black friday is here battered retailers have a lot riding on today's critical shopping event we're live at stores across the u.s. to take the pulse of consumers. the competition between big box stores is tougher than ever. who has the best deals and what does that mean for their performance? and the cost of fraud. the sneaky ways retailers are checking your data to fight their losses it's friday, november 24, 2017, "worldwide exchange" begins now.

good morning a warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. let's get to the global market it's a shortened day on wall street today markets closing at 1:00 p.m. eastern time two days ago the dow and s&p slightly lower the nasdaq slightly higher markets were closed state side yesterday. we are expecting to open flat. the nasdaq and s&p just above the flat line with the dow fractionally lower let's look at markets around the rest of the world. asia is the focus this weekend yesterday in particular we saw the biggest selloff for the smaller cap shenzhen index in china for three years. the shanghai index was down 2% an important day of standing firm off the back of that today. shanghai is flat the rest of asia positive. this ongoing issue in china of

late is focused on the government cracking down on various measures including trying to frighten credit conditions that led to a spike in bond yields particularly further down the curve. people have been focusing on that the selloff yesterday abating today. european trade is mixed. the focus has been on germany and coalition talks. possibility of the grand coalition coming back together the spd might be discussing things we'll discuss that later germany up 0.1% this morning the big event today is black friday up to 60% of consumers are expected to shop today courtney reagan has more from woodbridge, new jersey >> i love this day it's my favorite day all year for retail 115 million americans are

expected to shop at some point today. this mall at woodbridge, new jersey is just now reopening they took about a five-hour break in the middle of the night. the true action kicked off last night. that's when the door buster deals really started from walmart to macy's. the walmart chief operations manager said foot traffic was great. tens of millions of televisions, video game consoles and more were sold in the first several hours. while the instore action was early evening thanksgiving day, online shopping started pre-dawn in many cases. adoeb look adobe said for thanksgiving day, up until 5:00, sales were 17 % higher year over year with 1$1.5 billion spent in the u.s the average order volume, that was slightly higher.

amazon just putting out results. they say their thanksgiving day is very big for mobile shopping. amazon's mobile app shopping up 50% thanksgiving day this year compared to last year. catch point is monitoring websites for us. they said h & m was down yesterday for about an hour between 5:30 and 6:30 p.m. gap also was slower, that ran between 11 and 30 seconds for load time. average load time is four seconds. you lose a lot of shoppers attention the longer it takes to pull up the sites. >> coming into this year's shopping season, kind of consumer was set up. people were more popeful it could be a good year gauge those figures for amazon, year on year, whoever else it

may be, whether that's better or worse in terms of expectations and the improvement we are expecting. >> exactly what you said the consumer picture is strong really all of those economic signs that we point to when we look at the financial health and confidence of the consumer are going in the right direction so far november has been really strong adobe putting out e-commerce numbers for 22 days, showing a double digit increase for online spending we know a lot of those retailers offer the early black friday deals. the goal is to get the spending when you can get it during the season if it's early, that's okay we have already seen results turning up pretty good for retailers. amazon's numbers just from the app on thanksgiving day, up 50%. that's pretty good back over to you >> courtney, great stuff thank you very much for that we'll check in with courtney throughout the day here. back to the market picture

and global markets in particular trading was business as usual in the asian session yesterday. there was a bit of a selloff in chinese stocks kiko has more on what the asian markets looked like today. >> we saw chinese equities eke out a win after a rout yesterday. the shanghai composite flat. late buying pushed the numbers into positive territory after the worst one-day loss in 18 months still some nervousness in the market from bond yields starting to rise and regulators cracking down on micro lending and shadow banking. the hang seng recovering losses from yesterday it was up half a percent from the close. the index posting gains for four straight weeks the nikkei 225 closing the week in positive territory, but

shares of mitsubishi materials plunging more than 8 % after the company admitted to falsifying product data in three subsidiaries the company president saying he was still investigating exactly when the falsification began and whether it was company-wide. more than 250 customers received parts that were not up to quality specifications the company confirms those products were exported to china, taiwan and the u.s this calling for a broader investigation of corporate governance and quality control akiko, thank you very much for that. small business owners are gearing up for their version of black friday, known as small business saturday, that takes place tomorrow kate rogers has a look at how they're prepping for their own big day. >> matthew dimeo is participating in his first small

business saturday. he's been prepping since the beginning of october for the season when his sales can increase about 100%. he will be selling at the etsy sellers marketplace in brooklyn tomorrow >> it's exciting to be around other small retailers, other makers, people who think like me, act like me. we're in the same court together. >> reporter: the american-express sponsored holiday is in its eighth year and has seen grassroots support for small businesses grow in a big way. last year 112 million shoppers reported shopping at local businesses on small business saturday, spending more than $1 billion this year some 7,000 communities nationwide are gearing up to participate in the day. according to data, 61% of consumers said they are aware of small business saturday. 82% plan to shop small or dine

small on that day. >> despite initiatives like this one for tomorrow, is this a tougher couple of days for small businesses versus taking on the bigger guys? >> every time i ask that question of small retailers, they say we offer something entirely different you can meet the person who owns the small business or made that card, that stathing that you're going to buy i think it's not the same thing as going to a walmart or target. you may spend more money but it's more personalized that's why sales numbers go up every year >> kate, thank you very much let's talk more about black friday and the holiday shopping season early numbers are in as we said. adobe analytics saying shoppers sent more than 1.5 billion online by yesterday evening. that's up nearly 17% from thanksgiving day last year joining me is the president of sw retail advisers stacy, good morning to you thank you very much for joining

me what is your initial reaction, whether it's particularly to that date or other things you're hearing about the first few hours of black friday in. >> yes it's early here but the numbers rolling in are encouraging. some numbers we heard in retail in general in the last week were encouraging in the apparel space, that's a space suffering for a long time. this year the malls did something smart. they cut it off at 1:00 in the morning, let people rest and the surge will come back in this morning, rather than staying open all night long. that leads to consumer fatigue what are you looking at in terms of where people will spend the money and that balance between online, big box or the malls >> the growth is coming mostly from online. i'm looking for 20% growth online that's certainly -- you see a lot of retailers offering very early promotions

black friday did not start today, it started days ago for many brands. you look at gap offering 50% off everything their website was a bit slow h & h offering 20% off they had some challenges as well the deals this year were incredibly early to get people excited and get them in the mood >> how are retailers themselves preparing for this in terms of inventory levels and the level of profitabilities you're hoping to see from it >> invertory leventory levels a check. promotions started early so there's always that challenge. target was talking about 80% of online fulfillment happens through stores during the high season so imagine the chaos in the stores they need to get their store people to move inventory around,

pick off the shelves and ship online there tends to be some challenges when you do fulfill online from there. that may be one of the most interesting subs to wat s interesting subs to watubjects h >> we have seen black friday become more of an international day as opposed to a u.s.-post thanksgiving day what is going on in london >> i'm in germany this week, london today in germany, it's a new con september. this year everybody jumped in for the first time, including local german brands. they're calling it not black friday, but black fri-yea. and in the uk, it's been chaos for years. most brands are 20% off. gap and others are 50% off the american holiday is alive and very healthy across the

pond >> how do you say black fri-yea in german? you have the answer? no >> black fri-yea i'm going with that. big box retailers are betting big on the black friday sales. we're break down the deals and see what people are dying. stay tuned, "worldwide exchange" back in a couple of minutes.

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welcome back to "worldwide exchange." big box stores have a lot riding on today's black friday shopping event. morgan brennan is monitoring one of the key player the, target from a store in jersey city, new jersey good morning >> good morning. i hope you had a good thanksgiving this target which is one of the most trafficked for the company, reopens at 6:00 a.m. it's quiet here ahead of that. but keep in mind target locations did welcome shoppers last nightthanksgiving from 6:00 p.m. to midnight. this store had lines when it opened consumers were buying giant teddy bears that the company was selling at about 600 per minute when the stores did open as well as discounted tvs, consumers actually had to come into locations to buy them it is the first time since 2011 that target wasn't open straight

through from thanksgiving into black friday with more shopping online, more deals offered online the company says it closed to restock and regroup since foot traffic has been historically dropping off overnight during that time period what are consumers buying? target says apple ipads and watches, microsoft x-box one, madden nfl video games, made by electronic arts and a 34-piece rubbermaid food storage set selling for $7 we'll see whether customers feel the need to wake up early to come into the stores like this when these doors open at 6:00 a.m. a lot is riding on this for target, the stock is down about 20% this year, versus walmart and best buy which are up double digits we will continue to give you the pulse as this store opens up >> morgan, great stuff thank you very much for that

in news out of europe, there may be a break in the political deadlock in germany which has threatened a fourth term for angela merkel. peter spiegel from "the financial times" joins me. seems like with coalition talks breaking down there are potential signs with other partner? >> rather expected the head of the spd, martin schulz, had said all along that he would not reopen talks with angela merkel. they were in the coalition government last time around and they got beat up he vowed not to go back into coalition talks with her he reversed himself this morning. it's a big event big event for the markets, too, for the euro and german bunds, they've been watching this closely. if they were forced to do into elections in january there would be a lot of volatility there the markets bet it right

they had been betting this would resolve itself short of elections. we've seen no movement on the euro or the bund it looks like we'll avote elections if shultz can come together and form another coalition it will take a while it won't happen immediately, but the fact they decided to reenter talks is a sign they are returning to where they were before if we do get that particular deal that is now being discussed, how strong a resulting government do we have in germany what is the perspective in terms of strengthening and deepening ties with the eu or pulling away >> it's a much more stable german government. even the previous coalition talks with three parties two of them were on opposite sides of the spectrum, particularly on europe where the free democrats were anti france when it came to

european integration and some ideas that president macron proposed i think we'll see -- merkel will come out looking better on this than she did 24, 48 hours ago when we were drawing her political obit there were questions whether she could survive as chancellor, party leader now it looks like she recreated a government where she was before she has been strengthened. so we'll see germany at the center of europe with a strong angela merkel if this government coalition goes forward >> peter, great stuff. thank you very much. stoil coill to come on "wor exchange," they see you when you're sleeping, they know when you're awake retailers are watching your every move how your basic shopping trips are being tracked and how companies are using atth data.

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interfering in last year's presidential election. a big development there. shoppers are searching stores and the web for the best cybermonday deals today. but they may not realize retailers are watching shoppers just as closely. >> there are many examples of how retailers do this. i'll describe a couple more surprising ones. if you tried to return something at a store, you've probably been asked for your name, address and i.d. there's an equifax-like company that rates whether you're a problem returner the company is called the retail equation it is trying to combat all kinds of fraud, like people who wear something and try to return it or crooks returning stolen goods to get cash, even people who buy items cheaper online and then try to return it in a store. after tracking over 600 million returns, the retail equation says 99% of returns are legitimate for a completely different kind

of tracking, when companies personalize marketing campaigns to different consumer segments you and i, we have been getting e-mails from the same retail but they would highlight different featured products. it's the same e-mail sent but it looks totally different because of what you're interested in. >> hopefully it's not what would be sent to either of us. >> not us, not that one with the women's shoes. sales through does this customization, because it has 2 billion consumer profiles worldwide it is based en your shopping history and online behavior they describe how they know when you open your e-mails, so that allows you to send promos when you're most likely to open it. that's the creepiest thing i learned. >> there's so many cheem creepyg about this how far are they allowed to go with this? we hear rumors now it's not just

using data that you have done shopping online, but that people can track you when you're shopping in a bricks and mortar store and they know what you've bon there as well or are picking up comments you might say to your alexa at home >> yeah. there are so many ways this goes on the online stuff is really well tracked. every time you click on something, they follow every time you click on a coupon, the coupon may be tracking when you open order confirmations, they like sending you order confirmations because they know then when to send you promos and they have cameras in stores watching people, what aisle they're in, if people look con fuel r fus confused, they can send someone over >> can they track who i am and then send me a promo directed towards something? >> they may not say it's wilf,

but it might be person one, two, three, four, five, and then send something. >> that tall person, that must be wilf. >> eric, thank you very much we'll see you later in the show. still to come, a round up of the global markets, and one consumer good projected to have a good black friday. which stocks could benefit from a particular trend when "worldwide exchange" returns

the super bowl of retail today is the day when the world's biggest companies pull out all of the stops we'll talk projected winners and losers straight ahead. can consumers help wall street end the shortened trading week on a positive note. and 'tis the season to slay with beyonce the superstar's holiday business venture is going viral details straight ahead it's friday, november 24, 2017, you're watching "worldwide exchange" on cnbc. ♪ this is a christmas song good morning welcome to "worldwide exchange" on cnbc. let's get to the global market picture. a mixed set up the dow lower. the s&p and nasdaq higher. markets were closed stateside yesterday. on wednesday we got the dow and

s&p slightly lower today markets will be open until 1:00 p.m. eastern time here this friday let's look at asian trade. a lot of focus there yesterday where we did see the biggest selloff for chinese stocks in 18 months the shanghai index was down 2% the shenzhen was down 3% ongoing fears about various tightening of rules, tightening of liquidity conditions in china which has spooked markets of late important to see a day of taking stock. further falls for the shanghai today, but behind the likes of hong kong which is up a half percent. european shares are mixed to positive you have the ftse 100 down a bit. gains for the rest of europe germany, of course, in focus as we discussed earlier in the show looks like angela merkel is getting on the front foot when it comes to forming a coalition,

with her former coalition partners, the spg to form a grand coalition. to so a decent second half of the week news for her. >> retail this black friday, more people are expected to shop online versus at a physical store. which retailer has the better electronics deals? we do to deidre bosa >> this best buy behind me closed its doors a few hours ago on the west coast it will open up at about 8:00 a.m. local time good showing here last night or later this morning doesn't necessarily mean a successful holiday season for best buy. more people are spending money online and they are in physical stores more than ever. we compared deals between best buy and amazon it is looking

competitive. take a 55-inch samsung 4k ultra hd smart a.l.e.d. 4 tv they are same price at amazon and best buy, but best buy is offering free delivery for this sunday, that's sooner than what you can get on amazon. on echo delivery time, amazon has best buy beat by a die if you're looking for google home, you're out of luck trying to find it on amazon's marketplace. at best buy, you can get a home or home mini with a steep discount and get it by monday. once this best buy opens up, we'll talk to customers to find

the most exclusive deals and see if we can find out if this year will be as busy as in years past >> thank you very much for that. best buy i will try to stay away from today last year it took a lot of my money. >> you would be wise to. >> thank you very much for that. let's get back to the markets and have a deeper dive on what european equities are doing. yesterday as well, where they were open. carolin roth joins me from london good morning >> good morning. hope you had a great thanksgiving yesterday we're not doing too much we're actually close to the flat line when it comes to the broader stoxx 600 picture. we're seeing some slight outperformance for the cac 40, up by 0.4% the xetra dax up by 0.2% when it comes to danone shares, they're rising after china announced measures to cut import tariffs on some consumer products in order to boost

domestic consumption another story to tell you about, german business confidence rising unexpectedly in november to hit an all-time high with the ifo incident saying the german economy is on track for a boom very much seems to be shrugging off the recent collapse in coalition talks. that took the euro/dollar to 118.65 give than it's black friday, this story is here for you as well amazon workers in germany and italy have chosen to strike on black friday in protests over pay and conditions more than 500 amazon employees in northern italy along with the staff at six warehouses in germany will take part in that back over to you >> thank you very much for that. let's have a look at the broader markets. ten-year treasury note continues to slip a bit this week. not as much as in prior weeks. yields up, 2.345%. it's been a story of a flattening yield curve in the u.s. for the last couple of

weeks. oil prices for you, which crossed 58 on wednesday for thetist tithe first time in some time, 58.6 the price of oil, up about a percent this morning dollar board for you, which we did see fall a couple days ago yesterday it fell slightly the dollar board at this stage is seeing the dollar a little higher against the yen and lower against the euro let's talk more about 4 x. joining us is kit juckes from socgen thank you very much for joining me >> good morning. >> let's talk about that euro pairing. we didn't really see it flinch at all this week despite the breakdown of coalition talks was that a legitimate lack of reaction in your eyes? what's your latest view on the euro >> i think the market will react positively if we get a government in germany. if we get coalition or if we get angela merkel willing to rule with a minority government,

anything that removes the uncertainty gets euro/dollar breaking up through 119, and possibly retesting the highs from earlier this year the economy, you've been reporting on it, is very strong in europe. normalizing rapidly. pressure, it will remain on the european central banks to normalize policy and maybe throw in striking workers in europe. we may see more pressure upwards on wage growth as unemployment falls in europe. so, i think the euro is going higher it will probably get to 130 over the next 18 months or so, back to the average of the last 15 years. and it takes -- it reacts more to good news what about the dollar side of the bargain in terms of whether a december rate hike is priced in, and what do you expect for next year in terms of hikes? >> i think the market expects a rate hike. the markets are 90% convinced

that we'll get one in november unless something disastrous happens between now and then the foreign exchange market has focused all along on the destination. you showed those ten-year yields earlier. those ten-year yields are reflecting the market's best guess of where the peak in interest rates is in this cycle. 2. something we have not gotten them below 2% or above 2.75% that's not moving around much. the argument is still very much the same the economy is traveling along at a decent pace not much optimism in terms of fiscal accommodation, easing coming through from tax reform, not much wage growth and inflation despite falling unemployment the overall picture has not changed around much all year and continues to look that way for now. the foreign exchange markets

moved more by what happens elsewhere. i think we'll probably get two rate hikes next year but the fed is -- the fed is very opportunistic if the equity market is going up, there are no shocks, they can raise rates three times this year for example last year when we will volatility in markets and china at the beginning of the your, we had the brexit vote in the middle of the year, they only got one. two is a good guess, one or three is possible. >> kit, thank you very much. kit juckes of socgen. the countdown to christmas is about a month away. investors are eyeing holiday season's toy sales a look at the hottest items coming up. "worldwide exchange" is back in a couple minutes zar: one of our investors was in his late 50s

right in the heart of the financial crisis, and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor.

welcome back to "worldwide exchange." toys are on track for a comeback this black friday. there's one category in particular that's expected to win big. ishg aditi roy has all the details. >> with you are live at a toys "r" us store, there's a fair amroupt amount of people out here at 2:45 a.m. pacific time hot wheels will be selling big

that's what experts say. and hatchables, the big toy from last year, are still selling big at the store experts believe toys will be a big hit this year. npd estimates that people will be spending 8% more on toys this year over last the key to realizing those expectations is getting people into the store early toys "r" us has been doing that for a few years now, opening their doors on thanksgiving day since 2010 but the retailers bankruptcy may be throwing a wrench in throws for example, hasbro, the ceo said on their earnings call they're lurior lowering their ge in part because of the bankruptcy here at toys "r" us one product they're fully stocked up on here is video game consoles some analysts say they're making a comeback with new hardware,

improved games, and a social networking component heightened by competition to make things exciting for people. by the way, video game console units are selling 27% higher that year over last. a lot of people are bullish on that segment back to you. >> aditi, thank you very much. time for today's top trending stories and i'm joined by not just one but two colleagues which is a real treat kate rogers and eric chemi are with me. >> this is my favorite story of the day. beyonce is getting into the holiday spirit the superstar releasing her on line of gifts, selling everything from hoodies to onsies with sayings embellished on them. >> i can imagine you've been online buying some of these. >> i'm into it >> is beyonce that big of a deal >> to me >> i know to you, but to everyone >> you're not really asking

that, are you? >> is she that huge? i'm surprised you're here still and you have not bought all the stuff. >> you know people can buy things online, eric. >> she's really into beyonce >> it's a whole thing. we don't have time to get into it. >> i'll have my segment later. it's okay. >> next up >> good news for harry potter fans, you can spend christmas at hogwarts universal studios is transforming into a winter wonderland storefronts will be decorated for the holidays universal like cnbc is owned by comcast. >> i love this very christmassy, i'm sure they can do it very well. >> big harry potter fan? >> yeah. >> harry potter world is north of london. >> this is true. this is a real business story. this is how you monetize a movie franchise. you can't get enough from people just going to the movies or watching reruns, that's why

these big media conglomerates want that theme park >> i don't know if there's a film franchise that has generated so much cash, whether they go back in time, forward in time, doing picture books, plays. >> it's on the level of a "star wars," but so much newer >> and each generation loves it and can't get enough of it >> budweiser is blasting barley into space to brew beer on mars. on december 4th they will send the green into space and the international space station. once there, they will run tests on the barley seeds, seeing how it reacts to the atmosphere. >> if i was on mars, as much as i like beer, i would rather make sure there's enough water to keep me going. >> 100 years ago, 200 years ago

would drink alcohol versus water, because it was safer. water was dirty, filthy. beer, vodka, it was safer to drink. >> i was going to say -- >> that's a good excuse. >> that's the truth. that's a history lesson for you guys >> what's in my cup here maybe something cleaner than water. >> i would say make sure the wine is supplied a woman raising more than 28 $0,000 for a homeless veteran that helped her in a time of year kate ran out of gas on the side of the highway and will no machine with her a former veteran named johnny saw her on the side of the road and spent his last $20 to buy her gas. after setting up a go fund me page, the campaign and kate's story have gone viral exceeding the original $10,000 goal. >> very inspiring story. >> so sweet. >> a huge amount well past that 10,000. >> would you give your last $20

if you're in that situation? think about how bold that is for that guy to do that. >> i agree thank you very much. eric, sticking with us big day for nfl coming up, or was yesterday and more to come. >> you're excited about your trip this weekend. you just want to talk about that >> i will. >> is he going to an eagles game with jim cramer. >> i saw the giants game >> did you watch last night? >> i went to sleep >> the giants lost, anyone who woke up this morning, the giants lost, the drama this week wasn't about the games yesterday. the drama is -- there's some video if you're a redskins fan, you'll like that boom look at that touchdown. >> mr. wapner will be pleased with that one. the drama is next week

the nfl is talking about we want to have a rule we'll keep the players in the locker room for the national anthem rather than having them come out, so we don't see anyone kneel or not. they're not sure what to do with that even donald trump tweeted at the commissioner and the league saying this is a bad idea, this is worse than people kneeling because they're not even out there. and commissioner goodell's contract may be signed as early as next week >> 40 million we're thinking >> he was asking for 50, but 40 million is where it will probably end up. >> is this a crucial weekend for the nfl? are we on track to continue to slightly disappoint on the ratings? >> it's hard to imagine what will change the direction. it's been on track negotiate sie negative the whole year. those are just three games yesterday, you have so many more sunday and monday. they usually give a full weekend average as the number they give you the. >> great stuff

thank you very much. lovely to have you with us still ahead, we're setting up for the trading day which will be focused on retail, according to kensho retail stocks post an average return of 5% the week before and after a pi event more coming up on "worldwide exchange." o it? it's not just a pay check, you actually like what you do. even love it. and today, you can do things you never could before. ♪ ♪ you're developing ai applications on the cloud. finding insights hidden in decades of medical documents. and securing millions of iot sensors. so get back to it. and do the best work of your life. ♪ ♪

welcome back to "worldwide exchange." the futures are pointing to a slightly positive open for all three. let's talk the markets with boris schlossberg. good morning >> good morning. how are you? >> good, thank you >> let's talk about the setup for the rest of the year risk-on or risk-off, we had a

few pauses of late, but we still have some record highs what do you think is the overriding sentiment for the rest of the year >> i've been cautious the market for three, four months already i still continue to be, but it's hard to argue with the fact that it's a run on momentum it's a risk on in the equity marke market if you look at the bond market, there's a more cautious tone there. this is an interesting thing, the dollar/yen failed, the nikkei has failed with yields and even with risk on. this decoupling does suggest other markets are more concerned. >> i guess we've seen one market in particular react in a negative way, that's in china. what's your views of what's going on there is it a temporary pullback the biggest one-day move yesterday in chinese stock markets. is that something concerning you

or not too significantly >> it's one of those things, one day does not make a trend, but two or three becomes concerning. if we enter into december with china selling off around 3%, 4%, 5%, that's when the markets notice it's one of those things where the markets now are ignoring it because they think it's a one-day wonder if we see more liquidation in chinese shares, it's really going to sweep over. that will become a big problem >> what's your view in terms of europe growth generally improving have we seen the peak of that? will 2018 be a tougher year for europe >> no. europe seems to be on good track. it's had a lot of structural changes. it's done well ecb is doing a very good job of walking a fine line between keeping liquidity available and maintaining a relatively upbeat tone in its assessment

europe, the best upward trend as far as the g3 universe the issue of brexit will be interesting. that's the one issue that will be fascinating december 4th is a key date if theresa may cannot get the europeans to agree to an agreement that will create troubles for the uk. >> let's touch on the dollar in terms of what's priced in and what's not december rate hike seems to be very much priced in. what about next year how many hikes are you expecting? what do you think the market priced in? >> the market is skeptical that's the reason why -- the dollar should be trading much higher than it is given the fact we will have a rate hike, interest rate differentials, but it's not the forward curve is skeptical that there's further upside to go the market is skeptical of a couple things. people have noted the tax reform could and may fail, even if it

doesn't fail, it may not be stimulative to the economy the market is concerned about wage growth and about -- about further economic growth. the biggest issue here is retail spend. if we don't get the u.s. consumer to pick up spending, that's where the market is concerned that the fed will not move on the rates at all that's why you see the dollar so much weaker than it should be. >> your call is for the dollar to strengthen next year when a few more rate hikes come in? >> i think the fed is -- to this point is data dependent. so we need to see wage growth pick up and consumer spending pick up. until that point the market is correct that the fed will do nothing and the dollar will wallow at these levels it's going to be con tint jetinn whether we can kick up growth. all of this translates into higher wages which so far it has

not, that has been keeping the dollar so long >> boris, thank you very much for joining me >> thank you >> that is it for "worldwide exchange." futures pointing slightly higher happy shopping

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good morning the wmarkets will be open for a shortened trading day today. and a ceo sounding off jamie dimon saying he expects donald trump to be a one-term president. he has advice for democrats. and black friday is here battered retailers have a lot riding on the critical shopping event. we're live at stores across the u.s. it's friday november 24, to 17, "squawk box" begins now. ♪

live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with andrew ross sorkin joe is out today sitting in is dana telsey fro from telsey advisory group good to see you this morning >> thank you >> are you having some issues not being in the malls >> i've been there already i've seen some sales >> i bet after the show you will be right back? >> you bet all day, all night >> dana is with us for the next three hours. on wednesday you saw the dow down, and the s&p down slightly. nasdaq wasig