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. european equities open in a festive red as the santa rally takes a breather. the u.s. posts the worst daily performance since september. and sources tell cnbc that warner bros. discovery and paramount are in talks as the battle to take ground in the

streaming world. france's sports minister says the olympics could generate up to 10 billion euros and create 60,000 new jobs as paris is preparing for the games. >> people are demanding. it is also some positive pressure on the shoulders to do all the extra mile and effort to make sure everything is as good as the french people deserve them to be. autos in reverse. toyota shares sink as it recalls more than 1 million vehicles in the u.s. over safety concerns, while the biden administration considering raising tariffs on chinese evs. welcome to the show,

everybody. the last couple weeks, i feel i have been a broken record talking about the new highs we keep facing in the stock market dayafter day where we are getting in new highs from the u.s. market and dow close to the all-time high. that all changed yesterday with the pullback within the last 90 minutes of the session. the global rally started to fade and one of the issues people were citing was fedex with the results the day before. the guidance was weaker and that was a reflection of the slowing economic environment. other people are saying it is profit taking at the end of the year given how well stocks have done in the last couple months. you can see in europe where the negativity is passing through. the stoxx 600 did close at a 20-month high yesterday. up .20%. that happened before the selloff picked up steam in the u.s. session. we see a lot of red on the

board. in terms of individual boards, we have pretty much every one of these trading under water. ftse 100 is interesting. we are coming off yesterday's gains down .10%. of course, yesterday, we did see a strong performance up more than 1% after the inflation numbers surprised to the d downside. both a surprise on headline and core. we will talk more about that today. we are giving back some of the gains. we see out performance in basic performance. luxury at the bottom of the board. luxury is down .30%. autos are not putting in a good day. renault at the bottom of the cac 40. similar for dax. i'll get to the stories there in a moment. you are seeing a lot of red on the boards. a risk-off session today. in terms of sectors, this is

where leadership or lack of leadership is coming from, i should say. basic resources in the ftse 100 is out performing that index. glencore with a good day. chemicals up .60%. we have autos as i talked about previously and a couple of stories driving the activity. "wall street journal" reporting that the biden administration is considering triariffs on the chinese evs and toyota is recalling 1 million vehicles in the u.s. real estate is down .60%. this is a basket that has had high correlation with interest rates and what is happening with yields. the yield rally continues and real estate is coming off. we have a real estate guest later this hour. let's go back to uk. uk borrowing dipped last month, but higher than expected.

public sector borrowing fell to 14.3 billion pounds as they offset higher energy bills. that is 1 billion less than a year ago, but financial year to date is up 24 billion pounds. let's look at gilt markets and how they are trading. the surprise to the uk print. a massive rally in gilts. we are sitting at a full percentage point lower in ten-year gilts. it is sitting a 3.8. we were 4.05 a month ago. i think we should analyze what is going on here with our guest around the desk. simon, wonderful to have you joining us. let's get to the numbers. big surprise to the market.

you have to look at this with the wage growth numbers to the downside. inflation is on the right track, but is it enough to be where we want to be? will we get to the 2% mark in 2024? >> i think it will, but it will be a while. a key index is april. the benefits of pensions and low pay in the uk is between 7% and 10%. that is not isolation, but the bank of england will want to see signs of the significant second or order. if we track back, we see rages and core inflation in q2 due to the similar index of inflation last year. some of the market pricing is expecting a rate cut in the bank

of england as early as february or march next year istone deaf. the bank is taking a cautious approach and you want to see how the april print plays out. it will be too early for the may print. i'm sticking to august for the first rate cut. >> how much of the fall the or drop in inflation is down to base effects and what we are seeing in food and energy ? >> it is a big issue. the contrast with the u.s. and ecb with the energy route wasn't seen until the back end of 2022. we don't get peak disinflation -- the print we got yesterday, december and january as well, will start to decompose uk inflation. the food component is interesting rising at 10%. if you look at ppi, but the world soft commodity index shows

disfl disinflation to come. to the question of can we get to 2%, food will help that. >> how much credit should the government get for getting inflation to where it is yesterday? >> very little. >> they have taken credit for it. >> surely. why not get some justified credit on the way down. >> fair new. let us talk about the pricing. we had a massive repricing after the inflation print. about 140 basis points of rate cuts now priced in for 2024. you don't think they start cutting until august. reading between the lines, you think there is too much baked in at this point? >> i think so. this is a courtesy to the federal reserve talk last week. uk macro, if you look at the core inflation print, it is encouraging, but still 2.5 times

on the target. on the three-month basis, it is sub 2%. we still have to see some reveal data early on next year. you also look at impact of where current spot prices are for gas and what that will do. that can start to put deinflation impact in q2. one big decision in uk is what it does to the energy prices and that suggests a 14% cut in q2 next year. that helps real household spending power and disposable income growth. >> let's talk about the real economy and gdp. we have another coming tomorrow. the last month's print, october's print, showed a month-to-month contraction and flat lining for the quarter. uk gdp has been around zero.

how do you square that up with the bank of england's more hawkish tone as of late given there are many strong sciences the e signs the economy is coming under pressure? >> you are right. the strong mandate and taking into account the growth picture. it is a difficult situation. the nine people on the committee there are human and bruised by the criticism coming their way for being too slow to hike rates. i've been in the camp to say hike and switch off. to some extent, that criticism was unjustified. it is human nature. on the growth picture, you are right, tomorrow morning could be a big moment if we get a downward revision to q3 which is flat.

we will see signs of a technical rece recession. the bank of england is too cautious on growth for the second half of next year when you see the income growth coming bag into the economy and that means you will see brexit risks dissipating more. let's be honest, the gilts numbers before you came to me, you talked about the ten-year gilt at 3.5%. the office calculating the tax credits in spring and that is calculating 4.5%. that cost of government borrowing gives them headroom to boost the economy ahead of the election in 2024. >> big election next year. let's turn to what you were saying about the potential upside to the economy next year. that is interesting. that is also a reflection of how strong the labor market although the bank of england pushed in 500 basis points of cuts.

the labor market has been resilient. >> it has. trying to pull together uk macro with the comments in the u.s. and europe, a lot of the excess demand of the labor market hasn't been through rate cuts eliminated in the spike in unemployment which is the traditional measure, but it has been a reduction from exceptional levels of vacancy. we peaked at 1.4 million va vacancies. it is still higher than the long-term range. employers still have reasonable demand. the work is shrinking, but if you want a job in the uk economy, there are jobs available. >> is it still growing at zero? >> you have to put it in consideration with the other economies. the benchmark with the u.s. is a

different market. you make a fair point. zero growth over 18 months now is not a great look. given the crosswinds of energy and interest rates, most people, if you offer that 12 months ago, would have bitten your arm off. >> simon, i don't want anyone to bite my arm off. thank you for joining me on the set. have a wonderful festive season coming up. simon french, head of research from panmure gordon. u.s. markets at the top of the show was mentioned because we saw a change in pace. the close is negative for all of the three. dow at 1.3% weaker on the session. still above 37,000. the s&p down 1.5%. you can see breaking through 4,700. nasdaq also down 1.5%. one of the stocks we mentioned yesterday was fedex.

it was down another 10% in trading yesterday on back of the weak results. it was broad based. the selloff was encapsulated in every part of the market. as for treasuries, this is the reaction in yields. we march lower. today, we are another 1.3 basis points lower, but as of now, we have about 92% of a cut priced in for march. 150 basis points priced in for the full year. that is more than six rate cuts priced in to the u.s. front-end curve. that means that the ten-year u.s. treasury at the lowest level since july as the market just continues to steam ahead with their fixed income views. u.s. futuries for today, s&p an

dow marching forward. futures are telling you otherwise with the majors opening in the green. in terms of what we are watching for in data, jobless claims and the third estimate of q3 gdp and the leading indicator for november. another stock we are watching is hmicron shares whic is above analyst expectations with $5.5 billioncilled in for the second quarter. it will exclude certain items. here you could see that micron stock is seen opening up 6% higher today. warner bros. discovery is in talks with paramount who says the ceos met tuesday to hash out the possible deal. both firms finished wednesday trade in the red after the story was reported by axios, but

paramount is set to end the year in the green after the report of a potential takeover target which sent the stock 10% higher in a single month. the tieup could allow them to merge streaming services of parp paramount plus and max to rival netflix and disney plus. a size difference could pose problems for any merger. warner bros. is worth $30 billion compared to paramount's $10 billion. it would bring on a huge amount of debt. tax law would be another obstacle for a deal. warner bros. merged with discovery in april of 2022 and tax deals blocked it from making further acquisitions until april

of next year. coming up on "street signs," the olympics is back in paris. we send charlotte to paris to see how things are movinalg. 'lbeight back. ness we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time. it makes it really easy and seamless. pick an order, print everything you need, slap the label onto the box, and it's ready to go. our costs for shipping were cut in half. just like that. shipstation. the #1 choice of online sellers. go to shipstation.com/tv and get 2 months free. introducing the limited edition disney collection from blendjet. nine exciting designs your whole family will adore blendjet 2 is portable, which means you can blend up nutritious smoothies, protein shakes, or frozen treats, just about anywhere!

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i love the sports segments the eu top court ruled in the last few minutes that fifa and eufa dominated the position where they forbade clubs from joining the league. it does not mean the super league must be approved. the owner of the tournament says clubs are free to join without threat or sanction. that could be potential. it is seven months until the 2024 olympics kickoff in paris with the city expecting an economic bump and some challenges along the way. charlotte was recently in france and joins us with more. is there buzz in the city ahead of the olympics next summer or

are people not quite there yet? >> the hardest issues with the building in the city and announcement of security at the capital. you had 44% of the residents of the paris region are not happy about hosting the games. i asked the sports minister about that. she said six months before the games in london 2012, people were not happy either. this is the time to get everything ready. she said things are on track and they hope to get the example of london 2012 to make paris a success. i had a chance to ask her if everything was on track. >> a little bit more than seven months and every day matters. it is really demanding. so far, so good where we are on time and on budget and on spec. i think the momentum is very good. >> great.

france is already the most visited country in the world. paris is the most visited city in the world. why is it beneficial to host the games? >> i think it is accelerating a transformation. the fact that we want to do more for disabled people, especially in transport experience and the fact we will provide the ability for people to swim at some point after the games. the fact that we want to transport the department which is the youngest one and the poorest one in france. the games are really generating new opportunities for the cities in that department. i think it is also very good for, let's say, the central spot

we want to give to sports within our society. we know we need more sports in our every day life and the inspiration we get from the athletes is going to be important. there are also some economic impacts that are going to be a good thing for the country. i think more importantly it's an occasion for france to send a positive signal to the world at a time when things are pretty complex everywhere. we want to welcome the world. we want to show a positive i am act ack image of what we stand for with inclusion and party. all of these battles and what we stand for is very important to show that to the world and to be in alignment with most countries across the world.

>> you mentioned the economic impact. let me ask you more about that. there are divided views of hosting the games. from the economic point of view, how much of a boost will it be for the country? >> i think it is still pretty difficult to evaluate that in a very accurate way. there were some studies made after the london games that give some range of economic impact. the one center that in france has made some studies around this and this putting a pretty large range of 5,000 billion to 10,000 billion euro of impact. we know it will be a strong impact on the job creation and the economy. we will mobilize over 180,000

jobs for the games. one-third of that is going to be new jobs as already been new jobs in a number of sectors. i think about construction, logistics, transport, private security and, you know, going forward with the impact of tourism which is pretty you powerful. >> that was the olympics sports minister. 32 sports and 100 nations. it is expensive to host the games. they try to keep 95% structures already built and sustainable. 85% is the athletes village. there are challenges ahead with

the transport. the opening ceremony on the seine river. there is a concern of security. there are challenges ahead. everything is on track for now. >> the thing with the huge sporting events like the qatar world cup, it was a chance for qatar to showcase on the world or a country you would not fly into for a number of reasons. you said france tends to be a very well visited country. they don't need the olympics to bring more eyeballs or footfall into the coupntry. >> it is always a good thing to deliver the biggest show on earth to a certain extent. that economic boost that they are expecting to get. it is a pretty impressive window to the country. the opening ceremony on the seine river, if it is clean as

well. if this is delivered well, it can be impressive. if things go wrong, that is visible. >> that hopefully won't happen. we have that to look forward to into 2024. we have the european flexelecti but the olympics is more exciting. coming up on the show, we dig into the outlook for the real estate sector as u.s. existing home sales post a rebound. we'll be right back in a few moments.

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way. cirkul, available at walmart and drinkcirkul.com. welcome back to "street signs." i i'm joumanna bercetche and these are your headlines. the santa rally takes a breather, but u.s. futures point to more gains with the s&p points to the worst day since september. warner bros. discovery and paramount are in talks as they battle to take ground in the streaming world. france's sports minister

tells cnbc that the olympics could generate up to 10 billion euro and create 60,000 new jobs as paris enters the final sprint in preparing the games. >> sometimes french people are reluctant because they are demanding. it is putting possiblitive pres onour shourlders to make sure everything is going to be as good as the french people deserve them to be. autos in reverse. toyota shares sink as it recalls more than 1 million vehicles in the u.s. over safety concerns while the biden administration considers raisings tariffs on chinese evs. we had a day of red

yesterday for the u.s. after the terrific run as we head into the holiday season. that negativity is spiraling into european session today. all of the indices are trading in the red. the ftse 100 is down .20% after the strong performance yesterday. cac 40 in france is down .30%. dax is down .40% as well. this is after the strong run with the stocxx 600 closing at 23-month high. switching to foreign exchange and this is what currency looks like. the pound is not being much. .80% weaker. 126.26. the euro trading at 109.40. the dollar/yen in focus since

the bank of japan meeting. the yen is strengthening on the u.s. dollar to the tune of .30%. comments from the ecb vice president who says it is too soon to discuss interest rate cuts warning that the central bank needs to see the central bank move to its 2% target. here is the picture of fixed income across the board. ten-year bund at 1.96. remarkable how much we moved. more than 100 basis points in the last month. gilts are lower since where we were in november. the ten-year btp is in focus at 3.57. this is the lowest level since august of 2022. the spread-to-bund is sitting at 160 basis points. again, remarkable in not just

how much has rallied in terms to the bund. i mentioned the weaker u.s. session yesterday. the close was all negative yesterday, but we have positive territory today. s&p and dow and nasdaq reversing some losses pointing to a major rebound. there are two more key dates for the fed before christmas. today is the final reading of u.s. gdp for the third quarter after the second reading showed an upward revision of 5.2% of growth. the all-important pce figures follow tomorrow with the economists expecting a slowdown to 2.8% from the headline figure and core rating of 3.3%. existing home sale notis increa yesterday according to data from the national association of realtors. the rebound from the 30-year low

comes from data agency freddie mac with rates below 7%. our next guest sees commercial real estate prices continuing to slide in 2024, but the worst could be behind the seeking tore. rich hill, head of real estate strategy at coyne and steers. thank you for getting up early for us. 2023 was not a great year for commercial real estate. are you expecting the price declines to continue next year? >> sure. first of all, let me be clear. listed reits are an indicator. the reits have had a challenging couple of years. down 18% from the wpeak. we think we're on stronger footing now. we long argued recession creates

attractive entry points. when global interest rates stop hiking, it is a better back drop for reits. that is what we see play out. over the last two months, global listed reits rebounded 20%. just to put a note on this, november was the third best month for european reits. it was the fifth month ever for u.s. listed reits. we think the worst is behind us. it doesn't mean we are on a stronger footing yet. we are still in the early inning of the declines. european valuation is down 10%. u.s. valuation is down 13%. we feel it is 50% of the way through their correction. we are seeing a disconnect. >> it is interesting to hear what you are saying about the correction only about half of the way through in terms of

actual asset value. in terms of reit performance, we saw the bounce in november. my question to you is how much of that is a reflection of global market sentiment and the fact that markets, which we have been talking about for the better part of the show, with the interest rate expectations and markets getting ahead of themselves from central bank policies for next year, all of that is good for the beaten down real estate sector. how much of this is market rotation as opposed to people buying in? >> i think both of those deserve explanation here. to be clear, listed reits have had a big challenge. we were dealing with a stagflation environment where interest rates were rising and growths were slowing. we think this is a stagnation environment. if, in fact, interest rates continue to fall, that's good

for listed reits. i think the market is pricing in more of a soft landing. you bring up another good point that there is some explanation. you are right. general investors have been under underweight in the sector. we are seeing a rotation because of the fundamental reasons. we see investors beginning to cover their weights and there is buying for the long community. this is all leading to a significant rally over the past month or so. >> the other thing that happened in 2023 is because of the environment with higher interest rates means the pullback in the commercial real estate properties, many companies had high-profile bankruptcies or come under scrutiny. we have followed cigna here in

europe. that is a story in itself because of various reasons. what has happened in the past year is if you were on shaky fundamentals, the macro environment really exposed a lot of the problems that many of the property developers were facing. to your mind, are there still going to be areas of the market that will come to surface in 2024 given that we still haven't fully felt the impact of the existing rate hikes in the economy? >> absolutely. we think this first 50% of the decline in commercial real estate is really driven by the higher interest rate environment. the next 50% of declines, which gets us to 20% to 30% of valuation, is driven by an increase in default. we haven't seen the rubber meet the road yet. the headlines will be challenging in 2024. there is an important issue in reits.

the listed reits are on strong footing for a number of reasons. first, the balance sheets are strong. in the united states, the listed reits have loan-to-value less than 35%. that is a stronger footing than the producter commercial real estate market. the second point is office, which gets a lot of media attention, is a small portion of the reit market. in the u.s., it is 3%. globally it is 7%. there are misconceptions compared to the broader market. frankly, listed reits are sellers since 2015 and the broader market is netcquireracq. we believe 2024 might bring headline for the broader commercial real estate market. >> you mentioned you want to stay away from office. we understand the reasons post covid. the paradigm has changed there.

is there any other sector in the market that offers an attractive opportunity here? >> let me begin with how we think about europe. we actually think europe will have a greater economic slowdown than the united states. we're skewing for defensive sectors and sectiors with highe yield. continental retail and german residential and tower companies and logistics. i'll be clear, we are not country focused and we are more center focused. things we don't like is prime office, but swiss real estate. we think there are lower yields and the rental growth is not as strong. looking toward asia, we are really focused on australia and singapore and japan and in the u.s., themes are similar to europe where we like single family rentals. to a lesser extent, logistics or

senior housing. one of the things that people may not believe is it is a broad sector of reits. so there is always an opportunity to find ral you some place in the world. >> that's a good place to leave it. thank you, rich. the head of real estate extract guy from cohen & steers. coming up on "street signs," we look ahead to the u.s. presidential elections as legal battles mount for former president trump. we'll be right back. it's hard to run a business on your own. make it easier on yourself. with shopify, you can have everything you need to streamline your shipping, returns, and product storage, so you can focus on growing your business. because when we work together, the future is

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welcome back to the show. eu finance ministers have come to agreement on the fiscal rules reform. the deal which is lenient than previous rules and offering something for every party and will now be debated in the european parliament before being signed into law. a story we have spoken at length

about the last couple months with silvia who has been in brussels covering many euro groups where this is a topic of debate. they said they were hopeful they would come to agreement by the end of the year. they have being the 21st of december coming to agreement. a major step in europe this morning. the hungary's prime minister viktor orban said he does not want to link funding for ukraine with hungarian monetary issues saying hungary has funds in the budget which it should receive. similar two comments he made to our silvia a week ago covering the eu council. shares of toyota sank after the carmaker is recalling 1 million cars in the u.s. over a center default. it could impact the way air bags

are deployed impacting 2020 to 2022 models. the stock is down 4% in trading. the biden administration is reportedly considering raising tariffs on chinese goods, including electric vehicles. that is according to "the wall street journal," which says the biden administration is looking to review tariffs next year. > here is a look at the ev makers in the u.s. they are trading in positive territory. tesla is the market leader up 1.5%. lucid up 3.3. nikola is up 4.5% despite the news of the former ceo earlier this week. former president trump urges the supreme court to not immediately review his immunity

claim. the filing was brought in response to an extraordinary request by special counsel jack smith that if allowed, would allow the supreme court to weigh in before a lower court has a chance to rule on the issue. in all, president biden be was asked about the colorado supreme court decision to bar trump from the primary ballot in 2024 and if he thought the former president was an insurrectionist. >> you saw it. let the court make that decision. he supported insurrection. no question about it. none, zero. he seems to be doubling down on everything. >> let's bring in the senior adviser to signu global advisors. i'll start off asking about the colorado decision yesterday. from what i understand, the decision to not let trump run on

the ballot only appplies to the republican primary and not the general election. it only applies to the state of colorado. how much significance does this have? >> it makes it fairly insignificant in the scheme of the broader election. colorado is a blue state. it will vote for biden. trump won't get colorado or won't need colorado to win the election. if the supreme court agrees with the colorado supreme court, and upholds that decision to bar trump from the ballot, that opens the door for michigan and pennsylvania to also bar trump. there are potentially very wide ranging implications from the decision and what happens next in the supreme court. >> how likely is it the supreme court actually do uphold the ruling from colorado?

knowing it will open up a huge range of issues into the election year. >> it is interesting. half of the country will be upset no matter what it does. it is difficult to know where the supreme court will rule. the court has a 6-3 majority. three of the justices were appointed by trump. you know, without reading too much into that, it would be unusual, i think, for the court to ruling that donald trump should not be on the ballot. >> is it likely we see cases like these brought forward from other states around the u.s. or is colorado just a specific idiosyncratic situation? >> if colorado bars trump from the ballot, we will expect to see more cases. if the supreme court makes the decision, that is the final word. there is no further recourse. other states will be able to

bbar trump from the ballot and trump will not have recourse. if the supreme court rules that colorado overstepped, then we see the efforts fade away. >> it seems like a lot of this actually hinges on what the supreme court decides to do. whether they uphold it or not. i guess the base case for many is they will not given what you described. what does this mean for former president trump's chances for securing the nomination at these republican primaries? he is so far ahead of the other cont contenders. any time a controversy rises up, it bolsters the support he has. it doesn't seem he will have a material impact on the standing within the republican party. >> you are absolutely right. every time something like this happens, he is successful fund raising off the back of it.

his base is with him no matter what. these controversies solidify support for him. if the supreme court upholds this decision and donald trump ends up not being on the ballot in states like michigan and pennsylvania, he basically has zero chance of winning the election against joe biden. he cannot win the election without the key battleground states. if he is not on the ballot, he can't p win them. if donald trump is not on the ballot, he has to make a decision. is this the candidate we put forward if we know from the get-go he has no chance of winning? we will see. the first primary is on january 15th. it is not far away in iowa followed by new hampshire. we will have a pretty good idea of what the court will do, but also whether or not that is impacting the donald trump standing in the republican process. >> obviously it is difficult to

navigate. there are so many aspects coming together next year. the supreme court decision on the colorado ruling and the beginning of the primaries. let's fnot forget the legal trials going back to the four indictments. i believe georgia is the most high-profile one because that is the trial televised. all of that will be happening between january and april and may of next year. what happens if president trump actually does get convicted? >> if he gets convicted, that doesn't stop him from running for president. his base loves that about him that he is thumbing his nose at the establishment and the judicial process. that said, it makes it harder to win the election and independent voters that are needed for a candidate to win. these cases -- donald trump and his legal team are trying to put these cases off for as long as they can. you mentioned jack smith is

asking the supreme court to consider his trial on an expedited basis. donald trump asked for him not to. the prosecutors want the cases to start as soon as possible and donald trump and his campaign, obviously, want them to be delayed until after the election. it is possible the procedural battle is playing out right now with the prosecutors and the defense lawyers. >> what about the other side of the aisle? we spent most of the conversation talking about president trump, but what about president biden? his favor ability ratings have fallen to an all-time low. there has been an massive impact following the october 7th hamas attacks on israel. especially for support within arab americans. the most left-leans part of the democratic party. how do you read how the momentum

is moving against president biden? i know there is a lot of time, but it is not looking good for him. >> exactly. there are still ten months to go. if he were looking at these numbers and the election were two or three weeks away, there would be real panic in the biden campaign. i think at this point, they assess there is enough time for some of the work that the president is doing on the economy to really trickle down and for americans to start feeling some of the economic pen f benefits coming from the policies and that will overcome the dissatisfaction. he is struggling with low approval ratings. i believe the white house believes if trump is the candidate on the republican side, that it will so motivate the democratic base that they will overlook the dissatisfaction with president biden. let's not forget a woman's right to choose is a huge issue for democratic voters.

that is an issue which is stark contrast with the republican and democratic party. kamala harris has taken the lead on that issue. >> next year will be fascinating to see what happens with the u.s. political landscape. thank you for joining me. senior advisor at signum. a quick look at european markets before we head out taking the close from the u.s. yesterday. all of the majors trading under water. if you look at u.s. futures, it looks like we will get quite the rebound with all of them opening up in positive territory. that is it for today's show. my last show in theory for the .ear i'm joumanna bercetche. "worldwide exchange" is coming up next.

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it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we begin with one and done. stocks coming off the worst day in months, but futures are pointing to a bounce back. a mega media deal in the works. a meeting between two major industry executives this week to form a company to rival disney and netflix. also, no luck for apple. losing the final challenge for the watch. and we turn a page in the