. that's all for this edition of "dateline." i'm andrea canning. thank you for watching. good morning and happy thanksgiving to our viewers stateside. i'm julianna tatelbaum. >> these are your headlines. >> the euro hits a session high as german business activity tops expectations for november. equity markets tick higher on a slow trading day with u.s. markets closed for thanksgiving. sweden's central bank surprises holding rates at 4%. but keeping the door open to a potential further hike in the new year.

and in the netherlands, the far right candidate claims the top spot in the election and vows to get to work forming a government but faces tough negotiations ahead with few like minded perspective partners. and in berlin, a hit on the brakes of budget talks following the constitutional court's decision raising calls for potential reforms to germany's debt rules including from the bundesbank chief. warm welcome to "street signs." we're just getting some fresh data out of the eurozone. i want to bring your attention to it now. the flash pmis for the month of november. the services at pmi has come in at 48.2. that's an improvement from the 47.8 we saw back in october.

still in contraction territory p as for manufacturing, we have seen a slight improvement, 43.8 is the figure for november versus 43.1 in october. this means that composite has improved to 47.1 from 46.5 in october. clearly the message is that business activity continues to contract in the month of november. detail from hamburg commercial bank which put this data together with the s&p global team. the eurozone economy is stuck in the mud, considering the flash pmi numbers for november and now capped model indicates the potential for a second quarter of shrinking gdp. demand fell for a fifth straight month. albeit at a slower pace than in october. and with demand in decline, factories cut back on purchases of raw materials and chunk of activity was jecompleted by generating old orbiders. i think the key message here,

slight improvement from october. the pace of contraction is slowing, but contraction nevertheless. >> let's get into some of the geoographical breakdown. looking at germany to storm with. the downturn is in november with flash pmi figures showing the composite reading coming in at just over 47. that's up on demand, but well below the 50 mark which separates expansion from contraction. over in france, the french business activity contracted again in november with manufacturing pmi falling to 42.6 from 42.8 in october. charlotte rejoins us now. i was reading some of the commentary that was published alongside the french pmi figures and one quote stuck out to me. the bank said the french economy is kind of in a dead end. what do you make of their assessment based on these latest figures? >> absolutely. we were saying by the eurozone

stuck in the mud. we have a similar tone here. well, yes, these numbers were worse than expected on both fronts on services and manufacturing. looking at october, 45.2, better than october, but still below expectations. same for manufacturing, worse in october, worse expectation of 42.8. very much on the contraction side there. and saying it is extending the period of continuous contraction since june. things on the difficult side there for france. talk about how uncertainty seems to have an impact on some new orders on the manufacturing side. notable weakness in demand evident on both sides. so interesting here, because we know france often services had helped offset a little bit of the weaker demand when it comes to foreign orders in particular. it looks like that's where the dead end comes here, weaker at the moment. and that caused some concerns

they are on the french economy, a slight uptick on unemployment in q3, raising a bit of alarm bells, that's one of the positive stories, we know unemployment reaching some lows from -- in decades and now we have seen that uptick slightly there. bringing concerns on the health of the french economy. and certainly here, it is not positive this morning. strong pessimism, manufacturers contracting with the optimism on services providers, looking for the next 12 months. we have to wait and see. there is some question of what that means for the french economy, q3 gdp slowed certainly and so there is a question about what will happen in this final quarter for the french that could give a trend. we know french will be escaped recession like some eurozone countries. but now the high inflation that is expected to only gradually decrease is impacting the economy and we know that is impacting services in particular. >> that inflation line certainly stuck out to me in this report,

inflation threat remains at large for france. they made a note to put that in there, in their assessment of what is happening. thank you so much for the breakdown. let me get out to sylvia now who will run us through what is happening in the european markets. >> let me show you the picture at this stage. i want to remind our viewers that u.s. markets are closed today. there is less volumes in global markets. when it comes to europe specifically, this is the picture at this stage with the stock 600 trading slightly higher by .12%. yesterday, they closed the session higher by 0.3%. there is a lot to digest as we look at equity markets at this stage. not just the pmi figures, but, of course, we also heard from bundesbank member saying that, of course, when it comes to tackling inflation, their task is not yet done yet. let me show you the spread in

terms of geoographically speaking at the main boers. ftse 100 trading higher by .3%. the ftse 100 ended yesterday's session lower despite the announcement on the statement. over in france, slightly positive picture as well. we're looking at germany later on in the show. at this stage, the equity market is just above the flat line. huge focus when it comes to germany amid the conversations on their next budget. now, when it comes to sectors, this is the picture, you can see that at the top we have oil and gas trading higher by about almost .8%. when it comes to oil, huge focus on this potential meeting of opec members. they delay those conversations that were due to happen this weekend to next week. let's see what will come out of those conversations. then basic resources trading higher. financial services too. and then at the bottom we have

telecoms, travel and leisure and food and beverages. when it comes to bond yields, a lot of focus as well. not just because of the comments we have seen from certain ecb members, but also in the context of these latest pmi figures. if we take a look at france, yields now trading at 3.13% on the ten-year. over here in the uk, the picture is slightly different with the yield at 4.13%. >> sylvia, thanks so much for running us through markets. let's welcome jens isenschmidt to the show. i'm keen to get your thoughts on the back of the pmis which suggests the eurozone economy, the eurozone region is stuck in the mud, very clear imagery there. i think it won't come as a major surprise, but what are you expecting for growth in the coming year, compared to what we have seen in 2023? >> yeah, first of all, thank you for having me this morning. indeed it is an interesting

print, interesting because by and large confirms our view and you were just asking for this, so we have just in terms of year on year numbers we have open 4 for this year, open 5 for next. the open 5 for next, that's maybe sounds a little worse than it actually is. in the end, we have two negative quarters. we have q3, just have seen that, we have the same expectation for q4. and indeed the pmis we have seen are in keeping with that message. but then we do have improvement essentially. we have positive quarterly growth rates from the first quarter onwards. and that's progressively also increasing. not by an awful lot. we just have published an outlook and see the economy being in a situation of low potential growth and in some sense this could be being stuck in the mud, so starting to run, getting faster, but, you know, in the end, not really that fast that it can get to.

>> well, on the inflation front, the s&p provider of the pmi data also noted something interesting that despite the prevailing economic weakness service providers in the region continue to forge ahead with faster price increases in november propelled by the astonishingly rapid and even accelerating increase in input costs. are you confident that inflation will resolutely come down in 2024? >> yes. i think we have significant confidence coming out of the individual components. i think this has already started actually in may. may this year was the -- at the end of may, 1st of june was an important water shed here that we have seen all the components accept services basically falling and services followed in the summer, according to our expectations. this is going to continue, for instance, for november. there is good chance we see

actually some downward surprise given that we have seen oil prices going down and so this is normally something that is concurrently affecting inflation. now, of course, what you're pointing to is the underlying, an ecb board member mentioned, a lot of inflation still persistent in the system, predominant -- that's why the ecb is looking for agreements and how they come in particular first quarter. but, of course, there is also something coming through these global factors and in some sense these are in the pmis. although i would say overall the picture is one of disinflation overall. >> and looking at inflation, i read your commentary suggesting you're expecting rate cuts from the ecb, starting in june of next year. my question to you is should we expect the ecb to be as fast in

bringing rates down as they were in raising them? >> i mean, that's one big distinction. i think that's crucial to make. so this is -- this will be cutting rates to be less restrictive, but not necessarily to run ultimately an expansionary policy which is also why we see them ending rate cuts at 2% in september 2025. so, 2% being here, our best guess at this stage of what a neutral rate could be or could look like for the new era. then, of course, we think that the speed will vary between 25 and 50 basis point clips here, so we think they will start 25 in june and 25 september and cutting 50 in december. that's because in december 2024 next year we see a good chance that 2027 projections further out will see risk of an undershoot and so then the reason to cut a little bit more rapid, but we won't see 75 basis

points. >> let's turn to the fiscal side then. because at this stage, uncertainty about what germany is going to do with the next budget. i was wondering from a european perspective, we know what is the implications from the stalemate in germany over the next budget? >> so i think in general that's an interesting backdrop for all countries. there is a need to consolidate, relative to where we're coming from. and also we have that consolidation in our forecast, but looks like there is less and less consolidation relative to, for instance, what you would have been expecting in july from the euro group statement. so, in a sense the german discussion, of course, is highly technical, about suspending being aligned with the constitutional sort of framework that is there. and, of course, there are big challenges that these economies,

all the economies are going through, related to this picture that you were painting before being stuck in the mud, a lot is related to the energy situation, lots of investments are needed and i think the big debate here will be how you can reconcile the need to consolidate with the need to at least in some part be part of the investment. so talking about subsidies. this is a big intellectual battle to some extent. you see this clearly in germany, for instance, one part of the coalition being very much pointing to market pricing and being aligned on market allocation and another part stressing more change related tasks and that there needs to be stronger involvement of the government. so, that remains to be seen. i think what we have seen out of germany is they have postponed for the time being crucial meeting that was actually to take place today for the next

probably -- take place still this year, but only in two weeks time, so, just to discuss exactly where to put the priorities. as i said, interesting and it is, of course, challenging given the many tasks we're having, but no way that more -- no way around more consolidation. >> let's see when they will manage to bridge their differences. thank you so much for your time this morning. that was jens eisenschmidt at morgan stanley. the key policy rate is on hold, defying expectations for the hike. the excentral bank is prepared raise rates further and is forecasting another hike in january. the governor spoke to cnbc last month at the imf annual meetings in morocco, saying the central bank was expecting to raise rates at this past meeting. >> we indicated in our interest rate path that we published,

fairly high likelihood, not a given, but fairly high likelihood for additional rate hike when we meet in november when we will evaluate the latest number when it comes to inflation and the overall economic activity. >> coming up on the show, a shake-up in dutch politics with the far right populous leader set for a major victory in the country's business environment firmly in focus. we'll discuss more after this break.

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victory in the netherlands parliamentary election. that's according to exit polls from the country's biggest news agency nos. his freedom party is projected to gain 37 seats. his biggest rival, the former eu commissioner and his green and labor coalition are 12 seats behind. while the center right party, people's party, which won in 2021, sits third. addressing his supporters after early exit polls were published,

geert wilders said he hoped to start coalition talks with other parties as soon as possible. >> translator: i want to thank everybody in the netherlands for their support. 35 seats is a great compliment. but also a great responsibility for us. for every party member. for those 2 million people we'll have to do our best to make it happen. we will seriously try to make that hope come true. i also want to say to the other parties, we had a campaign. now the people have spoken. we will have to look for agreement. we have to work together. >> well, it is a very interesting outcome from the netherlands election and i want to discuss this outcome with our next guest, she is sarah delain, professor to the department of political science at the university of amsterdam. thank you, sarah, for joining us this morning. i appreciate this might be a tough question to start with, but given the exit polls, given what we know about this outcome

in the netherlands, what do you think is the most likely outcome for a coalition government in the netherlands? >> at the moment, most likely outcome seems to be a right wing government, comprised of the winner, as well as the former prime minister and a newcomer on the right, new social contract. together these three parties would have a substantial majority in the lower house of 81 seats where 76 are needed. >> and so, even that, assuming that is the government that we get in the netherlands, what does that mean in terms of the dutch relationship with the eu? >> well, several of these parties, of course, first and foremost geert wilders are quite euro skeptic. he advocated for an exit. the other parties are not in favor of an exit, but on the

euro skeptic side. but it would certainly complicate their relationship with the eu. >> if i could just take it back a step to understand how we got here, how wilders was so successful in this election, which came as a surprise, i think, to many, the success he and his party found in the election. what were the big issues that ultimately won him the support of voters? >> well, first of all, this election campaign was very much about immigration. and immigration was also linked to all kinds of other issues in the netherlands. for example, the house in crisis in the netherlands was directly linked to the influx of labor migration. and asylum seekers. and on this themes, geert wilders is seen as the original, the one that has the clearest and strongest antiimmigrant stances. and on top of that, the mainstream right tried to create room for him to become part of

politics in the sense of giving him more power. which actually backfired, it legitimized his position with him always having been an outsider, but now becoming potentially one of the government parties and it was more effective to vote for the original rather than on the watered down copy which was offered by the mainstream right. >> given that he is going to have to form a coalition if he wants to lead the government, be in government here, how likely is it that he will be able to actually push through and follow through on a lot of the pledges he made during the campaign since he will obviously have to make compromises to get the coalition partners on board? >> geert wilders' manifesto is radical, it includes proposals for zero immigration, and closing mosques, and banning the

koran. many of the proposals cannot be realized, but some are unconstitutional in the netherlands. so we will have to give up many of these stances and move more in the direction of the mainstream right to build a government coalition. >> i also want to take a look at -- for a long time he was seen as a man who could solve any sort of impasse in politics. but he's now on the way out. i was wondering, you know, how likely is it that he'll get the job as nato chief? >> he's been campaigning for it across the world in the sense that he's been heavily involved in dealing with the situation in gaza, and traveling to meet other heads of state to discuss the issue there. he's also, of course, played a very active role in the ukraine war. so i think he's on a very good position to take up the nato leadership. >> and just more broadly, how could he, you know, what is the

legacy is he leaving for the netherlands? >> i think his main legacy is that citizens have become more dissatisfied with politics, especially during his last term in office. he was very unaccountable to citizens, very intransparent, he was even accused of lying at times. and that is something that is reflected in the election outcome because his party, the bbd, lost a significant amount of seats. >> let's see how the coalition talks evolve. thank you for your time today. sarah delain, professor at the department of political science at university of amsterdam. and now coming up on the show, the german government suspends budget talks following last week's shock ruling on spending from the constitutional court. only sleep number smart beds let you each choose

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the euro hit a session high as pmi data from germany and wider eurozone shows business activity continuing to fall. sweden central bank holding rates at 4%, but keeping the door open to a potential for the hike in the new year. far right candidate geert wilders claims the top spot in the dutch election and vows to get to work forming a government, but faces tough negotiations ahead with few like minded perspective partners. and berlin hits the brakes on budget talks following the constitutional court's decision raising calls for potential reforms to germany's strict debt rules, including from bundesbank chief.

well, we're just a few seconds away from the uk's latest pmi, the flash figures for the month of november. we got the eurozone numbers about an half an hour ago. slight improvement from where we were in october. a slowing in the pace of contraction, but a contraction nevertheless in both the manufacturing and services sectors in the eurozone. will it be a different picture for the uk? i think unlikely, but let's take a look at what the uk has published this morning. >> so we just actually are getting the numbers through. let me go through them with you. we were expecting the pmi for the uk to come in at 48.7. so unchanged from the previous month. actually according to wires, the number came in above expectations at 50.1. so, a slight improvement in the business activity in the uk. just managing to get above that key threshold of 50.

so a slight -- not even sure if we can call it an expansion yet, just because it is right at that key threshold of 50. we're seeing an improvement in the business activity in the uk and, of course, that is quite important when we think about the picture for the uk economy when we heard from the chancellor, the numbers for gdp for the uk were actually revised downwards as we look at 2024. there is still quite a lot of pressure when you think about the uk economy. not just on the growth front, but also when it comes to inflation and with that in mind, still remains to be seen how this latest statement is going to impact the inflation dynamics here. >> look at that chart. sterling bouncing .4% versus the dollar. this has come as a real surprise to the investment community that we have crossed into growth territory. we're above that 50 mark. that is a pretty welcome development i would say for the uk government for the bank of

england. does this complicate things with pausing rate hikes if it looks like the economy is actually stronger than expected? in terms of a detail here, s&p global market intelligence says relief at the pause in interest rate hikes and clear slowdown in headline measures of inflation are helping to support business activity, though the latest survey merely suggests broadly flat gdp in the final quarter of this year. it is obviously -- we don't want to be overly optimistic, read too much into these numbers, but we no doubt i think should note this is a positive surprise. uk business activity has expanded in the month of november. so, yes, interest rates remain high, yes, they are tricky, yes, they are continuing to impact consumers and businesses, and yet we are seeing some growth. >> i want to break it down in terms of manufacturing and services to give you a better picture of what we're discussing here. in terms of manufacturing, the expectation was at 45 and then we actually saw also a slight

improvement when it comes to manufacturing activity at 46.7. nonetheless, still contraction territory when it comes to manufacturing. but then had it comes to services, also a pickup there in terms of activity and it is the services side of the economy that actually is pushing this pmi figure more towards that positive development. perhaps seeing a potential expansion coming through to the uk economy. but, of course, let's see what happens next month. >> in terms of the outlook here, overall, while firms were more upbeat about their prospects for the year ahead, forward-looking indicators showed recession risks were elevated next year. clearly not out of the woods yet. that is the, i think, the message from the survey. things have improved, things are looking better than expected but we're not out of the woods just yet. given all of this in europe, let me show you how the main boers are trading at this stage.

ftse, when it comes to equities, flat picture over here when it comes to the ftse 100. the main index closed lower yesterday as well, despite some of the comments on the chancellor when it comes to the statement and the path for fiscal policy here in the uk. over in france, it is also more positive picture. also seeing flat moves over in germany. huge focus here, of course, as the government decided to pause those discussions on the next budget. so a huge question mark also at this stage when it comes to the fiscal policy in germany. we'll discuss that in a moment, later on in the show. then, ftse in italy also positive, but then over in switzerland and in spain, the picture is actually negative. i want to show you what the picture is like when it comes to currency markets because, of course, all this data is also having an impact when it comes to these markets. if i start by looking at gdp, cable, the currency is trading

higher by about .4%. this off the back of this more positive pmi data from the united kingdom. we also saw gdp staying at 125 level yesterday. they were debating the next fiscal plans in parliament. and when it comes to euro, usd, similar story in cable with euro trading higher by about .2%. so a lot of interesting activity when it comes to the currency markets too, given all of this data we're just starting to digest throughout the morning. let me show you the picture when it comes to yields. at this stage, also important to keep in mind all of the data as it comes through. looking at gilts, the yield is at 4.16%. as i mentioned, off the back of this pmi data.

over in germany, as i mentioned, not just the fiscal policy plans that we're still awaiting to hear from, but also important to keep in mind what ecb officials are saying and with that in mind, the bundesbank president also a member of the ecd making comments when it comes to tackling inflation, those ecb members are not done yet. so we could actually see further rate hikes as well. back to you, julianna. >> thank you. let's diver deeper into what is happening in germany. the bundesbank lauded the country's system for navigating a high rate environment. for 2023, the bank says strong revenue and profits will help lenders develop a buffer for a potential downturn. the bundesbank is warning of increased credit risks in key sectors, above all in real estate. bit also among indebted countries struggling to adapt to pressures, weaker exports and the energy transition.

you can watch an interview with claudia buch on cnbc.com from 12:30 cet today. bundesbank president says he does not expect inflation to get closer to 2% until 2025. he also told der spiegel he cannot be sure whether interest rates hit their peak and it is too early to speculate about cuts. the german government has postponed talks on next year's budget following the constitutional court's ruling last week blocking the transfer of 60 billion euros in unused covid funds for other spending. the three governing parties are looking to force a solution allowing them to keep as many spending promises as possible. what a challenge for the governing coalition. talk us through what is going on. >> it is actually an unprecedented challenge. what we had last week was the ruling of the constitutional court that it is not allowed to use off balance sheet funds for

other purposes than they initially were planned for. i guess the limelight is now on that off balance sheet because it is a huge part of the german budget. 36% of all expenses this year are actually coming off budget, which is, i think, a very striking number. so that is off now. but the ruling of the constitutional court and that also means that the new budget is very uncertain. today's consultation in the budget on parliament has been scrapped and that also means that there is no budget hearing next week and there is a risk of an emergency budget for germany, something we normally only know from the united states. so, when olaf scholz, the chancellor of germany, was meeting his counterpart in italy, he was asked about the ruling and the implications. take a listen. >> translator: it is clear the

government policies have the will to quickly implement the court's decision and continue with what we set out to achieve on germany's cohesion, development of our social state, modernization of our national economy. and that we can implement the ecological transformation that is so important for our international competitiveness and the safeguarding of the climate, the ambition and will is there to pass the budget speedily, but not hastily. >> so what it means right now is that all investments coming from the special funds are stopped and that is also endangering subsidies, for example, semiconductor factories, which are already promised to multinationals, but also a big question mark is the energy transition and all these subsidies going into -- also the subsidies in the energy market. so, i guess, we don't know yet what happens next, but the situation currently is a big strain on the government and

there is already talk about a potential of new elections because there is so much disgruntlement with that government. but, of course, that would need one party to walk away from the coalition and everybody in that ruling coalition has a very low showing right now in the polls. so that probably would be like a political suicide for the party who is going to walk out, so, against the stability of the government is not in question, given that background, but the stress on it is very high. >> it is certainly a very complex picture over in the german political scene. stay with us and let's discuss this in more detail. we have another guest joining us now, chair of the advisory board on the germany stability council, good morning, and thank you for joining us today. i would like to start by looking at this postponement of the talks. is there a way out? can this coalition actually

bridge their differences and find an agreement over the stance for fiscal policy going forward? >> yes. i think so. and i think the recent decisions to sort of freeze parts of the budget and in particular freezing parts of the special funds is a sign of realism in the government now that they need to tackle the problems they are facing and at the moment it is, i think, there is issue of a lot of adjustment, but i see the possibility to solve this, but it needs to redesign main lines of policies and that is sort of -- leads to a lot of debate within the government. >> more broadly, though, given what the constitutional court said and given the impasse over the fiscal policy of the future

fiscal policy, do you think it is right to assume the debt break has become too obsolete to use? >> no, no. i don't think this. i mean, what the government did was trying to circumvent the debt break with implied risky strategy like having debt in special funds outside of the core budget and then hoping that this wouldn't count into the debt break. this was a risky strategy. and this risk has now materialized. and i think it is clear now that the government needs to, if it wants to do policies, it needs to do that within the constitution and i think that is the way forward. i don't think that there is really a consensus on the german public that the debt break should be abolished and it is

actually not necessary that the debt break is causing the problems, but the attempts of the government to circumvent the debt break seems to be the major problem. >> would you say it is possible to shift funds from other parts of the budget in order to be able to actually subsidize all these investments into green energy? >> no. i think in the energy policy and the transition policy needs readjustment. so actually the government is electing funds in the amount of 50 billion for the next year. and another amount and similar amount in themedium term. and this means that the current strategy to have higher energy costs and then to subsidize the

consequences of a way is not really the way forward. and i don't see that you can really cut the budget in other items in this magnitude. so, the policy needs to be redesigned but i would think there is a lot of room for efficiency improvements in energy and transition policy so that is a possibility. >> let's look at the practical next steps. do you think there is a risk of an emergency budget for germany and/or when could we see a ratification of the 2024 budget? >> i mean, it is important to stress that an emergency budget in germany is not that unusual. and it differs a lot from what we discuss in the u.s. context

with an emergency budget. so, a germany typically has emergency budgets when a new -- when an election took place and the new government has informed and it doesn't mean a shutdown of government activities. the government is able to operate with an emergency budget. so, an emergency budget in germany is not really a crisis. it is just -- it means that steps are done and everything will work smoothly. but, of course, the big programs dealing with energy transition and those things are at the moment at a hold. so if the government is not able to set up a budget for the next year, we will have some emergency budget for the time until then. but, it may well be that the government needs the time to do that. but this is not -- this is not a

disaster. >> thank you so much for your time. i'm afraid we have to leave it there. very interesting times to follow the german political scene. now coming up on the show, a surprise meeting delay since oil prices sliding as opec and allies struggle to agree on output levels. we'll have the latest on the middle east next. and the part of the show i've been most looking forward to, it is that time of year again, the macy's thanksgiving day parade will be winding its way through new york for the 97th time. more on that after the break.

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welcome back to "street signs." opec plus delayed its ministerial meeting scheduled to begin this sunday amid reports of disagreements between countries over production levels and further supply cuts. dan is with us with more on what is happening within the opec

group. dan, give us some insight into what the conversations are likely -- what they likely look like right now within the opec group that caused this delay. >> well, this is a fascinating development. we have been following the movements all day today as oil prices continue to fall. you can see down almost 2% now on this decision by opec to delay its meeting. what we're going to see here is the opec meeting taking place on november 30. that basically buys the major producers another four days or so in order to hammer out agreements over what we understand is a disagreement over output quotas. so, as it stands, the uae we know received an output in greece and that was positive for the fourth largest oil producer. some of the smaller producers, the african nations like nigeria and angola have been concerned their quotas aren't high enough and that appears to be the

sticking point as we come into this meeting. will they be able to get the concessions that they require in order for this group to sign off on the deal? oil prices could have fallen further. that's because the group has said they are likely to get a deal done. at the same time, saudi arabia has also indicated that perhaps it would be open to extending its so-called saudi lollipop, this unilateral 1 million barrel per day production cut out into the second quarter of next year. saudi arabia and russia have already committed to extend their curbs to the end of this year. so, that extension out until the second quarter of next year, if it happens, would be a positive for the market. but at the same time, we also can't rule out the prospect of deeper production cuts being announced. it is a slim chance, but it is still a chance here. and that's because we have seen oil prices falling double digits since september. november we know is seasonally weak time in this market, but oil prices have fallen significantly and one wonders

whether or not prices have come down enough to prompt some kind of producer response. all of that remains to be seen. but perhaps what is most interesting about this most recent delay is the fact that november 30 will coincide with the start of cop 28 here in dubai. we're going to have an opec meeting on the eve of what is the most important global conversation around climate this year so far. it is a landmark event. it is going to be welcoming world leaders into the uae to discuss a halfway to net zero and climate agenda moving forward and the opec ministers are also qgoing to be in the headlines on that day. this is setting up for a fascinating oil versus climate debate in the week ahead and we'll be following all of those developments as they happen. back over to you. >> incredible juxtaposition. thank you for running us through what is happening there and looking forward to the dual coverage of the two events. now let's turn our attention

to my favorite part of the show, a life sized snoopy and ronald mcdonald are among the characters set to take to the skies of new york city today as the world famous macy's thanksgiving day parade kicks off for the 97th time. amazing that it has been running for 97 years now. we are very fortunate to have nbc's jay gray joining us with more. we spend our days here talking about inflation and the negative effects of it on the economy. but today i'm very pleased to say we're talking about a very different kind of inflation, inflating all of those balloons. what is in store for today's parade? >> yeah, no, i think you're absolutely right. the one place in the world where inflation is good, right? it is going to be a great parade today as you talked about, the 97th annual macy's thanksgiving day parade. you got the floats obviously. who is going to lead the way on

the floats? tom turkey. can't have a parade without tom turkey here. 26 floats in all this year. and including two new ones that feature the ninja turtles and willy wonka. the stars of the show here are the character balloons. take a look behind me. you talked about snoopy. getting a little shot of helium before things get started here. and he had a makeover this year. can't really see it right now, but i'm anxious to see exactly what he looks like. it is going to be 16 of those featured giant character balloons, then you got 32 of the smaller novelty or heritage inflatables they call them. 12 marching bands, 700 clowns filling manhattan and you can make your own joke about the clowns filling manhattan, but it should be a ton of fun here today. the weather is going to be perfect. i walked into work today about 3:00 in the morning, there were already people camped out along the parade route.

3.5 million expected to attend, millions more watching from home. it should be a lot of fun, looking forward to it. it really is one of the biggest thanksgiving traditions. >> 700 clowns, i didn't realize there were clowns even at the parade, jay. i love the stat. what are we expecting in ternlt of crowds this year. is it going to deter people from heading to new york city? >> it hasn't. we have seen people yesterday at the inflation, thousands showing up there. about 3.5 million lining the parade route. it looks like it is going to be packed here. security is always a concern. but they're going to have a huge show of force on the ground here. and then a lot of officers that you won't see. but watching things very closely. no credible threats here at all. and so everything is a go, everything looking great. >> jay, well, certainly looks

great from over here, all the floats being blown up right now. thank you for bringing us the coverage. nice to see it. i was telling you during the break that in my house it was a tradition to have it on in the background while everybody started cooking in the morning. i'll try to find the coverage this morning in the uk. but i don't know where to watch it, maybe i'll find a feed. >> i hope you find it. >> thank you. that is it for "street signs." i'm off to finish off my shopping for today and then head home to do my thanksgiving cooking. so that is it for "street signs." thank you for watching. >> happy thanksgiving, everyone. stay with cnbc.

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i'm jim cramer. welcome to my guide to investing. today we'll go over eight might have 25 tried and true principles for investing that we follow in managing the stocks in my travel trust. that's the same portfolio we use for the cnbc investing club. they work for me over the decades, through bull and bear markets, and i hope you find them useful. i'm constantly on the show telling you that discipline always trumps conviction. i tell it to you over and over and over again. in other words, no matter how much you may love a stock, if th