it is 5:00 a.m. at cnbc global head quarters authorities raiding deutsche bank's offices in germany. the fed made investors cheer yesterday, can they keep delivering the president heading to argentina today for the g20 summit. oil alert, crude oil falling below 50 bucks for the first time since october of 2017. and apple giving a big demand update for its newest phone. it's thursday november 29th,

"worldwide exchange" begins right now. ♪ good morning i'm brian sullivan thank you for starting your day with us. we begin with a big developing story on deutsche bank german authorities raiding the company's headquarters and other offices in frankfurt, germany earlier today. dow jones is reporting that this is all part of an investigation into the bank's off-shor off-shore entities we'll have much more on this developing story and bring you the trade as it all develops throughout the day. if you were looking for a follow-through to yesterday's monster stock rally, we apologize. you are not getting it, at least not right now. dow futures indicated down by 100 points s&p and nasdaq the same.

what may have been lost in the stock talk yesterday was the move in bonds. bonds also getting bought. as bonds get bought, the yield comes down and the ten-year yield is sitting right on 3% look at that ten-year yield, 3.01 if we see a break below back into the 2s, 2.99, that would be, as we say, news. let's look worldwide asia not rallying on our rally the japanese market up, the hang seng and shanghai are lower. in europe we are seeing some overall gains, but not nearly to the extent of the rally we had yesterday. the dax is up 0.6%, which really is quite remarkable when you think about the fact that the biggest bank in germany and the biggest bank in europe had its offices raided a couple hours ago. i guess if you wanted to find optimism you could find it there. the big story today outside of

equities, that should be oil crude oil is doing something it hasn't done in a year, that's trade below 50 bucks a barrel. we're at 49.73 on u.s. traded crude. yesterday that did not stop oil stocks from rising with the overall market so you might want to watch the energy sector today. they got caught up in the macro market rally usually when oil goes down, oil stocks go down we'll watch that group closely today. bitcoin on the rise. 4300, up about 2.5%. find a little comfort there, if you will yesterday's rally coming after the fed chair, jerome powell, said this at the economic club of new york. >> interest rates are still low by historical standards and they remain just below the range of estimates of that level that would be neutral for the economy. that is neither speeding up nor slowing down growth. >> let's bring in david nelson from bell point asset management and a man who will parse two

words for us just below how much did that matter >> that mattered a lot it was a big departure from october. back then he was talking about we were well below for portfolio managers like myself we were looking at maybe another 100 basis points before we hit the neutral mark. they sent out trial balloons in the last couple of weeks neel kashkari from minneapolis, he had said already that the fed needed a pause clarida has been on this network saying he thought we were at neutral. jay confirmed that i don't want to say the fed blinked. i think they read the data and saw they needed to walk it back. >> you're making -- you're making an important point from an optics perspective. it does matter why they did it, but the theme yesterday was powell blinked because the president was putting pressure on him how much of it do you think was that or them just looking at the

data and saying this is where rates need to be >> it's probably both. if you look at some of the data and some of the problems -- the talk yesterday was 100% trump did it, powell backed down there was data out there in the fixed income markets, even in triple "b" paper you are seeing spreads widen in just the last couple of weeks. if you don't think the fed was the catalyst for the decline back in early october, they were certainly the trigger. when rates got to 3.25%, and the commentary was hawkish, you saw insurance companies, pension plans take an opportunity to de-risk because they could suddenly fund future liabilities with corporate debt. >> what do you think about the fact that bonds and stocks also moved in a big way >> kind of berming >> unusual oil stocks rose even as oil fell >> oil first went into the

gree green. >> when i see oil stocks go up sh, oil go down, the eye ybrow rais. >> and a tepid response in europe today >> the deutsche bank news clouding that. >> i guess so. but i was hoping for more. >> do you think we get a rate hike in a couple weeks >> we probably get that. then i imagine we would pause into june. i think that's exactly what we need to do he said something key in that speech he said it takes a while for this stuff to wash through the economy. they need to pause and say where are we and stock prices are pretty forward looking indicators i think they're paying attention to that. >> david nelson, always a pleasure to get your views >> thank you >> i hope your weekend is just

below where you want it. just above where you want it to be >> with powell now in the books, wall street's entire attention will turn to president trump he is headed to argentina today for a high stakes g20 summit let's get to eamon javers live in buenos aires ahead of the president's arrival. >> good morning. this is the first time the g20 has been held in a south american city, all the events kick off later tonight with the official cocktail party. we'll see president trump departing the white house in a few hours to fly down here to buenos aires it's a long flight, i can vouch for that but all of the world leaders appearing on this stage this week look at everybody who willbe here including the president, justin trudeau will be here. some question about whether we will see a signing ceremony and who will attend for the new nafta 2.0. the big question coming in to this g20 is all about that relationship between donald trump and xi jinping

will they be able to cut a deal on global trade in the wake of all the tensions we've seen between the quite and china during the course of 2018? the question is which narrative do you believe there's two out there. there's one we saw reflected in a "new york times" article earlier in the week which suggests the president may be feeling pressure from the market volatility and softness over the past couple months and might want to cut a deal with the chinese. the other narrative is one we've heard from white house officials, including larry kudlow, who suggested earlier this week that we ought to lower expectations for whether or not there can be a deal here because he's been disappointed and he said the president has been disappointed with the behavior of the chinese in these negotiations the white house has not put on the table anything specifically in terms of what they want they talk about intellectual property protections, rebalancing the trade deficit with china, but no real

specifics in terms of what this white house would accept as concessions from this side we will keep an eye on all of this throughout the next 24, 48 hours here a lot to going on here a host of word leadeld leaders n today. >> how much of this is behind the scenes, and how much will we have access to how much is the pomp and circumstances versus the meat? will something really get done >> we'll see a lot of that pomp and circumstance on camera we'll see the arrivals we'll see the dignitaries. we'll see the equivalent of the red carpet walks, that sort of thing. the dinner with xi jinping and president trump or a portion of it, we believe most of this will take place behind the scenes. you look at the hotels in the area around me in buenos aires, they're packed with diplomatic delegations from every country from around the world. across from my hotel room, in the room over is the secretary

for singapore. so all of this stuff goes on behind the scenes here the question is whether the united states delegation and the chinese delegation can come to terms. the question is who will make up that united states delegation? there's been reports that peter navarro, the more hawkish trade aid at the white house was excluded from this trip. then reports recently that he might be coming. we'll have to look at air force one manifesto see if they're sending a hawkish delegation or a dellmaalmaking delegation. >> the good news for eamon is that it's spring thank you very much. let's bring in ben white from politico. i reference the change of seasons there, heading into their summer i wonder if that's representative is this going to be -- is this

meeting, xi jinping's president trump, is there a chance there could be a green chute, if you will, that the markets and he would have been looking for? >> there's a chance of that. i talked to a lot of people both inside the administration and watching this summit who are hoping for a positive meeting between xi and trump in which they don't necessarily make the big deal where the chinese bring to the table a bunch of concessions, trump says i will take off the tariffs i have on and not go to a bigger number, nobody thinks that will happen, but they can say we are making progress, we have a good personal relationship, here are a series of meetings in the future so we can get to a deal s this althere's also the chanc that trump is in a bad move.

>> really three outcomes here. status quo, we leave and nothing is changed there's some good break through. or things sour not a lot of eye contact what happens in each of those scenarios? >> scenario "a" where there is a big break through -- >> lot of smiling, hand shaking. >> the key thing is what is president trump saying when he leafs, that president xi and i got along great and we will hold off on the 25% tariffs thumbs up to everything. that's not that likely scenario "b" in which nothing changes that much but it's positive that's generally positive for stocks and the economy >> because it's what we know >> it's what we know scenario "c" is things go badly. this depends on trump's mood, the mueller probe, a lot of externals affects his meetings

with leaders >> all the powell joy from yesterday -- >> goes away >> -- goes away because of that lack of optimism from g20. >> precisely a terrible meeting is unlikely partly because trump loves stock market rallies he will like what he saw from powell he'll be in a good mood from that and want to keep it going that means some positive rhetoric >> here's what i love about eamon javers eamon said the flight is long. eamon wasn't complaining about it for him he was talking about the president. i don't want to put words in his mouth, he may still be listening, what i think eamon was suggesting is between the mueller probe and everything else, the president doesn't like to travel. it's a long flightflight you wonder what his mood will be coming into this >> that matters enormously for this president you have a lot of time for him to watch cable news and read what is stuck in front of him

and to tweet you can expect a lot of tweets from the plane he has good wifi and he tends to tweet from there what's the nature of those tweets are they angry tweets about mueller, or our economy is looking good, powell did the right thing. that going into it would lead us to expect a good meeting with xi if we get angry tweets, expectations go down it's remarkable to which presidential mood matters. >> what's remarkable to me and you, i can't remember a december where there's this much up in the air. there's so many questions. normally hanukkah is in a couple days, christmas in a month a lot going on >> a lot going on with china, with mueller, a lot going on with the economy and a possible government shutdown. that's all out there it will be a busy december very tumultuous for markets potentially. >> ben white, pleasure thanks for coming in

we are just getting things started on this busy thursday. up next, a fang doub.a.n.g. dou. facebook and apple topping corporate headlines today. and gm under fire. the president doubling down on his threats against the automaker but what's next for mary barra and we are all over this story on deutsche bank german authorities raiding deutsche bank's frankfurt offices. stock is down nearly 3%. vepil get more on this big and vepil get more on this big and delong story as we roll on this is a diamond you can follow from mine to finger, and trust it never fell into the wrong hands. ♪ ♪ this is a shipment transferred two hundred times, transparently tracked from port to port. this is the ibm blockchain, built for smarter business. built to run on the ibm cloud.

this is the ibm blockchain, built for smarter business. unstopand it's strengthenedting place, the by xfi pods,gateway. which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today.

two big technology headlines to have on your radar. apple is giving a demand update on their newest iphone saying the iphone xr has been the best selling model since it hit the market last month. this is the first official word from apple about how its iphone is doing apple stock has taken a beating over the past month on fears of slowing iphone demand. shares are down slightly in the premarket. the "wall street journal" is reporting that facebook may have weighed the idea of charging companies for access to user data the "journal" citing internal e-mails from facebook executives from 2012 and 2014 those e-mails also reportedly show facebook discussed pushing some advertisers to spend more

for more increased user access facebook says the e-mails were taken out of context and notes it has never sold any user data. from tech to tobacco maybe a big sign of the times for big smoke. contessa brewer has this story >> altria is in talks to take a ni n minority stake in juul labs. juul has overtakencigarette mars recently valued at $16 billion. the report adds any deal between the two companies is likely several weeks away altria shares are still moving higher on the news the stock declined nearly 20% over the past year as the company which owns brands like marlboro and skoal struggled with declines in tobacco users, mainly smokers

also happening this morning unilever's ceo, paul polman stepping down. he will be replaced by alan jope the company says the transition will happen over the next six months if you own disney stock you will be getting a little more cash we say that because disney upping its dividend to 4 cents not helping the stock, down a bit. box shares are up sharply after the company reported a narrower than expected quarterly loss box shares on the rise company also beat revenue expectations veeva systems topping results, raising guidance for the current quarter. that stock is up more than 7% in the premarket. still ahead, a housing check on deck. the real estate market just did something it has not done in nearly 20 years. what is that you have to stick around to find out. the countdown is on.

brexit now just four months away what's at stake for the uk and at at stake for you when "worldwide exchange" returns for your heart...

your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory. prevagen. healthier brain. better life. . welcome back it's 5:23 on the east coast. good morning the countdown to brexit's big day is officially on we are exactly four months away from the uk's scheduled exit from the european union. let's bring in simon derrick to

break this down from a money perspective. simon, the market has all but priced in the idea that this deal has may is trying to make will not make it through the house of commons in the first go what do you think the ultimate outcome here is? >> i think there's a stark difference between what the market thinks there is and the reality. i think if you look at the relatively sanguine nature of the markets, at the moment sterling is relatively speaking stable we've not moved out of the range the last few weeks, we look at option pricing, it's up but not at extreme levels. kind of suggests what the market thinks here is that we'll have a second vote, and that that will go through and then we'll look and continue on with the deal as agreed by the prime minister with the eu. that is entirely possible of course at the moment there's a huge

amount of optimism against the government probably talking about at least 40 or 50-vote difference between the two sides. so it's tough to see where that change of heart is going to come from in the short-term the problem is that really there are not a lot of other alternatives people talk about second referendum, it's quite hard to get to that. even if we had one and voted to remain would the eu have us back. so it could be this deal or a hard brexit. we have a pound that's relatively stable. >> simon, you're in the uk, do you ultimately think that a year from now you're not going to be a part of the european union from a money perspective >> okay. from a -- let's put it this way. i think it's a distinct possibility. might not be a probability, but it's a distinct possibility.

>> and then what what does the uk look like from a financial perspective in five ye years if that happens? do you buy the currency? sell the currency? do the markets stay the same or do well? >> looking over five years it's difficult to make a judgment call the one thing you can reasonably say is if we have a hard brexit do you have a sharp decline in sterling yes, you do. the interesting bit is what the bank of england does on the back of that. a lot of people thought they were in that circumstance, maybe the bank of england cuts rates it's entirely the opposite story. they've been talking clearly about the need to do something to invent sterling, basically, and raising rates. does sterling have a shock on the back of that kind of move? absolutely i do think if we were down 1.10 or lower against the dollar that

you would see the bank react yes. do i think it would be great value at those levels? probably you would find a fair amount of buyers but in the long run what does this mean for the uk you can see what the bank of england had to say it was not an optimistic outlook. you have seen what the government's outlook on that is, poor so you have to expect from a currency perspective over the long run, you will find a lower long-term outreach than we've been used to for the pound >> simon derrick, a pleasure to get your views thank you very much. up next, betting big on the santa claus rally. why one market pro says we may be just getting started on the upside he'll make that case next.

breaking news on this thursday morning deutsche bank shares tumbling in germany. german prosecutors raiding the company's offices in frankfurt will jerome powell continue to push the markets higher that's the question for your money after wall street posted its second biggest day of the year. and housing alert, something just happened in real estate that has not happened since ricky martin was topping the muse kag chaical charts. we'll tell you what that is as "worldwide exchange" rolls on right now. ♪ ♪ ♪ living la v.

don't blame me for the music. welcome back thank you for being with us on cnbc i'm brian sullivan no doubt had a ricky martin poster in her bedroom, here is contessa brewer. president trump is headed to argentina today for a high takes g20 summit he is expected to sit down with chinese president xi to discuss all things trade. apple is giving a demand update on its newest iphone. the tech giant says the iphone xr has been the best selling model since it hit the market last month apple's stock has taken a beating on reports of slowing iphone demand. al traltria is reportedly looking into taking over juul

labs in the past year sales have jumped nearly 800% altria shares pushing higher on that news. >> the xr. contessa, thank you very much. let's check the other top headlines outside of the world of money and business. phillip mena has more. good morning we're learning about some of the president's answers to questions from special counsel robert mueller in the russia probe. sources say the president told mueller he didn't know about a trump tower meeting between his son, donald trump jr. and a russian attorney, nor did he know about plans by wikileaks to release stolen democratic e-mails. he says a pardon for paul manafort is not off the table. california residents are bracing for potentially devastating mud slides today heavy rains are expected to hit communities ravaged by the woolsey fire authorities say people should prepare to shut off utilities

and evacuate if orders are issued. some potential bad news for dog lovers out there a new study published suggests that your beloved pets are not as smart as you may think. as much as we don't want to believe it the data shows canines do not have exceptional cognition when compared to other carnivores research, used wolves, cats and dolphins to make the comparisons. there is good news, dogs score above average when it comes to social cognition like taking commands from humans >> that's why we love them, they're there, always happy when you walk in the door doesn't matter what your mood is their tail is likely waging. >> you can't cuddle with a wolfment. >> you could could be risky probably won't be a long cuddle. >> might be the last time. >> the final cuddle. news at 11:00. thank you very much. we're following a developing story on deutsche bank germ be authorities raiding the

company's frankfurt offices. roughly 170 police officers, prosecutors and tax inspectors searching six different deutsche bank locations investigators are look into the bank's you've shore entities deutsche bank says it is fully cooperating with authorities the market not cooperating deutsche bank stock down another 3% in germany. we' we'll monitor this story and bring you the latest on cnbc the stock is down 50% in 12 months see if that deutsche bank news sort of clouds over the market today yesterday we had the second biggest market rally of the year as jerome powell and the federal reserve potentially backed off we're not seeing a follow-through dow futures indicating a drop of 70 points at the open. the bond market not getting love yesterday because of all the stock news you have to watch bonds. the ten-year -- bonds getting bought the ten-year yield very close to

going back below 3%. 3.01%. that's something to watch. let's bring in michael purves from wheaton & company. yesterday was a great day if you own stocks today no follow through what do you make of that are you worried that futures are saying, eh the s&p was up 60 points a bit of a give back in futures. we don't know what happened between right now and yesterday, really not much other than the deutsche bank news the deutsche bank story is not much of a risk factor for u.s. equities or for the broader risk appetite globally. i think what happened yesterday, powell was a key catalyst in that liftoff yesterday >> was he the catalyst or part

of the -- delight the match? >> i think he was lighting the match and a fair amount of the fuel yesterday there's other reasons. let's say he didn't speak yesterday. there's a whole bunch of other factors to think why equities would be starting to set up a rally. we can talk about that >> let's do it now what are those reasons? >> simply stated, you know, a lot of reasonal fact seasonal fi dismi dismiss. december holds the record for having the least downside when it is negative, it's a lot less negative than any other month of the year. >> i hear you, i hear the historical stuff about midterm elections, presidential cycles, but we have a trade fight now. we've got a fed that is largely still delevering

we have a european -- we don't know what europe will look like with brexit in six months. a lot of things that historically have never been here before. how much does history matter >> there's a broader discussion about what happens in 2019 every december has had some decline. you cited some walls of worry that the market needs to climb it's been doing that brexit has been hovering around. the global growth slowdown that been coming back what is the path between now and year end you have two key things. you have got powell. the december hike, but you know he stole that thunder yesterday. and then you have the g20 that starts over the weekend. we'll see how -- what happens down in argentina. but the powell -- you scroll back to just in september you were getting fresh highs across a bunch of u.s. indices. then the october volatility started just two weeks later with powell. when powell talked about being far from neutral

the perception was that he would hike this economy into a recession. he certainly did a lot of reversing of that yesterday. that's important the bonds tipped below 3% for a minute >> they were there for a cup of coffee, but we're watching it. oil is at 49.80 right now. yet oil stocks rose yesterday as oil weakened that always gets one's attention up >> it does there was a broader risk-on move that was hitting every equity class there. look, if there's any reason for futures to be negative now, it may be because oil is below 50 oil below 50 cuts into the key part of the u.s. economy here, meaning texas. oil below 50 from ten years ago certainly. >> that's important. we have to go, will the markets be higher at year-end than now >> they will be.

>> i will hold you to that >> please do >> see all those people out there? they're all holding you to that. michael p michael, happy holidays. see you soon. stocks for you to watch today. tribune media's stock pushing higher on deal chatter apollo management is making a bid for the media company. guess reportingan earnings miss but the retailer beat on revenue. comps are also topping estimates. that stock up as well. and quest diagnostics going the other way. that stock under pressure. the company slashing guidance ahead of its investor day today. shares of quest down about 2% right now in the early trade up next, tampa is trending today. what the buccaneers just did to try to up game attendance in a big way. more gm fallout, what's next for the auto giant after its

shakeup and a call out bthe y president. we'll talk about it with jeff sonnenfeld coming up

they lit that tree up last night. that's a tree with a lot of lights on it, a giant star at the top. that's the rockefeller center tree, home to our fine parent company. let's find out what else you will be talking about today

aside from that gorgeous tree. here for your top trending stories is contessa brewer. they're moving the fearless girl the bronze statue facing down the wall street bull is gone replaced with a plaque of her footprints the statue is moving to a new home at the new york stock exchan exchange. a 6-year-old boy stole the spotlight from pope francis by being a child. the swiss and vatican guard stood by and watched the boy run around pope francis. when francis took the microphone he explained that the child was hearing impaired pope francis ended praisie inin.

he went up tugging at the swiss guard. >> that's a heart tugger >> somewherein the midst of a disappointing season, the buccaneers are desperate to get fans into the stadium. last week's game attendance was the lowest for the bucs in more than eight years so this week against the panthers the team is offering free tickets the offer is good for season ticket holders basically they're giving season ticket holders -- >> so they can bring friends see how fun it is maybe you'll buy tickets for the next game. >> the nfl is going gang busters on television. their ratings are out of control what is it with the buccaneers the weather is beautiful the smell from the red tide? >> have you watched the team play >> it's football, right? >> where is pete najarian? he played for the buccaneers in

warm clients, there's lots of other things to do >> i'm skeptical >> thank you very much up next, facebook under fire could sheryl sandberg be on her way out? and something just happened in housing that has not happened since back in 1999 'lte is it wel ll you coming up rebekkah: opioids has taken everything and everyone i've ever loved away from me.

everything. i blew my ankle out and i got prescribed pain pills by my doctor. if making my detox public is gonna help somebody i'm all for it. i just wish i would've had a warning. oh, there weren't enough intehours in the day to maintain are old data center. so we made a twelve a fifteen. three extra hours.

but that really doesn't add hours to the day. yeah it does, look. i'm not sure it works that way, but at cdw we get that time is precious. so we'd access your needs then design a nutanix enterprise cloud. to give you more time to grow your business. yeah that's better. hey we still on for lunch at 15 o'clock? you bet. for private cloud solutions you need nutanix and it orchestration by cdw. ♪ welcome back 5:47 in new york a shot of times square we have a big facebook story for you again today. the "wall street journal" is reporting that facebook waived the idea of charging companies for access to user data. the "journal" citing internal e-mails from facebook executives from 2012 and 2014 those e-mails also reportedly show facebook discussed pushing some advertisers to spend more in return for increased user

information access facebook does not deny the e-mails, but says they were taken out of context and notes it has never sold any user data. a lot to talk about here and let's bring in jeffrey sonnenfe sonnenfeld, cnbc contributor jeffrey, it just keeps getting worse in the media for facebook. right now sandberg and zuckerberg are putting on their happy face do you think ultimately that will be a messy split? >> it's interesting, you see sandbagging taking place by sandberg trying to protect the company at all costs, turns out she's really trying to protect herself. the time she should have spent on fixing the problem was going into deceiving the board and hiding information from the public, information their engineers knew since the spring of 2016 about the infiltration

of their e-mail systems and the abuse of -- interference in the elections and the spreading of hate mail that's been awful. the fake news going out there in myanmar and other countries where there's been terrible ethnic cleansing it's been going on for years since the company knew they had a problem in certifying and clearing information they said there's no russian infiltration here and things that was the spring of 2016. already into the primary by the general election the company fully well knew, they were trying to investigate a year after that is when it starts to leak out and she's mad. mark zuckerberg with all of his nerdiness and defensiveness was asking some questions that she seemingly was trying to suppress for the board to be mad an other information trickling out. all the while with these press releases that before intended to be diluted and watered down as we now see in the internal

communications, this is a problem. it's not like she was that busy doing the company business she was out on extraordinarily highly promotional tours of her books and everything else. really just not -- and then a smear campaign against her competitors, against google, against apple. some of it fake, some of it sending out false narratives about being tied in with george soros and things you can't believe she was doing this and overseeing it now they find some scapegoats to take responsibility. she has to be accountable and lean in. >> when you talk about leadership, here's the thing if you become the face of a company, even if you're not the ceo, when things turn around you will be the face of the company and maybe not in the way you wanted to be >> it's the extreme opposite of what we see in the headlines yesterday with mary barra.

who effective, high profile, smart women leaders. their leadership style could not be any different we can see mary barra has taken on a lot of responsibility, a heavy burden put on her. her company is held to higher standards than perhaps it has to be 100% of that loan was not fully paid back. about $79 billion went in, 70 came out she's been retooling this company in a most prefound way i knew all eight of her predecess predecessors >> listen, she literally is a gm child. her dad worked for gm forever. she went to ketterring university, basically the general motors university.

>> she has done every job in there. her dad was a tool and dyemaker. she went to the old general motors institute she's the real deal. she's not in there for political reasons. there's nothing on mrnamental au it as soon as she gets the job, she inherits these problems with fiery deaths she put her "a" team on it right away she was coming to all sorts of forums to explain what they knew, what they didn't know. she was taking on this problem head on. nobody thinks about that anymore. they're concerned about the current issues, trying to reposition this company into selling rides more than cars her focus on zero collisions, zero congestion, zero emissions, it's a tech-driven investment. they're investment in autonomous

driving has been successful. >> don't you think gm's problem is not business-wise, it's political. here's why facebook is in california. the president knows the state of california will vote democratic in practically every election. gm is different. it's factories and the men and women who work at general motors are in places like youngstown, ohio erie, pennsylvania, detroit, wisconsin. places where he won the election he made promises to those people when we see these jobs coming in some of these areas, warren, ohio, that's why bar ra is unde the microscope where she's based is where the president's base is. >> i think the president meant well he promised more than he could deliver. this is the ceo of a private company. she's not a politician she has to make the best

decision as a private sector enterprise leader has to do. president trump has never really been accountable to others, except maybe his late father this is a different role he has not been a ceo of a major public company still you're right about the geographic spread. ohio and michigan were critical to the trump victory he made promises there about no factories being closed mary barra karen ewarned over t summer, specifically about lordstown, rob portman and others were brought into it when they had to shut down the second shift forever, at least for now. now also the first shift she explained in retrofitting to different vehicles -- there's been a huge tran fsformation i don't know who still drives a sedan. i do, it's an american-made sedan. but my wife and the rest of the world loves to drive these suvs

and crossovers that's where the business has gone and this plant can't handle that she warned people. she is not trying to create a problem. you can look at the president's attack on her or gm or on ken frazier of merck or on harley davidson, or nordstroms or nike or amazon and trying to whip up a frenzy for the non-u.s. competitors like alibaba or honda, that's not what we need to be a champion of american free enterprise. we have to work with the companies in difficult situations they have >> jeffrey, before we let you go, i want to ask you to opine yesterday's headlines, powell blinks do you think jerome powell, do you think he blinked to the president or do you think he went on the data >> i seriously think he spent a lot of time on the data. rather than worrying about the president screaming at him, he's much more worry about jim cramer screaming at him everybody remembers that they're

not listening explosion from jim a decade ago they don't want this to happen to them. i do think that many of the critics, analysts out there are pointing out what the data was yun underscoring another fed board member a day earlier made a similar comment i don't think he's bowing to political pressure whatsoever. i think he was coming to this realization on his terms some say it was a rookie mistake that he overdid it in the beginning. i'm encouraged i'm not encouraged about what will happen south of here at the g20. >> jeff, thank you very much quickly the morning rbi. today it's unreal real estate. check this out according to a group yesterday home stales fell, but now they missed analysts estimates for five straight months analysts have not whiffed on home sale estimates for five

months strait singht since 1999 random but interesting have a great day "squawk box" is next

good morning the dow and the s&p posting their best day in eight months after fed chair powell said interest rates are close to neutral. dow is up more than 1,000 points in three days. tuhere's a big geopolitical event kicking off that could be a game changer for trade, energy, prices and global diplomacy. we'll get you ready for the g20 meeting with a live report from buenos aires. and news breaking earlier this morning authorities raiding deutsche bank offices in germany. the stock is moving lower. we'll tell you what we know so

far on this thursday, november 29, 2018 "squawk box" begins right now. ♪ live from new york where business never sleeps this is "squawk box. ♪ good morning welcome to "squawk box," rear live from the nasdaq market site in times square. let's look at the u.s. equity futures. you can see right now things are pulling back a bit dow down by 104 points that might be something we pay attention to yesterday the dow was up by 600 points as joe mentioned, the dow up by 1,000 points for the first three sessions of this week. up 350 on monday, up over 100 on tuesday, yesterday up 617 points right now it looks like the s&p is pulling back by 12 points it was the second best day of the year, the best day since march 26th