>> i'm very bullish on growth, wilfred.ave been for the past 16 months or so if the economy performs as i believe it will this year, i'm scared that the feds might become more hawkish and all of a sudden the market is up a lot more tightening and that causes risk change and stocks to sell off. that would be my big risk. that things are actually too good on the growth side. >> what's the number of hikes we see this year? >> i have two hikes because i don't see any inflation. but that doesn't mean the market can't price four or five which is where the trend is going. there's just not any inflation >> if we had two to four that wouldn't be enough to scare the market, right? >> well, here's the thing, wilfred, if the market right now is agrees with me, two hikes, if all of a sudden, we're pricing four, okay, that's two extra, that shouldn't make a big deal for 2018 but all of a sudden, what does that say for 19 and 20 you get more hikes with indication of similar rates higher that's where you get a problem >> joe, great stuff.

i'm wilfred frost.and i'm courtney reagan in this morning for sara eisen. the last night's grammy awards this is bruno mars' 24 karat album. took home the album of the year. but i hear he won basically the award. >> he was basically the big winner in once again it was a politicized ceremony we'll definitely have the highlights >>> checking the markets, coming offer the back of a strong week. the s&p and all three indices were up more than 2% for the week as a whole. we talk about a big start to the year, it's also been a broad start of the year on friday, and all of last week, all 11 sectors were positive with s&p month to date, nine out of 11 are high it's been a great start to the year and last week was certainly part of that this morning, we're pointing only slightly, the dow by 17 points s&p by 9, nasdaq down by 30 ten-year treasury note, yields ticked up at the start of last week and pulled back with the yen. back higher this morning 2.781 yield on the ten-year. >>> let's take a look at what happen

traity pots is live. >> hey, wilfred. the trump administration is going after this book and its author now one of the key insiders interviewed for the book is apologizing for what he said. >> mr. president -- >> reporter: president trump speaks to farmers in tennessee today about the economy hoping to turn the page on michael wolff's book, "fire and fury." wolff claimed on "meet the press" that white house insiders are questioning whether the president is mentally fit and whether he should be removed from office. >> this book is not about my view of donald trump it is about the view of the closest people to him. >> reporter: president trump calls it a fake book. >> statements like the one mr. wolff made about how we all think about the president is just ridiculous on its face. >> reporter: and a top white house adviser. >> the author is a garbage author of a garbage book. >> reporter: some democrats are taking it more seriously. >> we have a seriously flawed individual in the oval office. >> reporter: now former chief str

i'm seema mody alongside wilfred frost.look at markets futures pointing to a higher open dow up 30 points in the premarket trade. nasdaq higher by 7 s&p 500 up by 1 point. yesterday the dow did manage to hit a fresh all-time intraday high a look at the bond market which will get some attention today. breaking 2.5, or trading at 2.5. the ten-year note below that level, but it was at 2.5 a few moments ago. >> it was bang-on it >> it sure was >>> many americans may be dreaming of the warm sun and surf after being cooped up during the deep freeze that hit much of the country over the past week. could an uptick in vacation bookings give a boost to the travel and leisure sector. joining us is patrick shoals, lodging and leisure analyst at sun trust equity research. good morning help us understand what does cold weather mean for the cruise players? do people want to take a cruise when it's outside? >> no, they want to take a cruise you hit on a hot topic at the moment and we're in what's called wave season which is the heavy booki

i'm wilfred frost. let's have a quick check in on the markets.utures pointing higher after a big selloff yesterday. down 1.4% on the dow, more than 1% on the s&p. the nasdaq down less than 1% we are still sharply higher for the months as a whole. just a bit of profit taking the last few days. doesn't look like we'll get more profit taking on the final day of january the dow is expected to open higher by 60 points. ten-year treasury has been a factor as it crossed 2.7 earlier this week. pulling back a bit in yield terms, but still above 2.7 >> president trump striking an optimistic tone in his first state of the union address last night. >> this, in fact, is our new american moment. there has never been a better time to start living the american dream >> the president also talked up the record run for the u.s. stock market last night. >> the stock market has smashed one record after another, gaining $8 trillion and more in value in just this short period of time. the great news -- the great news for americans, 401(k), retirement, pension, and coll

i'm wilfred frost. let's get to the market picture.he nasdaq up yesterday a percent, the s&p just less than that the dow up a half percent. we had nine out of 11 sectors higher led by telco and energy this morning we're expected to open higher, about 79, 80 points for the dow. the s&p up 6 points. the nasdaq up 32 points. ten-year treasury note yields rose again yesterday. up to about -- yesterday we got up to 2.66 today 2.62 the trend of late has been a rising and steepening yield curve. asian trade for you, strong across the board we did have a bank of japan meeting which, as expected, kept things in line as they were. the statement also very, very similar to last month. the nikkei rallied 1.3%. the yen not doing too much off the back of the season a strong session across all of asia we talk about the rally that's continued at the start of this year the likes of hong kong up sharply. already strong out-performers last year. hong kong up 3.2%, adding 1.6% so asia has taken off this year. european trade, more mixed year to date. positi

i'm wilfred frost. time for our top trending stories.dowdy is back with what's buzzing today. >> snow is trending today. the northeast is bracing for a massive winter storm some southern states have already been hit florida, georgia and the carolinas experiencing rare cold weather and even snow. people taking to twitter and facebook to post photos of frozen pools, palm trees covered in snow and the outdoor snow day activities >> i'm anticipating a lot of social media action later today from friends of mine who are in the cold they're saying, it's so cold, you get beautiful pictures of the snow >> i hope it settles without disruption and lasts for the weekend. >> you can get your double-double with a hot chocolate. in-n-out adding a hot chocolate to the menu. the company says the hot chocolate is made from giradelli chocolate. >> if you're in a burger and fries mood, do you want a hot drink with it? >> doesn't really go >> you can add marshmallows. >> that helps. >> >>> taco bell is rolling out limited addition nacho fries the fries featu

i'm wilfred

i'm wilfred frost.et's get to the global market picture. we are seeing futures decline over 100 point for the dow about 120 points the s&p is down 8. the nasdaq down 29, 30 points. just over a half percent for the dow. less than half a percent for the s&p and nasdaq this comes off 0.6% declines yesterday. the nasdaq has now declined three days out of four while yesterday he was saying all 11 sectors of the s&p were liar last week, yesterday all 11 sectors of the s&p were lower. but let's put this slight decline yesterday and this morning into perspective we're still up 7% to 8% month to date for january one of the best starts to a year since 1970 a bit of a pullback yesterday is in perspective we are continuing that selling momentum one of the factors yesterday people pointed to was rising yields the ten-year hitting a three-year high. we have come back off that today. maybe that is a reason markets can find impetus during the course of the session. 2.69 on the ten-year note. asian equities were selling

i'm wilfred frost. >> i'm courtney reagan in for sara eisen on this friday. >> tgif. >> thank goodness>> great day yesterday we were up 0.8% for the major indices. transports yesterday, the russell index, smaller companies up 1.7 that positive momentum continuing, up 100 points on the dow this morning let's have a quick look at the euro popping on news that german lawmakers reached a break through in talks to form a new government the euro had a good session yesterday as well. that was off the back of ecb minutes. but today's move off the back of that german political news up to 1.2121, that's a high we have not seen since december 2014 joining us is willem marx from london with more >> so, essentially what's happened here is the spd and the cdu have agreed that there will be a coalition they had a media blackout for the last five days over these preliminary talks. we're getting a slew of headlines now coming out of those discussions. those include a lot of the spd wish list items they have been pushing for. angela merkel's party and her sister party, the csu, agreeing to those terms k

i'm wilfred frost. >> i'm courtney reagan >> let's get to the global market picture declines yesterdayalbeit just slight declines, between 10 basis points and 20 basis points we are still up week to date coming into today, a quarter percent. it looks like we'll add to that, about 26 points higher on the dow this morning the story of the week has not been equities so much as bonds significant move higher in yields especially in the long end we've seen a steepening of the curve in the last couple of days we did not quite hit 2.6% on the ten-year yesterday we reached 2.597 the rise in yields has since abated since the peaks of yesterday. 2.54 we stand at today significantly higher than friday's close >> look at the trading action from around the world. starting in asia a mixed picture in asia. mainland china did see equities turn in higher at the end of the session. the nikkei was down 0.3%, as was the cob p kospi was down a half percent. the shanghai logged some slight gains. bitcoin slipping more than 11% thursday after south korea said it was preparing a bill to ban all cryptocurrency

i'm wilfred frost. >> i'm courtney reagan in for sara eisen on this friday morning.e made it >> absolutely right. happy friday let's get to market action we did see a half percent of gains for the dow yesterday. the s&p and nasdaq just either side of flat week to date, all three are up more than 1% the dow slightly leading the pack is up 1.2%. we expect a small positive open today. the dow up 34 points ten-year treasury note, we have seen yields slip over the course of the week. even though the theme of the year has been a steep ee eenenel curve, we have had a flat yield cur curve. >>> looking at trading overnight, japanese nikkei average closing down just slightly that's about the only average in asia that closed lower for the session. you can see the shanghai higher by a third of a percent. the hang seng up 1.5%. the dollar was fluctuating yesterday between second starety mnuchin's comments about the dollar and president trump's comments to joe kernen later on. so asian equities we know pays close attention to the dollar moves. so a trade reaction in that if we can

i'm wilfred frost alongside courtney reagan.ime for our top stories mine is in "the financial times. europe begins the countdown to day of the mifid it's following weeks and months of individual mifid ii related articles, which comes into play tomorrow across the eu and has implications for the u.s it says the gigantic piece of eu legislation more than seven years in the making and containing 1.7 million paragraphs of rules will affect every corner of the financial services system from banks to brokers, stock exchange operators to retail investors. as we discussed earlier, a big piece of financial legislation, having implications for asset managers and banks in the itself this is a good summary of some of those potential consequences. >> has anyone put out timelines for when you may see the consolidation you suggested earlier? >> the consolidation would be a secondary effect if it raises the costs t will affect the smaller players more. i don't think we know how long that will take it comes into play tomorrow, these rules. so we

i'm wilfred frost.et's check in on the global markets. the positivity that we ended with yesterday continues, albeit in a much more muted fashion a tech-inspired rally. we also had the russell, mid caps, transports all nicely higher slightly higher this morning, but only slightly. the one question mark yesterday given the rally was that the bank stocks did not take part, particularly on a day where yields rose as well. let's look at yields they rose nicely yesterday so it was a proper riie risk ony the ten-year, 2.46 this morning. >>> markets around the world asia was nicely stronger yesterday. today stronger again not quite as resoundingly. we have a holiday in japan today. european boards were down yesterday, about 0.3%, 0.5%. up today the ftse is flat germany and france are up a bit. let's look at the broader markets. oil prices gained a bit yesterday -- were flat yesterday, flat again today. still nicely above $60 for wti 60.5 the price this morning. moving on to the gold price, which was up about h

i'm wilfred frost.et's check in on the global markets. futures pointing slightly lower as we look at things down a couple points 0.6 points for the dow the nasdaq down 5 points it comes off a day of big gains. up 1.25% for the dow yesterday the nasdaq was up over a percent as well. the s&p up just less than 1% let's look at in terms of where we're going next coming up is the bond market nope bond market next ten-year treasury note coming up a yield of 2.55% this morning. 2.6%, we have crossed over that important milestone on the ten-year treasury note amazing to see the five-year is around 2.4 that level we took so long to get past on the ten-year we got data out of china fourth quarter gdp at 6.8% slightly above the 6.7% consensus. that leads the full 2017 growth rite at 6.9% retail sales were softer japan is lower the other markets are higher european trade, down about a half percent for the week as a whole. coming in to a mixed session we're up for germany and france. the ftse 100 slightly lower. cur

wilfred ndidi made it 5-1. the fa cup. wilfred ndidi made it 5—1. excellent performance from aceh., the young players stepped up as well. key players will be fresh for the midweek fixture against everton. another replay between millwall and rochdale of league 1 as well. millwall got themselves back into this one. they were behind but came back 2—2. this one. they were behind but came back 2-2. matt done scoring there. it looked like they were going to pick upa it looked like they were going to pick up a great win against millwall, but this was a last—minute equaliser, ben thompson with the goal. millwall, 2004 finalists, still in the hat, just. coventry beat mk dons 1—0. still in the hat, just. coventry beat mk dons 1-0. after beating stoke in the last run, the fa cup run continues. 87 fa cup winners. maxime biamou scoring. at least one league 2 side will be in the fifth round. more coventry fans in the stadium than mk dons fans. 7833. they beat them by 750 fans. they had a great day out. a brilliant day out for the coventry fans. they deserve it, they have been through a lot in th

wilfred frost has more on the results. >> yes, despite taking a $3.25 billion pre-tax litigation expensethe quarter, wells fargo ceo tim sloan can't guarantee all costs are now accounted for. >> i think we've made a lot of progress in terms of looking at the operations of the company, but i can't provide you with a guarantee or absolute assurance that we won't be making additional changes in the future to anything that we might find and i love to live in a world where i can give you an absolute guarantee and certainty, but that's not the world we live in. as i reflect on my first year in a quarter in this role, i think it's fair to say that one of the mistakes we made at the company was that we didn't have a thorough enough review of the businesses on an ongoing basis, so our review will be continuing >> the fully adjusted eps to wells fargo was below forecast shares down about a percent. despite giving specific cost reduction targets, loan growth also is soft, but credit quality is strong. jpmorgan shares have rallied due to the constructive tone from cfo marian lake and ceo jamie dimon

wilfred frost has this report. >> reporter: the median tenure of the big six banks is eight years.or the s&p 500 companies overall, just four years half that. clearly jpmorgan ceo's dimon jamie dimon and lloyd blankfein stand out in terms of tenure alone. they're also the most talked about. let's talk about possible successors goldman sachs, if the transition is soon, it's hard to see anyone else getting a look over than david solomon and harvey schwartz the longer that we wait for transition, the more this younger group of leaders stand a chance pablo salami has a good chance of being elevated to deputy. where chavez, gnodde, wald rn, and lane, all stand a reasonable chance as long shots longer out. let's have a look at jpmorgan. if dimon decided to leav today, his most likely successor would be the head of the consumer bank, gordon smith. in that instance, daniel pinto would keep plenty of control, too. a few years out, at 55, pinto's chances, of course, improve as time goes past and other wildcards come into play as well of this younger group of leaders, marianne lake is the fro

i'm wilfred frost. let's check in on the global markets. the positivity that we ended

>> hey, we're getting ahead of ourselves in saying that rates are going to actually continue with wilfredhe said he doesn't see inflation anywhere he's anticipating two hikes. he might be in the camp of rates may actually trend back the other way. it's fascinating. >> it wouldn't surprise me for them to do what they've done in the fast anytime there's been any sort of a pickup and gets people nervous. it's only a few weeks later you're taking that deep threat going okay, here, lower for longer >> crude prices, saudi arabia's minister said they expect it to extend beyond 2018 wti over 63 a barrel brent over 68. production, they have that production cut last year >>> ubs is the latest bank to announce a short-term hit in the u.s. tax overhaul. switzerland's largest bank posting its $2.3 billion net loss in the fourth quarter it took a 3 billion writedown as a result shares down 1.6% among other headlines, it's increasing its dividends introducing a buyback program. and creating a global wealth management division. you can see a selloff there. interestingly, they're doing dividends and buyba

i'm wilfred frost. let's look at what the markets are doing.f red across the screen for the three major indices. it's just increased its size of move down this morning in the last half hour 45 points, nearly 50 points for the dow. nasdaq down about 24 s&p down about six yesterday we had gains for the nasdaq, up 0.4%. all three lost steam as we approached the close oil hitting a three-year high. oil prices were up 2% yesterday. up 0.7% for wti today. it's been a great start to the year for wti and brent we saw yields move higher yesterday. so selling of bonds, pushing the yields higher. for once over the last couple of years we've seen the long end respond more than the short end. we hovered around 2.5 yesterday. 2.57, approaching 2.6. so a big move in the last couple of days. the 30-year moving higher as well banks want that sfeteeper highe yeel curv yield curves slight gains for hong kong and shanghai a blow out week for them for the first week of the year european trade, up 0.4% or so. just mixed today germany pulling back 0.7%. france is low

i'm wilfred frost. >> i'm morgan brennan in for sara isen. >> great to have you here.t's been a tight setup this morning. thanks for the team getting us on air just about in time. let's check in on the markets. this time yesterday we were looking at a 250-point gain in the premarket. indeed we were up around a percent at the hoopen for the dw the dow was up 283 points at one point but ended the day lower. around lunch time we went from up about a percent on the dow to end the day lower. a massive intraday selloff 6.5 billion shares traded. the average is around 5 billion. a big intraday turnaround this morning up 176 markets on the premarket for the dow, 34 for the nasdaq it will be fornt see those gains maintained throughout the course of today let's look at bitcoin. today it's down again. it's around the 10,000 mark once again. >>> sticking with traditional currencies, we have some strength in the dollar today keep in mind that dollar index is still hovering near three-year lows. the euro level right now is 1.22 the u.s. yen, 110.73 the pound 1.3797 a lot of the focu

i'm wilfred frost. >> i'm seema mody. good morning to you. >> good morning to you let's get to the global market picture. let's look at a start to the year which has been the best start to the s&p since 2003. the first nine trading days of the year up 4.2% on friday the dow was up 0.9 the other two indices up 0.7%. week to date about 1.5% to 2% of gains. this morning, as you can see, resoundingly positive start in the premarket. dow up 271 points. the s&p up just 14 the nasdaq up 38 very much the dow surging higher this morning ten-year treasury note for you which has been in focus, last week yields rose in lieu of international yields rising at the start of the week, but then gave up some of that gain towards the back half of last week we're at 2.53% we got very close to 2.6 early part of last week. look at the mood in asia the nikkei at a fresh 27-year high, up 1% in today's trade hang seng closing actually at a record high, 31,904. stocks there up 1.8% the shanghai composite up 0.8% south korea seeing gains of a simila

i'm wilfred frost. let's get to the market picture.s we said in the open, the nasdaq and s&p closing at record all-time highs the nasdaq up 0.7% the s&p up 0.2% the dow was negative, but fractionally this morning pointing to a higher open for the dow and the s&p. just slightly for the nasdaq we got to the 2.6 level in terms of yields. just pulled back the last couple of days from that level, but rising again today 2.63 the yield on the ten-year holding nicely above the 2.6% level. dollar board for you, we lost about 0.2% yesterday the dollar is sliding significantly today. steven mnuchin did say on the ground in davos that a weak dollar is good for u.s. exports. it's partly that, but really just a continuation of the trend of a weak dollar we've seen recently in europe, we've got about a third of a percent move higher for the euro we had some composite pmi numbers that came out, 58.6 ahead of forecasts of 57.9 the highest level in 139 months. it was led higher by services this time as opposed by manufacturing. so the euro continues its

i'm wilfred frost. >> i'm seema mody in for sara eisen. >> great to have you here. let's get straight to the global market picture futures, after a day when we saw the nasdaq and s&p slightly lower, the dow slightly higher, we are expecting all three indexes to open higher today 64 points for the dow. the s&p five nasdaq up about 26 points. ten-year treasury note for you, around the mid 2.6 level 2.65 or so today 2.643. >> treasury secretary steve mnuchin will speak in davos in just a minute. so far today he appears to be playing down comments he made on the dollar yesterday speaking at a briefing in davos today, mnuchin said the u.s. is not concerned with where the dollar is in the short-term. yesterday he suggested that a weaker dollar is good for trade. today he said those remarks were balanced and consistent with what he said before. mnuchin said we're not concerned with where the dollar is in the short-term, there are advantages and disadvantages of where the dollar is in the short-term. he saadded in the long-term the dollar strength reflects the u.s. economy

begins now ♪ >>> good morning warm welcome to "worldwide exchange" this friday morning on cnbc i'm wilfredrost. >> i'm seema mody in for sara eisen today. good morning to you. >> good morning to you let's check in on the global market peicture this morning. a day of gains, up slightly resounding week to kick off the year it looks like it will continue the dow up 61 points nasdaq 23. s&p up 5 in premarket trade. yesterday financials played catch up having lagged the market for most of the week. but for the week as a whole, energy the clear winner with oil prices rising. that sector up 4% in the s&p ten-year treasury note for youful yieyou. we started the week in the low 2.4s, ending at 2.456. >> the 1,000-point run we've seen in the dow is the fastest in history look at asian equities, japan seeing its biggest one-day gain in over a year you can see here on friday closing higher by nearly 1%. softer gains in hoping congress and china, but still stocks there moving to the upside the kospi up better than 1% on the day. in europe, the ftse 100 trading at another record high surpassing 7,700 up

the two—pound coin marking the anniversary of the first world war armistice features a quote from wilfredem strange meeting, which says "the truth untold, the pity of war". those are our main stories, happy new year. we will return with the headlines at seven am. now we look back at 2017. sir bruce forsyth, sir roger moore, glenn campbell and john noakes — just a few of those who left us this year, and whose lives are celebrated in review 2017: we remember. # deep down in louisiana, cross to new 0rlea ns # where back up in the woods among the evergreens # there stood a log cabin made of earth and wood # where lived a country boy named johnny b goode# # 0h maybelline. ..# half of the young people go to school so that's why i wrote about school. i wrote about cars and most of all the people, they'll soon be in love. # it's a jumping little record i want myjockey to play # roll over beethoven, i got to hear it again today #. and you, monsieur, are the famous simon templar. but what about brother vincent? supposing he notices something he thinks clinton should know about. mr... bond. james bo

wilfred highlighted how thick was weak mike mayo on our show the other day says quote, it seems like progress should have been faster than what it's been. i read that today about the earn x. is that fair >> the story for goldman sachs is commodities coming from that background, it's the e ququivalency of the patriots going 2-14 next season for the revenue to be down 75% specifically in the commodities business, that is the worst performance that goldman sachs has seen in that business since they ipoed in 1999 it's unbelievable. morgan stanley was fine. there's something that needs to be fixed at goldman sachs because it doesn't seem to be a problem with morgan stanley and in fact now, morgan stanley's commodity business is now perceived to be better than goldman sachs, which again, for many, many years, they were the new england patriots >> this stock a no touch now or what is it how would you characterize it? >> i think it's cheap. you look at the trading, which is what everybody's focused on that's not good to joe's point that's terrible. as buenos airad as we've seen if we look at

i'm wilfred frost. >> i'm courtney reggen in for sara eisen thanks for having me it's a great day toe on wex on friday >> happy friday to everyone watching our top story, countdown to shutdown lawmakers have under 19 hours to pass a spending bill or else the lights go out in washington. the republican-controlled house okayed a temporary funding measure late last night but now the senate must approve it so far it's unclear whether or not they will. senate democrats are holding their ground demanding an immigration deal they have until midnight tonight. the last time we saw a government shutdown was 2013 it lasted for 16 days. we'll have much more on this developing story coming up >> we'll see how the markets are reacting to the d.c. drama a marginally higher open on wall street, the dow higher by 15 points, the nasdaq higher by 21, and s&p 500 higher by about 4. throughout the day yesterday the markets did slip as it got more and more evident that we were getting closer to the shutdown we had that late vote by the house last night let's look at the ten-year we saw a nice move yesterd

let begin in rohnert park in the north bay 101 near wilfred and things are looking okay right now. we are in the green in both directions. and it doesn't look too foggy and the roads aren't wet just yet. so that's the good news there. we'll take it to a crash that we have been tracking since overnight. this was a deadly rollover on monticello at waters road on 121. it looks like emergency crews still on the scene wrapping up their investigation so you may see some flashing lights but the road isn't blocked. he 680 into walnut creek this is near north main street. speeds in the green, no delays towards 24. >>> special counsel robert mueller wants to interview president trump about the firing of former fbi director james comey and the president's former national security adviser michael flynn. the justice department confirming that the special counsel questioned attorney general jeff sessions last week. >> no. i'm not at all. not at all. no. i didn't. but i'm not at all concerned. thank you all very much. >> the special counsel also interviewed james comey last month. prosecutors are

the two—pound coin marking the anniversary of the first world war armistice features a quote from wilfredar". it's time now for a look at the weather forecast. let's join darren for the latest. hgppy for the latest. happy new year, the first day of the new year brings some sunshine but we also have areas of rain. it's been quite a soggy morning in the south—east corner of england, we also have this rain moving across the midlands to meet up with that lot in the south—east, and a lot of showers coming down over northern ireland. these showers will get blown down into northern england and north wales. more chilly today than it has been over the past few days. the showers continue to get driven to the south—east this evening but overnight they will fade away. the winds will drop and skies were clear. looking at a frost quite widely, in scotland and perhaps in some other rare rules —— some other rural areas too. the rain quickly moves rural areas too. the rain quickly m oves over rural areas too. the rain quickly moves over the irish sea and we could see snow briefly over the pennines and the

we begin with wilfred frost on financials. >> reporter: a big tailwind for banks in 2018 and a few risks too. first, reregulation. investors are excited about deregulation actuay arriving now that key positions are filled including jerome powell as fed cha. the key things to watch for are changes to capital returns, changes helping trading revenues, and overall reduction in regulatory expenses. second, rates. expect interest rate hikes to continue to help. much of the recent focus has been on flattening of the yield curve. there remains an immediate positive earnings impact to every fed funds rate hike that we s. f risk, keep an eye at the rate at which banks compete and pay depositors more as rates go up. also credit policy. while still low by historical standards, it's shown signs of rising recently, especially in the subprimeou reform. bank share prices may have already risen sharply on hopes of tax reform given that they pay a high disproportionate rate of tax. but expect the benefits to flow through to etfs in 2018. for "nightly business r >>> tech is the best performing sector in t

>> bank of america is a real play on the recovery of the economy as wilfred said. 20% tax rate for bankously boost their earnings everybody is going toadjust their earnings they also are growing their core consumer business and commercial banking businesses and on top of that merrill lynch, which is of course part of bank of america, is doing a very fine job globally bank of america at these valuations is very attractive. >> how do you break up these banks or are all of the financials of banks attractive with some of the tax advantages that they're getting is there a way to differentiate or would you buy all of them >> that's an interesting question because it's a commodity business, as you know, money is fungible. it's very hard to differentiate yourself it comes down to who can differentiate. u.s. bancorp said today they are the best in the group but that doesn't necessarily mean that you can differentiate yourselves too much so buying the group because of the macro factors that you just identified is clearly the primary reason to be owning banks. >> all right any concerns you have fo

this is near wilfred avenue right in rohnert park. you can see or not see there's some reduced visibility out there. travel times remain in the green and we are checking in problem-free there. 101, this is near poplar, if you are heading through burlingame, san mateo, along the peninsula, your ride looking okay for the start of this friday morning commute. and san mateo bridge, everyone on their best driving behavior in both directions, we have an easy ride across the span. shouldn't have any troubles making your way through hayward at this point. we are still in the green in both directions on 880. starting to see slowdowns on 280 and part of 101. we'll check this with chp and find out what's going on. we haven't seen any accidents there. 280 at 85, your ride in the clear. no delays as you are making your way along highway 24 but we're tracking an overnight closure. caltrans should wrap it up by 5:00. this is on 13, closed in both directions between moraga avenue and broadway terrace. follow the signs for the detour to get right back

the £2 coin marking the anniversary of the first world war armistice features a quote from wilfred 0weneeting. those are the main stories this morning. thank you for telling us about all of your new year's resolutions, we wish you well in trying to keep them. that's it from breakfast for this morning. we're back tomorrow from 6am. on behalf of all the team, we wish you a happy and healthy 2018. now on bbc one, it's time for click. 2017, the year of curious cats, haunting holograms, and trigger—happy trackers. hi there. it's time to look back on the year in tech. as 2017 fades away, we could tell you about all the technology news that has happened — the hacking, the launching, the automatic driving — but that would be just like last year and, come to think of it, the year before that. so we prefer to share with you some unforgettable memories from our year on click, as we've travelled far and wide to bring you some extraordinary moments. and we start with a personal highlight for me. back in october we travelled to japan and we got rare access to see how robots are helping with the dange

through on highway 101, cloverdale as well and then further to the south santa rosa, south santa rosa, wilfred also seeing heavy rain. the south bay, no rain. our futurecast will show more scattered showers throughout the day especially this afternoon. that's when the colder air will come through and the low will reach us. so as i set this into motion you will see a lot of spots of isolated thunderstorms and rain so don't rule out the chance of more rainfall today even the chance of some lightning strikes and some hail all of that in our forecast today. wind gusts will also be pretty breezy out there this afternoon. >>> we have a wind advisory for drivers heading across the benicia bridge so please keep a firm grip on the steering wheel. southbound 880 near hegenberger a crash on the shoulder so not slowly traffic down at this point. speeds still moving at the limit. northbound, no delays, 15 minutes from 238 to the maze. our usual slowdowns, the clouds are developing out of tracy into livermore westbound 205 slow along westbound 580, as well. 23 minutes -- we just shot up into the yellow -- b

wilfred? >> who >> wilfred so how many operations -- >> what? operations were put off over in the uk >> now's your turn -- >> the flu is -- >> defend the entire british system. >> the flu season is so bad no one can get an operation on their knee for like 12 years or something. now you've got private insurance -- >> socialism struggles against flu more, is that what -- >> i don't know. is it the severity of the flu season this time or a problem with single payer and socialized medicine which is it? >> i don't know what the premises of this is. >> the premises is that there are 50,000 operations that people have to delay. >> the flu picks up because of the cold weather. >> i cannot believe you're making excuses and can't just say "i'm an american now and i reject the socialized medicine." >> you have to build up the straw man, make him defend the entire empire. take a deeeep breath in... and... exhale... aflac! and a gentle wave-like motion... liberate your spine... aflac! and reach, toes blossoming... not that great at yoga ya but when i slipped

the two—pound coin, marking the anniversary of the first world war armistice, features a quote from wilfredh untold, the pity of war". that's this morning's main stories. good morning to you if you just joined us and a happy new yearfrom all of the team at bbc breakfast, the first editions of the papers of 2018 are here of course so let's ta ke 2018 are here of course so let's take a look at the front pages. what the fireworks as you would expect on the fireworks as you would expect on the front pages. the guardian has the front pages. the guardian has the view from the thames, the london eye and all of the fireworks going off beyond it. the daily telegraph has textures from, but looks like sydney, the sydney harbour bridge. it is. red sky at night new year ‘s delight. the main story on the front of the daily telegraph today is winter flu plunges hospitals of the daily telegraph today is winterflu plunges hospitals into chaos. but is their main story. the times has a slightly more personal, a smaller picture i guess, 2018 lit up a smaller picture i guess, 2018 lit upa a smaller picture i gu

wilfred frost is also here with a look at the impact to wall street brian, kick us off. >> kelly, thanks very much the mifid 2 goes into effect tomorrow formal name, market and financial instruments directive, yep, part two. it's the second part of a rule originally put into effect back. in twec2007, so ten years ago european rule, one that may need to be felt here as well. why? here you go. what does it do, who i do we care the rule is huge 500-plus pages it does many things. we'll simplify it down adds a host of reporting requirements to european fund managers it's designed to increase transparency in financial markets primarily by making the flow of money between banks and fund managers a little more clear. apparently i'm blocking the graphic. i.e., who is paying for what, and when you pay a fund manager, what is their money being used for? okay most importantly, for you, it forces the unbundling of fees for research and trading in europe what does that mean? okay you may not know this, but right now, an analyst will send out their research reports for free. if the fund managers or tr

the two—pound coin, marking the anniversary of the first world war armistice, features a quote from wilfred "the truth untold, the pity of war". that's this morning's main stories. it is seven am, good morning and happy new year. if you are joining us, perhaps watching in liverpool this morning where around 1400 cars have been destroyed after a fire broke out in a multistorey car park. that is next to the cities echo arena, it happened last night where arena, it happened last night where a horse show was being held. mercifully no one was hurt but residents in nearby apartments were evacuated and the fire service tackled the blaze, many people left stranded without their cars. that's talked to paul conway at the scene last night, planning to visit the horse show at the echo arena. good morning and banks arejoining us good morning and banks arejoining us bright and early. describe the scene if you would reduce or last night. we arrived at the echo arena just after 6pm and everyone was being turned away, the fire brigade we re being turned away, the fire brigade were already on the scene. it w

the £2 coin marking the anniversary of the first world war armistice features a quote from wilfred 0wenning if you havejustjoined us, surfacing after new year‘s eve celebrations, very happy new year to you. the start of the new year has many of us reflecting on the past 12 months and what we want to do differently in the year ahead. but why do we set ourselves resolutions, and how can we make sure we stick to them? we have been finding out what you think. try and be a little bit healthier. umm, but not a lot different. try to enjoy ourselves. to finish my masters and get some work. to help more people out if they are hurt or anything is wrong. eat less unhealthy food. go on a diet. you don‘t have to go on a diet! but i don't really want to. resolutions shouldn‘t be done on 1st jan, they should be ongoing throughout the year. keep maintaining them on to them for the right reasons. i never stick to them. exactly, yeah. they are affecting. still, life goes on. why, because it is a new year, do you... it is a great idea, but if you don't stick to them, you feel bad when, so don't make them!

well it's always there it's been always there when ever you talked about wilfred somewhere you know everybody who's not agreeing with you or all these kurdish militia forces fundamentalists forces which are really around us always blame us for the not the picking up from this is not what in the end is not what our culture is all about and that silence that has been imposed on women is also because it feel that if they will speak out they will be targeted they will be seen as the people who are responsible for what is happening to victim blaming all the time so so even the muster the courage to speak there already is you know in some sense punished for speaking out and now you know we are all working very hard to change of are certainly the whole thing about you know you are being the rebels too you are trying to create the kind of in london than our country where women are now becoming very free they just don't want to follow any tradition and you are responsible so we are certainly very very important but let me tell you one thing in india the situation is very very different now because we

thanks >>> shares of bank of america and goldman below 250 for a moment under pressure after earnings wilfredst watching that, has more on what's weighing them down. >> both goldman, sachs and bank of america sold off due to comments made on earnings calls. for goldman, sachs, it related to the tax bill. the cfo says the 2018 effective tax rate would be 24%, higher than forecast and higher than some rivals like jpmorgan and bank of america at 20% chavez said the write down of $4.4 billion relating to the tax bill would impact and lower buy backs in 2018 and investors should expect 5 to 6 billion in buy backs this year. within earnings, goldman, sachs trading performance was down 34%, but chavez was in fact optimistic on the call about the fact that trading could turn around structurally as they gain more corporate clients and cyclically >> most definitely very early and ten days into the quarter so i would not extrapolate anything but i would say market conditions can change and turn rapidly and they have. and it has been a strong start to the year. definitely if you ask me this time last yea

i'm wilfred frost. >> i'm seema mody. good morning to

we're live at the nasdaq market site in times square i'm andrew ross sorkin, becky quick and wilfredrost hanging out with us today. joe is off we hope he gets better soon. we are down triple digits. dow looking like it's going to open off 230 points this morning. nasdaq looking to open down 40 points s&p 500 off 15 points. all of this on the back of some news that jeff bezos, jamie dimon and warren buffet are getting together to create a not for profit health care operation that could really challenge some of the traditional players and some of those stocks down in a big way. we also had some news though from pfizer on the other end with good news we're looking at all of that go ahead. >> well, let's very quickly tell you about mcdonald's earnings. out with the earnings right now. if you look at an adjusted number which excludes the impact from the tax act they earned $1.71 a share. that compares to the $1.59 that the street had been anticipating revenue coming in better than expected $5.3 billion versus $5.22 billion that the street was expecting. the stock is down a dollar that's a

one and only spot where we're not tracking a lot of fog in the north bay at rohnert park. 101 at wilfred avenue clear driving conditions along this stretch of 101. further south along 101 near spencer, just before the tunnel, you can see that it's a little difficult to see with fog towards the golden gate bridge. a fog advisory in place for drivers across the span. give yourself extra time out out. this is the bay bridge toll plaza. i promise. difficult to see. again, fog advisory in place. hat's a check of your traffic; ove r to you. >>> this morning, the debate over immigration reform is being overshadowed by reports of presidential profanity so vulgar we can't even say it on tv!! jackie ward is here to break down the racially charged rant. >> reporter: my mom would probably wash all our mouths out if i said that word so the president took to twitter a short time ago to deny reports from multiple sources about the exact language he used during a meeting yesterday. but here's what some people say happened. the president made a controversial comment during the meeting on immigration with