rally on wall street kicks off a new week with the dow and s&p 500 sitting at all-time highs snp and going live, bitcoin futures surging in their highly anticipated debut we're digging in on the crypt yo currency's latest bounce. and burning unchecked. new evacuations ordered in southern california as a string of wildfires grows in size it's monday, december 11th, 2017 "worldwide exchange" begins right now. good morning and a very warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. >> and i'm morgan brenna in for

sara eisen happy monday. >> happy monday to you the global market picture pointing higher off the back of a nice end to the week on friday we saw about 0.5% of gains for the dow and s&p, on.4% for the nasdaq, meaning the nasdaq ended just negative for the week the dow and s&p gained 0.4% for the week and financials the best up today up 35 for the dow, the nasdaq is up 4, the s&p up 3 ten-year treasury, we saw a risk-on move, closer to 2.4% again, 2.37%, but in general, not much happening there last week on the yield front. bitcoin futures going live last night and cryptocurrencies took another leg higher. we'll have more on the latest move coming up, but as you can see, the latest price, 17,600, up 13% on the cboe exchange. they started at 6:00 p.m. last

night. there were a few outages, but ultimately, the price remained well supported with this liquidity event which is a positive, at least in the short term. >> it will be interesting to see how this goes. then we've got the cme futures launching next week, so i have a feeling we'll be showing a lot more boards before the year is out. >> the fascinating thing as well is how different the prices is between the different exchanges as well. >> yes. >> highlights the margin they're able to make, the brokers that are offering it, in terms of individual trades. >> absolutely. and if we turn to asian equities, we saw green arrows across the board in monday's trade. today the biggest gainers there were the hang seng up 1% and the shanghai composite up also about 1% the japanese nikkei gained about 0.5%, and the korea kospi was up about 0.3%, this after we saw gains for all of those indexes last week as well. if we turn now to europe, we're seeing some marginal gains there this morning, too, in the early trade. really looks a little more mixed

now. the german dax is up fractionally the french cac is about flat ftse 100 is the outperformer that's up 0.6%, again after gains in those last week. >> oil prices for you, which were up about a percent on friday but down just nearly 2% for a week as a whole. wti slipping this morning a bit, down 0.4%, $57.1 the price of wti. the dollar board rallied last week, the index up over the week no individual single-day moves, but by the end of the week, nicely higher, which is worth noting given that equities and yields didn't work in the same vain today the dollar is a bit weaker against the euro, but not too much happening with the woupoun and the yen. gold prices up about 0.3% or so today. they did fall noticeably last week, down some 2.5% the price at 1,252. the week ahead on wall street is full of economic data. tomorrow look for the november

producer price index the fed also kicks off a two-day meeting. on wednesday we'll get cpi as well as that fed decision, where they are largely expected to hike rates again latest economic forecast, also janet yellen's news conference will be on wednesday on thursday, retail sales and import prices, and then friday we've got industrial production. on the earnings front this week, there are three notable names reporting results, all on thursday look for numbers from adobe systems, costco, and oracle. our top story this morning, bitcoin futures soaring after going live on the cboe last night. and leslie is here with the details. >> good morning. bitcoin's wild rise continues. futures begin trading last night on an exchange run by cboe global markets the first contract opened at $15,000, and after about two hours jumped 10% that caused a trading halt, but four hours later, the price had surged 20%, triggering another halt but despite more than 1,000%

gained this year, cameron winkel voss, one of the twins reported to become the world's first bitcoin billionaire, told cnbc he thinks it could still go higher "long term, directionally, it is a multitrillion dollar asset i don't know how long it takes to get there," he told our seema mody the launch of a bitcoin's futures market represents an important milestone for the cryptocurrency known for its price swings most institutional investors had been prohibited from trading bitcoin because it was not listed on a regulated exchange futures also give investors a chance to more easily bet against bitcoin. and as you mentioned earlier, morgan, cme and nasdaq are expected to offer similar futures markets for bitcoin in the weeks and months ahead >> do we know anything yet from the cbo in terms of the volumes that got enacted overnight heavy volume, small volume >> there were about 1,000 contracts that traded hands yesterday, slightly less than

analysts were expecting. but it's clear that now that this market has started, now that more people are coming to work on a monday, tuesday, wednesday, we could see more participation in those markets. >> and you can understand why someone like the cboe or cme to come want to get in "in because the margin they can charge on it is huge. >> and they want to be where people are trading and clearly there's been a lot of interest in bitcoin a lot of critics point to this and say maybe these exchanges got in too quickly into bitcoin, because there are a lot of unknowns there's a lot of risk. there's a lot of volatility clearly associated with bitcoin. so the long-term effects of, you know, going on these exchanges when they did is yet to be seen, but there are certainly a lot of loud critics out there saying that they jumped too quickly feet first into bitcoin. >> we will have to see leslie picker, thank you for that. stocks to watch today, ggp has rejected a $14.8 billion buyout offer from its biggest shareholder, brookfield property partners brookfield made a $23-per-share offer for the 66% of ggp is

doesn't already own. brookfield is said to be considering a new offer for the mall operator. as you can see, not too much move in the share prices this morning. we're watching shares of hga this morning st. joseph and providence street are reportedly in merger talks a tie-up of the two companies would dethrone hca as the largest hospital chain it's not reacting so far in the premarket. another big weekend for disney at the box office it's animated comedy "coco" taking the top spot for a third straight week, bringing in another $18 million. the newest "star wars" movie opens this coming weekend. walt disney slightly higher in the premarket. >> do you have tickets >> no, not that bothered >> i do. >> are you a big "star wars" fan? >> pretty big fan. we're going sunday it's going to be a family affair. >> it's something i've gotten into with the new ones, so i'll see it, but i'm not queueing up overnight to get the first day. >> fair enough

the first three are still the best. more stocks to watch, and eli lilly's stomach cancer drug met its main goal of preventing the disease from advancing but failed its secondary target of improving overall survival rates. you can see shares unchanged in premarket. ford sales in china dropped 8% from a year ago. this follows a 5% decline from the prior month, and those shares are down about 0.5% premarket. nok nokia's chief operating officer is leaving that company. the telecom network equipment-maker naming current senior vice president for nokia transformation as the replacement, and those shares are also down 0.5%. meantime, we are following the developing story out of southern california. wildfires are burning unchecked. the biggest blaze has now scorched more than 230,000 acres. >> wow. >> crews say it's only 10% contained. nbc's dan shiman has the latest. >> reporter: the thomas fire, the biggest in southern california, is still on the move. >> over the last 12 to 14 hours, we've experienced some extreme

fire behavior. >> reporter: a new flare-up in santa barbara county more than 5,000 residents under a mandatory evacuation order the conditions perfect for wildfires. >> we're in december the vegetation is as dry as it's ever been. you know, we haven't had rain, what, since last february or something, and it's just so ready to go. >> reporter: strong and changing winds have made this fire hard to predict it has surprised veteran firefighters >> flame and heat that's put off from grass that i would normally look at and assume it would do "x," and it's not doing that at all. it's doing so much more. >> reporter: the thomas fire began monday in ventura county, northwest of los angeles firefighters from across the country are now working around the clock to fight the flames. >> it's tiring you do 24-hour shifts, so we do get some rest in between, but depending on the conditions and the temperatures and such, it can be exhausting. >> reporter: exhausting with no end in sight >> that was nbc's dan shyman

reporting for us. >> those images are absolutely mind-blowing all right, well, still ahead here on "worldwide exchange," back from the brink, how a big brexit deal could stop a london bank exodus. those details are ahead. plus, uber heads to court, defending its rights to operate in london. we've t e te cannot live without it.

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let's look at markets around the globe this morning and it's a good picture, as you can see, particularly in asia. we're up over a percent or so for hong kong. shanghai up nearly a percent we've got inflation data out of china this morning that's slightly underwhelmed, but not too significantly. japan's up about 0.5%. european trade for you a bit more mixed but was very positive last week. we got germany up more than 2% and the uk and france up the best part of 1.5%. today is, in fact, positive again. we did have some red across the screen moments ago, but france just back into positive territory, as is germany a nice move for the ftse 100, up 0.7% this morning. all this means u.s. futures are higher as well, and by the end of last week, we did have the s&p and dow in positive territory. they both gained 0.4% for the week as a whole. the nasdaq was still just negative, down about 0.2%, but friday's session certainly ending the week on a positive note, carried into monday morning. the dow's up 50 points morgan. >> great, thanks. well, uber is heading to court today in the fight for its london survival. arjun cakharpal is live in lond

with the details >> reporter: yeah, so the hearing's starting very shortly between transport for london, the regulator here, and uber, all because transport for london revoked uber's operating license here in the capital, saying they weren't fit and proper to operate here in london this appeal hearing, however, is not going to give us a concrete decision about whether that ban will be reversed instead, it's going to set up the time frame for the case, which we understand is going to be heard some time next year in that time, uber can still operate here in london and there are still uber cars on the road, and that's very much about exhausting this appeal process before that ban is fully in place. you are likely to see some concessions from uber over the next coming months at a time when tfl revoked their license, they said look, uber, we're not happy with the way you background check your drivers, we're not happy about the way that sometimes when there are criminal activities, you report that to the police and so, uber are likely to have to appease the regulators and

say, look, we're going to improve on that, and that's something that, of course, nthei new ceo is trying to do. but this is not the only problem facing uber in europe and of course, in the uk. next week there is a key decision in the european court of justice, which is the top court here in europe, and they're ruling on whether uber is, in fact, just a tech company or if it's a transportation company. now, if uber turns out to be a transportation company, that could mean huge waves in the way it operates across europe. >> arjun, thank you very much for that we will look forward to any headlines out of that hearing when it starts later today. sticking with news from overseas, there's a renewed hope that brexit negotiators could strike an 11th-hour deal to keep the uk in the single market. of course, they've got a full year or so to do that. "financial times" reported today that any agreement could halt a big-bank exodus from london. laura noonan of the "financial times. i guess off the decision from last week where the tone going into trade talks is much more

positive, there is now possible reporting that a full single-market deal is plausible. >> yeah. i think what's interesting is banks had previously been messaging that we were heading to crunch time if we didn't get something sorted out, credential by the first quarter of next year, they would be making irrevocable decisions. now they're changing that tone and the message for them is very much that even if we got a very late deal, a number of banks have told me they would actually take down their plans, they would actually go and reverse some of the moves that they have already taken and would actually halt their planning. so, i think that is a fairly significant shift in how banks are approaching things, because i wouldn't underestimate how much banks want to preserve the status quo in london it is in their interest to keep as much in london as they can, and most banks still feel that way. so what they're doing ahead of the brexit negotiations is they're planning to move their minimum necessary in the first phase of brexit and they're hoping that they won't even have to do that >> and laura, there was a line in your report that really

jumped out at me, and it was from a senior executive at a large u.s. institution who said it is "so compelling to reconsolidate in london that banks" like his, "would be willing to bear the cost." why would it be so compelling to bear those costs to stay put in london or even bring some of those people from other parts of europe back to london? >> okay, so i guess one of the things banks have found is that when they look at actually transplanting their eu operations from london to other parts of the eu, most of them haven't found a single city in the eu which they can move everything to. so banks like say goldman sachs is vying to do paris, but also frankfurt. jpmorgan is doing frankfurt, paris, amsterdam, and morgan stanley is doing frankfurt, paris, dublin as well. most banks are looking at moving from london to multiple sites in the eu because they think no single eu city has the capacity to take all of their eu operations in london, they do have the

capacity to have a large portion of their eu operations together, and that brings with it significant economies of scale, both for things like capitals. if you have the markets operations, you have some capital synergy if you have everything from the uk and eu in one entity, but there are other things like literally helping everyone under a single roof creates efficiencies also, their people want to stay in london. the infrastructure around the financial service center is in london, so there are a lot of compelling arguments there are some counters to that, one is what the clients do so the banks are at the mercy to an extent of what their clients do if they find their large institutional clients want to carry out business with their eu entities, then they will have to stay in the eu more than they otherwise would, so that is a factor as well there are some banks, so that executive who i quoted, that's one view and that's certainly shared by a number of his peers. there are other banks who are taking a different tact and there are some people also quoted within that who are saying that, actually, because

of the brexit folks, they would be reluctant to put everything back in london because their parent companies who sit outside the eu, their faith in the uk has been shaken. so, certainly, in some cases there has been permanent damage done it's just not as great as we might have previously thought. >> okay, laura, thank you for joining us laura noonan of the "financial times." if you're heading to or from london by plane today, you may want to check with your airline. weekend snow in the uk grounded flights, shut down roads and triggered traffic accidents. british airways says it reduced its schedule today as well the storm hit central england and northern wales and yeah, we typically don't deal with snow very well, which is pathetic, because it comes once a year and still manages to shut down airports and the like, but there we go. >> snow there, snow here, even snow south, here in houston and birmingham, alabama. it's just everywhere. >> i know. but it's a nice time of year to have it, so there we go. still ahead on "worldwide exchange," tax talk and a closely watched senate race, the two big stories washington will

be tracking this week. but first as we head to break, here are these national weather forecasts from nbc's bill karins. good monday morning to you, wilfred and morgan we have another storm heading to the great lakes, northern new england this time will be the ones getting the snow. already winter storm warnings for vermont and coming off lake superior and lake michigan the storm doesn't look like much now, light snow, minnesota, wisconsin, light snow showers in areas of the northeast, but this is not going to cause any problems on the roads. but here is the snowfall forecast over the next two days. so, today it's in wisconsin. tonight into michigan. then the lake-effect snow really heavy on the east shore. then by the time we get to tomorrow afternoon, tomorrow evening, heavy lake-effect snow off of lake erie and lake ontario. in northern new england, the mountains, white and green mountains in the adirondacks all could get 6 to 12 inches of snow out of this. so some of my favorite ski areas up there looking like white gold as we head towards the hidolay ski season that's your business travel forecast more "worldwide exchange" when we come back for your heart...

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except that the next morning... it all makes sense. fedex powers global commerce with vast, far-reaching networks... deep knowledge of industries... and, yes... maybe a little magic. ♪ welcome back to "worldwide exchange." let's get you up to speedon th market action right now. u.s. equity futures are pointing to a higher open the s&p 500 poised to open four points higher. the dow jones industrial average up 55 points, and the nasdaq futures are poised to open up seven points this, of course, comes after record closes for both the dow and s&p on friday, also gains in the nasdaq as tech stocks fell

back into favor. last week was higher for both the dow and the s&p, but still, the nasdaq managed to close fractionally lower if we turn now to crude oil as well, we're seeing some moves in that market, too it looks like wti crude is lower again today. it is at $57.21 a barrel that is after a big drop, down i believe 2.5% or no, 1.7% last week, worst week in two months also worth noting here, natural gas is higher, up almost 2%. that is after the second worst week of 2017 last week. making headlines this morning, saudi arabia announcing movie theaters will open in the kingdom in 2018. this would be the first time in more than 35 years that cinemas will be allowed. the firsttheaters are expected to open in march wow! i did not know that they have not had movie cinemas for 35 years. >> that's pretty amazing. >> there's a lot of reforms going on i don't actually understand why there would be such a clear reason not to have them in the

first place, but anyway. from driving for women to movie theaters. >> there you go. >> a lot's changed. in political news, tax reform and a closely watched senate race will be the big focus in washington this week. nbc's tracie potts is live in d.c. with those details. tracie >> reporter: hi! good morning, morgan good morning, everyone lawmakers are hoping to pull together both sides of that tax reform package at some point this week. meantime, we are watching that alabama senate race very closely. if roy moore, the republican senate nominee, wins, it could be a short-lived victory he is likely to face an immediate ethics investigation when he gets to washington >> they know i've stood for moral values. >> reporter: on the voice of alabama politics, roy moore flatly denies ever dating underaged girls or even knowing his accusers. >> these allegations are completely false i did not date underaged women i did not molest anyone. >> reporter: with help from president trump --

>> and i need alabama to go vote for roy moore. it is so important >> reporter: moore could win tomorrow's senate election he's ahead in the latest polls. >> if he wins, we have to seat him. then there will immediately be an ethics investigation. >> reporter: most senate republicans believe moore's accusers >> when it got to the 14-year-old story, that was enough for me. >> we don't need to have him here. >> reporter: but if he's elected, should the senate reject moore if alabama voters send him to washington fully aware of the accusations against him? >> we have a very tough decision to make about whether it's our role as senators to overturn the will of the people. >> the people of alabama deserve a senator whose character and integrity and veracity won't be in question day one in the united states senate. >> reporter: this month-long political drama may not end at the ballot box tomorrow. now, if the opposite happens, if doug jones wins, then democrats

pick up a seat, which could make it all the more difficult for republicans here to get their agenda done. >> certainly a lot to watch over the next 36 hours. tracie potts, thank you for joining us. still ahead, a roundup of this morning's top headlines and a check on the global markets. plus, more on bitcoin's big move higher as futures trading get under y.wa stick around "worldwide exchange" back in a couple minutes

the rally rolls on the s&p and dow at all-time highs. and new evacuations in southern california as massive wildfires grow we have the latest ahead. and bitcoin's big test futures trading for the cryptocurrency is under way. it's monday, december 11th, 2017 you're watching "worldwide exchange" on cnbc. ♪ promise me no promises ♪ good morning and a warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. >> and i'm morgan brennan in for sara eisen. >> good morning, morgan. >> good morning. >> great to have you with us. the market pitch is positive, higher 40 or 50 points or so on the dow right now, 59 points, it's improved a little bit. the s&p's up five, the nasdaq up about nine last week the nasdaq was down 0.2%, the dow and s&p ending up about 0.5% friday's session dragging them into positive territory. financials is the best-performing sector ten-year treasury note for you

we did see yields tick up a little bit by the end of the week, but in general, not too much happening, as you can see a little bit flatter towards the right-hand side of that chart. 2.376 the yield on the ten-year. and bitcoin futures going live last night the cryptocurrency took another leg higher we'll have more on the latest move coming up in a moment, but up another 14% as you can see. a good night for futures trading of bitcoin as it launched yesterday. the details on their way for you. >> yeah, it's certainly very exciting two halts triggered overnight, but we'll get into that. turning to asian equities, green arrows across the board on that continent today the hang seng and the shanghai positive were the two best performers, each up about 1% the japanese nikkei ending about 0.5%, the korea kospi up 0.3% after positive weeks for all of those major indexes last week. if we turn now to europe as well, it's largely green arrows there, although just marginally. well, it's a mixed session, but the german dax is up 0.2%, the

french cac has just turned positive, but just barely, and the ftse 100 is up 0.6%. >> so the broader markets, oil prices did slip over the course of last week down nearly 2%, about 1.7%, but a little bit lower today for wti, as you can see brent fractionally higher, $57.2 the price of oil dollar board for you, which had a stealth rally last week. the broader dollar index up over 1%, today giving up about 0.25% against the euro and slightly lower against the yen, the pound fractionally softer. so not too much happening this morning on the dollar front. gold prices just to round things off, slipped notably last week as the dollar's rising sent it down 2%, $1,253 the price of gold. bitcoin futures soaring after going live on the cboe last night and leslie picker has the details. >> it's a big test for bitcoin futures market for bitcoin launched around 6:00 p.m. last night on an exchange run by cboe

global markets the cryptocurrency rapidly continued its upward climb, surging past $18,000 that was about a 21% jump. trading was fierce, though bitcoin was halted due to volatilitytwice. but despite the more than 1,000% gain this year, cameron winklevoss, one half of the twins reported to become the world's first bitcoin billionaires, told cnbc that he thinks it could still go higher. "long term, directionally, it is a multitrillion dollar asset i don't know how long it takes to get there," he told our seema mody the launch of a bitcoin futures market represents an important milestone for the cryptocurrency known for its price swings most institutional investors had been prohibited from trading bitcoin because it was not listed on a regulated exchange previously, futures also give investors a chance to more easily bet against bitcoin cme and nasdaq are expected to offer similar futures markets for bitcoin in the weeks and months ahead, guys >> i wonder when the winklevoss

twins, if they sell any of their bitcoins at this point, because it's one thing to be a bitcoin billionaire on paper it's another thing to actually have that money in the bank. >> right well, i think a lot of people, the rise that they're betting on is based on others getting into the cryptocurrency there's not much of an asset on the way you would bet on the rise of say a stock or a bond. it's much more about the speculation and the interest on the demand side of the equation, where supply really hasn't been restricted at this point. >> it'd be pretty tricky for them to get out in one go as well that would be a much bigger liquidity event than we saw last night with the futures launching. it would be hard for them to escape but we mentioned earlier, the margins these guys are now trading are going to be able to make, still super high i guess the question is does that prolong for another month, six months, or does it buzz more of a commoditized trade like equities are, where you can only charge a percent >> my guess would be that the more exchanges that participate in this trading, the lower the margins will be. so as you start to see cme get into this, as you start to see the nasdaq get into this, i know

ice has been more on the fence about whether or not they're going to participate in the bitcoin exchange market. as you start to see that, you will most likely see margins compress there, but that, of course, depends on the stability of bitcoin as a market in general. >> it's also an important price discovery moment, because as we've been discussing, it makes exposure to traditional institutional investors easier a lot of them can't trade automatically on various data mining, bitcoin mining companies, whereas they can with the cbo or cme, and that's why it was important that it went up. >> and po most importantly, with a futures market, you can bet on the decline, which is something hedge funds have been struggling with with bitcoin, because you could only bet on the price appreciation with the futures market, you can bet on a certain price that's lower than where it is today, which is helpful for entities that are looking to hedge the currency. >> leslie, great stuff thanks very much for that. and if you want to learn more about bitcoin, be sure to catch "fast money" this week they're going all in on the crypto craze that's "fast money," 5:00 p.m.

eastern here on cnbc, and of course, brian kelly of the "fast money" team is one of the earlier adopters and buyers of bitcoin. and so, their analysis will be key to focus on. >> he wrote the book, literally. >> he wrote the book, exactly, and he's had a great chat on "worldwide exchange" about it last week, and good for him, one of the people standing proud from the gates. we're following a developing story out of southern california new evacuations have been ordered as a string of massive wildfires continue to grow the thomas fire, the biggest in the area, is still on the move officials say the blaze is just 10% contained. it has already burned more than 230,000 acres of land. we'll continue to follow the developing story and bring you any updates and live pictures as we get them. turning now to some stocks to watch ggp has reportedly rejected a $14.8 billion buyout offer from its biggest shareholder, brookfield property partners they made a $33-per-share offer for the 66% of ggp it doesn't already own. brookfield is said to be considering a new offer for the massive mall operator, ggp

shares largely unchanged premarket, but brookfield is up 0.3% we're watching shares of hca this morning as well hospital operators ascension health and providence st. joseph health are reportedly in merger talks. a tie-up of the two non-profit companies would dethrone hca as the largest u.s. hospital chain. shares of hca largely unchanged right now. another big weekend for disney at the box office its animated comedy "coco" taking the top spot for a third straight week, bringing in another $18.3 million. the newest "star wars" movie opens this weekend so it will be interesting to see how and whether that dethrones "coco. >> indeed. and the share price aren't doing much this morning. the biggest factor will be if a fox deal comes together, which of course is the horse that's winning the race, apparently, with walt disney but we'll see if anything comes together before christmas. more stocks to watch, and eli lilly's stomach cancer drug met its goal of preventing the

disease from advancing but failed its secondary target of improving overall survival rates. no movement in share prices this morning. ford sales in china dropped 8% from a year ago, following a 5% decline the prior month and the share's off about 0.5% nokia's chief operating officer is leaving the company the telecom equipment maker naming its current vice president for nokia transformations as its replacement. it's down 0.8%. another big detail for retail today it's so-called green monday, basically the online version of super saturday and it's a historic day when shoppers panic about getting their online purchases in for christmastime amazon, walmart, ebay and target all offering deals on tech gadgets and other products, and morgan, you made the most of this, you said. >> i did i did a little more shopping over the weekend and i'm kind of curious to see how some of these retailers do when we get their earnings next month, because i can't imagine -- i can't imagine given some of the prices i got from some of these retailers that they're actually going to

make that much money on all this but of course, it also puts in focus u.p.s., fedex, the postal service, also xpo logistics, some of the shipping and delivery companies that are ramping up right now today is expected to be one of the three busiest days for fedex, given all the package volumes. supposed to be records. >> all indications from them, the banks, retailers, that the top line has been pretty good. we'll have to wait and see the bottom line based on those margins. brian moynihan was telling me consumer spending is up 6% this holiday quarter where it was expected to be up 3%, so strong growth so far. we wait to see the earnings and the bottom lines top trending stories now this morning. a new report on president trump giving a glimpse into his down time. "the new york times" says that trump spends a minimum of four hours watching tv per day and up to eight hours total this equals about the standard 40-hour workweek it's interesting this story. it's, of course, based on various sources in reporting he's denied how much tv he watches in the past.

also, if it's something like news in the background as opposed to sitting down and watching "the crown" or whatever that takes up all of your attention -- >> which is so good. >> you know, we've got tvs on in the office all day long, but we wouldn't say we've watched eight hours of tv because we're doing other work i think it's a little bit cheeky how they frame it to try and suggest he's not working, he's watching tv. but you know, anyway, this is their reporting. >> yeah. volume up or volume down, right? >> exactly crucial. a lot of our viewers, sadly, often have volume down. >> and you just mentioned "the crown," which brings me to our next topic, which is prince philip making headlines this morning. buckingham palace releasing a new portrait of the prince the painting shows him standing in the quartcorridor at windsor castle it will be on display at the national history museum in denmark. so, is it a photo or just a really phenomenal, realistic painting i'm unclear on that, but it is -- >> it is a painting, apparently, but you're right, it's very impressive it's set in windsor castle, where of course, they spend a lot of weekends.

it's interesting linking it back to the show "the crown." he's not going to like the series i haven't seen it yet, but the trailers and all reports, it really goes after suggesting -- >> randy he seems very randy of what i've seen so far. >> that's a good word to describe it. craigslist is getting in on the bitcoin trend. sellers on the site can now specify if their listing is able to be paid for by the virltual currency users can click a new check box that says cryptocurrency okay when creating a new ad pretty interesting there i mean, you'd be thinking people will be buying in fractions of cryptocurrencies, based on the $17,000. but another site opening itself up to the use of it as a payment method. >> yeah. and if you actually think that, you know, all of these new futures contracts and exchanges getting into the bitcoin craze are going to push the price of bitcoin higher, then that means your used furniture is essentially appreciating that's kind of amazing why wouldn't you do that >> well, it'd still be based on the price it's trading at that day, so just another medium.

it wouldn't change the price of the product you're selling. >> but i just mean if you're getting bitcoin for that product, i don't know. i'll have to try it. >> it's still based on the day of transaction, though. >> okay. so, starbucks' newest holiday frappuccino has customers on twitter buzzing today's the last day starbucks customers can snag a christmas tree frappuccino after a five-day limited release, the drink is a peppermint mocha cream frappe with macho whipped cream, caramel drizzle and candied cranberries and a strawberry i feel like you're going to be sitting there waiting for that drink for a while. the one up side i will say -- >> i also feel like you're not going to know -- it's too many flavors. >> there's a lot happening with that christmas tree frappe but i will say, it has probably about half the calories of the -- do you remember when mcdonald's came out with that st. paddy's smoothie that was like 1,000 calories this is 400 or 500, so i guess it's healthy compared to other options we've seen this year

>> it's kind of like a meal in a cup. i'd rather go for a nice americana simple. >> so european americana. still to come, making the case for more military money today's must-reads are ahead. and as we head out, another check in bitcoin futures if we take a look at those right now on the cboe. 17,600 even. up almost 14%. stick around "worldwide ehae"ilbe ghbackxcng wl ♪

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welcome back to "worldwide exchange." wilfred frost along with morgan brennan. time for the "must reads." the "washington post" titles "the economy is on a sugar high and tax cuts won't help," penned by larry summers he writes "the u.s. stock market has risen close to 25%, largely due to rises in corporate profits this year, yet performance is running behind japan and germany, belying the idea that the market is being driven by u.s. specific policy factors. the suggestion that the u.s. economy has improved is by the dollar which has fallen by 8% against the yen and 7% against the euro since the trump win if something fundamental had happened to improve business environment, we would have seen capital inflows and an appreciating dollar. i agree with the global rally, but the second point i think is cheeky and misleading because there's been an improvement of growth in europe we've seen monetary policy talk

change a little bit there, so just to try and suggest that the dollar's decline doesn't point to a u.s. improvement is misleading because there's been improvement elsewhere, which accounts for that. >> and i want to know what his response is going to be if in the fourth quarter, as it's increasingly looking like a possibility, we get a third straight quarter of growth here in the u.s. above 3%, which would be the first time since 2005 how do you explain that? >> yeah, i think his point on those things, which is also worth reading, is do we really need a physician fiscal expansion at this stage when the growth is there, employment is already at or near new highs, so it's tricky to expand it further based on things like fiscal tax cuts as opposed to improving productivity or fundamental supply side reform anyway, well worth the read. okay, so, my pick is also in the "washington post," titled "why we must raise defense spending." robert samuelson writing "the pentagon and the welfare state have been locked in brutal combat for decades and the pentagon has gotten clobbered. protecting the country was once the first obligation of government no more.

welfare programs, social security, medicare, food stamps and other benefits dwarf defense spending, and as a result, we have become more vulnerable. i have heard this as the person who covers defense for cnbc, i have heard this across the board from air force secretary has talked to me about it, defense contractors, perhaps unsurprisingly, have talked about it and so we hear big, round numbers like the proposed $700 billion for defense spending in fiscal 2018, but when you compare that to where all the other spending is in the u.s. economy and what's powering more of the gdp, it's not the military industrial complex. >> no, but it's still a big increase, and it continues to be a global issue as well but clearly, if the other countries are forced to spend a bit more as well, as it seems to be the case, either way, defense companies are enjoying this year more than they have past years. >> yeah, and part of the reason you've seen this run-up in defense stocks is because the expectation is we're going to see more and more defense spending, because quite frankly, there's a lot of legacy programs that need to be replaced.

>> there we go we are approaching top of the hour, and that means the team's getting ready for "squawk. and joe joins us from new york with a look at what's coming up. hey, joe. >> hey, wilf larry summers still trotting out the sugar high that was one year ago where i actually was at a little conference where he posited that i think we were up 4% or 5% then, so we've gone up, if you take the dow, we've gone up another 30%. so, 34%, still talking about the sugar high maybe so maybe it is, but -- >> didn't you like, joe, that i found a little criticism in there as well? >> he said it wasn't going to continue a year ago. so, whether it's a sugar high, whether it's due to europe, you know, synchronous growth, whether it's due to central bankers -- whatever it's due to he missed it. >> agreed. >> he didn't forecast any type of -- he thought the market either was going to go down or stay where it was. so, regardless of the reason of why it happened, he absolutely missed it. but in my opinion, cheeky's a good word, but in my opinion,

there's a whole cadre of former government officials rooting against 3% growth, the 3.5% growth, because it just highlights that their policies of redistribution were flawed right from the very beginning. one thing to remember, wilf, and i'm not going to give you a real dig here, but from 1946 to obama administration, the u.s. grew at 3.5% there were ten recessions that we went through, but we averaged 3.5% it wasn't until the last eight years that we averaged 2% or under. now, i know, over in europe, 2% is pretty good, and that's, you know, like a great economy figure out the difference between 3.5% and 2%, if you compound it. >> why is this a dig against me? >> well, because you don't really believe 3.5% is possible because you've been over there watching the malaise, the entitlement state and people don't, you know, they kind of trudge around working four days a week -- >> so many holes, i don't even

know where to start, joe. >> hey, you know what we've got today coming up? we are going to point out -- i mean, it's tax reform and bitcoin, an interesting relationship between those two actually, i made that up there's no relationship whatsoever between those two, but we are going to talk a lot about both of those. finally, i heard you mention "the crown." i did not go back and do the whole first season i saw a few, but i've watched the first two episodes of the second season. that rakish dude, you know, the duke, i mean, he gets around, does he not? >> well, he's, i think -- apparently -- i haven't seen the second season yet. i'm looking forward to it, but a lot of reasons to be angry, i think. i think they've really taken aspects of the truth and -- i don't know, i wasn't around then. >> one thing they didn't take prince charles' little boy and he dresses just like those pictures i saw of you. remember the three, you with

your two brothers? remember with the caps >> i do. trust me, i wore it. i remember it very painfully. >> it's exactly like that, so i guess -- >> joe -- >> that's historically correct. >> well, perhaps joe, thank you very much we look forward to "squawk box" in eight minutes time. still to come on "worldwide exchange," the focus this week as policymakers hold their final meeting of the year. of course, a rate hike expected. 'lte y wt e y wel llouhathke things to watch might be [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country.

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welcome back to "worldwide exchange." i'm morgan brennan the week ahead on wall street is full of economic data. tomorrow look for the november producer price index the fed also kicks off a two-day meeting. on wednesday we get cpi as well as the fed decision. its latest economic forecast and janet yellen's news conference, it's largely expected to raise rates again. on thursday, it's retail sales and import prices, and then industrial production on friday. on the earnings front this week, there are three notable names reporting results, all on thursday look for numbers from adobe

systems, costco, and oracle. let's check back in on the markets this morning futures for you pointing higher to the tune of about 60 points, now 50 points for the dow, 49 to be precise the s&p's up by four points, the nasdaq by around eight points, coming off decent gains on friday of around about 0.5% or so, which put the s&p and dow up 0.4% for the week. the nasdaq ending the week down just fractionally, down 0.2% in terms of sector performance last week, financials, fourth positive week in a row they were the best performer up 1.5% utilities were worst, down around about 1%. let's look at a few other asset classes as we leave you. ten-year treasury note sitting at around 2.37%, earlier 2.374%, so we saw yields tick up lieutenant at the end of last week, but in general, not too much movement in the bond market over the course of the week. bitcoin futures, of course, as we mentioned, going live last night. the cryptocurrency took another leg higher during that process

at 17,500 on that bitcoin cboe futures contract, up about 13% overnight. >> it will be interesting to see what the volume is on those contracts overnight, certainly turning now to asian equities, it was a positive session in asia. take a look at the japanese nikkei, up 0.5%. the hang seng and shanghai composite both up 1% in monday's trade. the korea kospi finished the day up 0.3% after a pretty good rally coming into the end of last week. if you take a look at europe as well, we've seen some green arrows, really mixed session in europe so far today, the german dax is up about 0.1%. the french cac is lower but fractionally the ftse 100 is up 0.6%, almost 0.7%, and the italy ftse is down by 0.1%. >> a strong week for europe last week germany was up over 2%, both the ftse 100, and france well up over a percent

quickly a look at oil prices which traded down about 2% last week they're down another 0.2% for wti, $57.25 this morning that is it for "worldwide exchange" this morning thanks very mu f jni uchoroings. "squawk box" comes next. cannot live without it.

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good morning wall street kicking off, but it is doing well, but it's a new week with the dow and the s&p sitting at all-time highs, a full market rundown is straight ahead. bitcoin futures trading is under way, finally happening, surging more than 20% in the first few hours and triggering already two brief circuit breakers plus, on this week's agenda, a fed meeting, tax reform negotiations and that senate election down in alabama it's monday, december 11th, 2017, and "squawk box" begins

right now. ♪ live from new york, where business never sleeps, this is "squawk box. >> welcome back to "squawk box" here on cnbc, live at the nasdaq market site in new york city is this song saying we talk too much i think that was directed at me. i'm not sure i'm andrew ross sorkin along with joe kernen, melissa lee hanging out with us. becky quick has the day off. our guest host is a managing partner at douglas c. lane and associates a lot to talk to him about markets and other things, including the house of bitcoin a lot going on this morning in that category. u.s. equity futures, though, at this hour looking up dow looks like it will open up higher about 48 points, the nasdaq up 6 points, s&p 500 looking to open up 4 points higher let's show you what's going on overnight in asia. we have green arrows across the board there with the hang seng