and the other? far more. [theme music] and so what we had to do was primarily sell on e-commerce. we knew we wanted to expand into retail. and do you have any deals lined up? yes, retail we have. so we primarily sell on e commerce and we expand to retail >> do you have any deals light up >> yes we have a boutique airlines the military >> justin, i have one question about that number. you said 100% growth every year. >> yes

in 2016, we did almost $300,000. >> this year >> we are optimistic we'll hit that again >> have you hit it already. >> what are your sales year to date now >> $200,000. >> how are you going to get to $600,000 by the end of december? >> we were able to get our customer acquisition rate down as of august, we had over 30% increase >> i'm going to go with you and say your $600,000 possible say your $600,000 possible bring me your exexhahanknk h herer . say your $600,000 possible bring me your - - ininststyoyourur n nexs

itit''s s alalwawaysystoto , anand d geget t toto herjavec: yeah. we'd be left with that -- that -- that, uh, $40,000. >> the fca boss taking overin march. european stocks edge higher in pre-christmas trade as steven mnuchin tells cnbc the phase one trade deal with china should be rubber stamped with china in the next month >> the uk economy chief tells us slow growth in the block could continue and will not come down to policy alone. >> we have to try to coordinate our fiscal policies at the better level possible to face this new situation >> italy sells retail payment

business to nexi at a 1 billion euro deal taking it to the top of the stoxx 600 so it has been officially confirmed now, andrew bailey will replace mark carney he was chief executive at the financial conduct authority, the fca. as many as six candidates considered for the role. bailey's handling likely gave him the edge highlighting bailey's experience

as a central banker. >> the next governor of the bank of england will be andrew bailey when we launched this process, we said we were looking for a leader of international standing with expertise across monetary, economic and regulatory policy in andrew bailey, he was just that he was the standout candidate. the right person to leave the bank as we forge a new future outside the eu and level up across the country. >> my goodness, it has been a very busy week bank of england development as well we have certainty who the new government will be we are trading on the back

we dropped at least four points since the general election a week ago the pound is trading 1.3030. perhaps some position trimming before the end of the year that is where the pound is just shy of that 1.31 mark. switching to one of the big name chips we've been watching closely. as a kwhowhole, ftse is back thg 7,900. some domestic names, energy companies and domestic focus banks are coming under some what pressure we have consumer goods back this morning. unilever back. a switch in reverse order from what we had a week ago there the broader european markets heading into a holiday season

now. volumes are thinning out not much to watch out for. you can see the last couple of trading days, we are trading with a buy as. the ftse up about 0.8% cac and dax up about 0.3 percentage point and ftse 100 also up about 0.2. it has been a strong year for european markets across the board up around 20%. our guest joining me the next hour or so, chief analyst from blue bay asset managements, starting with the announcements out of the uk. the new governor andrew bailey any thoughts >> not really. he's not very exciting

look, it is a safe choice. it is a conventional choice. i think there is some gains from having a governor who does have a lot of experience in terms of financial stability and given the outlook for the united kingdom and still associated with the uk trading position than having some of that background is useful do you not think this is a reflection of the times he's been the head of the fca since 2016 they've done all the work in brexit and what that means for

passporting and equivalence and all the nitty, gritty details. all about the framework. do you think that is a reflection of the world we find ourselves in today and that focus will be about brexit rather than the traditional economics. >> i agree that it is helpful of the plumbing of that experience. there has been episodes one of the episodes was that he didn't really know the plumbing he handed the initial response to the financial crisis. we should wholly discount the focus of the policy.

we will still have a role. if the uk economy is going to a more severe slow down then the market and the broader public will be looking to the bank of england monetary response his appointment is signaling that the government as a whole does think it is going to be important if you like towards the management stability and the prosperity and future. >> just looking at the various speeches who said, look, we'll take the frag magnetic approach. it is the unprecedented time the

core underpinning of economic stability. we are not here to make a political statement of any sort, which was the criticism of his predecessor. in terms of the selection of the candidates as well that recorded some of those were deemed to be not -- to have expressed views when it came brexit. we also had to say, it hasn't been completely unblemished. we had the woffard episode >> rbs as well >> so there have been some issues not all the feedback has been completely positive as well. what is interesting at the

moment he won't be taking over until the middle of march. one of the things fca is doing at the moment is seeing whether the audio stream of the press conference you often attend. we are being released to flash traders. >> interesting skocoop, that one i have been speaking to people in the city. they say that is a regular practice they say the regular tv feed is delayed so they pay to have access different story but certainly you raise issues with respect to any single one of these. they are not going to have a pristine past. >> we all have a history >> exactly >> this is the official confirmation now we know andrew bailey will be

the head of the bank of england for the next few years how about politics briti british parliament will vote on the brexit bill today. the bill is expected to pass without any significant option the legislation will ratify the uk departure on the 31st of january and will block any extension beyond the end of 2020, even if no deal has been reached. switching on moving on, the european union's economy commissioner has called on the block to better coordinate fiscal policy he suggested the region is headed to a period of long-lasting slower growth annetta joins us from frankfurt. what else did he had to say with

commenting on the growth here? >> he is lobbying for europe to be much stronger force in the overall power balance saying that also europe should power up in terms of geopolitical power it is interesting to see and hear from the new leadership team that everybody is calling for europe to be moreself-confident that is something that christine lagarde was saying in order to be successful and relevant player in the world. we have to think about how we actually present ourselves and more or less reunite or unite ourselves to play a major role between the u.s. and also china. obviously with some interesting ideas when it comes to boost

spending and growth pack his line is, we are now living in a different era than when the growth whack was invented. take a listen to what he said himself. >> we are well aware of the economic situation we are in we leave perhaps the worst economic crisis after the war than 12 years ago. we recovered and we have behind us a long period of several areas of growth then since the beginning of last year, we have the slowing of the growth path what is the perspective now

perhaps the long-lasting period of slower growth this brings me to say that we have to try to coordinate our fiscal policies at the better level possible to face this new situation. we should know the monetary policy was effective perhaps it saved the european economies. we face this long-lasting position >> you are calling for the growth pack and to call for more spending. >> that would be appreciated but how likely will you get that

through? >> first of all, i want to be crystal clear of the fact that the unity when you have rules, yourespect the rules you have the rules those include what we call flexibility that is the flexibility to what we call the member states to apply the rules the rules that we have these rules were created in a different time we need to have a more coordinated fiscal policy which doesn't mean every member state with the fiscal policy with high level of debt and inevitably for

our rules and a safe economy for our children should continue toward the downward path certainly, in the higher stimulus we should use this surplus for a more supportive fiscal stance. >> essentially, again, in other words saying that germany should boost its spending to revive and support economic activity. this will also translate to real action and in financial leeway should be another discussion going forward in brussels. there is room to reopen the growth path to make it more

flexible for times like we are having it now where we see the growth also the growth trajectory the interesting new commission and the story line coming out from brussels when it comes to the focus they are having for the economic policy. back to you. >> pointing out, certainly, a lot of work to do on that perspective. something she herself has said would need a review and a look at coming up on the show, don't forget the trade war u.s. secretary says he's confident the trade deal will be signed next month. more from that interview in a few moments. we call it the mother standard of care.

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welcome back to the show u.s. secretary mnuchin says he's confident the trade deal with china will be signed in early january. he said the so-called phase one

agreement has been translated and going through a technical review the deal announced calls for tariff relief and tighter protections on u.s. intellectual property he told cnbc that the framework of the deal cannot be altered. >> it is not that it is open to renegotiation or that there are any open issues. the enforcement chapter is one of the first parts of the agreement. there will be a mechanism we described in both countries that as there are more issues, there will be elevated there will be teams of people in both countries to try to resolve these issues if they can't be resolved, the president maintains authority to put tariffs on to ensure enforcement. >> what can be seen foreign

forcement for phase two to be worked out >> our pry ority at the moment is to implement phase one. we are prepared to work on phase two. our first priority is phase one. the first time to have an enforceable agreement with china. ambassador lighthizer did an outstanding job with these negotiations >> to our guest. david, do markets actually care what is in the deal or do they care about the fact that the story is over for the time being? >> it is largely the latter. it has reduced clearly some of the uncertainty around trade relations between the world's two biggest economy. so that does matter. when it was first announced, it

was a little better. it was really a delay for the december 15 tariff that had been scheduled to come into force managing to get a partial roll back i think it will be a source of uncertainty. firstly, the commitment from china as the u.s. have expressed which implies $200 billion worth of goods i don't know how easy that will be to deliver. >> we don't have the numbers >> the u.s. did put out some of those numbers. it was interesting on the chinese side you didn't get the same level on that side, of disclosure

there is always that residual risk you'll come in and there will be a tweet from president trump saying china is not doing enough he could ramp that up into the presidential election in november for the near term, that is parked here for the issue. >> for the time being, we don't have the threat to worry about what does that mean for growth next year for one of the major risks and uncertainties. with that out of the way, we could see an upside. >> the market has been pricing that with some bare stephening in the yield curve and discussing it moving higher. >> no doubt the u.s./china trade policy has had an impact of business sentiment and an impact

on global investment removing that will be one of the drivers in the up turn in growth next year the big driver is not the least the monetary policy for the easing of the fed but followed by the other major central banks. it will provide ongoing support to 2020. >> when i look back at 2018, one of the big guesses for the market is it is difficult for banks to tighten >> quantitative tightening is over for the time being. the feds, they lujhugely backfid do you think that is a problem that 2019 taught us that central banks have to be careful of

normalization of interest rates. what it told us is when u.s. interest rates got to one plus percent, the global economy couldn't really sustain growth that is kind of profound i think what sort of trap we have found ourselves in, in the qe and negative interest rate and the sort of distortion so that is a negative side effect that is creating. we have a low productivity and high levels of debt. that is very hard to get back to more normal kinds of rates >> we'll pick up the conversation in a bit. coming up, uk gdp figures will be announced shortly we'll be right back. we keep companies ready for what's next.

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welcome back these are your headlines change at the top. andrew bailey is named next bank

of england governor taking over in march european stocks edge higher as u.s. secretary says the phase one trade agreement with china should be rubber stamped next month. the sports wear giant drops the ball in north america with lower than expected growth in the fourth quarter president trump calls for a spea speedy impeachment trial as house speaker holds up the progress we've been talking about how much data we've got out of the uk this week these developments in the bank of england q 3 gdp numbers, the second or third reading.

to bring you those, the final q 3, gdp number came in at 0.4%. higher than 0.3% revised up from 1% as well services revised higher to 0.5% up from 0.4% industrial production also higher as well the q 3 numbers seem to have been revised, save for government spending that has been revised lower down from 4% to 2.8% and 2018 gdp growth. that was the annual year of 2018, a full revision has been conducted for the year, the uk grew at 1.3% from 1.4% that was almost a year ago now, so that's not really going to drive markets. david, i was looking at the uk interest rate curve. they are about 15 basis points

worth of cuts priced in by december 2020. the market seems to believe that the next governor will actually -- that the committee itself will lead towards a rate cut. is that square up with how you are thinking here? >> that is consistent with the notion that we've had two members that we did vote for i think if we have a modest bounce coming from the uk there is a little bit spendy. that will be supportive for the

uk wanting to see the powder drive and to see it play out in terms of ending the transition period. >> there was a certain degree in the monetary policy part if the bank is gearing towards the rate cut, it would be difficult. >> yes there was a lot of the initial u for yao that would lead to a much softer brexit thoo was always skeptical, that is the mandate he got the market has

priced that out. i think it is going to be hard it will be pretty range bound i think for the foreseeable future as we approach two events, which is one fiscal policy the chancellor's budget. that will be more expansionary budget >> you are a fixed income specialist we've spoken about this many times. talking about fixed income guilt here, are they a sell based on the budget or is that pretty much factored into the price? >> i don't think it is i do think gilt are still a sell both on valuation and fundamental basis in terms of the outlook. than i don't like gilt i do think the yields will be moving higher.

i think an important part of that story will be we are at the end of the era of austerity. i do think that will have significant impact >> we'll leave it there and pick up a conversation as well. david riley, chief strategist from blue bay asset management let's get to some asset classes today. starting with currency looking at the pound not much movement. 1.3040 is where we are at. euro trading side ways 1.1120 the yen mildly stronger versus the u.s. dollar. currency movement thinning out some what. european markets as a whole? on this friday, most european majors trading up. dax up about 0.2, cac up similar amount, ftse mib in italy

leading with good movements in the banking sector today that is one of the reasons why the italian index is outperforming. slightly drop together tune of 0.1 percentage point us futures, it has been a big week with the president being impeached by the house here is the picture for the three majors in the u.s. s&p, dow and nasdaq all opening up positive. we have the pce numbers coming up those are the inflation numbers that the fed watched out for closely. it may be the end of the year but still data to watch out for. shell says it will take a $2.3 billion impairment charge in the fourth quarter. the oil giant expects capital expenditure to be at the lower end and has cut its outlook on oil production sales

we are seeing the stop drop about 1 percentage point intesa has agreed to sell to nexi for $1 billion euros. the deal is expected to close next year. italy's largest retail bank agreed to buy a majority stake to buy rbm for $300 billion euros. nestle has a plan to sell off the meatless business. the strategic move to focus on healthy nutrition and plant-based offerings. nest le has been selling off a lot of noncore assets.

christmas season is upon us. hence my festive jumper. a lot of us are traveling to see loved ones helsinki has seen the greatest bump in flights. buddha pest, lisbon have rounded those out. interesting to hear about these novel destinations >> there is a number of trends going on in the world of travel, as you can imagine europe is a fantastic place to come for christmas it is beautiful. we are seeing a lot of airlines investing in capacity. helsinki is the top of the list? why is that? chinese and japanese have got attracted from finland we've seen the route there driving that

if we look to the next city which is budapest. really interesting there has been additional capacity from two markets. one new york and the other tel aviv you wonder if there is something ethnic and heritage going on i couldn't say all kinds of airlines have been adding capacity. >> you mention flights coming from the u.s does the strength of the dollar have anything? >> absolutely. >> all of these americans with a lot of spending power coming more to europe >> no question about it. the answer is yes. if you were to look at the dollar index it started at $100 it is now at $102. the dollar is strong if you are an american, you want to start traveling and take advantage of your strong dollar.

that has been fuel for outbound travel >> something else. i thought it was interesting you spoke about the growth trajectory london is still the largest destination city it captures the most market share, 16% this is despite all of the political developments i was surprised to see london still be right at the top of that destination list. >> absolutely. london is the world's most fantastic city >> objectively speaking, of course we've got viewers from all over. >> london is a brilliant place to visit if you want to talk about the strengths of london, i would put high on the list something the brits don't give credit for is our royal family there is only one thing that

trump's hollywood a list celebrities, that is the royal family this marvelous vibrant hub of commerce i see david looking at me smiling. >> i agree i'm a londoner sort of cultural and artistic sites and historic sites to visit. it is cheap. to your point about the dollar as well. i think that has had a sort of significant boost to service exports. i'm not sure it would be more favorable. >> if we are talking about the outlook for the moment tracking not only year-to-date travel if you look back at what is happening, we see the outbound travel is up 2.1%.

also looking forward at bookings, i think that is a real indicator of confidence. from december to february, bookings are ahead by 5.6% if that's a test of confidence, that is something fantastic. if we go back to your question about americans. there is another interesting trend, which is a rise of second cities in travel data. we did talking of london we did a study looking at the top 50 origin cities for london. 20 of those cities are in the united states. it is absolutely sfphenomenal we are seeing the rise in china where you see travel up from beijing and shanghai travel from china is up even more from those two cities we are seeing this great reflector of the economy in a

really big way >> we hope so. hopefully that will have an impact as well thank you for coming on. the head of media. you may have noticed the prime minister is speaking and addressing the house of commons ahead of the brexit bill debate. this is the brexit bill debate let's take a listen in >> we can have it done by lunch time or late lunch and the new deal the new deal i negotiate with our european friends will restore our great institutions to their rightful place as supreme insuran supreme insurance tense. this house will be the only assembly able to negotiate for this united kingdom. above all, the sovereign british people, masters of their own

fate, controlling their own borders, laws, money and trade our new immigration system, we will not only welcome those with talent but go out of our way to attract people of business without regard of nationality or background we are able to do this because the freedoms of our partners are offered by leading the eu allow us to control overall numbers and bare down on unskilled immigration with our new points based system if the honorable lady is against, i'dlike to hear why >> the prime minister has spoken about welcoming people to these islands. the bill removes the government's existing obligations to unaccompanied children who are seeking asylum who want to join their family

members. describing this removal as maen spirited and nasty can the prime minister tell me why he is making this mean spirited and nasty move? >> i'm afraid the honorable lady has totally misunderstood or misrepresented the purpose here. we remain proud of our work in receiving unaccompanied child n children this is not the place in this bill to do so. the government remains committed. among other things, we'll be able to sign free trade deals with the booming markets of the world. >> so that is ithe prime ministr addressing the house of commons with the brexit bill that is expected to pass keep an eye on that. we'll keep you posted on any

further commentary also coming up on "street signs," it is becoming easier for vegans making meat-free alternatives available for everybody. we'll be right back. tom steyer: i'm tom steyer, and i approve this message. climate is the number one priority. i would declare a state of emergency on day one. congress has never passed an important climate bill, ever. this is a problem which continues to get worse. i've spent a decade fighting and beating oil companies, stopping pipelines, stopping fossil fuel plants, ensuring clean energy across the country. how are we going to pull this country together? we take on the biggest challenge in history, we save the world and we do it together.

welcome back to the show nike has beaten second quarter estimates thanks to strong sales in china north america came in just short of expectations. digital sales made the biggest gains. the sports wear giant announced the replacement with former ceo to focus on its e commerce business he will be starting in january next year. the already crowded field of celebrity sports wear partnerships adidas and beyonce will launch the ivy park brand

the german sports wear company says he does not expect much of an immediate help. likely to be a win for the brand with live competitors in puma and nike among women in the markets respectively are you planning to have yourself a very vegan christmas. the market for plant-based meat is expected to grow by 30% animal-based meat is expected to grow by 1% in the same time. getting to our guest interesting that you are a chemical analyst and this is such a big development in your field. how much upside does this pose

those that are beginning to focus on the plant-based alternatives >> interesting when you look at the deal announced that is a $46 billion deal there is a huge opportunity here that offer is only going to extend over the coming years >> with the innovation going on in that space. people are coming up with different meet alternatives. how much does that send with the possibility you might not get it right. raw materials from soybeans to peas

that is the after taste of the consumer trail when we talk to people from beyondmeat, the executives there, they talked about a revenue up lyft from our companies anywhere up to four times the exiting meat market. are these seen as potential competition. >> they are providersbut we don't think will become competitive. >> what does this mean overall using a plant-based meet alternative. making the plant alternative, you are using a lot more land

and water to grow the plants and using different types of chemicals. how much impact will these have as well. you've got to consider in the end. we've doubled meat consumption in the last 35 years the toll that takes on the planet from live stock to water is huge. we think that meat substitutes have a role to play we look at that market. even over 5% of the total addressable market >> the last couple of days, china has announced repealing chemical tariffs how much of a positive tail wind is it for your space

>> we've hit a nine-year low on organic sales. we had a shell profit warning in the chemical business. we need those type of headlines. the only thing i'll say is there is still a lot of capacity in the industry as much as it will help, we have issues on the capital of the industry >> head of european chemicals and research in ubs. as we are wrapping up the show, fixed income call for next year. you mention you do see a growth uptick, does that mean you want to be positioned long for credits? >> i think it is an environment where growth is better you get a repricing of rates that will not be so cold you'll be meaningfully worried about the full risk. i do think credit will be

relatively attractive. the challenge is that it has been a good year valuations are tight if you are looking for value, you will have to look at those areas that underperform. that will be loans, credit you will have to be a little bit bold i think it is worth having a look at the emerging market both in local credit and currency there. >> we'll leave it there. strategist from blue bay and a look before we head out before christmas. here, it all starts with a simple...

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it is 5:00 at cnbc global headquarters here are your five at 5:00 the house approving a new nafta trade deal after more than a year's worth of talks. the bulls charging with a rally and only seven days left in the trading year >> your money, your vote squaring off last night and the economy was front and center >> a swing and a miss. nike earnings beating the street we'll tell you why that stock is trading lower this morning