and her presence certainly lives on. ♪ welcome to "street signs." i'm dan murphy in abu dhabi. let's get to the headlines this friday. first, japan's yen surging against the dollar with the rate hike jumping on core inflation. we'll discuss. president biden takes aim at president trump's tariffs warning they're counter productive. >> we knew the situation. it's not about pacific ocean or

atlantic ocean. the last thing we need is to screw up both relationships. and making a key concession in the budget talks, but it may not be enough to rule off a key no confidence vote. and aviva approaches shareholders directly after the takeover bid was rebuffed potentially paving the way for a hostile takeover. good friday. welcome to the program. let's get you across how europe is live and trading right here right now as we get you set up for the wall street resumption of trade. first, to our heat map and the stoxx 600. just remember here, it is black friday. thin volumes. america has, of course, been online for thanksgiving, so we

are seeing the stoxx 600 on track for another week of declines. broadly, looking how the markets are performing here, the ftse, the dax and cac 40 all in negative territory. ahead of some fresh euro area inflation numbers which are going to give us some more steer on the ecb move in december. just with regards to what we are seeing on the cac 40 right now, you can see down by .2%. this french budget story is a big one. the prime minister michel barnier dropping plans to raise electricity taxes in his 2025 budget kind of a bow-down to the right and what we are seeing from marine le pen and her threats to shutdown the government. markets are track for a weekly drop with french lenders weighing in today. we are seeing german inflation. we learned vw workers germany wide are getting ready to strike

from early december. and in terms of the sector gainers we have been tracking for you, take a look on the screen. here is what is moving the market higher. basic resources up 1.5%. real estate recording gains. industrials in negative territory. that means we are seeing significant declines in terms of sector losers across the european market outlook right now. in terms of what is dragging the market lower, you can see it is telco down 4.4. auto and travel and leisure reporting declines. let's get a look at the u.s. futures are shaping up as wall street gets set to reopen after the thanksgiving holiday. you see here markets called higher. the dow looking solid here up by more than 100 points. the nasdaq up 88. 500 up 16.

forex markets as well. the dollar lower against the peers as markets revive lost hope for a rate cut in december. what's also interesting to watch here is dollar/yen at 150.03. thearlier today and now seeing its best week in four months. the boj could hike rates next week. strong flags inflation numbers tokyo today and the higher conviction probably we will see a boj move at the boj meeting as well. right now to the cio of kbi global investors joining me for a pulse week in the week that was. great to have you on today. thanks so much for being here. let's kick it off with what i was talking about there and in particular with the moves we've seen on the yen now back to 150.

tracking at a six-week high ahead of the boj. what will the boj do next week and the overall decision making process? >> good morning, dan. thank you for having me on the show. in general terms, the overall figures out of japan on the inflation side shows what is happening globally. that straight line down in inflation stalled out a couple of months ago in a lot of economies. the jobs of central banks in terms of rapidly easing rates again has stalled. i think japan is no different to that. the other side of that, obviously, takes that one way better with the shorting of the yen. the bank of japan will be cautious being dovish next week. i think they, like the ecb and possibly like the fed, will continue to be a bit more cautious about the speed with which they cut rates.

>> also i need to ask you about what is happening in europe as well. i flag the moves in europe with lower volumes and wall street having been offline. walk me through what we expect to see moving forward and in particular the situation with european yields given the new flows this week with the french and german bonds and french as well. how will this impact the overall european investment landscape moving forward? >> look, markets don't like uncertainty. it's nothing new to europe with the budget debates. so, i think as long as this continues in the background, dan, we will see very little progress out of european equities and in the vacuum such as we have today without any u.s. leadership there, i think the easier way for european equities is to generate trickle

downwards as we're seeing. until we get a resolution on the french budget debate, i think this downward pressure will continue on the european equities until -- until year end. >> what do you expect to happen in france in particular? is barnier going to get the budget through or will marine le pen push forward with the no confidence vote that could ultimately topple the government? when you assess those two scenarios, what is likely at this point? >> hopefully barnier oes persist and get his reform through. it is interesting when you look at the magnitude of the debate and size of the budget and compare that deficit with what is acceptable on the other side of the atlantic, it just shows you the political differences with europe and the u.s. right now. so, i think the hope is it will get through as opposed to fear which is depressing markets a little bit is if there is a no

confidence that goes wrong. i think in the background, dan, we have seen this movie before. we saw it back -- back when we came out with the do whatever it takes from the ecb back over 12 years ago. i suppose the market will also look to maybe the ecb at some point in time if this does get into the more fearful phase where the bond yields go up wider so the ecb can accelerate to protect the system as it did. >> okay. you think this could also potentially factor in the ecb decision making process here? walk me through the ecb expectations as we track through next year and is it reasonable to expect this pace of cuts to continue? >> yeah, i think -- i think the ecb continue to talk a little bit more hawkishly than they need do. i think the underlining economy

is softer and weaker. the discussion we had in terms of france and the political uncertainty in france, we can add political uncertainty in germany on top of that. generally, there is the general uncertain environment out there that will dampen activity in europe and, therefore, the ecb will probably be forced at some point in time to be a bit more dovish. the rate expectations are there for europe which is one rate cut a quarter. i think that is very achievable and say, if they need to accelerate that, they can do that as they have done in the past. >> noel, before i let you go, what is the highest de through december? >> i think, you know, this is an exceptional year, but also a year of polarized returns. it is with the u.s. exceptionalism. it's been about the u.s. and

everything u.s. wise. just looking this morning to your question between now and year end, less than 20 days trading to the end of the year. if we get cheer from the thanksgiving sales and through christmas, i think the trend is your friend. i imagine the u.s. exceptionalism trade is between now and the year end. the s&p 500 is up 25% year to date. with a bit of steam behind it, we could end up if we got to low 30s, that would be the strong of the year this century for the s&p 500 which is incredible against the background of the general fear people have spoken about. i think europe and emerging markets just continue to lag. i think 2025 could be a different story. your question was now to year end and i think it's u.s. again. >> all right. noel, we'll leave it there. appreciate the quick take on the markets. cio of kbi global investors. enjoy your weekend ahead. thanks.

moving on in germany, inflation rose 2.2% in november. that was its second straight month the annual rate has risen. the bank of france governor says the ecb should remain open to a larger december rate cut. villeroy says there is every reason for a rate cut in the next meeting which should lead to as currently see a 25% chance of a rate cut. the figure is also up ten basis points on october. meanwhile, the french prime minister michel barnier has scrapped plans to raise electricity taxes in the government's budget after opposition from the national rally. the far right party described it

as a victory for his party, but warns other red lines remain. charlotte has been across this story today and all week for us. she joins us with more on this. charlotte, clearly a battle brewing over the budget. >> dan, we are in the final search of the negotiations with the budget and the rhetoric getting bigger. michel barnier a couple of days back talking about the storm of the financial market if the government gets fop the toppled. the far right party saying they don't support it. they are trying to get concessions from each other. that is what we heard with michel barnier scrapping that tax on electricity. they are hoping to raise 3 billion euro out of the 60 billion euro they are trying to find for the next budget to bring the deficit down to 5% from 6% at the moment. as you were saying earlier, the far right claiming victory for

the concession. as you said they have more red license lines before they vote on the budget. the pensions are being frozen on inflation. in january, it has been postponed to later in 2025 and they want this to be removed. the negotiations still continue. one of the key votes will be happening on monday on one first package of the budget there. there will be a test there. does the government have the votes to push it through? that would trigger a vote of no confidence. we have to wait and see. we know marine le pen has a lot of influence of the government at the moment. maybe it is not in good interest to pull the plug on that as it is yet. it would just be a change of prime minister. it doesn't address the issues and they have a lot of influence

at the moment. the political theater continues the next few days. we will watch the vote on monday and wednesday for a vote of no confidence. >> absolutely. this is a really opportunistic play from marine le pen here and the far right who have built and developed a lot of leverage over michel barnier and his budget plans. so, are there more concessions that barnier might need to make in order to avoid le pen going ahead with the no confidence vote and is there further scope before that trigger is actually pulled? >> potentially. that's why they're trying to say they have one victory, but there are more red lines. that really is the key. we know the far right are the kingmakers at the moment. there has been a vote of no confidence put down and the far right did not support it. they have a lot of influence and

power arguably more now. they could just pull the plug on this government. they have developed this over the last few years an image of responsibility. they said they don't want to be an agent of chaos. if they pull the plug on the government, they would fall into chaos. kind of continue with the threats to get more concessions out of the government. >> the saying is keep your enemies close. charlotte, we appreciate it. thank you for joining in. charlotte reed reporting out of lunds. london. aviva calls on the direct line for a move wore a hostile takeover bid. reports that fidelity could play king pin.

it reports that bank of america is looking at the numbers that bid for direct line earlier this year. stay with us on the program. on the other side, president biden calling for a rethink on trump's tariffs proposals. we'll bring you the latest after the break. stay with us.

♪ ♪ ♪ something has changed within me ♪ ♪ it's time to try defying gravity ♪

♪ ♪ welcome back. israeli defense forces carried out two streaks in lebanon less than two days into the brokered cease-fire agreement. what is interesting to see here is oil prices pulling back on

this. some of the geopolitical risk premium coming out of the market ahead of the opec meeting on december 5th. brent crude is $72.79 a barrel. i spoke with the lebanonese foreign minister and asked what this means for the country moving forward. listen. >> we are seeing a lot of support from western countries now. second, i want to say this story that iranian government is not correct at all. iran has influenced with hezbollah and lebanon, no doubt about that. hezbollah does not run lebanon. we, of course, consult with each other all the time. hezbollah is very influential party in lebanon, but does not run lebanon. if you look at our record in the united nations of now we vote, you see our voting is mostly with western counies and arab

countries. not with iran and not with other countries, okay? i don't know how you measure the influence. you know, i have not been saying great things about iran or anybody else. i don't know how you measure iran in the country except for the presence of hezbollah. >> it is also fair to say average every day lebanese people are tired of this foreign influence. they want a government that is free and fair and that they choose on their own. not a government that is under the influence of iran and of hezbollah. is that something you could promise them in the future as lebanon's economy continues to face crisis after crisis? >> you know, this government is not under the influence of iran. i say that. iran has a rise in lebanon, no doubt about that, as hezbollah. this is like the cabinet is 34

members. they have three or two even. no, this is not under the influence. how would the fluence show? okay, in the south in the war, most lebanese did not like the war. also, we did not like to have civil unrest. you know, choices in lebanon, i have to admit, are between bad and the worse. they are not between the bad and the good. we pick the bad over the worse. that's why you see we support hezbollah, but we don't support the war as the lebanese have been saying. the government has no say in the decision to go to war. >> lebanon's foreign minister there. for reaction and analysis on this and the state of play in the oil markets, david fifes here. david, well to the program. to my mind, this israel and

hezbollah cease-fire takes the supply disruption off the market. not that was being necessarily priced. what does it mean with the overall geopolitical risk recommend frum premium right now? >> dan, you are right. it takes out one political premium, one prop, if you like. we still have a lot of uncertainty with the incoming trump administration does with the sanctions of iran and the ongoing conflict also in ukraine. so, it's a complex picture. you've essentially got several strands of geopolitical complications underpinning crude on one hand and governments acting in the opposite direction. it is a dynamic equilibrium, if

you like. >> what's also interesting here is that oil prices are also on track to post a weekly decline this week. so, it's been a down week for oil despite the headlines with tariffs. despite the complex situation we continue to see unfolding here in the middle east. the moves in the fx landscape as well. all of this really adding up to be a complicated opec meeting now scheduled for december 5. how do you think opec responds to this? >> they have pushed the meeting back and they have in several cases deferred the tapering of production cuts that was due to gain begin again back in october. our feeling is when we look at the market next year, we see demand growth of 1 million barrels per day. more than matched by growth in

non-opec supplies from places like u.s., brazil, guyana. they need to take a long look and potentially look at the increases in supply further back in 2025. >> okay. so, perhaps a rollover here and maybe a readjustment of when it comes to the supply side and planned output increases moving forward. that will be interesting to watch. of course, you mentioned this before, but one of the things that opec is deliberating ere is the overall policy impact of trump 2.0. what we learned in the last 24 hours is the president-elect does not intend to spare crude oil from the import tariffs from canada and mexico. what impact do you expect that to have on oil markets specifically? >> as you say, it is one of several complicating factors

with the incoming trump regime. we've got the whole issue around trade tariffs which i think net is bearish the u.s. economy, it's inflationary. it potentially means not next year, but potentially some time in 2026, the fed potentially having to reverse course. so, all other things being equal, the whole issue of tariffs, depending on how extensive they are, it is bearish for the u.s. economy and u.s. trading partners. on the other hand, you have whatever the trump administration is going to do as regards iran. maximum pressure on iran is a phrase that has been used. obviously, there is some portion of about 1.6 million barrels per day of current iranian exports largely going into china that might be susceptible to reduction in the case of -- of

sanctions on iran. it's tariffs, it's domestic energy policy, drill, baby, drill. you know, it is also the sanctions regime on countries like iran and venezuela. again, a very complex mix. very difficult to disentangle for what it means for crude running through 2025. >> indeed. that leads me perfectly to my next question. when you assess all of those moving parts, david, goldman says the pricing scenario for its part is around $70 to $85 usd per barrel. that is limited upside as a result of higher supply. where do you see prices moving from here? >> yeah, our working case is that opec plus continues to act as the marginal supplier to the market. therefore, they will defer

production increases due to feed in 2025. on that basis and on the basis of some of the trump administration's more extreme pronouncements being bargaining chips more than policy prescription. we have prices in the $70 to $85 range for brent. you know, there's wiggle room on either side of that depending on political and policy related developments. >> indeed. what policy gets put into practice will ultimately determine where the market moves next. david, i appreciate the conversation. david fyfe. u.s. president biden hopes donald trump will reconsider his plans on tariffs on canada and mexico. biden said creates trade

tensions could damage tie was the country's closest allies. >> i think it is a counter productive thing to do. one of the things you heard me say before is we -- we have an unusual situation in america. we're surrounded by the pacific cean and mexico and canada. the last thing we need to do is screw up those relationships. up next on "street signs," it is of course, black friday. we will take a closer look at today and the holiday season. stay with us.

you are live on cnbc.

this is "street signs." dan murphy with you this our. let's recap the top stories. the odds of a boj rate hike jump on stronger than expected inflation in tokyo. president biden takes aim at president-elect trump's tariffs warning they're counter productive. >> we have an unusual situation. we're surrounded by the pacific ocean and atlantic ocean and two allies. mexico and canada. also today, france's prime minister makes a key concession in budget talks, but it may not be enough to put off a no confidence vote. and aviva approaches shareholders after the takeover bid was rebuffed potentially paving the way for a hostile takeover.

welcome to the program. we begin with the look at how markets have been moving in europe and we are seeing that friday sinking feeling today. first of the stoxx 600 heat map. you can see at 506.64. trading 0.13% lower. it's black friday. thin volumes. america has been offline for thanksgiving. coming back online later today. we have seen the stoxx 600 on track for another week of declines. clearly the situation in france continuing to diminish the situation across the continent. let's look at the market moves specifically. the cac 40 has been pulling lower here. i mentioned prime minister michel barnier dropping plans to raise electricity taxes in his 2025 budget seen as a bow-down to the far right pressure we have been seeing and, of course,

marine le pen's threats to shutdown the government. markets on track in france for a weekly drop. you see the cac 40 down 0.04%. the london's ftse 100 in negative territory. here are your sector gainers right now. in terms of what's driving this, basic resources up .50% of 1%. financial services eeing out modest gain. healthcare in positive territory. it was. let's bring you across some of the sector losers here as well and what's actually driving the market down today. you can see here in terms of the sector losers, it's utilities off .4. telco and travel and leisure rounding out the bottom four. here is the resumption of trade.

the dow up 120 points as it stands. the nasdaq up 84. the 500 up 15. the u.s. equities set to open higher after the thanksgiving holiday. in terms of other news we are watching, it is officially black friday. this holiday season, the uk is set to hit fresh record spending according to adobe. british consumers will spend a record 26 billion pounds online in the period. the company estimates brits will spend over 6% more than last year with spending hitting 1.13 billion pounds today alone. let's get more on this. jenny is managing director at boston consulting group. that's bcg to you and me. jenny, great to have you here. what's driving this increase spend? >> black friday is a huge deal for retailers across the globe these days. this year, really, is a message

of resiliency. for retailers, this could be seen as a period in the test period in the run up to christmas trading. if you have no ew processes, th gives you the opportunity to test they can deal with the capacity at peak volumes. it is often be an early indication of who will win and maybe not during this period which many retailers refer to as the golden quarter. >> yeah, i was just going to ask you about that. i think it's probably named appropriately given the estimates on spending, jenny. the golden quarter getting under way for the retailers. it is not just christmas holiday shopping spending period. what are we expecting to see in terms of numbers overall here and how does it compare to prior years because i have seen other estimates to suggest we are still off pandemic highs at this

point. >> certainly, we conducted research across 10,000 consumers annually across the globe. this year, the notable thing is the differences with the markets and ies. on one hand, we have markets like the uk and switzerland where figures are robust. consumers are expected to spend 30% to 40% more than last year. in the u.s. and germany, the picture is looking very different. in the u.s., we're expecting consumers spending to be flat. in germany, this is down 4%. what we are noticing for the first time, markets outside of the u.s. are actually likely to perform better than the u.s. with consumers in switzerland, for example, expecting to spend record highs relative to the u.s. consumer.

>> jenny, walk me through how retailers are responding to this moment as well? consumers are more cost conscious and that is a trend we have been seeing over the last couple of years as costs continue to rise. of course, the macroeconomics back drop and the picture we see globally is impactingthe consumer spend. what are the numbers liking like and how realistic this type of momentum can actually continue? how price sensitive is the consumer today at least in the uk? >> certainly if we look at the uk markets, the rhetoric in the uk is dampening the consumer confidence. what we are not seeing is the amount that consumers expect to spend during the overall holiday period. what we are noticing, however, is a trend in what they are choosing to purchase. consumers are being much more

purposeful in what they choose to spend. in recent weeks, we have seen a delay in some of the bigger spend categories, whether that be in household or technology. consumers focusing on categories they view as necessities. they are seeking the reassurance in the continued cost of living crisis that the products they are buying are good value for money with real discounts and clarity around the savings they are making. >> one of other things we're seeing, of course, is the age old retail conundrum of retail versus brick and mortar. walk me through how this will evolve. your research highlighted that amazon is still a major and primary competitor to the bricks

and mortar and beyond. >> the reality is retailers have to work incredibly hard to grab the attention of their consumers. the reality is most consumers, if they still walk into a physical store, they are researching heavily online before they make that purchase. there are two big implications for retailers. the first is how consumers are searching. this year, for the first time, we notice one in ten consumers, and this is expected to continue and rapidly evolve, are using gen a.i. to do their search prior to the purchase. that is different from searching on google. they are using chatgpt to look at the products and assess the features and make sure they are getting value for money. for retailers, what that means is they have to ensure they are coming higher in the searches.

the second big implication for retailers is around the topic of personalization. on the day-to-day basis, we are all very used to receiving hyper personalized content whether that's through social media or netflix. we are expecting as consumers to receive that level of personalization when it comes to interacting with retailers. so, that is a very new muscle for retailers to build. they need to get the right product in front of the right person with the right promotion mechanic and importantly at the right time. these are two trends that we certainly expect to see. >> okay. really fascinating to watch. jenny, i appreciate the conversation. thanks for coming on the program. managing director of retail at bcg. thanks again. over the next few months, e will have a converge live in

singapore where business leaders and decision makers will discuss what it means to innovate and grow by collaborating and sharing ideas across industries. tanya spoke to two power houses in business and entertainment. the virgin founder sir richard branson and music legend nile rogers have come together to unite and empower young change makers. take a listen sdplchlt . >> we believe the youth of the world are the leaders of tomorrow and the leaders of today. we see it all the time. they are actively working on the problems that affect their lives. they are making substantial changes. i don't mean this is not hyperbole. we go to the countries and towns they live in and we see how

effective their programs are and i want to stay optimistic and believe that the good people will win over. >> this data that shows that young people are so worried about their future between the climate crisis and geopolitics and cost of living crisis. what you can do to reassure them? >> we have an organization called the new now which is basically a group of young leaders and they're as bright as us two and they are obviously young and healthy and capable of anything and jump on planes every day without feeling tired and achieve. i don't think young people should be down about it. i think we can overcome climate change and we need the right politicians at the top in some of these things. we can ensure all of the problems ever the world get

fixed. we need to get focused to get everybody to fix them. >> you both have been incredibly successful in your careers. what advice do you have for those who have been looking and thinking i couldn't imagine being where you are today? >> workaholism is the key to everything as far as i'm erned. i have always had no matter how tired i am a work ethic that is pretty high level. i just -- i always show up. >> you know, we're doing this interview this afternoon. there are a lot of musicians that you all be looking at watches an hour and is it bang on time. i think from my point of view, it's definitely what you are saying. you have to throw yourself wholeheartedly into whatever you're doing.

round yourself with people better than you and listen to what they have to say and write down their ideas and act on their ideas. >> richard branson and nile rogers there. you can see more of the interview next week on the first of our converge feature shows. head to cnbc.com for more information. up next on the program, australia saying g'day to social media. what it means to social media companies. stay with us on the other side. stay with us. at betmgm, everyone gets a welcome offer. so whether you're courtside trying to hit the over... or up here trying to hit the under. whew! or, hitting that win with your crew. ohhh! yes, see defense! or way up here with a same game parlay. yaw! betmgm's got your back. get your welcome offer. and play with the sportsbook born in vegas. all these seats. really?

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welcome back. british chancellor rachel reeves has pushed back the spending

plan to june. that's according to the financial times which says the delay likely reflects negotiations the labour government is facing. meanwhile, in asia, one of our top stories today, the yen has been surging against the dollar after tokyo core inflation came in higher than expected in november. up 2.2% on the year. this is important ahead of the boj meeting next week. lynn lynn filed this report. >> reporter: raising expectations of a hike at the next meeting. inflation rising 2.2%. ten basis points above consensus estimates and popping back up above the central bank's target of 2%. digging into the numbers, the rise in the gauge reflects higher rent, utility bills and

food costs particularly as energy ies were scaled back this month and rise in inflation remains at record highs. off the back of the data, the yen rose against the dollar and is on course for 3% gains this week. traders on the swaps markets pricing in a 60% chance of a rate increase as some analysts point to signs of broader price pressure. this comes as the issuing government tries to pass a 30.9 trillion yen economic package aimed at helping households tackle rising prices. on the other hand, analysts have also been noting the external risks could delay action by the boj, particularly president-elect trump's tariff threats which could impact the outlook for the very export

dependent economy. lynn lynn, cnbc business news. meanwhile, australian lawmakers passed a world first social media ban for children under 16. platforms such as tiktok, instagram, snapchat and x could be charged up to $60 million if they violate the ban. the australian prime minister told parents we've got your back. listen. >> social media is doing harm to our children. today, as the direct result of our legislation passed through the parliament yesterday, through the senate and confirmed in the house today, parents can have a different discussion with their young ones a different discussion that will result in better outcomes and less harm for young australians. platforms now have a social

responsibility to ensure the safety of our kids is a priority for them. >> for more on this, i wanted to bring in the professor of human behavior and technology at the university of oxford. professor, thanks for being here. you heard from the australian prime minister, this is a measure to protect children from the dangers and mental health risks associated with social media and other things. how will this age enforcement measure actually be enforced by the social media companies? >> there's no plan. there's no idea how or if it will work. the best evidence that indicates they have risks and harms of online environments to younger people and older people. they really don't know boundaries in terms of ge. many times people use facial scans or use your passport to log on to youtube as a solution

of the risks of the online world. this is a well meant, but ill conceived and poorly executed kind of attempt to make the online world safer. >> expand on that for me. you obviously had some serious reservations about the legislation that has been passed. so what do you take issue with most? >> the science doesn't back tup. there are a lot of things harmful. online child exploitation and grooming is right up there. i know this is very boring, but distracted driving. hundreds of young people are maimed and killed because they are operating motor vehicles while operating social media on their phones. it is not things like screen time. absolutely, parents need to have more resources to tackle this and have important

conversations. legislation actually takes responsibility off platforms and puts it back directly on parents. creating a law, one size fits all law, of is roblox in or roblox out? it makes it easier for platforms to say a young person used vpn to use tiktok and something terrible happened to them. they were violating the law so it's not our responsibility. >> just on that point, professor, it is the role of parents to parent here and to push back on another point, don't you think doing something is better than doing nothing? >> no, absolutely not. there are a lot of things we can do to make the online world safer for young people. this starts with sitting on the shelf. media literacy campaigns to teach families to have the conversations. there are demands of the tech platforms to increase data privacy and increase researcher

like me to zero in on the harms. it is hard to understand what leads to kind of young people incurring harms and others actually building resilience and becoming better digital citizens. absolutely not. just because we have a problem doesn't mean we should do the dumbest possible thing that has been shown not to work. in other parts of the world, these types of bans have been tried and failed. in south korea, for ten years, they turned off the internet for young people under the age of 18 between midnight and 6:00 a.m. only after many constitutional challenges with the research done to show the bans didn't work. they were circumvented and where they weren't, there were no benefits to sleep or mental health or school grades which is what the koreans cared about. they violated the basic human rights to inflation and play of

young people. platforms weren't held to any accountability. basically, they violated everyone's human rights. >> so, platforms not being held to account, but at the same time, the technology sector generally has been seen as a pretty awful and inefficient self regulator. what alternative to you propose here? there is research to suggest social media does cause significant harm to young people. what is the next step forward if it isn't the australian style regulations? >> i'll push back the research showing significant harm. whether it is the national academy of science in the united states or here in the united kingdom. they are ex-tremely clear. there is a mix of positive and negative affects and they're quite small. this doesn't apply to the

account of online xual abuse. what is most important from the accountability for the firms to open the data to researchers and the taxes they pay, not to be used to fill pot holes, but used to, you know, provide services for mental health for young people and for companies to follow ethical and principled design codes like we have and developing here in the united kingdom. these types of things protect the rights of young people and hold tech companies to account and they work a heck of a lot better than technology with age verification technology which has been shown in australia and in the united kingdom and the united states to not only be flawed, but also disadvantage minorities at a higher rate because these things are trained on. they are low quality, but

exclude young people are disadvantage and minority backgrounds. >> professor, i appreciate the conversation. thanks so much more joining today. the professor of human behavior and technology at the niversity of oxford. thanks again. before we go, let's give you another look at how markets have been moving today starting with europe. you can see here a broadly mixed to negative day. cac 40 just flipping into positive territory. a live look at u.s. equity futures as we track into the resumption of wall street trade. you can see markets are still called higher. the dow up 150 points. stay with us here on cnbc. that's it for "street signs." "worldwide exchange" is up next.

♪ ♪ ♪ something has changed within me ♪ ♪ it's time to try defying gravity ♪

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it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." getting set for the final trading day of the month with stocks hovering near record highs. one of the biggest winners for november has been technology, but it's been a story of haves and have-nots. black friday is officially here and fresh data coming in shows rising prices are not really swaying consumers. plus, another black eye for google and potential $9 billion