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tv   Worldwide Exchange  CNBC  December 5, 2016 5:00am-6:01am EST

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good morning, renzi resigns following referendum defeat. the fallout coming up. and donald trump takes to twitter to threaten firms that move overseas. plus, we'll tell you what he had to say about china late last night. and apple's auto ambition. the tech giant getting into the race to develop a self-driving car. "worldwide exchange" begins right now. good morning and a very warm
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welcome to "worldwide exchange" on cnbc. i'm wilfred frost alongside courtney reagan in for sara. >> i'm wearing my buckeye red because they got in college football playoffs. really excited. >> you're educating me. we'll have more on the highlights of that, but first to the market moving action this morning. and futures after a week where we did see declines across all three of the indices for the week as a whole. the dow just negative last week. the s&p down 1%. the nasdaq down 2.5%. and 8 out of 11 sectors were negative. tech the worst down 3%. energy the best up over 2.5% because of oil's big rally. today, as you can see, we are pulled higher, the dow by 85 points. the nasdaq by 28. and the s&p 500 by about 11.5%. we'll have a look at what the dollar is doing this morning as well. last week the dollar did decline for its first week of declines in four -- the broader index is
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down 1% as a whole. we saw the unwinding post election dollar strength. this morning the dollar bouncing back. it's up .30%. we could have expected more strength given the italian referendum result, but we'll get to consequences of that in a moment. and a half a percent of gains for the dollar against the yen. as we look at what is going on around the world in trading action early this morning, european markets actually are higher. this might be a surprise knowing what we know now about the italian referendum, but here as you can see, germany is especially strong up more than 1.7%. france also up almost 1.5% here. so we've got some nice momentum going on in europe. we have an ecb meeting on thursday. banks are weak, especially the italian banks, and we'll get into more of that later on in the show. if we can move on to see what is happening in asia, we had a different picture in asia. the markets are lower across the board. the shanghai down more than a percent there.
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so we had the shanghai, the hang seng and the shenzhen lower. taiwan also closed down. we had some headlines with the president-elect donald trump making some movement over there as well. japan's nikkei down 0.8%. let's have a look at the broader markets. oil prices particularly strong last week. we already said energy was the best performing sector. oil gained some 12% for the week as a whole. so big mover there for oil prices following the opec decision. up again today, 52.26. so a lot of oil strength over the last week. we'll see if that will continue. we'll look at the ten-year treasury, we saw movement interweek, but we ended where we started below the 2.4% level, just below there today. a little more stability there, but yields have elevated since the election. gold prices this morning are trading a little low. we are down 1% at 1166.
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and now to this morning's top global market story. italian prime minister matteo renzi announcing he will resign after voters rejected constitutional changes that he backed. julia chat lee is joining us live from rome this morning. i'm sure you've had a very busy weekend. julia? >> reporter: yes, we did, courtney. a couple hours of sleep last night, but as you pointed out, a resounding, deafening loss here for prime minister matteo renzi. his response perfectly clear in the small hours of this morning. >> translator: i lost and i say it loud and clear, even if i have a lump in my throat. because we are not robots. i wasn't able to win. i begged you to believe that i did everything i thought was possible at this stage. >> reporter: so even though the result was expected here, there were a few surprises. voter turnout was incredibly high, above 65%.
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that's far higher here than the last general election in italy. also the win for the no-camp here left renzi with 0% space to move. he did announce he would resign later today. and now we wait for that. what next? he goes to resign and hands in his resignation to the president. the president can accept it or reject it. if he rejects it, prime minister renzi stays at the helm and then has to face a confidence vote to come at the back end of this week. but given the overwhelming negative sentiment against him, it's tough to see him pass that. if the president has expected accepts the resignation. then the hunt is on for the replacement. that's what we're expecting now. i want to give you a look at what the press is saying. this is a left-leaning newspaper saying the constitutional defeat of renzi, the prime minister
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here with his head in his hands. another picture here says renzi goes home. couldn't say it better than that, guys. >> resounding defeat as you say, julia, and by a much bigger margin than the polls suggested. the anti-establish level of opinion being missed by the polls somewhat. turnout is super high, yet markets are much higher in germany. and like half a percent higher broadly for the anti-establishment result. >> we did have a lot of negativity in the price. if you looked at the banking sector, year to date they are down 50%. we have to be a bit cautious.
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i think the markets will be sensitive to headline risk here, but for now we have to wait and see. watch what we get as far as the banks are concerned, any reports or comments made about those. but also we just have to wait and see what kind of government gets formed here and how quickly. >> julia, on friday we spoke about this, but remind us in terms of how hard it is for the next government and to car pri through the possibility of this vote in italy. >> reporter: this no vote in italy means it's harder for one party to come to power. that's likely coming in the next few weeks. this makes it more difficult for the populist party.
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it will be more difficult for them in the future unless they win by a landslide. and that is not what the polls are suggesting at this point. the other thing you hear is comments made about a future referendum on euro. that member is a small catalyst. >> is this result another wake-up call to brussels and france and germany of the strength of the anti-eu feeling that is existing across the continent? >> it absolutely is, will fretd. i can't say it more firmly of what we have seen over the last several hours. and also more difficult to reform. this country will do very little to reform the issue.
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and president-elect trump taking to twitter yesterday to renew his hard line against u.s. company that is move production overseas. in a series of tweets, trump said there would be con chemical weapons -- consequences to those who move abroad. any business that leaves our country for another country, fires its employees, builds new factory or plant in another country and then thinks it will send its product back into the u.s. without u.s. contribution is wrong. there will be a soon tax company for several beverage -- businesses. trump also zeroed in on china in another series of tweets he posted yesterday.
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the president-elect wrote, did china ask us if it was okay to devalue their currency, making it difficult for them to compete. the u.s. doesn't tax them. or to build a massive military complex in the middle of the south china sea? i don't think so. this comes after trump engaged in a phone conversation with the leader of taiwan on friday. it's believed to be one of the first phone calls between the u.s. president or president-elect and a leader from taiwan in dpek kids a. since 1979, i believe. relations between russia and china are sensitive. eunice yoon is joining us this morning with more. >> reporter: good morning. donald trump took swings criticizing beijing's policies on trade, its currency and the regional security. and the whole dispute started
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last week when trump had a phone call with the president of taiwan. what made this controversial is donald trump said that this poll ing is represented by washington. but they said taiwan engaged in petty action. now trump shot back in his recent anti-china tweets essentially saying that china does all kinds of things that the u.s. doesn't like and doesn't ask washington for permission. in that tweet, that came after trump's group attempts to dial back some of the more striving rhetor
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rhetoric. mike pence did the same with the phone call to taiwan describing it as a courtesy call. over to you. >> eunice, over the last 3 1/2 weeks, what is the general view of a president trump? on the one side, you have the idea of trade tariffs and reducing important trade between the two countries. on the other side, you've got the tpp no longer happening, which was something that china didn't want to happen as they weren't part of it. >> everyone is guessing according to and lialysts. i think what is telling in the statement that the chinese made was that it was quite benign and really not very sure in the wait
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and see mode. they are not sure what trump will do. they don't want to get in a slug-fest with the trump and the new administration, so they are waiting to see exactly what is going to happen and how they will have to react. >> eunice yoon is live from singapore. and a developing story out of north dakota. the army corps of engineers denied a permit for a controversial permit. the army corps says it will do a full environmental impact study in order to consider alternative routes. yesterday's decision could be a short-lived victory for protesters because president-elect donald trump has stated his supports the project. in other news the prime minister is lauchbing a challenge today.
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the appeal will be heard by the supreme court. the case is expected to last four days. if the prime minister wins, she can invoke 50 people by tend of march. if she loses to brexit timetable, although the case we rab will be mixed. >> tomorrow we get revised productivity and factory orders. finally on friday, december consumer sentiment. in tech news, apple has admitted that it's working on tech not to develop self-driving cars. there are rumors swirling for years that the tech giant is interested in developing the technology, but a newly-released letter shows last month apple's director of product integrity wrote to u.s. transportation officials saying apple is investing heavily in machine
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automation and is excited about the automation vehicles including transportation. >> i still don't get why we need self-driving cars. >> i don't think we need them, but clearly it could be a big moneymaker. >> they make me nervous. coming up, the european markets are bouncing back after italy's referendum vote. we'll head to london for the next winners and losers. keep it here, you're watching cnbc. your path to retirement may not always be clear. but at t. rowe price, we can help guide your retirement savings. so wherever your retirement journey takes you, we can help you reach your goals. call us or your advisor t. rowe price. invest with confidence.
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welcome back to "worldwide exchange. "caroline roth is joining us from london with the latest. good morning. >> reporter: good morning. italian referendum? what italian referendum? the market reaction a couple hours in is very relaxed. yes, we did see initial selling. and yes, the futures did point to broad-based selling. but after we got the knee-jerk reaction out of the way, it seems like the italian referendum was expected. it had already been baked into the markets. and more political instability in italy doesn't mean much because this is the country which has seen a political instability for decades.
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i want to tell you what the individual market is doing. the ftse is now higher by a third of 1%. we did see losses of 2% or 3%. but we also saw the market higher to the tune of 1.3%. so pretty wild swings here. the cac 40 and the xetra tax are all higher with the xetra dax outshining. a lot of focus on the italian banks. with renzi's resignation, a lot of people are concerned about whether the overhaul of banks can continue. bank of popular down by 3%. another reason the european markets are higher is the euro/dollar was down. back over to you. >> carolin, what is the sense for the vote in the possible likelihood of the likes of the
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afd doing well in light of national elections coming out. the size of the loss for renzi, even though the market reaction has been muted, the size of the loss in the actual vote is very significant. >> reporter: yes, of course. there's a lot of concern about 2017. we'll have a elections in the netherlands, germany and france. and a lot of people are talking about the trump effect spilling over into europe. of course, we already saw that with brexit. does this referendum mean that italy voted against the euro? not so much. a lot of people saying this is really a vote against renzi. this is not against italy's euro membership. that said, the five-star movement which in the next general round of elections come february 2018, italy might come to power. they are against the your e row, but they are not against the eu. this is a very important distinction to be made. >> the reaction is relatively
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muted for the loss for the incumbent prime minister. well, coming up, president-elect trump considering new possibilities for secretary of state. the latest names still ahead. olay total effects
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vitamin enriched to revive skin and fight 7 signs of aging your old school dance moves might show your age, your skin never will olay. ageless. welcome back to politics. president-elect trump is considering new possibilities for secretary of state. for the latest we turn to tracie potts who is live for us in washington. good morning, tracie.
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>> reporter: the trump team is considering new possibilities. and we are following the recount effort. today the green party outside trump tower talking about now petitioning federal courts in pennsylvania for emergency relief. >> millions of dollars in order -- >> reporter: today the green party led by former presidential candidate jill stein will ask a federal court to rule that the state's recount must begin today at noon. wisconsin is already underway. >> we won't be frightened to jump through the legal hoops. what is president donald trump afraid of? >> reporter: he is considering new names for secretary of state. former ambassador to china, jon huntsman. and the list is expanding. >> more than four, but who knows how in finalists there will be.
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>> reporter: also today -- the formal announcement of general james maddus. meantime, there trump continues to tweet out his foreign policy defending a call from taiwan's president that angered china. >> the waters here seem like a little bit of a tempest in a teapot. >> reporter: and warning american businesses that if you move jobs overseas, they may be making a very expensive mistake. trump's proposal to impose a 35% tariff on companies that take the jobs overseas and try to sell back here to the u.s. but critics say that will just end up in your wallet as the prices are raised. tracie potts there for us. >> she is always busy. really keeping her busy. >> no doubt about it. coming up, the details on
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the market shrug. you're watching "worldwide exchange" on cnbc.
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good morning. italy's prime minister resigns following a referendum defeat. the global reaction straight ahead. and trump-enomics. the tweets you need to see coming up.
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and how to take a trip to outer space. it's monday, december 5, 2016. you're watching "worldwide exchange." ♪ good morning and a very warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost along with courtney reagan in for sara. court, good morning. >> good morning, wilfred. >> straight to market action, declines last week. we did see the dow fractionally down. the s&p down 1%. the nasdaq down most significantly about 2.5%. within the s&p, 8 out of 11 sectors in negative territory. the tech down 3%. energy the best up over 2.5%. oil rallied significantly some 12%. we'll get to the reasons for that in a moment. today we are expecting a higher open. the dow up by 75 points. the nasdaq up 22 points. the s&p up about 107 points. that comes largely because of
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the positivity in european trade. despite a resounding no vote against the incumbent prime minister matteo renzi leading to his resignation in the constitutional reform referendum. why is the reaction so positive despite the bad outcome for the establishment? the transition post-renzi is looking to be relatively stable. so we have the bad outcome in the vote, but the realization that the worst-case scenario is highly unlikely, and by that i mean the possibility of an anti-eu party coming to power is still a long way off. so we're seeing rallying markets across europe including in italy despite the fact that the italian banks are down sharply. asian trade, more negative perhaps because they were open earlier before this positivity came out in european trade. also because of some of that china/taiwan/trump discussion over the weekend. and also we saw the new zealand prime minister resign
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unexpectedly for family reasons. john key was in the post for eight years and pretty much liked across the region. so we're seeing asian trade negative this morning. as we look at what is going on in the broader markets, oil prices are higher again today. last week for the week oil prices were up more than 12%. you can see here, both wti crude and brent up about 1% or so. gas prices also, you know, are rallying to multi-year highs. i should say 6% year over year, that's per aaa for all the drivers out there. as we take a look at what is going on with the ten-year, we are sitting near 2.4. about where we were on friday on the back of the jobs number. so relatively unchanged for that metric. and the dollar is seeing some movement today against the euro. we saw bigger movements initially. and as wilfred just went through, the reaction to the italian referendum with things settling for the euro dollar from what we saw in early action
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against the pound just about flat there for the dollar pound trade. and if we take a look at what is going on with gold prices, gold is down about 1%. we're sitting at 1166 or so there for the precious metal. italy is delivering a stinging loss to matteo renzi after the defeat of the reform referendum that renzi championed, then he announced his resignation and took responsibility for losing the vote by a 60/40 margin. the anti-establishment five-star movement is ready to govern the country, but still a lot of hurdles before that is a reality. nancy hungerton is joining us live from brussels where there's a meeting of finance ministers meeting today. nancy, good morning. >> reporter: good morning to you, wilfred. and the finance ministers coming in here just in the last hour were putting on a very brave face. in fact, that i were rather
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confident surrounding the situation in italy. i think for the same reason you're seeing some optimism in markets this morning. it was largely expected. so a very different reaction in the after math of the brexit vote. several prime minister have faith in the italian government to be a smooth political transition. that's the political side of things. but when i asked whether or not there were concerns over the banking crisis to sink into wider risks for the eurozone financial system, that's another issue some are saying is still too early to tell. i put the question to the eurogroup president and asked him whether or not he was looking for additional reassurances from the ecb on that matter. here's what he had to say. >> everyone who is sure about the outcome of the elections in the mid -- >> reporter: that's the wrong
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bite. we are talking about the positive sentiment because there's the economic financial risk fears. he said given the market response today there's no immediate need for response from the ecb and are assured by the market response. now when it comes to the political side of things, that's a different story. you heard there he was touching on upcoming elections in the eu eurozo eurozone. they say don't draw parallels here. it was a very similar message i got from the -- i asked if he was concerned about the italian referendum another sign of the eu project. here's what he had to say. >> translator: they are always trying to turn any vote into an anti-eu vote. they are wrong and they lose. and they will lose.
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>> reporter: so a very strong message coming from the commissioner there. they will lose, talking about populist sentiment in the eurozone as we get closer to french and german elections. they were very clear to say here that the finance ministers coming to brussels, this is an italian issue, not a broader issue. but remember, this meeting is originally drafted to talk about greece. a country out of headlines for now but it is good to look at the additional debt release. >> thank you very much, nancy hu hunggerford. in a series of tweets, donald trump said there would be consequences to moving abroad promising the u.s. will substantially reduce taxes and regulations on businesses. but he warns, quote, any business that leaves our country for another country, fires its employees and goes to a new
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plant in another country is a 35% tax for these companies. instead of moving if the firms want to. >> when he announced it was back around him standing as leader, i just wonder if this continues to soar as he used twitter to announce reaction to things. it's pretty extraordinary. >> even if you are not a fan of him or his policy, if you want to know what is going on -- you're going to need to follow
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him. >> right. >> that is how he makes announcements. >> i find it so strongly he takes to twitter. >> twitter might be very thankful for donald trump. >> he can do what he wants. but it is very quick. forming an opinion and tweeting it out, which is interesting to say the least. now friday president-elect trump is creating the strategic and policy forum. a group of 16 business leaders chaired by steven schwartzman on friday and asked him what his reaction was to the most recently by donald trump to keep jobs in ohio, the carrier decision and other threats to businesses doing several things. >> this was the first time for me. you know, i heard it when you heard it. and, you know, the issue is how do you build the united states, how do you create jobs or in
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this case, keep jobs? and that is an election promise. and it is important to create jobs here in the united states. and i anticipate there will be a variety of things that come up that nobody really thought would come up. normally they will be developed or go away. but the basic instinct is a good objective. >> he's saying be prepared for the unknown there. trump also zeroed in on china in another series of tweets he posted late yesterday. the president-elect firing off a series of tweets directly criticizing the chinese
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government. he wrote, quote, did china ask us if it was okay to devalue their currency making it hard for our companies to compete. heavily tax our products going into them, the u.s. doesn't tax them, or to build a massive military complex in the middle of the south china sea? i don't think so. this is after trump engaged in a conversation with taiwan's leader on friday. this was the first conversation between a president-elect leader and china. >> on the face of it, it doesn't seem like that significant of an issue, accepted a phone call from them, but there's one policy that suggests that wouldn't be something too bad to do. overall as you said earlier, not
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as significant as some may make out. a new survey this morning of business economists says most expect the u.s. growth to pick up. the median number calls for the american economy to grow 2.2% in 2017. 90% see the current expansion continuing until 2018. now to fed speak, new york fed president bill dudley says the central bank stands by wall street reforms and must complete unfinished work ending the too-big-to-debate project. this is a promise to roll back elements of dodd-frank. and donald trump is still being made fun of on "saturday night live." >> but i promise i'm done
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re-tweeted. i'm ready to buckle down and get to work. oops i did it again. >> mr. trump, please stop re-tweeting all these random real people. >> trump responding within an hour saying, just tried watching "saturday night live." unwatchable! totally buy yiased, not funny a the baldwin impersonation just can't get any worse. sad. ignore them. next week president-elect trump address ed the party in
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long island with kellyanne conway. if she's a hero, what is me. >> on this one, i have to say, i love a good costume party. it's a little disappointing when certain members don't go full out with their costumes, but i can understand why help didn't in this instance. we would have been super focused on it. and the next trending story, the commercialized trips to outer space may have to happen sooner than you think. virgin galactic tested the plane's basic performance and handling. more test guides are planned in 2017. roughly 700 people already signed up for a space visit. a as much as $250,000.
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wow. >> not that excited about self-driving cars but i would totally go to mars. >> once it has been clearly safely approved and all that, i would be well up for a trip to space. $250,000 is a lot of money. today's must-reads are coming up after the break. as we head to commercial, check out the european markets looking green after what happened in italy. you're watching "worldwide exchange" on cnbc.
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welcome back to "worldwide exchange." it is time for today's must-reads. in "the washington post," dump the electoral college? bad idea, says al gore's former campaign chairman. he says this also tends to bolster the two major parties. with nearly all states awarding their electoral votes on the winner-take-all basis, it's difficult for a third-party candidate to contend seriously. the argument is you want someone that wins that has more than 10% of the popular vote. because if you have a candidate that only wins 10% of the popular vote, imagine how difficult that is to govern. >> absolutely. i think it is a legitimate point. my article comes from "the financial times." larry summers is the author entitled trump's tax plans favor the rich and will hamper economic growth. the important writer that a lot
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of people listen to. he's saying he's favoring the tax cuts, the top 1%, but the more important point is whether this will spur growth at all. and he writes, i can find no basis in economic history that the proposed reforms would increase the growth rate from the current 2% rate to the historical 3% to 4% norm. out of population growth is slowed by a percentage point. the gains generated by more women entering the workforce have been exhausted and it is far to figure out how this spurs economic growth. it's an opinion worth reading, just to offset the animal spirits we have seen since the election in terms of positive reaction in the markets that trump's expansion of fiscal starts will definitely lead to long-term growth. and mr. summers disagrees. >> we heard some of those comments on "squawk box." and we are approaching the top of the hour, meaning joe kernan is here with a look at what is coming up. we have stopped the presses,
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i have them stopped. larry summers doesn't like trump's plan. stop the presses. >> at least he doesn't think it can happen. >> we have it as a big headline, as the earth moves on the notion that larry summers might not be -- >> joe, when we do a must-read, it doesn't mean that is what we think and what the show thinks and offsetting the various opinions, joe. >> let me ask you, mr. eu, does this mean anything other than if there was a referendum for italy to stay, wouldn't it be 60/40 leave right now? shall we view this any other way than that? >> yes. it's more complicated than that. i think it's a resounding -- >> you hope so. >> it's a resounding vote against the current government and the establishment. but it was not a question framed on the membership in the eu. and the other thing i think to take on board, whether or not you're right, it would suggest if there was an eu referendum
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initially, the vote would be to leave. whether it does imply from that, what is clear from the market reaction is people realize that the process to get from where we are today to either an anti-eu government or more importantly an out referendum on the eu in italy is a long way off. that's why the market is up today despite the result. >> oh, okay. it was not the counter factual once again wasn't born out from what the mainstream media thought would happen. this is actually that you needed to explain, you need to be here for this, melissa cabrera. but anyway, we'll talk about this. we'll talk about -- we have larry coming in. we have ian williamson. >> he is an economist? >> i gave him that title. did you hear the headline? >> i don't have a microphone on.
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>> we stopped the presses because we have to change the stories, there's a new headline, larry summers doesn't like donald trump's tax plan. >> joseph, the must-read is an opinion section. it is not news or headlines. it is an opinion section. >> i'm just talking in general. didn't you think he would be on board 100%? >> did you see our headlines at the top of the show at 5:30? they were unrelated to our opinion piece. joseph, we have to leave it there. we look forward to "squawk box." >> i just fell down with a feather. all right. the chief equity strategist will get his thoughts on the markets, the job and the fed. stay tuned, you're watching "worldwide exchange" on cnbc. hello mr. kent. can i rebook your flight? i'm here! xerox customer care services... ...soon to be conduent. wait i'm here! mr. kent? (gasp) shark diving! xerox personalized employee portals help companies
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and try pluggable febreze, with up to 4 times the freshness in one refill. pluggable febreze and fabric refresher [inhale + exhale mnemonic], two more ways to breathe happy welcome back to "world wide exchange." we're looking at futures that are higher despite the referendum result in italy. they are up significantly with the dow up 80 points.
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joining us is bob dole at nuve asset management. bob, good morning to you. thank you for joining us. i'm interested in the move this morning in equity markets, but last week we saw significant declines for the tech sector. but also for the u.s. dollar. has this post-trump election victory rally come to an end? >> i don't know that it has come to an end, but it is taking a pause. the investors are starting to say, okay, i like the pro-growth plans, but kind of when are they going to happen, what does the sequence look like? remember, nothing is going to happen january 1st in 2017. this stuff will be enacted most likely in 2017 and then affect 2018. so i think that is part of what investors are waking up to. president-elect trump is tweeting again and has been out on the victory trail and is using some of the harsh protectionist language that had faded post-election day.
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and that is probably weighing on investors a bit, too. >> bob, what do you make of the view of a fiscal expansion at this time when both debt levels are pretty high, but also employment is pretty full. what do you make of the full fiscal expansion that will not be an efficient way to deliver more growth? >> well, we need some more growth. and i think the absence of any attempt at fiscal policy says let's give it a try. but you raise a great point, effectiveness would probably be a lot higher if unemployment was where it was at the start of all of this ten, rather call it five. so we will either get, assuming we get more nominal growth, more productivity, which will be great news. or more inflation, and that will be less good news, obviously. and the jury is out. that might be also weighing on investors' minds. >> bob, it looks like you expect the fed to raise hikes when they meet shortly. but you also believe that could spike volatility.
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what are you expecting? >> well, we haven't focused on the fed for a while because the election has taken center stage. and the question is, will investors say, okay, the feds are starting to get in clear. we'll look at what the bond market is already doing? how much more of this is to come. we had almost 100 points up in the ten-year and there's more to come in 2017. so investor may focus on that and create volatility and noise. >> what do we take away from the reaction to the european markets from the italian referendum? a resounding vote against the establishment but yet the markets are higher. the reaction from the brexit vote seems to be becoming an opportunity. >> we saw this last week. and the other two cases we saw
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the opposite market moving higher because hillary clinton was moving up in the polls. the week before brexit, the markets were moving higher. this time the honest reaction were much more true. i think the dow will move higher but maybe lower first. it's been on quite a bit of a run. and some pause may make sense, but the proposed donald trump policies are bullish. >> bob doll, nuveen asset management there.
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that's it. "squawk box" comes up next.
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good morning. renzi resigns. italy's prime minister stepping down after suffering a devastating defeat in last night's referendum. the market reaction straight ahead. actually, the results were last night. obviously they voted yesterday. president-elect trump sounding off on twitter threatening to tax the goods of u.s. companies that leave the country and airing his grievances with china. not taiwan/china. we like them now all of a sudden. and apple is admitting they are working on technology for self-driving cars. is that good or bad? it's monday, december 5, 2016. and "squawk box" begins right now. >> live from new york where business never sleeps, this is
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"squawk box". good morning. welcome to "squawk box" here on cnbc. i'm michelle caruso can blare b. along with steve liesman who likes to drive. u.s. equity futures at this hour are suggesting a positive open. >> what is wrong with that? >> the dow will open higher by 76 points. so much about the fears of the italian referendum. they voted no as polls indicated. all kinds of concerns what this means for the future of the euro, but everybody this morning is happy, happy. nasdaq up by 18 points. >> did you see something different?


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