No early Christmas Present on wall street as the dows Rally Fizzles just short of 20,000. Plus, an expensive day in court a Brazilian Firm agrees to pay around 3 billion to settle corruption charges, the biggest bribery fine in history. Welcome to World Business report. Im sally bundock. Also in the programme, we look at the man who will head a newly formed White House National trade council and what that means for china. But first, we start on wall street, where it seems this chap has made an appearance. Because the grinch has, temporarily at least, stolen christmas. Theyve been calling it a santa rally, and after a week of record closes investors were expecting to celebrate the Dow Jones Industrial average hitting 20,000 points for the first time on wednesday. Instead they got this the dow closed down 32 points at 19,941. 96. It got within 15 points of 20,000 before falling back. Market watchers say investors have been cashing in their profits after what has been the biggest post election rally in more than a century. And the price of oil has rebounded massively gains for brent crude this year are close to 50 . The us dollar has also been soaring against major currencies. It is that against major currencies. It is that all; against major currencies. It is that a 14 year high against the british pound. It is up over i6 . Some experts are warning though that the us stock market in particular is getting ahead of itself valuations are looking stretched and stretched with each passing day. Weve been thinking for some months that valuations in the us are unattractive, and the rally weve seen since election day would add to that belief. So, its not a negative call, its not necessarily a bear ish, look out below call, but we think there is going to be tougher yards in 2017 than many people might suspect. Staying in new york, where a Brazilian Firm has been hit job ace williams is Managing Director of milton asset management. Job director of milton asset management. Job ace. So, director of milton asset management. Job ace. So, they director of milton asset management. Job ace. So, they didnt get the gift of the 20,000 Celebration Yesterday on the dowjones. Will it come soon . I think there is put your momentum in the markets but we have seen the bond markets beginning to back up, the yields are rising and investors are looking for other assets which might be rising. It is quite an expensive market now because you have the strong dollar, in common nation with the strong market. The combination of those rises together means the rise has been quite significant already. You are quite concerned about the ahead, something you have been focusing on. Give us your take on the sort of rally we have been experiencing, and what might burst the bubble. The whole point is that this is actually about hope, and when we get to the arrival of trumpets may be that reality is more difficult. In particular, evaluations are very high and some Companies May be caught out, losing out due to the strong dollar and due to the fact that the overseas companies are actually competing pretty hard at the moment. It is quite interesting, one we look at what the top has been up one we look at what the top has been up to, the people he has appointed and the people behind him. Peter navarro was the latest added to the list. Give us your take on those he is choosing to work with, and the impact that might have . A bit unknown. They look quite combative, and we do not know how that will go. There may be more trade restrictions Going Forward, which might undermine the valuation of the markets. In terms of what that means for the United States in china, it is quite interesting. Because of course he has had lots of things about naming them as a Currency Manipulator on day one, unravelling the transpacific partnership, and yet china eight has so far been quite quiet, and is listening. Yes, the chinese economy has taken world trade from about 4 of world trade to about 12 of world trade over the last 15 20 years. That has had a big effect onjobs. Jobs last 15 20 years. That has had a big effect on jobs. Jobs Going Forward will be a big issue for the donald trump. What we are seeing is that the chinese currency is weakening at the moment. The economy is overheating, were already inflation building up in china. That may be a big issue next year. Sir as we run into the new year, there are few trading days in between christmas and new year. It has historically been called a santa rally, where we see Equity Markets going up during that time. But it is quite dangerous, isnt it . It is thin trade, volumes are light, and there could be serious moves on the markets. It is quite interesting, when you look back on the past, the peaking of markets, perhaps in 1990 when japan peaked, peaking of markets, perhaps in 1990 whenjapan peaked, it was actually the last day of the year. So you often see this peak towards the end often see this peak towards the end of the year, and the new you can start on a flat in more difficult load. Thank you for your time today. Of course, we will be watching the us today is welcome if they do hit 20,000, it could happen later, we will fill you in. Staying in new york, where a Brazilian Firm has been hit by the biggest bribery fine in history. 0debrecht, which is the largest Engineering Firm in latin america, and its affiliate braskem, were before a court in brooklyn on wednesday. These are their lawyers, who agreed to pay more than 3 billion to settle charges under the us foreign corrupt practices act. They have admitted paying out hundreds of millions of dollars to brazilian state Oil Firm Petrobras and others to secure lucrative business deals. From new york, heres samira hussain. Ina new in a new york court on wednesday, 0debrecht agreed to pay at least 2. 6 billion to us, swiss and brazilian authorities, making this the largest foreign bribery case in history. But this is a brazilian company, so why is this case happening here in the United States . Well, it is because the company was found guilty of violating the us foreign corrupt practices act. American laws are so vast and wide sweeping that as soon as a company has any dealings that tie it to the United States, they are subject to these rules. The trouble. Brazilian firms may not end here. The sources that i have here in brazil, who were directly involved in the negotiations for this, this leniency for this plea deal that we saw play out today, they have told me that literally up to 100 new investigations could come from this, still. The reason for that is because 0debrecht agreeing to pay this enormous fine, a historic fine, the flipside of that is that of their executives have turned State Witness and they are now giving testimony to brazilian prosecutors about, well, it is anybodys yes as to what other crimes they have committed. It is expected that up to 200 brazilian politicians could be duplicated in the case. Earlier in the year, the 0debrecht Chief Executive was jailed in brazilfor paying bribes to executives at brazils state run oil firm, petrobras, which has been under investigation for corruption and bribery that has entangled brazils vidigal officials. Staying in the us, and as you have been hearing, us president elect donald trump has named this man, Peter Navarro, to head a newly formed White House National trade council. Hes an academic and former investment adviser. Hes also the author of a book called death by china, about what he sees as the chinese threat to the us economy. So how is this going to go down in asia . Lets go to rico hizon, in our Asia Business hub. Nice to see you. Just tell us your thoughts on this Peter Navarro appointment, and how that will be received in asia . Well, navarros appointment may not go down positively in the region in 2017, sally. Mr trump down positively in the region in 2017, sally. Mrtrump made down positively in the region in 2017, sally. Mr trump made trade ace made Trade Centrepiece of his positional campaign and railed against what he called bad deals the us had made with other countries, particularly, he threatens to hit mexico and china with high tariffs once he takes Office Onjanuary 20. He could also, potentially, brand the mainland as a Currency Manipulator. If navarro years, as a if manipulator. If navarro years, as a if navarro is as advertised, this could send a serious signal that the trumpet Administration Means business and will engage Beijing On Trade and politics. Navarro has described what it calls americas losing economic war with the mainland, and has also brought attention to concerns over in by mental issues with chinas imports and intellectual policies. Navarro would develop policies which would shrink the Trade Deficit and help stop the exodus ofjobs from us shores full top thank you, rico hizon. Billionaire investor carl icahn will serve as a Special Adviser to president elect donald trump, focusing on regulatory reform. Mr icahn has criticized what he called Excessive Regulation on us businesses. He is a major shareholder in Companies Including Insurer American International Group and oil refiner cvr energy. Chinese e commerce Giant Alibaba is back on the uss notorious markets list over counterfeit goods sales. Alibaba was taken off the list four years ago, but us Authorities Say the firms Online Platform taobao is used to sell high levels of fake goods. The company has rejected the allegations, insisting it polices its market place better than in the past. While we are talking markets, here is how things are going in asia. Interesting trade as we head towards the end of the year. Japan is down by o. 5 . The end of the year. Japan is down by 0. 5 . In the United States, and reminder of how the dow ended. Whether we are going to hit that 20,000 today, we will see later. That is all from me for now. See you later. The government has announced it is going to reinvest more than {a40 million to improve high Speed Broadband coverage across the uk. It is expected the thumbs, recouped from the superfast broadband programme, could bring better connectivity to an extra 60,000 will rule homes. 600,000. Experts say it is not all new money, but it is still welcomed. Correct in rural homes across the uk to fast broadband has meant an investment of £1. 7 billion of public money. And nearly all of that has gone to bt. The companys contracts with councils and local authorities mean that it has to return some of that money if more than 20 of homeowners signed up when the Fast Broadband Service arrives. Now the government says that this cash clawback, coupled with efficiency savings, means another {a40 million can be reinvested in the programme. There is a target of reaching 95 of homes with superfast broadband by the end of 2017. Ministers believe thatis the end of 2017. Ministers believe that is within reach, and that up to 600,000 more homes and businesses could be hooked up with the new programme. But critics say bt has been using the wrong technology, connecting homeowners via a copper wire to a cabinet, rather than laying fibre optic cables straight into homes. Rivalfirms, including sky and talk talks, are now promising they can deliver faster Fibre Connections than bt, and without needing public money. It is sick at six oclock on this channel, breakfast, news, business and sport. We will have more new crime figures that show Violent Crime figures that show Violent Crime committed by people aged over 65 in england and wales has increased by almost 80 since 2012. The figures have been obtained by Freedom Of Information requests. They relate to offences ranging from minor assault and murder. The rise in the number of crimes recorded is in part been put down to police changing how they blog crimes. You are watching bbc world news. The top stories a europewide manhunt is under way for anis amri, the Prime Suspect in the attack on the Christmas Market in berlin. German police are facing growing questions as to why they stop surveillance on the 24 year old tunisian. He had been refused asylum in germany due to his legs to islam as networks. Peter navarro, an economist who wa nts Peter Navarro, an economist who wants the us to take a hard line on china with relation to trade issues, has been appointed by donald trump to head the White House National trade council. In turkeys military says 1a of its soldiers have been killed in fighting with is militants in northern syria. More developments in the berlin Christmas Market truck attack. Bild online shows tunisian Asylum Seeker anis amri, on the left. An id document of his has reportedly been found in the truck, and hed already been under surveillance. 0n the right is polish driver lu kasz urban, found dead in the truck. Its thought he mayve saved many lives, because he was involved in a struggle before the attack happened. The arab news looks at saudi arabias budget, to be released later. The article says electricity, petrol and water prices will go up, and expats will face new fees. An Opinion Piece calls it short term pain, long term gain. Italys parliament has approved a plan for the government to borrow up to 20 Billion Euros to bailout the countrys troubled banks. One of the worlds oldest banks, monte dei paschi, says it may run out of funds within four months. Thats in the ft. In the International New york times, russian president Vladimir Putins relationship with americas likely next Secretary Of State is under the microscope. Rex tillerson, current Chief Executive of exxon mobil, has gone from once criticising russia to saying he has