it is 5:00 a.m. at cnbc global headquarters. here is your top "five@5." stocks surging for direction after the worst day in a month technology coming off a 2% loss on its own. call it peak inflation a new note from goldman sachs says the worst is behind us, but that does not mean the fed is about to slow down any time soon. breaking this morning. breaking news from the largest chip maker in the world on the multibillion dollar investment

in america news one ceo says is a game changer for the industry. plus, amid the collapse of ftx, one investment bank is on the hunt for deals in crypto later on, beijing easing covid zero rules overnight to mixed reception from investors it is tuesday, december 6th, 2022 you are watching "worldwide exchange" here on cnbc good morning i'm dominic chu at cnbc global headquarters brian sullivan is live in rotter d rotterdam, netherlands as part of the week long energy crisis >> dom, it is not about europe, but the u.s. and world as well you led the show with goldman sachs showing the worst of inflation may be behind us that may be true in the united

states i'm not sure it is true for europe or other parts of the world. europe, this is the third biggest combined economy u.s., china and eu third biggest in the world this matters a lot yesterday, dom, we talked about with oil and opec and sanctions. today? we will focus on a crucial commodity. that is natural gas. natural gas powers and heats europe last year, before the war, you have 155 billion cubic meters of russian gas pipelined in what does that mean? we will talk about it all day long and put the giant numbers in context now that 155, dom, has come down to 11 billion cubic meters there is a massive gap going into next year this year's storage is good. part of the story is what i'll call the marshall plan for energy that is an lng tanker. not from the u.s

that ship came from norway there is a u.s. ship not far behind us right off in the north sea. we will talk all day about the role of u.s. natural gas and how many of those europe will need and winners and stocks and talk about everything we need to know about the gas side and what i think is probably, dom, if i may say so, and i have nothing to do with it, the coolest live shot of the day on cnbc i challenge anybody to challenge this >> i love it you are dressed appropriately given the weather and everything else i dig the jacket. >> oh, there is a seal here admiring the logo. let's get to the market action kicking off the hour with the u.s. equity futures. the s&p and nasdaq fell 2% on the day yesterday. right now, the dow implied higher by a modest 20 points still in the green s&p implied higher 3 points. nasdaq by 15

again, after yesterday's losses, it may be a small victory. on the bond market with yields in focus which drove action in the trading yesterday. 10-year treasury is 5.78% 30-year treasury long bond is 3.60. and cryptocurrency bitcoin and ethereum tough to tell if they are risk assets right now bitcoin above 16,000 16,954 is the last trade similar percentage decline for ethereum currently $1,253 let's get a check of the overnight action in asia and the trading in europe. i see julianna tatelbaum standing by in london with the latest there good morning, julianna >> good morning, dom despite the weak session yesterday, asian markets held up well a mixed trading session.

shanghai trading higher. we are looking at reports that a national relaxation of the covid rules could be on the horizon as soon as tomorrow we had rolling back of restrictions in beijing and shanghai perhaps already priced into markets given the muted reaction hang seng dropping 0.4%. and bringing attention to the australian market. getting sold off a little bit overnight. down 0.5%. reserve bank of australia delivered the third consecutive rate hike overnight. that brings the rate to 3.1% highest level since 2012 another central bank tightening policy as for european markets. here is the picture. red across the board a fairly downbeat session extended the losses from yesterday. stoxx 600 dropped negative yesterday. fairly contained in terms of the

magnitude of the pull back dom. >> julianna tatelbaum in london. thank you very much. let's kick off with breaking news with silvana henao. good morning >> dom, good morning breaking news. taiwan semiconductor, the largest computer chip maker is tripling investment in the u.s promising to spend $40 billion on two facilities in phoenix, arizona. the plans should satisfy demand for chips across the country by 2026 today, tim cook, says the company is the key supplier. morris chang and sanjay mehrotra and jensen huang and lisa su will be among those speaking out today. and in beijing, residents no

longer have to show proof of a negative covid test before entering public spaces this is a similar move one day after shanghai. and goldman sachs will spend tens of millions of dollars to buy or invest in crypto companies. according to reuters, this comes amid the collapse of ftx and re-evaluation of the crypto sector goldman sachs says the ftx collapse has higher need for trusty players and big banks could be the ones to fill that role dom. >> silvana henao, thank you. back to the broader markets with stocks seeing marginal gains after the steep selloff. investors looking to economic data this morning for strength of the u.s. economy as wall street gears up for another fed policy meeting next week goldman sachs is out with a note

saying it believes the peak for core pce inflation is behind us with the inflation target of 5.9% this year and 3.2% next year a big drop off let's talk about this with joanna gallegos anna thanand nan thooft all of this is setting up for a good story line for markets. it didn't seem to be read that way yesterday. what is the take going forward >> i think there is a lot coming with the fed action next week. what has been cloear this year and despite estimates of where we land, the fed will continue to raise rates to combat inflation until they get to their targets.

volatility will persist going forward. i think more so than now, the markets have absorbed a lot of rate change over the year. in 2023, investors in fixed income markets can be positioned differently than 2022. no matter what the fed does or says next week, i think what matters is there is an incredible amount of opportunity in the bond market that hasn't existed for decades for portfolios >> nathan, many investors have seized on the opportunities of this big investment opportunity that joanna speaks of. i remember seeing a 10-year treasury at 4.25% p. it has been bought down to closer to 3.5% it seems there is a mood developing that says if i can get risk free money at 4%, i'll take it. is that how we should view things in the coming months as we head toward 2023? >> we have definitely seen a

move we hear from our clients that yields at these levels are attractive and less risk where they can find in the marketplace. the attractiveness is there. the volatility is still there to an extent. i would say volatility has come down some in the fixed income markets. we are seeing sizeable moves on a daily basis. we still believe that a lot of central banks, including the fed is dependent on data while inflation may have peaked in the u.s., it is a big question as to how sticky for how long and how long will it take for the fed to decide before they can actually go in the other direction when it comes to monetary policy there are still a few questions despite attractiveness we see in the fixed income environment. >> nathan, that is one thing it is your job to look at the questions and answer them and make investment strategy what do you do, nathan, given

that outlook you pointed out >> we are bringing up duration in portfolios for quite some time the this year, including later part of last year. we were under weight the broad dynamics and credit exposure in the portfolios now we are closer to neutral we are bringing up the duration of the portfolios to take advantage of the opportunities that we are seeing in particular, we think the investment grade markets are a safe bet to be there is some to view on the lower quality given the nature of the dynamics we will see in the coming year. i would say credit has held up well because the baseline in our view is there may be recessionary dynamics rolling across regions, the severity of that is not the question it is about the duration of slower growth environment. >> joanna, nathan brings up a

good point we have been focused on risk free rates the u.s. treasury yield curve and we should look at other places down the credit spectrum. investment grade corporates or junk or bonds. where do the opportunities p present themselves proper foundn the next quarter >> we think as people start to reallocate and step into risk assets, specifically in credit, we think high quality high yield is a place to take a look. single goldilocks. it always have less idiosyncratic risk if you look across the sectors in high yields and energy,

consumer industrials have a lot of strength in the balance sheet. there are spots to enter into the risk markets you can consider doing that now since we moved through the huge shift. it is november and we see the volatility and rate increases and it seems like some of the table is set in 2023 for fixed income and bonds >> joanna and nathan, thank you. when yeswe come back, what e semiconductor factories invv investment means for apple. and later on, not just big tech layoffs coming to the consumer staples industry as well we have more when "worldwide exchange" returns after this commercial break

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welcome back to "worldwide exchange" and back to the coverage of the european energy crisis one that could not tilt just the continent, but entire world into recession. brian sullivan is joining us from the rotterdam, netherlands. >> reporter: dom, there is a narrative which we talked about yesterday. there is a narrative that everything is fine in europe because their storage is filled up or got filled up more than

they expected. well, that's true for this year and that's good. it was in large part due to quick thinking like germany getting floating lng units and getting really lucky with the weather. october was the warmest october in germany in 140 years. mother nature supremely cooperated the risk is going into next year here's why here's the numbers what we will talk about all day on cnbc. more than half of the storage i referenced, dom, came from russian pipeline gas pretty much all of it. a tiny bit coming through. pretty much all of it is offline. you have the huge gap going into next year. russian gas. demand destruction cutting off industry that takes away that that's a positive thing. let's do the numbers very quickly okay the iaea says the gap of 30 billion cubic meters next year

that's like carl sagin billions here is the basic thing, dom that ship behind us here about ten of those is 1 billion cubic meters if there is a gap of 30 billion cubic meters or more, the math says you need at least 300 more of those in addition to the ones already coming in order to fill that gap that number, by the way, dom, is not possible that gives you an idea as to the scale of what europe is dealing with that 30 may be a conservative estimate >> brian, with those numbers, they are staggering. even if we build capacity to the point to fill the gaps, it could take years or a decade to get the infrastructure up in place to get that thing going. i wonder you mentioned the ship

behind you is not an american vessel i'm curious, though, what the possibility is for an american opportunity for lng going to places around the world like europe how equipped is the infrastructure and energy infrastructure currently to fill at least some of that gap that we have in europe right now with lng? >> reporter: it is equipped well enough and you nailed all of the salient points it is growing, but these are giant projects that will take years. a tip of the cap, therethorically because i'm not wearing one. we have some companies building

with the countries of qatar. an industry that did not exist ten years ago is now already big enough that i'm not going to say that the u.s. is saving europe if it wasn't for u.s. lng, maybe not that ship, but the one probably behind it which will be from corpus christi or plaquemines parish the u.s. natural gas industry is building out it is getting bigger venture global is private. freeport should come back online they are building out.

the question is what happens ten years from now what happens next year a lot of questions we will try to answer them today. >> a big political issue in the u.s. as well >> reporter: and here, too >> with wcarbon fuels brian, thank you very much on deck on the show, your money and the money movers and the mystery chart with the stock up 8% ahead of the on oppening . we will see when "worldwide exchange" is back after this

welcome back to the show time for the big money movers. stock stories of the morning shares of get lab surging ahead of opening bell. sales topping estimate as well gitlab is issuing strong outloo for the quarter and year and textron has been awarded a key development contract for the army future long-range assault aircraft program the longest helicopter deal in 40 years worth up to $1.3 billion. it is set to replace 2,000 blackhawk helicopters and apache heli helicopters. and jack dorsey contributing to

a funding round for a bitcoin miner that relies on 100% renewable energy block will join on a $2 million seed investment in gridless. hoping to spur more investment block shares up .20%. as we head to break, watching tesla's more than 6% drop on news it is cutting output at the shanghai factory due to falling demand. if you haven't done so, follow our podcast check us out on apple, spotify or other podcastpp as. "worldwide exchange" is in audio format we'll be right back. did you know your health has more to do with your zip code than your genetic code?

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stocks looking to shakeoff the trading week's sell off over the interest rate hiking cycle breaking news. world's largest computer chip maker is tripling investment in the united states in what is tout as a game changing move for the industry pepsi set to become the latest corporation to slash jobs it's tuesday, december 6th you are watching "worldwide exchange" here on cnbc

welcome back to the show i'm dominic chu here in new jersey at cnbc global headquarters brian sullivan is standing by in rotterdam, netherlands we will get more with brian in a bit. let's kick off the futures in the green 15 minutes ago. now we are in negative territory. dow implied lower 20 points. nasdaq just about flat on the session. one point in the red or green depending which tick you look at yields in focus. 3.57% for the 10-year treasury the 2-year treasury below 4.376% let's hit oil prices west texas intermediate down 1.3% ice brent crude down 1.5%.

let's get a check on the top stories with silvana henao >> dom, rupert murdock is set to be deposed as the lawsuit against fox news according to the washington post, murdock is set to appear for the lawsuit on fox news seeking more than $1 billion that the outlet and personalities fueled false claims that rigged the 2020 election the chairman is the highest profile person to be questioned in the case. and elon musk's neuralink is facing a probe by the department of agriculture over the concerns of animals the report says since 2018, roughly 1,500 animals have been

killed in testing for the company's brain implant. this comes amid internal staff complaints that the manimal testing is rushed. and pepsi is planning to cut jobs in north america. the layoffs will impact the food and beverage division in chicago and plano, texas and new york. the food and beverage unit is expected to hit harder because the snack unit had a voluntary retirement program the company did not respond to a request for comment from cnbc. dom. the stock is not doing much in pre-market >> hesilvana henao, thank you. and to the breaking news tsmc is increasing investment in the united states. we have kristina partsinevelos with more on that.

kri kristina, good morning >> reporter: it is trippling investment on thonot one, but to hubs in phoenix. the first is under construction and now produce more chips for nanometers the second would produce three chips. this means faster power. the white house promising the factories should satisfy the demand across the united states by 2026. that is four years from now and create 10,000 jobs as well as 10,000 construction jobs over the next four years. apple is already a customer and has been using the chips for the past three generation of iphones. today, apple's tim cook will

acco accompany president biden at the factory. ceos will attend and discuss the partnership with tsmc. and bringing the investment to the united states is a master stroke and game changing development for the industry we should expect comments around 3:00 p.m. this afternoon >> kristina partsinevelos, can you stay here? let's bring in steve kovach. steve, we have been following reports apple has been looking to diversify away from china we know why. they shut things down over there for a good couple years. what is the announcement mean for tim cook and company at apple? >> dom, this is the latest beat in the story with the diversifying outside taiwan and china. this would give apple capacity to make chips outside of taiwan. one thing i read is if tensions

between u.s. and taiwan get worse and it has a problem making chips there, this relieves the pressure. with the iphones, dom, they put all of the eggs in the chinese basket and with the protests and shutdowns where most of the iphones are made, we see the impact of the ability to get enough supply out to meet demand in time for holidays you see if that hits the chip business as well, they will be in trouble this will expand capacity maybe not enough to wean them off reliance of the facility in taiwan, but help the pressure. that is what we are seeing dom, the pressure points in the apple supply chain and where they are moving as india is one place to take the pressure off

>> it may not cost more. the insurance cost is hedging, if you will, for that manufacturing. kristina partsinevelos, taiwan citing the chips act no money has been distributed yet. >> that is interesting the press release went out taiwan semiconductor talked about the chips act and they are not the only one intel and micron and samsung the chips act comes from the federal government they will only start taking applications for the chips act early next year. we have to keep in mind at la lo of the companies are getting money from the state level it is interesting. they are citing the chips act, but not getting the money. the government has a lot of work to do and go through the applications and decide which companies will get the money although many of the companies have made massive promises like tsmc today and building two

factories in phoenix, arizona. >> steve, the last word here these are not easy project or short projects to put together shifting supply chains could take years to come to fruition what kind of chartter from the industry do you hear from the big tech companies >> tsmc says it will take longer than expected and be more expensive because of the challenges of building in the united states. they put a letter out with the commerce department saying we don't have the engineering talent in the united states. they have to import that evening nea engineering talent from ptaiwan the equipment is too expensive that speaks to the challenges that china is uniquely capable of the facilities that the other

countries can't do the date we are hearing is 2024. it is a couple of years before we see the first chips rolling off the line. >> with covid zero in china, they have given the rest of the world a head start on trying to get those things done. kristina partsinevelos, thank you. steve kovach, to you as well. trying to secure natural gas in europe as the crisis deepens across the region. we have brian sullivan with the latest from rotterdam. >> one of the hardest things to understand about the story, dom, is billions and trillions and big numbers. and the analyst who has helped me understand what is happening

next here from the port of rotterdam and ul"wlddexcngtry orwi ehae.

welcome back let's get the latest on the europe energy crisis and the supply of natural gas. brian sullivan is joining us from the port of rotterdam with a guest. >> reporter: i know i'm not on

camera i want to show the rainbow, dom. i felt so much bad news around europe we have a warainbow going over lng tanker here in holland this is not a fake back drop you could not have planned this any better for a nice morning and optimism for the goloomy time i want to make something clear about the numbers. for all of the things we are talking about with the interview, these are complicated figures. they involve a lot of supply deltas and variables and demand destruction estimates. how much is being used and the smartest can have a hard time understanding how this all may end up there are no absolutes with that in mind, i want to bring in biraj borkhataria

we met in london last year biraj, welcome back to the program. you have been instrumental helping me and our audience understand where we are. can you give us a lay of the land these are gigantic numbers where exactly is the supply demand and storage situation for gas stands for europe heading into next year >> sure. thanks for having me on. the first point to mention is that storage in europe is basically full that is the key priority for most of the year post invasion one of the challenges here is can you fill storage when you lose 160 bcm of russian gas. we lost about half of that this year most of that has been made up for with lng w we have seen demand destruction on the residential side. as we look into 2023, one of the challenges this year or next

year that wasn't present this year is russian gas is at minimum levels it will be harder to fill storage in 2023 than 2022. >> that is the key part of the story. half or a little more than half of the current storage levels which are nearly full which is great came from mostly pipeline russian gas with the exception of the small pipeline in the southern part of europe. almost all of that is cut off. the iea says there is a 30 bcm gap. i'm sure we can get to a bigger number than that do you have an idea where you stand on that figure >> this year, we talked about 7 bcm. if you take the current run rate, 15 or 20 bcm it is a larger gap

that will have to be offset with demand or more lng or combination of other things. >> demand destruction. to put it in perspective for the audience we have no absolutes because there are different size ships one bcm and they all confirmed it would take ten of those ships, 10 to 12, to get to 1 bcm. with the gap of 30 if the iea is right, that is a gap of 70, that is 700 more of the ships they don't exist the import capacity doesn't exist. where does europe get the gas? >> again, in addition to filling the storage this year, one of the key priorities has been to increase the capabilities of importing more gas you are seeing more terminals

built. netherlands is a good example. one start up recently. you are seeing more elsewhere in europe we should highlight one of the reasons the gas market is so tight this year is french nuclear has been disappointing you could assume a reversion next year. hydro has been disappointing this year. there have been a number of pressures on the gas market to create the situation we're in. >> i have to imagine covering energy and global majors in europe right now, biraj, has been a heck of a job can you leave us companies with buy ratings that you like? everything that you know and written about, are there companies that will prosper with renewables or nat gas? >> as a sector, the energy majors will be present through the transition our top pick in the sector is shell.

number one lng player globally trading has been a bit hit or miss as you look more trstructurally they should benefit with the medium turn. >> you had no way to know this, biraj, you may have just pre-viewed our coverage tomorrow talking about the transition and renewables and maybe talking a lot about a company with a yellow seashell logo biraj from rbc i really appreciate your insight. thank you very much. dom, i'll send it back to you. i want to make it clear. these numbers are jie b giganti. weather changes. supply chains. we will layout the macro scenario and show off some giant

ships and maybe some rainbows, dom. >> you have to love the visuals. thank you, brian on deck for the show stocks looking to get back on track as the fed looming rate decision is looming over investors. we layout the trading day ahead. coming up, "squawk box" is live from washington, d.c. with a huge, exclusive round table with the ceos of honey well and united airlines and raytheon and more it all starts at the top of the hour 6:00 a.m keep it right here "worldwide exchange" is back in a moment it goodb you know, it seems like hope and trust are in short supply. [clap] now, as businesses we can blame and shame. or... [whistles] we can make a change.

[clap] we can make work, work for our communities. create more equal opportunities. [clap] it's time for business to show its true worth. because it's not goodbye, world. it's hello, team earth. [clap]

welcome back here is what's on the agenda today. at 8:30 a.m., we get the october trade deficit numbers.

on the earnings front, we hear from auto zone, toll brothers and dave & buster's. we are watching what is happening in georgia as raphael warnock and herschel walker go head-to-head let's get back to the markets. it has been a little bit back and forth. the dow implied lower 20 points. joining me now is aadil zaman with the alliance group. aadil, i wonder if this is the price action on the down side which indicates we could see more down side ahead >> great to be with you, dominic. for us, what the market is telling us, especially with the recent movements is that i think

the market is realizing this is not armageddon the ckconsumer is relatively go shape. the cyber monday sales were a record at $1.3 billion if you look at tech laying off workers, but leisure and hospitality is gobbling up workers keeping unemployment at 3.7% powell indicated he will be accomm accommodative. we are of the school of thought the market is going to be range bound over here. we will see opportunities and we will see vulnerables >> opportunities we understand the vulnerabilities which is tied to rates and recession and growth prospects and companies that don't do well when rates go higher aadil, if you look at the argument to be made that the momentum part of the sector like

energy has run a lot are they still values? many growth companies have sold off. are they now value stocks? how exactly as a stock picker or portfolio manager are you supposed to distinguish between the wtwo? >> we are seeing lots of opportunities here definitely we agree the high growth areas of the market is seeing vulnerability it becomes very difficult to justify investing in a company for prospect of future growth. the opportunity as we see with energy, we are constructive on that sector. because of geopolitical constraints and opec limiting production, we feel there will be supply constraints there. the demand we see is sky rocketing. by 2025, we anticipate the world economy is going to more than

double transition away from fossil fuel will be a demand and that will drive prices higher. that is good for oil companies you mentioned a rally in that space. if you look at a stock like exxonmobil, which is on our watch list, their break even for oil is $41 that is profitable for them. that stock support more than 70% year to date still it is trading at less than nine times earnings which is not expensive and pays attractive dividend >> out of curiosity, aadil, is big tech a buy right now >> we do think that some of the big tech we are constructive on because we feel the value is disguised as growth. if you look at another company on the watch list. alphabet stock is down 30% yea to date.

that is a value play here we have a company where the sum of the parts is greater than the whole. they are doing well and they are growing rapidly in cloud with companies like netflix trying to figure out how to monetize advertising, youtube clocked in $7 billion in revenue in the third quarter >> aadi zaman, thank you. i appreciate it. let's get back to brian sullivan in the rotterdam, netherlands. brian, it is not just about the world cup, but the energy outlook. >> reporter: i had to deal with the dutch here our friends talking about the soccer game. excuse me. futbol game. go netherlands, i guess. let' wrap up the hour here is the reality, folks europe going into next year. very different scenario.

iaea with different storage levels the price of natural gas last summer went to $90 everybody was trying to race to fill storage depending on how much demand destruction there is this year, the iaea has a bunch of scenarios. worst-case scenario, they are on the far right, which is zero as they go to refill. dom, i have a lot of friends in europe they will face a tough six months or 12 months. looking ahead, we just got lucky. over my shoulder here is the future that is the ship carrying wind turbine blades they build the funky ships one here in the port here in the netherlands. our great boat pilot wesley taking us up all day tomorrow, we are talking about the renewable side of things there are thing that they cannot replace. we will connect the dots

today is all about natural gas and where europe stands. tomorrow, i don't know, maybe we get to get on one of those boats, dom giant wind turbine ships here at the port of rotterdam. it is an important story and not just the europe story, but the u.s. >> something tells me, brian, if you wanted to get on a vessel that was doing something, you could find it in rotterdam it is one of the busiest ports before we let you go, we have a few moments left brian, can you tell us what is the most exciting thing you have seen in the european trip? >> well with, besides the one goal we scored in the game with 100 angry dutch guys give me the evil eye and i thought about with ditching out of the place i was -- the whole thing is trying

to understand and piece together this critical story. again, i want to reiterate and say why do you care about europe i care about europe because i care about people. europe is a massive economy. this is a huge risk to it and global economy and sadly america may end up benefit we will talk about it more in ten minutes on "squawk box." >> that's a great tease for the coverage thank you very much. see you later on this morning. that does it for us on "worldwide exchange. brian noted "squawk box" is picking up coverage next see you tomorrow

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good morning futures bouncing around a bit. slightly higher after stocks posted their worst day in nearly a month.

we'll show you what is moving in the pre-market. new this morning, the world's biggest chip maker announcing a multibillion dollar manufacturing in america we like that details straight ahead. meanwhile, we are live in washington like a penthouse for a gathering for america's leading ceos how fitting. the business round table talks about the challenges facing american business. we're on the wharf >> no, we're not i guess we are >> it is tuesday, december 6th, 2022 "squawk box" begins right now. welcome to "squawk box" here on cnbc. we are live from washington, d.c. i'm rebecca quick along with joe kernen and