the countdown is on. just two trading days left in the year what you need to watch as we close out 2017 ahead. page dr. copper the red metal on a win streak. it's 16 straight sessions. we will tell you what is drive tag run. disneyland park, stranded on rides. >> that story. it's thursday, december 28, 2017 "world exwiwide exchange" start right now.

[ music playing >> thursday and today we are taking you back with the top songs of 2017. this is "decpacito" and i did read it. i must apologize for that i know this next market information pretty much off by heart, the dow is hire by about 30 points s&p up by half napgs up by 7.6 points yesterday we had very slight gains. volume wasn't terrible, 65 to 70% of the 50-day moving average a. little high than you might expect on this holiday-shortened week for the quarter we look for the month around the quarter looking strong still despite softness in the last couple trading sessions. let's have a look at the ten-year treasury note, consumer confidence slightly disappoint it wasn't the yield cup flattened again or anything like that -- the yen is going on.

yesterday, we saw the footsie december out performance compared to the other two indices. it's up 4% for the month of december it's playing catch up to the main indices in europe, which have double returns, for the year the footsie 100 does not. i'll prices broke a five-day win streak they slipped today still looking pretty nice overall up near $60 for the

price this morning 59.74 let's have a look at the dollar board,story metals board as well as we discuss copper coming up as we mentioned on a fantastic run. 16 straight session, looking at 17 now, up another half a percent. we'll be discussing reasons behind that move coming up

. jean sanchez, a contributor, good morning to you. >> good morning. >> thank you so much for joining me as we look at whether it's the month of december that caught the fourth quarter of the year, markets looking very proud for 2017 >> yes, it would seem there is a proud smugness for the year. it sets up for 2018. there is a few things we are looking at one is we think equity markets ran high and fast, largely on the back of expectations of the tax reform, which have come through. so now the question is, what does that do we think the effects aren't going to be quite as immediate as people hoechltd there might be some stability effects, they

will be really, really brief t. fact of the matter is earnings are largely starting to flow we have peaked out we are going to be looking at harder and harder comp as we go into 2018. so i think it will be a challengeing year for u.s. equity we do think there are other opportunities in the world. >> let's touch on that tax reform impact. we have seen some companies announce a pay rise, whether it's some of the banks, wells fargo and bank of perk will we see that meaningful impact on the economy, or will we just see a translation effect in terms of eps growth based on local corporate tax rate >> i think a lot of what we heard in headlines was gimmickry. there wasn't a lot that will result in meaningful long-term wage growth. you were talking about largely one-time bo fusses the announcements of hikes in minimum wages, for example, those affected such a small percentage of the actual, if you sort of broke it down, every

single one of those announcements was a gimmick. it's hard to take those seriously, at the end of the day, we have look at what is going to ultimately increase purchasing power by consumers, we have to see sort of how that rolls out. because this tax bill, although it was meant to simplify the system is still as complex as ever so we do actually think while there could be a modest stimulusesque it will be a brief one. >> you pensioned, therefore, not too much on u.s. equity, let's talk about opportunities for next year, emerging markets is one of them? >> we definitely see opportunities in emerging markets. you mentioned for example europe had a great year, a double digit year so did double digit markets. we've gotten out of that trade emerging marks, we're seek increases in global trade volumes, and it's going to be broader than sort of a coin tech story which is largely what was driving that story in 2017

in 2018, we think it starts to become driven more by the trade story. so it's going to be the indonesias, the malaysia the exporters of the world so we do actuallity there is still some juice to be had left in that trade. >> we seen a decent run of oil up close to $66 a barrel for wti. can that hold going into next year >> so i see a year of two halfs for oil in 2018. we see a bullish half and probably the second half where we give barklagely because i think a lot will be driven by aude saudi aramco, the need to keep prices up going into the ipo. however, once that passes, you are probably going to see shale players continuing to get into the market throughout the year and all tow demand will rise over the year, we're expecting a flat year. we're expecting $59 at the end of 2018, which is largely where we are now so while we do think it will be a roller coaster of a ride, it

will probably end flat but for the moment, we are bullish. >> thank you for joining me this morning. turning to the broader commodities picture after discussing copper we said was up very nicely, indeed. 16 sessions in a row it's poised oend the year up 39%. there is the full year's chart for you now. so a big run early summary big run in october and then a big run in december joining me on the cnbc line, henry sam you'llson. good morning now let's just talk about this run as i mentioned, october with the big moves. was the reason the same throughout the year? >> i'm not sure we have henry there. we will get back to discussing copper in just a moment. i have a feeling falling supplies, so we'll discuss that,

a little later in the show making headlines, an outage hits disney leaving some park-goers stranded on rides. ki see you >> i'm not strand on a ride him we had a problem in disneyland the lights are back on t. power has been restored at disneyland in anaheim, california t. park suffered a power outage due to an issue with the resort transformer, causing havoc at the park guests were escorted off ride. no injuries were reported t. outage started about 11:00 a.m. with a hands of attractions down at 4:00 p.m. they tweeted. updates to follow t. 85-acre theme park averages about 44,000 visitors a day and holiday weeks are, of course, among some of the busiest times of years some of these were christmas

gifts. no injuries, everyone is okay. >> landon, thank you very much for that apple giving ceo tim cook and executives a big pay boost after the top annual sales for fiscal year 2017. the annual proxy filing shows compensation jumped to $12.8 million. that's the largest bump among the five executives listed still ahead, focus on the fed, what you can expect from policy-makers in the year. later, president trump talking up this year's big market gains during his trip to florida we'll have more of his cmes omnt from world wide exchange when we return your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall.

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>> welcome back to "world exchange copper up in 16 straight sessions henry, good morning to you >> good morning. so we seen a big rally throughout the year and three rallies early summer, okay, december t. reason behind those three separate runs, is it the same main reason and what is it? >> yes, it's a greatest confidence in global growth, growth about china and china's economy and the supply disruptions that happened in the first half of year that sort of fed through for the price and the second half of the year, we had the biggest copper mine in the year in chili. those factors have come together

to boost corner in the second half of the year >> this china demand story, is it as simple as a big infrastructure, china investment boom we had for many years since 2008 or is this something more nuance, something more refined that has legs on snit. >> so basically, it is the infrastructure, they put credit towards infrastructure, also a growing demand for copper, infrastructure for electric vehicles china has ambitious plans for electric vehicles. they need to start building out their infrastructure and power, they want to integrate more and more renewable energy. the copper's seen demand from new sectors. >> in terms of supplies remind us the big country supplies and with it the companies that control that supply. >> chili is the world's biggest copper supplyer, the biggest copper producer in the world there are other private companies, that owns a mine

which had the strike and peru is another copper producer. next year, there is a whole series of labor negotiations for new contracts. people are worried next year about supply disruption as we see demands taking off, electric vehicles, renewable energy infrastructure, next year, people are quite excited about copper >> thank you, copper up 60, 70th session in a row up some 32% let's talk more about broader markets, larry mcdonald at acg analytic, editor and an msnbc contributor. good morning to you. >> are you long commodities, whether it's oil or copper, do you think they can continue good run they've seen recently? have well the biggest under performer. i think the best surprise commodity for next year will be natural gas, companies like

schenneer, your previous guest brought up ricely, china is at a 340,000 sales in the fourth quarter. 340,000. >> that itself up from 30,000 five years ago so are you talking about a situation where uranium, nuclear power, natural gas, globally are going to be in high demand in 2018 that's where i think you will see the big winners. >> so in terms of the extending that a bit further, do you think the u.s. is close to being a significant exporter of these times of things and what does that mean for the sort of global supply of both oil and natural gas? >> well, that's the big thing t. price disconnect between say europe, eastern europe and asia and the u.s. for natural gas is minds boggling, considering how cheap it is here and as we export more, that will normalize and fornuclear power the u.s. really has a

technolodge cam advantage, but the big play there is your rainium and really china needs between electric vehicles and the demand for bitcoin energy production 40% of bitcoin globally, the demand comes from asia and between those two things, china needs at least 10 to 20 new power plants in the next two-to-three years. so that's where i see the big swing demands. >> broadening things out, larry, in terms of fedex peckations for next year, are you expecting more hikes in the market or less >> i think near term more, goldman is at four and that's a high. that's a pretty high bar but in the near term the global economy and the pickup globally, feedback, back to the united states and gdp is really going to shock the fed in the first half of the year so we will see them pick up and then that will probably create

some type of mid--year problem for markets and they'll have to back off the path. >> larry, to round things off in terms of gold prices, what do you expect there for next year >> well, gold is, the dollar is weakening. the dollar yesterday broke a very important up-trend that started in the fall. so that's good for gold. near-term, if you -- i expect, we expect in the first quarter a draw down of bit copy. that's good for gold some first quarter gold miners should do very, very well and the last four years, from december into the first quarter, gold miners performed 30 to 1 hchl% because of that fourth quarter capitulation of the gold miners we seen every year for the last four years seasonably, i think are you set up good for the gold miners. >> we are down for bitcoin 13% in the last day or so are you saying you expect to further draw down coming up?

to what extent >> well, in 2017, we hit the 100-day move, average twice. that's normal trading process for any, for really any trading mechanism and that -- right now the average is down 7500 so that would be normal. we should see something maybe between the hundred and 200-day. >> that would be pretty significant. that will happen i think in the next 90 days or so pretty sharp follow on capitulation in bitcoin. >> larry, thanks so much for joining me this morning, larry mcdonald there there you are welcome. throughout the show, we are looking into the future to find out what is in store for the new year let's get the playbook for the hedge fund industry. [ music playing >> new sources of activism and

environment social governance are key reasons for the activism if 2018 may build upon key trends from this year remember first, new sources of activism the activism expect more non-activism investors to push for changes with large stakes, that comes son the heels of whole foods and shaw's campaign of at&t earlier this year. second, retailer investors, from iconic, to adp, activist investors are not afraid of big companies, they found ways to reach individual investors, mini player devices to iconic ads in the local cincinnati newspaper and pershing square held video webcasts during its fight with adp. not every activist warn, but the strategy is likely to catch on with other strategists in the next year, usg or environmental social and govern fans, they

demand they bring more nominees that can help diversify the board and make it a force for good >> that was cnbc's leslie picker reporting t. big agenda items wall street needs to watch in the year we are break out your political playbook when we come back what's critical thinking like? a basketball costs $14. what's team spirit worth? (cheers)

what's it worth to talk to your mom? what's the value of a walk in the woods? the value of capital is to create, not just wealth, but things that matter. morgan stanley

>> welcome back. in political news, the irs says

homeowners may be able deduction their state and local property taxes if and only if they were assessed and pre paid before the end of this year, the irs cautions pre payment of anticipated property taxes will not be deductible. it comes a week after president trump signed a sweeping tax bill into law speaking about the topic of politics, trump cheering a record market rally visiting firefighters in florida. >> we have a record and we are proud of that that's one of the reasons the stockmarket's jumped at a record level it's a record level. we've broken 84 times this year the stockmarket hit a new high, 84 times since we won the election in november 8th of last year so that's something we can all be proud of. >> the president is at his florida home on a working vacation he will return to walk in the new year let's bring in cnbc's john

harwood. john, before we come to predictions, expectation, et cetera, for 2018, in terms of a review, his approval rating is very much not responding to those stockmarket highs he likes to touch on. but they have picked up a tiny bit recently >> yes, but the president has been stuck by low 40% for quite some time. that's because of behavior that has nothing to do with the state of the commitment it's about how he talks the fights he engages in, the people he expresses sympathy for and those he goes after. but look, the president has a right politics is a results-oriented business to talk about the solid performance of the economy and the stockmarket. in context the stockmarket has been going up for a very long time, since march of 2009 when it hit a low during the great recession and under president obama, it more than doubled. that's continued and there certainly seems to be a little

bit more kick in the animal spirits since the president came in promising tax cuts and deregulation and he's going to take credit for that and for good reason. but as everybody has noted, stockmarkets go up, they also go down, then you've got to take care of, take credit for that as well >> john, as we head into the start of the new year what do you expect tok to be cop of the trump and the republican agenda? and how much do you feel they have to achieve in the early part of the year to be in solid footing going into the 2018 mid-terms? >> well the footing is very treacherous for republicans, when you look both at the ratings for president trump and for republicans, you look at the gen eric ballot polling which tests how people are feeling about, do they want a democratic congress or a republican congress very strongly in the direction of the democratic congress now it's not clear what they can get passed, actually, though in terms of the legislative agenda

going forward. taxes was the item that republicans finds most easy to reach agreement n. but beyond that, you've got issues like infrastructure what is the agreement on infrastructure republicans, given the fact that deficits are coming back in very large numbers, we are on track to have a trillion dollar deficit in the fiscal year 2019. are republicans going to rally around big outlays for infrastructure i don't think so are democrats going to buy into a republican program of modest infrastructure spending? i don't think so not after what's happened on taxes. so i think if the republicans keep the government opened, which is a challenge they've got to meet in january, if they get some sort of resolution on deferred action the so-called dreamers, if they do something to stabilize the obamacare mark places that will be about as much as they can accomplish in the near term. >> john, great stuff

thank you very much. still ahead here on "world wide exchange," a round of the headlines and a check on the global markets, buting, tech check, what to expect from the stockings in the new year? we are back in a couple [ music playing [ music playing . you can't predict the market.ying . but through good times and bad...

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.. >> the final push is two trading days left in 2017. we are breaking down straight ahead. bundle up, a white january could have a big chill on your

portfolio. we are breaking out the history books to explain tech check, what to explain it's thursday, december 28, 2017. you are watching "world wide exchange" this is cnbc good morning and a very warm welcome back to "world wide exchange." it's throwback thursday. today we take you back with the top songs of 2017. this is "slide" by alvin harris. let's check in on the market performance this morning yesterday, very slight declines, volume not terrible. 65% of the moving day average. it could have been works slight declines today, we're looking at slide gains, the s&p is up one the nasdaq up about nine points's we stands for december the nasdaq is up 1%. s&p 1.3. the do you leading the quarter and the year all three looking stellar. ten-year treasury note, we

seen yields quite significantly off the consumer confidence day, slightly weaker than expected 2.43 on the ten year at the moment yesterday they were 2.47 we got close to 2.45 we cut back a little let's look at the markets around the rest of the world.

just two trading days left in 2017. we are starting to look ahead to the new 84, where? 2018 could get off to a frigid start. landon dowdy joins us with

seasonal effects. >> markets for the most part continue rise, as we close out the final two trading days t. dow is higher by 25%ier to dit and the s&p up nearly 20%. but, will that trend continue into 2018? if history is any indication, we can expect a wint chill for the few year here's a look at the january performance the last 20 years the nasdaq up. the anne p s&p about .8 of a percent. typically, january is the third worst month of the year.

>> landon, lovely start, thank you very much for that let's switch focus and talk tech apple ceo tim cook and other executives a big boost in pay after the top annual sales for fiscal year 2017 t. annual proxy filing fell to 28 million. that's the largest bump among the checktives listed in the filings. we should say his pay is small relative to the market cap of the company when you consider many of the pay packages for lots of other s&p 500 ceos sticking on the topping of tech, let's talk about the big things to watch joining me the founder and ceo of cm research good to be here. >> good to be here. >> we saw a decline, whichever day, shares around iphone x was the reason around that, wasn't snit >> sure. as we all know apple is quite dependent on the iphone t. next

quarter numbers will tell us a lot. we still have a buy on apple the last quarter rules happened enough in terms of a.i. to tell us it was firing on all the next cylinders of themes. it needs to do a little more i think to do as well as the other big tox. >> since that next generation of themes isn't a q1, q2, it's a longer factor, one of the factors that has affected the stock is china, how is demand going for them can that deliver >> china is critical for apple at one point, coin reached 25% of sales, since fallen, it's now getting back on track, but it's critical we don't know how the chinese government will react to american tech firms. we know goggle and facebook are partially banned we don't know what they will do to the most successful firm there. that's really critical >> you mentioned a.i. is a theme

they are addressing, slowly, surely, which companies are leading the charge on that >> i think a.i. is a number of areas in a.i., machine learning, facial recognition, voice, so on we think voice and machine learning will be one of the biggest things in 2018 n. voice, we like within the value chain voice apis, application programs, interfaces, stocks like nuance communications in china. we also like baydu, one because we think they will lead in a.i., including voice and driverless cars >> broadly of the fang names, which, of course, have had great performance if recent years. which is your top pick going into next year are all still buys >> we think in terms of the fang names, they're really well positioned for 2018. they're well positioned because they have all the pre requisites for the tech cycles coming in 2018 and beyond. that is a lot of cash to invest

in these cycles. big active user base, 800 million or more for each one to roll out these products. they have strengthened a.i. and voice that i have big cloud infrastructure platforms apple, of course, is the one big tech company that doesn't have a cloud infrastructure platform. so that that's a weakness so we like microsoft, amazon and alphabet in terms of media landscape, you and i have discussed this a lot in terms of the threats, traditional media companies face does disney's assets, does that transfer them to being an opportunistic position as opposed to a threatened position >> i think disney is undoubtedly much stronger than it was, however this underlying video streaming theme or internet theme is a huge negative for disney, about 40% of their revenues are at risk on the other side, about 20% are content creation and they're going to go up

prices for content will go up. overall, with see 2018 a negative year and many of the tv broadcasters is there what about broadcasters like my parent company, comcast, are they protective now or more of a buy despite those threats because of the net neutrality rollback or is that a small factor for them? >> yeah, i would say, compare comcast to disney, comcast is a lot more diversified it's selling tv, phone, internet and so on. it's got the negative from the internet tv theechl overall, it should be a positive for comcast t. truth is we were surprised come cast doesn't go up much higher when net neutrality rules were reversed a few days back, a few weeks pack. >> thank you so much for joining me this morning a. happy new year to you. i'm sure we will see you in the new year sticking with tech, amazon has been on a tear this year up more than 50% what will 2018 hold for the

kan kane >> reporter: 2017 was a big year for amazon it splashed into brick and mortar with the purchase of whole foods, jeff bezos became the world's rich et man. alexa, alexa became a household name so what's in store for 2018? first amazon sells more smart sneakers, consumers will do more than ever with voice, shopping online to control the home it will be a price battle with tech titans, they battle to get their devices into your home, expect more third party developers for alexa second, we'll find out if 2018 is the year consumers finally embrace online grocery shopping. this as amazon continues to integrate prime membership into whole foods. other grocers, can you bet, are watching closely, they're delivering their capably

third, next year will select a home, the company seal hiring boom is cooling off, you can expect a few growth spurt in a new city >> that was cnbc's dee bozsa reporting. coming up, trending stories, starbucks is getting a dapper new drink headed to stores we'll tell you about that. plus the retail crystal ball what can you expect from the sector next year here's a weather forecast from nbc news' bonnie schneider. >> reporter: good morning, we are looking at very freezing temperatures with the wind chill well below zero for cities in the northeast f. are you traveling to boston, new york city, be prepared the wind chills will drop below zero. elsewhere across the country, we are looking at mild air, 75 today, getting close to the record of 78 degrees that's where you have warmer weather. it is look wet in seattle. mild down south and that's

another warm spot a. rare one across the country with 81 in miami t. bitter arctic blast of air impact sock many is what a lot of folk will be talking about for their business travel. that is your business travelers forecast more world wide exchange when we come back this is not a cloud. this is a tomato tracked from farm to table on a blockchain, helping keep shoppers safe. this is a financial transaction secure from hacks and threats others can't see. this is a skyscraper whose elevators use iot data and ai to help thousands get to work safely and efficiently. this is not the cloud you know. this is the ibm cloud. the ibm cloud is the cloud for business. yours. ♪ ♪ [music playing]

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until christmas so excited we will bring i back to the markets somehow. 361 days to go of shopping until next christmas here's cnbc's courtney reagan with your 2018 retail playbook h him. >> reporter: 2017 was a rough year with a number of retail bankruptcies topping highs, thousands of store closures, falling sales the norm for many. 2018 may not be worse, but it will be different. mall mna, more stores will close the weakest malls will shudder no one thinks physical retail will entirely disappear. in the age of amazon, only the strongest will survive t. mall may find strength through consolidation. amazon buys another retailer within they bought whole foods, the price of the stock went up to cover the costs of the deal while the full extent of the

takeover hasn't been seen yet. they see the value it could buy another well known name, possibly one that lowers consumers. kayley cosmetics gets bought she has a makeup brand with sales and dedicated following that established cosmetic companies could only dream of. as the selfie culture ranges, wall for esee the lauder or l'oreal to clamor before the valuiation gets too high. >> cnbc courtney reagan with your playbook. time now for our trop trending stories. hey, landon. >> it's more snow trending today. residents of erie, pennsylvania, diging out of this week's massive snowfall a. lake effect snowfall bringing 65 inches of snow, accuweathe reported the average snowfall usually clocks in at around 27 inches, they're surpassing all

records so far for december 102 inches of snowfall look at these picture. >> we haven't had much snow here in new york yet. but it is so cold. this morning was really painful. minus 5 celsius, i forgot what that is in fahrenheit. anyway >> cold. that's what it is, very cold well, a power out annual at disneyland leaving some ristors stranded on rides, patrons showing huge crowds in the out annual adding quote all of toon town and fantasyland are affected another disney customer tweeted this photo stuck on "it's a small world ride" a dozen attractions were acted as an issue with the transformer, but the power has since been restored >> i'd rather get stuck on "it's a small world" than space mountain >> it's always my favorite ride.

you can see, you don't have to wait in line it's cool. >> there we go i have not been to disneyland. paris i went to a couple times i wouldn't like to be stuck on a roller coaster. >> all right well, this is effect ev of the season, starbucks is going black for the new year the coffee cane rolling out limited edition drinks to celebrate the end of 2017 starbucks is now selling three different black and white mocha beverages, they include a hot chocolate, a frapucchino topped get this with a line of sparkly sequence to look like a plaque tie sold for the first week of january. >> i'd love to see how well these things do for sales. i look at them and think what a ridiculous gymic no one will buy. that it lasts a week so you got to get people trained to make them, et set remarks et cetera >> politics a lot. they do very well and sell out very fast.

you remember the unicorn one >> whenever we talk about them i think, they look disgusting. i will stick with my white amer can na >> there you go. >> edible sequence >> they will probably be posting them instagram that's what they do. the social media platform will start showing users recommended posts t. feature will suggest posts based on those by other accounts you follow. instagram says recommended for you section will be clearly labeled, so they won't be confused with your own feed. i hope this does not mess up your selfie game and my new speed when i look at your photos >> that will always be ever present. but. i'm glad this is a separate thing from the main feed. >> it will still be in your main feed >> i thought this is a different feed >> i still look at my instagram who is this person in the selfie it's not yours >> when you get mad, you look at i. oh, who's that?

no one you know? >> exactly we'll see. >> landon, great stuff thank you very much. still ahead on "world wide exchange," two more trading days as we head to break, let's check in with european equities. they are negative, slightly, down a matter of basis pntois. we are back in a matter of minutes. [ music playing (nadia white) the moment a fish is pulled out from the water, it's a race against time. and keeping it in the right conditions is the best way to get that fish to your plate safely. (dane chauvel) sometimes the product arrives, and the cold chain has been interrupted, and we need to be able to identify where in the cold chain that occurred. (tom villa) we took our world class network, and we developed devices to track environmental conditions. this device allows people to understand what's happening with the location, but also if it's too hot, if it's too cold,

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so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish, prevagen is now the number one selling brain health supplement in drug stores nationwide. prevagen. the name to remember. welcome back teams are getting ready for "squawk" and an draw joins me. >> coming up we have. >> how are you >> i'm grate you look great you know who is here today >> i think it's mr. and mrs. wonderful. >> that's all you need to know we can talk about the topics we will be talking about if you would like to know. >> i would love to. >> by the way, i couldn't tell, you think tim cook is worth it or not >> i think if you put it relative to market cap and relative to other ceos, he's got

a small pay. >> i think he's underpaid. >> can you say $13 million is underpaid, i get what you say. i said earlier, compare it to the you know 20 to 30 million plus for many and sometimes bigger than that. >> reporter: we will talk, by the way, i don't know who told me about it. i know, i heard about it again on your show we will talk about this netflix idea of getting your kids to bed early. >> i never heard about this before. >> reporter: i just learned about it you mentioned it to me yesterday. i learned about it watching your wonderful show here. >> i think it's an appalling pawn for children. >> reporter: you think it's appall something >> i can see my watch. because netflix said so. >> they know about clocks, they are trying to push it. they know what time they are supposed to wake up. they try to push that. >> to test out, i don't believe it will work i'm sure your kids are too smart for it to work they will catch you out lying. i think all around, i don't like

it >> maybe there is a way to do it it's a bit of a game so they're in on it >> i know that's significant news, we will talk to geopolitics. >> andrew, look forward to that. let's check back on markets. pointing high after slight declines yesterday we are about 32 points high now for the dow one point for the s&p. the nasdaq is up ten points, to discuss the market, bill sterns joins me, good morning to you. bill. >> good morning. >> in terms of your bullishness for next year, how overweight or under weight u.s. secretaries are more broadly >> well, we're actually overweight on the international side we have more u.s. than international in terms of the overall weighting, but you know, really evaluations call on the international now that we're negative on the u.s., particularly with kind of a boost that we think we will get

to u.s. earnings from tax reform >> in terms of the international picture. what itself top overweight there? >> really, it's going europe and japan. >> and the reasons behind that >> yeah, i think it's really just europe is a mill i little easier in the sense a bit behind us in the u.s. in terms of their recovery japan is an unknown story, a, their economy is getting better. it's given the demographics, the biggest picture is their shareholders become friendly i don't think that's been so many years of bad news out of japan i think there is probably longer legs to this one. >> what about the u.s. dollar for next year, do you think we will see a rebound, if so, does that alter the u.s. equities >> i think the first one is you gave me the harder question in the morning.

you would think you'd see some strength out of the dollar just because i think it's highly likely we hiked three times. i don't think anyone else will get close to hiking the times, you see the interest rate differential will do it there. in terms of what to do from that, you know, programs it will finally show up in terms of the more domesticated oriented acting some have gotten a boost from the u.s. tax reform as well. i guess i will say, i don't have a whole lot of faith in the dollar forecast at the moment just because i would have thought it might have shouldn't up this year, 2017 i think that's one many people got wrong in 2017. >> okay. bill, great stuff. thank you so must have this morning, much appreciated bill stone of pnc assets. a quick look at the futures, earlier, i saw a slight gains yesterday, slight gains as can you see, volume not too bad, 65 or 70% of the 50-day moving average, so it could have been quite a lot worse, but this

morning, pointing out, 33 points for the dow, which is up about ceero far for the month of demb that's it for "world wide exchange." "squawk box" "squawk box" comes up next.

good morning, the great tax rush of 2017 homeowners scrambling to pre pay their property tax before the new rules kick in, families trying to do this, too, but the irs was weighed in we have news on that straight ahead. it could affect how deal with it cheering the rally, president trump praising the record run on wall street and apple pay, tim cook and top executives getting compensation bumps, it's thursday, december 28, 2017, "squawk box" begins right now.

[ music playing >> announcer: live from new york, where business never sleeps there is "squawk. -- "squawk box". live from the nasdaq site in towns square becky and joe are off today. our special get for the morning yet again kevin o'leary. we didn't scare you away yesterday. are you back for more mun u fun. >> i learned a lot it teaches me about the left wing >> i got texts and tweets after our conversation at the end of the show >> so did i. >> about entitlement reform and estate tax. >> yes, it went a little viral i'm glad you are learning from in. >> i'm learning from you >> you know what role are you play zplg i am trying to be the right wing voice of reason that's it. >> i want to say mr. and mrs. wonderful have gotten the outfit right today. >> you look like