welcome to "street signs." these are your headlines 700 flights will depart from london's second largest airport after a drone forced runway closures and left tens of thousands of passengers stranded ahead of christmas danske bank sinks. the second profit warning in three months amid a huge

investigation. the santa selloff hits europe open in the red on the last trading day after they sink to fresh 2018 lows. what a take away german food delivery business to takeaway.com sending shares in both firms sharply higher. good morning and welcome to "street signs. the uk transport minister says the chaos at gatwick caused by drones is not terror related the government investigates who is behind the disruption that shut down london's second biggest airport. they confirmed flights can open safely today and promising the safety of passengers on site

gatwick expects 700 departures after authorities have drone >> reporter: going no where. more than 100,000 passengers with flights delayed or canceled because of one drone flown near one of london's busiest airports police snipers deployed to take it down. troops called in to hunt for the operator >> this crying has impacted such a huge number of people. >> reporter: passengers stuck for hours. >> they should have taken control of the airport by now, i think. >> reporter: the drone danger is clear globally in the u.s., more than 2,000 drone sightings were reported by pilots this year >> it it were close to the ground, it could result in loss of airplanes the drone threat is very, very real. >> reporter: this isn't terror

related, though that risk from drones is very real, too the drone problem will be with us all for much longer bill neely, gatwick airport. >> i would like to bring in a tech correspondent to help us understand what this means firstly, why is it so hard for people to track down the drone >> the uk authority said every time they would be getting close the drone disappeared and when they were ready to reopen, the drone appeared again a lot of difficulty in tracking down these drones. here's what the uk law actually allows when it comes to flying drones you cannot go above 400 feet or within one kilometer of an airport. of course, this would be violating that specific qualification. you must, as of next year, register your drone with authorities and that's one of the crucial issues here is that drones aren't currently offered

registered so it is hard to track down who is flying them. this new law implemented over the summer is up to five years over the summer and unlimited fines. there are some efforts to try to put some teeth into how to enforce drone regulation it is very fragmented. not a lot of eu wide qualifications the faa has their own restrictions the question is how they can actually track down not just the people who are flying these, but also how they can get the drone once it's in the air so we saw a lot of the measures it takes to normally stop something that might be in flight aren't going to work with a drone and that's one of the key issues that has been the case here with this crazy story. >> extraordinary story and sad for all those travelers who were stranded going back to this incident, where does the investigation currently stand? >> they have not tracked down the operator so far. as we heard, it's believed there are several drones causing this kind of chaos at gatwick

they believe it is a drone of industrial specification, which means it was sold commercially, but it would not look like some of the drones you might see flying around maybe at a party, i don't know if that's something you would see regularly. but, again, no suggestions that this terror related. so something that some chose to do on their own. of course, that is one of the issues when it comes to the regulation because this is available commercially and because people use drones for entertainment and people use them for their own filming and whatever they may, that means that, you know, ultimately, it would be tough to put the same restrictions on place for some sort of an industrial use of this or a commercial use from a bigger company, as well. >> sounds like quite a big task for the governments to understand how to control this thank you for shedding that additional i want to take you to two of europe's biggest airport operato operators. how they are trading because of

this ferrovial drowning down 1% and while flights are scheduled to take off today, the backlog of passengers will take days to clear. this could have a huge impact on the airlines themselves. having a look at how airline stocks are trading these are airlines that are gatwick based, you might recognize some of these if you are used to traveling from the uk ryan air and the others holding up okay, not a huge amount of movement there i want to bring in martin blaiklock from infrastructure he's a consultant there. this drone and the broader regulation of drones so, good morning thank you for joining us this morning. >> good morning. >> is the uk government doing enough to protect from incidents like this? >> in my view, certainly not

this was, call it an accident which was foreseen some time ago. quite frankly, you know, the authorities and government have seem to do very lit totle to he protect the public >> how does the uk system compare to other countries is there a model country out there that does have a real handle on how to monitor and control drone use? >> well, the united states seems to be further ahead than others. and it seems to be pretty if you're caught with flying a drone near air space near an airport. but the problem doesn't really stop there yesterday afternoon by coincidence i received an e-mail from ebay offering christmas gifts. and first on the list was actually a drone

and i looked at the specification for that drone it could fly for 30 minutes at up to 20 miles an hour and up t a height of 6,000 meters that is about 19,000 feet. well, sitting where you are in your studio in your city of london, how many aircraft fly over the city of london at less than 18,000 feet i would have thought quite a few. this has been the impact of drones on aircraft either incoming or outgoing from airports is something which could have been, what should have been foreseen long ago. and the planners don't seem to have taken this into account at all. >> is this the type of issue then that requires international coordination and should we see countries coming together with laws and regulations that control the international air space? >> well, i would have thought so so, to a certain extent each

country has their ownregulator regime surrounding airports. although it is internationalized to a great extent. but, it's in everybody's interest i think that they move very, very quickly to sort this particular problem out i mean, the collateral damage that could be created by an airline coming down over not just a rural area, but over a suburban area due to the impact of drone could be very, very significant. >> and, finally, in terms of the actual task of taking a drone down, there were reports from politico that one option being tested by the dutch police to use eagles to pluck machines out of the sky is this a technique that you are aware of is this an effective way to take them down? >> i wouldn't allow the use of, you know, people to have drones

unless they're properly licensed and regulated. i mean, drones have a useful commercial use inspecting pylons and inspecting buildings and things like that and they can be very useful. but they can only be operated by those people who have been properly licensed and shown how to use these things. in effect, drones are a type of weapon so, should we allow them to be in the hands of the public at large? >> well, thank you very much drones are a type of weapon. very strong language very strong message and very serious issue. martin blaiklock, infrastructure consultant, thank you. shares in dankse bank close out 2018 with another profit warning. citing challenging market conditions in the fourth

quarter. the second time in three months that the bank that is at a massive of money laundering probe cut its guidance and now expects the net profit for this year to come in around 15 billion danish lower than the 15 or 16 billion it previously forecast how denmarkest lender got caught in one of the biggest money scandals prosecutors detained ten former employees on suspicion they facilitated the transaction of dirty money and more arrests are expected to follow the affair, which saw 200 flow through the estonian branch and start would the acquisition and a whistleblower flagged up suspicious activity at the unit a few years later warning of accounts they shut down its estonian business in 2016 but took the

full case to come to light to 2018 regulators continue to investigate the allegations. the timeline there, as you can see, a long road for the danish lender i want to take you to broader european markets and see how shares are trading we are now over an hour into the session, the last day of trading before the christmas holiday shaping up to be a negative day. as you can see there all are trading lower, but not to the extent that we saw yesterday yesterday the stocks 600 closed down nearly 1.5% today the losses are more moderate and, again, this is all linked in large part to the fallout from wednesday's fed meeting where powell delivered a message but not as bullish as they were expecting. to try to help make sense of some of the market moves we've seen this week i had a look at your 2019

outlook and you note while the year is likely to start with global equities, maintaining the current bear market, the current negativity the lows will be reached by march/april time what gives you the confidence that we'll see a bottoming out in march >> we're already into this market now for really, if you look at the broad market, we actually peaked out in january in a lot of markets and now actually the median market is down about 18% already and the one missing ingredient which really we see starting in september/october, is the u.s. kind of getting in line with the global downtrend and now down 15% from high to low so, by the time, what we haven't seen yet are the real levels of capitulation and the panic and the fear and downside volume that you expect to start out of the process. there is a good chance as we get into january, which is one of the weakest months historically. january has been a very weak month. we might expect to see this

bottoming process start as the market looks ahead to the second half of the year when the global economic slow down has run its course and china to accommodate and a lot of reactions could occur and the market could start to participate in the first half but having said that, it's about 60% probably in fact, we have a 30% probability that this would go on to the second half. >> now, calling the bottom, as you just described, is a really hard process and we hear over and over again people saying this would be a dream, if you could. what indicators are you watching that will strongly signal or confirm that we have, indeed, seen full capitulatiocapitulatin >> we find when the fear gauge in volatility, when it gets above 28, the market tends to be

down even more after that happens. a median draw down to 26%, the six times it happened historically if you look back at the last eight, the average vix level has been 44. you go to about 28 and then you're into what we call the capitulation phase and waterfall decline where panic starts to set in we have a gauge of u.s. sentiment that is scaled to 100 is at 49 that's not the kind of level you want to see. so, we'd like to see our sentiment indicator see panic and see the vix get to higher levels and 10-1 on volume. substantially higher than upside volume which tells you we're into that phase where everyone is selling stocks to get out and that's what you need to do to start a bottoming process. the market has that, we call selling climax and have a rally and come back down to setest the

lows and you get a process coming out of that and then a thrust and the market breaks above two secondary highs and get readings that we want to see. what i mean by that, broad-based participation across stocks, sectors, markets and now you priced in bad news and markets think are pretty reasonable given we have adjusted for the economic slowdown that has an impact on earnings going forward. >> plenty of food for thought. stay with us, plenty more to talk about tim hayes and ned davis research let's go live to barcelona where they're meeting amid ongoing demonstrations catalonia will take center stage where the two forge a tentative agreement on the long-standing political crisis now, as you can see, those protesters are gathering there in barcelona

quite a scene, indeed. now, coming up on the show, huroq heroic performance after the online food delivery service sells to its dutch rival k? every day you're nearly fried to a crisp, professionally! can someone turn on the ac?! no? oh right... ...'cause there isn't any. here- (vo) automatically sort your expenses and save over 40 hours a month. without you, we wouldn't have electricity. our hobby would be going to bed early. (vo) you earned it, we're here to make sure you get it. (danny) it's time to get yours! (vo) quickbooks. backing you.

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welcome back to the show delivery hero says it will sell it german food delivery services to takeaway.com. the 930 million euro deal will see stake in take away the two online delivery foods battled to become leader in the german markets and softbank group is closing in on a deal to invest $1.5 billion in southeast grab it would come from the vision fund and expected to be finalized later this month this latest round of funding came after it first invested $215 million

one story we have been following very closely around ghosn. rearrested on shifting to the japanese carmaker. the move means ghosn will not be able to walk free on bail, despite a tokyo court rejecting a request. now, ghosn could be detained for a further ten days he was first arrested last month on financial misconduct allegations. the saga rolls on. meanwhile, global stocks are extending a post-fed slide after a more hawkish than expected projected two rate hikes next year and would continue on its plan to shrink the balance sheet. prompting some to wonder about the central bank's communication. steve liesman filed this report. >> what it is selling for the need for tighter monetary policy

the market isn't buying. the divergence between the markets and the fed raising the question does fed chairman jerome powell have the market's trust. the market has sold off hard even he insisted the fed's forecast to raise rates twice next year depends entirely on whether the market is high the fed seems to hear the market is hiking, no matter what. powell said that plan is on auto pilot, sticking to a script that dates back to janet yellen. >> dwr >> i didn't see what the risk was for the fed and we'll wait and see how things are going to play out they already raised rates three times this year. when you look at the cumulative tightening the fed has put into the system including basis point for basis point and we haven't seen that hit the broad economy

yet. >> to be sure, some applauded powell's moves specifically for not knuckling under the pressure from the markets >> powell seems to be a very level headed man who is doing his job. he's not intimidated and we've had very low federal funds rates. they've been negative for years. it's about the time that they come up to zero or something like that when the economy is showing signs of strength. so, i'm impressed with what he's doing and it seems to me shouldn't stir the markets a whole lot. >> part of the problem is it is having trouble managing expectations the markets hate to by surprised by the fed undermining trust the good news, the fed and the market parted ways with the group that regained the market's confidence, but rough then like

it is now with markets and the fed not on the same page now, tim, we're entering a period now where central banks are no longer stepping in to calm the markets and the markets are clearly coming to grips with this new reality. the fed is not alone the boe is looking to normalize with brexit in the background and slow down with european growth in the background how do you allocate among assets in this new environment? >> well, i think we should go back to the summer in fact, in the beginning of july that was the first time we saw the divergence globally and more markets reacting to the change inpolicy and the signs of slowing growth. that's when we called our allocation from overweight to market weight. we asked that question, where do you allocate and made the point at looking at declines and everything pointing to things getting worse before they get better correlations pick up on the down

side you don't have anywhere to hide if you're going into a global bear market. we moved everything to market weight and that remains the case but the one divergence we really had where the u.s. kept going and the rest was dropping. we did say allocate into the u.s., but then when we got into finally u.s. cupitchialated we went into market weight. we are starting to see something recently the u.s. is starting to underperform the u.s. is catching up with this global down trend this dozen mean that they're rising in absolute terms, but they're starting to have already, we have five markets that are already down by more than 30% the index is down more than 20%. we had so much damage already having occurred among em, we should think about the valuations they have gotten very cheap. the markets will be more reactive if actually all of this policy that is referred to starts to move back towards more

c accommodation, actually these markets are pretty cheap not only the cheapest, but also the highest beta coming out of a global bottom, they could outperform and, thirdly, correlate with u.s. dollar if the fed is going to be a little more dovisdovish, that cd help >> looks like it could be a strong year for em? >> it could be. now, coming up on the show, shutdown show down details, next. stay with us

welcome back to "street signs. ium these are your headlines 700 flights will depart from london's second biggest airport after a drone forced runway closures and left tens of thousands of passengers stranded ahead of christmas danske second profit warning

into money laundering at the danish lender. equities open in the red on the last trading day before christmas after major averages sink to 2018 lows. pro-independence group take to the streets as barcelona separatist leader admit to easing tensions. now, we are just getting the final uk q3 gdp figures out. this is the fastest quarterly growth since q42016 in year on year terms so unrevised as expected

uk q3 real disposable income flat quarter on quarter and saving ratio 0.6% is unrevised from the first estimate. so, really in line with market expectations sterling pretty flat on this news the more, perhaps more interesting was yesterday's data on the retail front. we had retail, sort of mixed, mixed view of uk retail with some indicators suggesting that this base was actually in okay shape, which comes as a bit of a surprise after the profit warning earlier this week sent retail down pretty sharply fin final growth since q4 2016 the wednesday federal reserve meeting taking center stage. we saw some big yen appreciation on the back of that. now, the move is more muted

today. investors really digesting what happened liquidity presumably fairly thin in the lead up to christmas, the last full day of trading ahead of that holiday. a pretty muted day in fx markets. let's have a look at european markets and see where stocks are trading this morning a negative day italy underper forming down 1% remember earlier in the week we had a pretty big bounce and italian markets led higher by italian banks and the truce between the italian government and the european commission on the 2019 budget. that has really come off in the last couple days a negative day across europe but as i said, not quite as negative as we saw yesterday now, let's move on to oil. opec is set to release details of output quotas according to a letter seen by reuters, the cartel will call for an output cut of up to 1.2 billion barrels per day. that would amount to an effective reduction for

countries over 3%, which is actually higher than the cut first discussed by the group now, i want to take you to the oil price as you can see wti and brent bouncing off the lows. another horrendous day yesterday in energy markets and deja vu where they closed down 5% on the day. we are seeing a little bit of a bounce this morning but no more to compensate for the trade today and brent trading around the 54 mark here this morning. now, the u.s. is on the brink of a partial government shut down as a house stop gap measure looks certain to fail in the senate and the president says he will not sign a bill without more border wall funding. blain alex alex ander reports. >> reporter: this is a waste of taxpayer money it is embarrassing

>> the president said this is something i believe in because i care about the american people. >> reporter: granting president trump's wish, passing a short-term spending bill with $5 billion for the border wall. >> the motion is adopted without objecti objection. >> reporter: but now back to the senate where members made clear this version has almost no chance of passing. >> today's events have made one thing clear. president trump is plunging the country into chaos >> reporter: today, president trump insisting it is not about politics >> any measure that funds the government must include border security has to not for political purposes, but for our country. >> reporter: but conservatives are turning up the pressure for him to stand up for his wall >> trump gets nothing and the democrats get everything >> trump would have been a joke presidency that scammed the american people. >> reporter: and with democrats taking house control in exactly two weeks, conservatives fear for border wall funding, it's

now or never so, now, congress is closing in on 24 hours to work this out or more than 400,000 government employees will go without pay over the holidays. now, as for president trump, he's scheduled to spend christmas at mar la a aa largo f the government shuts down, he will not travel to florida. let's take a look at u.s. futers a futures and how the markets are open to shaping up today the nasdaq get a little bit of a bump today to open up about 17 points higher. yesterday we saw that tech-heavy index actually sink into bear market territory a really tough day there a tough day across the u.s. markets with all three major indices ending sharply lower nine markets in correctienergy the vix hit a high yesterday

so, it looks like we're seeing a relief rally coming together in the u.s., but overall they look fairly muted particularly in the context of the selloff we have seen this week i want to bring in steven bell when we look at the performance across u.s. equities, not just in the last week, but over the last month december has been the worst month for u.s. stocks since the great depression u.s. weekly fund flow data showed that this week funds suffered their second worse net outflows of the year is the marketreaction justified? >> well, i think you've given the explanation. people are selling if you look at the fundamentals, they look pretty good. at the end of the day, they have to matter. ultimately, they dominate. but if a whole lot of people are selling, who will stand in the way of this? i think particularly leverage players they can't take the pain, so they have to sell it's interesting that the u.s. market which is, you know, has been the best performer and has the strongest fundamental is

corporate earnings have been very strong this year and a dubbish signal from the federal reserve. they have been punished because they owed the most that's bad news and i didn't expect it, to be honest. but they are selling pressure. we have to wait for it to go through and then i think things will be okay >> on your point about the leveraged players being affected the most is the fed underestimating the impact of its balance sheet reduction action obviously, we saw the quantitative easing allowed investors to move down the risk curve and invest in riskier plays and now we're just simply seeing the reverse of this do they really understand the effect that these moves are having on liquidity in the market >> i think when someone is trying to find a reason for the stock market going down, they often reach for blaming the central bank and a lot of people said quantitative easing, it doesn't work oh, but quantitative timing is putting the market down. you have to be consistent here if you want to look at the

mechanism, it's by raising bond yields and the curve is flat those yields aren't very high. so, i don't believe, well, i do think rising u.s. interest rates are the fundamental reason behind the selloffincreased rhec from the fed over the summer that really put the market, but they have gone more dovish now what we have are selling pressures triggered. i mean hedge funds had their worst, hedge fund equity had their worst day at the beginning of this selloff in october and still seeing the down waves of this the corporate bond market and is huge, vast, and too expensive. if you want to hedge that the quickest and easiest way is to sell the s&p so, i think those are some of the forces that are going through and more technical factors and i think the fundamentals when i'm looking at the numbers which i'll continue looking over christmas are fine. >> what specifically gives you the comfort that everything is fine we have weak housing indicators

in the u.s we look at europe and pmis were very weak. the business climate index in germany quite weak mixed retail sales coming out of the uk a lot of it seems like fundamentalsdeterioratindeterio. >> i'm preparing for this comin year's bell. the only thing we have to fear is the absence of fear tax cuts and now people are nervous. when everyone is nervous, that's a positive kind of the opposite of how most people react in addition, yes, the u.s. is slowing. can't grow at 4% for very long europe is disappointed is that news i think europe for the first time in a while surprised on the upside because a lower old price unambiguous positive for europe. so, i think there are some, well, the economy is slowing and real problems with china and the

u.s. which go way beyond trade which many people on this program have discussed there are issues by and large, corporate earnings are growing and the world economy is still growing and most of all, inflation is not a threat high inflation or deflation, that's what we hate. we don't have that we have slowing growth, not accelerated growth but still decent growth. i'm reasonably positive. but right now you have to watch for the selling pressure to flow through. >> i want to pick up on your point about corporate earnings still growing. a bear point that some people have been flagging recently. yes, earnings are still growing but the momentum has been negative in q3 we saw earnings momentum and certainly earnings estimate momentum turn negative analysts are revising down their numbers. if we looked to 2019 in europe specifically, what can we expect for earnings moment and are you confident that we're near the end of that negative earnings revision >> i think the earnings in the

united states is going negative. after 25, 26% earnings, you're going to go slower in europe we actually had not a good year for earnings disappointments, financials. and financials keep on disappointing. and really we're in a situation where because it has a big sector in the european market, financials, that the delay of interest rate increases and it looks to me y was hopme, i was a earlier increase, now looks to be delayed even though italy the italian bond market has rallied a long way, the italian stock market hasn't i think there are concerns there. one of the things i'm looking for is credit conditions are beginning to tighten in italy because the banks were getting nervous. actually as the tightening in the uk, as well, for brexit. it is not fully recovered from the european financial crisis, yet alone the global financial crisis i think earnings will grow in

europe i would like to see better growth we'll get slightly better than expected nothing tremendous earnings growth in europe next year towards high single digits, 8%, 9% a real positive for the market it's been beat up by continuing disappointment the fact it hasn't gone down as much as the s&p. all people clearing their decks because i'm having a bad year. >> so, we're looking at potential upside surprise for 2019. >> i think so. >> excellent i'm afraid that is all the time we have. steven bell at bmo global asset management. beijing has hit back after an indictment over what they allege is state-backed in a strongly worded statement the chinese foreign ministry accused washington of fabricating facts, slanderous smears and erroneous action.

>> china has come out swinging to fight the u.s.'s charges of corporate espionage. the foreign ministry issued a statement saying the u.s. has made up facts and created noise and argued that the chinese government has never participated or supported anyone in any way in corporate cybertheft the ministry countered that the u.s. large-scale cyber theft is an open secret and that china would never accept these accusations. beijing's response comes after the u.s. justice department charged that two chinese nationals conducted a campaign of cyber theft against the u.s. and its allies they said they are linked to china's state security intelligence stole sensitive trade secrets and other data as part of a hacking group known as apt10. according to the indictment, they got access to 90 computers targeting 45 american technology

companies and computers belonging to government agencies like nasa. this is what the fbi director said about it. >> as evidence by this investigation, the threats we face have never been more severe or more pervasive or more potentially damaging to our national security. and no country poses a broader, more severe, long-term threat to our nation's economy and cyber inf infrastructure than china. china's goal, simply put, is to replace the u.s. as the world's leading super power and they're using illegal methods to get there. >> the uk, australia and new zealand have joined the u.s. criticizing beijing. china slammed their remarks, too, calling them slanderous cnbc business news, beijing. u.s. defense secretary jim mattis has resigned citing a growing divide with president trump over u.s. foreign policy

accused trump of failing to value the u.s.'s allies in the middle east as the president begins to pull thousands of troops from the besieged region. white house officials insist they did not force mattis to resign. coming up on the show, uk retail sales beat expectations as shoppers race to snap up black friday sales more after the break i want to leave you with pictures of some of london zoo's star attractions getting into the christmas spirit stockings filled with hay were some of the treats offered to the animals on a balmy december day. we added our own snow. be pla we freely share our science to help find cures and save kids with cancer everywhere. and no family pays st. jude for anything... because all a family should worry about

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welcome back to the show a bumper black friday boosted uk retail sales ahead of expectations in november the monthly figure came in at a six-month high of 1.4% void by in particular sales at household good stores. a positive news for retail sector which was rocked by a profit warning earlier this week i am pleased to say i am joined

by u.n. ventures ceo of fort and mason. talk to me about the key trends you're seeing this christmas shopping season. >> i think more than ever before people are buying into traditional foods. record performance of things like our king george christmas pudding and minced pies and luxury foods like caviar and fantastic white truffle season and then, of course, never been more popular both sales here in the uk, online and also sales in our overseas territories >> in terms of consumer tastes, you're talking about the more traditional things selling well. how are changing consumer tastes influencing your business. a rise in dietary intolerances and really preferences changing over the last few years. >> more gluten free and vegan

has been one of our best selling lines this year. i think recognizing that changing tastes and equally i think people come to fortnum because they're looking for those classic, traditional products when times are uncertain times, people often turn to brands that they trust the most and products that are the most familiar and that is a sign of reassurance, really >> you mention that your overseas business is doing well. i know back in november you reported very strong sales growth boosted in part by your overseas business. how are you building up the brand outside the uk given that you don't have the luxury of a flagship flagship store >> london is truly open. we are a golden capital and despite what is going on with the brexit debate, it will be this mecca they discovered the fortnum

brand and when they discovered that we have a post in south korea or north america, then i think people are very familiar with who we are. i think one of the other key ways of talking about the brand is social media. never has it been more important to have great presence on all the different social media platforms. now, of course, in places like china with we chant. a new technology that we need to constantly be aware of >> you mention that you do rely in part on a global customer base here in the uk. so, are you concerned about the impact of brexit in terms of the traffic in your brick and mortar store? >> well, if anything, the pound is, you know, at a pretty all-time low that's clearly making the uk more value for money for inbound visitors so, for example, trading 40% up and customers from japan 55% up currently. i think, you know, am i concerned about brexit, yes, for lots of reason

i see reason to drive consumers and, importantly, online you know, we are delivering to 130 countries in the world this christmas season and we had record performance you know, ordering from america and arriving three days later is a pretty impressive service. >> certainly some conflicting retail data more broadly here in the u.s. the last few days. and some of the data points to a strong november. yesterday's uk sales report says november was stronger than the market expected and then a report suggesting that december was weaker than expected have you noticed that customers have been frontloading their christmas shopping into the month of november and december is weaker? >> it stands to reason in december in general the discounting around that awful import around black friday in america. the worst idea possible. we like boxing day sales what's that all about. >> it does baffle me that we have black friday here, but we

don't have thanksgiving. >> so, for sure. you can see how in the retail trade people must have bought a discount in november for fortnum we have seen great sales through this month a softening online i think that is partly due to consumers feeling a little bit uncertain about brexit and what should we be doing but we're anticipating this weekend and online throughout our stores in london we're anticipating a strong finish to christmas. >> that sounds very good thank you for joining us for this festive chat. now, i want to get back to barcelona where spanish prime minister pedro sanchez and his meeti ing and take center stage following talks between sanchez and barcelona leader with the long-standing political crisis

switching gears to sports. manchester united has been speaking to the media this morning and said he would love to be considered for the job on a permanent basis. our sports reporter adam reid joins us with more what has he been saying this morning? >> interesting you are looking at barcelona there the site of the most famous achievement in a manchester united shirt when he scored the winner this morning he has been speaking to the media for the first time most notably, he said maybe one day he would like the job full time he would love to take the manchester united job at a full-time basis. he is basically being loaned by his parent club and he's there

until the end of the season now and he's not going long to get his feet under the table and taking the team to cartdiff cit. going to be a tough nut to crack. in fact, picked up some at hominid the old wiley fox. but been talking about transfers. the january transfer window is coming up, as well the club has scouts and they have targets i've not sat down and talked to them about getting these players to enjoy playing football, again. i was told he would have a say in any transfers that manchester united bring in in january he talked about taking the job he said he didn't think twice when the club wanted to sign me as a player and, obviously, more of an honor and a privilege to get the club playing well over the next few months and he, of course, manchester united and we

saw a shot of him a few moments ago. the most successful manager in premier league history he has already been in touch with him to find out exactly how he is getting on with things and not a bad person to have on the end of the phone when speaking to someone who is getting managerial advice. cardiff city tomorrow evening and they've got to do better than where they are because they need to finish in the top four, of course, to get into the champion's league or, of course, win it >> all eyes on cardiff's city. adam reid, thank you very much. let's take a quick look at u.s. futures looks like a mixed start to the day. no massive moves there but a bit of a mix day after yesterday's big selloff. on this last working day before christmas let's leave you with a festive look at the rockefeller tree that's it for today's show "worldwide exchange" is up next.

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trchlts is 5:00 a.m. at cnbc global headquarters. break out the advil because it looks like the fed hangover is here to stay wall street is struggling for gains this morning following yesterday's another big selloff. your trading day set up. that is straight ahead. defense secretary jim mattis handing in his resignation that fallout ahead and then a shutdown showdown congress has until midnight to pass a spending bill and avert a government shutdown. we are live in d.c. with the

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