i'm craig melvin. thank you for watching. [music playing] "street signs. >> we're in london and here are some headlines >> european shares slipped from near record highs as china warns of retaliation after president trump signs legislation to support hong kong protesters. >> a new poll predicts boris johnson's conservative will win an election next month while the government is preparing to sell off parts of the health service

to u.s. drug companies. reinvention as a business overhaul aimed at raising over $2 billion a year through 2022 sent shares higher. >> and a bitter taste as the hong kong protests hit congac sales and damage first half results. good morning, everybody. welcome to "street signs." happy thanksgiving for those of you who are celebrating. we're obviously not celebrating because we're here in the studio bringing you the latest on the market action. to recap wall street yesterday we saw record highs for the major eking out gains despite a holiday weekend. we had u.s. data yesterday, higher gdp numbers coming in at 2.1% versus 4.9% also improvement in chicago pmi.

so all in all the picture was a little bit better for the data yesterday coming out of the u.s. but one of the major developments overnight was the news that president trump has indeed signed legislation that passes into law u.s. support for hong kong protesters that has not been well received by china. and, in fact, the tit for tat shows there's been deterioration, and it leads to big questions over the trade talks. that's why they traded overnight with a lot of red on the screens there. and the handover to europe hasn't been positive the market down about .1 point the stock 600 reached about 1% away from its all-time highs of april 2015 so we're almost there.

we've come off a little bit this morning but worth bearing in mind it has been a stellar ride for the stoxx 600. i want to start with the 100, we are drifting below the mark, we're about .5% weaker all eyes on the political developments we have the reports yesterday the polling suggests a large majority for the conservative party to the tune of 68 seats versus labor we saw an up tick of the pound on the back of the poll results. of course the strength of the pound does play a role germany down about .3 points dutch bank tracking at the bottom, auto is back in focus.

the only green on the board is in spain, the ibex about that flat line. one line is telefonica yesterday they announced an overhaul aiming to bring in revenue by 2022 so that's one of the best performing stocks in that index today. let's talk about the sectors the mood overnight took a nose dive after the exchange of words between china and the u.s. on the back of that we're seeing the export sensitive sectors get hit, so auto is down, some of the miners are also getting hit today. teleco there has been activity in the space and reports of a merger we'll talk about later in the show technology getting hit slightly.

at the top we have defenses, .3 of a point, on a day like then when cyclicals are getting hit you would expect the defensives doing better, food and beverages as well. over all a negative tone for this thanksgiving day in europe. >> one of the major developments overnight, china instructed the american ambassador in beijing that the u.s. should no longer interfere in chinese dmeomestic affairs. why, because president trump signed off last night on legislation that supports the protesters in hong kong as washington and beijing work to complete a preliminary trade deal, this new law could test else ares between the two countries. emily is in hong kong and has the details. >> hong kong and china denounced the u.s. legislation as gross

interference in its internal affairs and a violation of national law china has summoned the ambassador to hong kong. adding the u.s. has to shoulder consequences if it continues this way u.s. attempts to interfere in hong kong affairs are doomed to fail they strongly regret that president trump backsigned legislation that backed protesters, it is interference in affairs that is unnecessary and groundless trump had earlier expressed reservations about the bill because of ongoing trade talks now that the act has been signed into law, the state department will have to certify annually that hong kong keeps enough

autono autonomy president trump saying i signed these bills of respect for president xi, china, and the people of hong kong. they are being enacted in the hopes that leaders and representatives of china and hong kong will be able to am ka bli settle their differences let me ask you, best case scenario, this is just a diplomatic spat after president trump signed the legislation what's the worst case scenario from an economic perspective >> hong kong is the biggest geopolitical risk for markets. if the situation escalates badly, if we get to a chinese military intervention, it would be nearly impossible for the u.s. to conclude a trade deal with china, it would be nearly

impossible for the eu to do that that would prolong the global industrial downturn caused by trade tensions having said that, so far the behavior of china and hong kong sul suggests that beijing is aware of the risks and judging by so fair beijing has the priority of safeguarding its own economy from the fallout of a prolonged trade war. >> it's interesting you said that, we had a china focussed guest yesterday and he said it was high for china to enter the ground that being said, clearly there has been a deter ration on the two sides. do you expect this to be a negative catalyst for markets r irrespective of what's on the grounds but for markets going

forward given the u.s. is taking a stance now. >> first of all we discussed the worst case, which looks unlikely to happen. secondly, i do not think that president trump signing this bill should have a significant effect in my view that's part of the normal diplomacy, we know the u.s. and china, china and the western world are different when it comes to human rights, democracy and this difference will not go away and we have to assert that occasionally and china knows probably it has to live with it so in my view i think this is hopefully just a modest spat but nothing that will take china away from the big picture, safeguard its own economy by signing a deal with the u.s. on trade. >> the issue is it started off with a trade deal of the exports, trade deficits, then moved to currency discussion and technology war but u.s. companies are being

targeted and singled out for having exposure -- too much exposure to china we saw that with the case of the nba if they get outspoken or something along the political lines, even though the u.s. president has signed into law support of the protesters so there is a reaction do you not expect there to be ramifications for u.s. companies in dealings with china >> i do not expect serious ramifications from that because ultimately in the big picture china needs the u.s. companies more than vice versa despite its strength in some focussed technologies, broadly speaking china is far behind china needs interaction with the u.s., the technological leader in many fields more than vice ver versa. my view is china will take a little long-term view and not escalate it too badly but indeed

with the rivalry between the west and china and with these very different political, legal systems we will have to get used to discussions and sometimes robust discussions about human rights, democracy between the west and china. >> you mentioned the two very different political systems and a lot of people over the last few months have talked about the relative strengths of the leadership in these two countries and what they're accountable to and, of course, when we talk about things like the situation in hong kong we talk about the situation in the autonomous districts of china. people outside of china say that's terrible or we have a view on that and that should be changed but it doesn't necessarily have the same calculation for those in beijing where donald trump is answerable to an electorate and an economy. as we see the u.s. economy seemingly start to pick up its pace a bit now, do you think that gives the u.s. leadership

confidence when it comes to this trade deal >> i think yes, the recent month have shown some evidence that the global economy, global trade and manufacturing are stabilizing simply because since august we have not seen a further escalation of trade wars that probably should give, and i think will give, the u.s. administration the confidence to a, conclude it would not be good to escalate the trade war too much, and, b, keeping it under control the u.s. economy can have smooth sailing, around 2% growth next year, which would be good enough. >> we'll pick up the conversation about what it means for the global economy next year i want to bring you some flashes we're getting now about an hour ago, north korea reportedly launched two ballistic missiles

into the sea of japan. we're hearing from the japanese prime minister who said the launches are a serious challenge to japan and the international society. he says we will remain in close contact with the u.s., south korea and the international community. so talking about the geopolitical risks we were talking about the hong kong protests just now north korea has launched the ballistic missiles into the sea of japan. coming up, telefonic admits its business model has tired out as it announces overhauls. we'll have details after the break.

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welcome back to "street signs. some corporate news for you i want to bring you some latest flashes on the german airline tracking at the bottom, down about 1.5 percentage points this after a breakdown of discussions

between the crew union and the official members has ended without results. they had ongoing talks and now the crew union are saying that they are preparing for possible industrial action. and the talks have, indeed, ended without results so it looks like industrial action may be on the cards for the german airline one of the reasons the company is trading down 1.5% points also yesterday the company announced they're looking to sell off part of their catering unit to the swiss catering company. so that's a company we're keeping a close eye on elsewhere, shares in virgin money are trading higher after the british challenger bank issued its latest outlook despite an underlying profit they outlined dividends, and analysts from j.p. morgan have welcomed the move calling the cancellation sensible.

virgin money up 22% today in trading after a tricky couple months in the last quarter. sticking to the banking theme. deutsche bank have sold about 50% of its bank sheets to a capital release unit they said the portfolio is focussed on emerging market debts. switching to spirits, a 4.7% drop in first half operating missing estimates. the french spirits group left its medium term guidance unchanged, however switching to the telecom space a spokesperson says there is no ongoing discussions between

orange and telekom the two sides had previously discussed a tie up but according to "reuters" those talks stopped. by day for tell con news telefonica has released an overhaul, the plan sees it spin off its latin american businesses and the core market now according to the new strategy, the ceo admitted that the spanish company needed to reinvent itself. charlot joins us, as i was saying, telefonica is one of the bright spots they're taking the overhaul quite well.

>> yes, it was a surprise after the a board meeting called yesterday and the ceo announced the new strategy for the group that's an end of a chapter for telefonica now the fact that the ceo, who joined the company in 2016, has been working on changing the strategy of the company since revenues in latin america have been going down, they're closing the business keeping only brazil focussing on core markets of spain, germany, and europe as well as brazil it's a company whose shares have been down about 40% in the past five years they have $38 billion euro debt. they're looking to change the revenue, and that market is

about 80% of the market. they let go of latin america >> especially now with the protests happening in latin america. i want to take it back to the orange deutsche discussions as well it could be interesting from a political perspective, in light of the recent franco german tensions. >> yes and deutsche is twice the size of orange. their core is strategic as part of the economy and the takeover of orange would be problematic for the french government. president macron is for having european champions and wants to promote that, but when it comes to strategic assets and losing

influence for the french government and french companies that's where it stops. orange said discussions are not happening. and brussels would not look to cause such a tie up in the company. this is something the commission would look atthe potential tieup to companies, especially a lot of major laps in eastern europe >> the hurdle is quite high for these cross country mergers to take place thank you very much for bringing us the latest in the telecom space. >> an exciting morning for those who like to observe german politics because they said they do not want to be tied up in discussion they used this image on your screen to make sure how committed they are to the black

zero policy. they use this black zero on a -- what would you call it a dom nay triks hat? >> that's what you would call it i call it a regular hat. >> the company writes it has a fetish to that plan but stands by the plan, will defend the policy and there are calls about berlin to release fresh stimulus the german government has been bound up in the policy. >> unchained >> i thought you'd appreciate that one stronger data readings improve micro performances and a bottoming out of some business sentiments is one reasons they believe there could be turn around in 2020 this ties in nicely to what we were saying in the previous segment. with no deterioration in trade

talks the data has been stabilizing. it seems the biggest risk would be for the trade one deal to not go ahead >> yes what we are seeing is at the moment no news is good news in the sense when we had big news on may this year, may no trade deal, august new escalation. business sentiment around much of the world, especially manufacturing went down noticeab noticeably now with a few months of back and forth we don't know whether there would be a stage one deal or not, sentiment has stabilized we don't need really a stage one trade deal, it would be great to get one. but we need the absence of escalation if it were to be announced right now we're probably not having a stage one deal but we're not going to do any escalation either over the next 12 months

that probably would already suffice to qualify as no news is good news and allow economic forces to take over against political risks. economic forces are clearly in favor of roughly trend growth in the western world with consumer finances and spending being in good fellow, as we saw in the u.s. q-3 gdp data yesterday. >> if, no news is good news, over the next couple of months even when you look at the exposed german economy do you feel a flaw has been put under the data and we're going to see an upward trend here on out? >> whether the trend is solid that's something we need to see with further news on trade but a flaw is being put under global trade, global manufacturing, under the german economy which is more exposed to international trade in manufacturing more than any company in the world that ties into your discussion

on the black zero. at the moment the german labor market remains in fairly good state. as a result the german response to this stimulus talk is we don't need a stimulus, why should we spend extra money we don't want to spend while we have flu employmeull employment >> it's a fetish they said. >> you can call it a fetish, yes. coming up, we'll reveal the economic analysis of the uk party's manifesto in a few moment's time. of verizon as a reliable phone company. (woman) but to businesses, we're a reliable partner. we keep companies ready for what's next. (man) we weave security into their business. virtualize their operations. (woman) and build ai customer experiences. we also keep them ready for the next big opportunity. like 5g. almost all the fortune 500 partner with us. (woman) when it comes to digital transformation... verizon keeps business ready. ♪

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signs. >> these are your headlines. >> european shares slipped from near record highs as china warns it may retaliate after president trump signs a decision that supports hong kong protesters. >> a new poll predicts boris johnson's conservatives will win a majority in next month's elections while labor accuses the government of preparing to sell off the health care to u.s. drug companies. north korea fires two

projectiles into the sea and japan's prime minister said those are a serious challenge to international society. last ditch wage talks with the german airline have failed and it's now preparing for industrial action. we've got some news out of the institute for fiscal studies in the uk that's been examining some of the spending and taxation plans from the political parties ahead of the december 12th election it's pretty scathing to be honest about all f of them saying neither the conservative nor the labor spending plans are, quote, properly credible. talking about the fact it's likely that the conservatives will spend more than they're promising to do. >> they seem to be on the whole

initially a little bit underw m whelm m whelmed by the conservative party manifesto and saying they'll have to spend more than the manifesto implies and end up taxing or borrowing more and the conservatives are saying they don't want to increase taxes or borrowing. and the number they have put out with the manifesto are consistent with a 2% deficit keeping in mind the deficit with a deficit that would keep debt to gdp stable. they seem to be lacking a bit of credibility, and that's not getting into the labor numbers. >> saying about the labor numbers here, they will, quote, not be able to meet their highest spending promises because there's not enough capacity in the public sector to ramp things up as much as they're promising. and as a consequence, the labor

party spending plan is, quote, not a realistic deliverable in the time span of the next parliament >> also worth mentioning they mention fiscal slippage because that's important there, 3 1/2% under the labor party, that's a big jump when it comes to the deficit spending silvia is in west minister and you had a chance to speak to mr. johnson, so what did he have to tell you? >> overall he said there's a big difference when it comes to the economic pledges that the labor party and the conservative party have made so far he said that there is overall difference of about 100 billion pounds when it comes to their economic pledges but let's look into how the ifs

describes these two policies >> it's hard to imagine two parties offering more different perspectives to the british population the conservative manifesto is steady as she goes, no increases in taxes, little in the way of spending, rises, nothing changing in the welfare system the labor manifesto is enormous in its ambition, 100 billion pounds worth of spending increases, 80 billion pounds of tax riders, those are big changes that would take tax and spending in the uk to the highest peacetime levels so the difference between the two big parties is vast. >> let's look at how much they are promising to spend how big is the difference between the conservative and the labor party when it comes to their spending plans and how much of a burden will that be for uk debt? >> there's a huge difference

between conservative and labor spending plans, well over 100 billion pounds of difference, which in uk context is a substantial difference indeed. this would lead to more borrowing and debt under the labor plan than conservative despite the intention to raise taxes substantially indeed. >> can the uk sustain higher borrowing? >> borrowing in the uk right now is average by standards and of course interest rates are low, so there is probably scope for more borrowing and debt over time if that's where we want to go clearly you can't have the debt rising forever, i guess the question for labor is what point would they say we've now gone far enough and we're going to get towards balancing the books again. >> the conservative manifesto mentions the triple tax lock what are the implications of this policy and can the

conservative policy spend more over the coming years? >> the conservative are promising not to raise the rates of income tax, national insurance, and vat, those are the three biggest taxes in the uk so that will tie the hand of the chancellors over the next several years but there are ways of raising taxes so i guess what would happen, because i think the conservatives will spend more than they said they will in this manifesto, i guess they'll find different ways of increasing the tax burden. >> that leads me to my follow-up question, how credible are the manifest manifestos. >> they're manifes femanifestosi don't know that you get what they're going to do, and my guess is they'll spend more than they said in their manifestos, therefore borrowing more or

taxing more. i think the labor manifesto is too ambitious for a single political cycle. i don't think you can get the amounts of money they're suggesting from from just taxing businesses and very well off individuals. i think if you want to change the state in the way they're describing you will in the end need a broader base set of tax rises. >> so just to sum up, when it comes to the two biggest parties racing in this uk general election we have the labor party promising an ambitious plan with the intentions to increase taxes and on the other hand we have the conservative party that overall wants to keep things as they are let's see what voters decide which of these options they will choose in the coming days. >> thank you for bringing us that interview

the conservative party is on course for a majority of 68 seats, according to a new poll the survey predicts they'll make gains in constituencies that voted to leave the european union. the polling company accurately predicted a hung parliament back in 2017 and was an outlier when it did so. britain's neighbor party said it has proof the national health service in the uk has been on the table in post brexit trade talks with the united states jeremy corbyn held up a document yesterday that he said shows they've discussed longer controls, that could mean increased prices for drugs purchased in the uk. he added labor would never use the health service as a bargaining chip with the trump administration. >> these uncensored documents

leave boris johnson's denials in tatters. voters need to ask is the nhs safe in boris johnson's hands. we have evidence that under boris johnson the nhs is on the table and will be up for sale. >> the british prime minister and leader boris johnson rejected those claims. he offered a cast iron guarantee that the nhs would not be part of future trade talks with the u.s. >> we are resolved there will be no sale of the nhs, the nhs is not on the table in any way. in no, ma'am no, way the nhs is in no way on the table. it's continually brought up by the labor party as a diversionary tactic. >> let's look how currency markets are fairing this market after the poll came out around

10:00 p.m. last night showing a lead to the conservative party to the tune of 68 seats. it's up trading at 12930 now we were trading below the 129 level yesterday. so a bit of a brexit bounce for the pound. euro we have pretty much sideways but up at around 1015 we're seeing a small bit for the safe haven currencies, the yen and frank are half a of point higher of course u.s. markets are closed for thanksgiving. let's talk about the european price action and some of these today. you can see the only spot of green is the ibex and only barely so above the flat line trading slightly positive. and telefonica is leading the

charge other indexes in europe trading in the negative territory. a level we've been teetering over the last few sessions now the german airline is down in trading as it looks like there may be further industrial action so the mood is pretty negative looking at european markets on what is supposedly a holiday day but not for european traders the cio of press ridge capital joinsous the show. take us back to general market performance. generally the stock 6 00 is about 1% of all-time highs u.s. markets are at record all-time highs what do you think is underpinning this euphoria in

stock markets? >> let's look at the u.s. market, we got the gdp number, which is strong, the three factors driving it, first the fed has cut rates, then the trade war is not getting worse, and then if you look at the monetary policy across the board, even coming back to europe, i would like people to remember one thing, if you look at italy, which is highly indebted runs a primary budget surplus of 2%. and their debt servicing is 3.6% so that deficit is made of that servicing cost when they come and buy that and caps that cost that helps the economy a lot. so i think there's a lot of help by central bank and obviously the basic rate the economy was running away ahead last year and everyone got excited saying the fed was going

to raise rates but a fact is a lot of the growth with income is coming up. there's no recession fed has cut rates three times in the last three months. >> you mentioned italy you have loads of countries with huge debt to gdp ratios and a lot of them, in theory, should be bringing them down because that's what the european commission rules stipulate if you're talking about the availability of extra funds because of ecb measures how quickly do those piles of debt come down and what does that mean for fiscal stimulus in the countries? >> i don't see the debt coming down any time soon it's capping the cost of debt. issuing the bond at 5% yield, if you show five year bond, ten year bond you will see soon your debt cost is stayinglow, and a you refinance you can extend 20 years so that's what's

happening. that gives room for governments to indulge in fiscal spending if they wanted to or could. >> does that make constructive fixed income, though one of the interesting observations i had, fixed income is quite well bid. you would expect it to be selling off as well. why are bond markets bid >> personally for me it doesn't make me comfortable at all if you speak to fixed income managers they have to buy bonds. i'm saying the risk is not stacked in my favor. what i'm saying is that they will not be a sustained selloff, i don't see enough gains to me buying a fixed income bond when i can buy equities, because anything happens in euro zone, these are global companies they're saying i would rather buy stake in global companies than french government or french

economy. what is happening in french or euro economy, that is a debt, a contract, and that can be rescinded or not paid. >> what's happening with the british economy? we've seen the latest poll last night indicating a conservative majority we heard from the institute of fiscal studies this morning saying neither of the spending plans is credible. what happens to the economy the next 12 months and the pound >> it talked about fdi tapering off completely the last three years. we voted for brexit so there's a stalling off investment. despite that uk growing at 1.2 or 1.3%. we have brexit so what i'm saying is there a lot of thing which have to happen going forward what you need is clarity a majority of the government,

which is center right and business friendly says less taxes. its impact on sterling, sterling is not going to go anywhere so it rallies to 130, 131, it's not going to 140. >> when you say it's fully resolved, when do you expect it to be resolved the criticism of the deal, if anything moves brexit to 2020? >> the result is uk has to leave eu and that will happen when something passes it has to be first physical resolution of that and then the discussion on the second leg of discussion, if you look at the political declaration, it's clear that uk has to divert. that's clear in that argument. whether they agree on how long this process is going to be but leaving the eu itself is a big, big clarity. until six months ago, many people believed that uk was going to leave

until one year ago, uk parliament believed there was a second referendum. but beyond no clarity, there's no second referendum, boris johnson said uk is leaving, we'll see more clarity over the next six months. >> i have to agree there's no clarity until you see no deal brexit is ruled out. there's also a vast difference between leaving the eu with a deal and without a deal. surely that matters in terms of clarity. >> of course it matters. we look at how things are moving on a month or year if you spoke to people they say uk is not going to leave three months ago people said eu is not going to budge, change anything, but everything happen. so these are public negotiations so there will be points and counter points but the point is things are moving and things will be awarded in that case that you have a majority government that believes in

brexit and they're in power. >> thank you for joining us. coming up on the show we'll be talking about all things turkey but if you want to talk to us about your thanksgiving plans get in touch with us on twitter. whether you are a vegetarian, vegan or a flex tearian, it is easier than ever to celebrate a meat free thanksgiving good news for retailers and turkeys and what it could mean after this break when you shop small you help support your community - from after school programs to the arts! so become a regular, more regularly. because for every dollar you spend at a small business, an average of 67 cents stays in the community. join me and american express on small business saturday, november 30th, and see how shopping small adds up.

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welcome back to the show u.s. markets are closed today as the country marks thanksgiving with family gatherings and lots and lots and lots of food. the american farm bureau federation found the average cost of a traditional meal for ten is $48.91. that's less than $5 a person virtually unchanged from last year turkey is the most expensive item at over $20 for a 16-pound bird while pumpkin pie comes in at $3.22

my money is on the pumpkin pie but while stretchy trousers may tide you over, some may find themselves at weight watchers aalong with 4.4 million others the brave ones features weight watcher's ceo. here is a preview. >> when i met mindy, she was speaking her truth, she was authentic. >> inspiring lives that are healthy for everyone. >> the boldness of mindy married to the iconic nature of oprah, that's powerful. >> i believe that not taking a risk is sometimes riskier than believing in yourself and taking that risk in the first place. >> i knew she was going into the big leagues. she was presidentat ralph lauren and gets the call to be the head of nike. >> we had insane outfits, insane

in a good way. >> and home shopping network in florida. she had a vision each step of the way of what she was going to do and she did it. >> she is a bad sister she is a bad sister, let me tell you. >> well, you can catch the full episode this weekend on cnbc it's thanksgiving today and for most americans that means gobbling up a lot of turkey but according to meatless farm, 30% of consumers will have a meat-free holiday. these culinary pilgrims, if you will, may find it easier to find vegetarian food than ever before a 30% growth of sales in meat plant based markets in the last couple years big companies are looking to waddle into the market are larger companies like perdue have offering vegetarian

options. please pardon all the turkey puns. >> love them >> just stop say enough is enough. >> so my wife is american, we have people coming over for thanksgiving dinner tonight. some of them are fully vegan. some said i don't eat meat that much any more. how representative is that cross-section there? >> vegan in the uk is still 1, 2% of consumers. take last year just to show you how much it's grown, about 41% of consumers said they were meat free or the bigger group are reducing their meat consumption. this year it's more than half, about 51% of that group and every year we're seeing this growth of consumers reducing that's why we call them flexitarians, they're not

cutting meat out all together. >> why is this happening why is there a trend towards a move towards veganism now? >> there's lots of reasons usually the reason is health they say they eat too much red meat in britain we eat a lot of meat. and consumers are seeing availability also they get bored more so they're trying new foods all together in addition we have environmental factors, consumers are watching television shows about the planet and realizing too many cows not good and the ethical side of things as well, the animal welfare issue, consumers are becoming concerned. >> given that change to the consumer mindset, how do producers reconfigure their options? how do retailers sell those different options? are you seeing changes on

supermarket shelves? how quick has the change been? >> ten years the vegan range would have been in the corner of the store, the products bland, vegan on the front and now we have dedicated ranges and major aisles, things like plant kitchen, wicked kitchen, where they're exploring cuisi s cuisines, different flavors, different meat free proteins as well being used and sometimes no meat at all, just exciting vegetables. >> what does it mean for margins? in the case of nonalcoholic beer i nomar gins are higher, is it similar for nonmeat products >> we specialize in consumers but what we can tell you i guess for fruit and vegetables, the more availability there is the more opportunity there is for the market ten years ago, vegan food was

expensive. and the more competition there is we should see those margins improve over time. and we see that price versus meat is very competitive, sometimes less now with these big ranges available >> will you be eating a vegan turkey tonight >> i have a lot of flexitarian food, vegetarian food, but not a turkey tonight. >> i'm going to use the term flexitarian a lot more thanks very much for joining us. that is it for today's show. there are no u.s. futures today. >> but happy thanksgiving to any viewers in the u.s and the rest of you, stay with cnbc it was sophie's big day. by the way, she's the next mozart. as usual we were behind schedule. but sophie's enthusiasm cannot be dampened. not even by a run-away donut.

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