and so now she can rest and be the angel that she is. ♪ hello, everyone. welcome to "street signs." i'm silvia amaro here are your headlines. the european equities >> less restrictive. we can therefore be more cautious as we consider further adjustments to our policy rate.

sweden delivers the cut and with the norges bank looking to hold rates we will hear from the governors later today. european chip stocks under perform after micron's guidance disappoints stateside after weak demand. the president-elect donald trump threatens a bipartisan funding bill ahead of the midnight deadline pushing the u.s. government closer to a shutdown very good morning. we start the show with breaking news from norway we are getting the latest central bank decision. the norges bank kept the rates at 4.5%. no change here in terms of what

analysts were expecting going into today's announcement. we are hearing the norges bank saying the policy rate will most likely be reduced in march of 2025 signaling here that we might not see any changes to the level of interest rates until march of next year. in addition, they are also saying interest rates have cooled down the economy and brought down inflation they are seeing, all in all, the trend is positive toward what they want to achieve in further commentary, they are saying the rapid rise in business cost is expected to restrain further disinflation. they are adding the restrictive monetary policy is needed to stabilize inflation around target another problem when you assess the outlook for the norwegian economy is the weak currency this is another reason, another factor here, when the central bank is considering what to do

with the interest rates and indeed that is a problem when you think about the outlook for the norwegian economy. the time for the monetary policy is approaching the tie away at the moment from the norges bank is rate is on hold at 4.5% no change in terms of what they had in place, but signaling that change could happen early next year of course, that will very much depend on the dynamics within the economy. staying in the nordics, we heard from another central bank. the riksbank cut by 25 basis points today also expected taking the policy rate down to 2.5% this after the swedish government cut its 2025 growth forecast the central bank said the policy rate could be cut again in the first half of 2025 we'll hear exclusively from the governors ida wolden bache and

erik thedeen later today time to get a check on european markets what a day so, so busy on the monetary policy front looking at the stoxx 600, the benchmark is down 1% at this stage. indeed, investors reacting to the announcement from the fed yesterday. we saw the fed basically cutting rates, but what was more important was the messages for what they will likely do in the new year with the fed announcing potentially only two cuts next year that is basically provided some concern within the investment community about what is likely to happen in the new year. let's take a closer look across the european continent looking at the various bourses we have red across the board we have moves to the down side with the ftse down 1%. the cac 40 down similar levels at the moment. in germany, the main market also

down .70%. it is important to keep in mind this is not t in terms of monetary policy decisions. let's see how the ftse could react to that. i want to take you to the corporate sectors this morning we have one sector in the green. autos are up .20%. this actually despite data this morning showing that new car sales growth turned negative in europe in the month of november. but all in all, looking at the sector overall, it is evident we are red across the board let's show you the orst performing sectors at the moment tech is down 2%. technology is a sector sensitive to interest rates. some implications there from what we heard from jay powell yesterday. in terms of financial services, another one at this moment down 1.9% so, we are seeing so far selling

also across the board when you think about european equities. now, let's gets a check of the u.s. futures futures are pointing to a marginal stateside f. we could see this, it could paint a new narrative for equities we saw a selloff across the equity space the dow saw the longest daily losing streak since 1974 why? one of the reasons was the announcement from the fed. let me give you detail in terms of what we heard from the central bank they delivered a widely anticipated 25 basis point cut yesterday. the key is chairman jay powell described as a closer call in recent meetings. the veland fed was a close dissenter.

the policymakers indicated the fed could cut two times next year with two of the five officials projecting more than would cuts the chairman jay powell repeatedly stressed the need for caution. >> we have been moving policy toward a neutral setting to the strength of the economy and labor market and enabling further progress on inflation. with today's action, we lowered our policy rate a full percentage point it from the peak and policy stance is now less restrictive we can, therefore, be more cautious as we consider further adjustments to the policy rate. >> so, off the back of that announcement, we saw equities selling across the board i want more detail here so you get a better understanding of what levels we're talking about. the s&p was down 2.9%. the dow fell 2.6% and the nasdaq

down 3.6%. so, significant amounts of selling for u.s. equities and, of course, there were ramifications on the bond market let's get a look at treasuries overall, the announcement from the fed is a hawkish cut we saw higher yields across the treasury space for instance, let's look at the benchmark. we have it at the moment of 4.528% let's see what else we get later today. all in all, we have a concern of we may only see two rate cuts in 2025 from the fed. in terms of how this impacted the currency space, these are some of the reactions. all in all, we are looking at the dollar trading at a level of the two-year high at this stage. this is particularly important because we know that the story of dollar strength has been one of the main market themes in recent times at the moment, that's not changing even as you think about what is likely to happen in the

new year i want to briefly look at the dollar as well because we heard from the bank of japan as well today. when you think about the currency pair, i want to put things in context here the yen is down more than 8% against the u.s. dollar in 2024. this comes off the back of the two diverging stories from the k of japan and the fed, really let's see how this continues to unfold of course, these are the initial reactions off the back of latest rate announcements from the central banks. the fed released the updated economic proper sections they raised forecast for headline and core inflation in the new year and ing the growth outlook and lower unemployment than seen at the last meeting bringing you back it europe, we will hear from the bank of england. the bank of england is expected

to hold rates steady today after the highest rate of inflation in the g7 exceeding the projection of 2.6% on the year. also weighing on policymakers is wages rising 3% which is way above the rate mps consist sent with the inflation target. worries over the "s" word, stagflation since the conflation it's up more than 30 basis points over the last two weeks of course, we will bring our special coverage stay with us as we bring you that later today let's discuss the outlook with the uk economist for barclays. good morning, jack there's a lot happening.

no doubt less focus on the uk and the bank of england. everyone is expecting no change for now for the time being what are you expecting in terms of commentary for the central bank especially when you factor in the hawkish comment from the fed yesterday? >> i guess we had a bit of data roller coaster over the last week or so in the uk we had the weaker data on activity and signs of weakening growth we had the upshot as you said on the labor market, particularly wages. all of that means there is uncertainty here it will try to base it around the prospect of gradual easing from here, but they will not want to take anything off the table at this stage. >> i would like to understand whether you are seeing any reason for concern from the latest data. the fact we saw a pickup in wage growth is this trend likely to continue is this another source of

inflation headache for the bank of england >> when you look at the near term, it looks like inflation is stickier than thought and waging were stickier. you need to look at the medium turn if you look at the next p we see firms telling us the budget and increased in costs with unemployment ex-pectations softe and consumer confidence slow retail slow. all of those will lead to a softening of wage pressures through the second half of next year and bring inflation as that comes through with services and cost to firms. >> speaking of inflation, we knew the bank of england told us they were expecting inflation to pick up again in the latter part of this year when you read the number of 2.6%

for the month of november, is that in line with what they were signaling or another reason to be concerned over what they will do in the near future? >> the mps have shown themselves a erance on any particular data release they are not swayed by one piece of data. if this continues with the overshoots, then that will give them cause to pause. for now, this is well within the tolerance of volatility. >> you said gradual easing for the new year what does that mean for the practical point of view? >> they have been clear on this. andrew bailey said we should be interpreted as the last forecast which is 100 basis points of forecast next year bailey has the risk around that

100 basis points if we see it turn out like the last forecast, which again, i don't think the data is signaling that is not happening, the data seems to be for the voters to sway majority, that seems to be a view of 100 basis points next year we think the data will soften next year and they have to move quicker than that. maybe additional to that 00 next year. broadly, 100 is where they set their base. >> and does it change anything the fact we heard from the fed yesterday and they are signaling only two rate cuts in the year is that changing the dynamics when you think of the bank of england as well? >> we have discussed with our research team before it domestic inflation you see the spread before you get something which is meaningful on domestic inflation

in the uk. that won't be a concern. what will be more important is what we see from the u.s. and the fed is indicative of something global that spills over that is what we are looking for. that is what the mpc will be looking for. >> if we have to compare the bank of england and ecb to the fed, i would like to understand where would you put the bank of england? is it closer to the ecb considering bigger cuts, growth concerns and so on or rather than more on a fed narrative that actually the economy is doing pretty well and we're not cutting as much next year? >> i think uk is caught between those two worlds i don't think we have the clear signals with the economy as weak as the euro economy. clearly, it is not as strong as the u.s. that is why the bank of england is walking the path with the

optionality and guidance they have the three cases. you can broadly map it across the u.s. version and euro area version. the uk is uncertain, therefore, why take anything off the table. >> let's see what they will do later today. we appreciate your time this morning. jack meaning for barclays. in another move related to central bank decisions, the u.s. dollar risen to the highest level against the yen after the bank governor struck a dovish stone today. whether signal rates will rise, acknowledged fresh risks to the central bank outlook the comments came after the central bank put rates on hold in an 8-1 split. our lin lin filed the report >> reporter: the k of japan kept rates unchanged today the governor said the decision

was based on wanting to see more wage hike trends as well as wanting to see the impact of new economic policies under president-elect trump. ueda noted that any retaliatory tariffs will likely have a large effect on the japan economy. a couple of other things worth highlighting as well, unlike the october meeting, there was a dissents board member this time around known for his hawkish stance advocated for a 25-basis point rise on the basis that the economic activity and inflation numbers were developing in line with their projections and so there was a risk in his view of future inflation overshoot then, there are concerns around the currency which crossed 155 to the dollar on the news of the boj standing pat it has depreciated more than 9% when you take a three-month

view analysts say this will be a major worry for policymakers ahead especially because the federal reserve signalled less rate cuts next year which could mean the japanese central bank may have to do more on their side to narrow the fed boj rate gap. lin lin, cnbc business news. coming up on the show, we are joined by michael wurmser from norge mining. that's coming up after this break.

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micron shares plunged in ex- extended trade after weak guidance which fell $1 billion short of analysts expectations the first quarter beat expectations while revenue was in line. this is having ramifications for european chipmakers. let's show you how we are faring across the european chip markets. looking at asml, we were moving lower across the world for the names. we have them for you significant lower move there infineon down 3.4 and asml down 3.2% down. we will see how this moves throughout the day we saw a selloff stateside we saw pressure for european equities this morning and the chip world is also not an exception. i want to take you to

another corporate story with negotiations with volkswagen and the union cost saving plan will continue today the two sides told cnbc that talks ran until 4:00 a.m. this morning and will resume later today. the number of new vehicles in europe fell 2% with sharp declines in france and italy according to the european manufacturing association. ev sales sank 9% tesla posted a decline of 41% after becoming subject to new eu tariffs on chinese made cars. to bring you to another development, norge mining announced it will buy europe's largest graphite producer skaland. it will secure the supply chains in the chinese export controls i'm pleased to introduce to you michael wurmser, the founder

great to have you on the show. explain to us the reason behind the deal why did you decide to buy this facility >> good morning. thanks for having me well, it is important to close the gap of missing critical raw materials for the west and for europe to secure the supply chains and definitely one of the important minerals we have seen that was an important part added to our menu card of ritical raw materials. >> right i would like to understand here whether you are getting any support, potentially, from european authorities at the moment because we now how graphite is part of the strategic paper going forward. any issues from technical from european authorities given the importance of graphite >> we have signals and we are in

close contact with brussels. there is some of the vehicles giving support to what we do because what we do is a very high value to european industries, but also industries beyond europe in the west. >> i would like to understand as well where there is further expansion plans here of course, you announced the purchase of skaaland graphite, but are you looking at other deals here >> okay, we are not looking actively, but when opportunities are coming across our desk, of course, we are very much interested to secure critical raw materials and strategic materials. it is important now in what you mentioned before now the turmoil with china and u.s. and russia it is important that europe

retains its autonomy and access to the strategic raw materials. >> there is that realization also within, well, the political world, but do you get an actual sense that they are ready to put their words into action here because for instances we might not need to look at the raw materials, but the european union was a main producer for battery for ev makers. clearly there are a lot of challenges to achieve the ambitions. when you think of the raw materials and competition with china, do you get a sense there is room here to see concrete action across the european continent? >> yes, i see that coming. we are providing raw materials in the end, everything comes down to raw materials no matter which industry and you want to have the cess and secure the

access to the important raw materials. you need to feed your dries. that is a difficult topic to support raw material provided rather than the manufacturer of something. at the nd of end of the day, the manufactures live off the access to our raw materials and supply of our raw materials it is very important. >> that is quite encouraging, however, are we not perhaps too late on the european continent with the competition you mentioned 97% of the competition was happening in china. how can you change this overnight? >> it's not an overnight -- it's not an overnight, but it is -- we are driven by the events that happened globally. the u.s. and china now in the whole turmoil and it will drive and push industries towards our supply and when you see china

has cut and banned export of critical raw materials to the u.s. as a reaction to the u.s. crackdown to supply to chinese chip industry, so they already have cut down last week and banned also, by the way, graphite for instance, you see where you use graphite graphite is an important material in the defense industry it is on the list of the 12 materials needed for defense unfortunately, defense industry is on the rise with the global tensions recently. it is all connected. the support for the access to our raw materials in europe will come and it's on the way. >> right i guess we'll continue to follow those developments we appreciate your time this

morning. michael wurmser. coming up on the show, the prime minister ponders his cabinet picks. we'll have the latest coming up after this break

welcome to "street signs" this thursday morning. i'm silvia amaro and here are your headlines european equities in the red following the u.s. lower as jay powell delivers a hawkish cut signaling easing ahead >> our policy stance is less restrictive. we can, therefore, be more cautious as we consider further adjustments to our policy rate the swedish central bank

delivers a rate cut and says it may ease again next year and the norges bank holds steady we will hear from ida wolden bache and erik theeden later today. and disappointing guidance on the back of chips. and president-elect donald trump decides to scutter a bill pushing the u.s. government closure to a shutdown. time now to get a check on the european equities space on a very busy day for central bankers. we have the stoxx 600 down 1.2% at the moment.

indeed, investors still digesting the comments from jay powell yesterday only signaling potentially two rate cuts for 2025 it's also quite busy for european central banks we will hear from the bank of england later today. we are still reacting to the news from norway and the swedish central bank let me show you the bourses to get a better idea of what is happening across the european couldn't 234e7b9ntinent again. once again, we have red across the board. we have the main market down 1.1% looking at france, amid the political turmoil, we have the cac 40 down 1.2% now, in terms of the corporate stories, let me show you the breakdown at this moment an hour and a half into the trading session in europe. now we have autos also trading in the red it was the only sector that was above the flat line earlier today.

now, also pressure for the sector let me take you to the worst performing sectors clearly, the story this morning is thing is the negative pearl form answer performance across the board we though this sector is sense tich as well to higher interest rates. it could impact their margins going forward. at this stage, down 2.4% also, financial services down. travel and leisure down 1.5% indeed, we are seeing basically selling across the different sectors. let's see, however, how this will continue and what will be the developments later today in the . in the meantime, i want to take you to france the prime ministern invited the of the parties to a meeting today as he looks to form a new

government the president and national assembly have been invited to meet at the official residence let's take you back to the cac 40 and see how we are moving there. we are down 1.2% however, though, when you think about the performance for the cac amid the political turmoil in the country, we actually saw quite a lot of resilience in recent weeks however, though, there are different market dynamics today and it is not just the cac 40, but as i showed you earlier, we are red across all of the major bourses this morning however, let's focus on what is happening in france. charlotte is joining us again. charlotte, i wonder at the moment if we are getting a final government before christmas. >> could it be >> is that what they need? >> just about a week into the job and the introduction there talking with the different political group.

he has been doing so the last couple of days and trying to negotiate to see who would be okay to come into the government or agree not to table a vote of no confidence afterwards that is all the talks going on at the moment. in just one with francois bayrou, the moody's downgrade and the economic outlook for the country because of the political uncertainty. we heard in the speech in the handover ceremony, he is aware and trying to work on the divisions in the country and tackle the deficit we are waiting to see who might be in his government he said he wanted to name them at the next few days some complications with the president traveling to mayotte after the huge devastation in the region that is delaying some of the talks and negotiations here as well what we know is that marine le pen, the far-right leader, is

preparing for an early presidential election. revealing what she is looking at you know, barnier tried to follow some of the red lines they had and give them compromise, but clearly she is giving her game way by saying that she wants to precipitate a presidential election. she wants to the blockage there and governments falling and forcing an early presidential election that has been the talk for a little while president macron, when he addressed the nation a few days back, he said he would complete his mandate no matter what you know, by doing this interview and saying this to le pen, she is showing and that's why she was invited to the talks. no point negotiating with that side because their interests are rushing the election. >> is it actually feasible, practically speaking does it allow for the election off the back of repeated

collapses of government? >> that has never happened, of course you had presidents stepping down with a blockage. after may of '68 and multiple events that precipitated that. certainly in this case, there's nothing in the constitution that forces the president to do so. only if governments fall one after the other after the other that some analysts are saying the only solution would be to clear the table. even if you have a presidential election tomorrow, the parliament will remain the same. we go back to the same that parliament remains the same until summer if you had a new president tomorrow, the situation doesn't change up have the you have the groups who have to talk together. >> i'm sure we will speak more political turmoil. charlotte, thank you for the update. i want to take you to other developments the uk economy is under fire

after the gig economy is increasing demand over the festive period unions accused of drafting store assistants and failing to provide them with basic employment rights. an australian local services marketplace provides gig economy workers with outsourced d tasks i'm pleased to have tim joining our the show i would like to explain to the audience our business. we highlighted it there. you connect gig workers to people who need to outsource certain tasks. i would like to understand from the gig economy perspective, this was a big narrative a couple of years back and particularly around the covid years, but what is it like at the moment has it faded off a little bit? >> certainly the marketplace for

local services and certainly during the last two years, we have seen there was initially some softening of consumer demand over the past two years, but over the past six months or so, as inflation has been brought under control, customers are coming back to the platforms in droves. we're in a situation now where we really need a lot more people on our platform to do jobs and earn money through our marketplace >> i would like to understand whether you have any plans for expansion? we are showing on the screen you are present in the u.s. and uk what are the plans going forward? what are some of the next markets are you considering at this stage >> it is exciting because it is a proven model in australia. as we expanded in markets, we've got an exciting strategy where

we partner with local media firms. with the uk, with channel 4, and in the u.s., we partnered with i heart media and sinclair media group. they help us scale our marketplace into the new market. with such a scaleable model, so much opportunity to expand airtasker across the globe. >> i would like to say what some are saying about your company and highlighting your revenues and whether this is likely to continue where the growth is going to come from how would you address these concerns >> the last two and a half years, we had a steadfast focus of proving out the profitability and cash flow generation of the business about two and a half years ago, it was untrendy to grow at all costs and very trendy to be

profitable and cash flow generaltive. we have proven cash flow we generated $1.2 million. we generated $30 million in our australian marketplace now we have proven that model, we are excited about inn investing that cash and expanding in the u.s. and uk and further countries to come. >> i would like to understand potentially any consideration of listing on any stock market. is there something you are thinking about at all? >> we are happily listed our global company on the australian stock exchange as we scale and grow the business, there are opportunities to look for other sources of capital the australian markets traditionally have been conservative with your valuation. you know, i think there are certainly opportunities to explore the london stock

exchange in due course that's a little, you know, far ahead. right now, we are focused on building a cash flow profitable business >> tim, it is interesting you mentioned london because one of the discussions we had recently is if london is losing attractiveness for new listings. why are you considering london why is london potentially a solution here? >> one of the things we love about being listed in australia when we made that decision, we could allow our community of taskers and community of customers to participate in the upside of the business from the equity point of view so, when we launched, we created an opportunity for taskers to invest into the business i think it's a very good thing to align your customers and users together with the capital in the business. it's great if everyone is succeeding together.

so, as we scaled into the uk and, you know, the built up a sizeable marketplace across london, manchester and birmingham, you know, there's huge opportunity to align those users with, you know, to let them participate in the upside of building the marketplace that they are building. >> right keep us posted if you indeed go ahead with the potentially doing that in the meantime, we appreciate your time. the founder and ceo of airtasker. in other news, a.i. startup perplexity closed a $500 million funding round tripling the valuation to $9 billion. the company is building a search product to compete with google and openai it was valued at $1 billion in april and $3 billion softwareone is set to buy

crayon it represents a 36% premium. the transaction is expected to be completed in the third quarter next year. coming up on the show, lawmakers race to find agreement on funding we'll have the details after this break

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welcome back to the show time to get a check of the u.s. futures after the important session on wednesday at moment, the futures suggest we could see a positive start to the trading day on wall street this would mark a change in tone and change in narrative after the selloff we witnessed on

wednesday. this after we heard news from the fed. the central bank delivered a rate cut as expected, but its dot plot indicated two cuts through the whole of next year down from the four expected when projections were last released in september those projections also suggested four members did not want to cut rates yesterday. despite just one public dissenter. that was cleveland fed president beth hammock chairman jay powell said this decision was not as clearly as previous meetings. >> i would say today was a closer call, but we decided it was the right call because we thought it was the best decision to foster achievement of our goals. maximum employment and price stability. >> steve liesman has more on the yesterday fed decision on central bank policy next year. >> the federal reserve cut rates at the meeting by a quarter

point to 4.25 to 4.5% but offered the hawkish outlook for how many cuts in 2025. among the thing that spooked markets, the fed indicated two rate cuts, not three as the market assumed one dissent and three others wanted no rate cut according to the dot plot four banks did not ask for a rate cut the fed raised the outlook for 2024 and 2025 and 2026 in addition, several fed policymakers appear to begun the process of fiscal policy changes to the incoming trump administration that could explain why fed officials went up for 2025 chairman jay powell said the threats introduced uncertainty into the outlook they showed less than 50% chance of a cut in march and may and

june being the favorite month when it is expected. looking for the second cut in december just 37% probability showing the market has not priced in the second rate cut next year. you see the doubt in the 2025 fed funds futures contract trades it shows little conviction in the second cut which would send the rate below 4%. the situation could change with better inflation numbers or weaker employment data or some clarity on what president-elect plans to do. steve liesman, cnbc business news. we want to take you to the heads of state where the eu leaders are about to start the last summit of the year. i was speaking to an official yesterday who said we shouldn't expect concrete decisions from today's gathering. however, it is an important meeting because it will be setting the tone for a new year.

it is particularly important because we know the europeans are having conversations about how to prepare amid the upcoming arrival of donald trump to the white house. on top of that, you have the president of ukraine, zelenskyy, attending the summit in brussels, too. yesterday, he was having dinner with nato officials as well. this is a key question for the eu going into 2025 how will they continue to support ukraine particularly if we see the united states at least downgrading and cutting potentially their support thus far to kyiv. at the same time, the key question for the europeans is how are they going to be spending on defense themselves there is a willingness, that's clear, in terms of increasing in terms of stepping up their own defense spending the question is how are they going to do that some initial discussions on that likely to happen later today in the meantime, i want to take you to other developments

remember we are monitoring from the united states. the government is facing a shutdown after president-elect donald trump criticized the bipartisan funding bill signaling the chances passing through congress lawmakers are racing to find another agreement which would avoid a government shutdown on friday night at midnight i would say brie jackson from nbc news is joining us for an update brie, explain to us how this shutdown is different from those we have witnessed in the past. >> reporter: good morning. for the first part, i think president-elect trump weighing in on this matter before he is actually president or sworn back in is one thing that caught a lot of people off guard yesterday. in a statement, the president-elect warned republicans anyone who votes for this spending will face a

primary challenge. that is what threw congress into chaos yesterday after the president-elect and vice president-elect denounced that stop gap spending planproposed trump is pushing for legislation to increase the debt ceiling this move has forced lawmakers back to the negotiating table. leaders of both parties agreed to a deal that contains $100 billion in disaster relief, $10 billion in aid to farmers as well as some other programs there. top democrats say house republicans will have to own any harm done o americans if a shutdown does, in fact, occur. lawmakers are skram scrambling here they will work throughout the night and day to try to hammer something out. they need to meet that friday

midnight deadline or risk holiday government shutdown. >> brie, one topic we discussed in the past was in the polarization in the u.s. politics at this stage, i'm wondering whether there's a chance, a strong chance of a compromise here given the differences of opinion within congress. >> reporter: yeah, that's what we're going to be keeping a close eye on today keep in mind, there was a compromise, a bipartisan bill that the republicans had put forth, but really this has divided the party. we have seen republicans come out saying they have been forced into this position that they had come to agreement. we really are -- it's really the president-elect who is forcing republicans hands here. >> brie, thank you for the update hopefully we'll speak an gain in

the future. i want o take you to breaking comments from the president. here are the comments he is making in terms of what the russia president is calling a special military operation in ukraine, he is saying the situation is changing significantly he's also saying we are moving toward reaching our primary goals. at the same time, the russian president also saying that when you think about, you know, the economy as well, he is alsos addressing the outlook here. he is mentioning he expect the economy to actually grow in the new year by about 4% at the same time, the russian president saying a couple of different flashes here one suggests that the russian economy may grow by 4% this year and it's next year, actually, he is saying they see the economy

growing between 2% and 2.5%. lower growth for the russian economy. that's one of the comments from the president himself, putin saying his thoughts in terms of the economic outlook there. meanwhile, the u.s. supreme court agreed to hear arguments that effective ban on tiktok violates free speech the app could be banned for u.s. users if it does not divest from bytedance. arguments will be heard on january 10th, a week before the ban is due to take place. as we approach the end of the show, here are the four things to get you up to speed ahead of the open on wall street the fed might cut rates twice next year saw stocks plunging. on the data front, jobless claims and gdp and existing home

sales. we have fedex reporting today. the stock was down on wednesday and it's 13% below highs seen in july we get latest numbers from nike after the bell the stock has fall than 5% since the sportswear giant's last quarterly release. the final check on markets we are red across the board. more pronouncements on the down side to the uk ftse 100 down 1.2% the cac 40 also down similar levels a final check on u.s. futures as well after what was a very important session on wednesday they point to actually a positive start to a trading day. we'll find out in a couple hours time that is it for today's show. i'm silvia amaro "worldwide exchange only is " i up next.

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♪ policy stance is now significantly less restrictive we can, therefore, be more cautious as we consider further adjustment to our policy rate. >> be more cautious. those three words sending markets into a tail spin u.s. markets seeing the biggest one-day drop on the fed decision ever red arrows all across the world. however, futures are showing