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tv   Mornings With Maria Bartiromo  FOX Business  December 6, 2018 6:00am-9:01am EST

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if we actually do. cheryl: probably not. scott shellady, thanks for perspective from london. lauren: good morning to maria bartiromo. maria: happy thursday, everybody, i'm maria bartiromo, it is thursday december 6th, your top stories right now just before 6:00 a.m. on the east coast. stocks are sliding again. futures are indicating a sharp sell ah at the start of trading this morning extending the 80 point selloff on tuesday before the market closed yesterday, dow industrials down 427 points right now, the s&p is also down 1 and 3 quarters percent. 43 points lower. nasdaq 151 point selloff. the dow and s&p 50 will fall back in negative territory for 2018, investors rattled by the arrest of chief financial officer in canada. news sparking fear about trade truce between the u.s. and china and the relationship getting worse.
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all this coming after tuesday's big selloff, major averages dropped better than 3% on the session, marks, of course, were closed yesterday for the funeral of president george h.w. bush, so this is the first time the market is opening after that sharp sell ah on tuesday. markets are down sharply this morning again. in europe major indices better than 2% across the board. 2 and a half percent lower on ft in london. in asia worst performer was hong kong, oil prices sliding ahead of the meeting amid uncertainty over production cut out of opec, we will bring you the headlines as the meeting has begun, round two for mary bara after explaining recent job-cut announcement to lawmakers. >> the industry is transforming and we need to make sure that general motors is around for next search decades, i have
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responsibility to stakeholders, folks retired from the company, investors, we want to make sure there's strong general motors that's ready to lead in transportation market. maria: fallout for automaker, the stock down 1 and a half percent this morning. meanwhile a scary scene at am done warehouse, take a look. dozens of workers sent to hospital after robot punctured a canister of bear repellent and went all over humans, fox business dagen mcdowell, wall street journal assistant editorial page editor james freeman and 32 adviser, economic adviser to president obama robert wolf. >> well, i was expecting to locking with the market big up after futures were better and then the incident, opec, brexit.
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seems like a whopper of a show. maria: investors are viewing this arrest by the cfo of this telecom company in china as president trump continuing to get tough fighting back on china abuse, how do you see it? >> the world's number one telecom equipment manufacturer, the daughter of the company founder, not sure when expedition request will occur and it's not clear if the president will do anything about it. it is an issue that's been ongoing in terms of chinese telecom companies violating sanctions regime. i'm not sure it's a pattern that telecom equipment from china
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represent national security threat. dagen: but i think it say that is the united states will not standby if a chinese company or individuals violate sanctions, that we are not going to standby and ignore violations sanctions and our laws just because we are in trade negotiations, there was a story a couple of days ago in the wall street journal, china maneuvering to snag top-secret boeing satellite technology, new satellite that uses restrictive technology relied on by the u.s. military, the satellite being funded by chinese state money. that's what we need to remember that, you know, we can do both at the same time. maria: while the fight goes on over trade we are seeing real windows into other abuse and other issues between the two countries. this story is our stop story, joining the conversation this morning, former prime minister of canada coming in, steven harper will talk about the trade issues not just with china but obviously with canada and méxico
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as well. global ceo jeffrey sloan along with ceo kapoor and daniel and juan williams, big 3 hours ahead as the markets continue getting rattled. top story right now, futures pointing to sharp selloff, down 422 points on the dow jones industrial average, one and three quarters percent, the market was already going nervous going into trading session and then the markets are being closed for one day for funeral of george h.w. bush, at the open, though, the talk about bombshell report of arrest of a chies knee citizen, the cfo of hhuawei. she was arrested in canada. arrested in canada at the request of american authorities,
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joining us david, good to see you this morning. >> pleasure, maria. maria: when you see a market down almost 500 points, what do you do? >> well, you don't do anything on a given day but when we think about the impact this could have next year it could be significant. this escalation of a trade war if it would have continued 12 months or 24 months could have significant impact on u.s. earnings and one that's underappreciated by the market and one that has extremely discharge -- dangerous deficits. >> do you see arrest as indication that perhaps things are getting worse, that the trade impasse is not getting any better? >> well, the truth is that this is consistent with what the administration's policy is which basically is to have a substantive negotiation but when you think of what the president is actually seeing when he
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leaves meetings, he's optimistic, he gives things people impression that things will be good and that's clearly not the case. complicated issue and i was at london and that took 7 or 8 months of negotiation but reagan, of course, wasn't tweeting at the time, so that's somewhat of a giration here. >> robert mentioned we had gotten good news, he said, she said, you weren't sure what trump said or xi said was the good guy but the chinese guy yesterday saying, yeah, we agreed to 90-daytime frame and signals from supreme court and elsewhere that that we will respect intellectual property, how did those figure into your
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-- to your view aside from this huawei arrest. >> you heard silence from china, the translated statement that they did say what you were saying, we agreed to 90-day, we want to have resolution, they have been silent after this and to me that's part of it setting expectations too high. the president coming out and being too optimistic about the eminence in which things can be resolved. dagen: i will say that the commerce ministry spokesman in china is saying on thursday that canada and the u.s. have not explained the huawei's arrest and the commerce secretary said the goal is to remove all tariffs, that's good news to outweigh the bad. maria: good news absolutely. but the average person out there doesn't look at the cost of the
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theft to this country of intellectual property. i mean, we yesterday had the president of microsoft onto talk a bit about the impact. this is adding to the u.s.-china trade tension after the trade truce was reached. brad smith, president of microsoft talked about what the impact is to the theft of ip and how important this is to u.s. companies, watch this. >> there are still issues we need to address but there's been enormous amount of change. we are still seeking as a company, you know, access to a number of parts of the market in china, we would like to see a relaxation of some of the licensing restrictions and the like but there are now patent applications filed by chinese companies in china every day as well as by american companies every day, china has become an enormous source of intellectual property creation. that is a huge part of sea change over last quarter century, i think the two countries and the two
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governments are in fact, much closer together than they were say when we started in china, when i joined microsoft 25 years ago. maria: david, he was trying to make the point that china has their own intellectual property to protect so maybe they get it, steve bomber told us on the program that's $10 billion a year in profit that cost microsoft that theft that china is doing and brad smith the current president of microsoft would not agree or acknowledge that it's 10 billion but he said, look, a sizable number, this is a real issue, here is that sound. >> i think there's a lot of opportunity to move the needle on this and many other issues. i think we want to have a regime that respects intellectual property, we need open access to these markets as you mentioned this is a country with 1.3 billion people, we need a
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stable regulations in both countries, you know, we would welcome the opportunity to do more in china but do it in a way that gives people in both countries confidence that technology is being protected and respected. maria: so far, david, we don't have any indications from the chinese that they are going to stop the ip theft, stop the transfer of technology and open up its markets. >> right, and i think those are extraordinarily substantive issues and we have to break apart, i think, the economic impact of resolving those with the way the resolution is taking place and that's really what the market is really signaling in my mind, maria, which is that the nature of these negotiations are very substantive and deep and extremely important to u.s. economy and global economy because if in fact, the market is open as he was saying that'll be very good for u.s. companies and good for companies in general. the conduct of the trade negotiations is what the market is responding to and i think what we -- you know, it would be
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worth considering it being done in a different way from a, you know, investors standpoint. maria: go ahead. >> maria, i agree with what you're saying, huawei with respect to ignoring iran sanctions, with respect to intellectual property, that's economic espionage, when they steal our intellectual property or they discriminate against open trade and open -- make barriers impossible for us to go in without giving intellectual property it's not going both ways, i think your interview with brad was incredible, that being said he was acting like a public company ceo, he wants to do business in china and he wasn't going to go there. maria: chinese are not opening up markets, they are suggesting maybe in 5 years an a foreigner would own company but not right now. you have to make decisions every day w this impasse in china and u.s. do you want to stand, raise
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cash, what do you want to do? >> we came with outlook for next year and i think that investors have to do really things, they have to sit and have fort -- portfolios invested and they have to have money set aside to be opportunistic, especially asian markets will become a real buy in the united states when it's all said and done and number 3 we have to be cognizant of the fact that managing cash, fixed income portfolio is important. u.s. investors have the opportunity to push cash to work and make it work much harder and those are opportunities for that. that's what we are telling people to do, market timing, selling now and all of this panicking has proven to be terrible decision. maria: going to 2019 do i want to add money to stocks or not? >> well, keep current allocation which is over 50% intact for the average investor, we expect earnings to be up 8% this year assume nothing major china impact.
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could be up 7%. we are positive on the markets with the exception that i think we are dealing with an extraordinary situation here in terms of what the trade impact could be. maria: china impact, also the interest rate impact, dagen. dagen: i think it's all about the federal reserve and fixed income market saying that there's maybe recession next year. maria: thank you. thro' the hous. not a creature was stirring, but everywhere else... there are performers, dancers, designers the dads and the drivers. there are doers of good and bringers of glee. this time of the year is so much more than a bow and a tree. (morgan vo) those who give their best, deserve the best. get up to a $1,000 credit on select models now during the season of audi sales event.
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slash 15% of salaried workers. >> there's definitely opportunity for many of the represented workers to work in other factories around the country that are growing and that is our focus right now. we understand that it's a very difficult time, it's a very difficult announcement to make and so we are focused on making sure they understand the situation, they know the options open to them and that's where our focus is right now and i really was pleased to have an opportunity to speak with many of the representatives from maryland to be able to understand their issues and move forward and move to have good connection. >> could use some of the money to save some of the jobs, was there one thing that said to you we have to make changes? >> this industry is transforming and we need to make sure that general motors is around for several decades, i have responsibilities to stakeholders, employees, folks who have retired the company,
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investors, we are trying to make sure that we have a strong general motors that's going to be ready and lead in a rapidly-changing transportation market. >> what about bringing new technology, senator portman talked about new technology to electric cars to revive some of the plants that have been closing? >> we built electric cars and we are proud of bolt, vehicle that's doing very well and expanding capacity there to build more of the vehicles, so we are bringing new technology, we also in that same plant built the test vehicles for autonomous vehicles, we are bringing technology that engineering developed and over the last several we bought -- brought engineers jobs from many countries around the world, something that we have invested here. >> would you look at plants moving some of those -- >> you know, we are going to work with union, these plants are unallocated right now and i have a responsible to work with
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uaw on that. lauren: ohio senators are saying let our people built, built something else in the plant and you didn't get straight answer from ceo mary barra on that. major selloff today, but when the company reipoed after crisis, $33, hasn't moved much, this so this begs the question, mary barra is responsible to shareholders and they want to see numbers go up on wall street. >> i think that's the issue. not just shareholders but anybody who likes the free economy, ceo have to go explain to politicians her business decisions and it's pretty clear americans like trucks more than they like sedans. dagen: dangers of a bailout, they still owe tarps $11.2 billion. that's the problem with bailing them out in the first place. >> there's no question president trump is ripped, two areas hit is ohio and michigan, he's getting ready for 2020.
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he will attack gm. maria: lauren simonetti, more trouble for boeing, new allegations the company did not provide the crucial details needed could have contributed to october's deadly line aircraft place, the xfinity xfi gateway.
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maria: futures indicating sharp selloff at the start of trading, down 400 points in dow jones industrial, extending the selloff on tuesday before markets closed for funeral in washington. intense search operation underway in japan for u.s. marines after mid-air collision, cheryl casone with details, cheryl. cheryl: it is under way, 5 u.s. marines are missing right now after military jets collided midair and crashed into the
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pacific ocean off the coast of japan an f-18 fighter jet and akc130 refueling plane like the one seen on pictures collided during training. this happened 2:00 a.m. local time, two crew members have been rescued so far, japanese officials say one of them is in stable condition, the second marine's condition is not clear, we are looking for updates on this news right now. boeing reportedly omitted information about a safety feature that investigators caused the line to crash in indonesia which killed 189 people on board. maria, you spoke with the ceo after the crash. >> what happened apparently there were 10 -- the computers about the angle of the nose were not accurate and then the plane went down all 189 people dead,, do you have a sense of what went wrong? >> of course, airplane has the ability to handle that and we have procedures in place and
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we've issued bulletins to pilots around the world that pointing them to handle that kind of condition. cheryl: despite insistence, the wall street journal report that is information on the feature in question was largely absent from the plane's manual. shares of boeing trading substantially lower, almost 3%, of course, as part of broader market selloff we have this morning. china reportedly the lead suspect in hack, excuse me, sources telling reuters data breach may have been intelligence gathering information by beijing government, hacking tools used in other attacks that had been blamed on china, last week's hack exposed information about 500 million guests, this goes back to 2014 to star woo hotels. and then there's this, tesla getting closer to starting
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production in china, construction on factory if shanghai to begin, chinese officials say it could begin operating late next year, 2 billion-dollar factory, major bet for tesla to grab share of largest auto market. a lot of news out of china this morning, maria, back to you. maria manner sure is, when i interviewed denise here is what he said, cheryl, that's part of the training manual, it's existing procedure so the bulletin we put out again last week and over the weekend pointed to the existing flight procedure. he's saying that this was in a training bulletin that was already provided that they didn't necessarily have to tell the pilots again. we will see, i know the journal is reporting otherwise, james. >> yeah, the question is how much new information you give pilots when you are introducing a new model or variation on existing model, you want to give them all the information they need but not overburden them with lots of new requirements to do simulation training that they
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may not need, so this is the question at the heart of the story, describing internal boeing debate about how much information to give and it's a bit of a puzzle, we need to learn more because u.s. airlines to this point have had plane for a while and seem to be safe and pilots are train today use it. maria: what updated information was given to pilots ahead of that, we will keep watching that. a final farewell to president george h.w. bush, we head to houston as he heads to final resting plane, wells fargo letting go of dozen of district managers following scandal, details back here. alerts -- wouldn't you like one from the market
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maria: good thursday morning, welcome back, i'm maria bartiromo, it is thursday december 6th, top stories right now 6:32 a.m. on the east coast. bears are running the show this morning once again, futures indicating the market will open down almost 40 points, this right here, this is off of the lows of the morning, down 395 on the duh, 1 and a half percent down 138 on the nasdaq, that's better than 2%. investors are rattled by the arrest of huawei chief financial officer in canada, news sparking fear about the trade truce between u.s. and china getting worse. that the issues between the company are perhaps worsening, the u.s. markets of course were closed yesterday for funeral of former president george h.w. bush, first day that the market is opening coming off huge loss, 90 points on s&p, nasdaq tuesday night down 283 points at the close. in europe this morning, take a
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look at the action and it is down across the board. ftse 10 down two and a third percent. cac quarante down better than 2%, dax index in germany down two and third percent as well. in asia similar story, hong kong and japan worst performers, japan down 2%, hang seng and hong kong down 2 and a half percent. utility blame, specific gas and electric has been named in lawsuit over the california wild fires, this lawsuit alleges that the utility company is responsible for the deadly blaze, we will broker that down coming up. and then banking lay ahs, why wells fargo is firing regional managers, the stock is down this morning as well. house danger, robot working at amazon facility sent two dozen people to the hospital, wait till you see what happened as a result of the robot's actions, all the details coming up. but first this, we are remembering 41 this week, private funeral held today for then president george h.w. bush.
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he will be buried on the grounds of presidential library. hillary vaughn in houston where the proceedings will take place, hillary. >> good morning, maria, former president herbert walker bush came home for the last time last night for his final ceremony in home state of texas, yesterday a massive gathering from 3,000 people from all over the world, leaders friends and family came to mourn america's 41st president, former presidents jimmy carter, bill clinton, barack obama along with wives joining sitting president trump and melania. george w. bush said that dad taught us to age in dignity, humor.
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>> at age 85 a favorite past time was firing up boat the fidelity and opening up the 300-horsepower engines to fly, joyfully fly across the atlantic with the secret service boats straining to keep up. [laughter] >> at age 90, george h.w. bush parachuted out of aircraft and landed on the grounds by the sea in maine. the church where his mom was married and where he worshiped often. mother like to say he chose location just in case the chute didn't open. [laughter] >> he was born with just two settings, full throttle, then sleep. >> president bush's body is lying in repos at church behind
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me, 15,000, maria, poured in overnight and are trickling in this morning, public viewing closes in just half an hour, maria. maria: all right, hillary, thank you, hillary vaughn joining us this morning and joining us right now daniel, son of late legendary fox news contributor, editor of the book the point of it all, great to see you, daniel, thanks so much for joining us. >> thanks for having me. maria: this was your father's book but you finished the book, he also had personal relationship with george h.w.? >> he did, they knew each other and my father admired and respected him and over the weekend when i heard the news about former president bush i went back and read some of my father's columns and articles ant him and it was quite remarkable to see how he saw 20 -- more than 20 years ahead of time how president bush would be remembered. he said this is right after the '92 election when the press was piling, he said this isn't a failed presidency, this is a completed presidency that he
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served well. we should be grateful. maria: we are big fans of your father, we miss him desperately, the point of it all this book, your late father started it and then you completed it, right, you completed his book? >> yes, he had been working on it most -- it's a election essays, speeches, long articles, many of which haven't been published or seen before and most of the ones that are in the book now he had chosen but still a lot of work to do when the end was approaching so he entrusted me to finish it for him. dagen: i can admit this now, i was not a fan but i was a bit of a stalker. [laughter] dagen: every morning before the show i would watch the repeat of bret show and i would literally sit at my desk and transcribe what your father said and i would borrow it with credit but he could always zero in on the most important thing in chaotic world and express himself with
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brilliance and whit at the same time. i was lucky to meet your father at the republican convention in 2016 and you know what we talked about, dogs and my heart melted. i go back and read his column of dogs very often because it's just about the greatness of animals. >> it's one of my favorites and in this book too it really spans the range from political to foreign policy to things like dogs and baseball and growing up with his family. dagen: you and your mother. >> yes. >> i am sure he was an incredibly proud father of you, when you read the book, what was were some of the things that you kind of said, wow, i didn't know that, boy, that really surprised me? >> yeah, in finishing the book what i did actually was went back and read pretty much everything he had ever written because there was a lot of pieces to fill in and i didn't know as well as he did.
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it's amazing to read articles from the 80's, what struck me most so much time, i would be reading article and look at dateline and think this can't possibly be from 1987 or 2007. maria: before it all happened? >> you think this could have been written yesterday. >> he talked about populism. >> essay in the book that's never published anywhere before called the aught or authoritarin temptation and how that maybe the next great ideological challenge of the next century. dagen: your dad's writings, they make us and will forever make us strive to be better and think deeper and be kinder at -- to persevere and, again, timeless. >> i think of the writing talent and i'm wondering, did you -- were you able to study talent as writer from work or was he actually teaching you how to
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write along the way, i don't know, school essays and that sort of thing? >> when i was younger i used to bug him to proofread my papers in high school. but at certain age we decided that i need to do my own thing now, but certainly i learned immense amount from him in my whole life and i talk about that and write about that and part of the book is written by me, the introduction and the ending which is my eulogy that i wrote for him at his funeral. but you can see just reading it, you know, he just loved learning so much and had deep love of history and that informed politics that i think as you say it makes you think and i think that's what's so both fun and rewarding about reading so much of the stuff. dagen: makes you think and give you strength, i can speak of my mother as anybody facing obstacle in life, they focus on what your dad was able to achieve and everything -- all the problems wash away.
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maria: i was so happy that you put your eulogy in there at the end, daniel, thank you. >> thank you. maria: we miss your father. you look a lot like him. [laughter] maria: you can get the information at charles krauthammer.com. gas and electric being blamed for the fires, a class action lawsuit alleging by faulty utility equipment, man versus machine, malfunctioning robot sends two dozen amazon workers to hospital, wait till you hear what happened here. that and markets down this morning, stocks an oil, back in a moment. "flight of the bumblebee?" ♪
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maria: welcome back, markets are down again, we are expecting a rough open forking the stock market, dow industrials down 430 points, s&p is also down 1 and 3 quarters percent and nasdaq down 2 and a quarter percent. futures got hit after the arrest of cfo of huawei after investors surmise that this could mean another issue for u.s. and china in their trade discussions and that's why we are seeing the market selloff extending the 800-point selloff on tuesday before the market closed yesterday. meanwhile there's this, specific gas and electric target of class
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action lawsuit after deadly campfire in california, cheryl casone with those details, cheryl. cheryl: one of the deadliest in history, attorneys for residents in class action lawsuit says that unsafe local infrastructures started the massive fire, remember the campfire killed at least 85 people, destroyed about 14,000 homes, an entire town if you remember, fire officials in california have not yet determined the cause but we should take a look at shares of pg&e, down 40% this year, we are also watching wells fargo this morning, reportedly are cleaning house in the retail bank unit, the journal is reporting the company fired dozens of regional manager following scandal more than 2 years ago, wells fargo promised it would fix problems related to improper sales practices, wells fargo declined to comment on firing, the federal reserve has rejected wells fargo reform plan to prevent additional consumer
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abuses, this could delay decision by the fed to allow the fed to grow, again, stock to watch today, wells fargo down about 1% in premarket. then there is this, two dozen amazon warehouse employees in new jersey are recovering this morning after robot accidentally punctured bear repellent inside, fumes out in the air, rush today local hospitals, many of them, one worker is in critical condition this morning, warehouse ventilated so didn't need to be evacuated. and finally, infamous scene from christmas vacation, chevy chase stags wagon with huge christmas tree, well, we found a real-life this week, caught on cameras hauling largely christmas tree. tweeted the image asking drivers to please consider your car's
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capability before you load it up with giant christmas tree. cheryl: we don't know who the driver is, the police tweeted that out. maria: that's funny, thank you so much, cheryl, anybody getting a christmas tree on this panel? dagen: not in new york city. i used to have a white one, a big fake 1950's christmas tree. maria: i love getting a christmas tree. dagen: if you have a house big enough to fit that christmas tree you have enough money to get somebody to get it for you. maria: looks like it will collapse the car. how the white house says a new deal with china will stop the flow of fentanyl into the united states, check out where that stands up next.
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>> when president trump asked president xi to reclassify which is taking hundreds of thousands of lives as controlled substance, that has massive legal implications and maybe the death penalty in china, for example. president xi said this right away. maria: national economic counsel larry kudlow on china agree to go reclassify fentanyl as controlled substance. now the cdc says that 70,000 deaths in america just last year were due to opioid overdoes. joining us right now dr. mikhail varshavski. how much of a issue will china
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have to name fentanyl as controlled substance? >> this alarming trend has continued year over year, if you look 5 years ago which is not a long time the deaths from fentanyl were less than 5,000 and you look last year, the deaths spiked to 30,000, the rise in overdoes deaths in the united states which is hurting our life expectancy, think about what impact that's having on all communities because they are losing lives from the drugs. so you see alarming rates of overdoes deaths going up and you realize what we can do about it, we have to get fentanyl off the streets. maria: fentanyl is opioid? >> strongest opioid, 50 times more powerful than morphine. incredibly powerful, if you combine it with other drugs, be it alcohol or something else that could lead you to have accidental overdoes death which obviously presents its own challenge. >> seems crazy to me but why isn't it already a controlled substance?
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>> you're right and it is controlled substance and has been for decades in china, what they did this is fentanyl analogies, synthetic drugs controlled substances, before people were going across and change it slightly and they would bypass laws, so what they are doing now in china hopefully, because they need to do two things, put law on the books but also enforce it, but without enforcement the law is useless. dagen: how are people getting their hands on it in the united states, seems impossible that anybody would legitimately be able to get it from a doctor? >> not being prescribed. the spike in 30,000 deaths is not coming from proper used fentanyl, it's coming from overseas, mainly from china, estimates 50% of deaths are coming from chinese fentanyl, not fentanyl itself but similar
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analogues through méxico but that's what's scary to us doctors, we are seeing all of the deaths, we are not prescribing medications and powerless to control it unless we get other countries to care about it. dagen: this drug or analogue of it is what killed prince, for example. >> sadly there's the demand. a person would naturally wonder even if you did persuade china to cut off the supply, isn't it likely that other people start manufacturing it? >> it's possible but china is the world's leader in fentanyl production, so if we can get rid of it there that makes a huge difference for us here overseas, now what's important to understand is that in china they don't have opioid epidemic, they don't have a problem with this and a lot of the people that are creating it overseas in china are not even aware that we have a problem with it. >> i have to ask, when does someone prescribe fentanyl, when do you need something 50 times stronger than fentanyl?
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>> end of life care, people who have tremendous cancer pain. dagen: cancer to the bone. >> great example. dagen: most painful of the cancers. >> people that have resistant trait to morphine which means that regular morphine doesn't affect them, they need something 50 times stronger. maria: dr. mike, thank you so much. great explanation. mikhail varshavski still ahead the fight for free cheesecake brawls break out in virginia cheese can have cake factory after the nation's give away yesterday, wait till you see this next hour on mornings with maria, stay right here.
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don't let another morning go when the guy inown front slams on his brakes out of nowhere. you do, too, but not in time. hey, no big deal. you've got a good record and liberty mutual won't hold a grudge by raising your rates over one mistake. you hear that, karen? liberty mutual doesn't hold grudges. how mature of them! for drivers with accident forgiveness, liberty mutual won't raise their rates because of their first accident. liberty mutual insurance. liberty. liberty. liberty. liberty. ♪ maria: welcome back. good thursday morning, everybody. thanks so much for joining us this morning. i'm maria bartiromo, it is thursday, december 6th. your top stories right now. stocks are sliding again, another rough day at the office
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this morning, futures indicating a sharp selloff at the start of trading to the tune of 420 points lower on the dow, the s&p is down 44 points, another 1 2/3%, the nasdaq down 143 points, better than 2% lower right now. at these levels, the dow and s&p 500 will fall back into negative territory for 2018. investors were rattled by the arrest of th chief financial officer of huawei. she was arrested in canada. this is sparking fears about the trade truce between the u.s. and china getting worse. that is what is behind the market selloff this morning. this comes after tuesday's big selloff. the major averages dropped better than 3% on tuesday. the markets were closed yesterday for the funeral of president george h.w. bush. this is the first time the markets opened after that closing and tuesday's big selloff. global markets are lower.
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the fq100 and dax index down 2.5% right now. in asia overnight, declines across the board worst performer was hong kong, down 2.5%. breaking news, lyft confidentially filing for abipo, the shares and the pricing to be determined. we'll tell you about that. decision day for opec, oil prices are sliding as well amid uncertainty over a possible production cut. crude oil right now down 2.5%, brent down 2.25%. plus, a final emotional farewell to president george h.w. bush. >> through our tears, let us know the blessings of knowing and loving you, a great and noble man. the best father a son or daughter could have. and in our grief, let us smile knowing that daddie dad is hug robin and holding mom's hand again. maria: did anyone not cry?
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dagen: i'm losing it right now. maria: we'll take you to texas later this hour with the latest on the funeral proceedings. all these stories coming up this morning. joining me to break it down, dagen mcdowell, james freeman and former economic advisor to president obama, robert wolf. it is good to see everybody this morning. >> good to be here. maria: it's a serious selloff once again this morning on the heels of the arrest of the cfo of huawei, this is the telecom company out of china. markets are looking at this as a further crack in the he relationship, james. >> yeah, i think it's important not to simply assume that this is trump's china policy. you have long-standing deep bipartisan concern in washington about the strategic threat posed by huawei and zte. these are -- huawei, the largest
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telecom infrastructure company in the world now, for years we've been essentially blocking them from the u.s. market because of the threat they pose, the concern that they would be used by the chinese government as a spying tool and you also have the sanction issues, not just a donald trump issue, you had the issue with zte violating sanctions according to our government that were placed on iran and north korea. there may be a lot more to this than a trade negotiation. maria: to be clear, the speculation is this is because they went against the iran sanctions, that they did business with iran. but we know that this has been an issue for a long time with huawei, robert of wolf. wolf. even others, america's closest allies have followed the nation's lead in terms of pointing out that huawei has potential espionage issues, that they use the company to spy on america, on britain. >> listen, when i was advising the president, this came up a
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lot. maria: when you were advising president obama. >> obama, 2011, 2012, there was realis issues between himself at the president of china at that time. the house intel committee actually viewed zte and huawei as national security threats. they turned down the expansion of huawei near military bases. i know dagen was commenting before, you can't even buy huawei phones near any military base. dagen: they're banned on all military bases worldwide. >> this is going back six years ago. during the campaign in 2012, this is something that candidate romney used to bring up a lot, the whole idea of economic espionage and threats going on. this is not just an issue that took place the last 24 hours. maria: here's the way the journal writes, a page one story in the wall street journal. for years, washington has allegessed the chinese government could compel huawei to tap into the hardware it
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sells around the world to spy or disrupt communications. u.s. officials say they're intensifying effort to curb huawei because wireless carriers worldwide are about to upgrade to 5g. dagen: there was a criminal probe into huawei's dealings in iran, it started in april. this is not something that's new. it's ongoing, has been a problem literally for years. the market reaction is clear. i still think it's about interest rates and about what the u.s. economy looks like next year. the trade issue plays into that. was the tariff man tweet from president trump a couple of days ago, did that send the market down? people pointed to that. i say nay. it's part of the problem. the bigger problem is the federal reserve, quite frankly and the kind of communication out of the fed and as we wait for the meeting, the final meeting of the year. maria: i agree, that it's about interest rates. but no doubt the market wants some kind of a resolution with
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china. and we left tuesday thinking okay, they had a good meeting and maybe we'll come up with some deals or agreements in the next 90 days and now this. there's also oil. oil is in bear market territory. take a look at the price of oil right now, because it is down this morning another 2.5%. this is off of the lows. the opec meeting is happening, the organization of petroleum exporting countries, meeting in see answevienna today. they are looking to cut production. president trump tweeted about the cut, writing hopefully opec will keep oil flow as is, not restricted. the world does not want to see or need higher oil prices. joining us right now is senior account executive, author of the energy report, phil flynn. phil, good to see you this morning. thanks for joining us. >> good morning, maria. great to be here. maria: what's troubling oil today? square that circle in terms of what the market's doing ahead of
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the opec meeting. >> i think there's three main things. obviously concerns about economic growth. i mean, that is a concern when we saw the stock market get worried, the huawei news, concerns that we'll have a big trade war, that sent the market really reeling. but also too uncertainty coming out of the opec cartel meeting today. the trade was pretty much assuming that a production cut was a done deal, that we would see probably at least a million barrels from opec, maybe as much as 175,000 from russia, up to 300,000 barrels a day. but we heard from the saudi energy minister today that says hey, not so fast. we really haven't agreed to anything yet and we're going to kind of wait to see what russia is going to come to the table with. the russians have been playing a little bit coy right now. the russian energy companies can still make money at these lower prices, saudi arabia cannot.
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and they're a little bit reluctant to cut production. so this deal that we thought was in the bag 24 hours ago may not be in the bag at all and we might not get a cut or if we do get a cut, it might be smaller than we originally assumed. >> phil, one question. you mentioned a lot about russia and saudi. but two things. what about qatar leaving opec and how do you view the whole situation with iran, needing the p monemoney to sell more oil? >> yeah, i think there was a lot of concerns that that could be the breakup of the opec cartel. now, qatar is basically coming back and saying listen, it's not about that we're upset with saudi arabia or we've become marginalized in the cartel. it's more about our focus on natural gas production. but a lot of market watchers are saying wait a minute, there's a lot of people in the cartel that are very upset with the way saudi arabia and russia are basically dictating oil policy for the world. everybody else in the cartel
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really doesn't matter, what they think, because it's only what these two countries think, so there is concern that qatar could be the first of other members of mainly the cartel in the future. some people are speculating that either iran and iraq want out because they're not getting what they want out of saudi arabia. but right now the focus is more on what they're going to do in the next 24 hours. dagen: i want to point out, qatar produces less oil that new mexico. so in terms of overall production, it's irrelevant. >> are you saying new mexico should join opec? i don't know. i didn't get that. dagen: we are a -- as a nation, with the great oil producing states, we are a counter to opec, stronger than opec in some regards. >> related to that, we used to generally think cheap oil is good for the u.s. economy, since so much energy production has moved to the u.s. and we now look at cheap oil and some
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people say that's going to reduce business investment. president trump is still in the cheap oil is good camp. do you have a view on the overall economic impact. do we want it cheap or expensive for the overall economy. >> i think you have to be careful what you tweet for. president trump has been tweeting lower oil prices are good. crashing oil prices aren't good for anybody. we've seen what happened to the u.s. shale industry when prices go back sub-$50. even though the u.s. shale producers are stronger than they ever van be before, what i'm hearing right now is they don't like donald trump tweeting about lower oil prices. they're getting to the point of pain. if prices fall further, you'll see a pullback in the shale industry. dagen: every time the president tweets about lower oil prices, the people that watch the show that live in texas, tweet the show, say wait a minute, buddy.
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maria: we had the ceo of marathon petroleum on yesterday and he said we were about at the level now that shale companies are going to start seeing pressure if oil prices go any lower and we could very well see production slow down as a result of where we are right now, from the shale producers. so he was actually really worldr worried in terms of what the current price means for shale. >> i think he's right. we heard in the past that shale oil producers have been more efficient, they do a better job, they can do things more efficiently. that's absolutely true. at the same time a lot of the companies, especially the smaller ones, are deep in debt, they spent a lot of money to get the oil out of the ground. many of the companies are actually paying more money per barrel than they can get by selling it right now. so that's not a win-win for anybody. maria: phil, we will keep watching that. thanks so much. phil flynn for weighing in here
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during this opec meeting. coming up, remembering an american patriot, the latest as mourners gather in texas to remember president george h.w. bush. plus, see what common household medicine is being recalled this morning. back in a moment. what if numbers tell only half the story? at t. rowe price, hundreds of our experts go beyond the numbers to examine investment opportunities firsthand. like a biotech firm that engineers a patient's own cells to fight cancer. this is strategic investing. because your investments deserve the full story. t. rowe price. invest with confidence.
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maria: a final farewell for president george h.w. bush. sports teams are playing a special tribute. william is in college station texas covering this. >> reporter: everyone who lost someone knows you try get through the funeral service without breaking down. imagine what a roller coaster it has been for the bush family. later this morning ethe they'lle
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a eulogy from james baker as well as president bush's grandson. we are here at the presidential library. it is the home of the bush school of public service, that is his living legacy, 70% of the graduates go into public service. now, the rest of the year a & m teams will wear a presidential logo, including the football team at the upcoming gator bowl in honor of the president. a & m originated as a military college. the president chose to put his library here in 1990 when he was in office. it is also his final resting place. >> he could be in arlington national cemetery but he'll be at texas a & m which says a lot about his heart being a lot like the heart of us, and means a lot to us. >> reporter: so there's a church
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service this morning in houston at 10:00 a.m. following that, there will be a funeral train leaving at 1:00 p.m. for the 70-mile trip here to college station. no stops, it will go slow and the size of the actual funeral car will be flexy -- sides of the actual funeral car will be plexi glass. it recalls another era, going back to abraham lincoln, garfield, also the last one in 1969 with president ey1969 with. >> george h.w. bush's thousand points of light are companion verses in america's national hymn, for lincoln and bush both called on us to choose the right over the convenient, to hope rather than to fear, and to heed
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not our worst impulses, but our best instincts. >> reporter: so the train will arrive here at 3:25 local time. the family will depart from the passenger cars, followed by the casket they'll be met by a chorus of military cadets as well as th the agge marching ba. the navy will have a 21 gun salute and they'll have the missing man salute, signifying the family of the president. the familiar littlthe family wia until they go to a tree-lined area where the burial plot is for the president where he will lay next to his wife, barbara, as well as their daughter robin who died at age three of leukemia. we'll hear the final volley of three shots to exemplify that the president has indeed gone to
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the ages and his passing. maria: thank you, william. we'll be watching. yesterday was such an emotional day. i mean, i cried but i also laughed. allen simpson was so funny and to see president bush, 43, making a joke about allen simpson, i mean, there was so much love and support in the room and then when g.w. took the podium, i didn't cry until g.w. took the podium. it was so emotional. you cried too, right? dagen: i cried a lot. you used the humor -- you use the humor to show the world and remember president h.w. bush for who he was, a man who loved a good joke but could never remember a punch line. maria: that was very funny. dagen: it's a device you use wisely to keep it from getting overly emotional. you notice in president bush's
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eulogy to his father, just when he would start to kind of get very emotional, you'd throw in a joke, and so kind of the dam broke open at the end of the eulogy, rightfully so, when he talked about hugging robin and holding barbara's hand again. maria: so much to talk about then. we didn't mention the shot of president trump and our first lady, melania, with the obamas and the clintons and the carters. that was some shot, wasn't it. >> it was a nice moment of grace and civility. we've been missing some of that in our politics. dagen: can i quickly point out, i got an alert on my phone during the funeral, while it was going on from the daily mail, talking about the frosty moment that stone-face hillary ignores trump and melania at the funeral and it was during the funeral, apparently they deleted the article. come on, can we all have civility and show respect and grace for the family. >> the thing that stuck in me,
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it was all about family and service. maria: yes. >> just it felt like continually about what an amazing man. maria: it's true. and business is continuing. zuckerberg is under the micro scope, the ceo of facebook facing new scrutiny. we've got that after this. moving? that's harder now because of psoriatic arthritis. but you're still moved by moments like this. don't let psoriatic arthritis take them away. taltz reduces joint pain and stiffness and helps stop the progression of joint damage. for people with moderate to severe psoriasis, 90% saw significant improvement. taltz even gives you a chance
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maria: one of the important components to global payments is your financial technology related to privacy. tell us about that. >> sure. so the most important thing to remember about our business is that our customer's the merchant, not the consumer. the health of our business is driven by the health of the merchant and the health of the consumer. the higher gdp, the more people spend, the better our business is. unlike many of our financial technology peers, we don't actually collect the data on the consumer. instead, we're focused on the transaction. maria: the cyber security as a subject has been a real concern for the mobile pay industry. how do you counter that? what do your products do in terms of keeping information safe? >> it's a great question. our business is actually very highly regulated already. for example, in europe we comply with the gdpr, the global data privacprivacy regulation. in the united states we're audited by the federal reserve for cyber security and
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otherwise. we spend half a billion dollars a year in our business in technology, security is a core strength. all of our data inencrypted and tokenized. our customer's really the merchant, not the consumer. unlike some of the folks who have had notable privacy issues recently, we're not trying to monday tietiesmonetize consumer. >> who are your customers? >> they are really the banks. jp morgan, who is still in the business, but as technology has gone on, if you looked five years ago, apple was not in payments. google was not in payments. today, those things exist. our competitors are square, stripe, pay pal, one of our customers, but certainly in certain markets pay pal competes with us. >> what do you specifically do as a company, if anything, to prevent your intellectual property, your software, your
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copyrights from being violated in china? >> the way we go about our business is in certain markets, both by policy and regulation, and china is one of them, our data has to reside within the four walls of that country. for example, in russia, coming now in india with their most recent regulatory moves, also in china, that data cannot leave the four walls of china. as a result, we have largely isolated our technology environments in those markets. we're not going to get the economies of scale as a technology matter and bringing it out anyway. that data needs to reside within the four walls of china so those businesses are large hived off from a technology point of view from the rest of global payments making it more secure within the walls of china and globally. >> how many countries are you in. >> we are physically in 31 countries, it will be 32 as of january as we go into mexico. we go business across dee borden bore --border of 58.
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maria: did you have to transfer your technology to your chinese counterparts or the chinese government in order to operate they? >> no we're regulated by the local governments. no, in general, those are local instances with local technology providers in that market and it's not the same technology we use elsewhere around the world. dagen: which of the countries in which you operate is the most difficult to deal with? >> well, the most important thing in our business is just really the health of the consumer. the way i think about your question is how well is the consumer doing. dagen: i'm talking about the government. >> from a regulatory -- dagen: from a regulatory and government pressure point of view. >> we're regulated in every market we're in. as time has gone on, increasingly having to keep all of our data and technology within a given market in china, russia and india presents a scale challenge for our business. we prefer to be able to do that centrally in the united states. but that's been true for number of years.
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that's not specific to any one country. all three of those countries have that regulation today. maria: let's get into e-commerce a bit. the worry in this market as we look at interest rates where they are and as we look at the market selloff related to worries over the global slowdown, what are you seeing in terms of e-commerce? >> the consumer is very healthy in our business. we reported in november for our september quarter our second best quarter ever and was pretty much tied with the second quarter which was our best quarter ever. the outlook for the holiday season and the fourth quarter is a continuation of the best quarters we've seen the last couple quarters. our e-commerce business, maria, for example just grew in the high teens in the recent quarter and has doubled in thereafter three years, the second largest provider of e-commerce acquiring service in the world. so we are very optimistic in our business as e-commerce not grows just with gdp but takes increasing share from physical store presence. maria: the worry is in the next two years that things are slowing down. do you have any indications of a
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slowdown in the two year horizon ahead. >> we do not. the only place you see that is in foreign exchange rates. we operate in 58 countries around the world. the u.s. is our home market and three quarters of our business. we have a billion dollars of revenue outside of the united states. you can see what's happening in fx daily. we have not seen an impact from the tariffs or the trade things you've seen in the press. that can change going forward. >> are people actually using bitcoin or is it still kind of a promising technology and a curiosity for hobbyists? >> we've been able -- of we've enabled bitcoin acceptance. there's no volume on it. the reason for that, it's much more of a commodity today than it is a currency. until the volatility settles down on built coin, it's hard for merchants to accept that as a method of payment. groceries wholesalers might have a 1% to 2% margin. if the thing moves four points a
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day, it's hard for a grocer to accept about coin as a form of payment. >> you're in payments in 30 plus countries. what's the underlying capital that you have to put into each country? is it capitalized, all yours in each country -- all your businesses in each country. when i ran ubs, our biggest concern was you have a global business and you get ring fenced on your capital. >> that's not true in our business. 85% of what we do is really run here in the united states as a technology matter. we do spend a lot in capital. it's a technology company. this year we'll spend $200 million on capital, the vast majority goes into technology. that's driven at scale. maria: fin tech has been the hottest thing. i know you've been doing acquisitions. more consolidation do you think for technology and financial services? >> absolutely. it's scale. more scale in a scale business is a good thing. i expect that to continue. maria: good to have you on the show today. jeff sloan, thank you so much. coming up r, lyft confidentially
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maria: welcome back. good thursday morning, everybody. thanks so much nor joining us. i'm maria bartiromo, i'm is thursday, december 6. your top stories right now. red on the street this morning, take a look. futures indicating another selloff at the start of trading this morning. the dow jones industrial average down almost 400 points, off of the worst levels of the morning, down 385 on the dow, down 38 on the s&p and down 127 on the nasdaq. the arrest of huawei's chief financial officer in canada has occurred this morning. u.s. markets were closed this morning for the funeral of george h.w. bush. the markets are opening now for the first time since that big
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selloff on tuesday where the dow jones industrial average lost 800 points, 3% lower, s&p on tuesday down 90 points, 3-point. the losses extend this morning. in europe this morning, similar story. as you can see, the arrows are down across the board. fq100 down 2 continue t 2.1%. the dax index is 266 points lower. asia similar story, finishing lower overnight across the board, worst performer hong kong, sang hedge down 2.5%. the ipo is a go. detail on lyft's confidential ipo filing. and standing with sheryl sandberg, the facebook board is standing behind its chief operating office after she requd information on george soros. parents be wear, an important story here, a major recall of
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infant ibuprofen. we'll tell you about it coming up. our top story this half hour, markets are sliding again amid china concerns. for many investors there's a worry about an economic slowdown slowdown, even a recession on the horizon. dan quayle weighed in on the state of the economy ahead of the president's reelection campaign. >> don't know what the state of the economy will be in 2020. it's good now. we're a long way away. nobody can really predict what it's going to be in 2020 and the economy is obviously key. president trump ran on that, bringing jobs back to america, increasing wages for the workers, it's all good right now. it goin what's it going to be in 2020. if the economy slips, it will be a real challenge for president trump. maria: our next guest has his own warning for president trump he writes the biggest political boogie man is the very real fear that 2019 may be the year the u.s. economy goes into a trump slump.
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joining us right now is the author, the five co-host, juan williams, he's the author of the book, what the hell do you have to lose. thank you for being here. >> good chilly morning. maria: chilly morning. the president ran on economy, on jobs, and we did see better growth as a result of his policies but now he's got all these worries about growth coming down. >> we sure do. this week is the week of tariff man, which was the tweet that i think sent the market into its slide. now we have the arrest of that chias knee national that -- chinese national that antagonizes a difficult relationship. i think initially the thought was president trump's a business man and he's doing business here, he's negotiating with the chinese in hopes of getting a better deal. the tariffs have had a negative impact, in terms of agriculture in the middle of the country, areas that he would rely on for re-election. it impacted the global economy in a way he probably has not anticipated. dagen: i want to push back on
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something. don't the democrats need to be real careful that they don't talk down the economy, that they come across maybe like you, juan, as if you're hoping for a recession, because it benefits whoever is a democratic nominee. >> you think i'm coming across like i'm hoping for a recession. >> are you? >> no. dagen: i think have you to be careful, politically. >> in the column, what i said was that people like rush limbaugh who said he hoped obama failed or bill marr said you can recover from a recession but it's hard to recover from a president like trump, i think that stuff is negative. i'm pro american. i think you have to look at the realities. what you hear from president trump supporter is markets adjust, go up and down, we've been going so well. but now that we've lost most of the gains for the year, you just have to look at harsh realities, try to look away from the tribal response and say what's going on with the economy. the markets are saying this looks like housing markets down,
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it looks like what we're seeing in terms of investment, the bond market, the attacks the president has had on jerome powell, the chair of the federal reserve saying that he's a bigger threat than china. maria: last time i checked you had a gdp of 3.5%. >> correct. i think this is what you heard from dan quayle in your interview, that things have been going pretty well. when you see the market going down as it has been and when you see the kind of convulsions we've seen in response to tariff man, i think you'd be foolish not say there's some dark clouds on the horizon. maria: that's a fair comment. dagen: i said all along that the president ran the risk talking about the market over and over and over again running up and hitting new records that you own -- you try own it on the way up, then you're going to own it on the way down. i've said that all along. do what ronald reagan did and say on the day of the 1987 crash, markets go up, markets go down, don't weigh in on it. i'm saying politically if you're running for the democratic
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nomination, if you're running against president trump in less than two years, then you ought to be careful too, you meaning democrats out to be careful talking about the market. take sizing when the market goes down, emphasizing when there's a bad piece of economic data because, again, people turn on that. they will turn away from that. >> it was president trump who said that president obama couldn't run an economy. if you want to go in terms of republican, democrat, i mean, president trump comes in and says look at all the jobs i created. president obama comes back and says in the last 20 months my term we created more jobs than the first 20 months of your incumbency. we can play the tribal game. i don't think it takes us anywhere. from a political analysis from my perspective there's a real problem here in terms of the prospect of this economy. maria: let's just say one thing. you want to make an on let, you've got to - -- omlet, you've got to break eggs.
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what president has actually poked china and said stop stealing our intellectual property. what president looked at the nafta deal and said this doesn't work for our workers. so yeah, these tariffs are troubling now. we don't he know what the situation's going to be right before the election. >> we just had george h.w. bush's funeral. george h.w. bush got punished in terms of re-election once he said read my lips, no new taxes of. in terms of governance, what he said was i'm putting the country first many we want to reduce deficits. what did he produce, a very prosperous economy for the 1990s. what we see you now is huge increase in deficit that's an added weight and prompting the fed to think about interest rates. >> i think part of this the idea that there might be a trump slump p, you have to acknowledge there's been a trump bump. some people have trouble with that. the other underlying theory of the trump slump is tax cuts don't matter.
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it's just like government spending, it's stimulus. the long-term incentive to invest in the u.s. is not that important. it's a question of how much the government is giving up. maria: i don't agree. tax cuts do matter. deregulation does matter. >> let me chime in. >> this is not just -- >> politics aside. it doesn't feel that good right now going into 2019. that's a fact. okay. we have an inverted yield curve which dagen brought up numerous times. we have oil down, okay, near bear territory. we have a situation there is going to be no tax 2.0. we will have a dysfunctional congress, okay, going into 2019 because it is going to be incredibly polarizing where you know that very little is going to get done. also, there's a lot of situations here that to juan's point, that it doesn't feel -- maria: is there a -- >> there's a lot of soft data. >> the hard data is pretty good.
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>> the market is down 10% off the highs. maria: is there a democrat who has a plan for the economy 1234. >?yeah. maria: who is it. >> in this congress, they're talking about looking at ways in which to address income inequality.
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air velocity is reading at fifteen fpm. why would you need to learn every detail about a company? firmness... nine. it's how ibm services helps retailers around the world drive growth and save millions. he's very into this. yeah. is that the standard amount? yes. feels good. when your partners are obsessed with business and technology, you can put smart to work.
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maria: welcome back. lyft is filing its initial documents to go public next year. cheryl casone has the details. cheryl: lyft filed the ipo
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registration statement with the securities and exchange commission. the company says it's not determined the number of shares to offer or what the price range is going to be. lyft has recently been valued at $15 billion, we should say. rival youtub uber is also planng anism po next year. facebook's board is defending a request by chery cheryl sheryl - they said the request is appropriate. british lawmakers released internal e-mails at facebook that show the company discussed the possibility of selling access to user data to third party developers. mark zuckerberg says the company considered charging developers access to its platform to cover their cost but facebook never sold anybody's data at the end of the day. facebook is lower in the premarket, down almost 3% right now. there's a major recall of liquid
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ibuprofen for infants. they are recalling bottles of the medicine because they may contain high levels of ibuprofen, too high for infants. it is sold under the brand names equate, cvs health and family wellness at walmart, cvs and family dollar stores. they say it has not received reports of adverse reaction to the medication billion they wano be careful. there's a free promotion after cheese cake factory that turned into chaos. watch. >.>> [ indiscernible ] cheryl: police as you can see handcuffing a delivery driver after a fight broke out at a cheesecake factory in virginia. tensions running pretty high. the restaurant got backed up. they were trying to fill all the orders. the chain gave away 40,000 slices of cheesecake. ist was the 40th birthday. it was a celebration that ended
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in a nice little arrest that you see on television. back to you. maria: cheryl, thank you. coming up, a real life saint nick in the nfl. the owner of the new orleans saints playing santa claus for walmart shoppers. that's up next. (toni vo) 'twas the night before christmas, and all thro' the house. not a creature was stirring, but everywhere else... there are chefs, bakers and food order takers. doctors and surgeons and all the life savers. the world is alive as you can see, this time of the year is so much more than a bow and a tree. (morgan vo) those who give their best, deserve the best. get up to a $1,000 credit on select models now during the season of audi sales event.
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maria: welcome back. usa gymnastics filed for bankruptcy. jared max has the latest. jared: the leadership of usa gymnastics has proven itself to be morally and financially bankrupt. so says attorney john manly who represents many of the young women who were sexually abused by larry nassar, former medical coordinator. because of hundreds of lawsuits against the organization, usa gymnastics files for bankruptcy. this could halt the civil suits. the filing says usa gymnastics
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has 50 to $100 million in assets, same amount of liabilities. so it's time they save for a reorganization. katherine carson says while considerable changes have been made, substantial work still remains. today's filing will allow us to continue on this path, restore the organization to one of which we can all be proud of. and now to the best of humanity. 'tis the season of giving. new orleans saints, new orleans pelicans owner gayle benson recently played the role of secret santa. she went into a walmart in new orleans, picked up the tab for around 400 items that people had on lay-away, cost around $93,000. the saints confirm gayle benson indeed was the secret santa. speaking of santa, you think the jolly bearded fat guy would be seen dead wearing these? these are the new christmas sweater version levitat sneakers by brooks. they cost $150.
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they're available at brooks and alsalso zappos. what do you think. maria: ugly christmas sweaters. >> i think they'll do well. jared: you remember fashion of the '80s, big hair and those types of costumes and stuff that we used to -- and we las laughet it. i wonder what we'll look at in fashion today. it's become acceptable, these goofy sweaters. maria: there's a shoe company that mike murphy -- dagen: all-birds. maria: they look like those to me. dagen: i run in these shoes, another version of the brooks shoes, they are awesome. you get the technology. maria: would you wear it with the ugly sweater. dagen: i would buy a pair of those in a heartbeat. i would absolutely buy those. i don't know what would compare to a bi-level sholo girl mullet with a permanent. there is nothing that will ever be as bad as that. jared: you remember the frankie
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goes to hollywood thing, remember that in the '80s, big hair. you look back at your high school year book. this is a version of that. dagen: no. maria.dagen: no way, i think ya pants in public might be the version of that. maria: jared, thank you. >> great with the new orleans saints. she is taking right after her dad. jared: i love that. maria: catch jared's sports reports on fox news headlines, 24/7 or sirius radio 115. a major arrest hitting huawei, the news sparking fears about the trade fight between the u.s. and china, next hour, right here, "mornings with maria," stay with us. at fidelity, our online u.s. equity trades are just $4.95. so no matter what you trade, or where you trade, you'll only pay $4.95.
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fidelity. open an account today. ♪ the greatest wish of all... is one that brings us together. the lincoln wish list event is here. sign and drive off in a new lincoln with $0 down, $0 due at signing, and a complimentary first month's payment. only at your lincoln dealer.
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and a complimentary first month's payment. the full value of your new car? you'd be better off throwing your money right into the harbor. i'm gonna regret that. with liberty mutual new car replacement, we'll replace the full value of your car. ♪ liberty. liberty. liberty. liberty. ♪ extradition thanks so much for adjoining us i am maria bartiromo. it is thursday, december 6, why are stop stories right now just before 8 a a.m. east
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coast stocks sliding again we are inching toward loss frurts pointing to decline start of trading 400 points one and 2/thursday% s&p 500 down, nasdaq decline 29 points down almost 2% right now, at these levels, dow and s&p 500 are falling back into negative territory, for the year so far, now investors were rattled by arrest of the chief financial officer of huawei chinese company she was arrested in canada sparking fears about fight between u.s. and china worsening all about the huawei situation tuesday's rout, remember markets down sharply on tuesday, before they were closed yesterday, all the major averages down better than 3% on session, markets closed yesterday for the funeral of president george h.w. bush this is first time, servers in u.s. are reacting to that big he sell-off on tuesday down 800 points the close on dow, down
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283 points on nasdaq, looks like selling continues this morning, at least the open global narcotics down as well ft 100 down twoard l.a. and arthured% cac quarante down 2 1/3 peninsula in germany down 2 1/2% worst o performer hong kong hang seng down 2 1/2% it is decision day for opec we are watching the price of oil down as well, look at that move oil prices sliding amid uncertainty over possible production cut, out of opec, crude oil right now down, 3 and 3 quarters%, 2 dollars lower as you can see, technology on white house ceos from biggest companies in the industry, set to discuss regulations and innovation white house having meeting with tech ceos, as you can see, all there, qualcomm microsoft google ibm oracle all coming to washington, it is round two for gm ceo mary
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barra headed to cap i'll have explaining recent job cut announcement to lawmakers. >> we're trying to make sure that general motors is strong that we are in a leadership position in the technology like autonomous vehicles connectivity what is what customers want where the industry is going mariia: we are taking a look at fallout for you automaker we will have more of edward lawrence's exclusive interview with mary para coming up down 1/2%, thursday morning to break it down fox business network dagen mcdowell "the wall street journal" assistant editorial page editor james freeman 32 advisory ceo former economic adviser to president obama robert wolf, a morning this morning. >> i was not expecting to have a down open after yesterday. so this -- i think this huawei thing between china u.s., is taking feels a turn for the worse. >> journal wrote about this in terms of the arrest of the cfo of huawei as revolts to what huawei has done in terms of
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iran. going againsts sanctions u.s. put on iran there is more to this story than iran sanctions. >> i think, colleagues on news side of paper have done a gd job laying out this long-term issue, with both huawei and zte big china telecom manufacture, both parties for long time have seen a threat here not just violating sanctions around the world against rogue regimes like iran, north korea as well, but really being a threat to spy on the united states if their equipment brkz part of our telephone system this is not necessarily a trump move here, it may be exactly what would be appropriate, and she zvezda in court like anyone else there is a history of concern, from both parties on this issue. dagen: our allies linked on with us on this, with australia banning huawei from
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5g networks new zealand blocking one major carrier from using huawei technology and britain bt just yesterday starting to remove huawei equipment from networks. >> i think the question we have to ask owe ourselves we don't know will this put a pause in the truce what does it mean for 90 day kind of cease and tariff situation. >> inefficient has market down another 400 points top story that trade tension, it is mounting cfo of chinese financial giant huawei he have arrested saturday at request of united states a move likely to escalate tensions between two countries this is sending shock wavz throughout global markets on same night as high staking dinner between president trump and chinese president xi jinping. two established that 90-day trade truce, joining me is former canadian prime minister author right here right now steven, harper mr. prime minister great to see you thanks very much for joining
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me this morning. >> thanks for having me. >> cfo of huawei was arrested in canada give your thoughts, of this relationship between the u.s., and china or even china and rest of the world including canada. because this is there is more to this story than just iran sanctions this is about espionage banned the potential for chinese government to use huawei use zt as an enabler to spy on political enemies or even friends like the u.s. >> just a couple thoughts, i am not going to speculate on arrest a criminal matt going to be before courts i don't know specifics what i do know is that when i was in government we were increasingly concerned about the penetration of huawei and zte, into western democratic telecommunications networks these are organizations ultimately tightly tied to
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chinese security apparatus we think there are series issues there, i obviously note that united states, is encouraging western allies to essentially push huawei out of emerging 5g network my person view that is something western countries should be doing in terms of our long-term security issues, as long as people have to remember china is not simply an economic competitor major challenger i think that bothers less than the fact china this is fact a geopolitical restrictively that made no secret of the desire to spread alternative to western democratic norms i think something should concern us. >> what should be done, then mr. prime minister? because you know, we can't look at this story in isolation as if this just happened this year. or this just happened last year, i mean when you were in charge, and running canada, you, too, looked at these companies as the potential threat. what should be done in terms
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of getting china to change its behavior in terms of spying on the rest of the world, stealing trade secrets, and then coming up with companies that compete with them, and beating us at our own game? >> well, there's many things has to be done, as i say, one of them is obviously dealing with the particular problem of the penetration of these telecommunications agencies into the west a concern in and of itself, pressure has to be brought on china to change behavior in terms of rulemaking as you know i go farther in my book argue are rulers have to be changed we have a situation chinese have wide-ranging access to our markets, our access to their markets is extremely limited, it has caused loss of millions of jobs in north america. and frankly the trade deficits keep growing as china gets more wealthy the on it should should be happening essentially i think the united states has under long term
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policy, been essentially paying for the rise of an alternative rival and this is simply unwise, look i know that markets get rattled by the administration trying to take on this problem, but if we don't take on this problem now, and tr long term this is going to get worse frankly we will get to the point long term where china cannot be taken on where it is determining the rules of the global system arbitrary ways that simply suit its own interests, so you know, while i don't know if i agree with every aspect of the administration's policy, taking on this issue, of chinese rule breaking and rules that frankly allow china to exploit a trade relationship this has to be done. mariia: you make a really, really important point there. let me ask you about other issues on trade, because the president is threatening to terminate the nafta agreement, if congress does not approve the u.s. mca pact the last
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time you and i spoke, you felt good i think about the changes in the usmca i want your take secretary steven mnuchin was on with me this week he talked about this trilateral agreement listen to what he said. >> the deal was signed by the u.s. canada and mexico, and i think this is going to be an agreement that president trump expects is going to be taken to congress, and passed. and as he said on air force one if not passed he is going to terminate the existing agreement. >> what about that? the consequences of president trump trmnating the existing agreement and the consequences of this usmca not being ratified in short order when new congress starts next month. >> i am not surprised the president would make that threat. you know. i have always kind of figured that would be his fallback to bet the new deal through. obviously, you know my view, that nafta itself, and the existing trade relationship between united states and
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canada in particular, has been a balanced one in interest to benefit of both parties so i think you know, canceling the agreement as part of a bargain ploy with congress would be ultimately a bad decision given that three countries agreed on a new deal lets hope congress acts wisely don'ts it. >> one of the issues as i had one congressman on on the democratic side this weekend on "sunday morning futures" he said look this is not just about auto sector we need all industries to have a fair shake when it comes to manufacturing. so do you want to see usmca expanded? do you want the he see any changes from your standpoint in terms this deal between canada and mexico and the u.s. >> o i don't speak for government of kooned but i i don't believe that canada is looking for anything more. this is a comprehensive deal maria as with any trade agreement it is very big very
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complicated, and not every one is going to like everything in it. but as i say i think the president is presenting congress with plet clear option here is a deal the alternative may be no deal at all no special trade pact in the north america trade year i don't think that would be in anybody's interest i think usmca is better than having no trade pact all the. >> mr. prime minister let me get your take on oil breaking news right now, opec, is just announcing right now, that they are agreeing to cut you output oil prices are down this morning, by 3%. on expectations of production cuts ahead of the opec meeting following this mandated reduction in caibed supply comes in growing discourse within opec following qatar's withdrawals now an output cut from opec if they are going to be honest and really cut production what is your take on this. >> opec has less market power
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than and has had less market power than people think for a long time. but, at the same time, if it is a major powers major producers saudi arabia russia if serious about some production reduction they can get it, the truth is that we are we are seeing oil prices come down for many reasons but one of them is that we have had a slackening in global demand recently, and, you know, i think that should alarm us somewhat i think there is very little doubt that outside -- in my travels i have very little doubt outside north america you are seeing the economy beginning to slow it is he pretty -- outside the united states. >> good to see you hope you some back soon thanks accord insights on all the above. >> good morning marm. >> former prime minister of canada a short break adp number right after this, stay with us. chief financial
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officer. adp a miss i hitting wires
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for the you month november 179,000 jobs created for the month, that missed the consensus expectation calls for jobs 159,000 markets are basically where they were down 390 points dow jones industrial average but this miss basically, shows you, that we've got growth in the economy, but not gang busters with jobs 179,000 lower than estimate 159,000 we get numbers from labor department friday typically speaking this usually indicates this is we could see something along the lines, of this number. joining me right now you to to talk about about economy growth how to invest co-ceo, good to see you thanks for joining us. >> thank you for having me. >> we had a number, that was -- looks not too hot, not too cold on jobs numbers, you invest quarter of a percent of
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assets under management in private kwekt a good vision in terms of what is going on with economic growth how do you see things. >> yeah i mean our stopping point frankly is obviously everything stops with the drop down assessment what we had in the global economy the last several years, was a very benign backdrop. stemming ferry monitor policy very low volatility regime fairly stable geopolitical backdrop facilitating globally trade day in 2018 end of 2018 looking forward much is not something we can take for granted if consequence, our stance from an investment perspective is what i would describe as being cautiously optimistic vigilant we believe the u.s. economy in particular global economy generally is going to continue to grow albeit perhaps not as fast as in recent times. >> positioning ourselves well for that means focusing on
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businesses that are less at risk from two exchan. >> exogenous about risk factors focusing a lot on business service on people based businesses that are less susceptible to secular focuses, we've acquired a talent agency that was most recent investment in the u.s. the onslaught of ownership likes of netflix amazon, et cetera, over the cop social media influences that is we think poised as people business enabled by technology to grow -- >> the talent agency the most recent but business services, other areas that you are finding growth in an economy that is expected to slow down. >> yeah, so you know for instance, some of the other areas we focused on either
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high end value-added businesses people based like consulting firms strategic communication firms we have invested in both, and also, down the value chain essentially services you know we have vested in a business that provides, services, funding services, et cetera, has grown like a weed. >> let me ask about real estate invest corp has range of investments around the world in terms real estate as well as private equity you invested 300 million dollars in multifamily properties in the united states, do you see a change happening to real estate as interest rates move? >>. >> so real estate much like is the case private equity our assessments stock drop down perspective in real estate for us in particular, the main secular trend we have looking to back, is this adoption of e-commerce, and in particular, the -- the significants expansion of data storage
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requirements advent of big data et cetera, playing on both of those we feel the real near-term opportunity i should not say it, near-term it is more like median to long term opportunity in real estate is around periphery last mile, the distribution centers, the data certifinters, regional hubr last mile into major urban centers, so as we mentioned earlier maria one of our biggest investments lately has been a large portfolio of industrial warehousing assets across united states we see with opportunity in student housing as well, yes driving rates have had impact but, you know, has been fairly -- >> is there anything about this most recent market upset that would cause you to pull back i mean look market was down 800 points tuesday, today we are seeing another sell-off worries about global growth, do you pull back in terms of -- >> the shifting in thinking
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not backing the data anymore we are backing out pickup truck microbetts the company first the property first what does company do what does management do great to have you on the program. >> absolutely fantastic being here. >> thank you so much, we will be right back.
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mariia: welcome back markets lower this morning as we have been telling you going to be a rough opening on the heels of a sharp sell-off tuesday dow industrials set to be down, about 4 pun points we are off the lows right here but this is 1/2% lower s&p down and a third nasdaq down 117 points one 3/4 percent lower technology companies headed to washington today the ceos of companies the white house hosting a roundtable discussion, with a number of top tech ceos to talk about
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innovation, blake burman live at the white house this morning he has the very latest. reporter: good morning to you artificial intelligence quantum computing 5g technology topics under discussion later today involving some biggest tech-heavy weights leaders from companies oracle qualcomm microsoft google part of the discussion one source with the gathering telling me focus will be on ensuring innovation and growth, continue to happen in the u.s. now it will be a much more contentious setting later today up on capitol hill, as the general motors ceo mary barra will return a second day to talk about gm'ss decision to slash jobs shutter plants saying yesterday gm needs to keep up with the times. >> this industry is transforming we need to make sure general motors around several decades we have responsibilities to many shake
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holidays employees retired from company investors trying to make sure we have a strong general motors. >> barra was prepped by reporters about that massive taxpayer funded bailout gm received just less than a decade ago, her response was that gm has invested 22 billion dollars in u.s. since then. maria:s blake burman at white house, coming up investors are watching economic data international trade jobless claims after the break got adp the number below expectations, jobs in america focus we are going to break down, the expectations ahead of the november jobs' report when happens friday, not a major reaction to the adp number showed jobs coming in at below estimate 179 jobs created in the month of november. back in a moment. ♪
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mariia: welcome back. good thursday morning thanks very much for joining us. i'm maria bartiromo. it is thursday, december 6 top stories just about 8:30 a.m. on the east coast, breaking news, moments away from the weekly jobless numbers coming out expectations there 225,000 jobless claims for the last week, markets this morning are under selling pressure again about take a look where we stand off lows but expected to be a tough opening, the start of trading extending the losses of earlier in the week the dow jones industrial average right now, down 363 points one 1/2 percent s&p 500 down 35 points, 1 1/4 percent nasdaq down 111 points, 1 and 2/4% lower. >> ft 100 right now down 2 1/4 percent 155 points lower cac quarante down 115, down 2 1/3% lower in paris dax in germany down 2 1/2% 273 points lower
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asian markets lower overnight worst hong kong, hang seng down 2 and half percent, oil is also down on breaking news, it was down before we got this -- this news, opec has agreed, on a deal to cut oil output no final figure has been determined in terms of what kind of capacity is going away but the price of oil, is off its lows, it is you donna 1.43, 2.7% jobless claims missed expectations after adp report missed expectations, dow industrials down 373 points, no change after economic data out this morning, gesture withi willis on the floor of the new york stock exchange washingtons this a loss. >> a loser at the start. >> futures pointing to a lower open, let's take a look at stocks that didn't do so great on tuesday the last day the market was open starting with boeing, that stock is poised to open down 3%, and why in
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part because lion air ceo is examining will he gallonity of canceling boeing orders after we found out tuesday boeing automated flight control system was omitted from the operation manuel trouble for boeing apple poised to open lower by 2.2%, price target cuts from analyst this morning to 165, caterpillar to open down as well here you are seeing impact of news about trade this morning, the concerns worries that we will not get a deal with china that two sides may be moving further apart rather than together, interesting unitedhealth worst on tuesday domestic company 3m also in international player here, poised to open down 1.4% watching all morning i got to tell you, a little bit of anxiety down here, maria we will be watching. >> gerri thanks very much joining us right now to weigh in on all that the president
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founder of potomac wealth advisories, thank you so much for being here your reaction to nervousness in the markets you have got to make investment decisions every day when you see a market down as much as it has been on worries about slowing growth and higher interest rates how do you invest? >> well the slowing growth is mostly overseas we see hint of that here with adp number. the real trouble today in the market is the news that you have been covering all day, when you have a shocking event like that you are going to see reaction when it is important to look at underlying economic strength u.s. economy has we are still in a bull market u.s. economy is still strong, the problems are mostly overseas, with the fed and china, the good news about the jobs number that you reported earlier, is that numbers like that which show growth may have peaked that could suppress fed's zeel to continuing to aggressive longer term that is a positive for the market. >> you still want to be buying stocks what you are saying.
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>> yeah i think i would be cautious would go in he slowly i wouldn't back up the truck right now too much exogenous news since 1946, year after midterm election has been positive gdp over 3% unemployment 3.7% none of that says recession noun says a bad time to be in stocks but i would go in slowly until news noise cams down. >> you commented low expectations on jobless claims adp may be an okay sign, because the fed may not do as many hikes we say subpoena so may be two next instead of three or four alines with idea that people are nervous about the invertdz kfsh shows a possible slowdown wouldn't that kind of play into what we saw last week? >>s last week was an inversion on the mid end of the curve we haven't seen that in 210 persuade i am not sure that is one to one correlation that
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that inversion leads to recession we look more at undergo economic data recessions cause stock market corrections aggressive fed causes stock market greksz corrections with higher probability with an inverted yield curve an inverted yield curve may or may not happen yet i think we are ahead of ourselves with that worry i think any fed pullback is a net positive for stocks. >> next year what would you say how many possible hikes the fed will likely do at 25 beats. >> good if data driven i don't think they get to more than two. december is pretty much baked in the cake at this point. but they have seen what happens when they get more aggressive, and we also see a global oversees slowdown, they are worried about wage number early in the year one wage number doesn't drive entire global economy overseas there are real problems geopolitical as well as economic structural so fed is going to face heed
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winding can't march to our own drum raise repeatedly three or four sometimes simply because we had a bout with strong wages in the u.s. >> -- the "the wall street journal," i am wondering if you try to interpret for us investor reaction to huawei news do you think the sell-off is occurring because people think this is trump jabbing at chinese as part of a negotiations? or if it is a completely legitimate investigation a lot of reason to think it is really if an outlaw company why should that trigger a sell-off? can't we have law enforcement even with a trade deal? >> well i think it is a little of both to think this happened while meeting at g20 is a bit surprising. i think it shows how firm trump and his administration is to fight china excesses, i think that is what worries the market the market is just want everybody to kiss and make up for things to be better, clearly a move like today, says that is not going to happen, we are in pro
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prolonged trade squirm iraq a reaction worried turning into a trade war if it is to subside have medieval conversations back channel keep out of headlines chinese don't react well if they look to be embarrassed publichumilia. >> you said keep out of headlines are you suggesting communication strategy out of the white house out of washington, it needs to be -- well -- more quite if you will quiet. >> absolutely that would be wiser at this point, look we said that before here. the tweets only serve to antagonize a proud country that is intent on being economic peer reality we can't publicly beat them down i think effective conversations would be far more important than trying to be a bully in the street with the significant economic power that china is becoming and absolutely wants to be. mariia: that is not going to happen i mean we are going to
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see, the news come out, as it happens, i -- i have a hard time believing that what happens is going to be quiet we are not going to find out the news the news is the news, china and u.s. in a fight, china has been stealing for us, for decades, and there is worried about a global slowdown and that fight having an impact on -- at any the relationship. what is the downside risk? what i mean i know you said everybody wants china and u.s. to kiss and make up but what is the downside risk, china and u.s. having a drawn-out issue here? >> well, would create economic uncertainties would shift u.s. production to other countries that may or may not be able to handle all production that is inside china, tariffs also raise costs to consumers here, it is -- it is a global trickle effect look what happened to emerging market stock since this emerging market stocks are reacting to tr uncertainties. >> what is the alternative this president pushed back on
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china and its behavior, and basically making a statement that that yeah, we are going to protect and force respect out of beijing for america's intellectual property. >> then that is the choice. do we have the alternatively fortitude to sit through market gyrations like this for the president not to look at stock market as a daily indicator of success, and for the american economy for our farmers to sit through some pain, this is going to be the test, because the chinese leaders will sit through their pain they are feeling pain, look i think this strategy is working it is bringing them to the table, it is slowing their economy down, it is giving us some leverage i am not against the objective here i am pointing out that along the way there is pain, we are going to be feeling it. mariia: all of these things are happening at once because you've got jobs number tomorrow the expectation calls for jobs of 200,000 jobs created, in the month of november, we are expecting the unemployment rate to hold z
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3.7%, when we get job numbers tomorrow all worries are happening, simultaneously worry about china slowing global economy worrying about u.s. why markets are reactoring. >> i think last week, it was much more geopolitical, breksitbrek-- brexit slowing in china issues in france i think post g20 feels back to just china and u.s. but it is not. i think as mark said there are global issues okay with growth, actually we are by far in the best seat okay there is no question from an economic perspective, we are feeling the best, the best. i think what we've done wrong is we have focused on just the market gyrations, and i think you always say it if you look at where we've come with the market, we have made an incredible you know, new stride the problem is we hit 27,000 high now it feels not too good, i actually think going into next year wages
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feel better the economy feels better i don't think we see recession next year. >> the good news this week on u.s. factories, so the concerns the fears are out there the data so far pretty good, also we all want tariffs to go away i am not sure as part of a resolution -- dagen: doesn't want tariffs to go away i would argue -- >> speaking for all consumers. myself -- but -- >> my point is -- to remain zero doesn't mean we have to tolerate chinese companies doing business with iran world of's most dangerous regime let's be clear what we are after. >>. dagen: of its trying to make point when market on edge about everything the communication out of the white house i don't care if twitter in front of a tv camera it matters perception monday was white house was trying to put a shine on what happened over the weekend, and make it rosier than it actually was
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they are not on the same page, communications wise as china, and that added to what we saw on tuesday. >> totally agree. >> good to have you on the show thanks so much, stay with us, fox business for special coverage of jobs in america tomorrow friday morning 8:00 a.m. eastern we identify where jobs when we get latest jobs number again expectations call for 200,000 jobs to have been created last month u.s. tariffs making steel expenditure despite that imported steele still flowing into the uk connell mcshane covering this in pennsylvania rr good morning from u.s. steel plant i got james freeman there is a bunch of steelworkers executives do not want to see those tariffs go away especially on imported steel because to your point about foreign competition, the steel coming from overseas that has a lot to do a with pricing, going to show you the process of the red-hot steel
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as made in braddock pennsylvania the change we've seen tariffs if effect in march prices u.s. since february on average up 11% foreign feel tries down almost 5%, so the attorney competitors u.s. steel kind of pricing through tariffs, if you will. so the environment has gotten much better, short term, for companies that make american steel like u.s. steel i want to introduce you quick to executive here at u.s. steel to ask you sarah thank you for having us here, by the way, today two questions one about the president, one about future, how is your business different day quantify it because of steele. >> great question no doubt administration commitment to snourg fair trade allowed for reinvestment and renaissance in the steel industry. >> hired people for example i would say we get that we have seen that in headlines the
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question is about the future, your stock price has been quite stagnant even though profits have been up i think investors are concerned, what if president makes a deal the tariffs go away? then what? >> our view that is this president is committed will not blink will ensure that we have a level playing field i would be remiss if i didn't tell you you are standing in the very place that andrew carnegie started the steel are dry 1875 the administration is enabling us to do so much more today we brought after the bell, 4 pm eastern with ceo david beard u.s. steel will join us live as you can imagine a lot of questions about the future as sarah said they need tariffs to be in place that level-playing field as they see it in order to remain ab profoundly enterprise it changed the game here short term see what happens. >> fascinating thanks so much we will tune in, at 4:00,
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watch your reporting all day first lingering trade tensions with china stuart varney will weigh in after arrest of chief financial officer of huawei. that is next. and mobile payment reaching new markets. this is strategic investing. because your investments deserve the full story. t.rowe price. invest with confidence.
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huawei arrest of chinese telecom giant huawei chief financial officer sent shock wavers throughout the global market stuart varney here to weigh in what a story. >> what a story,
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late-breaking, too, i walked in this morning, early like you maria picked up copy of the "financial times," hard copy here it is headlined is u.s. and china bolster trade truce message in big to soothe markets then we hear that she has been arrested in canada daughter of founder of huawei we find she was arrested december in canada that is the day of the dinner with xi jinping, and donald trump. in argentina. were we sending a message to china hey we're getting tough hard-line stands if the message has ben taken by markets to maintain the trade truce is off i was surprised at this news, i am wondering what were we really bund this sending a message to china? it sure looks that way the moment, now you've got
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repercussions market down to 400 points opening bell possibility of retribution against american executives doing business in china. i think this is a blow-up of significant proportions i think it is a mess what say you. mariia: stu i know you think it is a surprise this one incident but are you really surprised that the chinese government uses chinese companies as tools to spy on america? >> no, i am not surprised at all no. mariia: this is happening they cornered this person yeah there are repercussions for that ramifications for the espionage. >> all true all you are right across the board. but did we need to send that message at that time in that way? >> right. >> she was arrested december 1 the moment when with xi jinping was sitting down to dinner with donald trump. the chinese must have known this was happening must have gotten the message. mariia: we will see, that is
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why the markets down people are worried about this as well the other worries out there stuart i know you will have a lot more in 10 minutes we will see you top of the hour "varney & company" 9 a.m. eastern after "mornings with maria" first here onning america's 41st president details as mourners are gathering in texas today. now i'm thinking...i'd like to retire early. let's talk about this when we meet next week. edward jones came to manage a trillion dollars in assets under care by focusing our mind on whatever's on yours.
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. >> we continue to honor american patriot mourning remembering president george h.w. bush in houston as he prepares for final journey hillary vaughn in houston. reporter: former president herbert walker bush is finally home in houston. yesterday all living presidents leaders from around the world gathered in washington to honor america's
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41st president so that we're going to miss you zeengsy sincerity kind soul will stay with us forever. so too our peers let us know the blessings of knowing and loving you, a great and noble man the best father a son or daughter can have. in our grief a smile knowing dad is hugging robin and holding mom's hand again. >> two hours bush family will arrive for final farewell at church former president bush and wife boar bra worshipped at they will head to union pacific railroad take the train 70 miles to final resting place the casket transported with special plexiglas windows president
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bush's idea he toured when he it had white and blue lettering calling it 414 for the 4 as it president took the train for a two mile spin bush will be buried alongside former first lady barbara bush and daughter robyn. >> hillary vaughn as we take a break, and we are watching this market as well futures pointing lower, lingering trade tensions with china has dow jones industrial average down 4 positive points on the heels of sell-off on tuesday. back in a minute right here.
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>> all right final thoughts from this all star panel robert wolfe. >> china, brexit and we haven't chatted about budget showdown. >> that's true james. >> lots of concerns but what's happening with economy right now we'll piked out tomorrow with national jobs report and i'll be
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establishing later this morning the nfib numbers. >> you look closely at the important numbers. >> i think it is a good barometer we talked about feelings and concerns and this is hard hadder ta-ta. >> god speed to bush families they lay their father and grandfather in our president to rest. >> absolutely. condolences from us that will do it for us. "varney & company" begins right now. stuart take it away. >> good morning everyone did america ratchet up trade fight with china at the request of u.s. authorities, canada arrested meng wanhou and she's daughter of huawei founder legendary figure in chinese business. the allegation is that huawei broke sanctions on iraq and arrested on december the first that is important because it is the date of president trump's nn

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