welcome to "street signs." i'm karen tso. these are your headlines uk chancellor philip hammond gets set to deliver a make or break budget that he hopes will bolster britain against brexit shocks axe xo nocarige warns opera

could be at risk because of not enough capital. and thomas cook shares dive more than 10% as margins are pressured despite a turnaround in demand for trips to egypt and turke turkey we are an hour into the trading session here in europe so far stocks are just slightly tilting firmer, but not by much on the broader image of stocks on the stoxx 600, the core markets not exactly helping out. the ftse, the cac, the dax, the uk market is slightly higher than the rest. if you're looking for decent gains, it's on the spanish stock market that market up about 0.6%, versus what you're seeing in the rest of the charts the ftse in the uk and the ftse

mib selling, but the dax and cac on the flat line in terms of sectors, this is how we're perched. travel leisure at the bottom thomas cook not helping out the sector technology down by 0.4%. media stocks weaker. rw in germany moving towards the upside we had a fairly firm move in the price of brent overnight 1% higher. almost eclipsed by wti, up by 0.19%. the uk chancellor will have to balance demands of public spending with physical responsible when he delivers his autumn budget later today. he is not expected to announce major changes to income tax however he will lay out plans to

reform there are many types of budgets it could be, big and boring, balanced, but can we just go with boring with brexit upon us? >> exactly i think his hands are constra constrained. one thing discussed is the growth and productivity. that will tie his hands a bit when it comes to how much fiscal he headwind they have here to discuss is raine newton. we were talking about productivity in the uk what should we be looking for in terms of measures that will come out of today's budget that will boost the productivity outlook in the uk? >> what we'd like to see is focus on growing our way out of austerity. that's about investing in our people, in our infrastructure and technology so we're ready to

grasp the opportunities from artificial intelligence, from the move to low carbon economy so i think that will help to unlock the productivity issue. >> there's some preannounced measures over the weekend. one is that the chancellor is setting aside 1 billion sterling to invest in technology and develop. do you think that amount is sufficient >> we want to see the government committed to increasing the overall amount to research and development to 2.4% of gdp over this decade. we want that focus on the development so that we have better connections between the amazing research done in our universities, on to making the talent in our universities turn into the businesses of our future there's some great examples of how that's being done at the moment the university of birmingham, i've seen how their research into quantum mechanics can

transform the construction sector i think the chancellor is already setting aside mochb neyo look at construction, artificial intelligence, i think this will help get that right focus on development and the future companies here in the uk >> there are many recommendations from cbi to the chancellor one was realigning business rates from rpi to cpi. do you think he may do that today? >> fingers crossed we're hopeful. we know that is one of the areas of the economy that's facing a lot of challenges, the retail sector that's partly because lhigh inflation is running at 3%, and business rates, the tax on properties, shops, factories, that rises in line with rpi which is at 4% it wouldn't cost that much for

the chancellor to take action on that we're hoping he will tackle the rising burden from business rates and how that's impacting high street shops and factories. one last question. the bank of england hiked rates a couple weeks ago some say this is coming at a dubious time given the political back drop, a lot of uncertainty about brexit and what that means for investment are you supportive for the rate hike that the bank of england committed to where do you see the rate hiking path going in the future >> i think, look, it's a tough call for the bank of england there is a lot of uncertainty out there. we know it's having an impact on investment what the bank of england are worried about is with inflation at 3%, it's above their target they need to make sure that doesn't get embedded, and that we return inflation to target. they're also worried about some impact of investment on our long-term supply side growth, that productivity puzzle we came back to at the beginning so they've had to make a call

around that. and what is important is that we get the investment we need in our country now, and i think that's why actually the business community is more interested in what the chancellor will do today than what the bank of england can do so i think all eyes are on the chancellor today to see what he can provide. >> an important budget thank you very much for that that was raine newton-smith from the cbi. back to you. >> let's bounce this one around a bit. today is about image for hammond and the government hammond has been under fire after some comments on the weekend where he was talking about there being no unemployed people in the uk this was reference to the transition to self-driving cars that the uk needs to embrace on the technology, saying more people are employed in the work force than ever before it created criticism that he's out of touch, not really incentivized to provide better lives for those working and not

working. how does technology buy him any cover today? it feels as though this has been a thorny point for critics of hammond that he's spending too much investing in the future and not enough putting money back into the wages of those who are challenged with living conditions >> i think that's a valid question of course there's pressure on him from all sides to see really what he's going to do once the uk -- what the plans are once the uk does eventually leave the eu he needs to come up with a strategy for the future, measures to improve productivity productivity is a major chronic issue in the country they need to address that by introducing some measures, looking forward to the future. as you mentioned, there are many issues today one of them is the housing sector we got into that earlier it appears as though this budget is directed at housing measures and technology measures which would be targeted at youth and

the millennium generation who are struggling to get on the housing ladder, and also want to feel secure about their future in this country in five, ten years time >> joumanna bercetche, thank you very much for setting the scene for us we'll continue our coverage of the uk chancellor's much anticipated policy announcement. that will continue throughout the morning on cnbc. viewers can tune in from 11:50 gmt to catch our autumn budget show for those on the continent, that's 3:30 cet. for all you need to know about the uk budget, head to cnbc.com for joumanna bercetche's piece on the most important aspects to look out for coming up on this show, zimbabwe celebrates as robert mugabe steps down, clearing the way for a historic change of power. we'll delve into what the political upheaval means for the country's economy.

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the night on the streets of harare following the stepping down of robert mugabe ending 37 years of rule. the ruling party says his former vice president is set to be sworn in as president. >> so that's it. zimbabwe is waking up to reality this morning a reality without robert mugabe who ruled for 37 years he became a statesman and overstayed his welcome in the next 24 hours, emerson mugabe set to be sworn in the united kingdom is calling for free

elections. that's likely to take time to arrange. so zimbabwe now will start to get its house in order politically. hopefully the army will go back to the barracks, and then the politicians can try to work out a way to win back the confidence of foreign investors and get that all-important investment it needs to rebuild what is a very, very run down economy. back to you. >> thomas cook shares have fallen after reporting four-year numbers that revealed increased margin pressure in key markets competition in spain worried some investors despite underlying numbers at the firm that jumped a year ago bookings for turkey and egypt for summer 2018 are already strong shares in sage have had an up and down day after reported slowdown in subscriber growth.

on a more upbeat note, the company announced it's raising its dividend after posting a 10% jump in 2017 profit. the sage ceo, steven kelly, offered this assessment of the latest set of earnings >> the story behind the numbers. it's good for sage, because 53% of businesses across the uk use sage to actually pay employees when we see businesses move to digitalization, it's a boost for the productivity numbers this time have shown an 80% increase in annualized revenues for the cloud so we're seeing customers flock to the sage business cloud which is good for sage, good for business and productivity in britain. akzonobel shares are rising after nippon has tabled a 1$12 billion deal for the rival axalta

nippon previously promised share holders it would create a global paint major and now will have to convince berkshire hathaway that this deal will create value. president trump weighed in on the u.s. government's lawsuit to block the merger of at&t-time warner, saying the deal is not good for the country earlier this week the doj announced it was suing to stop the 85 billion tie up more than a year after it was first announced. during the 2016 presidential campaign, donald trump promised to block the deal. speaking from the white house garden yesterday, he gave his take on the latest developments. >> i'm not going to get involved in litigation, but personally i have always felt that was a deal that's not good for the country. i think your pricing will go up. i don't think it's a good deal for the country. i won't get involved it's litigation. >> many analysts say the government will have a hard time convincing a judge that an a if at&t time warner tieup will hurt

the country. leslie picker has the report >> that lawsuit rumored for weeks is now official. in its complaint the justice department argues that the deal would harm competition and thwart innovation. the government says the transaction would hinder rivals by forcing them to pay hundreds of millions of dollars per year for the right to distribute time warner's networks including tbs, tnt and cnn. speaking at a press conference earlier this week, at&t's ceo randall stevenson spoke about what he called the elephant in the room >> there's been a lot of reporting and speculation on whether this is all about cnn, and i don't know but nobody should be surprised the question keeps coming up the bottom line is we cannot and we will not be party to any

agreement that would even give the perception of compromising the first amendment protections to the press >> challenges to vertical mergers are rare these involve transactions across the supply chain rather than between competitors since 1979, the government challenged 23 vertical mergers, three were abandoned by the parties and the rest approved. the government has not won a single case. at&t said it was prepared to go to trial as quickly as possible. >> let's pick up on this conversation harry vorey joins me it's quite a deal. it's been in the works for more than a year. before president trump was el t elected to the white house, it seems everything has been reversed there were negotiations on certain issues that there wouldn't be a competition concern, now we have the doj stepping in and almost going hostile. what does this tell you about

the environment stateside? >> this is a clearly political decision president trump said on the campaign trail that he wanted to oppose the merger, now we're finding this happen. what is bizarre, is the antitrust chief at the department of justice publicly stated last year that he didn't see any reason why this deal would get blocked. so, are we seeing a change to the legal landscape? i doubt it much. there's 40 years of legal precedent of not blocking legal mergers. there's very little by way of evidence that suggests this will be detrimental to consumers in any way. but a politically loaded landscape will make it harder to do deals >> at&t is a giant after all the consolidation in recent years, it is a huge company, sprawling organization it has the power to take on the doj in court

do you think the idea will be to take this to court, try to win against the doj to allow this deal to go through or will it be too much for the company now and they will try to reverse the position and give up on time warner >> absolutely they will see this through to the end they have a strong case based on legal precedent. the judge appointed, richard leon, oversaw the comcast-nbc universal case which was allowed to go through. this is a similar situation. is he also known of being somewhat skeptical of government and pro business >> you spent time looking at different regimes and how friendly they are to deals, what type of regulations are in the back drop. effectively the fcc would have cast their eye over this type of deal and from the outside when i spoke to the chairman he said he would not look at this deal. since then we have had

commentary around net neutrality which gives at&t more power in the telecoms market. so the administration is giving at&t a win on one side and taking it away on the other side, and the two people behind the scenes are trump appointees. >> i think heir confuthey're cod i would like to see we are still in a regime whereby there is a respect and trust for institutions, and we follow that through. don't have political meddling in legal and commercial decisions >> there's one other deal i wanted to bring up, and that's axe a akzonobel. nippon has entered the picture typically the japanese don't dive into competitive bidding

wa wars, but in this case it decided to pay a higher premium what is it saying about the type of environment where there's a race for assets even if there's a bit on the table >> we've been seeing that for a number of years now. there's two specific factors that had been driving this up to about 2015 one was tax inversions for big pharma deals, one was chinese outbound investment. those two have been curtailed through changes in legislation in the u.s. and also chinese government restrictions. but there's still a dirt dearth of high quality deals. there's not enough to support private equity fire power and a lot of corporates have strong balance sheets and theyneed do deals. while the global economic back drop is steady, growth is not at massive levels in terms of the speed that the economy is

growing at a lot of economies are using their strong balance sheets to buy growth you're right japanese companies tend not to want to get into competitive situations, this suggests that there's a strong rational for them to do this deal and we're in an environment where deals are getting done and people are increasingly bullish about doing those deals. but what do i think this means for the wider environment? i think volumes will continue to be strong, but are we going to see the same sort of megamergers we're seeing along the lines of at&t/time warner those may be curtailed because people are concerned about the political nvironment >> makes sense thank you very much for joining us today the head of america's federal communications commission, fcc, works to scrap obama era rules. it's an issue that pits telecom giants against digital media companies.

julia boorstin has more. >> ajit pai has unveiled his plans to repeal net neutrality his proposal gives more flexibility on how they charge for services and may be ability to prioritize traffic. but it requires transparency about the practices, and it restores the federal trade commission's overside to monitor internet provirsd for aders for competitive behavior the fcc would require internet service providers to be transparent about practices so consumers can buy the service plan best for them this would benefit the internet and telecom companies including verizon, comcast, charter and at&t. verizon saying we're encouraged by chairman pai's announcement today that the fcc will restore the successful light touch

regulatory framework for internet services. but technology companies like netflix, youtube, twitter and facebook could suffer. the proposal is expected to be approved at the fcc's meeting on december 14th. back over to you >> julia boorstin there. uber admitted it paid hackers $100,000 to cover up a data breach last year. names, e-mail addresses and phone numbers from 57 million users and drivers were stolen. travis kalanick learned of the hack back in 2016, but his replacement said he only recently found out and promptly fired two people responsible the response from silicon valley if you're been hacked, to find the hacker to get the data back. shares in hp enterprise fell in after-hours trading after meg whitman announced she will step down in february as ceo.

the company's president has been announced as the successor whitman lost her campaign for california governor in 2010. and there's new speculation she may consider a 2020 white house bid. she says she will still give to candidates in both parties, but has no plans to get involved directly she's announced her resignation on a results call where the company reported earnings ahead of expectations and falling short on revenue one of her biggest moves was separating hp enterprise from hewlett-packard. hp had a beat on revenue and josh lipton has the numbers. hp reporting eps of 44 cents, that is in line with expectations revenue $13.9 billion. the guide is basically in line, 40 to 43 cents the company expects eps between

40 and 43 cents. that was in line with expectations for fiscal '18, the company's now looking for 175 to 185, that's a bit better than expected turning to the business divisions, personal systems, 9.1 billion. printing, 4.88 billion heading into the print, hp had been on a tear up more than 50% year to date i had a chance to speak with the ceo, dion weisler about the report i asked him how confident was he he could keep taking market share next year as analysts expect pc shipments to the flattish he said it is still a 3$333 billion market, and today one in five pcs have an hp logo on it which means there is still four out of five and i see that as an opportunity. the top four players continue to grow, so it' a consolidating market

i also asked about the supplies division, he said a couple years ago we said we would stabilize the supplies business by the end of 2017. we did it a quarter earlier than the models said we would we are performing at or above the model and that gives us confidence finally i did ask about tax reform in the u.s. and would whether that would change the company's allocation plans the cfo telling me in pryior years we were not constrained about where the cash was located. now that doesn't change our fundamental capital allocation and saying the company still intends to return 50% to 75% of its free cash flow to share holders overtime josh lipton, cnbc business news, san francisco. coming up on the show, it's hammond time head of uk's budget later today, we'll be live with joumanna

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welcome to "street signs." i'm karen karen. these are your headlines uk chancellor philip hammond gets set to deliver a make or break budget that he hopes will bolster britain against brexit shocks akzonobel ditches deal talks after reportedly receiving a better offer from nippon paint a volatile session for bank carige shares, as they say they do not have sufficient working capital to satisfy needs and a winter chill sets in to thomas cook as shares div more than 10% as margins are pressured despite a turnaround in demand for trips to egypt and turkey >> it can be hard to beat a record but not in u.s. markets,

it's been record after record all this year. the s&p yesterday had another day of it. this morning just soft on some of the futures the dow seeing more gains. waiting for the session. investors eyeing big ticket items. almost getting into the window where we think about a santa claus rally. when it comes to european markets, it's patchy we've moved further from the flat line, but gains have been matched with selling elsewhere so we are perched higher about a quarter of a percent and the market in madrid has actually been one of the firmest ones, up about 6%, coming back from some of that positioning. still firmer in the session, almost 0.4%. the weakness is around the core markets of france and germany. the cac off almost 0.2%.

want to take to you the u.s. yield curve. investors closely eyeing yields stay state soo stateside. the two-year at up 0.02% in the ten-year, 2.35%. so we have this flattening taking place also the yield on the two-year now accelerating past some of the yields elsewhere across the world. that's having an impact on some of the currencies. quick look at the dollar we are seeing a bit of action across the boards. euro/dollar up 0.2 we have had a bit of a budge higher in trades sterling is higher as hammond gets set to reveal his latest policy initiatives

1.3248 is what we have on the charts elsewhere the dollar is fading against the yen and the swiss. it is budget day the uk chancellor will have to balance demands for an increase in public spending with fiscal responsibility when he delivers the autumn budget later today. he is facing calls from opposition parties to reverse social security cuts however the uk's lackluster growth outlook is likely to limit his room for maneuver. let's get out to joumanna bercetche for more you and i hahave been poring ov some of theicy initiatives payment for nurses has been facing pressure, that of higher wages. >> absolutely. i will address these issues with our guest, i'm joined by kirsti

blackman can i start off by asking what s&p are looking for out of today's budget >> we're asking for a few things the first one is about austerity. it's clear that austerity has failed and that the people are being harmed by the chance lore's austerity policies. so we want to scrap austerity. we're asking to get rid of the pay cap on public service workers and to fund that our nurses,doctors, our teachers are working hard and suffering from pay cuts. we are asking for the government to put in more support to increase productivity. the uk's productivity is woeful. we would like to see the chancellor increase that removing the public sector wage cap that is estimated to cost 4 billion. how do you suggest funding that? >> if the uk is seeing that, if

pose theme th those people at the bottom who are struggling and doing vital public services, we think the chancellor should prioritize that going forward >> you also said you would like to see a budget that would deliver fair funding for the corand scotland >> the uk has been cutting scotland's budget, it's been reduced over a ten-year period we would like to see that come back to scotland there's a number of specific things the chairmthing is that he refue money that the services have paid over the last few years the last thing is around convergence uplifts. that's something made to farmers. the uk has goat this money they should have passed it on to scottish farmers and they haven't. >> back in march there was a

discussion paper that would make it easier to buy and sell oil gas fields up in the north sea you are expecting to see further discussion on this topic >> i hope we do. the chancellor announced this in march and in the budget last march that he would do something around this, and he hasn't this is the key thing that the oil and gas skter are lo ersect for. if you have a big thing and it's coming near the end of its life, that is no longer a big player so we are helping them take on that asset and ensure that maximum recovery is taken from that asset if the chancellor makes a clear commitment on that today, i think that would go a long way to boosting confidence >> can i ask one last question about the s&p specifically people often said a vote for the s&p is a vote for another referendum how do you respond to that >> clearly if it's in our manifesto that we'll have a referendum, then that's one of the things people are voting for. the manifesto we put forward in

the 2017 election was very clear about our economic priorities, very clear about how we want to scrap austerity and how we want society that supports people who are most vulnerable. those are the things that people were voting for when they spotted the s&p. >> thank you very much >> thank you >> with that, i'll throw it back to you >> thank you very much plenty to discuss across the course of the day. spd leader martin schulz is facing pressure within his own ranks to reconsider his decision not to enter coalition talks with merkel's cdu party. that's according to sources who say 30 spd lawmakers are calling for a return to the grand coalition. this is curious. schulz says in such a situation the sovereign must reassess what is going on.

a cryptic message, but decode it for us what does this mean in is it farewell to the jamaica coalition and a return to the grand coalition? >> no. martin schulz wants to have new elections. that was his slogan since they had a crushing defeat in the elections in september when the goo majamaica coalitiot out, he said if he talks fail i want new elections to ask the sovereign, ask the people what they really want it looks like martin schulz is getting increasingly under pressure within their own party. there are more than 30 lawmakers in his parliamentary group which are openly saying -- not openly, but inside the parliamentary group saying that they are in favor of a grand coalition among them is a prominent

figure, the vice chancellor who might be very well interested in martin schulz's job. he was already once the party leader i think we're headed for difficult times inside the spd a power struggle might be well ahead. also who will be the leader of the spd. what will the spd do will they form a grand coalition with angela merkel and by that actually play the role they should play as a party -- as the second biggest party in germany according to many analysts and lawyers in order to prevented new new elecs or are they saying with me no grand coalition. the only way out of this mess is new elections. we know angela merkel does not want to govern a minority

government she also prefers new elections so the key question now is whether social democrats will move or not. tomorrow martin schulz will come together with germany's president to talk about that issue. because the president wants the spd to move to form a grand coalitio coalition. >> waiting for the latest twists and turns. thank you very much. i want to talk you to events unfolding in lebanon and beirut where there has been an independence day parade, celebrations after the prime minister returned from saudi arabia a couple stops on the way, of course the latest is that we have seen hariri present his resignation to the president, but he said to

wait to background these events, we saw the resignation from hariri from saudi arabia, but the resignation is not formalized until he returns home which he has now done as he presented this to the president, the president said hold on, let's just wait and see. so a pause in the current events, it would seem, as conversations are being held behind the scenes. we'll skeez inqueeze in a quick. we'll have the pick of the stocks that you should be looking at for the rest of 2017 and 2018 stay tuned okay, i never thought i'd say this, but i found bladder leak

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inflation may be around for a while. speaking at new york university, she said the central bank is sticking to its prediction that the bank prices will rise but warn the picture is not clear. >> we expect it to move back up over the next year or two.

but i will say i'm very uncertain about this my colleagues and i are not certain that it is transitory and that we are monitoring inflation very closely and i'll go back to what i said earlier about keeping an open mind and not assuming you have a monopoly on truth. it may than there is something more endemic or long lasting here that we need to pay attention to >> yellen also gave some insight into fomc meetings, stressing their importance but saying central bankers know how to have fun too. >> it's not so formal that people don't tell jokes. i am not going to vouch for the quality of the jokes, but there are jokes. and when people break into laughter, the transcript says laughter is in the room. >> looks like they're having fun with no inflation really in the system and qe, winding down the

balance sheet. shares in apple, ibm and microsoft moved higher on tuesday pushing the dow to another record close the tech rally helped the nasdaq and s&p 500 to close at record highs. our next guest thinks ibm shares present an opportunity for investors and selected ibm as one of his top picks for the market alex joins us now. some investors have picked up unloved blue chip stocks there's been a better performance in that area of the market versus the tech titans. ibm somewhat unloved why do you think it could have potential? >> it is an unloved stock. the expectations are low the number of buy ratings on this business are probably the lowest in ten years. what's exciting and what people are potentially missing about the story is that it's a business in transformation it shed a lot of legacy assets, it made a huge shift into cloud,

cognitive computing, and there's hype about artificial intelligence, about smart things where it's happening is in industry ibm has the leading platform with watson. it's been around for six years now. they have over 50 use cases where companies are practically implementing the software and getting key benefits from it the sales have come down, going from 98 billion to 80 billion in the last five years. gross margin has gone up from 72 to 80% over that period. and the new assets have a particularly high margin >> there's been a pif votd in parts of the economy, let's se whether that works for the economy. let's go to novo nordisk, the treatment of diabetes. it's going after fat now, obesity drugs. it revealed this in market day

yesterday. >> yes i visited the company in denmark yesterday. we have been investors in the business for quite some time what impresses me about novo, they're taking a much more almost holistic approach to the whole problem. so you start big picture, 650 million people globally are obese today. by 2025 the figures they gave from a forecasting body will be a billion people suffering from obesity. only 7% of those go to the doctor 2% get treated if you look, people who are obese have a three times higher likelihood of suffering from diabetes if you suffer from diabetes, there's a high likelihood you will have related problems, cardiovascular disease, kidney failure. so what novo is doing and what they were emphatic about highlighting, where they're orienting their research is to take in all of this sphere and address people across the value chain. >> the big story is compelling when you talk about 2% of people on obesity medication.

we knows there a problem in the western world and now in developing countries, as there's more access to different food groups what about competition a number of drugmakers are fast moving trying to get into the space of new drugs it has been so competitive what is the comp tegs loetition like behind novo nordisk >> was a concern about the shares in 2016 where they cited pricing pressure regularly in the u.s. market. the two things that novo are doing effectively, number one is pushing innovation committed to spending 3% of revenues on research and development, particularly with some of the once weekly modern insulin or next generation insulin. that really acts as a key differentiator the s.e.c. thiecond thing they' is pushing into emerging markets. while the u.s. is the largest market for diabetes and related illnesses, if we project forward

ten years, without a doubt it will be china. so they're making more effort in that market. >> the third stock, carre group. they have popular brands, cheese strings, i asked my daughter this week whether she wanted them, she said no. they have richmondas well. why do you think this company is at the forefront of innovation >> it's interesting that you mentioned the cheese string and sausage, it's less about consumer brands, and it's more about taste and nutrition. this is about 80% of their business and the larnlgegest dr. it's the flip side in terms of the obesity challenge. you need to think of this company as outsourced research and dwochme medevelopment for t service restaurant companies if you need a product which has less salt, less sugar, less fat, but you want it to have that lovely strawberry flavor or

chocolate taste, you go to kerry group. if you think about future trends, we have a big shift towards clean labels no additives there's a shift towards taxes on something like sugar there's an increasing shift towards healthy eating all of the innovation, this huge laboratory, this huge database of clever ingredients, molecules, flavors, it makes them quite a unique business >> so you're saying innovation is rewarded in the space because the good suppliers, more generic brands have faced margin pressure where they pretty much have activist investors on the registers now. >> that's a good way of putting it if you're a conventional food manufacturer, you benefit from scale or zero budgeting or on the other side you have to go niche, differentiated. what kerry benefits from is the ongoing secular trends, the shift towards healthier eating,

the pressures that governments are putting on businesses everywhere, really to make sure there is healthier food available for consumers to eat >> alex, thank you very much for joining us and giving us three suggestions. much appreciated the political comeback of silvio berlusconi depends on a legal case moving ahead today. the european court of human rights is looking into his ban of holding office. his lawyers are fighting to make him eligible for next year's elections. berlusconi appealed to the court after a tax fraud conviction triggered a ban from office until 2019 earlier th also out of italy, bank carige says it doesn't have enough capital to satisfy its needs for the next 12 months

the italian lender if the capital plan is not fully successful the business community could be compromised sentiment just started to improve around the italian banks. how does banca carige fit into the grand scheme >> bnk kabanca carriage c was required to go more public, and there was more regulatory pressures coming in regarding italian banks, stricter rules, and that sort of rocked the process that was already not very easy. so, 560 million is the number in terms of capital hike that is going through. it's a risky investment, that's what the prospectus says the stock will be volatile

it's continuing to be volatile and will continue throughout the rest of the capital hike that will close december 6th. they need go through this and asset sales. so this is a bank we will continue to watch here in italy. back to you. >> claudia, very much appreciate the update. back to some market action we've been mixed in europe today. stateside the market is trying to stretch higher the averages the dow and s&p at records yesterday. you can see still on the dow looking like it might reach for some fresh peaks today that's all for today's show. i'm karen tso. "worldwide exchange" is coming up next. was crazy, like... it's great when you see a hundred orders come in, but then you realize i've got a hundred orders i have to ship out. shipstation streamlined that whole process. the order data, the weights of the items, everything is seamlessly put into shipstation,

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. markets now, stocks in asia and europe rally following another record open -- excuse me, record set of highs but not closes on wall street. hiding hacker information. more than 57 million uber users were exposed and the company covered it up. and meg whitman stepping down as hewlett-packard enterprises ceo. shares are falling on the news it's november 22, 2017, "worldwide exchange" starts right