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tv   Street Signs  CNBC  December 14, 2018 4:00am-5:00am EST

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.. welcome to "street signs." i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines european stocks follow asia into the red as disappointing chinese data and growth fears dent hope foos for a christmas rally. yellow vest protests push french business activity into contraction and german private sector growth slows to its
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slowest level in four years. and lvmh makes a bid for belmond. sterling extends losses as uk prime minister theresa may's bid to save his brexit deal is shot down by european leaders who declare they are not open to any adjustments. all right. all this morning we've been getting some pmi numbers out of europe we got the come pposite number,d an instant reaction in euro currency, dropping 0.% we dropped through that 1.13 level. this after a spate of very disappointing pmi numbers out of
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europe that composite number was certainly very much affected by the numbers out of france just a short while ago. there we -- the composite number tipped into contractionary territory below 50 so weak numbers for europe this morning. this is coming off the heels of an ecb yesterday where the interpretation was that mr. draghi was turning more cautious on the growth outlook. no doubt these pmi numbers will not be helping when it comes to that we'll talk about that more later on. and theresa may has arrive ed for the second day of an eu summit leaders have told may the brexit deal is not open for renegotiation. willem is in brussels. the message for the eu all week has been that they're willing to help theresa may but not willing to renegotiate the withdrawal
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agreement. any signs emerging to the contrary today >> not so far. only a few leaders have been willing to address the press publicly the austrian chancellor over there talking to some other journalists. but the message has been quite consistent both from the european commission and from the european council members, that they're not prepared to open up this withdrawal agreement to make changes to the legally binding tek. they all seem to be respectful of theresa may's efforts, but they also think she's been given a good hand and it's up to her to sell this to parliament but we see clearly the numbers are not there for brexit to get approved by the westminster parliament so going into next year, as we expect this vote to happen again in january, it's very, very unclear, even though members of her own government are saying
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the europeans may be willing to budge, where they would budge, the kinds of political assurances they would give to get what theresa may wants, assure members of her own party, and the dup that the backstop to this agreement that would take effect by the end of 2020 if no free trade agreement would be reached is only temporary and is not in her words a trap. >> willem, i want to square this up every europe pean leader said t want to avoid brexit surely when they look at this situation, there are two options, either we go down the route of pushing for this deal, which will not get into parliament, or hard brexit, or the third option, this is where the european leaders, maybe we need to call their bluff, the third option is that the uk does go down the route of holding
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another referendum >> it's difficult to ascribe motives to the actions of people you can't see inside their head. there seems to be some confidence, based on some comments from european leaders that theresa may can get this through parliament so it's not obvious to everybody that that is an absolute no go in terms of the alternatives, those are the same ones outlined by her own deputy prime minister this morning in a bbc radio interview. he said if her version of brexit are not approved by parliament you're looking at either no brexit and a reversal, presumably through that second referendum or no deal. and there's a huge amount of pressure on some of the uk's largest trading partners, in particular ireland, to avoid that scenario. all of the concerns about the irish backstop get blown out of the water if we have no deal by the end of march next year because there would automatically have to be hard border infrastructure there sings the two sides would not have come to an agreement. >> all right
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thank you for bringing us the latest from brussels this is one of the issues weighing on markets. it's a sea of red. about 90% of stocks are trading in negative territory, this after a negative session for chinese equities overnight there the theme was weak data for china. retail sales came in at the slowest pace since 2003. industrial production levels slow, still pointing to growth for china, but the nikkei down about 2%. europe, this is the picture for euro stoxx 600, down 1.2%. every index behind me is trading in the red even the italian index down 1.4% this has been the one positive index for the week
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the pmi numbers have been extremely disappointing especially for france today. technically in contractionary territory, below that 50 mark, painting to slow down of growth there. on the heels of that ecb meeting, we had three banks in europe all warning about slower growth momentum into the coming months ftse 100 also dropping there, as the market comes to treatment with the increasing brexit probability of a no-deal scenario let's talk about sectors and where the moves are coming from. every one of these sectors is trading in the red oil and gas, a bit of a bounce there. utilities, some defenses at the bottom more bad news for the auto sector. this was the one week if you remember the beginning of the week there was some discussion
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that china would be looking to reduce tariffs on u.s. cars. some names in europe stand to benefit from that. more bad news overnight, weak sales coming out of europe, particularly for some major names like renault that's impacting that sector tech down 1.8% any time you get chinese indices down overnight, typically basic resources and technology also down in europe let's talk about yields. we had a big central bank day yesterday. as i mentioned, the tone coming out of the central banks was negative, which led to a bid for fixed income the ten-year back at around 2.8, 2.87 bunds at 25 basis points the takeaway from yesterday is that the ecb are getting nervous. yes, they've ended the quantitative easing program, but there are certainly a few warning signs on the horizon gilts are also catching a bid as the market comes to term with
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more and more bad news as it comes to the political backdrop. we have a long way to go to make up for some of the losses earlier in the year. finally, a quick look at foreign exchange some currency pairs here euro trading weaker through that 113 level. weak pmi numbers, and cable is back through 126 as well 125 handle 125.80 is the level. cable continues to trade heavy i will send it back to julianna. we have video of eu leaders arriving at the summit >> yes sunker ju e juncker just arrived for the second day of the european summit the european commission president juncker just arrived we are joined by kit juckes from societe generale who will help us make sense of the moves we've
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seen in the forex markets. sterling has kept within a tight range, 1.25 to 1.30. what will cause the pound to break out of this range? >> if you look at sterling against the dollar, the catalyst is what happens to euro/dollar there's a high correlation between where sterling/dollar trades and euro/dollar trades, that's because in trade weighted tomorro terms, sterling is weak, that's the same as saying euro/sterling is high. so the news is bad we're all bearish. everything is dreadful the pound can't go down much more so what it does against the dollar is a function of how euro/dollar trades you'll get sterling below 1.25 against the dollar if we keep
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this trend in euro/dollar going on on the bad european news. as opposed to anything happening in the uk. >> if we look further out than just the next few weeks and months, assuming the uk does successfully leave the european union, how will european investors think about the pound relative to other advanced currencies >> i think they'll think it's cheap and likely to stay cheap the problem with brexit is there is not an economic silver lining out there. so we're a little bit stronger than we were in 1976 when we called in the imf into the uk, real interest rates were massively negative the government was a mess. the silver lining was we found north sea oil, the conservative government came in, and the pound went shooting up after 1992, the pound fell, but interest rates were cut dramatically the economy was revived, there was a housing recovery then we gave independence to the
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central bank and the pound rallied. i can't see any good news beyond the fact that we can have a brek that avoids this kind of disorderly no deal chaotic br . brexit we're unlikely to do the worst version of brexit, but after that a weaker potential growth rate >> if we end up in a soft form of brexit scenario, so many different ifs now. nobody has a clue where it's going. assuming we end up in a soft brexit or a norway-type situation, what do you think the pound does what's the upside? >> there's more upside than down side, even with that in terms of the way the market looks in terms of euro/sterling, which traded up to 91 last week and kind of beginning of this week and full concerns about this deal and the prime minister, it's trading just around 90 now.
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that could trade down towards 80 cents. probably a move of the best part of 10% on a soft brexit where the uk economy can start moving forwards and we do this properly >> it's funny, we spend a lot of time analyzing the impact on the uk economy under various brexit scenarios, we don't spend enough talking about the impact on the eurozone and what would happen if there's a hard brek there cou brexit there. is it not just the uk economy that could fall off the cliff, but the eurozone as well maybe the market is not adequately pricing in the probability of eurozone getting hit from a no-deal brexit? >> it's one thing that keeps the euro down at the moment, brexit. so europe has got poor data, problem in its current industry, political problem in italy, a problem in france, and brexit and china. so it's got a whole host of things going wrong at the
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moment almost the best thing that could happen to the euro and european economic sentiment would be to solve the brexit problem as soon as possible. instead of what we'll get, which is uncertainty through the christmas period >> thank you very much, stay with us. we'll be back for more i just wanted to take you back to brussels. leaders are arriving for the second day of the european summit chancellor merkel just arrived at the summit. >> again, just to point out of course they have not given further concessions or any concessions beyond some cosmetic language to mrs. may overnight this has come as a disappointment, that's why the pound is trading so heavy this morning, we're seeing some under-performance in the ftse as well >> we'll be back in brussels to cover thatsummit shortly french police have killed the man who was responsible for
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attacking team at the strasbourg market hundreds of police have been searching for him since tuesday's attack which left three dead and 13 injured. if you want to get involved in the conversation of anything we discussed today, whether it's brexit or anything, you can tweet us, @streetsignscnbc. coming up, jim chanos says there is something off in equity markets. find out what he's worried about next for your heart... your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory.
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just one more way we go beyond at&t. right now, get fast, reliable internet and add voice for a low price. comcast business. beyond fast. welcome back the french government has reportedly begun listing candidates to replace carlos ghosn as the ceo of renault. renault's board has stuck by ghosn, but some directors have started to express doubts about keeping him in the role. the government is already exploring possible replacements. reuters also reports that nissan's board is unlikely to
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name a new chairman on monday as had been expected after a panel of directors failed to agree on a nominee. they concluded more time was needed to appoint a successor and they may push out the decision until january. >lvmh is close to a deal wih del belmond. the value of belmond equity is valued at 2$2.6 billion a deal could be announced as early as today. thyssenkrupp appointed a new chief financial officer. he will take up the role in february the position had been vacant since the summer and italy and the european commission could reach a budget compromise as early as monday. finally.
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speaking after his meeting with italian financial minutister tra yesterday, pierre moscovici said they made significant work one of the big threats over the italian market was italy entering into an excessive deficit procedure without an agreement in sight it looks like they may have avoided that those are the levels on fixed income right now the ecb yesterday officially halted multi-year euro qe program after four years of undergoing quantitative easing speaking after the central bank left rates unchanged, president mario draghi expressed confidence about euro growth but warned persistent ongoing headwinds required stimulus. >> while incoming information
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has been weaker than expected, reflecting softer external demand, but also some country and sector-specific factors, the underlying strength of domestic demand continues to underpin the euro area expansion and gradually rise in inflation pressures. this supports our confidence that the sustained convergence of inflation to our aim will proceed and will be maintained even after the end of our net asset purchases. at the same time, uncertainties related to geopolitical factors, the threat of protection, vulnerabilities in emerging markets and financial market volatility remain prominent. >> european auto stocks are the worst performing sector today.
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that is on the back of a couple of different negative data points that i want to highlight. european car sales dropped 8.1% in november, falling for the third straight month after the introduction of emissions testing in september renault led the decline with 16%. fiat chrysler also had disappointing numbers. other weak data came from china, overnight retail sales came to a 15 month low the key drag there was chinese auto sales the euro is lore againwer a the dollar french activity came in at the lowest pace in four years. german pmi also missed expectations hitting a four-year low. a weak day in terms of the data here in europe >> kit juckes from societe generale is still with us. going back to our european discuss. yesterday i was speaking to a
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strategist he said the three main drivers to watch out for as far as the european economy is concerned, italy, brexit, and trade if you take those three, italy looks like we have some positive news, or will likely be some s positive news. trade looks like there's a certain detente playing out between the u.s. and china here. the one big question then, brexit if we do end up getting a deal signed, shouldn't that in theory be all positive tailwinds for the euro next year >> yes it's not -- you have to stretch them all out from a deal in other words, i don't think euro can turn around until the chinese yuan has stopped weakening. that's related to trade. if the chinese economy continues to weaken even as trade negotiations get more friendly, there's a difficult rocky period
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there. >> just to go back on that, it can't strengthen because it's competing with chinese exports what's the linkage between the depreciation of the renminbi and the euro >> the renminbi is the biggest component of the trade weighted basket for the euro. 24%. 7% more than the dollar. this year's weakness in the renminbi means in trade weighted terms, the euro is less weaker than it looks. it's gone up if you did the last three years, the euro has gone up a lot against the renminbi, up against the pound, which is 13% of its basket and down against the dollar net result, unchanged over the last three years you don't want your other big trading partners to have weaker currencies if you want a stronger one it's difficult to do both at the same time. but it comes to your point, the trade negotiations are both a danger to the european economy through the current industry and a changer because you can
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weaken the yuan. the best thing that could happen this week won't happen this week the best thing that could happen in january is a deal on brexit >> absolutely. speaking of brexit, we are in the second day of the european summit the roundtable is just about to begin. various leaders have been seen walking in chancellor merkel just walked in a few moments ago. the dutch prime minister as well, jean-claude juncker was also spotted showing up as well. we'll see if any further headlines come out about some of these brexit discussions kit is still with us to come back to what you're saying about european trading partners, the dollar, we need to talk about the european/u.s. trading relationship there's been a significant development out of the u.s. and the tone from the central bank the last few weeks do you think with a dovish fed in sight for 2019, that could alleviate downward pressure on the euro
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>> if the euro is going to go up next year, it will be a stronger euro at the same time as a stronger japanese yen, at the same time as a stronger sterling because the dollar is likely to weaken in the second half of next year. through the course of the year, because the u.s. economy will slow down because president trump has done one thing more than anything else this year, he put the cycle back in the economic cycle >> your point about the dollar looking to weaken in the second half of next year, throughout the course of 2016 the dollar carried the mantle as the safe haven of choice relative to the yen and swiss franc. does that mean the second half of next year we see more upward pressure on the swiss prank prank? will those dollar flows move there or elsewhere >> you will probably see everything move. i don't think the swiss franc will dramatically move higher. it moves closely with the euro now. you will get a stronger yen and swiss frank. the dollar has gone up a lot this year. the economy is in better shape
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than nearly everybody else is. but it is rolling over that will be the story of next year >> it's also yield play as well. in this environment where other central banks are turning dovish, the hunt for yields continues. that's where you find it right now. >> for sure. we're taking yields off the highs again. i think the yield story is still solid for the first quarter. >> all right, kit. thank you very much for joining us kit juckes from societe gener e generale. leaders have been gathering for the european council roundtable we'll leave you with some pictures of that also coming up, asian stocks are sinking as china retail sales growth falls to its worst level in 15 years. more on that after the break there are chefs, bakers and food order takers. doctors and surgeons and all the life savers.
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welcome to "street signs." i'm joumanna bercetche >> i'm julianna tatelbaum. these are your headlines european stocks follow asia into the red as disappointing chinese data and growth fears dent hopes for a christmas rally.
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autos lead the declines after european car sales fell for a third straight month yellow vest protests push french business activity into contraction and german private sector growth slows to its lowest level in four years lvmh shares slip after agreeing to a 2$2.6 billion dea for belmond as the french luxury group expands its travel portfolio. sterling extends losses as uk prime minister theresa may's bid to save his brexit deal is shot down by european leaders who declare they are not open to any adjustments. >> european marketing are trama are trading in the red decent moves lower across the
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board. the worst performer is the dax, down 1.6%. the frefnch index is down 1.5% this comes on the back of weak data out of china overnight where retail sales dropped to that 15-year low in particular they have highlighted the drag from autos on retail sales. that's filtering through so weakness in the auto sector, that's driving the dax down. let's look at fx markets this week sterling and the euro and the swiss frank firmly in focus. yesterday's central bank meetings out of the ecb, this morning it's a negative picture. the sterling has dropped about 0.6% it's trading now below that 1.26 mark the euro is down about 0.6%. the big event here in europe,
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all eyes focused on that european meeting in brussels leaders were gathering to meet right about now. let's look at u.s. futures and see how the u.s. markets are shaping up to open today looks like moves lower for all three major indices. the steepest move coming from the dow. looking to open about 300 points lower. this is after yesterday all three maker indices did bounce around throughout the session. ended up leaving the day little change changed. >> fresh economic data added to slowdown concerns. chinese retail sales grew at the weakest pace since 2003. industrial output logged its smallest rise in three years tariffs have begun to leave a mark on china/u.s. trade
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despite the u.s. trade deficit with china still standing at a high, and import prices showing little change, the bank points to large volumes in several key areas, that as beijing and d.c. work through a 90-day truce with hopes for a deal before march 1st. we are joined by mark william palin from university of exitor. this is not a new characteristic in history we've seen this many times in the context of history and recent history, where do we stand in terms of the likely implications of this china/u.s. and global protectionism -- rise of protectionism in terms of the impact it could have on the global economy and the rest of the world? how does this episode compare to previous episodes? >> you would have to look at one of the most famous examples of
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how this economic nationalism can have unintended consequences i think the famous one from that is from 1930 this is this protectionist tariff that was passed by the hoover administration, perhaps in part to safely -- create a safety net around the united states economy, american industries amid this growing depression that it just struck one of the unintended consequences of that is that it made enemies out of america's trading partners one good example is italy, where the u.s. has been exporting numerous cars, then american cars were getting attacked pi the the -- by the italians on the streets, and american sales to italy plummeted drastically. >> surely today we are in a very, very different environment because of that supply chain effect nothing is purely made in the
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u.s., purely made in china, purely made in italy this is a good week where china said they would reduce tariffs on u.s. auto imports the beneficiaries have been the german carmakers because of that supply chain effect. today when you look at it, all leaders are aware of the supply chain effect even president trump has said we will make exceptions for companies like apple because they will get impacted due to the chipmakers and contents. when you think about it, do you not take into consideration that today the way things are manufactured is very different from 100 years ago >> we are clearly in a more globalized economy than before but that's not to say many of those same issues were not at play in the 1930s. american cars were 50% of what was going into an american car in the 1930s was coming from
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rubber from south asia as well these supply chains were an issue, too one problem we run into here is that it's easy to see emotionally even when jobs are lost because of some sort of outsourcing of jobs. your company goes bust and you lose your job. the it's difficult to see jobs created because of that. oftentimes economic nationalists have the upper hand when it comes to politics. >> you mentioned how protectionism is often a driver to trade war, creates motivation to try to enact policies that protect a nation does protectionism come in cycles is it inevitable that protectionism results in a trade war? is there another route out of this >> i don't think it always will lead to a trade war. i think it tends to when you have a country as powerful
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economically as the united states implementing it, where protectionism will adversely impact industries and countries in a way they'll notice. that may not happen with a smaller country. these trade wars tend to come from countries like the united states enacting it this is part of america's protectionist past out of that came a series of trade wars with canada, britain, with a variety of european states after the tariff of the 1930s, and often there thefrom e trade wars creates geopolitical conflict >> do you not think the u.s. is blaming the symptom and not the true cause the symptom is as a consumer you want to buy the cheapest goods where are the cheapest goods being made in china actually perhaps the root cause of this is something more fundamental and structural
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there's been huge technological advances people have not lost their jobs to chinese manufacturers in the u.s., when i talk about steel and aluminum they lost their jobs to robots that will not change even if you fix the goods deficit with china, robots, technology has led to advancements and the way labor is composed in this environment and perhaps the correct way to approach it is to think of retraining the labor force rather than going down this so-called economic nationalism route. >> i think this was seen quite well with the book "player piano" which is about the loss of american drob jobs through robotics and technology. protectionism is often given this is what trump did it was promised to provide americans with more jobs this would bring jobs back to a
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variety of sectors what ends up happening is that it often ends up losing jobs this is what happened with harley avidson they'll move their jobs to thailand because it's cheaper for them to produce there. keeping on the topic of check, apple plans to push out new iphone updates next week in a bid to resolve its patent dispute with qualcomm it will address the minor functionality of the two patents at issue in the case earlier this week a chinese court ordered a ban on sales of old everyer iphones all of the models still appear for sale on its chinese website. richard branson's virgin galactic has successfully launched a rocket to the edge of
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space ushering in a knew era for commercial space industry. morgan brennan has this report. >> reporter: it was a big day forever the space tourism company virgin galactic. the company's rocketed powered vss unity space plane reached an altitude of 51 miles, touching the edge of space. traveling at mach 2.9 on the way up nearly three times the speed of sound technically they are the first to launch from american soil to space since the space shuttle program ended in 2011 and also the first astronauts to do so via a commercial company that is based on the altitude at which the government awards astronaut swings the more commonly accepted definition for space actually starts at about 62 miles nonetheless, it was a big feat and it put the company on pace to begin carrying paying
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passengers as soon as next year, something that sir richard branson outlined on cnbc on thursday if you push me t make a guess, i would hope that sometime in the middle of next year i'll be going up. and quite soon after that, the public will go up. and we're building here in mojave two new spaceships. so in the not too distant future, we'll have three spaceships operating from new mexico taking people up. >> virgin galactic touts 700 reservations at $250,000 a ticket after 14 years of development the mission today bringing the company and the emerging commercial space industry closer to a long-awaited goal, an age of space tourism that may finally be ushered in next year. >> would you go into space >> i think so.
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>> yeah, i would, too. maybe as a christmas gift. we have a couple weeks the global live music industry is worth billions of dollars. one company has come up with a way of bringing the music of certain artists back to life we're joined by elizabeth who can tell us more >> we are talking about holograms. we spoke with the ceo of a company that is bringing artists no longer here back to the stage in hologram form we got a firsthand look at this. i'll show you what that looks like >> all right >> iconic singer maria callas sadly passed away in the late '70s fast forward 40 years, thanks to hologram technology she'll take to the stage and perform with a live orchestra in front of 2,000 fans in a break in rehearsals i caught up with martin tudor ceo of base hollow fwrogram product.
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>> we use body doubles that's how it all begins you capture that performance we take it an enhance it digi l digitally. it is then projected by a 4k digital laser. >> do you think you're attracting new audiences to a classical music venue with this type of technology >> classical music is dying. it's unfortunate and we're hoping that this is a way to reintroduce a new audience to this ♪ >> martin's team also produced a hologram of roy orbison and they're working with the family of amy winehouse for an upcoming tour >> any expectations for that show what to expect >> it will be authentic. you will be -- all those people who did not get to see amy and all those people that did will get to see her pretty close to what she was
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>> how much further can this technology develop >> i think that you'll see holograms in your home i do i think it's going to be a while. but i do it's going to be, you know, instead of turning on your television, it will be whatever that next iteration is you'll have people in your home. >> rehearsals complete and finally it's showtime. ♪ >> so believable you feel quite strange applauding her, but you can't stop yourself. it feels very real ♪ >> i was looking forward to see how good the technology was. to be honest, you believe she was there. i'm stunned. >> you cannot tell that it's a hologram ♪ >> wow >> that look pretty real the team spent a lot of time
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studying body movements, footage of her they had to take her audio and separate it out from the tracks from when she did perform so they could have the orchestra perform behind her >> kind of creepy but cool as well.artists are deceas deceased what does that mean in terms of royalty, the money recouped from tickets. how much goes to the estates of these artists? >> the big challenge with the holograms is you have to deal with the estates of the artists. so one of the things that we have heard is for example they're working on an amy winehouse production, there has been some hesitation as to whether they should be bringing amy winehouse back on stage from her estate if you can't get that approval, it won't happen.
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so a huge portion of this discussion is around the kind of ethics of bringing these people back to life and as this expands into other industries we will only see more of that. >> so it sounds like a costly endeavor it's pretty striking watching that footage there what other industries are considering using this >> the ceo of this company told us that they expect this could be way beyond just the live entertainment industry not just concerts, he thinks museums are a big venue for this if you brought back historical figures. this could eventually be in your home he says the potential is limitless. we have to get past some of the cost barriers in the meantime. you can hear all about this tonight on our show. more technologies disrupting the industry, that's tonight at
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22:30 cet. >> that sounds cool. all right. we are getting into the festive spirit in case you have not realized on "street signs. today is christmas jumper day, which is why i'm wearing a christmas jumper, and julianna is wearing something red in support of save the children every employee wearing a festive sweater helps donate 2 pounds to the charity. so that is why we're wearing these jumpers today. all for a good cause. coming up, eu leaders roe se out renegotiating brexit
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♪ call on me brother ♪ when you need a hand ♪ lean on me, when you're not strong ♪ ♪ and i'll be your friend ♪ ♪ i'll help you carry on ♪ ♪ lean on me ♪ mmm... ♪ lean on me... ♪ mmm... ♪ lean on me.
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> european leaders have arrived in brussels for the second day of meetings theresa may says the controversial irish backstop clause will only ever be temporary. leaders have ruled out a
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renegotiation of the brexit deal willem is in brussels. he has been following the developments from westminster and from brussels. it's not looking good for mrs. may. >> doesn't seem like she got what she wanted last night, at least not initially. one of the other people following this was the irish prime minister he spoke to journalists here ahead of this morning's meetings, he outlined how the conversations yesterday went >> last night over dinner we had an opportunity to discuss brexit satisfied with the conclusions we reached last night, which are that we as the european union stand by the withdrawal agreement negotiated we don't believe it's up for renegotiation. we're keen to begin as soon as it's ratified talks on the future relationship. we want a close future relationship with the united kingdom. we reaffirmed our commitment for a backstop, not just because it
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protects ireland and ensures no hard border between ireland and ireland, protecting the good friday agreement, but also because it's a european issue too. >> you might ask where does this leave theresa may as she travels back to london in the next couple of hours seemingly unable to get this through her current parliament, having 100 members of her own party unwilling to accept her version of brexit, and having made promises she would get concrete assurances, both political and legal to make some changes to the withdrawal agreement specifically when it comes to the irish backstop, one man who decided to give us some advice this morning after our colleague asked him what he would say to members of the british parliament was the belgian prime minister here was his response to that question >> theresa may did the best possible job she did the best possible deal now the mps should know if they want to have the best possible deal or go in a direction where
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they don't know what will come out. i think it's in the interest of their sit zepcitizens, and theye there to represent their sciti n citize citizens, think about their voters and the people of their country, if they respect that, they should vote for it. >> eagle-eyed viewers will recognize that was the luxembourg prime minister, rather than the belgium prime minister they think that theresa may has the responsibility to get this through her own parliament there seems to be a view that that is still a possibility all sides here desperately trying to avoid no deal by the end of march. that would have implications for not just the european kingdom but also countries like the netherlands, ireland, france and germany. >> we heard from various european leaders that they are
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willing and desire to help theresa may. but they're not sure how wouldn't it be significant if theresa may was able to have specific ideas of what would pass in parliament and then go there and discuss those specific ideas? >> that seems to be one of the challenges theresa may seemingly in her conversations ahead of dinner last night did not offer specific requests of at least specific enough requests from the european counterparts that she faced off against saying this is what i need. these are the technical details that would allow me to go back and sell this to my parliament that seems to be where we are now. she needs to come back and ask
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for specific assurances. >> we are seeing big moves today as the market comes to terms as to what that might mean for this deal and the rising possibility of a hard brexit ftse 100 trading almost 80 points lower on the session. the pound has dropped. we were trading at 1.26 yesterday, today at 1.2580 those are the levels for uk assets quick look at u.s. futures, also looks like it will be a weak hope for the u.s. markets in line with what we had in chinese equities as well that's it for today's show i'm joumanna bercetche >> i'm julianna tatelbaum. "worldwide exchange" is up next.
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here's your top five at 5:00. watch out below. stock future s tumbling. a big battle in brussels the uk prime minister in belgium at this hour theresa may trying to hammer out a new brexit deal. countdown to shutdown. congress skipping town no deal in sight to keep the lights on. starbucks is getting into delivery and we'll tell you what investing legend is taking a gamble on one part of the chinese economy but not in the way you might think from jim chanos it's friday, december 14th

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