tv Worldwide Exchange CNBC December 30, 2014 4:00am-6:01am EST
from current levels. an end to the horror story, promising to protect bank deposits in next month's elections. what this greece would mean for europe. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> now, a press conference by airasia is under way after indonesian authorities confirmed bodies and debris from the flight have the spotted. these are live pictures you're seeing right now at the moment and we will bring you more from that press conference if and when we get them. for now, let's join martin sung who joins us from singapore
airport. >> good morning, wilfred. we're monitoring that press conference. europe wakes up to extremely sad news out here in asia. we have confirmed reports that at least one body has been recovered from the search area by search and rescue teams and unconfirmed reports said several other bodies have been as well. these were of course a part of the 162 passengers and crew on board, airasia 8501 which went missing coming to 58 hours ago now. we have word from officials saying they are starting to shift body bags to the recovery area. the bodies that have been recovered so far have been transported on to indonesian naval ships. they are going to be repatriot rated to the indonesian airport.
indonesia's president is on his way there to oversee the operations and see what's going on. so extremely sad news. the relatives and friends of the 162 passengers on board were gathered at indonesia's search and rescue headquarters about two hours ago to start getting news. before the news of the bodies we have news of an object confirmed in the search area. these objects are indeed confirmed to be from 8501. we are talking about parts from a plane, red and white colored with the colors of airasia. escape chutes, life rafts, life jackets, even luggage and baggage floating there. so what has been found, indonesian officials say now they are confirming it is debris from 8501. as you can imagine, the
relatives and friends of the people on board this flight not taking the news well. the pain and the grief acute. the head of airasia tony fernandez has weighed in. on twitter, he posted or tweeted saying my heart is filled with sadness for all the families involved on qz 8501. on behalf of air asia, my condolences condolences. he said whatever we can do at airasia we will be doing. so wilfred, as europe wakes up very sad news out here in asia. but at least there is -- there's starting to be a semblance of certainty now and for the family members and friends of the people on board 8501 closure can only begin with some certainty of what happened. back to you. >> indeed martin. thank you very much for that update. now, it is the second disappearance of an airplane this year. there are concerns over why the
industry struggled to track aircraft even though they come with navigation technology. head to cnbc.com to hear from the experts why it's not always that easy to track and plane. don't forget, you can follow up on twitter, as well, @cnbcworld. let's check in on markets in europe. they finished flat yesterday, despite the issues in greece. today is a different story. we are down about 0.5% with the stoxx 600 as you can see. that's following a disappointing market performance in asia today. sentiments certainly on the risk off side of things so far. let's look to the individual european markets and see it is rather broad based across the board. the ftse 100 down 0.7%. germany down 0.8% and also in italy off 0.5%. all of these markets were off about 0.5% yesterday in the middle of trade and then they
did gain some traction in the afternoon as this greek market itself regained ground as well. next said full year retail sales increased 7.7% including holiday traffic. it's up 3.8%. seadrill is off 3.2% after making a decision to purchase west polaris. there is an option purchase price of said 460 million. talktalk is basically flat. it is in talk toes acquire tesco's video streaming service blinkbox. it would allow talktalk to boost its tv services. tesco is up about 0.5% on the news.
let's take a look at bonds. the german yield, we saw significant safety buying, down to record lows of 0.55%. similar moves in the u.s. less of an expense, but we did see yield compression from around about 2.4% at the start of the day to 2.9%. moving in the opposite direction was the greek ten-year. up to 9.5% at the moment. it was as high as 9.8% at times yesterday. whereas the greek equity market recovered some of its ground yesterday, the ten-year greek yields did not. the yield turf is inversive in greece because of the default in the debt. the euro if you want to have a gauge of whether this is going to have a serious contagion effect, it did bounce off yesterday. it bounced back today. that's highlighting that people
aren't too concerned across europe at the moment at least. 1.2171. it is at a 28-month low. maybe that is the reason it didn't sell off any more than it did yesterday. up 1%. just below the 1.20 handle. that means the nikkei ended its trade for the year on a negative note. this morning, the aussie dollar is up about 0.8 -- 0.816, after that 0.84% moving against the dollar. the ruble bouncing back today haven't sold off significantly yesterday. 57.6 a 2.5% move. let's have a look add commodities. the oil price having bounced yesterday a little bit. it bounced yesterday on fears in libya that that was continuing supply. then that global supply coming off today. 1. 3% and brnt at 56.9.
we've seen iron ore prices hit a fresh 5 1/2 year low today. joining us now to discuss more on markets is james ashley chief economist at rbc capitalist. let's kick off with commodities. and the sort of impact they've had on markets thus far in 2014. as we look ahead to 2015 how big of an impact does that have in your region in particular on europe? >> i think it's hugely important. the uk for case in point, the uk is um ambiguously a good thing. it's holy a positive in terms of economic outlook. for the euro area, it's ambiguous. potentially there are deflation secretariations and given that inflation is precariously close to zero already, there's a danger that lower oil prices lower commodity prices in general differ for inflation. for the uk great news. for the euro area it's quit
micked. >> and we've talked about that fear of deflation which everyone in europe is terrified about. but it is caused by decline for an area that is oil importing overall, surely that shouldn't be something to be fearful of. >> it should be absolutely a good thing as long as a shift down in inflation expectations come entrenched. if you look at inflation shifting and we say this is great news for households, as you say, it increases potential spending power. that is fine. the problem is that if inflation expectation shifts lower and we start to factor that in, it becomes safer selling. that is a danger. >> and because of those inflation expectations, is it your base that we get quantitative easing? >> i think whether you look at this from an economics perspective or from the ecb, sovereign qe is coming.
i think we should expect that in q1, whether it's january, whether it's march is an open question and the greek complications add an extra layer of complexity to that. but no doubt qe is coming. there's no way the ecb can achieve a balance sheet without going into sovereign bond markets. >> what is interesting in terms of this for quantitative easing? this balance sheet target that they have, that is sort of slightly arbitrary, really. people are kind of attaching that as meaning we're going to get to see quantitative easing. simply because of a target. is that something we should take confidence in? >> no. somehow or other, the governing council collectively came up with this target. we can quite clearly see the sovereign bond markets we're not going to hit that 3 trillion. that's the wrong way of thinking about it. what we should be thinking is if they're going to sovereign bond markets, is it improve the economy?
will it generate inflation? will it be successful in terms of the overall objective? so i think what we're looking at is an intermediate target. what we should be focusing on is an end goal of does it get it back to inflation. >> and that's really the key point. if we do hit the target they'll have to include sovereign bonds. that will become the most inefficient way of inflation even compared to the inefficiencies of u.s. japanese inefficiency. >> more likely than not, the rub rix that they will use to define what they're going to purchase will be the ecb capital key. which means roughly 50% of whatever they spend, 50% of that 500 billion is going to be spend on german bonds. what we've just seen is currently trading around 0.55% for ten-year. there's no way to constrain the recovery. what you would like to do is focus your spending, focus the program in the likes of italy,
in the likes of spain where you could have real different materials, but because you need to do it in a nonsubjective way, to do this in a way that you're not favoring one over another, you have to back off and say we're going to buy german paper, french paper, italian paper, and it becomes tremendously inefficient. >> and greek will be on the list and we'll discuss much more about greece after the break with james and other guests. billionaire hedge fund manager david teppa tells cnbc the hedge markets are fairley valued and he sees the s&p rising another 8% to 10%. seppa says he expects 2015 to be a good year and he is now longer in equities than he was. tepper says investors should join the ride but he does caution of overinflation. he compared 2015 to 1999 when
investors from new york based capital are seeking the move since earnings have been postponed beyond the legal deadline pending a major corruption probe. under the terms of some foreign bonds, petrobras is expected to release third quarter results within 90 days of the quarter or december 29th. hedges are down more than 40% over the last three months since the investigation picked up and down 0.2% yesterday in trade. gazprom has agreed to buy its partners out of the south korean pipeline project which was abandon by russia earlier this month. the companies announced on monday gazprom is required to hold a 5 50% stake in the pipeline 50% held by edf and shore. shares are down 2.35%, down a
similar amount over the last three months. happy birthday to lebron james. the basketball superstar turned 30 today, writing on his twitter page, he said the great thing about getting older is you can get a chance to tell people in life what they mean to you. this has us talking and got us talking, what age do you look fondly forward to in your past or is the best yesterday to come? gordon tweeted in saying grow old with me the best is yet to be a quote from robert frost. i have to say i'm not aware of that one. get in touch with us email@example.com. or get in touch via twitter @cnbcwex. now, maurice levy is ceo of publicis. he spoke with stephane pedrazzi about issues likely to affect the advertising markets in 2015. >> we have currently all
indications showing a growth of gdp which will be the -- and off about 5%. it looks like next year will be a good year. it looks also like next year will be probably pulled by the west. the indication we have on emerging market are quite positive for china and india. with plans regarding brazil and russia. europe is still lagging behind with very low growth. >> what do you think would help advertising markets in 2015? >> i think the equity market has been hurt efficiently to have some hope to see that the market will start growing nicely.
obviously, everybody which has an effect on gdp can have an effect on rising account. what specifically can have a -- an impact on the on market expenditures, is the transformation of the business and what we are seeing currently. with its expansion in many areas. and that is something which is quite interesting for the years to come. look only for 2015. but 2015 to 2020 we can expect a huge change in the way money will be spent on advertising. >> we see that privacy online could hurt digital advertising. we may see the future with cookies and with privacy. we also have another aspect which is starting to plan a real
worry for companies, which is the fact that -- are stolen by hackers. you have seen what happened recently with sony. so we will have probably two or three trends into the future. the first one is the -- and they believe we will see a lump of development in software with information. the second is obviously the fact that people would leak to have better control over their data. and to easily make change and may have an impact on the business of some platforms. i believe that we will see less cookies in the future. and this is something which will
be extremely important to develop new solutions which are cookieless. this as the country gears up for general elections after the ruling coalition fails to gain majority support for that presidential candidate on monday. the yield on the greek ten-year rose to 5.98%. it's currently around 9.54%. the prime minister has now set elections for january the 25th. polls suggest a strong win by the left wing. tweeting in athens alexis welcomed a new era of economic hope. >> the government of samaras is a thing of the past. the memorandums of austerity will also be a thing of the past. the future has already started.
be optimistic and happy. >> joining us on the line from athens, the bureau chief for grease and also with us is james from capital markets. let's start with you, alkman. thank you very much for joining us this morning. i wanted to kick off with what the real conclusion from yesterday's vote was. this was a vote in parliament. was it a vote against samaras, against his government or was it specifically a vote against the -- >> that's a very good question and good morning. it was a vote against austerity and mr. samaras. >> mr. samaras, of course has identified with that austerity and he's also identified with the old establishment political parties of greece because
they're being blamed for leading greece into the crisis in the first place. >> i suppose as we head into the public election is whether the public will start taking notes of moves in the financial market and voices coming out of international investors about how against the idea of a left wing led government they are. >> that's certainly one of the hopes of the government in offense. when the elections or more specifically when the presidential vote was announced at the beginning of december you may recall this is about two months before it was supposed to happen. the markets reacted violently and the government pointed to saying this is what awaits us should he come to power. certainly there is a sense in greece that the worst may be behind and that there is an element of risk involved in changing governments. >> you talked about how in the past there was a violent reaction in the market to the
idea that shares the government might come to power. to what extent do you think it might be different this time? it seems as though he has changed his tone. do you think, therefore, the markets will change their tone or is that a misperception? >> no. tsipiras has changed his tone. on paper, they still say things that are quite aggressive, things like hiring back 150,000 civil servants revoking all the privatizations repealing all the reform measures taken, renegotiating the debt or demanding a dealt write-down from greece's competitors. but in practice, the rhetoric has softened. they have been trying to put out a softer line to that effect. the problem is not everyone is convinced and no one really knows what the real -- representatives because there are wings of the party that still hold to the old rhetoric as well as wings of the party
that are pitching the new rhetoric rhetoric. >> alkman my colleagues spoke to john miliov about 45 minutes ago. he said that greek debt was not just a greek problem, but also a eurozone problem as a whole. i wonder though this time around they've been bailed out a couple of times, if a left wing led government does come in and want to renegotiate the terms of the bailout. will europe and germany in particular this time just say, well, good riddance, we're not doing it again? >> i think there's going to be a hard line from the rest of europe. they've put out message to that effect. they expect syria to towe the line. it's not necessarily what syria says and syria does but what happens next in the relations with europe. europe feels like they've either cajoled or forced greece to a reform and fiscal austerity program, that that program has
started to pay some dividends. they would like to see it overwith. nobody wants to give greece more money. if syria insist owes taking a harder line, on banging heads with germany or other countries in the eurozone then what you're going to see is a lot of volatility in the market. i think that's what people are most afraid of, that kind of conflict. >> thank you very much for joining us this morning. much appreciate it alkman granitsas with the "wall street journal." james ashley stays with us for another segment after the break. the airasia search agency has told cnbc news that at least six bodies have been located, three of which have been recovered. we have seen bodies and objects floating in the sea. moving on to our other top stories, scott lntd's minister says a second patient is being
tested for ebola after returning from west africa. this comes after a health worker was confirmed to have the virus after returning to scotland from sierra leone. the patient will be treated to a isolation unit at the royal free hospital in london as soon as possible. still to come on the show over $2 billion of venture capital was raised by technology companies this year according to new figures. we'll speak to an expert in the field to find out what's in store for 2015. so stay tuned for that. plus is the end of the year just days away? we spoke to bill gross and asked him what he's wishing for in 2015. take a listen. >> my 2015 wish for the economy is just that republicans and democrats come together and initiate an investment program infrastructure related, capital intensive related. this country needs to invest in things as opposed to invest in
consumption and to the extent that we can come together and see some economic growth that is now 2% will even be 3% or 4%. and post your job to over 30 of the web's leading job boards with a single click; then simply select the best candidates from one easy to review list. you put up one post and the next day you have all these candidates. makes my job a lot easier. [ female announcer ] over 100,000 businesses have already used zip recruiter and now you can use zip recruiter for free at a special site for tv viewers; go to ziprecruiter.com/offer2.
indonesia's search and rescue agency confirmed debris and bodies have been discovered. washington is driving a u.s.-led war the against russia in global oil markets. one top investors is looking for many happy returns in 2015. david tepper tells cnbc he sees s&p rising 8% to 10% from current levels. and let's put an end to the horror stories, that's a message from alexis tsipris. what it would mean for the rest of europe. let's look in on what european markets are doing today. we're down across the board. yesterday we finished flat despite being down earlier in trade off the back of the greek election results. but today, we are down following on from markets in asia which were down, as you can see, the ftse 100 down 0.6%.
germany and france off similar amounts and italy managing to remain flat. we did see significant buying of the german ten-year yesterday. a flee fof safety in the face of the greece election results. yields fell as low as 0.55%. we're up fractionally from that level at 0.56%. but record lows hit yesterday and earlier today. the ten-year treasury in the u.s. also saw buying if the flight to safety continues elsewhere. 2.2%, the yields there. moving on, let's have a look next at forex rates. the dollar has weakened significantly against the yen today. it's a 1% move. this is the last day of trading for the nikkei which finished down today. ending the year about 8% up. the euro has bounced back a little bit today. it didn't sell off too much yesterday at 1.216 of 5. elsewhere, the australian dollar up 0.5%. let's look at oil prices. because yesterday the oil price
found some strengths. the general oil supply has come back. brent is at 57.2. both off about 1 .2%. let's have a final tract with james. i wanted to touch a bit on those bonds yield, mentioned. record lows for the german yield. 0.55% yesterday. even given that do you think that european bond markets will outperformance u.s. bond markets next year? >> i think the general theme will be economic divergence. you'll get the fed tightening. on the back of that i think you will see this outperform. if you're looking within the european sphere it was clearly more to be had in the likes of italy and spain. so yes, i think germany relative to the u.s. seems like a good
trade. but i think if you're looking for more, not right now where grease is going to avk whole periphery. >> these countries seem to have very low bond yields. it's understandable for germany where you can label them as a safe aiven, but france 1.8%, italy around 1. 2%. it doesn't make sense. >>. >> it certainly reflects an expectation of policy. so the fact is that whatever you think about spanish credit or italian credit relative to the u.s. i think we can all agree that the fact is the ecb is going to keep policy rates so low and therefore, nominal sovereign yields will be below those in the u.s.
and if you're asking about economic fundamentals and creditworthiness, the u.s. is clearly a better bet. if you're asking about where should europe be you have to take b into account the policy spread. a whole lot are below u.s. treasuries. >> our expectation is thats will allow 117, 118 in the dollar. i think there's a potential for further depreciation. i can't see how the euro doesn't go down from the 121, 1.22 levels we're at now. >> thank you so much for joining us and happy new year to you. >> same to you. more than $2.1 approximately of venture cal capital was raised this year by companies.
so is the trend here to stay? joining me now to discuss is eileen burbridge. thank you for joining us. the growth that we've seen in funding, particularly in london over the last couple of years, very impressive. what is it down to? >> i think it's down to the fact that london has a great collection of talent. it's diverse, pulls from all over the world. and financial services banking, of course so it's got a huge talent pull. it's going to affect investment down the line and the time is right now for what's happening in the market and what london has at its disposal. >> and i wonder in particular like tech start-ups with the way the internet works, you can be anywhere than a tech company. i wonder if this is a fad but it
can go away as quickly as it's arrived. >> well you're right. you can go anywhere. it's outside the united states and so everything is not centered in one hub. the internet and technology is starting to make much more efficient now. >> and within the subsectors of the start-up what about in this area? >> i can what we're seeing is a lot in financial areas, anything that's going to be related to tra additional payments online e-commerce is very, very hot. there is a great rise in cyber security. so you think about things like the sony hack jpmorgan breach
mastercard, and everything else that we've done. >> where does this rank amongst some of the other countries around the world? >> our intelligence network is clearly one of the strongest in the world, absolutely. there is no question about that. and so the biggest challenge that we have but great opportunity is how to commercialize some of those technology that's we've used to protect the nation and also try to commercialize that a bit and extend it to universities and smaller companies so that you can launch more companies. >> and let's talk about some of the investors you've been making yourself over the years. what are some of the start-up companies year excited about? >> financial investment services and would have been on the program before talking about the independent space, we've invested in digital shadows. we're very interested in marketplaces, as well.
when you think about what mobile applications can deliver for people trying to get instant gratification, those are similar areas that we're looking at closely. >> and it's been a great year for tech not just the start-up areas, but also the traditional tech names, the microsofts of this world and the valuations. does that makes you worry a little bit about valuations? >> no not at all. those larger companies, like you say, microsoft or amazon or, you know yahoo! as long as they've got fundamentals i think that demonstrates that they're going to need to continue to innovation. that helps keep the market really, really strong from both ends. from the part i play to what's happening with the bigger players and what they might need to do, it's all part of this in
london really well positioned for it. >> thanks for now. now, u.s. investigators expects north korea hides hackers from outside its boarders according to a reuters report. it's said the company lacks the so efficient indicated abilities to carry out an attack on the studio itself. we're taking a look at the top trends shaping global markets in 2015. >> after world war ii was arranged around access resources and capital. when oil changes in terms of who has it and who is the marginal producer and how you get prices set, a lot of other arrangements change as well. so the shale gas revolution in america is extraordinary for political implications, not just
political ones. >> shale doesn't seem to be doing all that well. >> although we made the prediction, pretty time that in fact, america was going to exceed saudi arabia some of those shale prutsers are no longer profitable at a lower point. >> a lot of focus has been on china, the slowdown and what the broader implications are. explain what you mean by that. >> foreign direct investment is the way in which businesses outside of china have built factories and it was the growth story in china up until now. chinese firms are now spending money outside of china to open up factories. for the first time in 2015 the outward flow of capital from
china will exceed the in the word flow into china. so it shows china is maturing as an economy. >> i like the description that mobile phone applications are going to exceed that of the population. if i'm not mistaken only a third of the world's population are actually on the interpret. >> that is exactly right. one reason why there's so many mobile phone subscriptions, in africa, you need three of them because the network connectively is not good enough. not everyone in the world will be connected, at least not yet. >> and connectivity is precisely one of the facebook reasons for being founded, right, initially. >> that's right. >> does that continue given the
proliferation of other platforms like snap chat among others? >> absolutely. when you do polls of whether people in indonesia are on the internet but if you poll them and say they're on facebook they say yes. a lot of people don't realize facebook is on the internet. >> there's some concern that teens aren't using facebook as much. that is a concern for wall street. >> it's true. it seems like from anecdotalest it's stretchy. but when you look at the numbers that facebook is releasing, active users are increasing. probably not today, but tomorrow the number of facebook users will exceed the numbers in china. >> and now instagram is playing a big role in their user platform, as well. >> very smart. still to come here on
about 360 million people suffer from hearing loss globally according to the world's health organization. while production of hearing aids is only meeting about 10% of the global need. a tech start-up that makes hearing aid twices at a significant discount to tradition manufacturers, joining us now is patrick and eye line burbridge is still with us. patrick, thanks very much for joining us. good morning to you. >> thank you for having me. >> let's kick off with a brief introduction of exactly what the company is does. >> it offers award winning hearings aids online at a fraction of the cost that you would traditionally see in an audiology clinic. >> as i understand it,ite something like 75% cheaper than you would get at the clinic.
that seems like an astonishingly big discount. typically the cost of a hearing aid is around $3,000. if you have two ears it can be at least $6,000. so this is quite a contrast given that the traditional manufacturing costs of a hearing aid is around $200. so there is a big markup both on the manufacturing side and especially on the retail side. what we do is essentially deal with the customer directly throughout your loon platform. that way we can cut out all these intermediaries and offer you a cost that is accessible. >> it's not correct to suggest people with hearing aids are your demographic and that they don't use online services at all. >> it's very interesting. we're looking at typically
between 65 to 75 years old for our demographic. it has changed completely in the way they adopt technology. that is on facebook. they buy stuff diop line and they're looking for health information online. we're seeing a very very strong, you know, surge of these people coming to us. >> absolutely brilliant. something we talked about during the break, we are asking about sectors we were excited about. i neglected to mention health care. that has presented massive opportunity because a lot of people are used to looking at one central innovation for solutions. and i think what they're doing is impressive because it reminds me of models that are somewhere in the -- for glass or
spectacles, or even here in the uk where a lot of people are buying online. you're buying you know products that people are used to and quite rightly need but you'll be able to realize a lot more efficiency. that takes out a lot of the margin and added cost and make it a much better value for consumers. >> we often talk as well about changing trends and growth health care needs. i wouldn't have traditionally thought hearing aids and hearing issues are a problem. lisping to music with headphones is that creating a need for hearing aids? >> absolutely. number one, we have the aging population. the second issue is lifestyle change.
being exposed to a lot of noise, either through the workplace or three leashus. the ipod generation as we call them, is going to be a very big group of people that will have hearing issues. >> eileen any subsectors you're particularly focus on for next year? >> there's a lot of opportunities. globally dmenant, as well. a lot of these things are going to have to be addressed. even things like musculoskeletal problems. that is 10 billion pounds annually spent on that market. there is a lot to do to make sure we do that in greater comfort and with better technology. >> thank you very much for that eileen, and patrick, as well. eileen will stay with us one more chat.
now, could -- be the next wearables? 2015 could be the year for the ear. don't forget you can follow us on twitter. @cnbcworld. we're get ago flash coming out of the ukraine. it expects three chains of imf credit to come after the imf visit in january. that is coming out from reuters as we speak. moving on two albanian captains were killed while suggesting -- to the port authority. the swaelz happening when a cable broke on the boat. over 400 people made it off the boat after a 36-hour rescue operation. both italian and greek authorities are continuing an air search. it's understood that at least
ten people were killed in the disaster. another modern innovation making waves and wagon tails this year happy holiday sess changing the way people with their beds. >> there are 80 million dogs in the u.s. when owners go on vacation that's traditionally has meant going to a kennel. now, an app called rover can bring you a dog sitter. there are now 25,000 sitters available across the u.s. rover's ceo says business booms over the holidays. >> during the holidays people travel on thanksgiving and on christmas. so there is a wave of people looking to book but pretty much all the same days. so it is a crazy time of year for us. >> rover takes money by taking a
15% commission from its sitters who typically charge $30 per night. the company has raised $25 million from investors such as memo ventures. but rover isn't alone in this market. there is vacate which has raised $47 million from top tier venture capitalists search as benchmark. these investors know that americans spent a lot of money on their pets. nearly $60 billion this year according to the merp pet products association. the start-ups do have their critics. who say sitters love dog, but it doesn't mean they're qualified to care for dogs. still, lover counters that every pet sitter is var pied and reviewed and dropping your dol dog off with a sitter beats leaving him in a kennel. and we're just getting some
further flashes coming oust of the indonesia airasia story. the indonesian search and rescue teams have retrieved 40 bodies from the sea. speccing that to be from the missing asian flight. very sad confirmation. we'll bring you more on it when we get it. let's move on and look at some top corporate stories. taking a 7% stake in american royal capital properties corvex says it's in talks with arcp seeking to put someone on the board. arcp has lost a third of its value after saying it intentionally covered up that mistake. that less to the resignation of its chairman and ceo. it's been down about 3% over the
last throw months. civio, which provides temporary housing for oil workers, it says its revenues could be cut by a third. shares fell nearly 30% in after hours trade. down 30.9% and down 77% over the last six months. let's have a quick look at u.s. futures. what are we expecting for the day? europe is down about 0.5%. and the u.s. markets expected to open down. the s&p down 4, dow jones down 8 and nasdaq down 1. our next guest says there could be even more room to run thanks to lower energy prices. find out more after this short break.
a navy kuhn firms rescue seems have recovered four bodies from the java sea. as the s&p 500 sets a new high, one top investors is looking for many more happy returns in 2015. dafdz tepper tells cnbc he sees the index rising 8% to 10% from current levels. can crude hitting fresh multi year lows the president
of venezuela blames the u.s.-russian dispute. we ask what a -- tsipiras led greece would mean for europe. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. within the past few minutes, the indonesian navy has confirm at least 40 bodies have been found in an areas of the java sea where debris from the airasia flight has been recovered. for the latest we're going to join martin in singapore. over to you. >> wilfred, good morning. as you headlined just a couple
of seconds ago, we have confirmed reports now that 40 bodies have been recovered by search and rescue teams in the rescue zone. these bodies are believed to be and almost certain are among the 162 passengers and crew who were on board air asia 8501 when it went off the radar early sunday morning. obviously, where it did not land. now, i say this because it's also pretty much clear that the crash site has been found. indonesian officials have confirmed that the objects that we talked about earlier today, that were skofrd by search and rescue planes in the search area they have confirmed they are related to 8501. in other words, they are debris and wreckage from the plane. on top of that there are reports that there is an object
a shadow in the sea bed which resembles an aircraft. so he think we know is consistent with these reports that we've heard so far. so you're right, indonesia's president is encrowd to the crash site where he's going to be meeting the families and the next of kin. we should be arriving there within the hour. we will be monitoring that very closely. but earlier today, the families were called to the headquarters of the search and rescue operations in indonesia and they were -- the officials were briefing them as information came in about the debris as well as about the bodies as they started being discovered. and the news obviously was not taken well. the pain for them just extremely acute. as this phase of the operation
conditions, the news at this stage can only grow grimmer. back to you. >> martin thank you very much for that update. let's check in on the markets and have a look at europe where we are in the red today. we are down about 0.5% in the middle of the day. and today in europe we are in the red. following on from some negative results in asia overnight. the ftse 100 is down 0.6%. as is germany, as is france and itly is managing to stay just ahead of u.s. futures. yesterday, u.s. markets were basically flat. but the s&p did finish for a record high for the 53rd time this year. given what's happened in asia overflight, we're expecting the
u.s. to open slightly down. the dow down by 7 points and the nasdaq down by just under one point. let's look at bond market. we did see a flight to safety. particularly germany, which fell to 0.55%, a report low following the greece vote. that did see a bit of a correlation with the ten-year in the u.s. seeing a bit of buying. it's flat about now. of course, while germany saw bond buying and yield compression, the opposite was crew in greece. we're now down around 9.5%. on the shorter end of the curve, the yield curve in greece is inversive. there are fears of debt default ahead of the elections on january 25th. let's look at forex. that is a good indication of
general contagious around europe because of the greece issue. today, it is flat. the wider euro zone wasn't suffered too much because of that issue. nonetheless b, it hasn't moved too significantly following that result yesterday. the u.s. dollar weakened significantly against the dollar today. the nikkei hazard closed its final reading of the year but finishes the year 8% in the green. the ruble, which was strengthening quite sharply earlier in trade today is now only up about 0.7% bouncing back from a sharp decline yesterday. let's look in on commodities. yesterday, the oil price did kick up a little bit over here hes in libya. but, again, the global supply got back to the floor today.
up 0.6%. brent is up 0.9%, 357.4%. now, let's mention billionaire hedge fund manager david tepper told cnbc the u.s. markets were fairley valued to see the rise in the s&p, another 8% to 10%. tepper says he expects 2015 to be a good year and he's now longer in equities than he was in april when he was 7% to 80% long. he says investors should enjoy the ride but he does caution to be aware of that overvaluation. joining me now is dr. anna armstrong. thank you very much for joining us today. i wanted to kick off with the oil prices and, of course in mid-december, we saw huge oil price volatility. that led equities to sill off quite significantly. we have seen equities bounts back again.
is that the correct reaction from equities? >> we have says first, the view on the oil price are. and that is there are quite a few indicators that it might even fall further. there are many expectations it can reach $40. saudi arabia is insistent on 30 million barrels per day and that includes the market share. so i don't think they will give up on strategy easily. however, the big deficit stands at 50 billion might be challenging because they have quite a few subsidies to cover. so the question is what happens next with the oil price. and secondly, what is the impact on the global economy including the equity markets. so the markets are simply discounting interasset class correlations together with the oil price.
actually, low oil price is kwies good for global growth and it is keeping inflation low. so we can see that price as something that is quite positive for the economy and the equity markets in general. >> and the initial sell-off as you said, is that oil prices were very high. because we've gone through that initial moment of volatility, as we go into next year will this be very positive in general for the equity markets? >> i think the oil price is creating quite a bit of turbulence turbulence. so the next thing that volatility will be under control over the next year over the first quarter of 2015. and that is the reason not just oil price and the geopolitical tensions, impact on russia situation in russia and ewe
crepe, the situation in china and global restructuring, the situation in greece is becoming more and more magical these days. we can say volatility is going to persist in the system and how this plays out in volatilities. let's talk about another big feat that we've been mentioning a lot which is the strong u.s. dollar. and the argument we can go over many time is why the dollar has been strong as we go into next year. what does that mean specifically for markets? are we in a completely different situation today? >> we can see that emerging markets, they have significant amount of u.s. debt. so strong dollar is not helping in that sense. also, it can have quite a bad inflection on a number of medium sized enterprise wes b but the oil price exposed to dollar which can impact the increase and increase tightening in the financial system.
so i think strong dollar is not a good sign for the emerging markets. when we look at emerging markets, we have slightly different approach towards commodities, currencies have been depreciateing over the last month and they tend to favor the industrial ones such as turkey singapore, korea, india, so on. >> anna thank you very much for now. stay with us and we'll have another couple of chats over the next 20 minutes or so. anna armstrong. now, let's give you a rundown of what to watch this trading day in the u.s. the monthly s&p case-shiller index is out at 9:00 a.m. eastern time. the forecast nearly 5% in october. at 10:00, we can consumer confidence which is expected to rebound after falling next month. coming up after the break, we speak to a member of the greece government as the country prepares the opposition party in next month anticipation election. stay tuned here on "worldwide
venezuela says washington is to blame for oil price supplies. the lead over greek conservative parties has narrowed to just three points according to the latest poll. greece is gearing up for general elections. the yields on the greek ten-year rose to 15-month highs following the parliamentary vote of 8.5%. the prime minister has set elections for january the 25th. recent opinion polls suggest a strong win by the left wing anti-austerity party. peeking in athens tsipris welcomes new policy. and we lost that clip there. our apologies. but joining us down the line is the minister for administrative
reform and government in greece. thank you very much for joining us this morning. vp appreciated. i wanted to touch, of course before we come on to the public vote on the 25th of january, to touch on the results of the parliamentary vote yesterday. do you see this vote as a define of your party or your government or your prime minister or more generally of the policy of austerity? >> no not really. of course our execution has a strange provision which connects the presidential vote to a likely dismissal of parliament. we do require a super majority of 180 mps in order to elect the president. if we don't reach that number parliament will have to be resolved. we have a parliamentary majority of 155 mps. so we needed to update 25 additional votes. that proved to be -- well quite difficult in the process.
regardless of what happens in the parliament republicans are now faced with a clearer choice. do we continue on the path of growth and stability which the government has been able to -- for the past couple of years, or are we willing to experiment and elect a party which is quite different from social democratic parties and basic assumptions regarding our relationship with europe. so i'm pretty confident that at the end of the day, the democracy is going so win this election. i see this trend continuing until the 25th. >> it has narrowed but if you can regain the lead what will you be telling the greek people over the next few weeks? >> we'll become the truth and the truth is that you cannot
have access to funding by europe without the tnls attached to this funding. they're saying they're willing to tear up the memorandum but they want access to the european funds. this is something which is occurring. so we will, on the one hand explain why the positions are un unrealistic and that they're on a true grid with europe. i think the greek economy has performed very well over the last six months. we thought the good growth figures in a different department would manage to commit the first data budget in more than 40 years. we have moving along with the reform package and it could be a pity not to continue on this path.
>> it almost looks like that greece is facing some structural problems that are going to remain present no matter who wins in the election. unemployment is going to -- growth is going to be slow. structure is an issue the country is facing to actually bring foreign direct investment to tackle the tax problem. i don't think there is an easy way out of the situation. >> we are still faced with an upsill trugel. on the other hand, if you look at the number of structural reforms that have taken mays i still think it's quite remarkable. we've managed to shrink the size of the demonstration. you mentioned foreign direct investment. i can tell you there are a lot of foreign investors who are
very interested in investing in greece these days. obviously they want the political situation to be resolved so they can have more clarity. there is a clear sense in greece that the economy is on a path to establish some sort of decent recovery. we've seen unemployment decline, not tithly but we've seen our first decline in unemployment figures and there's an overall sense that the economy is bottomed out. if we win these, the assumption is will be thrown out the window. it's also very much an anti-business rhetoric. >> i wanted to turn on the possibility of having outright quantity safb easing from the
ecb. we're asking to renegotiate terms with the troika do you think the ecb could go ahead with quantitative easing and not including greek bonds in the purchase purchases? >> i don't know. i don't know how the ecb would react to a likely series. what i do know is that the ecb has set a clear continue in order to continue the system and that is greece should be on the program. what we're saying is that we intent to wrap up the current negotiate and we can do that by the end of february and move to the next step under the protection of our enhanced credit line. we think this is a reasonable stat gri which makes sense and this is exactly the case we wanted to make to the greek
public. i still think in spite of the natural distress, there is a lot of spain in greece today. i still think that greeks will think hard and they will vote with their brains rather than with their hearts in terms of not letting anger dominate this election. and they will see the sort of proposal we're presenting is the only roent path for the country. >> and what level of bonds yields do the alarm bells start going off for you? >> i'm already concerned. obviously, these bonds yields are not yields which will allow greece to access the international market. one thing for sure you would
see a dramatic decline. >> thank you for joining us. we've just had news out of an italian bond auction saying they ever told 5 million euros of 2020 bonds and 2.8 billion five-year note 279 billion of ten-year note. the ten-year yield is at a record low with those bond auctions coming in where spain and italy obviously reacting in different ways to greece. so ten-year bond auction in italy has set a record low for those yields. now, with the end of the year just days away we spoke to bill gross and asked what he's
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we're going to continue the debate on out of greece. there is increased political and financial risk. still with me to discuss more is dr. anna kukich. anna, i spoke the question is is there going to be a similar worry of contagion this time around as there was in 2014? >> it looks like we are facing a different situation now and it's a greek problem might remain a greek problem. you can see the -- in the yields between italy, spain and greece which wasn't the case. that might tell investors there
is not enough. >> what about politically? could this in space and spain and other countries gain more traction? >> it looks like greece acts and behavior emptily now from the whole european story. and it doesn't seem to have any major effect on the other countries. while greece had a major issue in the global system years ago, i think now we are fatesing more volatility coming from unpredictable prices of oil, the situation in china, russia, and some other part of the world. so i don't think greek in its own right can cause any major consageon. >> thank you for joining us this morning. much appreciated.
confirmed debris found in the java sea is that from the missing flight airasia 8501. one investor is looking for many happy returns in 2015. david tepper tells cnbc he sees the index rising 8% to 10%. the president of venezuela lays the blame of driving a u.s.-led war against russia in global oil markets. let's put an end to the horror stories. alexis tsipras he will -- if he wins in the next greek election. what this can mean for europe. >> you're watching "worldwide exchange," bringing you business news from around the global. >> thank you very much for tiening in here on "worldwide
exchange." yesterday, we were basically flat, but the s&p eked out another record high. but today, we're expecting market to open in the red. that follows a decline in markets in asia overnight and about 0.5% of the declines we've got in europe at the moment. the nasdaq expected to open down just about 0.5%. the s&p expected to open down about 3 points and the dow down about 4 points. let's look at european markets. they recovered during the second half of the day today. following asia down t into red, we're down about 0.5% for broader europe. germany down a similar amount and fraction down 0.7%. italy is managing to buck the trend. it's flat following some successful bond auctions where the ten-year yield on the italian debt has hit a record all-time low. let's look at oil prices as well. yesterday, oil prices were strong. that stemmed from issues in libya where that was calling
into question supply from libya. but once again, oil prices are weak against the day. 53.3 for wti. down 0.6%. and brent is at 57.4 down 0.86%. now, back to one of our top stories fp. the indonesian navy has confirmed at least 40 bodies have been found in an area of the java sea. understand near ya's president is expected to meet with the families and hold a press conference. for more on the story, we'll go out to martin sung in singapore with the latest. martin. >> wilfred, good morning. you're right. basically, we are in the recovery phase of this operation now. and i say that because it's not search and rescue any more. they have basically identified the crash site of airasia 8501. they've confirmed objects found are indeed wreckage and debris
from the plane and crucially they've discovered bodies, as well. you're right, confirmed reports quoting indonesian navy officials that 40 bodies have been recovered and these bodies were recovered by naval divers. they have been brought on board in vessels or ships and they would be later repatrioted on shore back at search and rescue quarterbacks. these bodies are believed to be and most certainly are some of the 162 passengers and crew on board 8501. you mentioned the president. you're right, within about 30 minutes, he is scheduled to arrive in indonesia. at the search and rescue headquarters where he's likely to be meeting with the friends and family and relatives of the 162 people on board. passengers and crew as well as likely holding a press conference and speaking to the press. this is interesting because up until now, it's been the vice
president of indonesia, joseph collins, who has taken point publicly on this crisis and now the president is stepping to the forefront. it will be all ears listening to see what he has to say. from here on on it out, it's simply more likely than not the news is going to be grimmer as we roll on. again, 40 bodies. that was confirmed so far. but the numbers and the news can only get worse from here. i need to bring up some point, wilfred, before we go and i hope we have time for this there were pictures shown on indonesian television live pictures, as a helo from the rescue crew was trying to reach a body in the ocean. those pictures were being shown live as officials were briefing the families and friends of the 162 people on board. those pictures the video were reposted retweeted across social media and over the internet and it's created a
storm of criticism, i have to say. it's not so much to do with objectivity or professionalism, but more with the sense of privacy and a sense of decency. you and i, if we were in the same situation and we have friends or relatives on board that plane, we certainly wouldn't want to find out about it or see the people that we love in conditions like that and so publicly. so certainly understandable that it is causing a storm of criticism on social media as well as on the internet wilfred. >> martin thank you very much for that update. our thoughts and prayers remain with the families of those involved. now, moving on the u.s. is launching a war against russia in global oil markets. in a televised speech on monday the leaders lashed out at washington orchestrating a plot to destroy the revolution. venezuela pa proel yum exports have flashed during the second half of the year at $48 a barrel. they have aimed to reassure
investors that the government would respect its inflation despite a looming default. russia's economy is feeling the strain involving vladimir putin's mistake of the crimea. the u.s. president said quote, the big advantage we have with russia is we've got a dynamic and vital economy and they don't. he said they rely on oil, we rely on oil and ipads and movies and you name it. the russian ruble strengthened in yesterday's trade. it is nonetheless down 40% against the u.s. dollar this year. that our next guest thinks is far from over. joining me now is john. let's go back to the start of the issue in russia and the ewe crepe. putin's move was soon after yanukovych's ally in ukraine was
ousted. and it is trying to stop ukraine from moving more west more pro eu. surely all of his actions have do know only done more to cement ukraine want to go join the uk in the future. >> i think what putin wanted to do was avoid losing ukraine. they see ukraine as central to their plans to construct a eurasian union. they wanted to avoid that -- ukraine. in fact, they say let me an ex crimea and destabilize eastern ukraine, which it's done successfully has had the effect of actually making kiev and the western part of ewe contain more worried about russia not less. so it has been counterproductive. >> would he consider his actions successful or unsuccessful? i think it's amazing to almost all foreign bystanders to view his opinion polls are a incredibly strong still.
>> i think this is a short-term/long-term difference. i mean at the time that he did this, it certainly increased his popularity. seemed ordinary russians like an assertion of russian power and influence in the world, it seemed like a strategic defeat of america in the u.s. as many people said crimea was going to cost a lot of money. eastern ukraine was not a stable place. and although sanctions look to some russians as that was just a pinprick, we don't care about sanctions, thank you very much over time it would do damage to the russian economy. then you have declining oil prices and now you have problems on your hands. >> i'm not sure we need to escalate them any further. i think there will be a debate between obama and the europeans.
and that will be to do more. i do hope that nobody in europe thinks that it's now time to start rattling down these sanctions because they are clearly having an impact. and i think it's important while putin is still active to keep the sanctions in place. but i think the ones we've got are strong enough to do serious damage and that ultimately will seek through at the lower standards. >> and when we talk about some of the other consequences of the recent turmoil, one of which you say is that europe will look to diversify its energy dependency away from russia that's been talked about a lot. how is it that europe can do that in a meaningful degree? >> this will take time. in some ways -- i'm trying to look on the bright side here. in some ways what putin did was made people like those in italy, hungary, bulgaria, being dependent on russian oil and gas
is not a safe place to be. and it would be wise to look and see how you can supply others with gas and we can diversify a way to energy including possibly shale. so i think that he has -- putin has given a push to that. on top of it i think he's made the countries of europe realize that there is a reason for being in nato there is a reason for being in the european union. his popularity strangely, has gone up. people see this as a club that can protect them against what looks like a rather unstable, unsafe russia. >> john, thank you very much for joining us much appreciated. now, let's take a look at today's other top stories. oil producers may be scaling back. that is the first significant drop since prices starting to fall in june. the city is still producing oil more efficiently. u.s. output hit 9.14 million
barrels a day, the highest since the government began tracking it in 1983. documents show the extent of how morgan stanley influenced subprime lenders to push into riskier mortgages before the financial crisis. morgan standard pushed new century to push into more loans that would be lucrative for the bank. the justice department is examining the relationship and it's reportedly aiming for a settlement next year. coming up he's the king on and off the basketball court with two championship rings and millions of dollars in endorsements. we look at the vast business empire of lebron james as the super store celebrates a big birthday. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪
sometimes it's good to be the king in the case of lebron james superstar, whose nickname is the king. he celebrates a big milestone today. for more on the story, let's get out to landon downdy. good morning landon. >> wilfred, good morning to you. lebron james turns 30 today. the nba star may be enjoying life more off the court than on this year. his return to his hometown cleveland cavaliers, hasn't been entirely smooth. the cavs are 18-12, but have struggled at times this season. he scored nearly 24,000 points
in his career and is a two-time nba champ winning back to back titles with the miami heat in 2012 and 2013. lebron has been named league mvp four times and a two-time olympic gold medalist. he is worth an estimate $72 million. he's worth an annual salary of $19.3 million. he makes about $53 million a year from endorsement deals. the most we're going to above those is from nike. nike unveiled the newest shoe in his signature line in september. he rakes in $300 million in sales from the company last year and those for an active player. but that's just a fraction of what michael jordan generates. his nikety brands generates $3.5 billion in revenue a year. lebron currently endorses sh brands. they range from nike to mcdonald's samsung, kia motors
dunkin donuts, and the list goes on and on. james endorses beats, the high end headphonesmaker. espn says he made more than $30 million in cash and stocks when apple bought the company in may thanks to a small stake he got in 2008. in return for promoting its products. lebron is near the top of the forbes list of the world's richest athletes. he ranked third this year behind floyd mayweather and tiger woods and kobe bryant. tiger is celebrating his birthday today. tiger turns 39. >> on that what age do you look back on most fond alreadily or is the best yesterday yet to come? >> you know 2014 was a pretty good year for me. i'm going to have to say 27. >> i think back in the days of university are probably my favorite, but i'm a strong
believer that the best is yet to come. i'm sure that will be the case. landon, thank you very much for that. on the topic of "worldwide exchange," get a touch with us on that question. what has been the best year for you and is the best still ahead for you? ashley has been in touch to suggest 1972. it was a good time although he was really there to see it. that's a bit of an odd one. e-mail us firstname.lastname@example.org or via twitter @cnbcwex. my personal handle is @wilfredfrost. indonesian authorities confirmed 40 bodies have now been recovered from the debris field of the airasia jet. the s&p 500 hits another new record high. how the u.s. futures point to a lower open. washington is to blame for the oil price decline according to venezuela.
welcome back. the monthly s&p case-shiller home price index out at 9:00 a.m. eastern time. prices of single family homes in u.s. markets. forecast to have risen nearly 5% in october. at 10:00, we can consumer confidence expected to rebound after falling next month. let's have a look at u.s. futures expected to open slightly lower today. that follows a flat day in the u.s. yesterday where the s&p was able to eek out a tiny gain and hit its record high for the 53rd time this year. following declines in asia overnight and europe so far this morning, the u.s. is expected to follow suit. a slight decline across the board expected in u.s. markets. europe, as i just mentioned is down so far to date. slight declines across the board.
this follows yesterday where european markets did manage to recover to roughly flat overall despite the greek election results. but today, following asia's lead we are in the red about 0.7% to 0.8% declines across the major markets as the uk germany and france. forex, nothing too significant happening in the european pairs. the euro/dollar is basically flat. the u.s. dollar did lose about 0.75% gain against the yen and, of course the japanese stock market, the nikkei has closed for the year. it closed down 1.5% up 8% for the year as a whole. kit has joined me on set to discuss the market outlook in general ahead of foreign exchange strategy at socgen. kit, good morning. thank you for being here. >> good morning. >> let's look at the euro quickly. quite interesting despite the moves in the greek bond yeel and the greek equity markets, did that suggest the greek issue is
very much greek only? >> to some degree. i mean if you look at the way that the greek yeemdz areields are spiking out relative to german bunch, that's not relative to spain in any significant degree. yeah i think it is contained to that degree. you know, the euro/dollar did make a new low for this. it's edging pretty remorselessly lower. but there's no sense of crisis. and that is probably an accurate reflection of where we are in the mood. >> when we look into 2015, initially, the euro/dollar, and then we'll think about the dollar itself. have all of those structural arguments for the reason for the euro/dollar to be weakening? is that already priced in? >> i think they started happening -- we priced in a weaker euro ages ago. solo consensual views of what was going to happen to the euro/dollar this year-ended up being right, they were in all sorts of trouble. so yeah we got bad economic
data in europe better economic data in the states. we finally got easing from the states. i wonder in my mind how much more the european side can be negative. if what we get contends that quantitative easing of some form i think is expected by media commentators, markets, weak data is expected by everybody including my mother. you know so i think that kind of must be largely in the price. the u.s. side of it you know there's still a raging debate about whether the fed is going to raise interest rates next year or not. i think that's probably the single biggest driver. and then in europe i think the thing that will unhinge everything is if you start seeing capital. so contuj tajjon from greek bonds, italy, spain, not something i expect. that would be deeply scary. i guess on the other side, economic growth, that would be lovely. >> not highly surprising. >> this global divergence in policy is something we're all
aware of. what areas has it not been priced into yet? >> the canadian dollar for example. looks like something that can move if the federal reserve starts to move higher and if oil prices start to move loywer. i think some of the more resilient emerging market currencies moving away from brazil and away from russia and we had a large run up in data yields before they raised interest rates in 2004 going back a while, is that they spiked quite a lot high he in the six months before thp then the markets reacted. i think that's a broader based dollar story than just the euro story that we could see through. but at the moment dollar strength against the yen, against the canadian dollar which has been more resilient
good morning. debris bodies found in the area of the missing flight. crude prices are plunging to levels we haven't seen in moore than five years. finally, investors are now taking notice again. but the bulls aren't running for the hills after a 15-year recovery, the nasdaq finally taking aim at its march 2000 high. it is tuesday, december 30th 2014. happy birthday lebron. happy birthday tiger. "squawk box" begins right now.
good morning. welcome to "squawk box" here on cnbc. i'm andrew ross sorkin along with joe kernen. becky is off today. we have breaking news coming in. just a couple of hours ago, indonesian officials saying debris has been found and the last captured radar message from that jet. at least six bodies have been found. we are going to have more from the singapore airport in just a couple of minutes. but first, other big stories, two economic reports of note on this second to last trading session of 2014. coming up at 9:00 a.m. eastern time, we're going to get the case-shiller price home index. oil prices dropping again, bre