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hello there. welcome. you're watching "street signs". i'm louisa bojesen. 8.8 billion euro short fall. the capital position is far worse than expected as the bank seeks the go ahead for recapitalization. not so special relationship, u.s. secretary designate wilbur ross says there's a god given opportunities for rivals to snap up trade. donald trump calls the u.n. a sad organization after his

pressure on washington to veto israeli settlement deal goes unheard as the u.s. abstains in the u.n. security council. good morning and welcome to "street signs". if you're just waking up after the long holiday weekend we hope you had a very merry christmas and we are bringing you the latest trades here in europe just an hour in the session. but it's relatively flat. we're seeing some green arrows across the board with the exception of the spanish market. but the french holding higher in the neighborhood of .10 of 1%. this some softness in the italian bank. i would love to hear from somebody trading in these markets today. >> are you out there?

hello. >> people are still sleeping. >> the ecb believes its capital short fall has risen to 8.8 billion euros. in a statement the bank said the ecb made the new calculation following its request for precautionary recapitalization last week. they were forced to turn to the government for rescue plan after failing to raise money privately. the ecb warns the bank of its rapidly deteriorating liquidity position. look how the italian banks are trading. there's decent gains. bpn is up 1.8. currently on the markets.

ubi bank is trading positive. you got the market wondering how you stem liquidity for the bank and whether size is an issue. 5 billion was too great a chunk for any private bailout now 8 billion almost. >> will the state increase their holding. they hold 4% as we were talking about. they hold 4% now. could they crease now and how big would that stake be. is there a last ditch attempt to come in. liquidity crisis is the main key. need to get on top of liquidity issues. we were arguing or discussing whether or not the numbers mean that much and does it matter whether they need 5 billion or 8 billion as the ecb says. they need help. we know that. a lot of it is priced in. many italian banks lost half of their value.

>> there's a question what it means for the other italian lenders who may need additional help because there was so much relief coming from investors on friday when they got that approval for the rescue fine. now a bigger piece of that pie has to go to other banks. there's growing frustration among voters this will take more time than expected because they want to it to be done by year end. >> hard to tell whether you're seeing anything in the trade. so you get a little bit of movement on trade and can you have exaggerated movement on impacts. if you got a challenge around money being pulled out of the bmps, the other big factor here is the sale of certain assets. muni credit has been aggressive in selling assets prior to christmas. are they willing to buy and at what price? i think that's key and if you can sell assets what's the value

left for the equity holders because certain assets are being sold. there's a securitization deal in credit before christmas. what happens in 2017 if the buys are not willing to pick them up at the same price tag. >> there's question marks about the european level because we've been told the european commission is working with rome to help agree on the actual details. one big question will be what happens next for other countries who say wait a minute we want special exemptions because they know they are using this precautionary recapitalization plans. it does raise the question of a slippery slope. >> i still think there's no way the ecb is going to let the italian banks fail especially not ahead of the elections. there's speculation why mario draghi put on quantitative easing through to the italian

elections. >> get involved. find us on twitter @streetsig @streetsignscnbc. >> alternate cnbc karen. let's show you what the futures are doing. flat to a little bit lower when it comes to the implied open. the vix volatility index is near multi-year loss. on track for its biggest drop on record. welcome. good morning. congratulations as well. a little baby around five weeks. talk to us a little bit about what's happening with regards to some of these main market moves we're seeing now and the vix as well and whether or not that will continue that trend. >> well, i think, obviously it's offseason period right now. the vix is definitely at record,

at a record low. we've seen a similar trend in v stocks. we've seen volatility, december is at its lowest point on record. so it's clear markets are very complacent, brushing off important events such as the all the okinawa referendum, the capitalization problem. but i think investors need to be very, very much prepared for extensive amount of volatility in 2017 given the amount of political risk we have on the horizon. >> that also is going to play out how? >> so, what we basically are cautioning investors to do is definitely the markets have gotern ahead of themselves ever since we've seen trump's presidential victory. he's influenced the market psychology. the market is feeding off itself. and what we believe is that

while a lot of his reforms won't actually come in to play until 2018 we believe that the increasing consumer confidence has been quite, is quite a positive momentum for the economy. you're seeing consumer confidence hit all time highs. which might help businesses and preempt more spending in anticipation of the reforms and tax cuts that will come in to play. and that could be quite positive for the markets eventually and help growth going forward. >> the market has gotten ahead of itself which area is more pronounced. equities alone or what's going on in the bond markets. when you look at the u.s. ten year people are trying to predict when we'll hit 3%. >> i primarily focused on the equity side. just the share rotation. we've seen global stock markets globalization increase nearly 3

trillion u.s. dollars and seen that amount come out of bonds. the markets are get ago head of themselves in the equity space station. we've seen that significant rotation out of bonds into equities, and we expect it to continue because essentially the psychology is being, you know, pushed by trump's reforms and although the market done feel -- although these reforms won't come in to play until 2018 the market is taking on those positive vibes and moving on ahead of itself. >> bond proxy is the area where investors were holding out exposures because of the yield story. now you see a change to psychology where everyone is going for growth. what does that mean in terms of what exactly should you be holding? >> that's a good point. we did an interesting study where we've seen -- we've seen stocks to switch. after eight years of under

performance for growth stocks we've started to see value take a dominant role so we've seen flows starting to gradually move into value as a factor. >> a lot of stocks have moved on from the low base. >> we're looking -- when we refer to value we're looking at stocks with low price to earnings ratio. stocks where they have high operational leverage. as the rate tightening cycle is coming into play and investors are anticipating that, we're looking at stocks that would benefit from this increase in rate hike cycle and stocks that have been shunned away because investors were simply chasing yield in a low interest rate environment. so we're going to see that switch back into value stocks. >> the bond sector, where do you see the value these days? >> so, a little bit again be

aligned with trump policies. we're seeing finance benefiting quite a bit. we're seeing energy come back into play after being beaten up quite badly since last year. and we're also seeing technology, you know, just by sheer virtue of the fact going forward, technology will be a significant dominant play in global growth. we see that as quite positive. >> what about small caps because we've seen 21% year-to-date. they do benefit from a higher rate environment. >> that's one key area we've seen markets gone ahead of themselves but there's signs that have shown that it makes, it actually justifies it because you're seeing the consumer confidence shoot up. so, we're essentially seeing businesses start to get very optimistic and start to spend which is quite important for the economy. but we feel there will be a pull

back but in the long term they will do well. >> stay with us. very good. thank you very much for coming in to spend your morning with us. find us on e-mail "street signs" at europe, the usual e-mail address. thank you for your well wishes. happy holidays to you. we're all on twitter as well at "street signs" cnbc. tweeted us directly. i'm @louisabojesen. still coming up on this show find out why the post-christmas shopping rush could be moving some steam. we'll tell you all the details next.

take one.

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there looking for bargains today. it turns out that boxing day online retail sales jumped 11.5% from last year but the number of uk shoppers hitting the stores fell by 6% according to spring board retail data. the day is traditionally seen as a bellwether for consumer spending. a shift in shopping habits is under way. harrod's has been on sale for ages. >> most of the stores on high street. they get additional discounts. >> if you're buying for the last couple of weeks. >> what are they looking at? >> santa claus suit traditionally outside of harrod's. the former governor of the bank

of england said britain must be self-confident about it's eu departure. calling for a hard brexit. the uk should decide its own immigration policy and shouldn't pretend it needs in the single market. the monetary policy chief added there were questions whether britain should stay part of the customs union. donald trump's pick of wilbur ross calls to use brexit as an opportunity to steal trade. mr. ross said the uk's eu departure was an opportunity for competitors for london's financial hub. the billionaire investor said it was inevitable and it would result to the relocation of businesses. earlier this year sara eisen

spoke to christine la guard. >> markets went down, the pound went down. massively from that, by the way. but we think that there will be consequences. there will be down side effect as a result of whatever will come. and we still not sure when the negotiations will begin. the famous article 50 has not been triggered. opens up two years of negotiations. is not that not called uncertainty with a big u i don't know what is. >> do you see rising euro skepticism in other countries ahead of key german and french elections as a result of the brexit. >> there's the typical electoral debate with excesses and abuses as we see in any election around the world but i would hope for

myself that it will reif for the determination to pull together in a coordinated way. because this is what we really strongly believe in. if people move together on differentiated basis, not one size fits all, but if they coordinate their action, we will all get more bang for the buck. that's for sure. >> well that was christine la guard speaking to sara eisen back in september. still with us head on set is our income and equity strategist. it was just another reminder, sara eisen speaking in an interview with christine la guard how resilient market have been. post-trump it's easy to forget how equity markets have been as a whole. will there be a knock on effect from the trump rally? >> europe currently is experiencing a lot of political

risk and nearly 70% gdp going into elections next year there will be tremendous amount of volatility. we also caution a lot of risk on the banking sector. you've seen the start in december with the italian referendum. that's quite a big setback. then we got netherlands, france, germany also going to elections. a significant amount of volatility. but with the weaker euro we expect europe to actually benefit quite strongly from this, given that they are primarilyexporting economy. >> maybe it's worth looking at the other side of the trade. a firmer europe in 2017. seems to be huge for the

investor. >> the thing is so far it hasn't benefitted europe so we haven't -- what we believe so far it's been more consumption led. italy, france, germany, what's been on the economy is more consumption growth story with low oil prices, lower inflation. consumers are benefiting. if the euro stays weak that should benefit the europe in certain segments of the economy as well. >> other political risks you mentioned. what extent do you think that's priced in when you look at the euro and the equities here in euro and if we get the status quo, if polls are right this time around if you look at the french election first and foremost do we get a break to the upside. >> clearly in 2016 everyone got it wrong. neither were we able to anticipate who was going to win. even not able to anticipate the repercussions of the event. it's very difficult in 2017,

everyone will be ready and position for both sides of a political event taking place because of lack of ability to anticipate these events. it's not currently priced in. what investors are looking at is the sheer optimism from trump will help the dollar stay strong although volatile but a weaker euro. valuations, if you look at valuations, in the u.s. we're looking at record high valuations. although we believe if the earnings do pick up, it would justify earnings, it would justify the valuations and actually make them not be so excessively expensive. europe on the other hand is actually cheap and, you know, they are also better dividend payers compared to the u.s.. from a value perspective -- >> you mentioned the banks a moment ago the european banks.

what about the italian banks. >> the italian banks are a significant risk. while we've seen investors coming off they are increasing in italy. so we do caution investors to stay clear of italian banks at this point in time. >> european banks? >> we've seen them already surge so since -- we've seen a 37% increase in european banks. the run up has been quite strong, but they have been underperforming for a significant amount of time. just given the negative news of the brexit event that has actually weighed on sentiment. i think if the ecb continues with the monetary stimulus we're seeing signs of credit reaching the economy barring italy and that should help the banking sector. >> what are you willing to hold because gold has been off seven

straight weeks. you see a run up on bond commodities. what do you want to hold? >> we still are positive on gold despite its sell off. we've seen quite strong outflows from gold ever since trump has taken power. but we believe investors essentially overpricing inflation and underpricing political risk which will play out in 2017 and which is not anticipated or priced in and should benefit gold going forward. industrial metals have again gone ahead of themselves. fundamentals are intact going forward in the long term there will be a slight pull off in the shorter run. >> thank you very much for being with us for the first time. >> we enjoy having you. a good chat with all of you.

equity commodity strategyive from etf securities. george michael, we take a look back at his career-high lights. that's coming your way next. efox

hi, everybody. good morning. welcome back. you're still watching "street signs". i'm louisa bojesen. these are your headlines. 8.8 billion euro short fall. the ecb is saying capital position is far worse than expected as the bank seeks the go ahead for precautionary recapitalization. a not so special relationship u.s. commerce secretary wilbur ross says it's an opportunity to snap up trade. donald trump calls u.n. a sad organization after his pressure on washington to veto the settlement deal as he goes unheard as the u.s. abstains from the u.n. security council vote. good morning and welcome back to "street signs".

it is slow and steady here on the first day of trade back from the christmas weekend. however tuck market remains shut for an extended bank holiday. we're seeing just a bit of softness on the spanish main market. but green arrows elsewhere. the german and french pushing higher. the italian market, the ftse now higher by .2 of a percent. there's some concern around the italian banks. let's give you a check on the fx curve. we saw bathe of dollar strength overnight. now looking at the euro slightly lower against the greenback. ever so slightly. thin holiday trading is the story. the dollar gained against the japanese yen. that gave some support to the nikkei earlier. sterling off just slightly against the dollar and the dollar just making begins against the canadian dollar of 0.2%. politics had a christmas.

>> amazingly we avoided it. i had my american family with british in-laws. you don't want to go there. >> very interesting. in political news be aspect donald trump claimed credit for text market rally stateside in a boxing day tweet. he wrote the world was glaeming before i won. there was no hope. now the market is up nearly 10% and christmas spending is over a trillion dollars. total post-election gains with dow jones industrials average is 8.7% and 5.8% respectively. donald trump also took to twitter to defend his charitable giving. the aspect wrote he had given millions of dollars to the trump foundation as well as raising millions more for charitable causes. his comments come after an investigation by the new york attorney general into alleged inpropry ti acts at the foundation. meanwhile a war of words is raging between president obama, donald trump and the israeli prime minister netanyahu after

the u.s. abstained from voting on a u.n. resolution condemning illegal israeli settlements. >> reporter: tonight new fallout after a flash point in u.s.-israeli relations. a united nations security council resolution reprimanding israel for west bank settlements, seen as a slap to israel, one the u.s. chose not to block with its veto. israel furious. now accusing the u.s. of orchestrating the resolution itself. >> we have proof. i don't believe it. we know it. we'll share it with the incoming administration. >> reporter: the israeli ambassador echoing the allegations of prime minister benjamin netanyahu. >> as i told john kerry, friends don't take friends to the security council. >> reporter: egypt pushed the resolution. ben rhodes insisting we didn't draft or push this resolution. don't you trust the u.s.

government denying having anything to do with this. donald trump far from staying out of the fight tweeting this weekend quote, the big loss for israel and the united nations will make it much harder to negotiate peace. and late today, slamming the u.n. as just a club for people to get-together, talk and have a good time. so sad. the escalating tension underscoring then then's chilly relationship with president obama and his warm one wi president-elect trump. a break in some ways of decades of u.s. policy. >> we'll move the american embassy to the eternal capital of the jewish people, jerusalem. >> mr. trump seems to be a different kind of president. will he really want to play the role of a responsible president once he's in office or want to keep shaking things up? >> well nbc's ed lawrence is in washington. ed, it's really interesting at

the moment. the u.s. abstaining from voting on these illegal settlements, israeli settlements on palestinian land. meanwhile you've got netanyahu lashing out at security council countries calling envoys, cutting off aide, the ambassador scolding the u.s. ambassador. what's the take from where you're sitting. what's the response been stateside? >> reporter: well, it's very interesting, actually. you throw in the mix, also you have a president-elect who has not been sworn in yet as president, throwing his name and weight into this debate here. where you also have president obama, sort of muddling a message a little bit from the united states. i think the current administration is a little bit upset at that. you're saying there's one president at a time. president-elect trump will be sworn in on january 20th. the sense here is, it's a little bit stepping over bounds so to speak, donald trump at the moment. now donald trump is welcomed when he comes in and is sworn in

as president to have whatever policy he wants. clearly he's pro israeli in his policies and stance. but he said anti-united nations as you can see from the tweets he's been putting out here. president-elect donald trump not shying away from the spotlight even though he's not yet president of the united states. >> weighing into the conversation, a story that interests me is the one in the "new york times" where president obama has been expressing confidence that if he had run for a third term woe have defeated donald trump. what's the view in washington. do you think the populace tide was so strong it would have changed anyway or would president obama have had a chance. >> reporter: this is fodder for debate. there are term limits here. donald trump said there's no way president obama would have beat him. again donald trump believing no one could beat him. president obama and some of the democrats say maybe with a better candidate there could

have been somebody who beat donald trump, maybe a joe biden i've heard some insiders say or one of the other candidates. but the point is that it's term limits so this is just debate fodder. >> good debate to have around the table over the holiday season. ed lawrence thank you for joining us from nbc news. joining us now is dan. do you think obama would have run? >> probably. i think that he's got the highest popular vote or highest rate forge popularity in the past. i don't know how many years. not that there's a great amount of number of presidents who have been popular, but i would given him a shot. >> this transition team that's in place, you've mentioned that there's a whole host of billionaires, we've had comments over the weekend from wilbur ross a man we know at cnbc suggesting this is great opportunity to maximize around

brexit that rivals should get involved. does it give us the sense of a team that trump has and how proactive they will be in putting america first. >> the whole slogan going in is draining swamp and getting rid of wall street bankers and bringing in people who really understand what's going on with the economy. i want seems he brought in a whole bunch of wall street people along with rex tillerson who will be secretary of state and has very close ties to russia. very close ties to exxon where he was the ceo. so, i don't know whether there will be -- it will be very pro business but what happens from there no one is sure. it will being a great for the markets, but day-to-day you never know. >> has the russian low died off with after the rhetoric was becoming more heated with regards to upping the nukes on both sides of the atlantic.

>> it quieted down after christmas. i think trump wants to it quiet down, of course. something that, you know, they don't want to play up. but he keeps -- by appointing people who are close to russia at every turn he seems to invite it upon himself. >> i'm looking also at some of your calls or some of the things that you've been focusing on. the amazon echo selling out as the hottest christmas gadget this holiday. really? >> it sold out of amazon. i bought myself one over christmas for myself. yeah. >> i know what it does. but it just kind of talks to you in your room? >> it's set up to be like a home assistant. the equivalent google has one called google home as well. and i've only used it for a couple of days.

basically what is it you can ask it to play a lot of music. you can order things off amazon. it records and listens to everything you say once you address it. which for amazon is a great way. you if activity it from file yourself and invite it into the home. >> do we want this? i feel there's the internet and for a friend looking for a present or something. inundated with a whole series of ads in that product category. if you had echo you would be inundated with all sorts of products and advertising as well. the market has charge of your life. >> that's the way marketers want to go. they want to be able to profile you and personalize things for you. so, when you talk to people at google, they will say they will do it to make your life better. >> is it making your life better or making it worse at inpoint?

>> i barely used it. if i want to listen to music i just say play music and you can list the artists you want to hear or top 40 or christmas music. i haven't delved into it as of yet. it seems tube good toy, let's put it that way. >> we have so many more questions for you. so stay with us. we'll be coming to you in a few minutes. that's dan collins. we want to bring you up to speed on a situation in russia. the russian defense ministry has divers now recovered two more parts of the fuselage and one black box belonging to the russian military plane which crashed into the black sea on christmas day. more than three and a half thousand rescue works searching off the coast of sochi. the jet was carrying 92 passengers and crew.

russian authorities say they do not believe the crash to be terror related. we want to bring you some developments around the ecb, now saying the bank needs to raise more capital than previously thought. we're seeing a flash on reuters italian treasury itself is likely to inject 6.5 billion euros in the rescue. that would relieve the remaining sum in a hair cut amongst institutional investors. >> the message from the ebc liquidity position has deteriorated significantly just from november. investors will be keen to watch out for any development on that one. japan's consumer prices slumping down for the ninth straight monetary november. joining us now from the nikkei is niko. 2% inflation target still

elusive. but many think it's a matter of time the weakening yen and oil prices. >> reporter: yes. just to go over the data again. government data released "today show" consumer price slipped 0.4% in november from the year before and consumer spending is also trending down, falling 1.5% during the same month. in tokyo where consumer prices come out a month earlier, fell 0.6% in december from a year earlier. so all this shows just how little momentum there is for fries move upward. one key reason behind this lack of energy is that wages have remained flat even while conditions in the job market have continued to improve. meanwhile like you mentioned oil prices are rising and the yen has weakened significantly against the dollar after the u.s. presidential election and both are factors that should lead to higher prices. this is good news for the bank of japan whose goal is to reach 2% inflation.

the bank offered an upbeat view of the economy last week. the government is quite hopeful of raising its assessment of the economy for the first time in two years. the concern is that if prices for daily goods climb higher while wages remain unchange it may prompt consumers to cutback on spending even further which would lead to an unwanted type of inflation. that's all from the nikkei. back to you. >> good to see you. thank you very much. you a george michael fan? >> sort of. not a huge fan. little sick of "last christmas" at this point. >> my friend was the cool kid on the block growing up, i was not the cool kid, she was. she had all of the posters hanging over her bed of george michael. with the hair.

yeah. but as the world is remembering george michael we take a look back at some of the musical legends, career-high lights that's coming up next.

you're watching "street signs". tributes continue to flood in for late pop star george michael with fans laying flowers and lighting candles outside of his homes. stars from the world of music expressing their grief on social media. peter alexander takes a look back at his life and his fame with the band called wham. ♪ >> reporter: the tight jeans, the leather, those looks. george michael commanded the stage. he burst on the scene in the

mid-'80s half of the pop sensation wham the exclamation point their teen idol image. ♪ wake me up go go >> reporter: their hits still fills our play list and this holiday season seems bittersweet. the late '80s michael ventured off on his own becoming a musical force. ♪ >> reporter: the smash album selling more than 25 million copies earning him a grammy. michael became a celebrated voice of social reform challenging taboos. his songs could fill you with energy. and break your heart. in 1998 his career seemed to derail. arrested forex posing himself to

an undercover officer in a public restroom that prompted him to acknowledge his own sexuality. >> i have a relationship with a man now. >> reporter: michael had a series of run ins with the law over drugs and battleled with depression. while many of his struggles played out in public his generosity and philanthropy remained private. since his death those grieving shared stoefrts time and money michael spent fighting aids, children cancer and many other causes. still it was his first love, that music that moves us to this day. ♪ >> fantastic music. i don't care about his personal life whatsoever. but the music. the print he leaves is amazing. >> legendary. we have many favorites.

>> many memories tied to specific songs as well. >> the original records that came out. >> exactly. >> sadly. very sadly. >> i know. anyway real legend to be. in completely separate news to that sony music has had to apologize to brittany spears for fake tweet from its official account which was hacked claiming that the pop star had died. sony said its global account was compromised but the situation has been rectified. they confirmed to cnn the 35-year-old is alive and well. >> now back to business the value of global m and a topped $3 trillion in 2016 according to a report from emerging market despite political shockwaves.

among the mega deals was the acquisition of sb miller. sara eisen takes a look on what to watch in thesume space next year. >> 2016 was a big year for deal making as the quest for growth remains elusive. 2017 will be a year that distinguishes the winners and losers in this industry. lower corporate taxes from a new trump administration and republican congress are fueling expectations of big profit boost. smaller consumer names with sales coming from the united states paying higher tax rates will get the biggest benefit if reform actually does pass. food beverage makers have struggled for years to connect with the younger generation missing key trends like yogurt and energy drinks and adapt to new spending habits like buying food and staples online.

add it up you have an industry behind the curve with little or no top line growth. forcing companies to raise prices, and lack of groeft see more mergers and acquisitions. there's word brazilian giant is gearing up for their next tie up. there's small brands that are ripe for skigs targets as investors are looking for brands resonating with younger consumers. we want to bring you some news related to deutsche bank. deutsche bank has been informed of some new capital requirements. for the year 2016 the ecb had a set phase at 10.76%. now they are saying they must keep the phase of the ratio of at least 9.5% from january. this just hitting the wires that the new capital ratio requirement is 9.51% for 2017 is

below deutsche bank's current level required. so this coming, of course, after the settlement deal we got in principle between deutsche bank and the department of justice to settle mortgage backed securities, the u.s. saying that sum coming in just above 7 billion. that was shy of the upper limit of 14. they are gets a bit of a break considering they have to pay the sum to the u.s. authorities. as you can see deutsche bank shares off 1.2%. and rather quiet day trade. dan collins is with us. looking at some other things you think can be worth watching. you talked about tesla and how they are raising prices in the uk. >> 5% set off by currency fluctuations which means they think it will be more expensive because of brexit. but they are going forward because of a variety of issues.

>> consumers saying they are not exactly where they should be because they are rolling out of driverless vehicles is not happening to the pace that we thought. it seems to be very fragmented at the moment bus elon musk who is the driver of the company didn't create it but bought it and driving it forward is being pulled in a lot of different directions. and he's trying to get batteries off the ground and solar energy. so he seems to be pulled in many different directions in one day and, you know, see where he focus on one day to another. but tesla, with their builds, the amount they sold since march when they launched the model three, they have some issues going forward. >> delivering vehicles, how key is it, basics, when you talk about autos. getting this stuff to the customer in time, how key is it to tesla? >> massive.

they are growing expotentially. it's an issue. they've had issues with delivery on one point as well as after care. both those points are going forward are is going to be a massive issue for them because they don't have the infrastructure to do it. >> dan, thank you so much for joining us for this special holiday edition of "street signs". dan collins. that's it. >> tomorrow on "squawk box" macro advisers. >> we'll be back tomorrow half an hour earlier from 7:00 here in london. so we'll see you tomorrow. have a lovely day.

good morning. the march 20,000 the dow on a seven week winning streak kpipt hit the milestone before the end of the year. we'll talk odds straight ahead. >> trumponomics. we'll tell you what he had to say. ready for returns. nation's retailers hoping consumers bring items back and open up their wallets this week. it's tuesday, december 27th, 2016 and "worldwide exchange" begins right now. ♪ good morning and welcome