that's all for this edition of "dateline." i'm andrea canning. thank you for watching. good morning and welcome to "street signs. i'm joumanna bercetche and these are your headlines. uk stocks surge as investors ramp up on the bank of england cuts after a huge surprise to the downside on november inflation. gilts are higher with yields plunging at the open. shares jumped as the spanish government announces plans to counter a saudi investment with its own 10% stake while another

gets a cut on the back of a disappointing drug study. the u.s. weighs the interin intervention of houthis. security is key. >> we have the global gdp that is transitioning through the red sea and it's extremely important for us to guarantee safe package for our ships in order to do the job we can do. we can no longer guarantee the safety of our crew. and colorado disqualifies donald trump from the ballot making him the first candidate ever to be ineligible for presidency, sanctions for taking part in an insurrection. welcome to "street signs,"

everybody. let's get straight to the market and price action because the center rally continues yet another day of green for wall street yesterday. s&p inking out another 23-month high we're seeing it around 1% from the all-time highs reached in to 22 s&p up 16% just in the last two months broad-based gains, the dow with another record high. we continue to go from strength to strength with the stockmarkets as the markets continue to digest the fed meeting that took place last week and further pricing in of rate cuts in 2024. now, looking ahead to "today," focusing on lesser important dates coming out u.s. confidence home sales driving. even though it's evenly split between green and red, we've got the stoxx 600 around the flat line, we'll get start with the

ftse forces. up 0.9% why is it green, you're thinking we did have a huge down-sized surprise i'll give you the numbers in just a moment. the bottom line is these numbers have undershot just where market expectations were but also the bank of england which raises a lot of questions about whether they can sustain this hawkish language at around keeping rates where they are in restrictive territory as the numbers continue to drop this is why we're seeing a big upside reaction today, not just from the commodity basic resources but any rate-sensitive sector as well xetra dax trading in the red this morning, but let me just take you to some of the individual sector performance. telco's huge rally, up 1%. a couple of names we're watching out for are tell phenomenonco in

spain after news that the spanish government is going to buy a 10% stake in the company you have the consolidation and divestment story that plays out. oil and gas, a positive session for the sector it's been up and down as the market thinks about the geopolitical ramifications around the red sea shipping. but, of course, at the focus is going to be the demand picture going into 2024 and how that scores up versus the huge amount of supply coming into the market from the u.s on the flip side we've got health care down about half a percent and tech stocks struggling to keep up momentum even though for the most part of this year, they have been one of the bright spots of the stoxx 600. but i spoke about this at the top of the show. let me tell you more about uk inflation and what happened there. the headline number fell to 3.9% in november. that was well below expectations, and now the lowest levels since sect 2021

core inflation fell to 5.1%. the uk chancellor said there's further to go but e government wants to bring down the country's tax burden strong reaction in equities. you can see the pound dipping as well you see the u.s. diesel at 126.60 and the rally continues, 3.55 across all fixed income markets but also particularly pronounced in 10 y-year gilts as well. barclay has struggled with its stock performance over the course of the year is up over 2% this morning more focused banks, lloyd's up about 1% as well, again, as the sector reflects what a lower interest rate envenvironment wi. there has been pressure on them to start raising deposit rates,

so even though we talk about uk rates coming down, the base rate coming down, the flatter curve isn't necessarily a good thing for these uk banks uk retail, this is the picture for the uk retail sector lots of green on the boards. we are heading into the shopping season the holiday shopping season. and so far the numbers have been a little bit mixed if you compare this year versus prior years, but today the reaction in the market is pretty positive. homebuilders, this is what we're seeing very interesting sector. you can see the likes of persimmon, up 1% marginal gains across the ftse 100. let's switch over to telco in spain the government is set to buy stake of up to 10% in telefonica after saudi arabia's stc took a large position in september.

reuter's roimts it will acquire $2 billion in shares in small quantities over the next couple of months to balance sbc's 9% stake. you can see telefonica's shares are up 4.5% in today's trading of course, charlotte, the question is why the spanish government has decided to go and purchase a stake in telefonica, and is it in direct response to the saudi position that was acquired in september? >> no, absolutely. and that's really down to this that was a big surprise back in september when they bot a 9.9% stake. this was a strategy in particular because of the connections telefonica has with the defense ministry back in spain. that made, of course, them the top seller in telefonica

they were showing a lot of confidence into the spanish tell phenomenonco company because it's saddled with a debt they're trying to refocus some of its key market, core market including germany, spain, and brazil that affects smaller businesses in latin america they're looking to cut around 5,000 jobs they're going through a big process at telefonica. this 10% stake seemed for some as a vote of confidence, but, of course, here again, the spanish government saying they're looking at all their options a they passed legislation a couple of years ago 10% for companies. they're saying it's a strategy company. now the announcement this morning they're looking at

banks, 10% stake they said it will buy the stake over the next couple of months through debt insurance there so they said they're doing this for greater stability for them to reach their objectives. the strategy here again being the key word they're certainly giving a boost to the telefonica shares with shares up 4.5% shares up 10% over the year. joumanna. >> such a fascinating story. as you mentioned, the key word there, strategic charlotte, thank you very much for that report. now, in health care space, argent shares failed to approve their outcome. stock more than 10% lower in

september. pretty start price action. down 33% and weighing on the health care sector as a whole. we spoke about the market looking good yesterday but this morning things are looking slightly softer. we've got all three of the sectors opening marginally softer it's been quite the run over the last couple of weeks ago just in the last 2 months alone, the s&p is up 16%. the question is can this performance be repeated in 2024. let's bring in danny mccormick wonderful to have you with us this morning i'm going to start off with an opening question for you what do you think the market narrative is going to be for 2024 >> joumanna, good to be with you. it's certainly going to be about rate cuts, when, and how far

will they go i think as we get into midyear, you'll start to see concerns about the rate cuts, you'll see how they go. >> how is that going affect asset price performance in the second half of the year? it is quite astonishing looking back at 2023 it was a year of rate hikes doing so well. do they need to be going on? >> i expect markets are not quite there yet in terms of rate cuts and in terms of their debt. you look at the starting point if inflation is no longer a problem, which seems to be the growing consensus, as the fed

outlined last week, you don't need restrictive policy anymore, and how far are we the funds rate is at 5.25% and 5.5% the fed's neutral is between 2.5% to 3.5% you could cut 200 basis points and if you have a growth spurt, you could go further than that there's a downside as we move into next year, and that will probably see this rally continue early in 2024. >> yeah, but if the fed have to start cutting because the recession is looking more likely and a soft landing is looking less likely, surely that sends a signal about the states of the economy and, therefore, not a good environment for corporates to be thriving in. >> no, absolutely. i think once those interstate expectations start to bottom or when they approach bottom, you'll start to see some weakness in the cyclical data. it's just clearly apparent in

equity markets everywhere. i think it is probably most pronounced in the u.s. given where the multiple is. so i think overall 2024 will still be a rocky year for equity markets, but i'm just saying in the first quarter of the year, it could still be, generally speaking, positive, but there is that growth risk for later in the year. >> there's been a lot of attention on the 60/40 portfolio and the last couple of months they've been doing quite well. is that going to be a winning strategy >> i think it will be okay, but it won't be a knockout year. so if you look at the u.s., for example, in the long run, average performance on the 60/40 portfolio is 8.7%. i think it will be slightly below that in 2024 that adds up to a difficult three years for that portfolio in three years this year it's sort of around

about 5% it might be a bit high by the end of the year. you probably have three years of below average performance. and what we kind of thing is going on with that is markets are grappling with this new economic world that we're in we're in the camp that we've recently gone through massive macroeconomic regime change. it's profoundly different than the one we were in from the early 1990s through to 2019. >> that's a cliff h hanger are we going to have to go with higher interest rates, reading the lines? >> the fundamental side of it is the supply side. essentially for the last 30 years it was growing very, very rapidly. you know, going forward we think globalization is slowing down, possibly going into reverse in some areas we also think demographics is

increasingly a challenge for the supply side. when your supply side is growing much less than before, you're going to have higher interest rates through the cycle across the curb to keep inflation at central bank targets i think policy makers will sometimes be constrained both monetary and fiscal. we're going to have a little more gdp volatility. perhaps recession's more often but certainly more gdp volatility so it's a more difficult challenging kind of risky environmental. it's not a disaster, but just a longer number. i think it gets more difficult and more volatile for investors. you know, it's a time for sophisticated experienced investors to make wise and you di judicial judgments. >> very interesting. firsttime i hear gdp numbers are going to be more volatile.

i have to ask you about china going forward. you look at the massive covid recovery trade that never really transped out of china this year. >> yeah, china's had a difficult couple of yes and a lot of people have put that down to covid. really we think it's due to the housing market and when we look ahead to 2024, we think we'll probablcome off the bottom, but not aggressively so we think china is policy a large differential has opened up with the u.s. they've got to be cautious about that on the fiscal side, that i seem to be constrained with what they can do in terms of the debt level and dynamics uerway there, at particularly the government level they will contue to provide policy support, but it won't be aggrsive what that means for china is growth probably improves over the urse of the year, but not by much. we expect the chinese growth is in the 3% to 5% rae now rather

than north of 5% and that's a big cnge from five or ten years ago. >> no, absolutely. daniel, great to have you on the show we've discussed a lot ofhings on 2024 and beyond wonderful to hr your insights on how you're thinki about the state of the world at this point. daniel maccormick. also ahead, cargo takes the long way around. we'll bring you the details coming up next it■s beginning to look alot liksavings! endjets holiday sale is on now! give the gift of convenience the blendjet 2 portable blender is perfect for every. even that picky relative who hates everything. and dont forget the accessors! theyre all on sale! dont wait! our most popular colors and patterns will sell out!

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signs." fedex shares sank after the bell as the firm posted profit well below street expectations and lowered its sales outlook for the second consecutive quarter. qt earnings came in at 253. deutsche is down 2%.

even though we had a good run-up toward the end of december, just in the last couple of days thing have started to turn south. fedex down 9.5% as well. switching over to shipping stocks, of course, a major focus over the last couple of days after the announcement that many major shipping companies are diverting vessels away from the red sea. this morning you can see maersk is up 1.25%. logistics firms are down 1.5%. the u.s. is plans for strikes against houthis in yemen after they launched several attacks against cargo ships on the red sea. no final decision has yet been made. the ceo praised the steps the u.s. is taking to try to secure the shipping route. >> we have between 10% and 12%

of global gdp that is transitioning through the red sea, and it's extremely important for us to guarantee safe passage in order for us to do the jobs we need to do. we no longer can guarantee the safety of our crews and that's why we had to take the position that we take. we certain welcome the initiatives that the u.s. navy is taking to reopen the trading route. >> i'm happy to say tim is joining us. we have to look at the importance of the red sea and that particular strait. about 10% to 12% of gdp passes through it. it's a busy shipping route in terms of global shipping traffic, and yet we're not seeing a huge impact yet on major commodities markets or other markets. what do you point that down to? >> it really is too early to say

what it will be. thousands of ships go through every year and it's absolutely vital for world trade. most of the ships due to destinations in europe and far east, that's already been at sea. the buildup is still to come. you know, they've pulled away from the area until there's some clarification, until the ten-nation pact on naval protection is in place. it's going to take some time for this to come through and affect people and really cause serious disruption on supply chains, but it is already having an impact and it will mean that costs certainly will rise. you've got a lot of ships now that have been rerouted, about

70 container ships. that was just the day before yesterday. increasingly ship owners say we're not going to go into that area, both tanker and container shipping companies. so we're going to -- we are going to see there is going to be a restriction on the supply of tonnage because if you add 15 days by having to go around the cape, that is actually going to take a lot of supply from the shipping market, and that will then force rates up. the rates for shifting an individual container will go up by about 200 u.s. dollars a day. certain ship owners have withdrawn ships from the charter market so they can meet their -- the additional capacity they're going to have to put out. >> right. so just on that supply point, i read yesterday that additional vessels can actually be deployed because fleet capacity has grown by around 20% in the last 12

months. so that's an interesting sort of counter to that. this is potentially more capacity that can come to the market to counter some of the supply and the delays that have be brought about because of the rerouting. >> that's correct. but you've got to differentiate between the different sectors of the market. like oil tankers, container ships, and carriers. container ships for sure, there's en a massive uptern in supply ships because when people during covid, coainer shipping, it wuts absolute boon time. people me a huge amount of money and a huge number of ships were ordered that are now being delivered into the market and will continue to be delivered into the market next yea so we were expecting oshe've already seen quite a drop in the earnings on thoscontainer ships. tankers, it's much tighter, the

supply, so we're expecting to see quite an increase in charter rates. of course, if you're going through the suez canal your costs have gone up because the insurance premiums have risen considerably over the last few days, but just going around south africa, should you choose to route that way, yes, that's going to take a lot of capacity out of the market, and that will force rates up. what we call sirius tankers which are about 150,000 ton capacity, there were talks their rates would raise from $50,000 a day to over $200,000. that has. happened yet, but there's certainly the expectations the owners are going to be able to force earnings up. >> very interesting. let me ask about shipping in the sue wes canal. we know they're setting up a task force to sort of police the

area, and a make sure or try to ensure that it is a safe passage way for ships to go through. to what extent is this going to be a long-term solution or is this just a short term plug given the escalation of tensions the last couple of days? is it something that's likely going to persist over the long run, do you think? >> well, if you actually look back at the last time we had a similar situation when we had the somali pirate crisis and there for quite a long time, coalition navs got together to make sure the safe flow of shipping continued, and that worked and it went on for quite a long time. i think the commitment will be there until the situation stabilizes and there isn't a threat. the big difference between this situation and when we have the situation with somali pirates, the threat now is a lot more sophisticated. we've seen attacks on ships with

both missiles and drones and this is a lot more sophisticated than it was previously with the somali pirate situation, which was really a much more sort of ragtag bunch of skiffs and people attacking from small boats, not nearly as sophisticated as this. it will depend really -- and i think big companies like maersk, they won't be looking until coalition forces are in place, and that won't be for a long time. sure, the navy keeps ships there in the area on a regular basis, but to get a proper system of escorting shipping tonnage through, that will take maybe a few weeks. >> right. so interesting. tim, thank you so much for bringing your perspectives onto our show. it just seems to me medium term we don't know what the impact is going to be with a all of the

disruption there. tim huxley. for more, check out cnbc.com. also coming up on "street signs," france and germany see eye to eye finally on a shakeup of the eu's fiscal rules, but will the rest of the block? the latest story is coming up next.

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welcome to "street signs." i'm joumanna bercetche, and these are your headlines. uk stocks surge as investors ramp up bank of gland cuts. >>gilts follow equities higher withields plunging at the open. telefonica shares jump up the oxx 600 as they plan to countea saudi investment with its own 10% stake while an rjen gets a hair cut.

and maersk's ceo says it's key. >> it's extremely important for us to guarane safeassagen order to do the jobs we're supposed to do. colorado disqualifies dold trump from the state's primary ballot making him the first candidate ever to be ineligible for the presidency, sanctions for taking part in an insurrection. all right. let's catch up on how markets are faring this morning. despite the good run as of late today, there's quite a bit of red on the board behind me. you see the xetra dax in germany dipping down. cac 40 also falling.

deutsche stock is falling after disappointing results from fedex yesterday, and the u.s. stock was down 8% and that's sort of having ramifications on the sector as a whole in terms of parcel deliveries. cac 40 as i mentioned down 0.2%. we're see some mammography nall performance underperforming. the uk index.e major outlier is downside print of uk inflation. that headle figure for novemb coming in at 3.9%. so we're down to a three-handle now versus the 4.4 consensus. month over month, negative. the core cpi number also a big focus for the bank of enfwlabld sitting at 5.1% versus expectations of 5.6%. major surise to the downside, and, of course, the market has en quick to price in further rate cutout of the bank of england with the markets sitting cut in for the year.asis point

no wonder some of the rates and ctors are doing quite well this morning in terms of asn markets, this is wh we have today. e nikkei connues its strong run. the market there digesting news out of the bank of japan and the fact they're not in a rush at all to move away from ultra-loose monetary policy. if anything that could happen as soon as april, but not before then, which is why the equity index contues to do quite well. we've seen that the last couple of days. back-to-back in the green. hang seng up 2 1/3 percent we did get a rateecision yesterday. the 1-year was kep unchangeable. the 5-year was also kept. yone looking for potential more monetary policy positions

out of the ppc may have been disappointed in yesterday's session. as for u.s. futures as we ad into today, the three majors are opening up in slightly negative teitory. the s&p down 8 points lower, dow, 12 points lower, and worth pointing out we've had the dow high, the s&p at a 23-month e high. 1% away om the all-time high. there.very close to getting the santa rally is getting there, even though it doesn't look like it today jo let's take a look at how the s. markets have done, i believe since -- this was the close yesterday. apologies. the dow endeup at 7% stronger, the s&p up 0.6% stronger. let's take a look at some of the big movers. the reon we've chosen the big performers since december 6 is because it is since december 6 that we've seen this major rally take place in glob

stockmarkets, but specifically in the u.s. as well. you look at the dow. you've got the likes of walgreens, up more than 19%, 20% higher just in the last couple of trading weeks. caterpillar up. some of these major blue chip stocks performing extremely ll, even goldman sachs up 11%. as to the nasdaq, here's where it gets quite interesting. some of these names you may not be familiar with unless you're deeply in the weeds of nasdaq. anwhat's surprising here is that many of them are actually names that have been heavily shorted. to give you an idea. sun run up 40% since december 6. it was the target of carson block's muddy waters f the second time since october. another heavily shorted stock is luminaire tax. that was a short target for citron research earlier in the ye. then up at the top, 've got aurora innovation, thas a

self-driving car. one another is marathon digital up 41%. that's a bitcoin proxy. there you go. very interesting if you look at where the market performance has come from in the last couple of weeks. i tweeted about this yesterday. it's not the mega caps or the magnificent seven but it's been the heavily shorted stocks and the stocks that are actually still loss making in terms of revenue. as for the magnificent seven, you know all the names pretty well. it's been relatively muted. still positive, but nothing really outstding there. apple, microsoft, alphabet, up 2.51% respectively, but for the year as whole, not the last couple of weeks, the magnifice if you had bought this basket at the beginning of t year, you would have doubled your money by now. that's how well they've done moving back to markets france and germany have reached a deal on forming the fiscal

rules. the two had been in disagreement abt the deficit and how much they should cut it whilst having enough money to reform it. they wanted to ensure a united position beformeeting eu counterparts today in what could be the last chance to reach a deal this year. and the resiliency of the labor market will be a key indicator for policy in 2024 according to s&p global ratings. it says companies face the choice of cutting jobs to increase profit margins or increase selling margins. i comes as wage growth has topped 5% while productivity has declined. let's brinin the chief economist from s&p global ratings. wonderful to have you with us. let me start out by asking you whether you thk the ecb have actually overtightened this year. the positive rate sitting at over 4%.

madame lagarde doesn't seem like she wants to start talking about rate cuts. the question is can we handle it? >> good morning. we see it's in the respiratory level. it doesn't seem enough to bring inflation back to 2%. red cuts are definitely on the rise in 20 but probably late in 2024, not as soon as the markets are currently expecting. >> now, the ecb have regularly referenced the fact that wage pressures, profit margins, and expanded profit margins are the reason that inflation has been so sticky. how do you see those metric developing into 2024 both on

wage and on profit margins? >> yeah. that would be a question for the ecb next year indeed. we see that labor costs have soared, now 6% in q3. that's extremely high. so we see a decline in productivity is fueling the higher labor costs. so fueling inflation is far above the inflation right now, and that's what matters for the ecb. companies will have a trade-off to face next year. they'll try to mentor the profit margin by increasing the selling price that is inflation. that would mean the ecb will have to do more or at least not cut early. all companies may start laying off people to maintain the

profit margins. that would mean not more inflation but a deeper recession and the need for the ecb to cut rates. the resilience of the labor market, the shape of the labor market will be key for next year. >> do you have a view on when the ecb will begin their cutting cycle? >> yes, of course. we have a few. we don't see the ecb starting to cut rates before june next year. there is no reason to rally up operate cuts. as said, domestic inflation -- inflation is at 4%. food inflation is close to 7%. that's far too much for the ecb. that's the reason why they look to wait until next year. >> where do you think the potential surprises could come

from? >> definitely the labor market. so we monitor very closely the sentiments that are still happening, that will happen further next year. we have 5% wage growth. it's no more accelerating. wage settlements, wage setting is one aspect we look at. the other one are job openings. we're still at a very high level. we see the job openings are edging down, but they're still very high. 2.9%, that's extremely high. >> interesting. okay, well, we're going to keep an eye on how the labor market delops are. they have their work cut out for them. sylvan broyer, thing you for joining us on "street signs"

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welcome back to "street signs." it has been a good year for stocks overall as u.s. majors are up for yourer e year as we just spoke about with the nasdaq leading the pack, but u.s. consumer staples are icheck for one of their worst years in the past decade. why? analysts think one of the reasons could be brand-new classification that has lit the papers with stocks that reach way beyond food. what a cliffhanger. karen joins now. tell us about the work you've been doing. >> yes, for sure. what we've actually seen is that the link has been with relation to weight loss drugs which have seen a wild ride over the past few months. in fact it's soared over 190% when it said its diates showed

superior weight loss the obesity drug has shot to fame, rolling out in u.s. and eupe this year. speaking to cnbc in november, it's at the hearof demands. >> we're in a sweet spot. it's leading on a global scale and we can only grow by this pace based on our products both in diabetes and obesity care. >> meanwhile eli lilly and its newly approved drugs have boosted competition in the fluctuating market. they td them where they fit. >> it's a large potential market. that has to be proven out with the leaders now. i would ju point out that, you know, probably on the one ha, if you're running a major pharmaceutical company, you have to pay attention to this category. it's probably a malpractice not to consider investing in obesity given the opportunity ahead. on the other hand, i think lily

is a leader here, and we plan to make it hard to be caught. i think we've really gone after this, d, of course, competition is good. we're all for that. but lilyims to invest to women here. >> on the back of that growth, novo has become the largest. converting its profits from dollars shes up the dedenma. analysts expect such rapid growth to impact sectors like fitness, food, and health care. still a lot will hinge on the outcome of clinical trials. in 2024 wegovy and eli lilly will be pittsed against each

other in a battle. novo is pecting fda approval in the next six months after wegovy showed a reduction in the risk of cardiac events. supply chain restrains will be the most immediate concern. both plan to ramp up production over the next year, but there are concerns whether they can meet the demand for these drugs. >> so interesting. thanks for the overview. pretty remarkable that the pest performing stock would be no nordisk and it would complety consume all the other stocks taking a look at the stoxx 600. a couple of questions i would have is how sustainable these levels o growth e coming up in the coming years. so far the major market leaders are eli lilly and novo nordisk. but i wonder how they can keep replicating performance in the coming years. >> it will be hard. it's a very sort of hard path to

follow, but these are the market leaders. we've got predictions from barclay saying wegovy sales could hit 7.3 billion, up from 4.2 billion this year and they could see 2.2 billion in sale. we've had others coming forward. the likes of pfizer, as t astrazeneca, and others. they will certainly be patching up some way. >> there's something to be said for the first mover advantage because people are sort of locked in to the ecosystem of the drugs that are available. what about side effects, karen? i do have a friend of mine who has been on zem ppec. she's not eating enough and her hair is falling out.

is there enough talk about the side effects of the drugs and what happens when you stop taking them? >> absolutely. i think there's an area that hasn't had much coverage. we haven't seen people using the drugs long enough to see what the long-term results are. certainly when they move off the drugs, they're regaining the weight. they'll have to use it for your a long time. some of the people i've spoken to who are doing research on the airy are looking at the risk reward in the brain. that could havism plications, whether people can find fulfillment or pleasure. with depressive tendencies and the like, that could have big implications as well. >> i've heard that as well, sort of a numbness of sensation that goes along wititoo. it goealong withaution. ere are pros and cons. karen, thank you so much. that was so interesting looking ahead to 2024. switching tacts, colorado

has barred nald trump from the ballot for 2024. brie jackson joins us. how much of a bombshell was this news going into the runoff for next year? >> reporter: good morning. this was a major decision. it ste from the 14th amend that says no person who engage in insurrection or rerew bellion against the united states can serve in the oice of the united states. it's the first time there's been a challenge to trump's candidacy has been successl, the colorado state ruling states former president donald trump's speech inciting the crowd on january 6th was not protected under the first amendment and because trump isisqualified, it would be a wrongful act to list him as a candidate on the presidential primary ballot. e trump campaign called the decision completely flawed and

is vowing an appeal to the u.s. this is just the latest legal chamg for the former president and it comes just one month before the iowa caucuses. former president trump was in iowa last night but did no mention the colorado ruling while speaking to his supporters. back to you. >> let me ask you. how is thilikely to affect trump's polling? we know every prior incident of a siation like this emerging, indictments, potential legal cases has not really done anything to his overall support. how is yesterday's decision likely to influence or impact? >> so it remains to be seen how this impacts voters. we do know that being this decision is the first of its kind, similar challees in unsuccessful so far, but there are near a dozen more stes that stillave challenges pending. and so colorado's ruling could have a major implication for those cases. now, some of trump's 2024 republican rivals, that i are

front-runner saying trump should be on the ballot and that voters should be the ones who decide who holds office, not the courts. the colorado state supreme court until january 4th to allow for fuher appeals. >> well, fireworks at the beginning of 2024 then. brie, thank you for bringing us that report. let's roundout the show taking a look at how european markets are faring. we've spoken a lot about the uk movers. on the downstooid, undershooting expectations for november coming in at 3.9% versus expectations of 4.4%. so on the right path for the uk, and, of course, the uk government loves to see it. within europe we're seeing a moderate underperformance out of the german and frens indices, a big outperformance in sector

space in terms of telecommunications today with the spanish government buying a stake in telefonica. that's a story we've been watching very closely. but on the flip side we're seeing some underperformance in the likes of chemicals, down 0.3%, and also luxury struggling as well this morning, down about 0.3% too. as for u.s. futures, this is what the u.s. market is looking like ahead. all of the three majors are seen opening up in negative territory, bucking the very strong trend. it's been a very strong eight weeks for all the indices. dow at an awl time high. that is it for our show today. i'm joumanna bercetche. "worldwide exchange" is coming up next. thank you for watching.

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we start with the stocks running the year in a hot streak with the dow capping off a fifth straight record close. why jim cramer says now may be the time to take some profits. also failing to deliver, fedex is sinking after the open after missing the mark for earnings and for outlook. and then around the world, the red sea shipping risk showing know signs of easing as a the u.s. and its allies weigh a new offensive strategy to bring order back to that region.