happy monday welcome to "street signs." i'm joanna versacversace. >> and i'm julianna. >> global markets are set up for another week of selling. sterling jumps after the european union's top court says they can leave the block and stop brexit. >> ultimate reality. china's foreign ministry says it never heard of any country having a problem with huawei.

and emmanuel macron prepares to break his psy sentencstences silence. they're calling this an economic catastrophe. european markets have now been open for just over an hour and as you can see behind me, it is proving to be a negative start to the week. the stoxx 600 is down 3.25%. a number of political developments this week we have of course the historic brexit vote in focus tomorrow night. we also have the fallout from the protests in france over the weekend and of course you have reaction in germany to the cdu's

election on friday all of that in addition to a number of single stock corporate stories. a negative start to the day for sure let's have a look at how the different regions are fairing across our roceurope this morni. interestingly the italian index of one of the underperforming regions down about 1%. this is a trend that we saw a lot throughout 2018 on down days the italian index would be one of the under performers. that is what we are seeing today. the german index is down 1%. one of the major under performers let's have a look at the sectors. i want to highlight a few different things here. at the bottom of the leader board, chemicals are sharply in focus 2% the asf is down nearly 5% this morning. can get into more detail there it is a red picture across the board. no sector escaping the negative

sentiments today real estate the best performers down .4% moving on, let's have a look at the next board here. the next board, we'll be back with more later on, jomana. >> thank you, julianna it doesn't look like a good week our other big story today, the european court of justice has ruled that the british government can unilaterally revoke article 50 effectively allowing the delay or stop brexit michael gove had dismissed the ruling saying they would not go back on the decision to leave the e.u. theresa may is facing a critical 48 hours to save her brexit vote she will embark on a last-minute charm offensive to sway level

mps. she is widely expected to lose the sunday report suggested may would delay the vote in an attempt to secure better terms from brussels. brexit attorney steven barclay said it wasn't an option. >> that is going ahead because it is a good deal. it's the only deal this has been a hard fought negotiation over two years with the prime minister working day and night to make the case the risk of those who simply say go back and ask again, the risk is, that isn't necessarily a one way street the french, spanish, others will turn around and ask for more. >> we will definitely be talking more brexit in the show. for the time being, there's another big event coming up. the ecb are widely expected to announce the end of the bond buying program on thursday the eurozone's economic data could complicate the policy path ahead for mario draghi

thank you for coming to the show. >> good morning. >> starting off with your thoughts at the ecb and how it's framing fixed income and credit markets. this is a very telegraphed event. they will be ending after the first of december. should it have the big impact on the trajectory of fixed income yield here >> they've had a lot of time to work out what's going to balance off of that relatively negative market position. i think that what's happened in terms of recent macro events and indeed the oil price puts them at even arguably a better position now to be even more dovish on the other side i would expect quite a lot of rhetoric to come with that message. >> but you look at the price actions this year and european credit has underperformed the u.s. both in high yield and investment grade space we are still looking at buying

that is still accommodative. they will be reinvesting proceeds they're a couple of years behind where the fed are. just looking at it from a technical perspective, does that not make you more inclined to be at a different stage now >> certainly at these levels you're right to say europe has significantly under performed the u.s. in the credit it is two standards deviation cheaper. there's more to it a lot of what has caused europe's under promised year is volatility and sovereign related premium. a lot of noise out of italy but also the european market is more exposed to what goes on in the e.m. it's a little bit more difficult to just judge it straight to where we are in the cycle. i would agree with you, these valuations are in europe. >> with europe, how do you see the risk/reward in the

investment space versus the high yield space. >> i think it's skewed to the investment grade space it doesn't mean that we are overly bearish i think what you've seen is the investment grade credit has been hurt more by some of the technical flows. more by the additional correlation of rates and where we're at right now i think there's no particular need to be going down in quality given the type of valuations that you see, particularly the longer end of the credit the other thing about the market is that the spread is not really storied here so an investment grade credit trades below par and i think that's a really important point. >> what do you think about long-term buyers as well bottom line, you want to stay higher up the credit spectrum than lower down. the credit yield hasn't been a lot of issuance. without that outstanding issuance, the market hats really

managed to pull up yeah, i don't know if it's fallen off a cliff when you look at the equity market. >> you're right about the supply side i think the focal point for me is emerging market credit. you have very little in the way of supply and on top of that you're starting to see the fundamentals very strong there are many going out and actively looking for bonds that's more exacerbating the lack of supply >> specifically are you looking for asian equity market? the periphery around china is benefitting from the trade war and the production will shift off shore to periphery china countries? >> that's definitely going to be

a tailwind for that part of the market the chinese credit market tends to be dominated by property so it's difficult to have too much of a view on it without also having a view on property. yeah, again, the oil price going down to the extent that it has something like 30% over the last two months has to be a significant positive. >> what about the leverage loan market how concerned are you about this market surely the covenant light trend we've seen over the last few years is in a slower growth high yield story. >> i think you have light structures these days in bonds compared to what you used to have i guess you have to think about where it should matter it should matter the low end of credit where you're likely to see more reasons for it mattering, default risk. you're likely to see relatively secular change in the loan market because a lot of these slip pages of covenants and protections tend to be -- tend

to stick you can get a precedent. it's difficult to see that precedent away i would expect there to be lower recovery rates and leverage in the market through the next cycle and beyond. >> thank you very much, frazier lunde. thank you very much for joining us this morning. let's get back to one of our top stories this morning brexit would he have sylvia amarro in westminster. could you set the scene for us as we head into tomorrow's historic vote? >> reporter: hi, julianna. i'm sorry, i'm having a lot of issues with sound this morning i could not quite get your question but i will start with the most recent news about brexit that is the decision from the european court of justice saying that we can revoke its decision to leave the european union, however, there are two calf vee saturdays.

that decision needs to happen before march 29th when the deadline of the article 50 ends and the u.k. parliament would have to have a say on that decision for now and the message from the government is really that this decision from the ecj is not really important because the plan is to leave the european union and so the focus is on the vote that will happen tuesday evening in the house of commons on the union it outlines how the u.k. is going to leave the e.u. in march of next year, but of course there's a lot of controversy around that exit agreement we heard over the weekend different ministers saying that this is not a good agreement and that the prime minister should go back to brussels and ask for something more it's over and let me put it this

way. if the prime minister is able to go back to brussels and say i'm afraid that the irish-backed stock solution that you have come up with is very unpopular, not just with the country but also with the house of commons and if the house ofcommons gives us, i think it will, a powerful mandate to change -- >> defeats you by 100 votes -- >> powerful mandate to change that back stock, i think as the former e.u. commission president has said, they will listen. >> they want this deal to pass because it is incredibly good terms for the e.u. it is a lousy deal for the united kingdom i have had experience negotiating the e.u. and i think it's very clear they will not want to see no deal. >> the way forward is for the prime minister to get back to brussels, understand this deal is not going to get through.

this withdrawal treaty should never have been agreed because it hands over enormous amounts of money and when the final deal is done. >> reporter: so the expectation for the votes tomorrow is that the mps will reject yet the agreement and of course that opens a number of scenarios. several analysts have said that then the question will be the margin between votes that actually were in favor of the deal and those that were against the agreementnd if we're talking about having, say, 30 mps reject the agreement, that should not cause a lot of issues in terms of theresa may as prime minister, but if we have about 80 to 100 mps in that margin vote, then we could be looking at a second referendum we could be looking at a general election we could be looking at no brexit

at all as you can see, there is a lot of uncertainty when it comes to brexit certainly the vote tomorrow is the next big thing to watch out for. >> sylvia, thank you very much for bringing us the latest from westminster. what's interesting, with you and i both coming from a markets background, when you think about an event like this, you look at what is priced in and what could the likely reaction be when you look at sterling, you spend a lot of time thinking about it we've been at this 127, 129 range at most. it's been quite tight. i think a lot of people have been drawing a comparison between this vote and the t.a.r.p. vote in the u.s. in 2008 it didn't pass the first time around markets went into armageddon mode the big question is what will the sterling markets do once this will fail we're going to talk about by how

many votes is it going to fail by if it's a small margin, like 50, it could be okay for me, the question is how much negativity is already priced in given the fact that sterling is already up 15, 20% where it was prereferendum. there's a lot of bad news in the price. >> to sylvia's point there, if/when the vote fails to get through parliament, the number of options that remain on the table at that point is so vast, as an investor you're not dealing with a binary decision, you have an inif i nent number of options jeffries this morning with rules from the ecj, brexit can be unilaterally revoked by them and do they use this threat of triggering an intention to withdraw, do they use that as a threat in its own negotiations.

>> a whole other can of worms. that's something we'll be watching very closely. if you have any views on what we've discussed tweet us @streetsignscnbc. coming up on the show, the u.s. seeks to separate the ceo's arrest from china talks. we are live from beijing after the break.

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. the white house considers march 1st as a, quote, hard deadline for any potential trade deal with china. that's according to u.s. trade representative robert light hiezer who played down expectations for an talking about going beyond march chinese imports and exports growth shrank in november coming in sharply below forecasts exports declined heavily riding 5.4% year on year, below a 10% jump predicted by a reuters

forecast beijing's trade imports hit a record as firms front loaded trying to beat a threatened increase. >> i can think of one person who will be happy with those numbers from the uf. >> ceo is waiting to be released on bail for huawei cfo china's vice foreign minister has called it unreasonable and conscionable and vile in nature. that's after beijing summoned them for dressing down over the weekend when authorities warned of, quote, grave consequences if she is not released. at the foreign ministry's daily

briefing, a spokesperson said they have never warned of another country having a security coverage from huawei. eunice joins us from beijing i feel like i should add japan to that list as well because we heard this morning some key telecom operators from japan are using it into the future. >> reporter: absolutely. you should absolutely add japan to that list kyoto news agency was reporting a couple of hours ago that the top three telcos in the country had decided against using huawei this is ntt docomo, kddi and softbank not going to use anymore of the current and 5g equipment from both of those chinese telecom companies. this comes after there were other reports on friday that the japanese government was also

going to ban using gear from huawei and other companies on the government companies the huawei cfo bail hearing and she will appear in vancouver tonight the lawyers are expected to argue that she should be released on bail due to health concerns she had in court documents apparently had gone to the hospital for hypertension. also the lawyers are expected to argue for no extradition to the united states as well as claiming that she has been innocent on all charges. now huawei has put out a statement as well saying we have every confidence that the canadian and u.s. legal systems will reach the right conclusions, however, the government here has been much more serious about their over

reaction summoning not the canadian ambassador but also the u.s. ambassador and describing the tension as vile in nature and extremely nasty. jomana. >> thank you for bringing us up to date, eunice. what gives us hope is peter navarro said the arrests and trade talks are two separate events. elsewhere in japan, japanese prosecutors have indicted carlos goshn and nissan he was arrested in tokyo for allegedly underreporting his income in the five fiscal years through march 2015 he denies wrongdoing in a statement nissan expressed its, quote, deepest regret for the situation and pleblgdged to strengthen the government. now japan's prime minister has again come out in support of the alliance saying it is a symbol of japan, france

industrial cooperations. there are big questions about whether or not that alliance would hold it together given the allegations against mr. goshn. in other corporate news, uber is racing against lyft to be the first to ipo. the company has filed confidential paper work for an initial public offering in the first quarter of next year the reports come after lyft filed confidential papers. this could be the largest technology ipo our tech reporter elizabeth joins us in the studio with more elizabeth, there has been so much strovolatility around sectr tech particularly u.s. tech. why now? >> one of the reasons these companies are putting these confidential ipo filings forward is they want to beat the

sentiment there could be an economic downturn. there's no prediction but some of the recent volatility suggests it might be better to do this sooner than later. we've heard from uber, lyft, other tech conditions, airbnb, slack, that they want to go public in 2019 what that means is some of the uncertainty in markets is speeding up the first half of the year than the second half of the year >> your point of trying to get ahead of a downturn, this idea that that suggests that the worst is still ahead of us with these ride handling apps as well as the newer tech models, nobody knows how they'll actually fair in a downturn. how are they going to get by with some of these hefty valuations in a time when we're heading into a period nobody knows how they're going to perform? >> that's a great question we're hearing from the reports it could be valued as $120 billion. we are talking about a massive

listing here the problem with uber as well as lyft and many other ride hailing companies, they are not making money. the question is if they're public, are they going to be able to convince investors if they are profitable they can maintain the valuation. >> this is coming at a tumultuous time and there's an increasing amount of scrutiny from the regulators on tech firms as well. specifically a company like uber has had a litany of issues in the past 18 months to do with the economy, how they treat their employees, et cetera a number of pr disasters and you just wonder in this increased amount of it are they ready to go or are they niching the top >> absolutely. we'll have to see if they've done enough on those efforts to convince investors. >> the latest valuation for uber was $120 billion >> that's what we're hearing

>> this is around the time when softbank were considering making a deal valued around 70 billion? >> yes huge. >> and of course it is an auto company in part let's not forget. >> that's right. that's right. >> the valuation is nowhere near as good in autos. >> thank you. as we go to break, want to leave you with pictures of a santa run in germany hundreds of runners dressed up as santa claus enjoy it comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business.

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welcome back to "street signs. i'm julie than tattlebaum. >> and i'm joanna versace. >> european stocks sank into the red. sterling sees a volatile session after the european union's top court rules brittain can unilaterally revoke its position to stop brexit. alternate reality. china's foreign ministry says it has never heard of any country having a security problem with

huawei despite being ishunned. emmanuel macron prepares to break his silence in a bid to end weeks of unrest as the finance minister calls the yellow vest protests an economic catastrophe. we've just had a slew of u.k. data hit the wires, but i want to bring you the most relevant one, which is the monthly gdp indicator. that came in at a level of .4% on a quarterly basis versus .6% so a little downtick in the u.k. economy. in line with the fall. the fall estimate was 0.4% that's pretty much in line with expectations there we also had the goods trade balance number come in that's slightly wider than

expected they're hosting a much weaker export numbers similar theme being paid out in the u.k. as well bigger u.k. goods trade deficit reflects greater imports of mechanical and electrical equipment as well and then finally i just want to point to the industrial number which came in at negative .6% month on month. this is the biggest fall since may. the call was for it to be up 1%. big disappointment on industrial output manufacturing output weaker as well the gdp is in line now i want to have a look at how markets are fairing. we are an hour and a half into trade this week. first looking at 4x markets. euro is trading up 35 basis points to 1.14 interestingly sterling holding very steady nearly flat on the day as 1.27 as jomana

highlighted. the reins for sterling are incredibly tight we will see if we can see the recent ends as we head into tomorrow let's have a look at how european equities are fairing. very negative start to the day with the stoxx 600 down. one single stock worth highlighting there, the second worst performer across europe. the chemicals giant is down 5% it's interesting because they have cut their 2018 guidance very significantly and they have cited it from the week we've seen in china. two very contentious topics. let's have a look at u.s. futures and see this in the u.s. session. remember last friday we ended in sharply negative territory all three major indices.

it's another weak sessionin th u.s. s&p 500, dow and nasdaq all looking to open lower. >> up to 5%. big, big, big drop there for u.s. futures we'll see how things pan out later on in the session. switching back to europe, they're going to hold budget talks with e.u. commissioner jean claude juncker on wednesday. they're going to discuss a costa analysis on next year's expansi expansionary budget. they are considering making concessions to the e.u. to avoid possible sanctions finally and else where, another story we're closely watching in europe is what's going on in france the french president will address the nation this evening after another weekend of unrest on the streets of paris. they clashed the police for a fourth weekend in a row throwing stones, vandalizing shops and

protests over macron's policies. the president is anticipated to announce new measures but they will not include raising the minimum wage the coordinator of the protests says it was too little too late. >> translator: finally for paris, it's france that's a huge responsibility for french president emmanuel macron must provide answers they're late they're late and when he gives those some yellow vests will go home as they will be satisfied many people want the president to resign. too late game is set and those people will stay on the streets >> not only france in focus today. it's not only the u.k., it's germany. the new leader of germany's cdu party has distanced herself from angela merkel. she is the front-runner to replace merkel as chancellor

now to help us work through what this all means for germany very pleased to see we have con sta constantine frazier. they have taken a leadership role at the cdu. is there a risk that we see more of the same for the cdu given she's so aligned and has been in the past or will we see a repeat of the pressure that ultimately led to chancellor merkel's stepping down. >> i suppose in a way, yes you can see this as not really migration over europe. it was a clash between the more pro business and the more centrist social market rate. and akk is firmly of that centrist thinking. while she's a little bit more on

social issues like migration, broadly we expect to see more of the same. >> ultimately the big question for investors is rather than the micromanagement of certain policies, what it actually means for the relationship between the cdu and the sbd. the spd might have been hoping that the comments might have been a little more business friendly than where a.k.k. is. given she is, as jomana said, the continuity candidate, what does that mean for the relationship between the two >> it means the coalition is much more likely to survive until the next election. and also merkel is accepting down before the end of the term. they've never had a particularly good relationship. as it is, this means that the growing coalition is lasting into the next scheduled election of 2021. and this is partly -- this is part of the reason why the cdu

based the election they know that she is unable to maintain the cdu basis they appeal to the broader peck trump. >> you mentioned the 2021 election in germany but before that the european parliamentary election next year. >> yes. >> is there a chance depending how the cdu performs, that we see the coalition partners pul back after that election >> yes the spd has been under a lot of pressure and is going through a secular decline of the decades which is a much broader trend across europe. they're breaking up rather on the far right or the liberal centrists. i suspect that the spd will join the coalition so these things

can go on for longer than one expects but the election of the akk suddenly makes it more likely. >> let's switch angles and talk about european parliamentary elections from the context of france because there has been a couple of weeks now of riots started off as anti-fuel tax demonstrations but eventually advanced to anti-macron demonstrations even though the government has yielded, if anything, people are more incentivized because we saw another round this weekend all of this does not bode well for en marche. >> no, certainly it certainly bodes well for macron's plans to sweep into parliame

parliament his position is certainly unsaleable the french president is behind him. the question is how much in the way of possessions is he able to get to calm them down. >> what does that mean in the context of reforms and whether or not it's going to derail the path of reforms. a few people say he has the tough stuff out of the way he did the labor reforms there will be a few tweaks here and there. ultimately the perception from the electorate, 85% of the population are in favor which tells you that there are many people out there aggravated by some of the policies that have been introduced. he is perfect seefld to be, whether it's right or wrong, to be a protector of the rich. >> yes. >> and helping out the heads of the former cronies in banking. yet he has an image issue? >> yes a lot of it, as you say quite rightly, a lot of it has been

moved away a lot what have remains sp very long term. futures are not necessarily the next few years i wouldn't be surprised in the next couple of years if we see a lot more consumer facing macron being much more focused on the standard of living and social issues. if we see perhaps already starting with the concessions they're about to make a much slower pace of deficit reduction. >> you certainly have turned it around to your point c constantine, thank you. switching to corporate news, one of your favorite ones, julianna elliott builds up stake in bayer. german law requires disclosure if the holding exceeds 3%.

this could pressure the maker to break bayer up. >> another one, basf, the chemicals firm has cut the 2018 outlook saying it sees it falling 15 to 20% over the year. a decline in the chemicals unit as the most cyclical unit and said trade concerns have seen them slow significantly. >> trade impacts hits everything even chemical companies are citing it. more of that at the beginning of the year also the export data that we have from the u.k. and china this morning elsewhere, opec and its allies have agreed to cut output by 1.2 million barrels a day it's confirmed starting next month. iran which has granted an exception has called the move, quote, defeat for america's policy of meddling you can see we saw a little bit of a bounce in the energy

complex. it was somewhat short lived and in general risk off sentiment prevailed overnight for the session. that is a picture for wti and brent this morning abu dhabi ports and costco shipping have struck a deal that will see the chinese firm develop and operate a new container terminal in the uae. it's part of the belt and road strategy we sat down with them to see how they could benefit. >> we see the strategic locations where they will see the trade, the alliance become closer to their clients and we work for this purpose. >> what do you think the biggest challenge for the growth of the port will be we hear about a slowing chinese economy and bhaer protections

policies out of the you states as the port comes online >> that's annual interesting question we are growing from 1.5 million to a confirmed 1.9 million in the coming years we have solid growth there is trust in what we are providing in terms of infrastructure global shipping companies choose this as a hub for their corporation to sale into til in operations. >> so the trade war is not impacting your business? >> not at all. we are good allies of all of the countries. we see huge import coming in, huge import going out from the region and we are playing an essential role. >> now dan also spoke to the

costco shipping ports and asked whether he could trust the president's shipping truce >> i think the u.s. and china rely on each other and the true leaders will be smart enough to get this deal done we do need each other, and the growth of global trade also depends on how the deal can be done so i'm pretty confident that it would be out of a page in the next 90 days the u.s. and china so much rely on each other and the two leaders will be smart enough to get this done. the growth of global trade depends how the deal can be done >> your business is also a great enabler of global trade so is a trade war a threat to your growth or the growth of your

business >> definitely our business model rely on how much is global trade growth but like i said, we also rely on the ports and line company. that's the thing that we rely on we have very strong confidence that no matter the trade -- how the trade can grow, we have strong support for not only our companies but meeting it. as a reminder you can follow us on twitter @streetsignscnbc or tweet us ourselves. as we go to break, we will leave you with pictures from rome where the mayor has turned on the lights of the city's christmas tree sponsored by netflix. last year's tree had gained negative comments around the world for its bare appearance.

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well, it's finally happened. b river plates are champions adam joins us with more nail biting it's been riled by controversy yesterday boca were in the lead and i believe one of the players stuck their tongue out because they assumed they were going to go on to win this. >> to say this match -- to say this match had everything is an understatement not this time. there was the first time they tried to play the second leg of this match in buenos aires it was called off because of torrential rain. the second time river plate found violence attacking the boca juniors team. the only way to get it done was to move it 6,000 miles away to the santiago stadium of real

madrid 72,000 fans there. when they did get the game on in the stadium, a lot of neutral in there but boca took the lead sticking the tongue out as you noted, jomana. back came river equalizing in the second half and then this stunning play put them ahead this is in extra time and then when boca juniors were pushing for an equalizer late in the day, the keeper, in the final minute of the match, put the icing on the cake. martinez scored the winning goal controversy to the end in this one. boca junior said river plate should be kicked out of the tournament they said they shurnt be krshou

be criticized. in the end justice was served. >> translator: what the players did was also that the penal felt cheated. you can now experience joy i don't think all of our society is violent it's a minority. there were a lot of people in the stadium. well, they were expecting a show so for those people who behaved themselves and were waiting, more patient, they've been brought some joy with the players and what they've achieved >> so very interesting that boca junior couldn't get the better of their rival they play the fifa world cup >> what does this mean for the long-standing rivalry. this year it seems it's taken a turn for the much worse. there was physical violence involved there a couple of weeks ago. what does this actually mean -- what does this mean for the future of argentinian football

in that context given what happened a couple of weeks ago is the perception that it is no longer a safe environment. >> fans attend each other's fixtures the rules were trying to be relax relaxed. they've decided to go ahead and keep them separate it was different when it got to madrid i think that will continue this is the fiercist rivalry we know that this is a super classic. they don't attend each other's fixtures can't see that changing any time soon this is the first time they've played each other in the finals. this he do play each other in the league twice a season so it's always interesting. those passionate argentines. thank you, adam. shifting gears from sports to politics. president trump has announced 245 white house chief of staff

john kelly will leave his role at the end of the year kelly had pledge the to stay on until the 2020 election. vice president mike pence's chief of staff nick ayers was the leading candidate to replace him, however, he has turned down the role as he plans to leave the administration at the end of the year nbc news's susan mcginnis joins us from washington good morning what more can you tell us, susan? >> reporter: hi. good morning, julianna that's right john kelly was supposed to make that announcement today, but the president jumped in and did it himself on saturday. it is still debatable whether john was forced out or resigned. here's what the president had to say over the weekend. >> john kelly will be leaving at the end of the year. we will be announcing who will be taking john's place might be on an interim basis john will be leaving at the end of the year.

he's been with me almost two years now as you know between the two positions. so we're probably going to see it in a little while. >> reporter: we do know that word of kelly's departure comes soon after revelations and reports that he has been interviewed by special counsel robert mueller in the russia investigation. ayers turned down the job. president trump evidently settled on him many people say he has young children and doesn't want to stay others believe he was skeptical of taking the job at such a tumultuous position. he has seen what's happened to others who have taken that job sources are talking to steve mnuchin, treasury secretary, matt whitaker and lighthe eizer.

he's in the process of interviewing very great people. >> thank you for bringing us the story. it's interesting she mentioned mnuchin. there has been a little bit of contention between the two sides. it will be a crucial time as well for this u.s. administration. now just before we head out, let's take a look at u.s. futures. dow seen opening up about 7 o points lower nasdaq 24 points lower this after a week for u.s. equities dropped 4 to 5% last week big week for markets i'm joanna versace. >> and i'm julianna tattlebaum "worldwide exchange" is up next. ♪ there's no place like home ♪

argh! i'm trying... ♪ yippiekiyay. ♪ mom. ♪

good monday morning. 5:00 a.m here is your top five at 5:00. another drop at the open, all 30 dow stocks are down lower on the month. breaking brexit news a european court just ruled the european union can cancel brexit on its own the question is will it? china fighting back. ordering the appearance of an executive back capitol chaos. president trump's chief of staff is leaving the mueller investigation heating up is this the real reason stocks have been sliding. paris has been burningpr