that's all for this edition of "dateline." i'm craig melvin. thank you for watching. good morning and welcome to "street signs." i'm joumanna bercetche, and these are your headlines. cop28 negotiators strike a land marc climate deal, hailing it as the first such agreement vowing to transition away from fossil fuels. implementation will be key. >> an agreement is only as good as its implementation. we are what we do, not what we

say. we must take the steps necessary to turn this agreement into tangible actions. >> european markets open to the upside, brushing off down beet data out of uk which saw a surprise fall in gdp, sending sterling and gilt yields lower. the german government comes up with a budget. and attention turns to today's rate decision from the fed with investors upbeat after u.s. headline inflation slows and the s&p is at its highest level in almost two years. welcome to the show, everybody. well, our top story today, delegates at cop28 in dubai have

agreed to a climate deal. the wording on the fossil fuels was stronger than the initial draft, calling for a transition away from them and energy systems. the cop president says thedeal sends a strong message. >> they needed to find a new way, and by following our north star, we have found that new path. we have delivered a comprehensive response to the global stop tick and all of the other mandates. together we have confronted the realities and we have set the world in the right direction. we have given it a robust action plan to keep 1.5 within reach.

it is a plan that is led by the science. it is a balanced plan that tackles emissions, bridges the gap on adaptation, reimagines global finance, and delivers on loss and damage. >> well, dan joins us again from dubai. we were speaking 24 hours ago. that draft was released on monday evening. many stakeholders were angry regarding the fossil fuels, but it really seems like they've come to an agreement, 24 hours of tortious agreements. for the first time ever, we're seeing language with regard to fossil fuels. >> reporter: that's exactly right, joumanna. these talks went down to the wire. they were actually extended

until 3:00 a.m. this morning. this agreement is quite literally hot off the press. what we've seen is a breakthrough of the cop28 conference in dubai hours after the talks. you're exactly right. for the first time in history, countries at these talks have reached an agreement to transition away from fossil fuels. if you take a look at the actual wording here, it's not a phaseout or phase-down. it's working with holdouts who are now part of this agreement. of course, it's a significant step. it's also a win, you could say, for your the cop28 president. he is, of course, the big oil boss who has been overseeing this event. he has called it a historic deal

to keep it within 1.5 degrees of reach. the climate optimist might say this cop28 marks the beginning of the end for the fossil fuel era. of course, those in the oil and gas industry and those who see the vital role that fossil fuel plays will dismiss that. nevertheless, this has been agreed by all parties, some 200 countries, and sets the framework for next year in dubai and beyond. john kerry, listen in. >> while nobody here will see their views completely reflected in a consensus document of so many nations, the fact is that this document sends very strong messages to the world. first, the document highlights that we have to adhere to keeping 1.5 degrees within

reach. that is the north star, and we, therefore, must do those things necessary to keep the 1.5. everything we can to achieve this goal. in particular it states that our next indices will be aligned with limited global warming to 1.5 degrees. i think everyone has to agree this is much stronger and clearer as a call on 1.5 than we have ever heard before. >> john kerry speaking there, and he has, of course, been an ever-present figure throughout the course of these negotiations, standing alongside the cop28 president as those talks continue to unfold. of course, i think it's important to point out. i think i mentioned it yesterday. to reduce these talks to just the wording around fossil fuels would fail to appreciate all the other work that's gone into the other areas of this agreement

outside of the fossil fuel arena. it seems like $85 billion in financial kmiptmentes from the public and private sector as well as a big deal to triple renewals and double efficiency. this calls on oil and gas companies to really address controversial issues like methane as well. while it won't please everyone, it's certainly a significant step in the right direction when it comes to addressing the global climate crisis. joumanna, back to you. >> absolutely. thank you so much for your coverage the last couple of weeks. finally we have got that all-agreed-on text agreement. it's quite an achievement. let's switch on and talk about markets. yesterday the big event for markets was u.s. inflation prints coming in line on an annual basis. 3.1 for the headline, 4% on the core. the monthly increase slightly

higher than what was pencilled in. that being said, the u.s. stocks managed to gain the day. u.s. markets setting up the highest level since january 2022. overnight in asia it was somewhat of a mixed session. the shanghai composite actually did end the session in the red, but today with the stoxx 600, you can see there's a little more green on the board behind me, which means the overall index is up about a quarter of a percent. this is the breakdown. i want to start with the ftse 100. we're up 20 points in trade, 0.3% higher. gdp print surprisingly to the downside, minus 0.3% for the month of october. expectations were for a flat print. this is two days of back-to-back disappointing data, and today this really encompasses a lot of pressure that's going to be on the bank of england. remember, we have that meeting coming up tomorrow. there will be pressure to start

modifying the language beginning to sound a lot more dovish. cac 40 is up 0.4%. xetra dax up 0.2%. it seems as though the budget for 2024 has been agreed on. we'll talk with sylvia about that more later on in the show. this is where we're seeing performance today. chemicals having a good day, 1.2%. bsf is up. positive for the sector, not just bsf alone. health care up 0.75%. tell comes dragging, 0.9%. oil and gas down 0.7%. we just found out at cop28 the

transition away from fossil fuels has actually been included in the statement. it is a big deal for the sector. let's talk about the uk economy. it shrunk 0.3%. weaker than the 0.2% growth on the previous month. on a three-month basis, the economy remains somewhat stagnant, slightly below the forecast. sterling we saw dip once those numbers came out. there's some weakness versus the u.s. dollar. the 10-year gilt reals 10 basis points today. this is the lowest it's been since may of this year. as for u.s. futures, this is what the u.s. session is looking like it's going to shape up to look like. of course, yesterday we had the

u.s. cpi print. today all of the focus is going to be on the f1 c. what jerome powell says and what the projections will look like for next year, will they start pencilling in more rate cuts or are they going to hold the line? that's the big question for later today. we bring in our next guest. good morning, max. wonderful to have you on the show. let's pick up with some of the action i was describing with the european equity markets. one thing that has surprised me is just how well the german index has done. the dax is up 12% in the last six weeks aileen. do you expect this performance to continue into 2024? >> i'm pretty positive on 2024. we do think that, you know, this outperformance of the dax we've recently seen is coming to an end, so index targets for dax and the other european indices are quite similar, so we think

that will probably come to an end. we are generally quite positive on next year. bitcoin is on the short term. if you look at volatility nowadays, it's at the level we've last seen in january of 20 2 2020. the dot plot today, that will be a negative surprise for the market, though, the last four times we've seen the dot plot markets were negatively surprised because we expect it to again only show 50 to 100 basis point cut for the next year. very short term, we're a bit more cautious. long term, as i just said, i think we're going to see more cuts. we're thinking 175 for the fed, 150 for the ecb. that's currently more than the market is pricing in. that should be supportive. the dax is still trading at 12 ep. they should have more upside on

the multiple front from the lower rates and also on earnings. same for the other indices in europe. consensus only expects 2% earnings growth for next year, which is quite benign. we think it could easily be 5%, which is still quite conservative, i would say. mixing those two together, slightly higher multiples, we see 8% upside for dax and the rest of europe for next year, which is quite a bit higher than eps for next year. >> thank you for that overview. one other thing that struck me for your 2024 outlook, you think the indices is going to outperform their counterpart. that's a pretty bold statement given how great the magnificent 7 has performed this year. >> three weeks ago we called for that in europe. it's more of a technical view. we think it's going to work out

better in the first half of the year than the second one. three reasons. there will be absolutely level in growth. in europe it might be lower than in the u.s. it's actually picking up in europe and coming down in the u.s. the direction of travel when you look at the economic data, it's more interesting in europe right now than in es. number two is that we see the strong direction move of the markets and we now think investors will start to look for really tlative value traits. we think, you know, with growing trust in the market, there will be more invested interest into europe, and right now it's trading at an all-time multiple discount of 6.5. very, very big discount and we think one of these value trades, you can make money. in the first half of the year and probably second half of the year, things will level out and we get similar targets for the u.s. and europe. >> nice one. the other recommendation i see

in your outlook is you are now recommending for investors to start looking at european small and mid caps over large caps. talk me through the thesis, but also from years of experience in looking at this, that part of the market tends to be quite cyclical, and if we are staring down the barrel of a potential recession, a mild one, a slowdown in european growth in the coming months, how can small caps outperform? >> skblenltexcellent question. they have been dominating markets for over a year. this is the best telegraph recession we can cross in recent history. compare it to a stock where investors expect negative earnings for the next quarter. they report exactly those negative earnings on the day zero. we think something similar could actually happen if a recession after so much waiting and so many expectations materializes. actually the market reaction

could be pretty benign. even if we have this market recession, we're pencilling in for the first half of next year, we think market reaction would probably be not too negative. i agree. you have to be positive on markets, otherwise, the trade's not going to work. and we think the small caps are 100% pricing in recession. it makes a lot of sense because those companies are growing at a much higher rate than large caps usually do. right now this premium has evaporated and they're trading at the same capital as larger markets are trading at. especially for long-term investors, you can buy at a higher growth than a zero premium. the last time we had this opportunity was in a global financial crisis in 2008. that's not a very often opportunity you get in the

market. >> please cowhat you were going to say. >> my last point. one other concern with markets with the high caps is the high leverage. yes, i don't want to talk down the ratings. large caps, 98% of the companies have an investment grade rating. small caps have only 80%. let's not forget a lot of the companies don't have ratings, right? actually that's reflective. if you look at an index perspective, leverage is smaller than for large caps. so from an index perspective, you can simulate that. also if you're a stock picker, you can go for those companies that you think have less of a leverage and better credit rating. now, the higher rates, they've been driving down small caps over the past two years. now we think small caps and mid

caps can now perform now that rates are coming down. >> maximilian, you have anticipated my question about small caps and interest rates. i'm going to leave it there. thanks so much for joining our show. also coming up on "street signs" today, we're going to get a look at the french retail picture as stores look to boost their balance sheets. we'll be live from paris after the break. i'm andrea, founder of a boutique handbag brand - andi - and this is why i switched to shopify. it's the challenges that we don't expect, like a site going down or the checkout wouldn't work. what's nice about shopify is when i'm with my family, when i'm taking time off, knowing that i have a site up and running and our business is moving forward because we have a platform that we can rely

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♪ ♪ welcome back to "street signs." french retailers are looking toward the festive season -- oh, the music has started. retailers are looking toward the festive season to bolster faltering sales after a disappointing autumn. sales in french specialist chains were virtually flat in november with black friday promotions failing to provide a major boost. charlotte, as you can see around here, everyone is feeling

festive. we even had a little blast of festive music. tell us about the feelings in france as we head into the shopping season. >> certainly christmas will give us a good indication of how things might go. we know house consumption is very much the engine of the french economy. france has been quite resilient within the eurozone. there have been a few signals in the last few weeks, and uptick in employment and we'll see what people spend at christmas according to several reports people put out. one area where they might cut down on is the christmas meal. we talk about food price inflation. inflation is lower across the board, so certainly that might help a little bit on people's spending. this is one of the iconic

parisian didn't stores. it might take the temperature of how people are doing, how much they're spending. tourists came back in full force after the pandemic. we had a chance to catch up to talk about consumption and how he saw '23. >> '23 was a good year. it is clear that we have faced some tensions most recently, especially with inflation impacting purchasing power of our clients as well as some geopolitical tensions. overall we're positive. we didn't plan for all that happened, but it was a good year. christmas, in particular, is expected to be good with the enchantment. >> how about '24 because there are a few things on the horizon.

we see inflation coming down a little bit. of course, potentially there's the return of potential chinese tourists coming back in 2024. what is your view for coming up? >> as i said, when we planned for '23, we were very ambitious. we opened many new spaces, new restaurants, changed the brand. it was still below expectations. for '24, we're planning in a more cautious way. we think we can acontinue to grow. we think the market may not be growing, but we hope to win market share, but we plan for a more cautious growth, i would say. concerning the return of tourists, we've seen after covid a huge return of tourists despite the chinese. we look at the americans, for example, since precovid, it's a very positive sign, but we've seen a slowdown.

for chinese, investing, it's been continuous. we hope 2024 could mark a better year with the chinese for sure. >> can i ask you about luxury spending as well because we know there's been this post pandemic boom and a slowdown of inflation, higher interest rates, et cetera, et cetera. some say it's a normalization of demand. i just want to ask you how do you see '24 when it comes to luxury spending? >> we're planning for continued growth on luxury. you know, the deep trends are still there. there was a polarization of wealth. and in particular we need to get french consumption. we see french buying more in our store. that's a trend we see continuing. it's true there's been a selldown. september and october were not

good, but november, december, we're good. we'll see continuous growth in luxury next year and especially with the return of chinese, we'll continue to have positive trends. >> that was the ceo of printemps. so the growth will be a bit of a sluggish one as we heard earlier. we will grow, but certainly it will be a slow one. christmas will be a good indication of how much people are spending. we expect a rush of chinese tourists, which will be a boost to the economy and the olympics in the next several months could be a boost to the economy. all of these events are things to watch on the horizon. printemps is giving us a temperature of how much people are spending around christmas. >> i just noticed that the coat you're wearing matches the

mannequin standing behind you. thank you very much for the report from paris. also coming up on "street signs," the u.n. general assembly is calling for an immediate cease-fire from gaza. we're going to bring you the latest after this break.

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welcome back to "street signs." i'm joumanna bercetche, and these are your headlines. cop28 negotiators strike a landmark climate deal, hailing it as the first such agreement, vowing to transition away from fossil fuels. cop 38 sultan al jaber says agreement will be key. >> agreement is only as good as its implementation. we are what we do, not what we say.

we must take the steps necessary to turn this agreement into tangible actions. >> european markets open to the upside, which saw a surprise fall in gdp which sent sterling and gilt yields lower. the german government reportedly strikes a deal on next year's budget following the reallocation of pandemic-era funds. and attention turns to the rate decision as the u.s. headline inflation flows and as the s&p 500 sits at its highest level in almost two years. well, the u.n. has passed a resolution calling for an immediate humanitarian cease-fire in gaza.

three-quarters of member states back the move. the u.s. was among the few countries opposed to the non-binding resolution, but president biden told israel its indiscriminate bombing of civilians is hurting international support. it backed its ally, but all sides have a humanitarian responsibility. >> we have made it clear to the israelis and they're aware that the independence -- the safety of innocent palestinians is still of great concern, and so the actions they're taking must be consistent with attempting to do everything possible to prevent innocent palestinian civilians from being hurt, murdered, killed, lost, et cetera. and, look, it doesn't lessen the responsibility going after hamas and innocent palestinians.

ukrainian president volodymyr zelenskyy had gone to washington, d.c. republicans continue to call for spending oversight and a clearer strategy after their meeting with ukraine's leader. europe must prove what it means for as long as it takes. it was said kyiv needs our financial support in its war with russia. the german government has reportedly reached a deal, this after initial plans were thrown in disarray when germany's constitution said the funds violated the debt rules. the budget is expected to be unveiled today alongside the economy minister and the financial minister.

well, sylvia has been following the ins and outs of this as you have all the european budget stories. it's that time of the year. the german one is interesting because after the court decision, they're going to have a shortfall. the question is how are they going to cover it? i know we don't have a lot of details. >> that's the question mark as we await the lunchtime conference. we're going to hear from economist ministers and the chancellor himself. the recent reports do suggest there has been a compromise among the coalition on how to put together the 2024 budget, and as you mentioned, they had a gap of about 17 billion euros. it will be important to understand how they're going to fix that gap, whether they're going to increase taxes or cut welfare spending. but there's a broader question here, which is what is the

future really, not just of the coalition, but also of the debt break. a very important policy in germany that is essentially ingrained in their dna, and there could be changes in the medium term to this policy. i want to take you to some comments i heard from the finance minister himself late last week in brussels. i did ask them where were they in terms of coming up with an agreement. he told me a matter of days. >> as a political agreement about the structure of the budget is likely to be made in a couple of days. >> that's very positive. i'm sure the markets will be happy with that. >> yes, of course. germany is the stability anchor. >> so that was the finance minister of germany. it does seem that his prediction is becoming true with a potential agreement to be

announced later on today. but in essence, if indeed we have a breakthrough on the 2024 budget, this is bringing a very welcomed certainty to the german but also european fiscal spending. >> i liked your response there. you said it would be good use for markets. i took a look. the markets are trading green, but bonds as well, which is a good indicator, have rallied another three basis points. we continue to rally. so it doesn't seem like there's a lot of fiscal pricing. thank you. moving onto another story overnight, argentina will devalue its peso by over 15% to 800 pesos per dollar and propose massive spending cuts. its economic shock therapy aims at fixing the economic crisis including triple-digit inflation and a deep fiscal deficit. fitch ratings have warned

the adjustments will be painful while the new president had warned that this may happen. here we are. they unveiled their ten points. i'm happy to bring in the manager. let's start with argentina. your focus is a lot more broad, but it's interesting because the news came out in the last 24 hours. argentina has been a mess economically and politically, if i can use those words. my question is whether the treatment, the cure will actually end up killing the patient. >> i think this has happened before. the benefit here is he did not win through the first round. he has gone through the second round, which means he has to govern through somewhat of a consensus at the first part. the ironic thing is the very reforms and changes that the argentinian people want to take place will hurt them first. you're absolutely right.

they have a very tight frame to be able to instigate change, bring fdi, and, you know, have real consequential change. i do believe the biggest obstacle is because of the change in 1949, argentina has been involved in one political battle after another. so if they can manage to get enough majority in the congress and get through a meaningful part of the constitution, then investors could think of in investing in argentina in the long term. >> they have more radical tendencies, but i wonder from an international investor perspective, is argentina one of the spots they're looking at as a potential investment opportunity for 2024 or are there more investment

opportunities out there? >> my sense is that investors in terms of high quality fdi coming in -- i'm not talking about capital assurances -- will only invest in the long term when they see argentinian money and seeing investors putting money into the country first. i don't think they'll get there unless they have a meaningful meeting of the constitution. 2024, joumanna, is going to be a year of elections and a year of multiple different shifts in geopolitics, but also repricing of risk across the world. so i do think there are other countries who may take precedence in terms of the investment calculus. >> give us the highlights and where you think the opportunities are going to be, and also to what extent when they think about it, they also think about the trajectory of the u.s. dollar, the interest rate cuts that are beginning to

be pencilled in to the u.s. rate curb. all of that in theory should be a tailwind for the markets, but is that already factored in? >> we are trying to have a shift from a system or micro and fiscal policy structure that was frankly based on hope for the past 14 years into what is a much more sane equilibrium for companies that exist. profits matter. the reason why i say this, if in 2024 the markets digest the equilibrium of what is happening in the u.s. and let's say the western world, pricing em will become easier. at the same time, the tailwinds should exist, but it will be selective. not all em countries are the same. obviously you have those have a surplus that deploys the surplus

meaningfully, all of that with the pretext of u.s. versus china around semiconductor manufacturing, and the transition, which is going to be absolutely critical. you onced whatwitnessed what hah cop28. >> let me pick your brain on it. you talk about fossil fuels and finally it was involved in the statement, a transition away from fossil fuels. let's not forget this was a summit that brought together senior western policy makers with the global unit as well. it had to be signed off by almost every single stakeholder around the world including some of the poorest nations. what impact will this have on the emerging markets? >> i think as a whole it was a success. normally i would say semantics matter, but they don't. but as sultan al jaber said,

it's how we act, not what we say that counts. in this case to be able to get any sort of consensus across the 00 countries on any matter is a win nonetheless. >> agreed. >> i think one of the countries that will feel the pressure to reform, vis-a-vis this will be turkey. you have the compliance markets, of which the european market is the largest for the moment. as they're starting to adjust in 2024, countries that export heavily to the european union will get impacted, and turkey's one of them. for example, turkey and turkish companies will have to invest in terms of f trying to bridge the gap where they are right now and where they have to get to in the next three years. >> so interesting and bad

timing. it seems like they are slowly trying to turn the ship around. the interest rates have turned over the summer. some possible green shoots emerging, but medium term, long term, those challenges still remain. >> one of the challenges they face is predictability and stability. i suspect that should the country be able to travel through without much volatility, the ministry will have more ammunition to continue this predictable orthodox monetary policy. if this can be is up le meanted by reforms and the judicial structure and the constitution, this may invest investors or

give themdictable landscape to invest in. >> geopolitically, erdogan has been rushing his allies the wrong way, whether it's over swedish talks, coaxing russia from time to time, even his stance over israel/gaza. where does that put turkey vis-a-vis with their clients? >> that's a loaded question, but a fair question. i would put turkey's geopolitical importance again in the context ultimately of u.s. versus china, number one. it will become a more important country. it does offer a very credible semi-hedge over independence with chinese manufacturing, so the importance of the country will increase alongside

countries liked india. however, the president is trying to walk a very tightrope, which is not easy to do. i do like to think and i do like to believe that a lot of the rhetoric that is rubbing the western allies the wrong way is geared toward winning local elections as most politicians tend to do. so i am looking forward to the litmus effort of the foreign policy of turkey shifting a little bit perhaps, or the tone shifting a little bit, perhaps, after the local elections are done. there's a period of three and a half to four years where there are no elections. >> so interesting. it's always a plash. thank you for coming in. the founding managing partner from tanto partners. also coming up on "street signs," we'll tell you when the latest cnbc survey sees the fed cutting rates. we'll have more after this break. it■s beginning to look alot like savings! blendjets holiday sale

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month and 4% from a year ago in line with estimates and little change from october. headline cpi also rose, but by less, up 0.1% on the month and 3.1% on the year. the latest cbc fed survey sees the federal reserve beginning to cut rates in june while raising the probability of a soft landing to almost 50%, but cuts may not be as aggressive as money market estimates are estimating, rates coming down 85 basis points next year, way below the 120 points priced in for the futures market. let's bring in the chief investment officer. wonderful to have you on the show. let's pick up with the inflation numbers. headline, 3.1% to 4%. we're still a far cry from the 2% the fed would like to see. do you see the markets are pricing in, getting there at this point? >> joumanna, if you look at the core, that's what they look at,

it's still not to target. >> i thought it's around 3.6%. >> yes, but if you look at it, it's still at 5.5% to 6%. the new ones are at 3%. if you do that judgment, you're getting just over 2%. in my opinion inflation has returned to target, however, the fed should not be in a hurry to add any fuel to the fire. they have to wait it out and see. the market is pricing in for a cut. let's see what happens. but to me as an equity investor, when i look at $6 trillion lying in the money market fund, what happens when the fed starts building? i feel that's going to be the pullish sign that the equity market will look at. >> interesting thesis. i would say the latest core cpe

number was 3.3%. i said 3.6%, in case any viewer picks up on that. is the fed chair likely to change his tone, sound a bit more dovish? >> no. i think he'll sound more hawkish. they're not listening to what we say and rightly so. if you look at the inflation data, it's not a problem. he has to look hawkish to say we're here and we will fight inflation. so i don't expect him to be dovish at all. >> it doesn't seem like markets are reacting at all. he can say whatever he wants, but the bonds continue to rally. we've had this massive rally in fixed income precipitated by last month's cpi print, which came in lower than expectations, and stockmarkets are sitting at the highs not seen since january of 2022. >> we saw the 10-year go back to

5.2. it tells you as i've been saying for some time, to me inflation is the real thing we need to talk about next year. the fed will change course. fed double have to change course immediately, but the market always movings ahead of the fed decision. so i still think if the fed continues to hold the rate and does it for a long time, it might cause a shallow recession and they may move faster after that. >> i was speaking to deutsche bank on this show and they say they're pencilling 75 basis points out of the fed next year. a bit more. almost two more than what the fed is pricing in. is it likely we'll get that much cut? >> one thing i'm looking at, what happens in march next year. you have the funding program that the fed put in place. that was a one-year program. the banks are still sitting on huge market losses. what is fed going to do? is it going to extend that program?

it's going to pay it back. when the rates start adjusting -- as i say, march becomes a pivotal time when banks start moving. i am like you could have a market boost in q1. >> where would you have your market in 2024? >> end of 2024, definitely over 5,000. the reason i say that, look at the amount of money sitting in market funds. look at that. $6 trillion. that's 20% sitting in cash lying around. and then you have real wage growth because if core pc comes down to 2, 2.5, you saw in q2, the productivity was very good. you could have a good period of equity growth. it dependings how long they take to pivot. >> what do you think the holes

in your argument will come from? what will be a potential headwind? >> i would say it would come from the fiscal side. we could have a rate cut this year if not for all the fiscal spending happening. the problem is going to be from the fiscal side. the core side, that i want to make income. i think the policy is going to dominate for the next few years. >> let me just round up the discussion asking about your relative view on europe. et again, speaking to an analyst earlier on the show, he was positive because the discount is so pronounced. do you have the same view? >> i would agree on that. look at the dax being down despite germany having a problem. i think the investment side has held strong. >> all right. i'm going to leave it there. thank you so much for joining me

around the table today. let's see. it's always interesting at the end of the year to get people's views for 2024 and where the surprises would come from. we'll keep an eye on what's happening today. now, u.s. treasury secretary janet yellen will be speaking exclusively to cnbc later today. do not miss that interview at 4:30 cet. fiscally they'll be looking at that as well. as for the european market this morning, this is the picture. we pretty much have all of the entities trading in the green. the stoxx 600 is sitting at a 22-month high as well. so we continue to go from strength to strength. it is up 0.4%. we did have the uk gdp numbers coming down weaker than expectations for the month of

october, down 3.4% on the month. ex xetra dax, also higher. treasury yields, this is what is happening today. not a lot of movement in the front end of the u.s. curve. 4.72 is basically where we're at. it's flat. but the 10-year is down one basis point sitting at 0.2%. of course, there will be the fed meeting. that will set the tone. i will leave you with a snapshot of the futures. all is opening up in positive territory. m umnaertc.for our show. i'joan bcehe "worldwide exchange" is coming up next. disney collection from blendjet. nine exciting designs your whole family will adore blendjet 2 is portable, which means you can blend up nutritious smoothies,

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it is 5:00 a.m. here at cnbc glebl headquarters and here's your "five@5." we start with a win streak. futures, they look in the green, looking to keep this rally going. the key focus will be the fed's final policy decision of this year ahead of tomorrow's european quadruple threat. seth carpenter is here to weigh in. also breaking this morning, a landmark decision from the cop28 summit in the middle east, taking the first step away from oil and gas. we have a live repor