♪ good morning and welcome to "street signs" i'm joumanna bercetche. >> and i'm maddy these your headlines at this hour. >> the stock 600 opens in the red despite a surge in chinese stocks while the nikkei ends lower on its last trading day of 2019 but still up 18% for the year. fraudulent activity thailand plant taking the shine off shares with the eye ware maker expecting a negative impact to be recorded in its 2019 results. tesla starts deliveries of

its china-made model 3 just a year after they broke ground teheran condemns what it calls terrorist attacks on iran-allied militia. >> we continue to demand the islamic republic iran act consistent in a wi i laid back in may 2018 for what it is we expect iran to do so it can rejoin the community of nations. ♪ so let's take a look at the european markets now that they had a bit of time to warm up, although warming up is the opposite of what's going on here because they are cooling down. nikkei down 2% ftse mib in italy down and germany down by 4.5%

it's been a very good year for all of these markets year to date let's take a look at how the overnight action was while we were all fast c markets. i'm looking in the correct perspective now. the nikkei 225 did finish down but has closed for the year. year to date its tally was up by 18%. the shanghai composite was the stand out performer for the asia pacific markets up over the past ten years down by just over 7% the hang seng in congress hong was an underperformer because of the political unrest that's been going on and continuing to go on in hong kong but the hang seng was up by .3 of 1%. joumanna over to you

>> trade tensions may once again play a major role in global markets this coming year with emerging markets and europe taking center stage. cnbc makes three predictions for 2020 ♪ >> global stocks rebound, europe goes east and china launches a digital currency here are thee predictions for global markets in 2020 first, investors pivot to emerging markets u.s. stocks outperformed most international markets in 2019 but strategists are betting a handful of emerging markets have been unveiling stimulus measures to boost their economic levels despite warnings from the u.s. that huawei uses back doors to spy on customers, they will lean

on the broad band. third, china goes digital. officials in beijing hinted in recent months that central bank is launching a digital version of the currency while the country is already on its way to becoming a clashless society, a digital currency could dramatically change the way consumers purchase goods putting pressure on u.s. one of the other big developments to look forward to in 2020 is a new leader at the helm of the ecb christine lagarde kicked off her ten year by holding europe ultd tra rate policy committing some of the policies of mario draghi, she was more up beat on the economy and indicated she would take a broader approach at reassessing the bank's role in general after inheriting a publicly divided board of governs, one of

the first orders of business for the new regime was promoting team building and setting the tone for a more inclusive process in the future. speaking at her first policy meeting in december, she looked to give the market an indication of what to expect from her tenure. >> neither dove nor a hawk and my ambition is to be this ole that is often associated with a little bit of wisdom i'm not full of vanity but i will certainly try to bring the best out of members of my governing council in order to arrive at monetary policy decisions and use instruments that will be as consensual as possible. >> let's bring in founder and chief economist at advisers. i'm sure you watched the december meeting, her first meeting as president my take away and many other people shared this she is clearly respecting the decisions of the past but wants to also

exert her own flavor, ore own stamp on the ecb in the future, perhaps move towards more team building to quote her, to quote the lady herself can she? >> yeah, i think she can she has huge experience, and she knows european leaders very well so she can actually deal with these people in a very effective way, in my view. so there will be a change in communication, for sure. probably she will do a good job in actually communicating with general public but i think the underlying issues are much deeper first of all, what links somewhat higher wages to inflation? have we seen any kind of structural change in this secon

shocks that we have seen in the past, trade wars and so forth r structural and how much of that is cyclical. that is a big question mark. third, how much help lagarde will have from fiscal policy and finally financial stability. such low interest rates globally and especially in the eurozone, this would inevitably lead to some risks for financial stability. how lagarde will deal with this is the key for 2020. >> a lot of elements to pick up on that. boy, she has a hard job ahead of her. given her experience in the political sphere, how much success do you think she'll have in convincing the german government to do a little more heavy lifting on the fiscal side >> something is already happening. the big question mark is how big and how structural in the sense

that, you know, polling 1 or 2% gdp in europe would not change the picture, would not be enough to change completely the story what looks like at the moment is at the margin the german government is going to deliver, but certainly not in a big way and certainly not enough to change the outlook for monetary policy as a compliment to fiscal policy. >> what would need to happen to change the outlook for monetary policy. >> i think you would have a strong signal by finance minister saying, okay, wove a very low interest rate environment. this is the time to invest for the future, not just green investment green investment are fine, but it's not just green investment let's be a little bit more lenient on the fiscal side but only for structural investments, things that can enhance structurally. >> that's more a question for

europe than ecb. they can talk about it and something that mario draghi talked about a lot but the onus is on the politicians. i want to take it back to the tone of this incoming ecb. we had new members as well join the gc it's not just the president that's been changed. the expectation out there because she will look for more consensus and the germans, the dutch, the austrians, people very vocal around this, she will have to shift towards a less dovish stance than mario draghi did in the past. christine lagarde will want to get the consensus and when such a big part of the committee are still quite hawkish it means overall their stance has to be

more hawkish than what it has in the past. >> what you said is reasonable but remains to be seen the path for monetary policy has been set by mario draghi keep in mind that the governing council -- so it would be surprising to see major changes. it's absolutely true there's been a change in leadership. there's been a change in the committee of the ecb, so things will change over time. of course will change. i think in the near term things are unlikely to change dramatically you are absolutely right that there will be a different style. there will be more consensual decision-making process. at the same time, i think the decision to go for strategy review basically raises the bar. so it becomes more difficult to change policy without the outcome of the strategy view which we already know won't be available before the end of this

year so basically, i think in a way monetary policy is on hold unless you have major shocks, probablynge dramatic policy during the course of the year. >> do you expect a major shock over the next year >> it's possible the trade wars are still very much open in my view, first of all. so we will have to see how this will unfold and at what kind of impact we have on the eurozone economy. secondly, as i mentioned, let's see what policymakers will do in terms of fiscal policy third, financial stability might become a major issue during the course of the year. >> there's been a lot of talk about changing the wording around inflation, as it stands, the ecb have inflation target of close but below 2% there's been talk of them moving it to a se metric target, indicating they would be happy

with an overchute than an underchute how significant woild thuld tha? >> i think it would be significant. one is the inflation target and second assessing the tools on the inflation targ, my feeling is that the ecb would be better advised to go for semiet rick target, that's at least my view they already tried to move in that direction and there has been already effectively a change in the definition of inflation target i think they will move in that direction. the ideal situation in my view would be point estimate for the target, so say 2% and no kind of inflation bend or no clear definition but say we want to maintain 2% in a semiet rick

way. that gives a lot of flexibility to the ecb and maintains credibility which is key. >> that's key. we'll pick up the conversation in the next half. founder and chief economist at lcm macro advisers. tesla started delivering model 3 cars made at its factory in china coming a year after construction began on the $2 billion site the electric car maker originally planned to role out the cars in the plant in late january. they expect to increase deliveries next month. they discovered fraudulent activity at a plant in thailand. the eye ware group said they're taking all possible actions to recover the funds. this stock is down about 2% on that but still up about 23% this year. it's been a good year for luxury as we have been discussing on the show. well, we have discussed a host of different topics the last couple hours, mandy and i you want to get involved in the

conversation follow us or tweet us a @streetsignscnbc >> get involved. we want to hear from you. >> i've been a lazy tweeter. my 2020 new year's resolution is picking up on twitter. >> i'm picking up your slack don't worry. coming up on the show, anti-eu parties made major gains in italy over the past two years, however the country's former prime minister renzi said just last months relations with the continent are looking up find out why next. tom: my mom always told me actions speak louder than words. she was a school teacher. my dad joined the navy and helped prosecute the nazis in nuremberg. their values are why i walked away from my business, took the giving pledge to give my money to good causes, and why i spent the last ten years fighting corporate insiders who put profits over people. i'm tom steyer, and i approve this message.

because, right now, america needs more than words. we need action.

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simple. easy. awesome. call, click or visit a store today. ♪ welcome back to "street signs. u.s. defense secretary mark esper has described air strikes on locations in iraq and syria as successful. the attacks were launched on sunday and targeted five weapons and ammunitions depots linked to iran it's unclear if anyone was kill ord injured in the asaults iran's foreign minister condemned the strikes quoting them as a, quote, clear example of terrorism the raid comes after a number of rocket attacks against american

supported coalition bases in recent months. u.s. secretary of state mike pompeo said washington took toox protect americans. >> the attacks that took place against iraqi facility threatened american forces this has been going on now for weeks and weeks and weeks. this wasn't the first set of attacks against this particular ra iraqi facility and others. we took a decisive response that makes clear what president trump has said for months age months and months >> u.s. defense secretary mark esper did not rule out further military action. >> the targets we attacked included three targets in western iraq and two targets in eastern syria that were either command control facilities or weapons cachets for hezbollah.

strikes were successful. the aircraft returned back to base safely. i would add that in our discussion today with the president, we discussed with him other options that are available. and i would note also that we will take additional actions as necessary to ensure that we act in our own self defense and deter further bad behavior from militia groups or from iran. >> towards the end of january, the italian government will face a key election test. a strong result could return salvini to the forefront of italian politics after he was ousted from the government by a surprise coalition between the five star and pd parties earlier in 2019. speaking to cnbc in london in november the former prime minister renzi said he was confident the italian economy was improving and that relations with brussels was on the mend. >> this year is a good year for

the discussion between europe and italy. one year ago you remember a lot of tension a lot of troubles now the situation is under control and i think there are two points the first is stop to increase taxation the previous government prepared and this goal was achieved so we did -- agreement of the european union, italian citizens don't have an increase in taxation very important first step. as italy, we need a more step, very important a great plan for infrastructure because with my government we arrive to plus 1. 7 of gdp but then we come back to zero.

the forecast of 0 .2, 0 .3, 0 .1 our grksz dp not sufficient. our proposal as member of parliament is great plan for shock infrastructure because it's the only way to come back to growth. >> but where should that money come from? >> i think there is the possibility to have a shock plan for infrastructure respecting the deficit rules also because there are a lot of investment in the budget law, in the previous budget law and today and there are a lot of private funds ready to invest in infrastructure also, because this is a very strange time because we have negative tax i think there is a great

possibility for the people invest in italian titles but also in italian infrastructure this is the problem in our country. the lack of stability. and we need -- this is the point. for this case, there is not a problem of money there is a problem of bureaucracy if we unblock these great problem of bureaucracy, i think italy could become particularly attractive to the people who want to invest in infrastructure italy is rich of possibilities also for the gap, for the -- >> i'm sure private equity players would love the opportunity to invest money in italy when it comes to those kind of schemes. but let me also focus on the stability of the government because the president came out i

think some days ago according to media reports that he would call new elections in case the government, the current government, would be inherently instable so would you be in favor of new elections? >> it's not easy for me to speak about instability of italian government because we change the government in 73 years and i lost my job because i tried with the referendum. and i received a lot of criticism, five years of the same government is too much. there is in our dna a tradition, a change of government maybe too much and so, this is one of the problem of italian government. but, would that last august? last august the former minister

of internal affair tried to call election, anticipated election exactly to call for the power to make everything. this was from matteo salvini's side this decision was very strong decision and mistake for italy and for salvini, so we changed the government in the parliament and we created a new majority. a majority my view, a majority stable for the next three years. so we wait for next election president of republic in january of 2022 and general election in march, 2023. i don't believe possible anticipated election of course, if there is a crisis in the government, there is not election for italian system that

would be a new government if in the parliament there are numbers. it's a very complicated system i don't believe in a crisis but in case of crisis, there is procedure with the president of republic, very complicated my message for investor is this parliament will be stable until 2023 >> okay. that's something i want to pick up on. this parliament will be stable until 2023 that's former prime minister matteo renzi let's bring in lorenzo big question really for investors is should we believe mr. renzi? should we believe that this parliament can hold it together? can this coalition survive not just the to 2023 but through 2020 >> by the way, great interview i think it was a great interview. i mean, my feeling is that this government is still fragile.

okay let's face it, salvini pulled the plug in august then italy formed this kind of strange government with people that were not expecting to side together in government okay the five-star movement it is increasingly fragile and no common medium or long-term platform so i think inevitably you have to expect some risks for stability and some bumpy road as we move into 2020. having said that, do they have an alternative no, there's no alternative if italy goes for early elections, probably salvini will go back to power and be a central right government so the guys in government right now know very well that they have no other option but to stick together >> that's the glue that binds them the threat of salvini. but going back to what you were saying about potential bumpiness in the market.

ten-year italian-year-olds, we started off at 3% and down to 1.4% and lower a couple months ago. we sold off in the last couple months do you think investor have fatigue with the italian story or an element of complacency here. >> probably both there's an element of complacency but not just specific to italy. it's worldwide strive for finding any kind of yield these days, going to emerging markets. it's not unusual to see italians spread so tight. and that is again not just an italian story. it's a global story and also story triggered by the ecb don't forget that the big narrowing of the spread not only in italy but also countries in the eurozone happened since may 2019 so basically i was triggered by ecb policy

now, is it going to last well, i think if you see political risk coming back, probably there would be some volatility having said that, can only change if there is a change in the global scenario. otherwise, probably italy would not be enough to really trigger big move. >> my final question is on the currency and naturally the currency very much affected by what's happening on the monetary policy mirror mirror on the wall who is the most dovish of all them. the euro is down what do you think it will do next year? >> well, in the ecb effectively exhausted any significant to ease monetary policy even more so at the margin, there might be some changes but not much. maybe the fed can do a little bit more, but keep in mind, that -- inverted and risk

premium are already negative, even in the u.s. even in the u.s. there is very limited scope. so it will be up to growth differential in my view. and the growth differential is still calling in favor of the u.s. dollar at the moment. >> lorenzo, thank you for joining us on december 30th no least. founder and chief economist at lcm macro advisers talking all things central bank and italy today. but stay with us because coming up on s"street signs," oil prics are on track for an annual rise in 2019 shrugging off concerns of global supply we'll have more on what to expect from oil after the break.

♪ welcome back to "street signs. >> these are your headlines. the stock 600 opening in the red today despite a surge in chinese stocks overnight while the nikkei ends lower in japan on its last trading day of 2019 it is still up by 18% for the year fraudulent activities

thailand plant takes the shine off shares with the eye ware maker expected a negative impact to reported in its 2019 results. tesla starts deliveries of its china-made model 3 just a year after they broke ground on its shanghai giga factory. >> the u.s. calls air strikes iraq and syria successful while teheran condemns what it calls, quote, terrorist attacks on iran-allied militia. >> we demand the islamic iran act consistent in what i laid back in may of 2018 what it is we expect iran to do so it can rejoin the community of nations. ♪ as we mentioned we can see here in early trade the european market is sitting there in the red on the second last day of trading in 2019. the ftse 100 is down by .3%,

about the same amount for the italian and french markets at this stage, in germany, it's the biggest loser out of those four it is down by half a percent but of course had a really great year so far in on 2019 as for the european yield, let's flip over the boards and look at where we're sitting there. we have the bund currently yielding negative. 0.2% you have in the uk, positive 0.796% in france, sitting at 0.08 and in italy, 1.4% we're moving along, let's look at the currency markets and see what's happening there as we were mentioning in the previous segment, the euro so far this year is down by 2.3%. euro dollar is currently sitting at 111.90. as for yen, currently at 109.16 murlt-month highs.

0.23% to the downside as we speak, though, and the pound at 131 also slightly higher against the green back while the green back is also on the losing side of the ledger against the swiss frank at 0.97. little bit of oil for you. we had double digit gains for wti and brent so far in 2019 naturally coming off quite a low base if you flip back to one year before this so brent crude is currently $68.2 currently down to the upside there by just .1% wti over the past three months as joumanna said has had quite a good month recently and over the past three months up by nearly 10% there and currently sitting at $61 and 72 for a barrel of crude joumanna, over to you. >> it's funny in that context because we have been talking about the command outlook for oil for almost all of 2019 and

yet despite the weak demand outlook we're still looking at very, very strong gains in the energy complex and in fact brent and u.s. crude prices third positive year. this as i mentioned despite concerns over supply cuts and september saudi attack stagnant oil prices, heavy corporate debt loads and environmentally conscious investors selling oil in stocks all this as the u.s. reached a major milestone, becoming a net exporter of crude and petroleum far full month as this as the race for another element, rare earth minerals just began to heat up. here is what to watch for in energy in 2020 first a wave of bankruptcies unless oil prices rise the industry and investors may have

to endure a number of reorganizations. many companies are struggling with huge amounts of debt built up when oil prices were on the rise wall street sun likely to let companies refinance or extend their obligations. second, international resources shift. venezuela likely loses control of citgo after years of courtroom battles the final battle likely comes in 2020 when it's possible the courts ultimately rule against venezuela allowing citgo to be seized, auctioned off and bought by american company or companies. the race for rare earth minerals goes full throttle you want to build an electric car or wind turbine, you need rare earth elements. these are obscure but incredibly important minerals china controls most of the world supplies for these critical elements, but there are many projects in the works to help the u.s. catch up. this will be the battleground to watch in 2020.

>> so environmental concerns are one of the three biggest drivers of project delays in the global mining industry. that is according to a report from energy consul tansy the company added that these concerns along with social opposition and governance issues could present risks to future metal supply welcome to the table thank you for joining us this morning. if we talk about the energy transition to renewables and we just been listening to brian sullivan talking about metals and mining are an enabler, what are the key themes we have to watch here >> the biggest issue is a lack of confidence in the sector because when we start talking about energy transition, you start talking at the longer term 2030 and 2040 and yet investors are focussed on the near term. they're focussed on the next 18

month to two years and yet it takes five to seven years to develop a project, so there's disconnect that's the real issue we have to overcome. >> do you feel that the transition has in general been disappointingly slow and what would you put that down to >> yes, it has been slow however, the mining companies are starting to catch up quite fast i suppose when you bring it back to the fundamentals, the key issue is adoption by the public. very tangible. we can all access evs. ev pickup just hasn't taken off as quickly as either the ev manufacturers would want or governments and regulators would want. >> because of the high price point or low battery life or what >> it's primarily a lack of options in terms of the number of vehicles. it's also the pricing point. each ev car is a subsidy unless until the subsidies are eliminated or the need for

subsidy is removed the economics just don't work. >> so in my very linear understanding of the energy transition as it we are tans to metals, i would think, okay, batteries therefore that's good for cobalt and nickel, the raw materials go into producing these batter ris, but what other metals stand to benefit from this energy transition away from fossil fuels towards more sustainable. >> so lithium is obviously the new energy metal that's going to benefit massively. that's something we have said for a long time. the world will never be short of lithium. two major metals are often overlooked and that is aluminum and copper when you're talking about energy generation and transition, you need aluminum and you need copper >> and is there a mismatch between the expected demand that you are expecting to see over the longer term to highlight what you were saying earlier there's a mismatch between

short-term fears a loot driven by the trade war and long term drive over five, ten years as this becomes more and more dominant and mainstream versus the physical supply of the base metals out there? >> yes if you look at the growth rates and often the industry talks about growth rate, we like to talk in tongues, you look at the sheer volume of material needs to be delivered to meet requirements, there isn't enough investment going on right now. >> in fact, just about half an hour ago something popped up here on the wires with the bank of england governor saying that financial services have been too slow to cut investment in fossil fuels and of course he's going to become the u.n. special for iraq climate change when he steps down from his position with the central bank. this is the thing, burning emissions of fossil fuels has been grows the past decade or

so is there any indication that's a trajectory that will slow down or reverse >> we have carbon dioxide emissions rising over the next five years, peaking at just over 30,000 million tons of carbon dioxide around 2030 and then flat lining. our base case does not have a reduction. you're looking at emissions falling from around 32,000 million tons of carbon dioxide down to below 20,000 million tons of carbon dioxide a massive difference it's going to be extremely challenging to achieve that. >> the numbers are quite stark thank you very much for joining us around the set today. vice chairman of metals and mining at wood mackenzie and talking about the importance of metals in that energy transition now, the uk is on track to

leave the eu by january 31st after british lawmakers backed boris johnson's withdrawal agreement bill the legislation is due to be fully ratified in january but what comes after that? sylvia will break it doin for us. >> brexit will an important event for markets in 2020. so let's look at the main dates in this process as we approach the new year so, at the moment, we see that the house of commons has approved the agreement it's still ratifying that deal and we're waiting for european lawmakers to green light that agreement as well. they will meet in the week of the 13th of january and that's when they could sign off on this exit agreement after that, we will see the uk's official departure from the eu on the 31st of january at 11:00 p.m. london time after that moment, a transition period will begin and it is said

to last until the end of the year now, the transition period doesn't change things for businesses, nor citizens but it's a moment for the uk and eu to put together a new relationship and in that context, european ministers are scheduled to meet in late february to put together a new associating man diet so this means negotiations on the phase 2 of the brexit process could start late february or early march. the next date after that happens in june when we expected a summit between the uk and the eu and the question at that meeting will be whether both sides will want to extend the transition period beyond 2020 now, we heard the prime minister boris johnson saying that he does not want to do that he wants to finish this transition at the end of 2020. and so in that context, european

lawmakers have said that the latest possible date for them to agree on that second deal is in late november. and provided there is an agreement and there's no need to extend the transition beyond the end of the year, then there will be new arrangements between the uk and the eu starting in 2021, but of course that is a big question mark we could still see a cliff edge movement between the uk and the eu with their trade falling to wto terms. >> certainly one of the reasons why the pound has dropped so much in the last couple weeks, sylvia, the risk of the cliff edge on december 31st, 2020. still hasn't been fully removed. stay with us because coming up on "street signs" as well, disney and apple entered the streaming wars in 2019, but the sector is set for more disruption in 2020 we'll look ahead after the break. i'm really into this car,

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some things are too important to do yourself. ♪ get customized security with 24/7 monitoring from xfinity home. awarded the best professionally installed system by cnet. simple. easy. awesome. call, click or visit a store today. year end records, is there more room to run the outlook for investors. "squawk on the street."

♪ in the world of sports italian football club roma confirmed it is in talks to be taken over by a consortium any potential deal is subject to completion of due diligence. it is expected a deal would be worth and 750 million euros. meanwhile, 2019 saw the introduction of several new big name players into the streaming sector julia bornstein has been looking into her crystal ball to see what's coming up in 2020 ♪ >> in 2020 we'll she the shift in power dynamic between media giants and tech balgt for viewers. netflix will lose more subscribers in the u.s nbc universal peacock launching in april and hbo max launching in may on top of this year's new editions of disney plus and ple tv plus, netflix will face steep

competition in u.s., putting pressure to continue to invest in content and international growth second add-supported streaming will peacock in the fray will be the new wars consumers, advertisers and content creators will shift focus to streaming ad-supported content for free nbc universal peacock is going up against pluto, independent zoomo. third the success of streaming video will eat into the box office which will decline next year all that streaming content raising the bar for going to the movies in a declining box office, lacking big name franchises that broke records this year, likely to put pressure on studios bottom lines >> with no real surprise, star wars films topped christmas day

box office in the united states, four out of past five years despite the resilience of the franchise online streaming services continue to pose a threat to the industry as the year saw the release of numerous popular titles, however, our next guest says that binge watching, which has been defining feature of streaming services, may be on its way out, forcing the sector to undergo major adjustments. dr. jenner thank you so much for joining us today. i was disappointed, i'm a fan of binge watching but apparently binge watching makes me unsophisticated. >> unfortunately it does i do like it as a viewing practice and i think as a viewing practice, it's actually alive and well but the thing is that it's been normalized as a way of watching

tv and obviously television has been -- has had a decreasing cultural value within our culture for most of its history. so, binge watching is kind of a practice that is going out of fashion. i think as a practice we still do it, but it's less sophisticated. >> doctor, let's talk about the christmas season itself. do you get the sense that people's viewing habits have changed as well over the christmas season or are we still very much watching the same old movies we watch every single year? in my family household we love to watch one particular movie on christmas day. but do you get the sense that people are changing their preferences now and are more experimental with their christmas film choices >> well, i think that is kind of the tra christmas tra sigs of watching one or two different films together as a family

but, also we just have far more devices. so we don't necessarily watch that much stuff together as a family because everybody has their own laptop, so everybody watches whatever they want to watch. yeah >> mareike, the irony is that netflix has been successful because of the binge watching phenomenon how is netflix going to remain successful if it's not going to support binge watching instead it's going to do a drip feeding approach with its streaming? >> well, i think they can remain with the binge watching as a business because even if it's normalized, that means that people do it and particularly young people are very used to it it just it's know longer be the

elite that it used to be part of it is i don't want to call it fault but part of that is because in the beginning they very much introduced themselves as a business that promotes binge watching and binge watching quality tv series like "house of cards," for example. bup at the same time, they made it so accessible that everybody is doing it. i think what we might see in the future is the introductional elite status where it's more drip feeding you have the parallel versions of binge watching series and the drip feeding approach of one episode per week. >> certainly good example of that would be the apple plus services they launched the morning show and been drip feeding i know

because i have been watching and i wait every monday for the next release. but they've spent over i think $150 million per season on the morning show this is just one of the shows that they have on their entire platform is there not a financial consideration as well to this element of drip feeding out show by show on a weekly basis rather than just dropping all in for one weekend people watch it and then they have pressure on themselves to produce another block buster of similar magnitude. >> yes, definitely because -- well, that was always the consideration from netflix that's why they had to produce more and more original tv series largely because they needed to keep subscribers where as with the drip feeding approach, obviously you can keep people interested over several weeks. >> we have to leave it there,

but dr. mareike jenner, thank you so much for joining us netflix and chill, it will be netflix and wait and netflix and patience. >> what will i do for the rest of the seven days until the next show that's a lot of popcorn to consume. hey, i have a reason for it now. these three hours passed really quickly, so you know, the viewers will get the pleasure of watching us again tomorrow if you want to tune back in. we're almost done for the show today. let's take a quick look at u.s. futures to see how u.s. markets fairing. looks like pretty much -- not much movement in the futures even though it's been a steady year across the board. that is it for our show today. "worldwide exchange" is coming up next. ♪

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♪ good morning it's 5:00 a.m. at cnbc global headquarters. here is your five at 5 final trading days of 2019 kicking off this morning as the markets look to put a cap on what could be the best year in two decades. tesla's model 3 officially rolling out in china less than a year after the company broke ground at its shanghai factory. weworks parachute packages we'll talk about that and new report on the high price the troubled startup will have to pay some of its executives the restaurant industry facing a big year of change. we are breaking down the new frontiers fo