life will never be what it was with her. that's all for this edition of "dateline." i'm andrea canning. thank you for watching. [music playing] . good morning and welcome to "street signs." i'm joumanna bercetche, and these are your headlines. european equities go higher and bond yields pull back as others see money market prices pricing more than 100 basis points with rate cuts next year. treasury yields pull back and the dollar index falls to a three-week low as christopher waller suggests policy is in the

right place and suggests a pivot is coming sooner than expected. >> i'm increasingly positive the economy is well positioned to slow economy and get inflation back to 2%. the ukraine nato council gets underway in brussels. ukrainian foreign minister tells cnbc what nations can do to ensure piece. >> the best way to avoid sending all soldiers into the war is to help other countries fight its own war and we never asked. i emphasize once again, ukraine never asked for u.s. boots on the ground. and tributes for a titan. berkshire hathaway's charlie munger dies at the age of 99.

well, good morning again to "street signs," everybody. let's get caught up on how markets are faring. we did have another positive day with the s&p after some comments from federal rye serve officials, raising hopes that the fed is done raising. it could come in close to around march of next year. we saw a sharp pullback in the hang seng. what we're seeing in the stoxx 600 is a lot of green on the heat map behind me. we are focusing very much on the inflation data that's coming through. i'll get that in a second. generally the big theme is the inflation trends, the preliminary ones coming out of german states and the headline is coming in lower than expectations. so that's propelling the market.

let's get into the indices this morning. this is what we're seeing this morning. the ohm red we have is the ftse 300. standard charter, hcbc at the bottom. today it's treating up ataround 5%. so another negative day for the ftse 100 after yesterday's performance and the bank of england's governor andrew bailey continues to say it's not the time to talk rate cuts. cac france is up. luxury continues to be in focus. energy is at the bottom of the french index. xetra dax is coming through. it's been positive for the index. it's up 0.7%.

the periphery is putting in a good session today. getting close toward the end of what has been quite a strong november for the european indices. the sector performance this morning, real estate is at 1.9%, partially reflective of what we see in yields. in response auto is up 1.8% as well. on the flip side, insurance down 0.6%. and we talk about oil and gas into that opec plus meeting that was pushed back from earlier this week to tomorrow. all eyes will be on whether that oil cartel can actually come to an agreement on the extension of those production cuts. but i've been hinting at it. let's talk about what has been happening with the european yields. we have the bund right behind me over here, 2.5%. we're four or five basis points lower on the session today.

spain, we're at 3.5. the tenure oet and france around 3%. we have dropped in the last couple of days. it's been quite a significant move. not just today. if you think about the context of where yields were a couple of weeks ago, we have traveled very far. the bund, for example, sitting at 2.44. we were talking a month ago 3.0%. it's a long ways away. cpi in the german industrial states fell 0.3% month to month in nosh. on the year, consumer prizes rose by 3%. that's lower than expectations and is the beginning of many sets of inflation data that have been coming out this morning. it is worth mentioning that it's where a lot of the german indices is located but just a couple of minutes ago we got the data out of bavaria as well.

notable because that's where bmw and siemens is headquartered. that came in lower versus a flat reading last month on an annual basis that translated to 2.8% year on year versus 3.7% in october. so we've dropped a full one percentage point from where we were last month. that tells you the data continues to undercut expectations. we're also getting some state numbers out of the german economy where a portion of the mercedes carmakers are based. that's coming in at 3.4% versus 4.4% in october. again, another miss versus expectations and also downward trajectory from october. finally where a lot of deutsche banks are, that figure has come in at minus 0.1% and on an

annual basis, 2.9% versus 3% in october. that's the read across all of the states. the numbers have come in lower than expectations and lower than october. that's not just germany. let's talk about spain as well. the cpi increased at a slower rate for the first time since november. core inflation came in at 4.5% from 5.2% the previous month. again, another undershoot versus expectations and partially can be attributed to the big drop in energy prices. let's switch over to u.s. futures. i mentioned it was a positive session yesterday. today it looks like we're in for another positive session as well with all majors seen opening up in positive territory. the margin 8.6%. higher than the previous month. later we'll be get it out the

beige book and the core cpe number as well. all right. let's move on. last month's preliminary figure driven large bibi consumer spending saw market watchers slash expectations of a u.s. recession and all but rule out a final rate hike from the fed at its december meeting. speaking tuesday, fed governor christopher waller is convinced the benchmark rate is sitting at the right level, adding that if it does, it could be looking at potential rate cuts in the coming months. >> i'm encouraged by the moderating activity in the fourth quarter based on the data in happened. inflation is still too high and it is too early to say whether the slowing we are seeing will be sustain ed, but i am

increasingly confident we can get inflation back to 2%. >> a robust economic performance and dovish fed speak have seen markets rule out a rate hike in december. meanwhile there's a 70% chance they will first cut rates in may. the reaction has been quite stark in the last couple of sessions. this is how treasuries are faring today in line with the price action we're seeing with european fixed income. u.s. treasury yields are rallying as well. the 2-year note is down five basis points. yesterday 2-year treasury yields were down 12 basis points. 10-year treasuries also fell around seven basis points, the lowest level since september. as to the u.s. dollar, this is how the greenback is doing.

it's basically flat today but worth mentioning yesterday it did weaken for the third consecutive weekend in a row. it's sitting at a three-month low, so the lowest level we've had in the last couple of months as well. but let's talk more about the economy and what it means for markets with james roster. wonderful to have you with us. we're going to be getting the second reading of the u.s. gdp, and i think it surprised people how strong that number came out, the first meeting. many people are looking past that saying this is a metric going into 2024. there are some signs of a slowdown set to crop up. let me start by asking you what you've pencilled in with the u.s. growth trajectory? >> certainly that key number looks like the raft number we're going to see for a while. we expect it to slow down to below trend rates but we're looking for the u.s. recession to emerge starting in the second

quarter of next year. >> interesting. what's the catalyst for the recession? where is it going to be coming from? >> ultimately it's a high rate story. we normally think of normal rate impacts on the economy, but in this high inflation environment, we need to be thinking beyond that, the real rates. we've got u.s. real rates rising at 100 basis points between now and march. this is with the fed on hold in a nominal sense. that tightness and everything we've seen really starts to feed through. it's a consumer-driven recession, but we expect that to pretty much land across. >> i've heard that as well. if it's a consumer-driven recession, why are holiday numbers so strong still? the numbers that came in on black friday and cyber monday have been really resilient. >> the wages are still there. u.s. wages are still relatively

healthy. the picture is going to shift over the next few months. so far, so good. but the u.s. is working through their savings. the u.s. really stands out where the consumer stands very, very comfortable looking at all the excess savings they built up during the covid crisis, but they're whittling down. we're going to start to see firms cutting back hiring a little bit and savings will be running out. >> another statistic i've been reading is there's been a 17% year on year job and consumers using buy now/pay later schemes. that doesn't bode well if interest rates are high. >> exactly. you're seeing the delinquency rates start to rise a little bit on the margin. >> let's talk about inflation. we've had a couple of interesting comments. the new york fed president williams said inflation has

turned. go goolsbee says we're going to see that. what are we looking at? >> we're not going to see a surprise on that one. but the momentum -- it is bumpy, but we think in spring we're going to break through that level. >> it seems in your view the fed is done with rate hikes and they're looking at a first rate cut in the spring. how significant is it to you that christopher waller is saying we're increasingly confident in slowing the economy and getting inflation back to

2%. >> i think that's what you're seeing with the markets today, right? this is the last week. this is their chance to signal a hike. they've been threatening a hike for the last few months. to have waller come out and not double down on that view is a signal. we've got chair powell up on friday as well. that's going to be one to watch and see if he reinforces or reiterates waller's comments. if that's right, then there's no further comment. we're coming off a strong november after a very weak october, which is interesting. the market has also pivoted. what are you pencilling in for stock performance in 2024 and how much more of a rally will we get on yields? >> exactly. look, we've got a general long 10 year treasury view.

a target of 4. we think that's the next benchmark on the move on yields. it's not to say we can't go higher from here. it's all a data driven world at the moment. you get an upside surprise on employment and the fed meeting. they probably still won't hike at this meeting, but markets are going to start to question the january meeting and we still think that's a risk. we say, sure, no more hikes from here, but, yeah, there's a 30%, 40% chance. >> is the trajectory for stockmarkets contingent on whether the fed goes for one more hike at this point, or is it what happens in 2024? >> i think it comes down to what corporations are doing at this point. you know, at the moment, i think things are looking okay, but as i said, as we go into next year, we're worried about some of the cash the corporations have on their balance sheets and the need for funding. are they going to pair back on hiring? are you going to get low job numbers? what's the spread going to do?

the stockmarket going to go? >> i think the people are in position for the rally back in fields. i don't think it would be as strong a reaction if they didn't have this position. >> i think a lot of people have been burned essentially over the last year by the moves and i think a lot of people have been sitting on the sidelines waiting to get back in. we're starting to see some yields. it's nice to see people coming back in at this level. >> by the time the people come back in, the rally will be done. you know it well. james rossiter, the head of global microstrategy from td securities. well, charlie munger has passed away at the age of 99, warren buffett's right-hand man since 1978 died peacefully at the hospital in california. becky quick looks back at his life and legacy. >> charlie munger was best known

as warren buffett's right-hand man. >> i would say every time i'm with charlie, i've got some new slant on an idea that causes me to rethink certain things. we've had absolutely -- we've had so much fun in the partnership over the years. it's been almost hilarious it's been so much fun. >> buffett credits him for teaching him. >> when he wielded me away from the idea of buying very so-so companies at various prices knowing that there was some small profit in it and looking for wonderful businesses we could buy in -- >> it's not fun to buy a business where you hope this sucker liquidates before it goes broke. >> reporter: it paid off for them like their purchase of see's candies and their stake in

coca-cola. munger had owned his own investment firm and practiced law. in 1962 he and a group of attorneys founded the group, a very prominent lawmaker. munger like buffet grew up in omaha, nebraska, and as teenagers, they both worked at his grandfather's grocery store. it wasn't until munger was in his mid-30s and buffett in his mid-20s that they were introduced. >> we had dinner in 1959. in five minutes munger was on the floor laughing at his own jokes and i do the same thing. >> reporter: they began talking each week and buffett got munger to quit law and go into investing. >> i told him that was great but it was a lousy business. >> fortunately i listened.

>> from 1962 to 1975 munger's partnership produced a 19.8% return. it wasn't un-tull 1978 munger formally joined buffett. he was a major influence until t from the time they first met. munger, however, didn't limit himself to just berkshire. he was chairman of wesco financial from 1984 until 2011 when it was totally assimilated into berkshire. during those years he was known for his deadpan humor and shareholder style. after that he grew his fans to another investment, the daily

journal. >> charlie, one of my favorite lines with you is you want to hire a guy with an iq at 130 who thinks it's 120, and a guy with 130 who thinks he's 170 would just kill you. >> you must be talking about elon musk. >> i needed to get ahead and make comedians idiots. there's a large supply. it's disgusting. it's like somebody else is trading turds and you decide i can't be left out. >> charlie is big on lowering expectations. >> absolutely. that's the way i got married. [ booing ] >> my wife lowered her expectations. >> for munger, money wasn't

everything. >> all you've succeeded doing in your life is get early rich from passing holdings on little bits of paper. you get better and better at only that for all of your life, it's a failed life. life is more than being shrewd at passing wealth accumulation. >> well, with that, we're through. >> becky quick sat down with charlie munger for a special one-on-one on what would have been his 100th birthday on january 1st. you n tccawah his final interview on cnby.com.

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welcome back to the show. finland has closed its entire eastern border after a surge rose through the company. they accuse them of organizing

the flow of migrants from the middle east and africa in retaliation for the country joining the nato aline, this as they gather in brussels with sweden's bid for membership still held up by turkey and hungary. sylvia is live with more. you have been speaking with so many of these ministers who have been participating. it seems like there are so many major themes the first is talks around sweden and the second is keeping the focus on ukraine's military efforts. >> absolutely, joumanna. let me start with sweden's obsession with nato. one of the reasons we came here this week is there were hopes this would be the week when stockholm would get few membership of the alliance. of course, that has not turned out to be the case. we're still waiting for hungary and turkey to ratify this process. just a little bit of context for

our viewers. it was back in may of 2022 when sweden alongside with sweden asked to be members of nato. of course, finland is already a member of the defense alliance. that happened back in april, earlier this year, but sweden is still waiting for this to be the case for them as well. but i want to show you these remarks from the hungarian minister for foreign affairs who i spoke with yesterday because i really asked him what's the holdup, can you give us any sort of timeline of when hungary will actually say yes to sweden's p accession. let's listen in. >> i did not want to give any projections for my colleague because it's not up to us. i told him about the situation. i very honestly described the situation as i have described to you as well. and since it's them who have created the situation and needed is up port, i told him to find out something.

it's not up to us. so far i have not seen any of this. >> so the hungarian minister of foreign affairs told me that their approval of sweden's nato membership has nothing to do with turkey, that one is not linked to the other. he also told me that some lawmakers in the hungarian parliament are upset at previous comment that have been made in sweden suggesting that hungary is not a democracy. so at this stage when you look at hung gary's position, it's not clear when we'll see a yes from budapest. but when you put that alongside with what i heard from the swedish foreign minister of affairs this morning is totally opposite. sweden's minister told me that he got reassurances from both turkey and hungary that they're going to approve their membership of nato, and when it comes to hungary specifically,

the minister of forp affairs told me their approval is also not linked to turkey's position. let's take a look at what i heard from the swedish minister of foreign affairs. >> i asked my colleague, the foreign minister yesterday, will you still hold to your promise that you won't be the last to ratify sweden, and he said, yes, we won't be the last to ratify. that means it's more in the hands of them. we expect white smoke from budapest to put it very blunt play. there's no keeping of the word. >> it's interesting he told you that because when i interviewed him yesterday he told me hungary's approval had nothing to do with turkey's approval and both were not linked. >> well, his prime minister viktor orban has repeatedly said hungary won't be the last to

ratify sweden's membership. if sweden is rat fooratified, as hungary. >> they're expecting hungary is not going to be the last country to ratify stockholm's accession to nato, and they're also expecting that turkey will actually say yes to their membership within weeks, so let's see whether that will turn out to be the case. but let me focus now on the second big topic here at this nato meeting, which is support for ukraine. you know very well that in recent times we actually have been seeing support for kyiv dissipating to some extent. huge question marks about u.s. funding, european funding. they've been cutting all the help they have previously provided to ukraine as well. so when i spoke to tin manister from ukraine i asked him how he

feels about this and whether at this stage he's desperate for more support. this is what he had to say. >> yesterday i had a productive meeting with the foreign minister, and i can tell you that we perfectly understand each other. he reiterated the maintenance hub for ukrainian heavy equipment will continue to function in slovakia. contracts between them producing weapons will continue. so i don't see that as a risk. when it comes to hungry, let's wait and see how it ends. and hopefully the u.s. congress will find a solution that will be in the best interests of the american people, which is actually to support both israel and ukraine under the circumstances because, you know, the best way to avoid sending your own soldiers into war is to

help other countries fight its own war, and we never asked. i would like to emphasize once again, ukraine never asked for the u.s. boots on the ground. >> let's see whether or not mr. kuleba will be granted further support of this meeting out of the nato foreign affairs meeting, joumanna. one final point to say one of the things they're focusing on is what reforms ukraine needs to do in order to become a nato member in the future. that will be a very important one for us to monitor, particularly ahead of a huge nato summit due next year in washington, d.c. >> so interesting, sylvia. thank you for bringing us all of those interviews. very illuminating what they're thinking on and what the focus should be. also coming up on street signs, we're going to be hearing from the eo oceo of athens stoc

exchange. do not miss that exclusive interview coming up on cnbc next.

welcome back to "street signs." i'm joumanna bercetche and these are your headlines. we've seen money market rates increase. christopher waller suggests policy is in the right place and suggests a pivot could come sooner than expected. >> i'm increasingly positive the currency is well positioned to slow the economy and get inflation back to 2%. >> the nato ukraine council gets underway in brussels amid reports of war fatigue among the allies. the foreign minister tells cnbc what nations can do to ensure peace. >> the best way to avoid sending your own soldiers into war is to

help other countries fight its own war. we never asked -- i would luke to emphasize once again ukraine never asked for u.s. boots on the ground. and tributes for a titan. berkshire hathaway's charlie munger passes away at the age of 99. well, the athens stock exchange is staging a comeback this year with a performance amongst the world's best this year. it's largely thanks to a fast-growing greek economy and others that have infused the equities and the ceo of the stock exchange yianos kontopoulos joins us. it's wonderful to have you with us. >> thank you for having me. >> let's start off specifically with the greek economy and then

we can expand it. ten years ago i was around around the tomb of the crisis. it seems almost unfathomable that greece could be one of the bright spots. you fast forward to today and that's the case. greece has been a success story in the past couple of years. ratings, upgrades have come through recently from the credit rating agencies. give us a sense how positive momentum is on the ground right now. >> right. so, look, it's the performance of the market not just 2023, which is a decent year for global markets, the athens stock exchange wu was at the top last year, which was pretty disastrous. it was one of the few with a positive performance. it reflects fundamentals on the macro side and the micro side. the macro side, greece, since 2022, is growing double the rate

compared to the rest of europe and is expecting to do so next year. the inflationary performance is slightly better than the average. that combination is very, very significant here. as you mentioned, declining debt to gdp is basically an unleveraged economy. it has characteristics. what are we afraid of? high inflation, the central bank reaction to that high inflation, and a slowing economy. so you have penalty up demand, higher growth than the rest. you're underleveraged, so you don't suffer from high rates, and you don't have inflation. >> let's go back to those credit rating agency upgrades. at the time we said it was a big deal because greece would unlock a lot of capital into the country. have you seen it? has money come in on the back of these upgrades? >> it doesn't happen magically one day to the other, but it starts the process. anecdotally, the reason i'm hearing london is because we have a conference for greek

corporates here for international global investments. the second year we organized it together with morgan stanley, and the degree of response and the type of investors that we had, the number of meetings, the quality of meetings has left some very, very significant impressions. >> what are some of the concerns investors are citing right now. obviously the trajectory is pretty good. it's not completely out of the woods. you can say the same for every economy. >> look, one of the common, i guess, reactions is if the rest of you, the core of you underperforms, what's going to happen to greece? the answer is, looking the rest has been underperforming. germany has been essentially flat since then and greece has tremendous rates of growth. so i think it's something that we need to rebalance a bit of our thoughts in terms of what we're thinking in the past because there's been a very significant number of reforms. i think the population and the

confidence is picking up. so there's space. there's a lot of space. there are a lot of concerns as always, but i think you have surprisingly more cushion than other markets. >> let's talk about the broader environment, especially the environment listings. yesterday my colleague and i, julianna, were talking about the reports they were looking to list in 2024. it would be a huge listing in the u.s. if it does go ahead. but one of the follow-ups in the discussion was whether it's the right time to go for a listing. we've had high-profile listings in the past month. their performance since the ipo hasn't been that great. how would you describe this macro environment now for companies looking to pursue a listing? >> well, look, you can always judge by looking backward. you never know what's an opportunity here. i think the general macro backdrop for greece and the performance of the rest of the listed companies basically tells you that being linked to the

greek brand might be actually positive for a change after many ye years where the perspective might have been the opposite. we've also seen specific transactions in greece like the one disinvestment from greece, the national bank of greece, which is a big chunk. >> i also cover unicredit, so i heard the other side of the story. >> it went exceptionally well. that means the market has appetite. i think if you have large transactions of this sort, we hopefully will have the athens airport listing in the first quarter of next year. this attracts enough attention, it galvanizes interest, it galvanizes capital. it's supporting factors. you never know. leaving something on the table, coming with good valuation is key in all of this. >> potential airport stockmarket listing as soon as q1, q2 next year is interesting. but i think there's something to

be said for the halo effect. as you say, once you start having more of these successful listings, then other companies would be drawn in to participate as well. >> the usual patterns, you have nothing or you have a lot. yes, that's the bet here. >> let me ask you about geopolitical uncertainties. interestingly we've been interviewing various ceos. we had a guest on a couple of days ago who says he's worried about what's happening in the middle east concerning travel. i wonder whether concerns about the geopolitical environment is also deterring investors from, you know, trading listings. >> i think nowadays you're never far away from political noise, geographically or otherwise. but, look, i'll tell you an anecdote from the conference yesterday and i thought the investor was jawing. i close my books on friday and

my expectation is on monday morning nothing would have changed. i looked at him a couple of times to make sure he was not pulling my leg and it makes sense. so, look, you're never far away from it, but it's a good point. >> there's a political situation going on between the greek prime minister and the prime minister in the uk. do you worry about what that means between investments between the two countries? >> no. i -- how should i put it? when you're under a lot of pressure, sometimes, you know, you lose your -- what's the expression in english. >> say it in greek and we'll figure it out later. >> lose your marbles, but that's temporary. >> maybe the marbles will come back to greece though. i'm goungs to get you in trouble now. >> not at all.

that's what we're hoping for. >> yianos, thank you for coming on. yianos kontopoulos of the athens stock exchange. if you have anything you can follow us on x and our street ha handle. we're going to be crossing over where the conference in paris is taking place. charlotte will be speaking with t canada on international trade. we'll be back after this. i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders reduce shipping costs and print out shipping labels it's my secret ingredient shipstation the number 1 choice of online sellers and wolfgang puck go to shipstation.com/tv and get 2 months free

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there's a focus on developing new trade, growth, and investment. charlotte joins us on the floor with the foreign trade minister. charlotte, take it away. >> thank you. we have a very special gefrt joining us, thank you so much. canada's minister for international trade. let's dive in. there's been a pit of mixed views of where we're going to be at in 2024.

are you in the on city mystic camp or slightly more pessimistic? >> i would answer you from the prospect of a canadian minister. we released our fall statement last week. on that, canada is boding well. we enjoy a aaa credit rating. we continue to be among our g7 countries the fastest growing. we still maintain a very healthy debt to gdp. so from a canadian standpoint, i think we are thoughtful about what canadians are challenged with today around overall affordability in their day-to-day lives, but overall we have about a million jobs recovered since prepandemic, so when you look at jobs, for regular canadians, having a job and being able to continue with your life for your family,

that's something that's very, very important. but overall canada is faring is very, very well. >> let's look at last week. there was an eu meeting. they had. ratified fully the agreement. what a where are your conversations at with those countries? where are we at in those negotiations, and how soon do you expect this to be fully ratified? >> well, in all of my conversations with the eu but also with member state countries, i encourage them to ratify. germany just ratified last year, which is really excellent. but the way i talk about it is really the benefits of. since it's come into effect seven years ago, we have seen a 54% increase of trade between canada and the european union.

and here in france, 26% increase. so what i talk about often is the benefits of trade and who's benefiting, small and medium-sized enterprises, those businesses that are really looking to trade as a way of recovering from the pandemic but also into the future. and if i look at the lines that actually are been official to state countries, i talk about mach machinery, minerals, the elimination of clean products with eu and canada. these are real issues affecting real companies and real businesses, so i encourage my colleagues to do what they need to do to ratify, but mostly i speak about it from the standpoint of course look, the agreement is working. it's creating benefits for our economy and small and

medium-sized businesses in our economies. >> we talk about critical raw materials. canada is very rich of them. lithium is, of course, essential for factories, uranium as well. i want to ask you how much of this is useful for you in negotiations and the trade partners. how much is this critical issue at the heart of negotiations? >> well, it's really important because i think today the world is looking at energy security, and they're looking at energy security for their country. i'm in a conference for paris, but i was also here for the world nuclear summit. i was talking about how canada is a tier 1 nuclear country. we provide safe nuclear energy that is not only dealing with the fight against climate change. we know through reports by the iea and others, you're going to need nuclear energy in order to

reach net zero. but we're from minerals. we're the fourth largest explorer in the world. but what's different is our nuclear energy has always been premised on energy, not weapons. so it's unique in that way, and i think it gives canada an advantage. yesterday when i was here, kendu reactors is known as an innovation in that energy, and it's really important because we unveiled the company that is sort of working with this technology, and we unveiled a new innovation, new design for candu going forward, so i think it's important from critical minerals to batteries to hydrogen to nuclear. this is the range of mix that canada has -- you know, we've always been an energy leader, safe energy supplier, and today

-- and the future is no different -- except it's going to be in a greener world where canada is going to be very much part of that solution. >> you say that. we know the meeting is starting in a couple of days. joe biden is not attending. what mention does that send to the world? >> i think that i will have colleagues at the ministerial level there. i think what's more important is what is it that we're doing. canada and the united states as an example, we have strong environmental provisions we have in north america. also with countries in asia and the pacific. i think what's important is what is it that we're doing. whether it's building electric vehicles, we know that that manufacturing is going to be really important from minerals. in canada we call it from

minerals to mobility. how do we build out that entire supply chain to tackle climate change oven the one hand and provide cars of the future is another. hydrogen is another important -- we take real leadership there. we have one of the companies that we featured last week when the president was visiting canada was a company that right now is among the leaders in the world in producing green hydrogen. so where i think -- i think what's important for us is that in canada, we are doing the work that is necessary. we're very committed to achieving our climate targets and to continue to incentivize and create the structures for strategy in canada. so we're very much doing the work, but also having important voice and participation at copp. >> thank you so much for your time today. i send it back over to you in london.

>> wonderful, charlotte. we're also looking forward to your interview with the kmeef chief economist. the ftse 100 down about a tenth today. we're seeing a big reaction in european yields on back of the weaker-than-expected german states inflation boards. across the board the numbers for november have come in lower than october and lower than expectations. that's been a big market driver. in addition we saw lower-than-expected inflation prints come out for spain, 3.2% year on year. so all signs are pointing to a continuation or even a pickup momentum with this disinflationary trend. as for u.s. futures, this is how the market is looking there, coming off a positive session yesterday. we're set up for another

positive session today in the u.s. all the three majors seen opening up in positive territory again. some dovish commentary has come through fed officials, even the more hawkish fed official christopher waller is sounding slightly more dovish these days. they're beginning to pencil in not just the possibility of more rate cuts but sooner than expected starts to the rate cutting cycle at the beginning of q1 or q2, 2024. but up ahead today, we've got the fed's beige book and the core book to watch out for on thursday. that's it for "street signs." i'm joumanna bercetche. "worldwide exchange" is coming up next. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul. it's your

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it is 5:00 a.m. here at cnbc global headquarters and here's your "five@5." we start with getting the november rally back on track. futures right now, they are in the green. also this morning we are remembering charlie munger as tributes pour in for the late berkshire hathaway chair. the fed may start pulling back on its tightenin