. hello, welcome to "street signs. i'm carolin roth >> i'm joumanna bercetche, these are your headlines. no british bank needs to raise more capital, that's according to the bank of england which says lenders could handle a hard brexit. >> given the current levels of resilience, uk banks could continue to support the real economy, even in the event of a disorderly exit from the european union. shell cancels an austerity script dividend policy and issued a bullish cash forecast

sending shares higher. ocado shares spike as the online retailer offers a tie up to grow its e-commerce business. and socgen says it will close about 15% of its banks as the french bank looks to cut costs. we'll speak to the cfo at 14:00 cet. the uk's largest lenders passed stress testing with flying colors. the bank of england indicated none of the banks it tested needed to raise additional capital. rbs and barclays who fell short last year boosted capital to a sufficient level the bank of england also said banks could withstand a disorderly brexit, but governor mark carney hoped for a transition agreement soon. >> the time of achieving a transition agreement, the sooner

the better i won't put an end date on it. any transition period will be valuable we signaled back in june of this year some major risks around derivatives, around insurance, around data, around other aspects of the financial system, these cross-cutting issues, we provided -- we've done a lot of work since then and provided considerable detail around those risks, and also some potential mitigating actions but much of this would be made considerably easier by material transition period. i think that's increasingly appreciated on both sides of the channel. joining us is the portfolio manager from pinebridge investments. thanks for joining us. so stress tests, big day for the uk as expected no bank failed that really wasn't a concern going into today there was very little expectation that any bank would

fail the big question is what it means for a lot of these banks do you think we got any signaling for any of the banks with regards to the dividend capabilities in the future >> i think it's getting clearer, this result wasn't a surprise, but we will expect to see some further capital being diverted towards raising capital buffers. we have the counter cyclical buffer that was raised and could be raised further next year depending on what risk scenario looks like i don't think we're fully out of the woods yet with regards to banks being able to fully earn and distribute capital yet >> the bank of england seemed to be quite positive about the overall outlook for the banking system in terms of it being more resilient to shocks than in the past if you look at some assumptions for the stress tests, they're extreme scenarios. house prices dropping by a third, unemployment rising to 9%, yet the banking system

survives are you as optimistic on the outlook for the uk banking system here? >> i am. i think we've come a long way in terms of tripling the capital levels in the sector banks have been de-risked, de-levered, so investor focus is more on the earnings power about the attractiveness of the businesses going forward, relative to other sectors. in a global context, unfortunately, yes, it looks positive from a capital perspective, but uk banks are far from being particularly attractive in our view, the u.s. is much further along in terms of becoming attractive in terms of earnings power >> we are seeing a rate rise here as well we are seeing the first in a decade, expecting more over the next two years rbs is one of the banks that should benefit from that why are you less upbeat? a tightening story should be positive for all >> there's a couple things

first of all, there's a limit to the extent in which rate rises will materialize in the uk given slowing growth, back drop and uncertainties around brexit. the second is the level of competition in the sector in the domestic economy is very intense. so, there's actually a limit extent to which those rate rises will be able to passthrough into higher net interest margins. so, i don't think there's a direct translation into earnings potential, even if those rate rises come through >> we want to come back to what the boe was saying or doing, they raised to 1% the counter cyclical number. how concerned should we be about growing consumer credit at this point? >> it's growing at almost double digits now so i think they are seeing that that is a pocket of risk that

could materialize it does make sense from a prudential perspective to have such a counter cyclical buffer that allows banks to build up additional buffer in good times to pay for the difficult times once again, i don't think it's a concern about resilience i think this sector overall has been fortify ied more than enouh it's now more about creating confidence for these businesses to attract capital, to attract investors and be able to function as an attractive industry >> can i just ask a question about technology there was an interesting line that just came out where carney referred to fintech and the impact it's having on the banking industry how big of an impact will that have on the outlook going forward? will we see a shrink caage beca

of fintech >> we are in an age of disruption whr where a lot of products have become particularly commoditized, al w allowing for technology to come in and i think there's going to be an erosion of margins that banks can achieve given how different forms of technology will continue to penetrate. i think it's significant but it will be several years for that to fully play out. >> thank you very much for that. >> spain's bvea has received an offer in its stake for canada scioscia bank. bbva says the move would boost capital by 640 million you're ro

yeuros and society general is expected to close 15% of branchs. it is part of its 2020 strategy. we will speak to the cfo of society general, that's a firth on cnbc interview at 14:00 cet back to the big news this morning, shares in ocado are trading near the top of the stoxx 600 after reaching a deal with casino, the french supermarket group will be able to use ocado's e-commerce platform as part of its online expansion. a note from credit suisse yesterday when they pointed out over the last four weeks, okaw o shares had fallen by 20% because they were concerned whether this big deal with a mainstream grocer would come through. now finally today it did come through. this is what the market was waiting for, was hoping for.

it did materialize that's why we shouldn't be surprised to see such a spike in ocado shares they were up by 27%. currently up by 18%. i think this is what the market had been primed for. of course it's huge. this is maybe one of the first big deals. the pipeline looks strong, that's according to ocado. whether that materializes, we'll wait and see >> what's interesting, other than the fact this stock jumped 20% on the news, the fact that the investor community needed this deal for the share price to skyrocketed so much. this tells you that going forward, are we just going to be relintd ant on those deals partnering are, goes back to yesterday and the cybermonday disruption coming from the technology side what we're seeing is the winners are the ones who are able to incorporate

the two together that has to be a part of their strategy going forward so you get the logistics companies partnering up with bricks and mortars and household names. >> a couple things to mention t may be difficult for the stock to rally here on out any further rallies from this point, because there's significant short interest in the stock. credit suisse pointed to a 22% short interest other figures of 16% so, it's one of the most heavily shorted stocks in the uk i wonder whether this deal will mean a seed change for ocado shares going forward and this deal is a big bet on the french consumer. is the french consumer ready to be shopping online in an upsale s upsale segment royal dutch shell is trading higher after canceling the its

script dividend, a sign that austerity for the oil giant may be open. the option was available after the 2015 oil price slump shell has also lifted its cash generation forecast assuming a crude price of $60 a barrel. oil prices are under pressure today as opec members and other key producers including russia prepare to meet on thursday in vienna. the group is poised to ink a deal to extend output costs, but the question is how long production curves will remain in place. there are three main scenarios in play. first, the group may decide go big or go home and extend cuts through all of 2018. russia may not be willing to back a full-year extension, so there may only be a six-month agreement. steve will be in vienna throughout the week. our coverage will kick off tomorrow we'll be live throughout the day and throughout all of our programs >> have you ever seen steve's

opec coverage? it's legendary >> how can i miss it >> he's the expert, the oil expert within cnbc, but there's a thing called the media scrum sometime in the morning, and he rushes in and tries to talk to all the big players. it's quite entertaining. i think it might happen during our show you will get to see it live. >> on par with the rugby scrum >> very similar to a rugby scrum. you can follow us on twitter at streetsignseurope@cnbc, tweet us at @carolincnbc. still coming up, the stock market rally is not done yet, that's according to the ceo of one of the world's largest asset managers we'll explain in a few moments

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to the green in the u.s., all eyes on the crucial senate tax reform vote in europe, things are looking more positive. stoxx 600 up 0.3%. let's look at the indices, ftse 100, up 0.4% all eyes on the bank of england stress test. overall positive result for the uk banking seconder. dax up 0.25% back above the 13,000 mark again, more positivity coming out of the possible grand coalition talks with spd, ftse mib also positive picture. let's look at sectors and see how things are doing oil and gas up 1%. all eyes on that important opec meeting this week and whether or not the oil cuts will be extended crucially for how long they will be extended. oil bouncing on that and on the shell news of

scrapping its austerity dividend basic resources struggling that's a theme we continue to see in overnight trading in asia on the back of the weakness in chinese equity, real estate again struggling a bit let's take a deeper dive at some of the uk banks and see how the major banks that were tested this morning are faring. as you can see, standard charter, one of the big positives, up 0.4% hsbc, 0.9% those two, standard charter and hsbc are interesting because they're more nationally exposed than domestic banks. the domestic banks are painting a slightly different pick choouchoou picture. barclays and lloyds are more exposed to the domestic sector and the stress tests were testing for that they stress tested gdp, for house prices, and you are seeing that in the share performance

this morning they are clearly the laggards. back to you. >> thank you very much. let's turn back to the u.s trump's pick to lead the federal reserve will appear for his confirmation testimony he said he pledged to respond decisively to any new economic crisis steve liesman has more >> reporter: jerome powell nominated earlier this month by trump will say in testimony before senate testimony that he expects rates to rise somewhat further and the balance sheet to gladly shrink. pledges to preserve the fed's independent nonpat srtisan stat. he said he will lock fok for a y

to have more transparency. he goes on to say his aim or the aim of the fed is to sustain a strong jobs market and gradually rising inflation the fed must retain flexibility to adjust possibilities, another pushback to those who want to do a monetary policy rule there is some concern about the powers taken away from the fed in the dodd-frank reform he says the financial system is stronger, more resilient than a decade ago and supports the higher capital levels of banks, but says we will continue to consider appropriate ways to ease regulatory burdens while

sprefi i preser ser sprefing co preserving core reform >> citadel's ceo ken griffin has concerns about bitcoin cnbc spoke to griffin and leslie picker reports on his investor outlook. >> reporter: ken griffin talked about how evaluations were stretched more than normal but said good old-fashioned stock picking drove performance this year griffin said while the market is heated has room to run >> i think we're in the seventh inning of this market rally. we're not in the classic mania you get at the end of a bull

market >> griffin said low rates, low inflation and growth in revenue created a supportive back drop for stock prices he said there is far more euphoria in the cryptocurrency world. >> bitcoin has many elements of the mania we saw back hundreds of years ago in holland. i get very worried that people that are buying bitcoins don't really understand what they're participating in other than the headline stories if it keeps going higher and i want to make sure i don't miss this opportunity to make some money so is it a fraud no but these bubbles tend to end in tears. and i worry about how this bubble might end >> griffin said often times people con fitbit coin with blockchain leslie picker, cnbc business news. one legendary hedge fund mannier is touting bitcoin as

the digital currency approaches $10,000 level, mike novagratz said it could accelerate more next year. he holds 20% of his own net worth in cryptocurrencies. >> bitcoin could be at 40,000 at end of 2018. easily could and i think ethereum which just touched 500 or getting close could be triple where it is. there is a big wave of money coming, not just here, but all around the world and, you know, as we push more people into the system, both retail and institutional, what is different about these coins than other commodities, like when the price of oil went up to $150, what happened? we started drilling in the canadian tar sand, started going deep sea in brazil, started investing in solar and fracking and everything else, and there is a supply response there is no supply response here it is a speculator's dream in that as buying happens, there is

no new supply that comes out so every price move gets exaggerated, exaggerated on the way up there will be 50% corrections it will get exaggerated on the way down. japan's softbank group is reportedly planning to buy uber at a $48 billion valuation, tha represents a 30% discount to the ride hailing company's most haven't appraisal. the investment has been approved by uber's board. it will limit some share holders voting power and expand the number of directors on the board and reduce the influence of travis kalanick following a number of scandals under his tenure including a data hack and a license dispute in london. arjun has perspective on this. the 30% discount, do you think this is a result of the scandals or was this already expected >> we heard over the past year and a half, scandal after scandal, bans in certain

markets. the cyberhack the latest of those. that's all priced in now that's why softbank wants to buy those shares at the same time they are investing a fresh billion dollars into the company at the firm's current valuation of 68 billion. they still see value there this is a liquidity event for early shareholders, those who want to buy softbank targeting 14% to 20% ownership of uber that is going to come from those early shareholders and hopefully they're willing to stomach the hair cut in valuation. >> it feels like the company is tainted by what happened under travis kalanick's era, yet he's still a member of the board. do you think his position is -- could become liable at some point? given the number of scandals we've seen >> i think he'll stay there. dara khosrowshahi, the new ceo, has only been in the role a couple of months he's trying to clean the

corporate governance of the company. but every time he tries, there seems to be a new skeleton in the cupboard that is uncovered but softbank will gain two board seats at uber, and that means that khosrowshahi has some allies now as he tries to invest in new areas of growth, perhaps some of those key asian markets where softbank is particularly strong in. and he gets a powerful ally to clean up the company and make sure this company is under sustainable growth path for the future there were questions can it grow at this pace, invest in new areas and markets, and is the value justified. perhaps the valuation was not justified with all that was going on there needs to be more stable leadership and that's what khosrowshahi will give it. with the softbankdeal this could give impetus to push forward. >> we're still talking about a lofty sum of 68$68.5 billion.

this is unprecedented. we don't know whether that will actually be represented in the public markets, if they do ever go public. what's the exit plan for softbank here? >> it's huge but you have to remember uber is a longer-term play they're trying to disrupt a whole area of transportation that up to now has been governed by cartels, big groups across the world, that's why you've seen pushback from the traditional taxi industry. investors feel this is going to be a huge deal, not just in the next few years but ten years, not just in taxes but many areas of transport for softbank, khosrowshahi says we want to take this company public by 2019, whether that's the game plan that is softbank's exit for now they're betting on this company being the future of transportation in cities across the world. >> thank you very much for that. still coming up, we speak to the secretary of the oecd, angel

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hello, welcome to "street signs. i'm carolin roth >> i'm joumanna bercetche, these are your headlines. >> passing with flying colors, no british bank needs to raise more capital, that's according to the bank of england which says lenders could handle a hard brexit. >> given the current levels of resilience, uk banks could continue to support the real economy, even in the event of a disorderly exit from the european union. end of an era. shell cancels an austerity script dividend policy and issued a bullish cash flow forecast sending shares higher. ocado shares spike as the online retailer offers a tie up to grow its e-commerce business. and societe generale says it

will cut about 900 jobs and close about 15% of its branches as the french bank looks to cut costs. we'll speak to the cfo at 14:00 cet. good morning let's have a quick look at markets. kicking things off with u.s. futures. they're indicating a slightly higher move. the dow jones up by 33 points after being unchanged in yesterday's trading session. the s&p 500 is seen up by 2 or 3 points not a lot of movement expected the nasdaq up by 6 points. yesterday it was the retailers that helped out the marginal gains on the dow with the etf ending up by 0.3% on the back of very strong black friday sales let's have a quick look at

european arkets. we are modestly higher the xetra dax up by 0.3% the cac 40 up 0.4. the ftse 100 is boosted by the likes of shell which canceled its austerity dividend ocado doing well after that deal with casino let's look at fx euro/dollar back below the 119 handle we hit 119.61 in yesterday's trading session. that was a nine-week high. today lower. unchanged today. all eyes on the confirmation hearings coming from the future fed governor and any comments about future inflation and the rates trajectory quick look at pound sterling, 133.06, unchanged on the day ireland's deputy prime minister rejected calls to resign over police whistle blowing scandal, which increases the odds of a new election news documents released by the irish department of justice

showed an attempt to discredit a whistle-blower in the police force. talks will continue today between michelle martin to avoid a snap election. willem is live in dublin with more i believe you have a guest with you this morning >> i do. those talks will continue today. they're running out of time to find an agreement ahead of an 8:00 p.m. table no confidence vote in the deputy prime minister here. we're joined by the ceo o of f.e.d. holdings, welcome this morning on this quite brisk november morning how does this current uncertainty play out for businesses here, do you think? >> i think it's unwelcome for most businesses here our business is an insurance company, we have a lot of sme and farm businesses that we ensure with three weeks to go to the

european summit i would like to see our government focused on negotiation with britain for the best possible outcome in brexit terms. that's where i think our priority as a nation, as an economy ought to be. >> how does agriculture sector here in ireland go about hedging against the risk of brexit you're an insurance company, you try to provide that cover for them >> i'm not quite sure we can hedge that risk. the democratic will of the uk from our perspective, from my personal perspective is unwelcomed now that we have it, i think it's just a matter of trying to make sure commonsense prevails on both sides, and that the best possible negotiation is sought and achieved before the inevitable happens >> we're in dublin, we can see cranes, construction, hear the construction going on, clearly the financial sector is bouncing

back since that huge crisis a decade ago you had a supervisory role of the bank here in the past what do you say to those in the financial sector who say there has been too much regulation enacted since that crisis? >> i think that there's a reason financial services is regulated. i think it's important from the lending perspective and insurance and risk transfer terms. there's a reason -- >> unfortunately we are having some sound issues. we will hope to reestablish that line very quickly for you. a strong black friday has been followed bay bumper cybermonday. adobe estimates 6.6 billion sales yesterday, a jump from the year before. the final cybermonday sales may break a record courtney reagan has more.

>> reporter: it was a record breaking weekend for online sales, and shoppers are not done yet. cybermonday is forecast to be the biggest online sales day ever in the u.s., hitting 6$6.5 billion, above last year, though still just a fraction of alibaba's singles day in china which topped $25 billion. when asked where consumers were shopping, one site was king. >> amazon. >> amazon. i already bought something >> amazon's online dominance is likely to swell on key shopping days some say amazon may have gotten up to half of all online sales on black friday. this is one of 7 5 amazon's fulfillment centers. there are 5,000 full time workers, thousands more seasonal workers, thousands of robots working together to fill your cybermonday orders >> cyberbond is one of our

biggest shopping days. last year customers ordered more than 64 million items worldwide. that's 740 items per second. >> reporter: when amazon grows sales -- >> there's going to be upside for the overall numbers for the e-commerce industry. >> reporter: amazon can still make it feel like the entire industry is growing along with it courtney reagan, cnbc business news a happy story up next. the latest on special news from britain's royal family >> buckingham palace proudly announces the engagement of prince harry and meghan markle god save the queen

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>> we are roughly 40 minutes into the show, we have not discussed the biggest news of the last 24 hours.

we talked about bitcoin and everything but let's get to the story prince harry and actress meghan markle will get married next spring the couple met in 2016 on a blind date they say they recall the moment of the royal proposal. >> it happened a few weeks ago early this month here at our cottage. standard typical night for us. >> a cozy night. what were we doing just roasting chicken. >> trying to roast a chicken >> just an amazing surprise. it was so sweet. and natural, and very romantic he got on one knee >> of course >> was it an instant yes from you. >> yes as a matter of fact, i could barely let you finish proposing. i was like can i say yes now >> there were hugs, i was like can i give you ring? she was like, y the ring it was a nice moment

i think i caught her by surprise as well. >> yeah. >> this is how long after you first met? >> it would be a year and a half little bit more than that? >> just about a year and a half. >> which for most people would be quite a whirlwind is that how it's felt to you >> i don't think i would call it a whirlwind in terms of our relationship there's been layers attached to how public it has become after we had a good five, six months almost with just privacy, which was amazing. no we were able to have so much time just to connect and we never went longer than two weeks without seeing each other, even though we were doing long distance relationship. we made it work. >> well, i never knew that roast chicken could be so romantic that you would propose over it let's talk about the economic impact here. i know it might be farfetched, let's try. because the ft had a pretty good

write up this morning. essentially they point out that when we saw william and kate getting married, we saw a dip in economic activity in the uk, in part because we had a bank holiday. >> we're not getting bank holiday for this one >> we're not >> when william's ands married w an increase in tourism spending that was a blip for the tourism and the economy overall. the jury is out whether this will be good economically or bad. i guess if we don't have a bank holiday, it would be better for the holiday. we have two royal lol dholidays we have the baby coming up as well >> a lot at once >> this is what the uk needs in the times of brexit, no? >> yes if we don't get movement on brexit, at least we have movement on the royal front. >> and new royals. >> very true completely different issue

talks on forming another grand coalition between ankle merkel's conservatives and the spd are likely to start again in january. talks at creating a jamaica coalition involving the cdu, greens and others crumbled in recent weeks mark carney says brexit may be reducing the shares in british companies that focus on the domestic market. carney says large global firms and gilts don't seem to be affect. and the u.s. senate republican tax bill could face its first major hurdle corker has raised deficit concerns and johnson wants a bigger tax break for pass through businesses their opposition could delay the bill which senate republicans are hoping to pass as early as this thursday. tune in to the interview with

kevin brady happening at 9:30 a.m. eastern the vice chairman of dukes asset management joins us, edward, thanks for joining us. it was a big day in the uk we got the results of the stress tests, it painted the uk banking system in a more positive light. do you agree with the assessment that the uk banking industry is better equipped to deal with macro economic shocks? >> i think so. i think as a result of a reasonable strong economic growth in the last few years, banking balance sheets are much better it's still not very strong economic growth, but banks are in a much better position. i would agree with that. >> and one of the major themes -- two big themes in the banking industry over the last decade or so have been fintech, that's something that carney specifically referred to this morning. he said that fintech could have

profound consequences for business models of banks going forward. then we also have seen increasing amount of regulation. when you think of the future of the banking industry, how much cause for concern is there coming from the advent of more fintech technology but also the increasing amounts of regulation in the system? >> on the one hand fintech over the next 5, 10, maybe longer, 20 years what enormous upside in terms of cost savings for the established players. the threats rely on two things firstly, a rise of new competition. that's starting to happen. as yet, the new competition has small market shares. if you were a legacy player in the banking system, that's significant concern. on the other hand you mentioned regulation that protects incumbent players to a certain extent.

>> edward, nice to have you on the show today can i ask about your outlook for markets going into 2018? it seems like in 2017 equity gains were easy to come by is it going to be less easy in 2018 as we continue to see tightening, tapering and whatnot from the world's central banks >> i think it's a reasonable expectation. since the global front actual crisis we had basically eight years of rises asset prices, partly boosted by quantitative easing around the world. that's starting to change, particularly in the states it's reasonable to expect, given high valuation levels, more modest gains in asset prices around the world the key is the inflationary outlook next year. >> do you think this year was positive for the active management industry. if you invested into etfs, you

would have made spectacular gains. do you think 2017 was a year where the active industry was able to set itself apart and win the upper hand again >> no. i think it's too early to say that the active management industry is looking for a pick up in volatility, a reduction in momentum trades to show ability to add alpha after all fees relative to the benchmarks pa passives will continue to add shares, asset mannier ieagers sb able to gain shares over the next 3, 5 years, the asset managers in the closet trackers are under the greatest threat. >> let's talk regulation there are different gauges in terms of how high costs will be

for asset managers, where do you stand on this and how will the costs be passed on >> as a company, we're a listed company, and to answer your question we declared we will take the 5 mile lion sterling ct annually, that's a hit to profitability, and we have to make that up overtime through better efficiencies and outperformance the basic charges will vary from company to company and strategy to strategy, but you're already seeing asset managers continuing to add value through their own research efforts >> one last question thinking about your investment outlook for next year, to a certain extent you could say developed markets, central banks, so much of what they do will telegraph

everybody knows when the rate rise will happen doesn't that limit the opportunity set in terms of ability to generate alpha just coming back to what carolyn was saying about funds outperforming passive indices in terms of is everything a little bit too telegraphed and there won't be much volatility going forwards >> your question is an interesting one. listening to it, it sets up for some positive or negative surprises on a macro level we try not to guess macro interest rates and growth rates. it's very hard to do the previous ten years illustrate that. try to focus on what you're good at stock and security analysis from the bottom up where the stock specifics and fundamentals are the key thing, not where the interest rates will go up or down in the next six months. >> edward, thank you very much the battle continues over

who is boss at the consumer financial protection bureau. lee a leandro toenglish took her caseo the courts pete william what's latest from washington >> reporter: the new guy showed up early today, mick mulvany carrying a bag of donuts convinced he has the legal authority to take over he is the white house budget director but late friday president trump named him acting director of the consumer financial protection bureau started during the obama administration it guards against unfair practices by lenders and debt collectors and last year fined wells fargo $100 million for secretly opening thousands of unauthorized customer accounts but because it doesn't answer to congress, it's never been popular with republicans including mulvaney who says it

was choking off access to money to help businesses grow. >> this particular bureau under the previous administration had gone too far over towards strangling access to capital >> reporter: the man that was in charge stepped down friday clearing the way for his deputy leandra english to take over under the law that created the agency which says the deputy shall serve as acting director but the justice department says under another federal law, the president has the option to make his own appointment. while mulvaney staked out the director's office and met with senior staff members, leandra english sought help from the senator who helped start the bureau. >> she was on capitol hill doing her job, talking about plans for the agency and how she is someone that's been there since the very beginning of that agency >> reporter: english sent an e-mail to staffers today signed acting director then mulvaney sent one saying he's in charge and "disregard any instructions you received from ms. english. >> at a white house event honoring world war ii native

americans, trump used the term pocahontas to mock a political nemesis. the white house is defending the president from accusations of racial insensitivity kristen welker has the story for us president trump making the controversial comment during a white house ceremony honoring navajo code talkers, used th political nemesis. it is a derogatory nickname he often uses to attack democratic senator elizabeth warren, but the place and moment has the white house tonight defending the president from accusations of racial insensitivity. >> and i just want to thank you because you're very, very special people

>> warren came under fire as a senate candidate claiming native american ancestry. >> pocahontas, elizabeth warren, i call her goofy >> today those native americans didn't say anything, but elizabeth warren lashed out. >> it is deeply unfortunate that the president of the united states cannot even make it through a ceremony honoring these heroes without having to throw out a racial slur. >> reporter: moments later, the white house responded to warren. >> that's a ridiculous response. >> why is it appropriate for the president to use a racial slur in any context >> i don't believe that it is appropriate for him to make a racial slur. >> a lot of people feel as though this is a racial slur so why is it appropriate for him to do so >> like i said, i don't think that it is i don't think that was certainly not the president's intent >> reporter: tonight the veterans in the oval office released a statement saying they didn't want to get involved in the political dispute.

>> he was very cordial and very nice in inviting us to recognize the navajo code talker >> reporter: a new firestorm during a critical week for the president as he fights for tax reform and a much needed legislative win. complicating matters, a report by the congressional budget office which found the tax bill could wind up costing americans who make less than $75,000 a year more. >> join us after the break when we hear from the oecd secretary-general. we'll be right back. some air fresheners are so overwhelming, they can...

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markets now. stocks pointing to a higher open on wall street as investors await a big batch of economic data. a huge day in d.c. the president is talking tax reform, jay powell heads to the hill and the drama continues at the cfpb we're live in the nation's capital with the latest. and another retail record. why cybermonday was the biggest in u.s. history. it's tuesday, november 28, 2017, "worldwide exchange" begins right now.