ross westgate will be onset to walk you through the policy decisions.ou you, time for "squawk box." >>> good morning, everyone. today's top story is the markets. stocks coming off a sharp selloff. the day after the election, the dow turning in its biggest decline in nearly a year. in europe stocks seem to be cheering greek austerity vote and the ecb is set to announce a policy decision around 7:45 eastern time. in asia, chinese communist party is gathering to select new leaders. it is november 8th, 2012 and "squawk box" begins right now. >>> feels good. thanks and welcome to "squawk x"

i'm ross westgate. these are your headlines from around the world. angela merkel says the greek financing problem can be filled. they all failed to reach an agreement on how to resolve the sustainability of the country's debt problems. >>> the fbi has launched a probe into the hewlitt packard deal. the former boss has hit back in a cnbc interview. >> the first we heard about it was a press release. we utterly refute them. these are absolutely factually incorrect. we'd like to learn more about them. i'm afraid the details haven't been shared with us. >>> and no cease fire as hillary clinton joins egypt in attempting to broker a deal between israel and hamas. this as rocket attacks continue. >> you're watching "worldwide exchange," bringing you business news from around the globe. >> all right. welcome to cnbc's "worldwide exchange." if you just joined us this morning, the start of your global trading day, one day ahead of the thanksgiving holiday. many people might be leaving early today. european stocks fell flat. this is where we're indicated on the

thousand we have number 23 and ross westgate is standing by in london. ross, you are our very own international man of mystery. anytime we have something like this, we have to turn to you. you've done some research on this count. >> yeah. the bond movies biggest open worldwide. before the debut in north america. and it coincides with the launch of a new sort of spy training weekend. a luxury experience called secret me. but the key thing about it is when you go on this course, you're being taught by ex-intelligence officials, special forces guys, people that have worked as surveillance for the british government. . we have some pictures while i talk. you but the amazing thing is that you are -- this was a bit of the package that you can see. they teach you things like shooting. you get flown there in a helicopter. misst mi pistol training, unarmed combat. how to play poker properly. surveillance training if you want to track people around in secret. you also get taught the art of a duk seduction which is also very use, as well. making cocktails. and misst

. >> i'm ross westgate. these are the headlines. >> president obama rolls to re-election and a second term, defeating mitt romney despite a weak u.s. economy and persistently high unemployment. >> investors cheer obama's re-election. equities trading high led by autos and health care stocks. >> democrats keep their hold of the senate and republicans keep their control of the house. >> there will be a tough challenge facing the looming fiscal cliff. >>> a very good morning to you. it's been a long night, but we have a result. >> yes, we do. let's get right it to. president barack obama capturing a second term in the white house despite the struggling u.s. economy. he did manage to win many of the same states he took in 2008 and nearly all the critical swing states, including ohio, virginia, and colorado. speaking to supporters in chicago just a few hours ago, the president congratulated his republican challenger on the spirited race and said there's plenty of work ahead to fix the country's fiscal problems. >

ross westgate is standing by in london. an ross, what can you tell us about how things are shaping up? >> pretty flat a where we stand right now. between morning to you. take a look at the dow jones stoxx 600. ftse and xetra dax after losses last week, this morning slightly firmer he. y you can see the chart. also want to along it can hang seng and nikkei. a couple bits out of asia. japan third quarter gdp down 0.9%. better news out of china today. export growth after five month high up 11% for the month of october, maybe suggests the seven quarters of declining growth or weakening yoet ininan end. greece last night in a vote, greek parliament did pass the austerity budget. so eyes now on the eurozone finance minister's meeting in brussels. one would think there's nothing more for them to do apart from sign off the money because at the moment, at the end of the week, greece has to roll over 5 billion in t-bills. it ain't likely to happen today because they haven't read the troica report. no one thinks they won't get the mon

and i'm ross westgate. down to the wire with just one day to go, president obama, mitt romney make one last mad dash to rally supporters. polls show them in a virtual tie. >> and a week after sandy hit the u.s. east coast, residents and businesses are finding it a slow road to recovery and another winter storm is bearing down on the region. >> and probing allegations that wen's family has amassed a giant fortune. >>> and hsbc is now setting aside a total of $1.5 billion to cover potential u.s. fine related to money laundering charges sending shares lower. let's take a look at u.s. futures. we saw the u.s. sell off into the close on friday, that negative attitude extending to asia and europe around the globe. and this morning futures not staging that much of a's bound. in the red about 34 points. nasdaq is at least the right color looking to shed a few points. hanging on to the 1404 level, but the 1400 one is certainly one to watch. you can see a sharp downturn in the cnbc ftse global 300 in just the last ha

i'm ross westgate. >> and i'm kelly evans. these are your headlines from around the world. >> transition of china's top brass is under way. >> coordination across the eu, but in the form of strikes. workers in spain, portugal, italy are set for the nation's first cross-border anti-austerity protest. >> italy is looking to raise $3.5 billion euros. >> cisco posted better than expected first quarter reports. john chambers sounds a cautious but optimistic note about the u.s. economy. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> hello. welcome to today's "worldwide exchange". >> 40 unions in 23 countries. that's the strikes that are planned across europe today. so if you thought there couldn't be any coordination, there is coordination. >> how are we going to be affected? >> you know, air travel, surprisingly, they have had to have a lot of cancelling due to strikes. >> we're fully at our jobs. there's two hours of it today. let's remind you exactly what's coming up. we'll have upd

ross westgate is under the weather this morning. mervyn king will be delivering the economic report and we'll bring that to you shortly. the oecd is out with its economic outlook and its warning about extra austerity measures in spain. it sees developed economies growing 2.3% in 2014, it has cut its 2013 growth forecast for developed economies and quite significantly to 1.4% from 2.2% prior to that, it sees contractions next year for greece, hungary, italy, portugal, slovenia and spain. now, it's also -- that's 316 its 34 members. it expects the eurozone economy broadly speaking to contract by 0.1% next year. and it calls for additional machine taker po monetary policy. so taking a much more dovish stance both with regards to budgets and monetary policy than some of its counterparts. now a quick look at how markets are doing this morning. check on u.s. futures which are trying to add about eight points, five taking fair value into account. s&p at that 1404 level this morning. now take a look at asian markets. overnight, the big eye

worldwide@cnbc.com, @cnbcwex, at ross westgate. >>> and planning major protests today. we'll be outside a walmart story near washington, d.c. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. you can stay in and share something... ♪ ♪ ...or you can get out there with your friends and actually share something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. #. >>> walmart organizers upset over working conditions, have 34r57bed protests 1,000 u.s. stores. we're in the suburbs of washington, d.c. hampton, what are they upset about? >> well, it could get a little noisy here in a couple hours. specifically this. there's pressure from a lot of organized labor and those who support organized labor to get unions inside walmart, try an

i'm ross westgate. japanese gdp shrinks leaving the economic ministers to say the economy may already be in recession. one step forward, two steps back. greek lawmakers approve 2013 budget, but germany warns brussels aren't likely to sign off on the next tranche of aid at their meeting today. lorenzo tells cnbc greece needs more time and he's urged europe to extend the company's debt maturities. plus president obama will get a lot of input this week from civic leaders on how to tackle the looming fiscal cliff before he sits down with house and senate leaders on friday. we're up and running for a fresh week of global business news. we'll hear from kelly fairly shortly. also on today's program, we'll be in brussels ahead of the important euro group meeting. focus there on greece and the eu budget. after the weekend, talks collapsed. and the annual world energy outlook report in an hour and plus analysis of where oil prices can be headed. and best buy gets set to join the tablet wars with it insignia flex.

ross westgate is standing by in london. james bond does not need to be tall. did you see those numbers over the weekend, ross? must be the opening sequence. wasn't it like 150, $170 million or something is this ? you be unbelievable. >> breaking records. >> you saw it or you were part of it. >>esty forbids. i was doing that jump -- no, i didn't do that. >> motorcycle jump. i saw that. >> yeah. joe, we're about three hours in to the session ahead of the u.s. hope and pretty flat really. advancers and decliners evenly matched on the dow jones stoxx 600. this after pretty good gains yesterday. take a look at the ftse, nearly 3% gains for the cac 40. a little more red than green. ftse only down 6 points. xetra dax up a quarter. cac 40 down 0.2%. smi down about a half percent. being dragged lower by credit suisse. talked about possible more legal action. they've also come out with a restructuring. asset management business will be followed into the private bank business this morning. credit suisse stock down 2.3%. what is interesting, we know ubs is getting out of f

ross westgate is standing by for us in london. ross, good morning to you. >> good morning, andrew. good to see you ahead of thanksgiving. becky called it. we're pretty flat here in europe. the dow jones being outpaced a little bit more. as you say, the focus very much on the euro group meeting which broke up in the early hours of today with still no agreement on when to give greece their payment. this time, it isn't greece's fault. they've done everything possible. it's just that we can't get agreement between the imf and the ecb and individual eurozone finance ministers on what the sustained plan should be. we know in the eurozone, they want to push back the debt maturities by a couple of years, maybe reduce interest rate payments. we know they're saying look, the debt is just not sustainable, you're going to have to have debt forgiveness and therefore public sector involvement, some writeoffs and the eurozone finance ministers are not ready for that. angela merkel did come out and say look, we can find a way to close the gap here. could expand the use of the esfs. uk bond figures

ross westgate totally still confuse aed about thanksgiving and pilgrims. what was all the hoopla about? you celebrate boxing or something, don't you? like we lost a great boxer. is that what you celebrate? what is boxing day? >> boxing day, the day of a christmas. >> you wrap all your presents in boxes? >> i think it's something to do with all the presents. i'm not quite sure. >> yeah, put them in boxes. >> maybe. >> so you ignored our thanksgiving. but feeling okay again? >> yeah. you know, it's okay. it's all right. it's gone. now we can concentrate on the run up to christmas. and how much shopping we have to do. >> a lot of red behind you. >> we had a good week last week. while you were celebrating thanksgiving, european stocks did exceedingly well. in fact take a look at the ex-have a dax, up 5%. ftse up nearly 4% in the last week on top of pretty good gains for the u.s. markets as you know between 3% and 4%, as well. so no surprise perhaps today that we're a little bit weaker on the back of those gains. 8:2 just about decliners outpacing advancers. th

we'll go across the pond to say hello to ross westgate standing by in london. >> we are down in negative territories. a ratio of nearly seven to three at the moment. trying to get a bit of a bounce going right now. hasn't really followed through. the ftse down half a percent. the ibex is fairly flat. plenty of day to to look at. first of all, in greece, i'm afraid the contraction gets worse. third quarter gdp 7.2%. the contraction, it was 6.3 in the second quarter. we're now looking like as we go into 2013 for a sixth consecutive year of recession. the numbers just getting awful in greece as well. out of italy, they now raised pretty much 95% of the money they need for the year. yields the lowest we've seen for two years, over two years. the yields coming down to a fairly sustainable amount this morning, 2.64%. so good news for italy, yields there lower. in the uk, broader employment doing fairly well, but maybe we're seeing the first signs of the temporary jobs boost from the olympics coming out. there was an unexpected rise of 10%, although the greater level of the employed rose. that

time for the global markets report and we have ross westgate standing by in london. any news out of mario draghi in. >> well, he's reiterated what he said for the last month. they stand ready to launch the omt should anybody actually want it. of course that means spain. but we saw with an auction yesterday just to recap really pretty good spanish auction. they raised more money, about 3.9 billion. yields were lower. so as long as that continues, they won't be in any rush. not in a germany wants them to rush to it because angela merkel doesn't want to ask for approval to give money to spain anyway. in the light of all of that and the shortened trading session today, you said it, we're fairly flat here. decliners just about outpacing advancers on the dow jones stoxx 600 by around about 5:4. very slim gains. worth pointing out european stocks are on, if we can hold where we are, no big losses today, we're on for our best week in european stocks from around about ten month, we've been up four sessions in a row. see whether we can make it five. volumes are fairly light. y

ross westgate is standing by in london. on, ross, but sorkin saw sky fall, your new jake bond -- >> awesome movie. the first five-minute opening was out of this world. i saw it on imax, which really changes the experience. >> do you have a sty? you can't put your contacts in? >> a little bit of an eye issue. >> he looks smart. even though there's no rims. you look like ben franklin. >> a little bit more intelligent, i need it. >> i see green behind you. >> yeah. a risk tone to the market sentiment post the election result. around about six to three. we hit the session high about half an hour or so ago. we got a clear cut result. relief on that. and it means there's no change to fed policy. that also boosting risk assets as well. when you take a look at bond yields, stocks up half a percent. when you take a look at bond yields, they're lower across the board. normally it would mean bund yields slightly higher, but they're not. the recession doing slightly well. spanish yields, 5.6%. also lower on the day. besides the election