than i've ever known about my neighbors in the states. for more great stories about work, money, and successful living, scan this qr code and head over to cnbcmakeit.com. i'm ashton jackson and we'll see you next time for more "millennial money." ♪ good morning and welcome to "street signs." i'm silvia amaro and these are your headlines. shares of stellantis plunge after ceo carlos tavares abruptly quits. elsewhere in the vector, vw workers prepare to go on strike over plant closures. meanwhile, the france's

ten-year yield hits a top price as michel barnier leads the chance of a no confidence vote over differences in the budget. and european follows a red november for the stoxx 600. it's third down month in a row. the dow and s&p pull back. and the greenback pops against fears of president-elect donald trump threatens to hit bric nations with 100% tariffs. very good morning, everyone. we start today's show looking at one of the most important corporate stories this morning. that's in relation to european autos with stellantis and volkswagen in the spotlight this morning. we have charlotte and annette to

guide us through the detail. let's starts with stellantis. carlos tavares resigned with immediate effect. the company with diverging views with the ceo and the board. the announcement comes two months after stellantis issued a profit warning and days after re vealing closure of the plant in the uk. i want to look at today's session in terms of the stocks. stellantis is down at this stage. volkswagen is trading lower. i want to focus on stellantis, i should say. charlotte has been looking at details. investors seem to be a little bit on the back foot looking at how shares are performing at this stage. just explain to us how important this announcement is, charlotte. >> it is interesting this announcement of stellantis ceo taking immediate effect. they announced he would not

continue in the job at the end of his contract in 6. they don't know what happened to the board and mr. tavares. suddenly the tone has shifted there and in the communique yesterday, they have different views which emerged in the board with the ceo and coming to the decision. we know the difficulties stellantis has been facing, particularly in north america with the brands jeep, ram, chrysler and dodge in particular. they are too ggressively and they hiked their prices. fast forward four years and they are sitting on high inventory and lost market share and that is where the headache is coming from. some blame carlos tavares for the wrong strategy in north america. he has been leading since 2014.

he oversaw the merger with fiat-chrysler. some critics say maybe he has gone too far, too fast and almost too close to the bone. very difficult relationship with key unions in america as well. all of this coming in the mix with the q3 revenue down 27% on lower shipments. if you add the complexity of the chinese competition for evs in europe and the potential of tariffs next year and the difficulties with america are the added problem for stellantis. we are seeing the stock down more than 40% the last 12 months and now down 8% on the announcement of the departure of the ceo. >> down almost 9% at this stage. i want to turn to the other corporate story in the auto space which is volkswagen. workers are going on strike today. the warning strikes which are the first large-scale walkout at

the volkswagen domestic opposition since 2018 will affect every plant in the country. groger said it is volkswagen's responsibility to end the strike at the ing table. annette has been looking at this story with volkswagen. annette, explain what is going and what is the chance we will see a compromise in the near future? >> reporter: the chances are not very high because it seems that the two positions are very far apart. what the unions have put on the table which they call the future plan entails a 1.5 billion euro cost reduction which they will offer through lower wages and one of payments, but what management wants probably equal some 5 billion euro in cost cuts. you see the positions are far

apart. as e speak now, those -- those strikes are actually starting. they have been announced to start at 10:00. they will last well into the night shift. volkswagen management is saying that they have safeguarded at least parts of the eliveries to clients, but they will be affected. nobody knows how much these strikes will cost volkswagen in total and also nobody knows how long they will last because this is just the beginning and that's the clear message from the trade union saying this is probably going to be the toughest collective bargaining in the history of volkswagen. it's also the toughest situation volkswagen has ever been in. never before in management of the company has actually pointed to close factories in the country. now the volkswagen brand cfo is

openly saying they are looking at two plants in germany because they are overcapacity of 500,000 cars per year and that equals two plants. which one he doesn't say. there are rumors going on. we don't know. what they also want management is that they will be a haircut of 10% to all wages. that's where the positions are. the next big day probably will be december 9th when the third round of negotiations is taking place. if then they walk away from each other, what could kick in is an old labor contract which could then cost the company even much more money. roughly 1 billion euro more. one thing is clear this is going to last for a while. this is not going away suddenly. >> we'll continue to follow that

given there's so many pressure was the auto sector. we have looked at the corporate stories. time to zoom out and look at the equity session. so far today, it is a new trading day and week and month. we have the stoxx 600 at this stage marginally below the flat line. i want to take you to the different bourses. that is where another important story is this morning. let's look at the koik.cac 40. at this stage, down 1%. let's look at the french equities at this stage. we are monitoring all of the comments from across the political spectrum in france amid the political uncertainty in terms of whether they will do regarding a 2025 budget. as i said, we are seeing quite a lot of pressure on french equities, in particular, on french banks. let me show you the performances at this stage for you with french lenders. some comments we gathered this

morning include from the french government spokesperson saying that it is in the interest of france to actually have a budget. france does not fall into financial difficulties. just to give you a bit of context here, thinking about their fiscal position at this stage, listen to these numbers. we have deficit of 6.1% for this year. it is the plan of the new government to have a deficit of 5% in 2025. so, cutting costs and raising taxes is a compromise or a question mark there because there are differences in terms of how other parties feel about this plan. today, it is a critical day to understand what will happen in terms of france's political stability and indeed their fiscal position going forward. we are seeing it down 2.6%. credit agricole down 1.8%. this comes after s&p maintained

the aa minus rating for the french economy and the outlook for the french economy is stable despite the political instability. now the french national rally president says the far-right party will back a no confidence vote in michel barnier's government unless there is a last-minute miracle. this is the comment we heard this morning. i was tlg elling you we have be tracking several throughout the day. indeed indeed, from the far-right perspective, they rejected calls for further concessions in the budget talks. let's wait for the final detail in terms of the first vote is going to take place later today. in terms of european bond yields, this is how we are faring at this stage. the ten-year yield for the french paper, yield is moving lower at this stage tracking 2.8%. of course, we keep seeing

relatively close moves with the greek paper. i'm pleased to say that the head of fixed income research is joining us this morning. i want to get your thoughts on the outlook here for french bonds. if we see a collapse of the french government, what's likely to happen in this part of the market? >> quite a bit surprised already since the election. we saw french spreads widen versus bunds by some margins a few months back and they settled 80 over and trading 83 over today. one would expect if we see a collapse of the government, it would push to 100 over. that is the expectation for some in the market for some time. clearly, if things settle down and the budget gets through, spreads are likely to contract back into 60 or 70 over. we have a bit of a binary bet. >> when we had the chance to speak with you back in july and

that was a moment of political uncertainty, you know, a lot of question marks whether they were managing to form a government following the snap election. at the time, you had said it was a wait and see moment understanding if a trade was to be made when it comes to french paper. outline for us with the outlook here also for 2025. what are your thoughts? have you changed up your mind here? >> no, no. i'm glad you reminded us because we were very tempted to come in at that point. no, we are still not into bunds at the moment. i think you really need certainty. bond markets like certainty. with the uncertainty, there is an element of risk there. the one interesting thing is it provides care. you are getting a bit of carry versus bunds. we don't feel it carries enough to enter at the moment. we like to see positive news or

look to buy on weakness. >> i want to get your terms of reading this flirting, let's call it with the french paper and greek paper. one guest was telling me she was bullish on the periphery. what is the outlook here and how do you read the similar levels for the french and the greek ten-year? >> the thing is the banks have improved across the whole of europe. we go back to the financial crisis and a lot of banks was very, very low. most european banks have sovereignty at 20%. we have seen a big improvement of the greek banks and spanish banks. the periphery is no longer risky from the banking sector perspective. from that perspective, yes, there is an element of change since 2008 because of the banking sector much more solvent. we don't have to worry about the banking sector. the focus is much more on

central bank and their own deficits. >> i also like to go back to one of the comments you made back in july. at the time, you had warned about, you know, potentially seeing the next point of pressure in terms of european bonds happening in italy. do you still share that? >> italy does have a huge amount of bet. we just had data out from italy at the moment. unemployment dropped. some of the data improving. pmi is weak across the whole of europe. listen to the story of bmw. they may have to improve the debt brake to improve the fiscal growth. there are a lot of things in europe. italy has improved just like greece and spain, but you know with the levels of debt, they cannot afford to have a problem with fiscal problems or lack of confidence in the market because they do require the bond market

to continue to support them in their issuance. i think it is all about maintaining investor confidence. we have seen that in the uk as well before when we had the truss era with the loss of confidence in the gilt market. we saw that this year when they would borrow more. that put pressure on the gilt market and in the u.s. as well with the trump election t. is important is important in the u.s. as well. that would become problematic. we have to be aware of the potential risks for italian debt as well. >> i would like to understand how you read a potential intervention from the ecb if they decide to use their instrument, the tpi, in case whether that is france or that's italy. would you read that as a concern or would you say the ecb is not

concerned about the outlook for european debt? >> we have central banks there as a buyer of last resort. some said the first resort. we have seen it from the fed and the bank of england and ecb. since 2008, we have seen central bank policy support or central bank programs. i think the market would need that. without that, a huge amount of confidence would be lost. the market does require central bank to maintain confidence. >> we will see if they reach that point. in the meantime, thank you for joining us this morning. that was the head of fixed income research at rathbone. coming up on the show, the second mandate at the helm of the eu executive arm with the team of commissioners.

we will speak with carlos moedas after this break. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

>> welcome back to the show. now the german chancellor olof scholz has arrived in xbb.1.kyi. scholz said he will use the trip to announce 650 million euros in defense aid for the country as he prepares for election early next year. speaking to sky news, volodymyr zelenskyy said the hot phase of the war could end with nato membership. >> translator: no one has offered us to be in nato with just one part or another part of

ukraine. that's for ones. the fact is that it is a solution to stop the hot stage of the war because we can just give the nato membership to the part of ukraine that is under our control. yes, it could be possible, but no one offered. the invitation must be given to ukraine within its internationally recognized border. you can't give ini vitation to e part of the country. why? you recognize that part of ukraine is only ukraine and the other is russia. so, legally, by law, we have no right to recognize the occupied territory as territory of russia. and here, we must not make any mistake. but if we want to stop the hot stage of the war, we should take under nato umbrella the

territory of ukraine that we have under our control. that's what we need to do fast. then ukraine can get back the other part of its territory diplomatically. >> the european commission president started the second mandate ahead of the executive arm with a new team. 370 members of the parliament voted in favor of the new group of commissioners last week. i'm pleased to see that mayor of lisbon is joining us this morning to discuss the outlook for the european commission. good morning. good to have you on the show. you were there ten years ago at the start of the new commission. i would like to understand at this stage what would you say is the biggest challenge for the eu? >> hello, everybody. good morning. thank you for that. i mean, it is always very exciting the moment that the new commission takes place. of course, this commission has

challenges, huge challenges ahead. i would say geopolitical challenges with war and also growth and productivity challenges. i think the draghi report was very important for that and that she put on the draghi report and that is how can you get back to growth? how can you stop the slow agony as he calls it for the european economy? draghi is a visionary. he has put that forward, that idea of innovation and science and technology as the only way to create future jobs. at the same time, if you look at all of the mission letters for the commissioners, they would have reduced by 25% the red tape and bureaucracy in the eu which is very important for the future. i think that all the european union has been designed in a

bureaucracy and that bureaucracy has to reduce itself and i think that's very important. so, i'm very excited. i think there are times that's difficult, of course, but i think president von der leyen has a vision and she knows where she goes. she really wants to change that to have a more growth and productivity focused europe. >> we shall find out over the next five years. i would like to dig deeper on what you highlighted in terms of the draghi report. one of the aspects he raised is the need to spend more. the hawkish view is there is enough money when you think of the eu budget and thinking about the covid funds. is the problem here the fiscal position for european countries to do more or is actually the bureaucracy? you, yourself, have highlighted struggle to get hold of the

covid funds. >> i think there was a major step. europe always advances in crisis. there was a major step with covid that all of the countries agreed on really getting a mutualization of debt and the 750 billion. the door opened for that. the net contributors, some big and also some are not that big, i don't think there is any big country in europe today, they are all small countries. they realized we are all together and we cannot go to the next level and give you an example. one of the biggest challenges is defense. i remember the president talking at the time that we needed to have a european defense. the fragmentation of the investments we have where each country has a company and we don't have the scale. i think there is a procurement

for big companies to thrive. i think the countries that actually are the net contributors have to understand that they are net contributors because they have big markets of almost 500 million people. they have all interests on that. of course, you have germany and france that are in trouble and when you have germany and france that are in trouble, we are all in trouble. that does not mean we shouldn't invest in our future, especially in technology, defense -- >> i'm sorry for interrupting, but the question is whether the eu can actually deliver this because everyone seems to understand the diagnosis and the problems. can the eu deliver with a snap election about to take place in berlin and the political uncertainty in paris and you have the prime minister of hungary making deals and comments around russia and around china. can the eu deliver? >> the eu can always deliver.

eu always delivers. if you think about what the view was before the crisis, the banking crisis, we didn't have a single resolution mechanism. now we have. we didn't have supervision at the level of the european union. before covid, there was -- the house commissioner had no power. now we have a union that is taking a look at what can we do in terms of health and science together. i think that we also advance, but of course, when you have 27 countries with 27 cultures, of course, everybody is different and everybody wants their own interests. the only way to have a common interest is the european union. look at science. today, we have the best. we have 2 million scientists in europe. when you look at science and fundamental science, we are the best compared to other parts of the world. yes, the u.s. is based on innovation of digital and they are far ahead.

china is based on efficiency. somehow engineering. the fundamental science for computing and i'm talking about quantum computing or a.i. the fundamental science comes from europe. that is our biggest strength. we have the ability to do it if we are united. that's the decision of the country. >> of course, and whether you can actually do it on time because the global race doesn't stop. before we let you go, i would like your thoughts on the new president of the european council can actually deal with the upcoming president-elect in the united states donald trump. you know what do you think could be his advantages here in trying to persuade donald trump to not impose tariffs on the eu? >> you know, i remember very well the story when i was in the commission and that the

president went to the west to president trump to discuss exactly tariffs on cars. he basically traded with president trump saying we would buy more soybeans and quified natural gas, lng. president-elect trump is pragmatic. if they are two pragmatics and we have to deal with the west and discussions with people like or not like president trump is irrelevant. the way to deal with president trump is in the way that the president at the time did it which is in a pragmatic way. what do you give me? what can i get you and look at the interests of europe. at that time in 2018, the president avoided tariffs on cars by actually promising to buy more soybean and liquified natural gas. it is like an anecdote.

a little story, but represents the way president-elect trump reacts. he reacts to direct and simple negotiations. i hope they will be up to that and being pragmatic in defending europe. i think america first and china first, we also have to be first. we have to defend our interests be pragmatic about it. >> we will see. we appreciate your time. that was carlos moedas. coming up on the show, trump lays tariffs on bric countries. we'll bring you all the details after this break.

welcome to "street signs." i'm silvia amaro. here are your headlines. shares of stellantis plunge after carlos tavares quits. elsewhere in the sector, vw plans strikes after plant closures. and michel barnier talks greece for the first time as they put pressure on the prime minister raising the chances of no confidence vote amid differences over the budget. european equities kickoff the last month of the year on the back foot falling a red november for the stoxx 600. it's third down month in a row. the dow and s&p 500 also set to pull back despite notching record closes. the greenback pops against its peers as donald trump threatens bric nations with 100%

tariffs if they move away from the u.s. dollar. time now to get a check on how we are moving so far this monday morning across the equity space in europe. we have the stoxx 600 at this stage just basically flat. marginally below the flat line. investors trying to digest the political uncertainty out of france and several corporate dynamics as well. let me take you to the bourses to get a look at the continent. we see pressure on the french equities. cac 40 down almost 1%. we are seeing flat moves for the ftse 100 and the german bourse. looking at italian stocks as well with quite a bit of pressure down .8%.

i want to ake you to the u.s. futures after the thin trading last week off the back of the thanksgiving holiday. at this stage, futures suggest it could be a lower start to the trading day on wall street. this despite the record closes that we saw on friday for the s&p and the dow as well. i want to bring you up to speed to some of the latest comments from the president-elect. a trade war seems to be looming after donald trump announced a fresh new tariffs on truth social pledging 100% tariffs against bric members if they undermine the dollar if they create a new currency. it comes after he vowed 25% tariffs on imports from canada and mexico as well. in the last few moments, the kremlin has said any attempt to force the use of the dollar would backfire saying the u.s. currency is losing appeal for

many countries. i want to look at the month of november. it was an important month for markets and the election stateside. the clear victory for donald trump and the republican party. starting with the auto sector over the month of november, pressure for stellantis. we also know there are corporate stories impacting that stock. general motors and ford erformed higher on the month. let me take you to another sector. tech. tech has also been a very important one in the aftermath of changes to a.i. investors planning or investing on the fact you could see deregulation and tax cuts from the incoming president. nvidia over the month is quite high. apple and microsoft also higher on the month. here's an interesting part of the sector of the market, i should say, for the month of november. let's look at the russell 2k. to give you an you dee on the

month, the russell 2k was up almost 11%. that was higher than the nasdaq, s&p and dow. it is quite interesting to see this upside in terms of the small and medium cap names. we'll discuss this in more detail with our next guest. before we get there, i want to look at the u.s. majors over the month of november. i highlighted the russell 2k. the nasdaq with similar moves. the dow also up almost 8% in the month of november. now, i'm pleased to say david bowers is joining us this morning trying to piece together what i highlighted for viewers. david, good to have you on the show. perhaps explain to us the performance for the russell 2k up 11% on the month. are we likely to see similar moves for this part of the market going forward? >> i think something very important is going on which is

people are becoming more optimistic about the overall economic outlook. you can see in the latest asset allocation survey. people believe we are moving into the environment where it will broaden away from big tech into the medium and smaller sized companies. i think people see them as a major opportunity in the environment where tariffs, depending on what's actually i am implemented may protect what is coming next. >> that is what i was going to suggest. that was the market narrative in the wake of the election. are you betting on that with the threat of tariffs for the a.i.n year? >> i think it is really interesting. i think end people don't know i tariffs are all talk or action. people look at the u.s. administration and they see the confluence of politics and business and they are saying hang on. where will capital be treated best over the next 12 months or

next four years? at the moment, that looks to be the u.s. it's really interesting and in our survey, you can see people wanting u.s. risk assets and u.s. credit and equities and small cap. they think that is where their capital is best looked after. >> it is interesting that's the case with so much uncertainty as well. think about the fed and thinking about whether they are going to cut and by how much this month. how are you pricing in potential rate cuts from the fed going into 2025? >> i think the biggest issue for the next 12 months is what happens to inflation. you know, i think people assuming lower inflation and the fed cuts will follow, but i think that mood is beginning to change. people are looking at the potential impact of tariffs and potential impact of labor deportation and migrant deportation and more stimulus on the economy which is operating at the high capacity.

they are saying hang on a moment. is core inflation falling the way the fed wants it to or could we move into the environment where core inflation is sticky or potentially moves higher? the question is over how much the fed is going to do. the market is saying i have an up beat earnings picture and the fed easing. what's not to like? if the market caught whiff of the idea the fed might stop easing and heaven forbid, tightening, that's a change. we're not there yet. it is interesting people are starting to worry about where core inflation is going to go in the next 12 to 18 months months. >> i guess the jobs report on friday is an issue. >> absolutely. you have a positive output gap which means the u.s. economy is operating above the long-term growth potential. you can't take big risks with inflation here.

the difference with trump 2.0 over 1.0, there is more spare capacity. this time with unemployment and the economy doing quite well, there isn't so much room to make mistakes here. >> tell us about the survey and data you gathered there. how are investors overall feeling about the tech sector? they have driven so much with the a.i. boom. is that likely to continue? >> it is interesting and ties into the comment about the small caps. when we look at the survey and say what do you are prefer ? s or tech? it is 50/50. theybivalent about it. people believe the earnings stour story will broaden away from tech. people are beginning to look for the other beneficiaries of the

trump administration. >> which are -- which could be? >> i think people are hoping it's the domestic players. i think people are clearly hoping it is financials and hoping for more financial deregulation. we shall see how that plays out. i think people are focused on additional stimulus and deregulation and they are focused on some protection from overseas competition. >> before i let you go, i would like your thoughts on how we are looking at europe. we have the instability in france. no one really knows what will happen with the 2025 budget. even if they manage to bring down the deficit to 5%, that is still very high. i would like to understand here whether the position is actually u.s. equities and european bonds. what is the -- what is the divide here? how are you looking at it? >> i think you need something to go very wrong with america to make europe look interesting again. as you have been pointing out the political uncertainty is a

obstacle in the short-term. if you are bullish, you would say you would get resolution of the ukraine and russia conflict. maybe big tech in america well suffer a rethink and that would make europe interesting again. at the moment, it is hard to persuade people. >> interesting. make europe interesting again. that's your highlight today. >> that's the story. >> david bowers at bsolute strategy. as we head towards the end of show, but not quite yet, here are the four things to get you up to speed. u.s. markets return for a full day of trade after the thanksgiving period. we get manufacturing pmi and construction spending data later this had morning. it is cyber monday. the biggest shopping day of the year for u.s. retailers where forecast of 6% sales growth versus last year. we hear from christopher waller and john williams.

president-elect trump has warned of 100% tariffs on bric nations if they undermine the u.s. dollar. hopefully those bullet points have you up to speed for wall street today. coming up on the show, we will look at retailers gearing up for what could be a record day after online black friday sales hit the highest level ever. we'll dig into the details after the break.

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welcome back to "street signs." let's talk black friday. online black friday sales hit a record high of $10.8 billion this year. that is up 10.2% on last year according to data from adobe analytics. that appears to come at the expense of in-person shopping.

an 8.2% slide in traffic this year. that is steeper than the full year to date. retailers invested millions of dollars into shipping facilities ahead of today's cyber monday sales and brian cheung has more. >> reporter: inside the center in pennsylvania. >> this is the full the filament center. >> reporter: 20 miles of conveyor belts. >> hundreds of thousands. >> reporter: this center opened six months ago. now ready for the biggest test yet. >> is cyber monday your super bowl? >> t's the super bowl. we plan all year for this event. >> reporter: over 1,000 workers gearing up for what is the biggest online shopping day of the year. cyber monday.

over $13 billion expected to be spent and walmart trying to capture as much of that money as they can. >> our business is growing. walmart ecommerce sales grew 22% in the last quarter. >> reporter: this facility is the supply chain arms race. amazon with new facilities and target will invest $100 million in the supply chain in the next few years. retailers are under pressure now to get more things to customers faster and walmart says 95% of the u.s. customers can get next day or two-day shipping thanks to facilities like this one. using artificial intelligence and robotics, walmart cut down on the steps it took for package to leave its facilities. right down to the sticker. >> there is where we apply the shipping label. >> i almost got clocked by that one. >> this is a cut come stom cutt

>> reporter: a smart machine just for you. >> we optimize the right size box for the order. >> reporter: the goal to cut down on waste and time to get the gifts to you faster than ever. >> our customers want speed and great prices and they want value and convenience. >> reporter: a cyber monday battle for your dollars playing out behind the scenes. brian cheung, nbc news. >> i'm pleased to say my guest is joining us this morning. jessica, the numbers from black friday seem up beat. a new record, really. highlight for us, really, what is driving the performance? is it online spending? >> they look good. a lot of high hopes were placed on this friday. the numbers are not all in, but it is looking good. online sales look to be up 15% from last year.

foot fall in stores was not so good. those continue to be flat. last year wasn't so great. >> what does that tell us when you think about what we learned from all of the black friday events in recent times? is this a change in consumer behavior because you can track, perhaps, all the sales on your screen rather than going to different stores? >> it is a big change. it keeps head ing in the same direction. no shopping jur most shopping starts online. they go to retailers, but they purchase online as well. it tends to be a more multiple retailer journey. if it is a big purchase, most consumers are checking out for our five retailers online or offline which is a change from 20 years ago. >> how do you read that in terms of the health or lack of it for consumers at this stage? >> well, it's been a tough year. consumers have consistently

shown us in many ways they are continuing to feel the cost of living crisis, but in recent survey work we saw, consumers were starting to feel more confident and that is reflected with the busier christmas period this year than the last couple years. we're still in a tricky place. there is some light at the end of the tunnel. >> good to hear. when you think about the important events across the year for retailers, how does black friday and cyber monday really compare against, say, christmas? >> it continues to get more important, so we keep having more and more concentration of sales in these couple of days. that is tough for retailers because it just puts so much weight on the narrow set of items that they have worked hard to put great deals against. what you see over the last weekend is the culmination of nine months of work by retailers to watch the trends in the days before the weekend itself to see what is getting traffic.

it just keeps concentrating more sale into the weekend. >> it is interesting because obviously black friday is a global phenomenon. it wasn't recently. i would like to understand the role of generative a.i. in this context. how are retailers investing in the space to make sure they answer the consumer did emand? >> there is lots of experimention going on. the strongest players are getting stronger. they are taking early advantage of the capabilities. it is especially important now that cookies are much less easy to use because of the increased regulation of those. generative a.i. is a substitute. laggards are having trouble with

it. that will continue. the flywheel will continue for the strongest players. >> who will win on the bets with a.i.? >> i would say the largest players because they have the resources to experiment and have lots of pilots going any given time and transform into the software companies. it could be harder for some of the smaller players. what offsets that is it is easier for a smaller audience to get into the footprint. >> talk about cyber monday. we are going through it at that stage. it seems this was more of a tech day, really. if you want new gadgets, this was going to be the day. is that changing? is cyber monday becoming more a mainstream event for all types of sales? >> you remind me to get out of the studio to get back online.

yes yes, it is still broadening. it is most famous of tech as black friday is as well, but it is expanding. many consumers checked out options on friday and not making purchases today. that is true across all categories. >> what would you highlight the items that people seem to be craving for really? >> what items are people craving? i think high tech is a real point of concentration for most consumers. we see that portion of consumers' discretionary spend keeps rising. this year is a lot of great options. i think that is the category and most growth. >> is there any evidence of whether consumers are actually using black friday, cyber monday, as a way to anticipate some of the spending that they could be doing around christmas? buying the christmas presents early on? >> yes, absolutely. a lot of consumers enjoy the experience of shopping.

many of them miss physical shopping and online is a great substitute. yes, they are checking out options and reflecting on it. a lot of the consumer decision journeys are not rushed ones. they are ones that consumers considered for some time >> interesting. i have to say for full disclosure, i did use some black friday deals to make sure i was on top of my christmas presents. there you go. that was jessica. thank you for joining us today. uk business sentiment dipped in the month of november, but still remaining above long-term trends according to the lloyds business barometer. it is looking at the health of the uk economy and the majority of firms surveyed expect their prospects to improve next year. lloyds senior analyst discussed

it earlier today. >> the first is that firms are a little bit less positive regarding the wider economy. the wider environment. the second thing they're telling us is they're in a good place to weather the challenges. trading prospects have improved this month and held up since the summer. more of a mixed report. as we approach the end of the show, the final check of european equities this morning. we see a lot of pressure for french equities down .8% as we continue to monitor what is happening in terms of their 2025 budget discussions. let's see whether that could actually bring down the french government. we are also seeing pressure over in italy down .6%. one of the corporate stories this had morning is related to stellantis. let's get a check of how we are moving there. shares continue to track significantly lower at this stage after news that carlos tavares has resigned over the weekend.

i want to take a brief look at french banks and how we are moving there as we monitor the political scene. in terms of u.s. futures, this is how we are likely to open on wall street today. the first day of the new trading week, post thanksgiving, point to a lower start to the trading day. we will find out. in the meantime, that is it for today's show. i'm silvia amaro. "worldwide exchange" is coming 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." futures are lower to start december following the best month of the year for markets. we are looking at a $10 billion black friday now in the books. next up, cyber monday. president-elect donald trump threatens 100% tariffs on bric countries. and box of