♪ good morning and welcome to "street signs. i'm silvia amaro and these are your headlines the stoxx 600 on pace to close the week on the back foot with futures stateside also pointing lower this as markets pare back bets on the december cut after the fed chair jay powell says the central bank is not in a hurry.

the uk barely holds on to growth in the third quarter missing forecasts with the chancellor rachel reeves expressing dissatisfaction with the numbers. we'll hear from the deputy chief and the bank of governor this hour. and meanwhile, pharma stocks echo losses in the u.s. after president-elect trump taps rfk jr to be his secretary of health senator ben cardin says his cabinet picks are troubling. >> some are shocking appointed to agencies she y ies to abolish it's a strange pick for appointments and a mixed picture for the chinese economy. the country's key industrial sector continues to see weakness

very good morning, everyone. let's get a check of how we're trading so far this friday morning. the stoxx 600 at this stage down about .4%. it is a different tone from what we witnessed on thursday the benchmark actually made gains of above 1% on thursday, but indeed, today, we are seeing a negative mood within the investment community investors are very much digesting the terms of the rate cut of the federal reserve on top of that, all eyes on economic data particularly out of the united kingdom. starting with the ftse 100, just marginally lower so far. indeed, as you heard in the headlines there, the gdp number for the third quarter came in below expectations and, indeed, the chancellor did not sound

happy at all about the latest figures. when you are thinking about the bourse in germany, the dax is posting losses of .3%. we continue to monitor what is happening out of the biggest economy in europe amid the political uncertainty. for thank now, that snap electis taking place in late february. let me show you the different sectors to get a better indication of the corporate stories this morning we have oil and gas as the best performing sector at this stage. we have seen quite a lot of volatility within this sector throughout the week, but at this stage, trading higher at .6% travel and leisure also doing well at this stage up .5%. actually, the worst performing sectors i want to pay attention at this stage. look at this healthcare down by more than 2%. this is a continuation of what we had seen stateside in the wake of the announcement from

the president-elect donald trump saying that robert f. kennedy jr. will lead the department of health that put pressure on healthcare stateside. i want to show you the corporates within the space. sanofi trading lower by about 3% also seeing relatively downward pressure when you think of gsk continuing pressure within the sector i want to bring you back to the day dynamics throughout the uk the economy fell back into contraction in september quarterly, gdp came in just 0.1% higher the office for national statistics says gdp is 3% higher than pre-pandemic levels the chancellor, however, rachel reeves, said she is not

satisfied with the numbers we will hear from the chief executive of the uk financial authority nikhil rathi and the bank of england governor later this hour. let's see how we are shaping up ahead of the wall street open. it could be a lower trading day stateside after all of the major indices yesterday finish in the red. i would highlight s&p and nasdaq posting their worst performance since late october we were quite heavy in terms of data, but today, we're also going to see retail sales figures out and industrial figures will be released meanwhile, let's turn attention to the fed jay powell painted an up beat assessment of the u.s. economy saying he sees no rush to ease policy amid continued strength

in the labor market alongside, quote, broad based inflation markets pared back the expectations and now seeing a 40% chance of a hold in december according to the cme fed watch tool i'm pleased to say we are joined now by evan brown, head of multiasset strategy at ubs >> good morning. >> good to have you in the studio >> a couple of days ago, we had a guest discussing the change in narrative for the u.s. equities was here to stay are you of the opinion the trump trade is on hold or we will see a return what is the dynamic for the u.s. equities >> yeah, we had a little bit of consolidation in the last couple days, but i really do think it's not just about trump the fundamentals of the u.s.

economy are -- this economy is cooking. we had 3% growth 3.7% consumption and trump, we have the good trump and the bad trump. deregulation on the good side and the tax cuts on the good side and the tariffs on the bad side we have a honeymoon period for him where the market will be able to focus on and dream about those good things and we'll see what happens when he's inaugurated on january 20th. >> i would like to get color on the comments in your notes you do not expect the same scale of risk in asset performance following the 2016 victory for donald trump as well so, actually, this comment, i find interesting because it is the polar opposite of what i had read earlier this week what i would like to understand here is why is this the case >> we are at a very different

point in valuations. we are also in a very different point of yields. those are much higher as well as they were back then. i also think it is important to take into account what trump's mandate is which is really last time in 2016, it was about boosting growth as much as possible yes, this time, of course, it's make the economy great again, make america great again a major reason he was elected was people's unhappiness with inflation. he doesn't have this mandate to be boosting growth so much that you get inflation higher and that you have a lot on the tariffs and you have a big move in yields that actually makes housing even more expensive through mortgage rates for the u.s. consumer. so, i think what we might end up seeing is a somewhat less pro-cyclical trump still cyclical, but less than

what we saw eight years ago. >> in terms of monetary policy as well, as i highlighted earlier, we are marking the changes for december more broadly, do you expect considerable easing from the fed in 2025 or is this it really >> i think the market is well priced at this time. it is priced for three cuts by the end of next year whether december or january for the next one, i don't think matters too much powell, as much as he sounded less dovish overnight, he was still saying the course is still towards easing because we're restrictive. they will be data dependent and see the labor report which comes out in a couple weeks and next we're with eeks and the policy year just with their idea of neutral means two to three more cuts and

they will see where they are. >> he also suggested if you read between the lines they don't have much clarity or visibility, right, because we don't know what president-elect donald trump is materially going to do. how much of a problem is that when you think of what the fed will do in 2025? >> there's a lot the fed will not try to project exactly what this policy mix is going to look like really no one knows exactly what's in trump's head and maybe he doesn't even know how much he's going to push on the tariff side and on the fiscal side. it's better to just wait and see on that front. i do think that means there will be a lot for the fed and the market to adjust to next year and that means rate volatility should stay elevated so, that's yet another reason why don't expect this huge boom in u.s. equities because i think and risk assets in general, not

just valuations, but overall rate volatility and uncertainty, i think will spread out into risk assets. >> so, hat does that mean for european equities as well? if you look at year to date performance, it's positive it is positive as you compare with what happened on wall street what do you think is the outlook for 2025 what is the main market drivers here >> europe, the whole u.s. exceptionalism story versus europe is all about earnings steady earnings growth in the u.s. and a lot less in europe. valuations, though, are at a huge, i don't think they've ever been this wide between u.s. and european equities. i want to buy europe because it's cheap, but i'm not ready to buy it until i get more clarity on the tariff scenario europe does have some tailwinds. there is plenty of build up of

savings that the ecb is cutting rates. maybe this german government will be less fiscally contractionary as long as the tariff threat is weighing on sentiment and business sentiment and cap ex and employment decisions, that is a headwind for european equities even when we get clarity and it is bad news for europe, getting that clarity will enable us to move on. it pays to kind of stay in the u.s. >> a bit of a limbo moment for european equities. tell us also what the protectionism means for the currency space some suggest we could see the euro falling below parity if we see significant tariffs from the united states. where are you pricing in going into 2025? >> if trump does what he wants to do, which is 20% tariffs, we

will go parity and below for the euro/dollar. the market is moving in that direction, not quite there, but it is moving there so, we'll -- we'll see i think we can -- i think we can get there. the ecb, right, we're not getting that much of a fiscal impulse of europe defending itself or gearing itself for the tariffs. the weight is going to be on the ecb to cut and cut more and potentially start cutting in 50 basis point chunks instead of 25 basis point chunks because they're the only game in town. the differential between u.s. and purpose europe continues toe away from europe >> interesting i imagine the central bankers saying it is not just about the monetary policy, but fiscal policy that was evan brown, head of multiasset strategy from ubs

we will hear from chicago fed president austan goolsbee later today. do not miss that interview at 1:30 gmt. a mixed picture on how the government stimulus drive is bolstering the economy retail sales, i should say, came in strong while industrial production rose below estimates, too. china's clump in the real estate saw the sharpest decline in over three years. sam vadas filed this report. >> reporter: a mixed bag out of china today. retail sales growing faster than expected due to the week long holiday and the china version of black friday of singles day which lasted a month the jobless rate edged down. the big question is how sustainable it all is and the consumption trade and the meaning pick up considering the

other data we got today. new home prices continue to fall for a 16th month at a nine-year low. property investment also continued to drag at minus 10% that weighed on the overall headline industrial output missed expect expectations chinese a shares were lower after the lunch break as the stats bureau tried to reassure that they will expand domestic nd and consumer trade-ins. the market is waiting for more stimulus, but so far disappointed by the perceived lack of announced measures some believe that china is waiting for the trump trade policy to become clearer before they react the next meetings to watch is the work conference next month and the npc in march

sam vadas, cnbc business news, singapore. coming up on the show, rachel reeves starts regulations. we'll bring you the details after this break

welcome back to "street signs. now the uk chancellor rachel reeves cited banking rio egulatn in her speech on the job quoting the rules on the economic crisis which she said was regulating for risk, but not regulating for growth >> we have the financial services in the g7, but we

cannot take the uk status. it was right the governments made regulatory changes after the crisis to ensure it kept pace with the global economy at the time it is important we learn lessons of the past. these changes have resulted in a system which ght to eliminat risk takes that has gone too far. >> reeves also announced plans for the reform of the country's 3 trillion pound pension try looking to create mega funds in the canadian and australian models with the aim of boosting investment this as part of the government's goal to turn the uk into the fastest growing economy in the g7 meanwhile, the bank of england governor andrew bailey

announced the new measure to evaluate economic growth which will be worth one percent or two on the gdp >> i said many times i take no position on brexit and that's very important i do have to point out the change of trading relationship with the eu on the supply. impact on trade is more on goods and services which i don't think is particularly surprising, but we must be alert to rebuild relations and respecting the support of the british people. we shouldn't just focus on brexit the picture is clouded by the geopolitical shocks. >> i'm pleased to say the chief economist at financial conduct authorities is joining us this morning. very good to see you thanks for being in the studio with us. first and foremost, i know you

were at the event yesterday evening. i would like to tell us really, how do you prepare for the changes from the announcement of rachel reeves? will these proposed changes make your life easier or harder >> good morning, silvia. i was there yesterday evening. her message was to focus on growth that will only be delivered if everybody pulls in the same direction. i'm head of the financial conduct authority and last year, parliament gave us a secondary objective to national come pettiveness of growth. we are working hard to deliver that objective one point the chancellor made yesterday was the importance of the debate of risk and taking risk in the economy to support growth and support innovation and support companies that want to scale up. >> is this the right message because, you know, there was a

lot of angriness, really, in the wake of global financial crisis about how risk was taken these regulations were put in place for a reason so, is this the right message to the uk consumers at this stage >> there needs to be an important balance between the risk that's needed and the ability to raise capital for example, we put through major reforms in the capital markets regulation earlier this year to make it easier for tech companies to raise capital and make it easier for existing companies to grow and scale by making acquisitions. we are putting out prospectus as well that does come with an increased level of risk. there are balances to s to stre there with ease of protection. we believe the balance is important, but that may mean more failures along the way and

that's part of -- of an economy with risk appetite for growth. our pension fund industry is not delivering the long-term returns that will gain the retirement needs of our people. that will help assist in improving that >> you said the word help. what will actually make a material difference here to boost this part of the financial services industry in. >> what the chancellor proposed yesterday was a pooling of funds in the local government pension scheme to operate more at scale. if we look at more comparative countries, australia or canada, they have large pension funds. they are able to invest in other growth assets. those percentages for the uk government is much lower that means capital is not flowing into the startups. we have an amazing technology base here in the uk. >> we understand the problems.

the question i'm trying to figure out here is when can this actually start delivering for the uk economy is this a change that would take months actually to see the benefits or could this actually bring material differences in the short-term >> i think what you will see now is the accelerating pace of the reforms coming through we put through the reforms in july we will consult in far reaching reforms in the uk. less than 10% of the people in the uk seek advice per year. we are looking at how we can radically change that and how people can access investments to deliver returns. the reforms around pensions are moving fast as well as the chancellor announced yesterday >> now, i know the fca is doing a lot of work when it comes to changes. i would like to get your thoughts on where you are and

what's latest because i was reading how there was not a lot of support for the name and shame -- well, reshape of the rules. what i would like to understand and i believe you said you are going to come up with new proposals in the next week or so how different will this proposals be from the ones you highlighted thus far >> what is to get the right balance here and we maintain our ability. it is important that it can have an impact on firms and impact on small firms. an actual fact, 60% of our investigations are for unregulated firms. scams and financial crime. those can be fast moving investigations where we need to say something to make sure consumers are protected. then we look at some tight criteria where there may be

reasons with a small number of regulated firms each other and we are coming back to the market in the next week or so. >> were you surprised by the backlash >> there was obviously a response and a feeling of we were announcing everything at the outset we are happy now that wasn't the case take on board the feedback ultimately, the whole market benefits from a robust enforcement regime to keep consumers protected. >> i would like to get your thoughts the potential listing of shein in london what can you tell us about that? >> i wouldn't comment on any specific company what i can say is we have a globally respected regulatory regime one of the things that's important about the uk market,

we are one of the most globally connected market around the world. companies around the world can see our standards and get treated eek equally. we focus on the disclosures to investors and making sure those are rigorous and accurate. any application that comes our way from any company will be subject to those standards. >> just to clarify, can you give that guarantee to people watchings right now that values are not going to be compromised? >> our standards are clear and we will abide by the standards in all applications we receive. >> it was a pleasure to have you here thank you for your time. the chief executive for the financial conduct authority. coming up on the show, we will dig deeper into reeves speech with deputy director john gieve. that's coming up after this break.

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welcome back to "street signs" everyone. i'm silvia amaro here are your headlines. the stoxx 600 is posed to close the week on the back foot with the status of u.s. futures lower as they look at the december cut when jay powell said the central bank is not in a hurry european pharma stocks equal losses after president-elect trump taps rfk jr to be his secretary of health. the democratic senator ben cardin tells cnbc that trump's cabinet picks are troubling. >> some are quite shocking they are appointed to agencies

they nt to abolish it's a strange pick for at appointments. the uk barely holds on to growth in the fourth quarter with the chancellor rachel reeves expressing dissatisfaction. >> at one point, the chancellor made yesterday the importance of the debate of risk and the importance of taking risk in the economy to pup support growth a innovation and companies that want to scale up. a mixed picture for the chinese economy with the stimulus measures boosting retail sentiment, but the country's key industrial segment continues to see weakness. i want to take you to the european equity session at this

stage because we have seen quite a volatile session at this stage. up and downs the stoxx 600 is down almost .50%. we are seeing pressure across several sectors and bourses at this stage this as investors are taking in the fact we are seeing different expectations with the rate cut from the fed and at the same time, the economic data coming through across the european continent, including the latest gdp figures for the uk let me show you the different european bourses at this stage the ftse is marginally below the flat line despite the gdp figure according to rachel reeves looking in germany, the dax is down 2%. the cac 40 is making similar losses at this stage looking at aegon, it raised

guidance to 1.2 billion euro and announced plans for 150 million euro buyback program that's better and what analysts had forecast the ceo weighed in on reeves' plans earlier this morning >> we are supportive of the chancellor's plans to stimulate investment in the uk economy and to also make sure that pension money, so that pension money can be allocated more than so far to the economy. so, we are indeed a cornerstone investor in the british partnership for growth which allows the -- we will include it in one of our large funds with the scheme of 700,000 members to allow them to diversify

investments for the pension plans into the companies and businesses in the uk economy which some of them are actually providing also good, sustainable and society effects. i think it's a very good initiative from the chancellor that we are more than happy to support as one of the cornerstone investors in the partnership. in the real estate space, we heard from landsec they upgraded outlook after pre-tax profit of 243 million pounds in the first half of the year the real estate company has seen robust demand for the space with the activity starting to pick up as well. ceo mark allen spoke to cnbc this morning and talked about

the labour government challenges. >> we know it is key for the new labour administration. from the economy as a whole, we need to see leadership from the government on three things improvement on infrastructure and improvement in the regulatory environment and the improvement in skills. we have seen positive rhetoric on all fronts. the positive for the sector has been about the narrative on planning regulation and trying to improve the planning process to speed up development. it is still a very significant challenge. we submitted about three weeks ago about a planning application for a home in london we consulted with 50 people. we had to digest a 600-page plan and we submitted a 30,000-page planning application that cost us more than 10 million pounds we are still at least two years

away from dding a spade in the ground the message is welcome we need to see the government deliver on it. the uk economy fell back in contraction in september shrinking .1% on the month gdp came in 1% higher. the office for national statistics says gdp is higher. rachel reeves said she is not happy with the numbers >> growth is the number one mission of this government to turn around the poor performance of the last decade or so. am i satisfied with the numbers published today? of course not. i want growth to be stronger and come sooner and also to be felt by families right across the country which is why in my speech last night, i set out an ambitious set of reforms to the

pension system to unlock capital up to 80 billion pounds of it to invest in start-up and scale-up businesses and in the infrastructure needs of our country. >> i'm pleased to say john gieve, former deputy from the bank of england, is joining us good to have out the show. >> thank. >> i wonder what you made of the comments from the chancellor yesterday and the comments from andrew bailey. do you think that, you know, the measures that she hinted at yesterday will actually bring meaningful growth to the uk economy? >> well, it was quite a complicated package with lots of elements broadly speaking, it was shaving off a bit of regulation on financial services and merging pension funds and encouraging the regulators to focus a bit more on growth all of which i think is helpful and positive for growth, but none of that looked like game changers to me. >> so, what do you make of the

budget, therefore? i was looking at the numbers in the budget and it was clear that the message from the government was very much once again we're focused on growth, we're focused on growth. looking at the numbers, it is not where the chance who llor indicated. where can the government look for more sources of growth going forward if these measures are not enough where should she look? >> the government increased net borrowing and spending that is expected to boost growth next year toward 1%. i -- i think she's going to have to do some bigger things to try to boost private investment. i think the two big items she hasn't talked about yet are planning and on the other side, methods to bring private money

into public infrastructure through joint ventures and private finance and so on. she hasn't really said much about that at the end of the day, this is desperate stuff. we had 1% growth or around 1% growth now since the financial crisis that's 15 years. this is a very well established trend and we need to do something dramatic the element that she did speak about, but didn't give any details was improving relations with europe and i think, you know, if we rejoined the customs union, for example, that would be a game changer. she did rule that out again. >> she did, but the governor andrew bailey, was quite outspoken about how much of a support he is for free trade and, perhaps, you know, looking at the eu. they're so close to us and perhaps that is the way to provide the uk economy with a bit more growth. do you think it is likely we will actually see that perhaps

not in the near future, but still within the labour government are they likely to look at europe as a source of growth >> yeah, they've got to and they've talked about again some minor things and investment and alignment and financial services to help the city all of that's quite useful and difficult to negotiate perhaps, because of the position in the ukraine with trump drawing back a bit from supporting europe, they'll be sufficient common interest on the security front to allow us to -- to -- to take the hard edges off brexit i don't see us joining the union in that. i think this will be hard to get that 1% up toward 2%. >> it is a task for the government i also like to get your thoughts on monetary policy, obviously given your experience. there is a lot of discussions

about how the budget is likely to bring further inflation to the uk economy what are you looking at in terms of the dynamics for monetary policy >> well, the banks, you know, confidence has been a bit hit over the inflation of the last few years. we seem to be back toward target now. it will jump a little bit and fall back to 2% over the next couple years so, i think they'll feel their way. they'll be pretty cautious about reducing rates on the other side, we've got things which may push rates up and the trump presidency seems likely to expand borrowing over there and put tariffs on things to tend to push up inflation or borrowing costs across the world, not just in the u.s i'm not expecting a huge reduction in interest rates from here i mean, i think we're back to the old normal where 4% to 5%

interest rates is what you expect most of the time. >> interesting you said all normal we haven't had this level of rates for so long. we kind of forget this used to be the normal level. i also like to discuss a little bit more the implications of the trump presidency you highlighted what it means for the monetary policy. is there any way the uk economy can protect itself a little bit more in potential tariffs from the united states? >> you know, the government will bend every effort to get a special deal with trump, absolutely, and it should do i think we're slightly better placed because we're mainly a series exporter and on goods, we actually export less to the u.s. than they export to us on the trump mantra, if you are selling us more than we're selling you, we've got to put on

tariffs. there are grounds to say the uk shouldn't be in the front line yeah, we'll try to get a special deal of course, we'll be affected by that if europe has tariffs put on it in a big way, that will affect the world we swim in and it will reduce growth worldwide. >> do you think as a result that is likely to mean that the uk will also sound more hawkish against china? >> yeah, well, we'll have to wait and see on that i mean, the last time trump was very hawkish on china and he did, you know, with the opposition to huawei engagement in the i.t. systems and so on and so forth he did make his changes position i wouldn't be surprised if that happens again. from our point of view, this is bad news we'll have tariffs on the u.s. we created brexit to create

barriers to europe we really want to continue trading with china. >> that's why i was asking you we can't look at this in isolation. we need to take a global approach before i let you go, i like your thoughts on the experience in the bank of england. when you hear comments stateside about perhaps having the president having a more active role in monetary policy. what do you make of that >> that's a worrying -- a worrying thing he thinks he knows better than the federal reserve. i'm not sure what that will come to when he last was president, he shouted a lot about the federal reserve, but he did not intervene. i suspect that's where he's going. we're not going to see the same thing here although, we have seen the chancellor saying growth, growth, growth yes, keep up with inflation, but boost growth perhaps one significant thing last night was the governor of the bank spoke about growth and

emphasized that's very much on his mind. >> it does seem for the time being we have coordination we appreciate your time this morning. that was john gieve, former deputy governor from the bank of england. coming up on the show, coul up to trump? charlotte will bring you the conversation after this break.

welcome back to "street signs. now the european commission expect growth to pick up in the next two years reaching 1.3% in 2025 and 1.6% in 2026. the commission weakened its

forecast for the largest economy of germany next year that's down from the previous expectations for a percentage point of growth. now the only way for europe to stand up to trump is to unite. we have charlotte ed who sat down for more. >> it was interesting to get his in insight. he has by bit of insight there he was president between may o 2017 he got elected when the snap election was called last summer. that was unusual for a former president to come back and gather the left again and it is part of the could legislation with the far left. he wants to reunite the centrist

left and that really is the target the far right looked like they could make big wins in the election, it was his responsibility to come back to politics because it is part of the domestic politics, i asked about the current debate on the budget at the moment. they are trying to make some cuts because of the ballooning deficit in france above 6% i asked him whether he felt a could compromised be reached on the budget >> translator: there will be no compromise i also think this procedure, which is not necessarily easy to accept for part of public opinion should already have been implemented. there is no point of assembly. discuss for days and days when we know there will be no agreement in the end >> if there is a government pushing through the budget without a vote, that means a vote of no confidence.

will you vote against the new government how long do you think that government can survive >> translator: the barnier government is holding. he is a person i respect he was appointed by emmanuel macron because they rallied. i don't think the rally will bring him down at the end of the year if the national rally would decide to break with mr. barnier, there would be questions of socialists. what is the meaning of bringing down the government? i'm in favor of respecting the deadlines. that is to allow the government to work and especially so that the socialists can reconstitute. we must allow time it is up to us to judge. what is to be feared is the majority and bloc. we see him with the former supporters of mr. macron the risk of barnier is the

movement in france given the choices being made >> and, so, you just said the far right ds the key to the government on whether it survives or not. are you concerned of the far right influence? >> translator: yes, there is already an influence mr. barnier is announcing a law and immigration. the ink not even dry yet it is announced there will be more measures. >> president hollande talked about the differences with macron he was his protege, but he was critical about the unfunded tax cuts and all of the ing that has been done the past few years. as he was saying in the book shop in london here, the french book shop because he was signing his book called "the challenge of government.

we talked about the history of the left he said the left is the victim of its own decisions it's its own worst enemy asked about the loss of the democrats in the u.s. and whether there were lessons that he could draw from them losing the election in the u.s. >> translator: the populists tried to make the popular classes and working classes believe by being protected and closed borders, they ill be able to keep their jobs. it is a misty if i indication. they will be a loss of growth and investment it is true the democrats did not argue they supported the power of the working class finally, the mistake of the democrats made against the populists who exulted american pride is the categorical solutions and wider project for the whole of american society and not simply on democracy. >> he is talking about how europe needs to be united and a

second mandate of trump. now donald trump is more powerful than the first time around macron is in a weaker position olof scholz with his election cycle. now, more than ever, europe needs to get together. he was hopeful that keir starmer, coming back in the uk, rebooting the relationship with the defense and trade policies and it is important to get agreement there. very interesting insight from the former president. >> and let's not forget even within the eu, hungary has a totally different tone from germany or france. let's turn to stateside. president-elect trump announced rfk jr, former candidate and vaccine skeptic, is appointed to head the department of health and human services

vaccine maker shares tumbled after the expected pick emerged with several companies continuing declines after hours following trump's confirmation you have some of those moves stateside on your screen at this stage. trump hailed his pick at mar-a-lago >> i just looked at the news reports. people like you, bobby don't get too bob popular, bobby you've reached about the level no we want you to come up with things than ideas and what you've been talking about for a long time. i think you'll do some unbelievable thing nobody's going to be able to do it like you. boy, does he feel it in his heart. congratulations, also, to your family the democrat and foreign relations committee chairman questioned some of trump's appointments >> some are quite shocking, frankly. they are appointed to agencies

abolish. it's a strange pick he's doing for a lot of appointments. today's announcement of the health department of robert kennedy jr. is really disappointing to see someone lead the health department ing conspiracy theories. there are others, the justice department and national intelligence raise questions abouted individuals' qualifications i think marco rubio received a warm reception he is well respected i don't agree with all of his opinions on foreign policy, but i know he shares america's value yous and strength and he will fight for human rights and he'll fight for america. as we approach the end of the show, here are the three things to get you up to speed ahead of the open on wall street we get a slew of data with data prices and retail sales figures.

in terms of fed speak, we hear from john williams with austan goolsbee joining our u.s. colleagues it is quiet on the earnings front today, but traders are eyeing the earnings events of the season with nvidia numbers due next week. in terms of our moment of the week, we are highlighting bitcoin with cryptocurrency on the tear since the election of donald trump cracking $93,000 for the first time on wednesday. as we approach the end of the show, let's get a final check of u.s. futures that suggests it could be a negative start to the trading session stateside after we saw all of the majorndes iic lower on thursday. that is it for our show. i'm silvia amaro "worldwide exchange" is coming up next. we had planned carefully for our

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it is 5:00 a.m. at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5. investors caught off guard reassessing risk exposure and their own outlook for the fed's final rate decision of the year. powell not the only one moving markets the trump trade iv