billion

market. dan collins is joining us now. good morning, dan. >> good morning, how are you? >> good. i'm astounding we can continue to buy after all this time. let's talk about black friday and what we're expecting from the black friday weekend. >> you know, it drives sales through christmas for the states. it's kind of a misnomer now, though, because if you look at places like amazon, it's not black friday, it's a two-week event prior to black friday, and then they go to cyber monday, which should be their day, and they turn that into another week-long event. so, it's really a huge run-up to christmas for the states, basical basically. but you know, it is shifting greatly from brick and mortar to online. >> although as you point out, you say e-commerce still only makes up something like 8.4% of total sales? >> yeah. you know, they're kind of an old generation that do like to go to stores and do like the

traditions. there are traditions, particularly in the states, of getting up as a family at 4:00 a.m. to go stand outside so when the store opens, you're one of the first people in. and you'll see those photos and those news reports of people rushing into stores to go grab whatever is on sale. but you know, it's kind of a traditional thing but shifting because of the age generations. >> and you also point out, online sales on thanksgiving and black friday rising by about 18%? >> right. >> that's year on year. >> right, yeah. >> why is that? people are just buying more expensive things? are more people buying online? that's a big rise. >> i think people are discovering that it's easier to buy online and you can get things done and you don't have to devote, you know, even a couple of hours. it's just a couple of clicks, you know. if you want to buy something, you buy something, you're in and out within a couple minutes and it shows up at your house, depending on if you're on amazon, it could show up the next day and you don't have to worry about, you know, spending a day or an afternoon doing

these things. >> 24kmagic tweets in and says "what are the outlooks or consensus for retail spend post black friday?" >> right. you know, it's one of those things you can't really, you know, forecast, because you never know. it's one of these things where the numbers always seem to go up, you know. but with trump and the states, and you don't know what the consumer confidence is going to be, here in the uk with brexit. but generally, people are positive towards, you know, events like these. >> we've got less than a month until christmas, of course now, as well. >> yes. >> dan, thank you very much. >> no problem. >> dan collins, ceo at cco global. that's it for today's show. i'm louisa bojesen. "worldwide exchange" is up in just a jiffy. stay tuned. see you tomorrow.

good morning! crude crushed, oil prices dropping on doubts of an opec production freeze. cuba under castro. the world reflects on the passing of the former president and new questions about the future of u.s. relations. a live report for you from havana, straight ahead. and twitter tirade. president-elect trump takes to social media to claim illegal voters cost him the popular vote. it's monday, november 28th, 2016. "worldwide exchange" begins right now. ♪ hey, hey, hey ♪ w