it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5. stocks in the red after the friday's blowout jobs report investors are edge head of the final decision of 2022 china stocks are surging overnight as beijing signals a covid zero policy shift in the wake of the unrest. and the cartel boss said any move in the russian price cap and european union import ban. elon musk in the headlines

twitter's biggest advertiser resumed operations on the platform after a brief p war of words. and sam bankman-fried responding to calls from capitol hill to testify over the loss of millions of dollars of customer deposits it is monday, december 5th you are watching "worldwide exchange" here on cnbc good morning i'm seema mody in for brian sullivan who is reporting from europe this morning. he will join us in a few minutes. let's kick off with a look at futures. we are coming off two weeks of gains for the stock market implied open lower for 100 for the dow jones industrial average and nasdaq down 29 and s&p is down 14. keep in mind on friday, we did end lower following the hotter than expected jobs report. let's pivot to bonds and look at where yields are faring at this

hour the 10-year treasury is higher at 3.51% the 30-year treasury at 3.5 as well in energy, oil remains focus given the opec meeting ice brent crude up 1.7% at $87 in cryptocurrency, bitcoin moved higher last week it is up by 1.3% back above 17,000. let's go worldwide europe is open for trade and julianna tatelbaum is in the london newsroom. i love the stat you shared during your hour. >> you wouldn't think it given the negative chatter with the economic picture europe equities are on a good run. this morning, fairly muted start. the cac 40 and dax lower the swiss market is trading

higher by .2%. italy is flatline. we got final services pmi come through this morning which for the eurozone and uk showed the contraction continues. the situation is not as bad as feared we are below the 50 mark which separates from expansion we are not in a worst-case scenario heading into the winter here is the split for equities at the top of the board is basic resources up 2%. perhaps part of the reason is the china reopening story that is gathering momentum. some signs that the covid policy in china may be eeasing. under performance from food and beverage down 1.1% seema, one stock mosving is credit suisse. mbs is reportedly considering an

innvestment of $500 million to back the unit first boston as part of the $1 billion capital raise. the credit suisse story continues to grip investors. seema. >> it is up 7%, but still at 3.1. julianna, great to see you love your reporting. julianna tatelbaum in london. to the stop story this morning. stocks soaring in china. silvana henao has the full story. >> seema, good morning markets in hong kong and china closing sharply higher on news that china is relaxing the covid zero calls commuters in beijing and 16 other cities were allowed to board buses without a covid test in the last 48 hours for the

first time in months rest depaidents no longer have o provide information for cold and cough medicine chinese technology like tencent and meituan and alibaba surging. and mgm china and wynn macau is up double digits this is all happening one week after the covid control measures spilled into public protests from shanghai to beijing some calling for the resignation of xi jinping. and we hear foxconn is expecting the covid plant, the largest iphone factory in the world, to resume 100% production

seema. >> fascinating to see the turn of events there. now to see the cost government responding thank you, silvana. to another developing story this morning the start of what would be a volatile time ahead. more questions about what is going to happen next brian sullivan is in brussels with more on the flurry of headlines. brian. >> reporter: seema, isn't it weird and ironic on the day of the oil regulations and price c caps kick in, china decides it will reopen and consume more oil? coinc coincidence? i'll talk about that all day on cnbc let's talk about the flurry of oil headlines. opec met virtually yesterday they continued the round of cuts 2 million barrels a day.

they are not adding barrels to a market which now may get pulled back on because of the new eu sanctions on ocean borne or seab seaborne russian crude over 1.5 million barrels a day coming to europe from russia russia says that is fine we will not sell more oil to you ni anyway out side of that, a price cap of $60 for brent crude on russian oil. any russian oil not going to europe, may fall under the price cap, but we will see how they enforce that by the way, to my point, seema, russia has vowed retaliation saying we will not sell more to europe or any country that imposes a price cap. i want to make something very clear. we are here in europe. there is the theme like europe's natural gas storage levels are

fine no, no today is day one of the latest round, the beginning looking into next year for natural gas as oil we will be here talk about oil and natural gas and renewables on tuesday and wednesday i want to say something at the top of the show. the price we show for oil, the brent crude chart. that's the futures contract. it does not reflect what people are actually buying oil. physical barrel for and europe's costs are going to go up 25$25 billion to $$75 billion in the next years >> could they change their minds about the output levels if the market changes >> reporter: yes the virtual meeting wasn't open

to journalists they did note, seema, in the communication, they stand ready. they stand ready to cut or do they stand ready to add barrels? the point i was trying to make at the top of the show 365 days of the year the last i checked. the day the price cap kicks in and sanctions kick in, that is randomly the day that china says we will reopen if that is true, they will consume, according to the iaea, 2.5 million more barrels per day in a world where the barrels may be coming off. random but interesting >> i guess and what about the nations like china and india and turkey will they agree? >> no.

you spoke to modi. they need to do what is best here is the great variable for europe imagine if you are india people i talked to suggest and i'm not saying this issing going to happen. how about this you are india. you are a huge buyer of russian oil. now europe is short oil. why not india or china or turkey buy more than they need, transfer and buy for $55 or brent at $60 europe needs oil here. re-sell that oil, i don't know, $100 a barrel, back to europe. europe will be short 1.5 million barrels a day? that is 42 gallons of fuel of oil. you can do the math on the

looming fuel shortage. one company in germany doesn't know where they will get it. people driving by us see what it looks like in three months this is day one of the new reality. >> a lot happening on the ground brent crude up 2% at $87 brian, good to see you brian sullivan live at the opec events when we come back on the show, friday's blowout jobs report what could it mean for a possible fed policy pivot? and elon musk and apple making nice after the one-sided war of words. later, more on the wild week for oil. helima croft is injoing us on the very busy hour here on "worldwide exchange. customers al on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform.

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welcome back futures are lower this morning as investors await more data this week. new prints on the ppi and durable goods and consumer sentiment providing a fresh read on inflation as the fed enters the blackout period ahead of the december policy meeting next week. wall street is forecasting a 50 basis point rate hike as investors are looking for a slowdown going into 2023 for more on what to expect let's bring in mary ann bartels at

sanctuary wealth mary ann, it is great to have you on the hot jobs report was surprising >> it was hot and hot across the board. the data point the fed will zero in on was wage growth. it was double expectations at .60%. year on year above 5%. they will not like that number the market is anticipating a bit of a pivot where they stop 75 and switch to 50 i think the market will shift and maybe do go higher in febru and probably stay higher for longer >> so 50 at the december meeting. why 50 if we got a better than expected jobs report is that something to stick to the 75 number? >> they are looking at a number

of things. housing data has been softening quite a bit. if you look at commodity prices like the crb you are seeing a lot of commodities rollover. cpi looks like it peaked and rolled over. they have been raising quite a bit. the most aggressive my enter career they will start seeing the impact the rate hikes have with the long lag the lag could be 12 months or more i think they will do 50. i don't think they will do 75. i think next year they will be higher than what the market was anticipating. >> we are watching chinese tech stocks move higher i'm not sure how closely you are watching it. the idea china is reopening. the government may bend to the protesters your thoughts on how that impacts the global economy

>> if you look at china alone and look at valuations, it is the cheapest market which is trading in the 9 times pe multiple it is very, very over sold i'm not surprised to see a bounce i think one of the surprises that we'll have in 2023 if we wind up having the fed actually begin to pivot and the market senses that, the emerging markets mieght be the biggest ot performer in return. i'm not surprised to see this with the political risk. we may actually in 2023 have markets surprisingly stronger than people are anticipating. >> biggest event you are watching this week durable goods and manufacturing data what is on your radar? >> durable goods definitely. anything with pricing the fed

will zero in on. to see where we are in pricing in terms of the pmi and manufacturing, we broke below 50 and we were trading at 49 which indicates a recession. when we go to the services data, it will be very interesting to see that particular data and how strong the goods markets has been weak. the service market has been strong as we know, the fed is trying to slow inflation one of the ways to do that is to slow everything down so they will want services down as well. that is something i'm particularly paying attention to >> it is a great point especially with the out performance of industrials obviously the market doesn't always follow the economic indicators mary ann, thank you. mary ann bartels. still on deck, as crypto suffers the biggest investor confidence crisis, some argue the use case has never been

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$17,300. sam bankman-fried will not stop talking as every criminal attorney on the planet says this is the worst possible legal def defense. we got clarity on when lawmakers in the u.s. may pull the ex-ceo to capitol hill. here to break it down is m mackenzie sigalos. walk us through the headlines. >> reporter: good morning, seema. sam bankman-fried was again saying in the interview saying there was a firewall with ftx and alameda. sam bankman-fried talked about the financial decisions. that is key because up until now, the media blitz has focused on him trying to make the case he wasn't the one making the bad decisions. his mistake was not being more

involved all of the press interviews are not under oath the u.s. representative maxine waters asked him to appear at the hearing next week. the contagion effect from ftx continues. genesis owes gemini $900 million according to the ftc >> mackenzie, you are at the bitcoin conference it is very loud there. what is going on >> reporter: we will hear from the big names in crypto. it sets bitcoin apart from the thousands of alt-coin projects the bitcoin network focuses on

decentralization and is security sentiment is positive about the industry because they feel people around the world are realizing that bitcoin is more reliable and decentralized the actors cannot mess with your money. jack dorsey and others who run the most prominent exchange on the planet will speak and then the layer 2 technology trying to replace existing cash transfers instantly and cheaper. crucially, we are hearing from entrepreneurs who have been leaning into crypto to make life easier. >> are the people there saying it could make things better or easier than cash >> reporter: several countries

in africa are the prime examples where grassroots crypto adoption is happening because it is better than the existing system. there is a thriving peer-to-peer crypto payment network with bitcoin and u.s. dollar stablecoins. we are talking about with bitcoin as a savings technologies the price is volatile, but with inflation, bitcoin can be safer and more accessible option mining for bitcoin is creating a financial incentive to build infrastructure to harness renewable energy and make that power available to communities seema, another delegation here and the government banned credit t crypto and the industry is

thriving these are the use cases that people are excited about >> the promise of emerging markets. perhaps is where it can do better bitcoin. mackenzie, thank you. let's get a check of the headlines. phillip mena is in new york with la latest >> good morning. former president trump is suggesting that the constitution be terminated in his effort to overturn the 2020 election results. the 2024 candidate cited baseless claims of fraud the attack on the constitution should be universally condemned. the top republicans in congress have not commented on the post nbc news reached out to spokes people and have not received a response. 103,000 residents in moore

county, north carolina are without electricity after a targeted attack that knocked out substations. duke energy said it could take until thursday to restore energy a suspect or suspects drove up to two power substations on saturday night and opened fire disabling the stations and caused a blackout. the eruption of the largest active volcano continues in hawaii the lava flow advanced at 40 feet per hour according to the u.s. geological survey plus, the indonesia's highest volcano erupted on saturday. monsoon rains eroded and finally collapsed the lava dome atop the 12,000 foot volcano. no casualties have been reported seema, back to you

>> phillip, thank you. straight ahead, why apple is reportedly speeding up reliance on factories outside china at a break-neck pace. we first go back out to brian sullivan for more of what's on deck brian. >> today could be day one in the next leg of europe's growing energy crisis. it is not just europe. helima croft will join us after the break to talk about what happens here may actually be a global energy crisis as russia vows oil and energy retaliation. helima croft with analysis next on "worldwide exchange."

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stocks under priessure to start the week as they size in a su super size rate hike. opec holding steady as the group looks for ways to impact the china reopening. it is monday, december 5th you are watching "worldwide exchange" here on cnbc welcome back i'm seema mody in for brian sullivan who is reporting from brussels let's get a check on the u.s. stock futures where you will see price action lower. dow jones industrial average indicating a lower open by 135

nasdaq lower by 40 on friday, we ended lower after the jobs report. let's look at the bond market. yields last i checked, the 10-year treasury was higher. we are higher. 3.5% on the 10-year treasury 2-year treasury at 4.3 let's hit oil prices with the first positive week last week. brent crude above $87 time for a look at the top stories. silvana henao has those. good morning apple is moving production out of china home to the world's largest iphone factory apple is telling suppliers to assemble more products in asia such as india and vietnam.

foxconn accounts for 70% of iphone shipments worldwide the main factory has been hit by worker protests and tough covid restr restrictions apple and amazon planning to resume advertising on twitter according to the report by platform elon musk announcing during a conversation on saturday that apple has fully resumed advertising. apple is twitter's largest advertiser last week, reports say twitter sent an email to ad agencies offering customers incentives to increase spending on the site. shares of credit suisse rallying ass saudi arabia is interested mbs is considering $500 million to back the unit first boston. additional pbacking could come

from u.s. investors. to another developing story. markets in hong kong and china closing higher today on news that china is relaxes some of the strict covid zero rules. for example, commuters in beijing and 16 other cities were allowed to board buses and subways without a covid test in the previous 48 hours for the first time in months residents no longer have to provide personal information when buying cough or cold medicine reversing the design on keeping tabs on possible outbreaks chinese consumer names are higher t tencent and meituan and alibaba. ev stocks surging 14% for nio. and casino names are popping

up double digits the covid policy shift is one week after public anger spilled into rare public protests in cities from shanghai to beijing. some calling for the resignation for the president xi jinping and the very busy 24 hours for crude oil. the latest is opec plus saying it will lock in production levels and 2 million barrel per day cut which it voted back in october as the price cap and sea ban import on crude takes effect today. brian sullivan is in brussels who is covering this >> reporter: seema, today is day one of the next leg of the energy crisis. could this trickle over to asia or the united states let's bring in helima croft from

rbc. helima, we should be in vienna we're not. there are so many stories to tell helima, it is fascinating. a 0.3% odds that china will basically announce it will reopen and use more oil on the exact same day the european union sanctions and price cap kick in? isn't that a shocking coincidence? >> this is shocking, brian this is the launch of the emb embargo. the launch of the price cap plan you cannot get western services to move russian barrels anywhere in the world if you pay above $60. the key factor is will the russians make good to withhold supplies to any customer who pays at the cap? the russians have cut off

importers who don't pay in rubles will it carry over to oil? >> reporter: i hate to read this tweet from the russian ambassador, in vienna. starting from this dwyear, i thn he meant day moscow made it clear it will not supply oil to the countries who support an anti-market price cap very soon. the eu will blame russia for using oil as a weapon. the eu sanctioned russia, but also in a weird way, helima, did it not also sanction itself because what people don't realize is europe is still using maybe 1.5 million barrels of russian oil per day? >> we estimate it is around 1.2 million barrels. seaborne imports have been decl declining. is russia cutting off pipelines?

you have countries with exceptions germany and poland said they will voluntarily stop before the end of the year. will russia cut them off sooner? does russia withhold from ot markets? japan has come out and sidaid it will abide by the cap. can india purchase at the levels if they don't get western services shipping and insurance to get the barrels. that is the big question can asia continue to purchase barrels at this level if they do not sur western services if you do the cap, no russian oil. >> reporter: part of our story is the secret oil navy that russia has been building up. we saw documents we have sale transactions for the old super tankers which have

undiscl cclosed buyers. your point in your note last night was based that we don't know what the compliance firms will do. we are here at the eu commission if you are an oil buyer and don't understand the rules that are written back here, you might say you know what? don' don't buy p ananything you don't want to get sanctioned >> firms paid millions for violating sanctions. being engaged in the iranian oil trade. a number of departments these weeks will likely lead with no think about it, brian, we just got the announced price on friday afternoon we are the we are still writing regulation of the price cap plan. there is an issue of enforcement

and how it is monitored. we will have dislocations as compliance departments figure out what it means. >> this show is "worldwide exchange." we have viewers in the united states we label it european energy crisis helima, tell me you are nuts or you are going down the right path, sullivan call it 2 million or 1.5 million per day not used by china which consumes about 15% of the world's oil because of the lockdowns. let's say they reopen and start using more oil the u.s. is still selling about 1 million barrels a day from the spr. that's going to wind down in a few weeks. by the way, we have to refill that my little brain here, helima,

that seems like it could swing the needle dramatically higher in terms of price if they happen at the same time. >> that is absolutely right. i'm sitting in washington right now. for the braiden administration, the china reopening and winding down the spr and uncertainty of if you can still take russian barrels. can india continue purchasing at current levels if they say we're not going to abide by the price cap. a lot of uncertainty where this market is going. the trend line this morning looks like it is headed higher for sure >> reporter: well, you are in d.c. you can ask them i'm in brussels which is the d.c. of europe i'll see if we can get the commissioners out here to talk to us. helima croft, always a pleasure. i'm moving around a lot because it is cold that is not good

cold is bad. gas will draw drown. helima croft, thank you. love your insights. >> that was brian sullivan with helima croft great discussion there, brian. i learned a lot. brent crude at $87. coming up, call it lame duck tax deals. businesses making a last-minute push to preserve key breaks of the the calendar is nothr t ei friend we have a live report forex. ses: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

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welcome back to "worldwide exchange." to washington where businesses are racing against the clock to pass tax deals we have ylan mui with more on whether or not it will get done. >> reporter: good morning, seema. congress is scheduled to leave for the holidays in two weeks. businesses are hoping to secure key tax breaks on top of the list, restoring the r&d tax deduction. in a recent letter to congress, 178 companies, including intel and lockheed martin and service now says failure to reverse this harmful policy will mean less innovation and impair america's competition position.

companies are pushing to preserve fuel investment which is starting to phase out next year and keep a generous formula for net interest deductions. this hinges on two things. democrats want changes of their own. namely reinstating all or part of the enhanced child tax credit that expired last year second, any tax package will be folded in the bigger spending bill republicans and democrats are hammering that out it is not clear they will reach a compromise the change to the deduction is costing them $29 billion and could impact tens of thousands of jobs every year back to you. >> ylan, if the tax changes don't pass by the end of the year, what happens >> reporter: businesses will have to pay more money already we are seeing businesses feeling the pinch because they pay taxes on the quarterly estimated basis.

they are already paying for that money this year. lobbyists will continue to push for it the important thing to remember is that this is by design. back in 2017, when lawmakers were overhauling the tax code, they lowered the corporate rate to 21% in exchange to pay for it, they made other tax changes to take effect now businesses are having to deal with that and they are now starting to see the consequences of the tradeoffs that lawmakers made in 2017 the next year to watch is 2025 the individual side of the tax code comes up for renewal. you bet they will look at t closely. >> the countdown is on thank you, ylan mui. on deck, a goldilocks economy and what the fed needs to do to get there we will talk money with greg branch next.

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welcome back a fairly busy week ahead here is what investors should be watching we get data on pmi and november factory orders tomorrow, the senate runoff election in georgia. and a local for earnings from auto zone and toll brothers. and on wednesday, the consumer credit report and the earnings from gamestop. we will get earnings from broad come and costco and lululemon and chewy. and on friday, the ppi and consumer sentiment and wholesale trade report let's talk more about greg

branch who is a cnbc contributor. greg, great to see you i'm confused last week, on wednesday, we received a dovish speech from jay powell on friday, a hotter than expected jobs report what does it tell us about what to expect from the fed next week >> the fed is doing something different. they are trying to give us guidance sometimes with company guidance, that guidance will be spot on and sometimes it needs rev revisions. at the end of the day, are we closer to the end of the rate rising cycle probably probably just past the midway point by my analysis i think we will start to hear this in the coming weeks the terminal rate will be more like 6%. that is what the jobs report showed up.

powell gave us the santa claus assessment also before we revised gdp number up to 4.5%. seema, it leaves us in a situation where the fed wants to combat inflation in a way it doesn't become systemic in the minds of the public or a structural part of the expectations while i admit eventually it will go higher for longer, we are not there yet. we are simply on higher. all of the sentiment surveys point that out based on the jobs number and cpi, it will not show another meaningful reduction i think we will see another 75 bps this month. >> what does this mean for the economy? >> powell has been straight forward about this we need to destroy demand for

workers and mitigate the strong demand for labor we don't have enough supply. we are sitting at 1.7 jobs for every willing worker until that comes down, strong wage growth will continue to be the poignant characteristic of the economy. they have been candid. that is the target unemployment sitting at 3.76%. participation tick down, which leads to further future wage growth without any meaningful impact on that so far, there's going to be more pain in the economy they need to destroy the demand side for labor. >> talk about demand look at the story out of china, greg multiple cities loosening covid policies stocks surging at this hour. what is your read? >> it is an interesting development. at the end of the day, many of

the crowd -- much of the crowd tilting to the fed points to commodities like oil coming in without acknowledging the global role china is the biggest importer of oil. we saw a very interesting opec meeting. we will see what happens with china opening up a bit this is good for the gloebal economy. it means we will see more inflation and some commodities and metals and mining and have t reprieve and put the fed in a dovish posture which is likely not to happen now. >> i like connecting the dots. what powell does here. it is interesting. greg, i appreciate your

perspective. greg branch. >> my pleasure. let's get back to brian sullivan with the look ahead brian, what is on tap? >> reporter: we will wrap up and look ahead to the day and week the main headline is happening today. you have the eu sanctions on russian oil kicking in the price cap of $60 for brent kicking in today opec meeting yesterday and quickly deciding they will continue the 2 million barrel per day cut. they are not adding production when the world needs it. and, seema, today is the day that china decided to start to kind of reopen and use more oil.

very coincidence we talk about the u.s. role in what is happening here one reason we came to europe is u.s. natural gas lng. i won't say, seema, is saving europe, but the additional flows from the united states to here certainly helping to mitigate the pain call it a marshall plan for energy that is p tomorrow we talk the role of renewables and trying to wean off oil and gas forever. who wins oil today. gas tomorrow renewables on wednesday. back to you, seema mody. >> thank you, brian sullivan see you soon let's look at futures right now. indicating a leaver open p the dow is down 141% nasdaq down 37 here in

pre-market this as we watch oil prices surge by 2% following that opec decision more from belgium ahead. that does it for us on "worldwide exchange. i'm seema mody "squawk box" is next with gold bond... you can age on your own terms. new retinol overnight means the smoothing benefits of retinol are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days. gold bond. champion your skin. well, we fell in love through gaming. but now the internet lags and it throws the whole thing off. when did you first discover this lag? i signed us up for t-mobile home internet. ugh! but, we found other interests. i guess we have. [both] finch! let's go! oh yeah! it's not the same. what could you do to solve the problem? we could get xfinity? that's actually super adult of you to suggest.

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good morning u.s. stock futures are lower between slightly and somewhat. china stocks jumped overnight after major cities relaxed more of the covid restrictions. details straight ahead. new over the weekend opec countries sticking with production cuts. a month or so ago ahead of the pending ban from the eu on russian crude. we will go live to brussels for the latest elon musk says twitter's

biggest advertiser resumed on the platform after a brief war of words it is monday, december 5th, 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. on this monday morning, you will see some red arrows when you look at the u.s. equities picture. dow futures off 140 points s&p down 18. nasdaq off 36. this is after a week where you did see the stock market move a little higher. dow has been down for three of four sessions. moving higher than las