♪ it is 5:00 a.m. at cnbc global headquarters. here is your 5 at five the rally returns. stock futures pointing to strong gains after stocks snapped a six-week winning streak. it's just another merger monday more than $56 billion in deals to talk about as we kick off a shortened week for the overall markets. now included in that number, lvmh finally inking that deal that will get that little blue box in their collection to the tune of $16 billion transaction and call it the hong kong

stunner. a landslide electoral victory for the pro democracy movement has asian markets soaring as a smashing success elon musk taking a victory lap as pre-orders for tesla's cyber truck come rolling in. "worldwide exchange" begins right now. ♪ good morning and welcome to the show i'm dominic chu in for brian sullivan it's monday, november 25th, 2019 your deal of the day lvmh buying tiffany for $135 per share in cash after weeks of speculation, much more on that deal coming up but as you can see here, both stocks reacting well stock futures incaindicating the dow will open up by 80 some points this after handing in its first worst weekly performance since around early october, but again

the dow jones had opened up by 88 points. the s&p by about 10 and the nasdaq by 32 if these gains hold into the opening bell for regular cash equities trading. with regard to the bond market, look at that as well we are seeing a bit of movement there to the upside for yields the ten year note yield 1.75 note yield you can see that difference between those two, that yield curve between the 2s and 10s, 15 bases points we have seen the yield curve flatten a bit over the course of the past couple weeks. let's now go worldwide look at the trade overall within europe, it is generally positive take a look at the dax, up .5% and ftse almost .75% german dax helped along by the german ifo index the overall markets for europe, translate into what happened in the asian session.

the positivity from hong kong we just talked about, nikkei and hang sang up 1.5% and the shanghai composite and mainland china up .75% of 1% as well. pro-democracy candidates landed what's being called a stunning election victory our own emily tan joins us now from hong kong with the latest there. emily, just how big of a deal was this for the overall market, the fact that pro-democracy candidates took that big of a win? >> good morning to you, dominic. we saw a big cheer in the market as you just showed us with the hang sang index rallying 400 points on the back of a stunning victory for the pan democrats. they were able to secure 17 of the 18 district councils this is the opposition and the first time basically taking over from the pro-establishment camp. it was controlled by them previously and now overtaking that 17 out of the 18 districts.

this is a record high turnout in terms of voters. 71.2%. close to 3 million people coming out to vote in a population of 7.5 million. up for contest, 452 seats and 18 district councils and this is the first time that all seats were contested carrie lam saying that voters were keen toex press their views through an election. she'll be respecting the election results and the government will humly listen to citizen's opinion and seriously reflect on it. hong kong enjoying one weekend of peace and calm that was this past weekend in 25 so we are keeping count of all the unrest that has been gripping the territory the question remains, though, if the situation will remain like this on the back of the election dom? >> so emily, you spoke about the unrest there is there any sense right now just with the initial reaction that the protesters have been quelled at least for the time being given the election results

or could we still expect to see the level of protests that we have over the past several weeks and months now at this stage >> my guess is that things have calmed down. the protesters have gotten what they wanted. the hong kong community has spoken out it was a huge turnout at the polls just yesterday, as i mentioned, some close to 3 million people casting their ballots. they have spoken and chosen the pan democrats the opposition parties capturing the majority of the votes so 17 out of 18 district councils so with this, it should calm sentiment. we've seen a couple of calm days in the -- over the weekend the lead-up to the polls because the government stipulated that it needed to remain calm so we couldn't have any violence in order for the elections to take place as planned that's exactly what we got and the hope is that things will remain calm. the ball is in the government's

court. let's see what they do next. >> emily tan live with the latest election results. thank you very much. let's look at the other top stories we're following this morning. rahel solomon has a run down of the stories today. >> good morning. let's start out with the latest oen the trade front. so the global times says that china and the u.s. are very close to phase 1 of a trade deal chinese paper, which is run by the communist party's official people's daily, says that beijing remains committed to talks for phase 2 or even phase 3. reports last week said that completion of phase 1, which had been expected this month, could slide into next year as china seeks more tariff roll backs and the u.s. counters with its own demands. speaking of politics, mie ball bloomberg is jumping into if race for president. he says he is uniquely positioned to defeat president trump. bloomberg will quickly follow with a mass ad campaign in key primary states.

overseas saudi aramco's top executives are taking their case for the ipo to investors across the middle east. reports say they met with investors in dubai yesterday after trying to secure demand from kuwait's sovereign wealth fund in recent weeks another road show is planned today in abu dhabi aramco may end up be the world's largest ipo and shares are expected to begin trading early next month. we have breaking news out of the united kingdom london's transport regulator announced it will not grant uber a new looips the company is not fit and proper to hold a private hire operator license it adds that a pattern of failures by uber placed passenger security at risk meaning it cannot renew the license. we're watching that stock right now down just about 6% in premarket trading here in the united states. those headlines are developing we'll continue to follow them but the stock reaction negative to start right now for sharing of uber. a lot to digest ahead of

what will be a very busy but holiday shortened week of trading here in the united states joining me from london, chief equity investment officer and lead portfolio manager of the firm's large cap strategy eddy perken we taked so much this much about what's happening in hong kong and uber and so many different story lines to follow right now. what will be key for you in markets to watch as this week unfolds for thanksgiving here in the united states? >> yeah. i think let's review the year. the s&p 500 is up close to 25% markets around the world are up not quite that much but also have done very well and at the start of the year coming off the fourth quarter last year, sentiment was extremely negative positioning had become very cautious and we said we thought cash would be trash in 2019 because we thought risk assets, high yield, bank loans offered much better value you could get from the very safe investments

that's proven to be the case the reason we thought it would be the case is because we had various catalysts in front of us we thought we would have a china deal at some point we thought we would have resolution to brexit and some of the concerns about a global recession recede into the background none of those catalysts have come through and the market has come up drastically. what i'm watching is positions we are starting to see at the margin investors take more risks finally. you start to hear the expression fear of misses out, people getting into the market, chasing the rally match that's what we're watching very closely because the catalyst of trying to trade deal, improving economy are still in front of us. >> they're still in front of us, but there's a case to be made by some traders out there especially ones who are perhaps not as bullish as others that many of the positive headlines with regard to trade and economic development and with regard to a bottoming of the manufacturing cycle not just here but globally being priced into the market and that's why

you see the market record highs. sta kisically unlikely, a lot of overbought oftentimes with regard to the s&p. is that still the case >> i would take the other side of that argument i hear that argument obviously when stocks are up 25% they're more expensive than they were at the beginning of the year so there is an argument to be made there i would look beneath the surface. what has worked this year? until the last couple of months it was dividend yield stocks, it was safe stocks. look at the high yield market, cccs the more risky side lagged single bs and double bs. until the last couple months the market was led higher by the safest stocks. people are still doubting this rally and therefore i don't think all of the good news is priced in at this point. >> let's assume all of that good news is not priced in still upside for the overall market. are there places in particular that should outperform given the fact that there's a catch up trade in play? >> yeah. i think it will be your more

cyclical sectors, more value-oriented sectors i like. the banks. a lot of u.s. banks are still trading modestly above book value which says the market still worried about a credit cycle, still worried about the yield curve. so i like the banks. i like industrial stocks there are some good industrial stocks priced pretty rich. but some of the more value, more early cycle, cyclical stocks i think still are a good place to invest then i would also look outside the u.s. because every argument you make about the good news being priced in, if it's true, it's true inside the u.s it is not true outside of the u.s. i'm theer look for good identities in the european equity market because germany pmis are at low level. we see the europe turn higher, brexit could be a catalyst it's the catalyst not just for the uk but the whole

pan-european economy the relative value of the european market, the more cyclical nature of european stocks as well as japan. japan is a very interesting market that has improving corporate governance and improving shareholder friendly management teams and a cheap market relative to history, so i think outside the u.s. you find better value. >> eddy perken, thank you very much live from london this morning. we appreciate it. when we come back on the show, not the most perfect of proposals but tiffany finally saying yes to a more than $16 billion offer from luxury giant lvmh those full details coming up. plus, carl icahn making a new move to take control of occidental petroleum and how disney made history yet again. ve busy hour still ahead when "worldwide exchange" returns right after this no two patients are the same. predicting the next step for them can be challenging.

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well, the deal has been sealed with a bow on that little blue box lvmh striking an agreement to buy tiffany for $16.2 billion, $135 a share in cash for tiffany. it's expected to close the middle of next year. the company's were reportedly in talks since tiffany pushed back on $120 share offer just this past month for now, let's bring in corporate finance and deems editor at the financial times.

this is a deal that, yes, has been brewing for a while, but let's talk about why lvmh. why not anybody else what is it that lvmh sees in tiffany and why is tiffany so apt to be with lvmh. >> okay. there's a lot to unpack there. let's begin with the man who is behind lvmh, europe's richest man, aka the wolf in cashmere. he has been looking for acquisition targets the past few years, he bought ramoa, bell mon the hospitality and now he has his hands on tiffany the opportunity for tiffany is specific with the jewelry, hard jewelry category lvmh portfolio is not as big so on the big picture, that's the reason why then there is what's the opportunity with tiffany itself. what lvmh is really good at is

elevating brand values what they try to do is basically ultra premiumize, ultra luxuryize the space and segment whatever they get ahold of now, according to many people i have spoken to, if you go into tiffany stores and some of the places around the world, some of that shine has come off the company. it's in need of a renovation it's already the midst of a turn around by a new management team when they made some changes to their board just two years ago under from an activist investor. what they get is a leader in ar no-fault who is deeply familiar with revitalizing brands and strengthening them and making them as strong as possible where there's a ton of value. >> you mentioned the idea that this is about the luxury play. tiffany in the past has had perhaps a few struggles here and there with regard to their product mix. not only is tiffany about the high end side of things, very expensive engagement rings and the little blue boxes but they have a lot of stuff out there

that's maybe 100, 200, 300 piece for the everyday buyer if you will how much of that product makes then changes given the fact that lvmh has the tilt towards the ultra luxury side of things? >> definitely. if you consider louis vuitton, one of the best known brands within the lvmh stable they have the wallets in accessible range. what they try to do is build out the entire range of offerings to consumers but push the far end of that and let you go high up the value spectrum while keeping that still high margin but acceptable margin. i think they want to reach as many people as possible but really keep that cachet at the very end of the spectrum now, this isn't the first acquisition in the hard jewelry space. in 2011 arnault bought bulgary for $12 million.

he was able to extend the reach and really repurpose it in a lot of way i think they're going to take a play book they got from that and from some of the other experiences and mix them all together to see what they can do for tiffanys now they are paying a very big price which is something toels bear in mind the initial offer came in by $120 a share by the end of the negotiations they ended up $135 a share arnault is a ferocious negotiator if he's willing to move that much that quickly, it's definitely a sign he thinks there's a lot of value to be unlocked. >> there's a reason why they call him the wolf in cashmere. arash, thank you very much we appreciate you. still on deck for the show a fall from grace. details on bitcoin's latest plunge plus, elon musk hauling in the the preorders for the cyber truck and taking a knock at ford along the way. we'll show you what that means "worldwide exchange" is back right after this ♪ protein,

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shares up 23%. hpjecting xero bid to buy the company hp reiterates it believes the the 22 per dollar share significantly undervalues hp last week xerox threatened to go hostile in its bid if hp did not agree to friendly discussions by today. hp shares up .25 of 1% carl icahn plans to nominate ten directors. bloomberg says this is an attempt to seize control of the energy companies board carl icahn getting more active in the occidental shares. straight ahead on the show, check out what's happening on with the show. taylor swift taking the american music awards by storm and shaking it off at least for one night her very public feud with scooter braun coming up ahead.

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♪ it's going to be an up start to a holiday-shortened trading week in the u.s. the s&p up by 10 pnts oiand nasdaq up by 32. keep it right here, "worldwide exchange" will be right back after this it is nice.

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non-gmo, made with naturally sundown vitamins are all sourced colors and flavors and are gluten & dairy free. they're all clean. all the time. even if sometimes we're not. sundown vitamins. all clean. all the time. ♪ breaking news. uber shares dropping after london shows the ride hailing giant a stop sign. former new york city mayor michael bloomberg formally entering the 2020 presidential race what the billionaire will bring to the already crowded democratic field. and the show goes on for taylor swift the singer taking the stage at the american music awards amid her public fight over that performance. the show rolls on right here on "worldwide exchange."

♪ welcome back to the show thanks for being with us on cnbc i'm dominic chu in for brian sullivan here are the stock futures looking. the dow coming off its worst week since early october last week, but right now these futures gains if they hold will lead to a 90-point rise in the dow. at the opening bell the s&p would rise by 10 points and the nasdaq up by 32. breaking news on uber this morning, london's transport regulator announcing it will not grant uber a new license to operate there. willem marx joins us with the full story good morning, willem. >> good morning, dom this is not the first time this happened back in 2017 uber lost its loins. that was due to failures on background checks for drivers as well as concerns that they hadn't been reporting criminal offenses correctly in 2018 a judge gave them a bit of lee way

a 15 month probationary period and now we're hearing they logs their license. transport for london the regulator saying they're not fit and proper to operate a license for hire they put passenger and driver security at risk the focus is on the details. what happened the upgrade to uber systems allowed for exploitation of vulnerable in the app that meant that unauthorized, unlicensed, potentially uninsured drivers could up load their photos to another driver's profile tfl saying that happened 14,000 times and they're not happy about it uber has come out saying over the last two months we ordered every driver in london further strengthening our processes. we have probust systems in check. we'll soon introduce a new facial recognition process tfl is extraordinary and rong and we will appeal

that appeals process 21 days between now and then they can continue to operate. they have 45,000 drivers here in london 3.5 million passengers it is the largest market for the company in europe, dom >> so you have given us the numbers on just how popular it is is there any sense about whether or not this kind of a ruling will have an impact on the riders who use it? will it have a dampening effect this negative pr with folks saying maybe i don't want to ride uber because of all of these issues it has given what's happening with the transport authorities there? >> you know, i haven't seen the detail numbers over the last few months since this process has been going on where they're trying to upgrade their processes around driver security in terms of what's come out today, you would have to think that people getting into an uber like to know the person the driver is who they're told it is and that person is insured if they're not insured that puts you as a passenger at risk

that's got to be something that's concerning. in london over the last couple years we have seen a number of competitors come into this marketplace. the pressure son uber. they had huge advertising around uber pool. >> those uber shares are down just about 6% on 40,000 shares premarket here in the u.s. willem marx, thank you very much for that update on uber. get to check on some of the other top stories. j. powell is set to speak for the first time following his cordial meeting with president trump last week. powell will appear alongside federal reserve bank of boston president eric rosen gwen at an event in connecticut later this morning and travel to rhode island the price of bitcoin falling to a six-month low on new comments out of china. it's now hovering right around $66 hundred per token.

that move erased last month's gains on chinese president x jinping public support of block chain technology. carrie lam is promising serious reflection following a landslide victories by prodemocratic candidates they secured nearly 90% of the 452 district council seats this was first election since a wave of violent protests began in hong kong and saw unprecedented turnout of more than 71% of voters mixed reports this morning surrounding the on going u.s. china trade talks reuters is detailing the lack of progress on a phase 2 deal before the 2020 presidential election meantime, weekend comments from both countries sounded hopeful about a near-term phase 1 deal so joining us in a rare studio appearance eunice yoon

so great to have you in the states. >> it's great to be here. >> we sit there across a television monitor talking about these same issues. it seems so much more real now that you're here so take us through what exactly it's been. you've been giving us great color on what's going on with the trade negotiations why are we already talking about a phase 2 if a phase 1 hasn't yet been agreed to yet >> i don't think that anybody is talking about the phase 2 seriously because as we were just talking about in that report the idea that the phase 2 can be reached when we haven't agreed is some of the lower hanging fruit issues, such as agricultural purchases everyone thought, okay, narrowing the trade deficit. that will be one of the easier points hasn't been easy so in terms of a phase 2 agreement, it's very difficult to find anybody in china who thinks that that is going to happen any time soon. >> so you speak to so many of these sources within the government on a daily basis. one of the things we're seeing develop over the weekend is this

idea that china might be getting more serious about the idea of cracking down on intellectual property theft that's been a real sticking point for a lot of these negotiations is it really fair to say that china wants to move on something like that? >> well, i think it does there are people within the government who understand that it makes sense for china to crack down on intellectual property theft especially because china wants to become a property leader. the movement and the trend is for china to improve the rights for intellectual property. is it moving in the way the u.s. wants? are they talking about forced technology transfer which is china continuously denies? that's another question. >> so this idea of technological superiority. we know that china is trying to jockey with the u.s. for superiority in things like artificial intelligence and supercomputing if you have all of these dynamics in play, is it fair to say that the bureau in china is

looking towards these trade negotiations as a wi to gain an edge on the u.s. in technology or more of a cooperative-type stance they're trying to take? is it really that adversarial. >> i think the chinese at this point want to get a trade done deal because they feel like it's an impasse that needs to be or come in order for this relationship to continue so it's good for the economy if they just get this level of uncertainty out of the way, but at the same time, in terms of what are they willing to actually compromise, that's another big question and most people still believe, long time china watchers arguing this over and over is that beijing isn't willing to make those changes. they have a way that they're running their system in fact, the vice premier just a couple days ago said that china has a state-led model and they're not going to change that state-led model. there might be some negotiations on the fringes in a way that makes sense for china, such as

say the financial industry there's been more of a push to try to open up the marks there because china sees a benefit for it, but in terms of a whole scale change, that's very unlikely to happen. >> stay right there. i want to bring another voice into this conversation we have kenny on the line as well kenny, you just heard eunice's report on what's happening with china and those negotiations the market impact has been -- i don't want to call it a melt-up because it seems cliche, there's no doubt the market has been on this 30 degree up angle for the course of the last month or so now. is it justified given what we know about trade with the u.s. and china? >> well, i think it is i think what the market is telling you is that certainly investors in the market want to see a trade deal happen. they want to see some movement we have been talking about this now for 23 months already. i think that the news over the weekend that china has now come out and said that they -- that they're going to look at intellectual property theft and

forced technology transfer is something that really needs to be addressed it's a huge positive in terms of the change of mentality over what we've been talking about, right? there was this real push against it for a long time, now suddenly they've come around to this conclusion that maybe we should really think about how we want to position ours to eunice's point -- eunice, welcome to america i think you a fantastic job. but to eunice's point, i think it's important, right? china wants to make a deal we wan to move forward the u.s. certainly wans to make a deal i think it's all good. the fact that recognition of this i.t. stuff over the weekend wu a big move as these phase 1 and potentially a phase 2 into the new year. >> so that's the big picture u.s./china trade stuff let's take it down to the micro level. we have stuff out of alibaba gearing up for a big day tomorrow, that's when shares of the ecommerce giant officially begin trading with that listing in hong kong now last week the company announced the stock will be

priced at 176 hong kong dollars per share or about $22 u.s. each to make alibaba's listing the world's biggest so far in 2019 and will boost its cash horde to more than $40 billion, second only to, yes, apple. eunice, we'll start with you on this one here. this is a big deal for capital markets in hong kong it may speak to the breadth and depth of liquidity over there. how big is that alibaba can get this deal off if it can successfully in hong kong? >> it means that alibaba gets a lot more money in their pockets so they can expand in the way they want to that's always a good thing for them but also i think for alibaba it's being viewed in china as a hedge against a listing in the united states. so there's been such a big pushback from u.s. authorities, a lot of questions from congress, people saying, oh, do we have to have these chinese

companies listed here. this is seen as a hedge for alibaba as a way to protect itself in case it has to come home. >> that's an interesting point this idea that this was a risk mitigation factor. there was so much rhetoric out of washington, d.c. about the idea of closing off the capital markets in the u.s. to chinese entities or investors. how big of a deal is this for alibaba and the overall markets especially given what we know about the u.s. china trade negotiations we just spoke about? >> listen, it's cheerily a big deal i think the talk coming out of washington about limbing chinese investors or limiting chinese firms coming to america is completely against everything that certainly capitalism stands for and this country stands for. some of that will get lost in the consideration, but on the other hand, to your point, to eunice's point about alibaba creating a hedge for themselves, right? there's been talk about what are they going to do with that money? is there share repurchase in the

united states to minimize exposure in the u.s. and bring ownership more back to that side of the world is a possibility. certainly acquisition, raising the dividend is all -- are all possibilities. so it's going to be very interesting. 40 billion or $43 billion is a lot of money figure out what we're going to do with it will be very interesting. i do think it's a hedge for alibaba to try to bring more exposure to that side of the world to where really alibaba is headquarters. the hong kong elections that just happened. is there any sense about what it's going to be like, the reaction from the mainland chinese government about the statement that was made this past weekend >> well, they already have reacted. so what was interesting is -- so we saw this landslide, which is kind of an understatement to say it was a landslide the pro-democracy camp picked up 17 out of the 18 districts, 263 seats according to hong kong

media which was huge the voter turnout was 71%. et really flies -- that election flies in the face of what the beijing narrative has been is that you have a handful of radical crazy people who are creating all this violence and that the vast majority of people don't support them it turns out a lot of people support them that's a problem for beijing the leader of hopg congress, carrie lam has come out and acknowledged this said she is humbled by it. they're going to do something about it, but the foreign ministry doubled down on what's been the beijing point of view so they said earlier today that beijing was going to -- they said that stopping violence and restoring order was a paramount task and the foreign minister also weighed in on a visit when he was in tokyo saying any attempt to mess up hong kong will not succeed so again, if we're looking for indications of beijing, willing

to accommodate some of these changes they're seeing in hong kong, we're still looking. >> eunice yoon, thank you very much for all things east asia. kenny, stick around for a couple second here. despite its window-shattering debut, tesla ceo elon musk touting the preorders for this cyber truck in a tweet he simply stated 200,000. earlier tweets from musk had preorders hugged at 146,000 with 41% of those customers choosing the highest price tri motor. so kenny, i mean, this thing was panned i wouldn't say universally but by a lot of folks out there when it came out regardless of what happened with the bullet proof armored grass what exactly does this say about the environment in which tesla shareholders now have to operate in >> listen, i think the shareholders are in it for -- tesla is this high growth

company. it's up. it's down. based on the mood of the day if you're in it as a shareholder, you're in it for the ride there's this whole cult around tesla that we see. this truck, did you see what the truck looks like i'm scratching my head is it really a truck does it operate like a truck who is going to drive it are they driving it because thaw want to own this cyber truck that tesla designed? is it like the hummer in '98 or 2000, everyone had to have a hummer, for what >> kenny to that point, i want to show you something because you mentioned a couple other traditional ice vehicles before i let grow, i want you to take a look at this video because what it shows is a competition a tug of war if you will the cyber truck on the right and the ford f-150 on the left they're trying to do a tug of war and this is a tesla p.r.

piece to show that the cyber truck is so much more powerful than a traditional ford f-150. would you buy one? i mean, i'm trying to figure this out >> listen, i have to tell you something, i'm such a ford person i'm all about america and a ford person i would buy the ford truck over the tesla truck, first of all, i think it looks more like a truck. if ip a truck, i want a truck. maybe i'm old fashion but the ford truck is my baby. >> all right you're a ford guy. i can appreciate that. speaking of motor side of things before you go, very quick take on the uber news out of london how much should shareholders worry about the fabt that the london situation has not resoled itself in fa sor of uber >> i think it is an issue for uber now especially the fact that people are putting their pictures on other driver's portals and who are you really getting in the car with and becomes a safety issue i'm curious, could that happen here what's the difference between the technology in europe and the

technology in america? could the same thing be happening in places like new york city, chicago, or any of the big cities yes, i think it's a problem until uber comes outside and defines it and serksz lock, this is how wed it. this is not going to happen. safety is not an issue until they're able to do that i think uber will continue to come under pressure they have a lot of explaining to do. >> they have a lot of explaining for sure kenny, thanks very much for the thoughts we appreciate it. >> thank, dom. coming up on the show, it's official, michael bloomberg throwing his hat into the ring for the 2020 presidential election john harwood will break down how the former nyc major could change the game all coming up when "worldwide exchange" returns right after this

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official formally announcing yesterday that he's jumping into the already crowded 2020 presidential race, bloomberg's decision comes roughly three months before the voters cast their ballots in the iowa caucuses broomberg out thes his accomplishment as major of a post 9/11 new york city. >> without health insurance is guaranteed to get it and everyone who likes their's can go ahead and keep it and the wealthy will pay more in taxes and the struggling middle clas will get their fair share. jobs that just allow you to get by will become jobs that let you get ahead. joining me with more on this, john harwood, editor at large. john, this was maybe expected, but it also brings about some of those old-time remember those memories of ross perot, independent run. he's now entering the democratic side of things will he have a real impact on this overall election landscape? >> this is an expeerm we haven't

seen run yet mike bhoomberg is somebody with a very established record in business a strong record as major of new york city and a ton of money what he does not have is a ready-made constituency within the democratic party, but with the amount of resources he's going to put in and bought $30 million worth of tv just the other day for that ad and many others, we're going to see whether he can build that. he's trying to build, of course, not in the early states of iowa and new hampshire but in many of the states in the south that vote on super tuesday. again, not a natural constituency for michael bloomberg. we don't know. most operatives within the democratic party think his path is extremely narrow and not hikely, but the one thing i learned the last few years is predictions on the old model that we have of how politics works don't work too well anymore. we'll have to wait and watch. >> i remember those same words,

narrow path and unhilikely in 26 that elected donald trump. take us through the strategy that michael bloomberg's team will have to use in order to really make that impact when it comes to iowa and the deep south like you said. >> dom, there are two phases to the democratic race for president. there are the early states, the four early states, iowa, new hampshire, nevada, south carolina and that's where most candidates are trying to invest intensive personal time, organizational time to try to achieve liftoff in those states that help them go national later. mike bloomberg is skipping that phase, using his bank account to go straight national now, the problem with that, the challenge, why it hasn't been done before, it's a variant of what rudy giuliani tried to do in the 2008 race, it's hard to

achieve liftoff by going to states and electing money on television and trying to get momentum that way. usually you need to have won something. r you need to have demonstrated some personal retail appeal. he's skipping that phase doesn't mean he can't do it, but it's really, really hard to do. >> that will be a difficult path for sure cnbc's own john harwood. always great to get your thoughts there. copping up on deck, the countdown is on not to thanksgiving but the kickoff to the holiday shopping season. the signals ahead the mixed earning season may be sending. stay tuned you're watching "worldwide exchange." right after this all the time. even if sometimes we're not. sundown vitamins. all clean. all the time.

ympbs it's a a rooif shot from

rockefeller center right where a lot of folks b shopping if coming weeks for the upcoming season preponderance and with that in piend, retailers are gearing up for that holiday shopping season with brak friday kicking things awe rater on the week preponderance joining me now to discuss this, principle at mary epner. let's talk about the themes. >> thank you for having me. >> always good to have you here. are there any real themes developing right now this early in the season. what i can say is that i saw a lot of black friday deals starring last week already >> it could be argued that black friday starred in august the reason is that amazon has the able to start a sale at any moment and will and other retailers have to catch up i believe that will be pref len through christmas. >> wow that's the ecommerce side of things. >> yes. >> can we say anything abthe spending picture this year versus last year the expectation is it will go hire, i does inkren mentally

every year i should be more positive. >> yes it is positive i'm seeing real strength in the lower mass les as well as the very high levels a lil bit of erratic moouch the middle of sector >> it's very mixed and depends on the store and what they have to offer i'm referring to the traditional department stores and people will go there if there's a reason for it to be. so, for example, if they can do something like drop off packages for amazon and buy something else, it's a good advantage, but if they don't have that reason to come in the stores may not see the customers this season. >> so you mentioned the really high end. >> yep. >> and then the really mass market kind of bargain side of things as well. >> yes. >> are there brands in particular that will outperform this holidayn? >> i believe that walmart, target and ross stores will do really well this season. they already have momentum the reason i point out target

and walmart are due largely to their electronics and their toy assortment we have two big movies out this season, which plays well to the toy assortments, plus the retailers have made a concerted effort to improve those assortments. get that customer into the store, chances are you can get him or her to buy more throughout the store >> you also mentioned the high end side of things. >> yes. >> i want to get your take of lvmh going after tiffany. >> it's good to be them. >> as a shareholder you might celebrate this whole idea. how much will be transformational or impactful for lvmh to have tiffany in its arsenal? >> i think it will be tremendous they have spatterings of jewelry throughout the brand and they have some very high end brands in there, but this is an opportunity for them to really maximize the diamond business even more than tiffany has as well as other categories where they have not even gotten into the business

and just with lvmh's clout, i think it will be pretty terrific. >> mary epner, pleasure. >> thank you. >> we always love your thoughts. >> thank you so much. that does it here for "worldwide exchange" this morning. stock futures pointing to what should be a solid gain at the open s&p up by 10 and dow up by 90 points "squawk box" begins right now. ♪ good morning a stunner in hong kong. prodeck mocksy candidates winning a landslide. michael bloomberg jumping into the democratic presidential race we'll tell you what it could mean for your money. and it is merger monday. lvmh announcing a deal to buy tiffany for more than $16 billion. details all straight ahead it's monday, november 25th, 2019 "squawk box" begins right now.

♪ good morning, everybody. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. look at the u.s. equity futures at this hour, you will see that things are in the green. dow futures up by 90 and nasdaq up by 32 last week we saw all the major indexes down for the week. for the dow, it had been four weeks in a row of winning streaks and s&p six weeks in a row and nasdaq just ended a seven-week winning streak. the month of november, still looking at pretty decent size gans the best we have seen since the month of june. treasury market, you'll see that at least at this point it looks like the ten year is yielding 1.789% still below 1.8%. >>