. >>> plus call it a shanghai surprise. the chinese stock market has its best one-day rally in three years. so are coal stocks not far behind? co-and carter think so. they're explain. >>> why are all those traders going yahoo for yahoo! calls. kol scott nations reveals. the action starts now. >>> back in the heart of new york city's time square. stocks closing at the lows of the day. the culprit is a familiar name, apple. the stock has now lost 27% of its value in just three months. it hit a ten-month low today, closing near the lows of the session. what is the next stop for america's favorite stock? let's get in the money. dan, this has to be more than tax selling at this point? >> we've been talking about it for weeks, almost month. really since september 21st when they introduced the iphone 5. at some point it had to do with people booking profits. we saw a trade out of big year-to-date rim mers. this is a story in and of itself. throw a dart this week for the reasons why it's going down. a lot has to do with the self fulfil

here we have one of the most dynamic moves over a one-month period. shanghai is up almost 9%, up 4.5% last night and 3% move a week or so ago. up 9% when the s&p is unchanged. that's an explosive kind of thing. take a look at a second chart. what it shows is that move of the last two weeks or so has allowed us to break above the down trend that's been in effect for the last two plus years. btu, typically stocks lead actions in indices. here is btu verses century aluminum and u.s. steel. they are highly correlated. they are all bottoming. they've all been working for months. in fact, four months of outperformance. take a look at btu itself. the same scalloping bearish to bullish move. importantly, it was going up in september and october when the stock market was going down. it leads the way, checks back to the average and starting to bounce and then just to put in context, this action a little longer term. not only is it too broken above its down trend just as shanghai. it's been doing it for weeks and weeks and weeks. then importantly this bottoming out actio

the aussie dollar is roughly flat after the shanghai composite closed lower. now, the imf has suggested france should give itself more leeway to meet deficit targets. the fund's mission chief, edward gardener, said the country's target of 3% gdp was less pressing than cutting excess from public finances. the imf warned against more tax hikes, warning these could further restrict french economic growth. >>> and speaking exclusively to nbc, the ceo of alcatel-lucent says he expects french companies to continue to battle head winds. >> we will improve on structural inners, for sure. if you take a european approach, you certainly will see some of the benefits of the structural improvement that we made. but if you look two feet on the ground, i think 20 is 13 will not be substantially better than 2012. >> what about your business? >> i think what you saw in 2012 was that the u.s. market was very strong. europe was weak. china was very weak. and i think that if you look to 2013, the u.s. will stay strong. i think europe will stay where it was in 2012 and i think that

moving on the tote greater chinese markets, the shanghai comp continued to gain. it has been on quite the rally throughout december rising about 9%. keep in mind, though, that this is a government orchestrated rally. we saw that huge surge on friday, more than 4%. it continued today gaining more than .5% and it has cut down the losses that mainland equities have seen this year. however, i wouldn't hold my breath. we have seen this many times in the past. and it has not losted. meanwhile, we did have the hang se seng, though, the shanghai comp failed to lift this index up, down about .4%. in this market, we had chinese sportsmaker li ning in focus. this is the chinese version of nike of adidas. it warned it would take a hit in 2012. the asx the 200 was easing from a fiscal high. finishing at 4,573. the sensex in india saved off about .4%. we have an interest rate decision from the reserve bank of india tomorrow. abdomen lists are expecting that they will hold, though some believe that it may cut the cash rate. all in all, ross, a subdued day out in asia, but a few o

one oasis this orange, the shanghai composite b, a burst of buying sent shares soaring. li sixuan is standing by with the details. it's a extraordinary number for today, 4%. >> another shanghai surprise today. the xos quit broke open to search more than 4% to add a four-month high on heavy volumes. this is the index's strongest daily gain in more than three years, a combination of factors at play here. some ramping up of expectations ahead of the central economic meeting this weekend where leaders will set new growth targets. there's speculation of state-backed institutional buying and the better early pmi readings. the flash december gauge showed china's factory activity climbed to a four-month high. it's the fifth straight monthly gain with expansion and new orders to a 19-month high and stronger job signals, as well. on the market today, developers and infrastructure were among the top gainers on hopes for ba jing's top urban plan. shares in hong kong were noddest in the mainland, ending higher by about .7.%. petrochina gained 1.3% in a canadian shale gas project. mean

we have the shanghai comp in and out of the red and dranking the hang seng along the way. there is skepticism in shanghai. up nearly 10% in the month of december. it is still one of the worst performing indexes in asia. keep in mind, it is a government-orchestrated rally. the economic data has been better in china. offer, that hasn't been enough to move stock. the recent rally we've seen, still a lot of questions as to why exactly it's happening and whether the government can put in some reforms to keep that going. hong kong, aia shares resumed trading today. this is not -- the losses for aii were not too heavy, but the hang seng ending with losses. over in australia, the s&p asx 200 gained some ground, abo about .5%. it was the big miners that gained today. and this brings the aussie market to a 17-month high. we have some minutes out from the research bank of australia. we will see monetarying easing in the form of interest rate cuts last year. it's defying expectations because we are seeing some gains of about .6%. this is despite the rbi, the research bank of india putt

it was another volatile session for the shanghai composite. the banks were under some pressure in the session in both markets, the major mainland banks. concerns that their growth won't be as -- won't be as big next year, could be in the single digits versus the double digits. and, kelly, there has been some talks. some people have linked the performance, the inaction in chinese equities to doomsday tomorrow. you know, the chinese investors are a superstitious bunch. >> did i edre, thanks very much. >>> italian sales out falling for the fourth consecutive month, markets shrugging it off. roughly split between decliners and advancers today. take a look at the major bourses, earlier this morning, especially after we saw losses coming out of the wall street session overnight, we did see pressure on futures. now we're seeing the ftse mib, giving up a little bit of ground, but only down slightly. this certainly will be an area of focus as we get into trade. xetra dax fractionally lower. the ftse 100 is trying to stay in the green. it's at a level of

liz: the shanghai market, the shanghai composite in china, closed well below the markets opened but here are some names posting solid gains when it comes to the steel world. optimism on china coming back giving the steel sector boost. prices for iron ore hitting a decent high lately, not a bad move, translating to a lot of names in this space for a while it looked like the economy was weakening and now it is coming back. dave: we want to let you know we will throughout this hour ridge you -- give the regular updates on a horrendous shooting in connecticut. that is coming throughout the hour. liz: how about alternative investment? putting money behind a pop culture icon. we are looking at other ways to make money than stocks but what about judy garland? the rights to her tv show are up for auction. did you know the rights and royalties of an investment can return 8% to 11% on average? better than a kick in the head. we have the man who is selling rights that he bought from judy garland's former husband. dave: today is the deadline for states to say if they will set up their own health car

the globe. another shanghai surprise. beijing's leadership calls for economic stability and some business growth. >>> more austerity for britain that faces further spending cuts. chancellor george osborne getting ready to face his autumn statement. it's had a number of approaches enter sbred -- interested in buying the venture. >> you're watching "worldwide exchange." >> the final serves as pmi better than the familiar number. the 45.7 was a tick-up from october. the final composite pmi is also higher. 46.5 to 45.8 flash as well, the highest since july. so the economic slump a little less pronounced in november than previously thought, although the session still looks very much on course for another quarter here for europe. the pmi will rise above 50 that divides growth between contraction. hasn't stopped the euro/dollar from hitting a one and a half month high. i suppose we know growth is going to be anemic, but if spanish banks are getting some money, are we feeling slightly better? >> that's what euro trades on, isn't

. >>> the shanghai composite index gained more than 1.5% while hong kong hang seng lost a fraction andill be another short week on wall street because of new year's and promises to be another volatile week especially if no deal is reached on the fiscal cliff. on friday the dow dropped 158 points while the nasdaq fell 25 points. >>> ford motor's had another banner year. the automaker says they sold 2 president 22 .2 million. it's the second year in the row ford has topped 2 million in sales, the only u.s. company to do that. >>> there may not be many happy return this year especially if you don't have your receipt. the nation real retail federation says $63 billion worth of presents will be taken back to stores but receipts could be vital because many stores are tightening rules on refunds and exchanges. >>> and hollywood had a record-setting year at the box office with almost $11 billion in ticket sales. this weekend "the hobbit" came in at the top for a third weekend in a row pulling in nearly $33 million. quentin taryn teno's jango unchained came in at $30 million and the musical les

when we look at it 2013, we're hearing from people who are saying despite the shanghai weakness, we're feeling better about china. the european situation is about to be resolved, but if it doesn't, would that not be bullish for oil? >> i think right now at least what you're starting to see for oil is it's starting to set itself up on a base here, but really, i think in particular there's two things that we're looking at, at least on this side in oil. first is -- and i have to mention it this way -- is the spread between brent and wti is starting to get up into the wider band near that 27 level. and if it exceeds that, then all of a study we have not necessary lay technical breakout, but some historical levels should should take precedence on a global theme. secondly, of course, just the whole idea or the premise at least that we're start to go look at that gold has been sticking itself in a narrow range and it looks like it's going to continue to stay that. but, you know, traders like playing those ranges and in particular when i reference the wti, that $10 band has been something that

it is interesting, susie, in the last week, december 3rd, the most recent bottom in the shanghai market, which has been a being downer, does pit the market going up 6.5%, and the market is up 6.5%. so the markets beginning to believe it is getting better as well. >> susie: thank you very much, mike, mike holland and holland and company. and tomorrow tonight, we'll have more analysis on the fed decision. mohamed el-erian joins us. he's the c.e.o. of pimco. >> tom: still head, british bank hsbc agrees to pay a record fine for laundering mexico drug money. >> susie: it's a major hit to organized labor-- michigan approved legislation today that would greatly limit labor rights. protestors swarmed the state capital as lawmakers passed a bill prohibiting unions from requiring employees to join and pay dues. the move would make michigan, one of the most union-friendly states, the 24th "right to work" state, where union dues are voluntary. >> tom: more bumpy skies for boeing's 787 dreamliner. boeing's much anticipated and high-profile plane was grounded last week, according to "the new york tim

indeed, the shanghai composite up 1.6%. hang seng in hong kong a little lower on the morning. shanghai composite in the positive by 1.6%. new evidence has emerged that chinese companies are actively helping iran evade trade sanctions. according to documents object stained by reuters in late 2010, wally technologies offered to sell hewlett packard equipment offered to sell components to a mobile phone operator. can you walk us through the latest findings here. >> the latest findings -- i've been writing all year about how iran, despite tightening global sanctions by the u.s., europe and other countries has continued to manage to obtain sophisticated u.s. technologies with the complicity of a number of foreign companies. the one i wrote about today is flaway, which is the world's second biggest telecommaker in china. basically, i came upon documents which showed in late 2010 flaway attempted through a chinese intermediary to sell at least 1.3 million euros worth of hewlett packard equipment to iran's largest mobile phone operator. th this, of course, would be illegal. they say th

the shanghai caught changing directions a number of times throughout the session. ending just on the flat line at 21.62. the property plays were dragging this index down. they've been some of the best performers year to date. however, we've been getting more rhetoric from policymakers saying that the curbs and restrictions that have been in place for more than two years now are going to be there to stay. this is following some signs of a revival in that market. of course, as you guys know, the government has its eye and wants to cool home prices and really deflate that bubble. the hang seng managed its first winning session so far this week. up .6%, bringing it close to a 17-month high. and oil plays were big winners. we had the s&p asx 200 in australia, gains. the bsc sensex trading half a percent. back to you. >> thank you very much. a key session in japan overnight. >>> as we pivot our focus to europe, you see stocks addi adding .3%. consistent with the rally we've seen over the last several trading sessions and apparently having plenty to do with the possible r

the shanghai composite edged down just over 0.1% after a pretty sharp rebound yesterday.outh korea's kospi also managing gains. it closed higher by more than 0.1%. that put it at a seven-week high. let's move on to currencies now. dollar/yen right now is a little higher, seeing it at 82.35. market observers say investors are buying the dollar on optimism about the u.s. budget talks, but its advance has been capped today as many traders do remain on the sidelines ahead of u.s. jobs data, which is due out on friday. now, in terms of the euro, it's still holding pretty strong against the yen, right now at 107.70. >>> officials at japan's transport ministry have ordered airlines to inspect boeing passenger jets. they say state-of-the-art 787 dreamliners have had problems with their fuel lines. the emergency order followed a fuel leak in october involving a 787. that's flown by all nippon airways. they found that fuel line connectors designed to prevent leaks were not installed on that plane. officials at all nippon airways and japan airlines say they were notified of the prob

the banks listed in shanghai. liquidity concerns as they head into the end of the year and try wrapping up their balance sheets for regulatory requirements next year. that's the asx worries here. and the bse sensex, the momentum of losses has been increasing over the last little bit. but this market doing very well on the year, as well, up nearly 25%. so a pretty ugly picture here, kelly, but if the world is going to end in a few hours, what does it matter? >> dierdre wang morris from singapore, thank you very much. >>> at play behind a lot of the sell-off is that u.s. house speaker john boehner has been dealt a major setback in his efforts to piece together legislation to help the economy avert the fiscal cliff. that headline is looming ten days away. steve handlesman is wrapping up the latest developments from capitol hill. >> reporter: the vote on boehner's plan b was canceled abruptly. a big embarrassment for the speaker, who had hoped to force democrats to follow his lead. >> in the senate, democrats and white

moving straight down on the shangh shanghai a-shares. we don't see a catalyst for an uptick. if you overlay that, you're talking about liquidity, with the higher taxes, obama's last offer that was on the table was $1.4 trillion in higher taxes over ten years, and $800 billion in lower spending. that's taking a lot of liquidity out of the economy. >> okay, barry, last question here. fill in the blanks for me. if we hold x, then this correction will not happen. >> if we hold, i mean, key support level certain little on the s&p 500. look for 1400, would be a key support level to hold there. we'd want to bounce back up. but what you really would be looking for, i showed on the charts, key resistance levels. what you really want to see, we have not been able to break above those resistance levels. you need to break above those resistance levels very convincingly if you're going to convince me there's going to be a rally in 2013. >> barry, thank you, joining us tonight from miami. >> thank you. >> you look what barry has to say? >> i think you should get a correction here. >> do you

the nyse. a blowout session in shanghai overnight. best single day gain in more than three years on a pretty decent pmi. europe has also been a blend of red and green as the ft names ecb chief the person of the year. we're going to kick off with breaking news. for that would, we go to david faber. >> news on best buy, in the news yesterday. the stock up sharply. what we can tell you right now is the board of directors of best buy, and its founder, richard schultz, has been trying to put together a group to essentially buy the company in a go private transaction, have extended the deadline in which he would need to come with a bid for best buy and created a window in fact that will begin on february 1st next year and end with the end of that month on february the 28th. giving schultz the opportunity to look at not just christmas sales, but the end of their fiscal year, which will end at best buy on the 31st of january. and that window, again, will be 28 days long giving him an opportunity to continue to try to cobble together a bid with

you have a lot of factorers at work here and a step away from yum the big three are china, the shanghaip, number two, the price of copper has been making lower highs. and then bond yields which is an explicit signal. i wouldn't be so reckless to say china bottoms. >>> time for pops and drops and movers. pick it up with a drop for wynn. >> they were all getting nailed. this is a stock that has not had a big catalyst. we have not seen a valuation we like here. >> drop for darden. >> if you miss sales your stock gets hammered. it is a big theme. >> drop for gap down 10%. >> their comps the last month weren't great. that is sahuge move for this. that is a monster move for a stock that has been a monster this year. i am inclined to buy at some point tomorrow. another day of selloff. >> drop for diana shipping down 1%. >> got problems in the shipping business. we are building huge new ships that carry 18,000 teus and we are wrecking the ships that carry 5,000 and 6,000. we are destroying three and four ships and bringing on one. a lot of supply. >> big pop for big lots. >> this after better t

remember the shanghai comp is not the chinese economy. if you look at technical indicators there are guying screening the table. i do think china looks very interesting for a lot of people. >> i think people at home are going to start thinking to themselves what happened to yum brands. >> so did tiffany. >> why the disconnect here? >> you have to understand that yum has a couple of specific issues. yum is not the only guy out there. >> it is the biggest guy out there. >> i think when you have competition and their comps were significantly high and this is one of the head winds for them their comps are too good and i don't think they will grow 50%. they are a luxury brand producer going after a sector of the market that is unsustainable. if you look at the chinese consumer they are not buying tiffany watches and eating at yum. it is a consumption story that is slowly getting better. >> is it time for a final trade? >> you asked me and i'm delivering. >> you bring it. you always bring it. >>> mieving on here. americans are piling into u.s.

the shanghai composite up by .25%. you're seeing similar gains in the s&p asx and the hang seng, the kospi both a couple of points up to the upside, as well. currency markets, pretty stable trade, too. we're seeing slightly lower volumes to say the least as you would anticipate here during the holiday days. we are, though, flirt, a recent high is 1.32. a couple of sessions ago, we were down at the 1.29 mark. aussie/dollar flat. sterling seeing slight gains. just to wrap things up showing you what's taking place in fixed income, relatively flattish trade, as well. the yield here on the spanish yield, 5.3%. the uk seeing yeldz slightly higher, as well. but, of course, it is christmas. it is the holiday season that we're up against. so you would anticipate that maybe some investor res closing out recent profits. sitting tight and waiting for that next year to start, karen. >> thanks very much, louisa. we are indeed in a festive mood. let me echo a very merry christmas to the viewers out there. on the agenda in the united s

but very cold and so minus 4 for the high. shanghai at 1 degree on your thursday. europe is looking messy. the snow is really causing problems in central europe and further out to the west over the british isles. a lot of low pressure systems dotted around and it's still frigid. the cold air right down to the mediterranean. so plenty of snow is available. down to the southeast, it's going to be rain rather than snow. heavy rain heading into turkey could cause flash flooding problems. and in fact, the black sea region has been stormy recently. i want to show you video from tuesday. this is showing you what happened when a cargo ship was brought in due to engine malfunction. two other incidents off the turkish coast left two dead and 12 missing, according to coastal authorities. one of the boats sank. this was a rescue boat caught in the rough seas there. when stormy conditions like this happen, usually the sea is closed to traffic. yet on tuesday it remained open, and that's the picture that we see there. certainly it's going to be very stormy once again. another low

the shanghai composite was up .25%. investors will return to wall street with concerns over the "fiscal cliff." on monday, before closing for christmas the dow lost 52 points while the nasdaq dropped 8. the white house says the president is cutting its vacation in hawaii short to deal with "fiscal cliff" negotiations. his focus, figure out a plan to avoid the huge spike in taxes and spending cuts set to take effect in 6 days. senate majority leader harry reid is believed to be crafting his own fiscal package including extending the bush- era tax cuts for households making less than $250,000. now, regardless of what happens with the "fiscal cliff," new taxes to help pay for the affordable healthcare act will take effect january 1. but the average american will not really see a difference in his bill to the irs. the wealthiest 2% of americans and the healthcare industry will pick up the majority of the tab. back to you. >> thank you. >>> now, ladies and gentlemen, time for the big story of the day. that is as per usual the

now you've got to keep in mind here that they suffered three years of losses on the shanghai from 20092011. now we're starting to watch chinese stocks break out this month. i think they're up about 12% in december. the new leadership handover is complete. you know, the feeling is that bets out of the way, they're going to get their house in order in terms of stimulating the economy again. the worst is behind them. i think maybe, just maybe, we could see the big comeback for chinese stocks next year. what do you reckon? >> i think that when you can make up any economic data point you want, your economy should do pretty well. >> i should have a chat with the leadership. >> i'm not saying they do anything, i'm just saying if you are like matthew broderick in "war games" you go in the computer and change your grades, maybe they do that, maybe they don't. i know the average income in china, 3500 to 4,000 u.s. dollars and the average home in beijing trades at 100 times income, that makes me a little nervous. you know more about asia than i do. >> when you get those average income numbers, th

overnight the shanghai scored more than 4%. a strong manufacturing report there boosted confidence in the world's second largest economy. that helped hong kong maybe a small gain. taiwan and south korea all ended their trading session overnight with losses. the futures indicate another mixed opening with dow gaining ground. but it did drop almost 75 points yesterday. we're going to talk about more about the fiscal cliff and how it's effecting the markets. the nasdaq starting just below the 3,000 mark today. and keep an eye on adobe systems when it opens. share prices jumped in premarket trading after the company reported better than expected results. adobe earned $220 million for the quarter that ended last month. that is up $49 million from last year. revenue is plat flat. 2013 will be a pivotal year for the transition to a subscription based service including the creative cloud. >>> time now 5:20. you ever think about what other people are searching for online? the most popular things searched on google this year and big part

we have the shanghai composite there up about a quarter percent. >>> all right. in today's top stories, the u.s. is five days away from going over the fiscal cliff. president obama is cutting his holiday vacation short, returning to washington tomorrow to continue talks to try to avoid that automatic tax hike and spending cut combination. that's the same day that congress returns to town. before the president left town on friday, he suggested a stopgap measure to freeze tax rates for people making less than $250,000 a year and extend unemployment benefits. reports say white house staffers have been quietly working with senate democrats to come up with a plan to avoid the fiscal cliff, but little progress has been made. >>> a chinese ratings agency is putting the u.s. on negative watch citing troubles with long-term debt issues. on a statement on its web site, global credit says each political party insists on the proposition favorable for its own interest. it expects u.s. debt to rise to 105% of gdp this year and warns the country will probably fall into recession

the shanghai com positive the pulled back a bit after yesterday's 3% surge. investors booked profit. but property developers extended gains from yesterday. hsbc came under pressure after reports saying it may pay a $1.8 billion fine over the money laundering scandal. gains in steel makers helped push the kospi higher despite korea q3 gdp grew at the slowest pace since lehman crisis. australia, investors shrugged off strong jobs data. sensex gained 0.6% today. >> john boehner and president obama speaking by phone, but no announcement of any upcoming face to face budget talks. earlier the president told the business round table that a deal to avoid the fiscal cliff could be reached quickly if republicans drop their opposition to raising tax rates on the wealthy. and in an interview on cnbc, timothy geithner says the gop is making a little bit of practice, but the white house is absolutely ready to go over the cliff if tax rates on the top 2% don't rise. >> our obligation is first do no harl. we need to lift that threat over the economy. and now as part of that,

the shanghai composite gained more than 1.5% while hong kong's hang seng lost a fraction and tokyo's d for the holiday. >>> today is the last trading day of the year on wall street. investors are keeping a close eye on the "fiscal cliff" negotiations. with the deadline at midnight, let's head to wall street see where we stand as investors are watching closely to see what happens. as you can see the dow and the nasdaq are mixed at this point. the dow is down by 23 points. the nasdaq is higher by almost 7 points. >>> ford motors had another banger -- banner year. they said they sold 2.2 million vehicles in the u.s. in 2012. that's up from 2.1 million last year. the ford focus is their most popular model. this is the second year in a row ford has topped two million in sales. the only u.s. car company to do that. >>> and there may not be many happy returns this year especially if you don't have your receipt. the national retail federation says $63 billion worth of presents will be taken back to stores but receipts could be critical in making a return successful because many stores are tig

the shanghai composite gained more than 1 1/2 hong kong's hang seng lost a fraction and tokyo's nikkeifor the holiday. >>> today is the last trading day of the year on wall street. on friday, the markets closed lower as investors keep a close eye on the "fiscal cliff" negotiations. the dow plunged 158 points falling below the 13,000 mark while the nasdaq dropped 25 points. >>> ford motors had another banner year. the automaker says they sold 2.2 million vehicles here in the u.s. in 2012. that's up from 2.1 million last year. the ford focus is their most popular model. this is the second year in a row ford has topped 2 million in sales. the only u.s. company to do that. >>> and there may not be many happy returns this year especially if you don't have your receipt. the national retail federation says $63 billion worth of presents will be taken back to the stores. that is a lot of unhappy people. receipts could be critical in making a return because many stores are tightening the rules on refunds and exchanges. so if you got one of those ugly holiday sweaters, hopefully it came with a gi

the finding by the shanghai food and drug administration is, of course, a blow to kfc's reputation in china. they are already experiencing a lot of competition there. the update on this story is that yum has since issued a statement saying that they are cooperating with the government's review of these two poultry suppliers, and as such they do not anticipate to see a shortage of product supply. as you can see from the chart, we were down about 4% from yum. >> all right, thank you so much. we are waiting on president obama's statement on the state of negotiations in washington. the president is meeting right now with majority leader harry reid. they're meeting now, and at 5:00 p.m. eastern we are told the president will make a statement, which we will carry live for you right here on cnbc. keep it here as we take you live to the white house with the president. coming up, my observation on what today's selling is telling us about what's happening or not happening in washington. and in just a moment we'll take you live to washington to get that statement from the president. back in a mo

over the cliff shanghai. i think i have said enough. roll it, please. ght reel. >> i am not saying everything was done perfectly. we are on the right track. >> he needs someone to blame. he had bush in his first term. now, he has the fiscal cliff. >> he never ran on cutting the deficit. he talks about it, but it has never been a central part of his plan. stuart: how long can we do this for? >> the government gets to kick this can down the road. stuart: please, can we go back to shanghai? i am lightly informed that there is something going on. yes. okay. thank you very much, indeed. the new year has arrived in shanghai. let's just watch it for a second, shall we, david? that is live. if you are an american and you live in shanghai, but you just died, you are in deep trouble because the new estate tax has just goneo

the next 24 hours. temperature-wise shanghai at 17 degrees. really warm out there, but a different story in other regions. some of the regions in inner mongolia have seen minus 30 this morning temperature-wise. in tokyo we're looking at 12 degrees. over towards the americas still things are very messy across much of the southwest. this is due to this winter storm system, and it is going to be a very heavy snowmaker. that will be moving into the four corners. welcoming rain will perhaps be in the phoenix region, but the mountainside will perhaps see about 30 centimeters of snowfall in nevada and new mexico. colorado, you may see more than that, and southern california you'll still see those rain but higher elevations will possibly pack up 5 centimeters of snowfall. across much of the southeast, things are looking very clear and the temperatures are rising here in chicago. that's well above your average. in fact, people in chicago actually broke the record for the longest stretch with no measurable snowfall. you haven't seen snow since rch 4 lt y

the shanghai index ended the day about 1.6% higher, highest close since june 20th.has been a nice run that we've seen also in china to our point before. it's been up 16% since its four-year low in december. >> for the year the index is up 3% right now. for those who missed it, this will be the first annual gain in, i believe, three years' time. this has not been a positive stock market, despite the economy growing 7%, 8%, 9% or so. as the chinese president said this morning, there will be policies put in place to support growth. and whatever nervousness in the transition is going to fade and policymakers can get more involved. >> we've seen this play out in the metal stakes. the best fourth quarter in two years, up 56%. iron ore prices. that's a real lead on demand. and especially as the chinese government makes all these nods toward urbanization plans and the need to update and invest in infrastructure. these are the areas where you want to be. >> yeah. also ties into what clearly will be one of the bigger stories of next year. and that is central banking wars. jap

they lost again on the notion of the fiscal cliff not happening. shanghai composite higher by just over 1% in today's session. hang seng, and the kospi closing slightly higher across the board. the european markets mixed, but the ftse 100 still flat to higher. we're all looking towards these fiscal cliff negotiations. at the moment, we've got a couple more days of trade before we get to the end of the new year, as well. most analysts out there, they've been saying we're going to see a relatively flattish end to the year from where we are now given that we've seen such an increase of equities in the past 12 months. we've seen stellar outperformance from these european markets. also the periphery markets incidentally, too. bond markets, the fixed income markets, here we're seeing buying in germany at the moment and 10-year german bund around 3%. a little bit of buying into the gild as well as some of the safe haven trades back on. we have this italian bond auction. the first one is going to be settled in 2013 and the last one in this year, as well. it's thoug

the big moves, we're coming out of asia. 4.3% of the shanghai composite. it just had its best day in three years. this follows some pmi data that supported the idea of domestic spending. of course, it's been this coiled spring market over the last couple of weeks. after we saw the shanghai fall below the 2,000 level, it's in several big days. the news agency tweeted a picture of chinese stockbrokers grinning this morning to give you a sense of the mood. compare that to the nikkei which was down this morning going into the election these weekend likely to put shinzo abe back in power. he's seen as following up his campaign rhetoric with bold reforms to boost the economy and perhaps get things started on a stimulus forget and yet we see the nikkei down today. why? because the tankan business survey came out and disappointed. export orders, a sign of weakness there and in china and in some of the pmi figures that we got across europe. so the theme that is emerging, while germany even showed some signs perhaps of strength in its service sector, there's still co

and the shanghai was up by 0.8, and in korea, it was down. gains in france with the cac up 0.75%. >>> facebook looks to grow its mobile business. julia boorstin has the news and what it means for the social network. julia, good morning. >> good morning to you, joe. facebook is making another move in the mobile space. now anyone can sign up for facebook's premobile messages app just with a name and a phone number. you no longer have to be a member of the social network. the streamlined sign-up process will help draw more users in emerging markets where people are less likely to have an e-mail account for computer access and facebook doesn't currently make money from messenger which includes free texting and group chat and photo sharing. but it hopes to draw more people to sign up to facebook where more users translate to higher profits. >> when people find more messages with messenger or using the product more they are using the facebook main app and because they are truly cross platforming when you send a message sometimes it also goes to desk

the shanghai composite extended losses in the afternoon to end lower by 1%. we saw heavy selloffs. hang seng initially hit a fresh intra day high, but weakness in the mainland dragged it lower. among the big losers were pc maker and mainland oil majors. the rest of asia gained ground. the nikkei at a seven month high. exporters continued to gain thanks to the yen weakness. construction stocks also surged on a domestic repair project and also their exposure to china. elsewhere the kospi finished higher by 0.4%. in australia, banks rose on expectations of a rate cut. defensive stocks also helped you push the asx 200 higher. sensex trading lower by 0.3%. back to you. >> all right. here we are european stocks, first trading day of december, an hour and ten minutes in to the session. not bad last month. ftse up 1.5%. we're weighted to the up side a little bit more than 7:2, advancers outpacing decliners on the stoxx 600. ftse up 1.5% last month, dax up 2, contact 340 up nearly 4%, xetra dax up 0.4%. the ibex fairly flat. let's show you where we are with bond rates, as well. we'll take a

going to be the brick, you know, the emerging market there, and it's interesting to note also the shanghainother four year low the other day. there's concern in china about the slope of the growth rate so that probably provides a good opportunity, again, to be investing in the emerging markets. tracy: you like gold and miners as well. high numbers on gold. room to grow though? >> it really does because what's going on here why are all stocks doing so well when we know full well that we're probably moving into recession territory in europe. we're really going to is a soft 2013 here domestically, and it's hard to say what the ultimate outcome for the chinese growth rate's going to be. why favor stocks? it's because every central bank in the world tells you they are going to print money, going to create stimulus going forward so you want to be out of the money market, and you want to be increasingly long stocks. tracy: talk about what you sell? small caps, micro caps because, i guess, in theory, they have no idea what's going on, hard to adjust to the moving shift. >> exactly. they will have

the shanghai mall, this glass aquarium home to three lemon sharks and turtles final suddenly shatterse of the sharks or turtles survived. 16 people, again, were hurt. it's incredible. >>> you know, there is a lot of fuss, but also a lot of phrase for the 700th issue of the amazing spider man comic book. it just hit stores. ed it feedback, some of it not so much. not so pretty. and that's why we have -- we coralled kareen wynter to show us what is going on. what is going on here? >> people are furious. but let's not get too worked up about the story line, don. sure, marvel has killed off peter parker, or sort of, in the 700th issue. dr. octupus implants his personality into parker and decides to take up the role of spider man. some fans are just outraged by this plot line. in a similar move, they did the same thing by killing off peter parker. this is set in a parallel world and spidy's fans have been just as angry when a story line undid his marriage. mind boggling, right? nothing set in stone in the comics. it's just ink and paper. people should simmer down a little bit. >> we need t

the shanghai composite is up 15% in just the last 30 days.ou are starting to see better manufacturing data. better exporting data. also, the nations in the pacific rim, as well as, latin america. shibani: before i want to ask you -- >> i am a little concerned if we trigger the fiscal cliff, you may see a rotation away from lower quality debt. if we avoid that, then, i think, though bonds will be an attractive asset class this year and maybe more so than investment grade. certainly, both are more attractive than treasuries. shibani: david joy, thank you for being on with us today. a very happy new year to you, as well. >> thank you. same to you. ashley: the fiscal cliff is the big story. that is not the only thing that could mean major changes for you and your wallet next year. changes for healthcare. that is coming up next. shibani: we are also waiting for the president's remarks live from the white house. we will bring them to you live. ♪ droid dna augmentation initiated. vision expanding to a 5-inch 1080p hd display and camera. touch acquir

the shanghai composite lost more ground in late trade after a four-day winning streak.iculture, industrials and commodities puddle back after investors lost profits. but some rebounded after producers refuted contamination allegations with inspection reports. in hong kong, financials lent support to the hang seng, closing around a 15-month high. elsewhere, the nikkei ended lower by just a tad as exporters weakness. short sales rallied almost 7% after getting an additional $240 million loan. meanwhile, south korean shares were boosted by ship exporters. in australia, miners and bankers led support to the asx ending higher largely by 4%. back to you. >> all right. thanks for that. catch you a little later. >>> now, berlusconi and bersani are already exchanging blows after what's considered to be a controversial moment in italy. berlusconi has announced he's creating a new center right grouping. meanwhile, mario monti has been accused oversimplifying solutions during the fiscal crisis. carolin is joining us now from rome. do we expect more of this rhetoric today? >> oh, de

shy of the frigid air mass toward the north. 11 in chongquing and shanghai and further down to the south and the tropics, into the 30s there. let's head on into the americas. central portions are looking calm and clear. a storm from the pacific, dropping down from b.c. to central california. chilly showers to post coastal areas. and we'll be seeing some snow, a few inches on the sierra nevadas and moving inland as well. strongest gusts bringing temperatures down in portions of southern california in the next couple of days. out toward the east, we've been watching a stubborn system move away out over the atlantic, but what will be left over is heavy showers in the eastern gulf states as well as in the florida peninsula and you can see some severe thunderstorms erupting there too. here are temperatures. a big drop out in the northeast. new york city, 9 degrees today. 9 in d.c. a drop of 10 degrees between monday and tuesday. further up toward the north. that's your high temperature. winnipeg, minus 20. high temperature, even down to houston, 13 for the high. but overnight lows will be aro

the shanghai composite recouped morning losses in positive territory. property stocks turned higher in the afternoon. stocks also rallied while investors await beijing's detailed plan on urban development. strengthening main line blue chips pushed the hang seng to a 16-month high. developers, industrials, and gaming stocks among the top gamers today. >>> in japan the country's october machinery orders not rebounding as strongly as expected. investors were still in the buying mood ahead of this sunday's election. the nikkei ended near an eight-month closing high with exporters rallying on the weaker yen. south korea's kospi gained ground despite north korea's rocket launch. automakers in reverse gear. in australia, strethdenning miners was capped by weakness in developers and telecos. closing partially in the green. still in action under pressure, now lower by .2%. back to you. >> thanks for that. catch you later. >>> while many have shrugged off the impact of today's north korean rocket launch, our guest says it is a potential game-changer. find out why

counted on our website right now if the us says his return fish tank filled with shocks the started in a bassinet shanghai shopping center of all the details on the radio. and also online a report on the latest study from russia's far east that could potentially allow a scientist to bring life to the red planet and find out what alcohol. but only days left until the end of the year also he recalls the most significant global events of the past twelve months and today we look back of the american presidential election and the memorable debates that preceded it. we have been running the election of close to your ears more than two weeks before the election every single day there was a story by a correspondent running while guests on the show it's a trait that truck so given the voice to the third parties was exactly what we needed to get the full picture. we are just a couple hours away now from the third party debate as you can see our production crew is busy transforming our studio in a debate floor one of the most important functions of democracy is. the debate a lot of discussion about a lot of issues a