The stoxx 600. One week sterling volatility jumps to its highest level since early november after theresa may says she will outline the governments plan for brexit and the trump trade faces the earnings test as jpmorgan, bank of america, and wells fargo prepare to report. Morgan stanley casts a shadow, reportedly cutting senior bankers and bonuses. Good morning. Welcome to street signs. Lets get straight into our top story. Thats Fiat Chrysler. Well give you a check on shares because they have been rebounding in todays session. You can see theyre now higher. This after a major drop, though they are leading the way to the top of the stoxx 600 after shares plummeted thursday after the u. S. Environmental Protection Agency accused the automaker of violations against the clean air act. This rattled investors, but we did get a Strong Defense coming from Fiat Chrysler. The ceo, Sergio Marchionne saying we are not criminals and drawing the line under any comparisons to volkswagen. He wanted to make it clear this was not another case of the volkswagen scandal saying we do not have a defeat device. Marchionne was so angry. Shares dropped significantly stateside, we saw that. The u. S. Environmental Protection Agency accusing the company of using software to allow this excess diesel emissi emissions, as we heard with vw as well. The listed shares stateside fell almost 20 , right . Thats right. Then recovered a bit by the end of close to 10 . So, not a huge surprise, investors looking for a case to buy back into the stock. A few analysts suggested perhaps the Immediate Reaction was overdone because, again, going back to the emissions problem, what makes it different from the volkswagen case is that Sergio Marchionne, the ceo, was saying this was not intended to defeat or cheat on emissions tests. His argument is that it was to protect the engines under certain road conditions. Its a big deal, because it affects more than 100,000 cars. So thats massive. That includes trucks, suvs. The maximum fine theyre talking about that could be imposed would total 4. 6 billion. At the maximum level. Thats done by a breakdown of the fine per vehicle when you talk about the figure over 100,000. The ceo, again, mr. Marchionne, rejecting the allegations, calling the regulator belligerent. He said the carmaker wasnt trying to break the law. Speaking to cnbc, marchionne denied wrongdoing on behalf of Fiat Chryslerment. My conscious is completely clear. Weve done all the work that needs to be done on the inside to make sure there was no malfeasance. We have not found indication that any of our people were trying to defraud or come up with a scheme to circumvent regulations. Lets give you a check of exor eshares, it holds a 29 stake in the automaker, not a surprise shares moving in tandem with the recovery in Fiat Chrysler. Higher by 5. 8 . Ex exor did take a trade hit yesterday. Lets put the autos to the side and glance at our overall european markets this morning. We have a packed week for you. Next week davos is kicking off. A bunch of people have already left, and a bunch more will be leaving, and watching the states. Trump moving closer to becoming the president , the official president. So here we are just a bit higher in trade heading into the weekend, up by a half percent. Our main European Equity markets reflecting this, with most of the markets trading in positive territory. The polish market trading lower. Most of the european markets in positive territory. A brief glance at the sectors, autos to the upside, healthcare and insurers to the down side. Lets bring in nick nelson head of European Equity strategy at ubs. Good morning. Good morning. Happy friday the 13th. I dont feel too unlucky. Investors dont appear too superstitious. Getting a decent bounce on european equities. We did see softness yesterday taking a cue from some unwinding of the trump trade on wall street. What do you think happens here as we get closer to Inauguration Day . The fundamentals are good for europe. We think we are at this Inflection Point for earnings for the first time in seven years. We saw in december, the best earnings upgrade since 2010. So we think the fund amentals ae moving nicely, however weve come a long way. Some of these cyclicals moved a long way relative to defensives. I would suspect we have a pause in the next month as we come up to the january 20th date, the inauguration, and maybe we see some of this extreme rally in cyclicals soften and some defenses left behind catch up. Youre modestly overweight cyclicals. Given the fresh news today, very clear sign that the diesel woes are not behind us, despite the Volkswagen Settlement in the u. S. , does this add pressure to the sector . Most external shocks, you can see it in financials, in autos, well have to see how that works out. The fundamental story for autos has been strong numbers, but we think europe is recovering now, which would be a good thing. Europe has been depressed for a while. The european consumer coming back, that will help. Earnings momentum and upgrades coming through. Thats one sector were still overweight. I was speaking to somebody who invested quite broadly yesterday afternoon. He was saying that hes invested in a fund thats been bearish for two years. He was saying what will the catalyst be for this choppy market to turn around. It seems people are saying it looks tope etoppy, but nobody i taking money out of financials. No, not yet, because where would you have put it . We had a big selloff in bonds, thats been an area where still you look in europe, you dont have an attractive return from bond yields. Cash is not giving you much either. So by default you look at equities within europe with a dividend yield of nearly 4 for this year. That looks quite attractive. Because of the speed of the move and some tactical indicators, rsis, those things, they do look a bit extended. Do you think this euphoria were seeing in markets and hitting new highs as well, is that translating through into the underlying real economy . The real economy is doing well in europe. We saw the pmis last week hit 67month highs. So theres an improvement there. The consumer is doing quite well. I think the difference is in the uk, theres some bad news to come for the consumer as this inflation starts to come through. One reason the ftse hits an alltime high is because the currency is coming down. Do you anticipate it will translate to earnings . It is. You can see this inside some obvious sectors. If you look at who is leading, we have metals, mining, top spot, energy up there as well. Autos have been up there. Many of the cyclicals. Now for the first time in a long time more than half the sectors are seeing upgrades. I think that means its broadening out. Were getting a genuine Inflection Point in the profit cycle. Im curious when you talk about the commodity space, specifically with miners, how will the dollar trade influence this sector, give than increased Dollar Strength is happening closer to fed hikes. I think in oil, of course, we have our own story going on with the supply reductions coming through, and the lack of investment the sector has seen the last couple of years, so we wont have that capacity we maybe thought we would have had. We think the oil price will be up to 60 by the end of the year. For them, actually, the dollar so far has not been a problem. All right. Nick, thank you for bringing that perspective. Well have to bring you back when european earnings get going. Yep. Superstitious at all . No, i think friday 13th will be fine. According to the british medical journal, theres an increase in traffic accidents. From people worry being it. It is a negative day generally for markets, slightly speaking. Is it . A bit below average for a friday. They call it triskaidekaphobia. The fear is called something else. Theres another name for it. Frikatriskaidekaphobia. Tris ka dkaidekaphobia is just fear of the friday of 13th. You can get in touch with us. Let us know what you think about friday the 13th. Nick, thank you for joining us. We are on twitter as well. Get on there as well. nancycnbc. Im louisabojesen. And you can find us on email as well, streetsignseurope cnbc. Com. Coming up on street signs, investors switching off. Nintendo shares tumble after the Company Unveils its latest gaming console. Yokn tldstpu on e atouunal i supmperntand no bthapng faalsh tadirectv now. Stream all your entertainment anywhere anytime can we lose the all. Theres no cbs and we dont have a ton of sports. Anywhere, any. Lets lose the anywhere, anytime too. You cant download onthego, theres no dvr, yada yada yada. Stream some stuff somewhere sometimes you totally nailed that buddy. Simple. Dont let directv now limit your entertainment. Only xfinity gives you more to stream to any screen. Welcome back, everybody. Weve been trying to say the friday the 13th words. Friggatriskaidekaphobia. Shares of samsung after the companys leader, jay lee, was questioned for 22 hours on suspicions of bribery. Lee has denied wrongdoing. Prosecutors said they will decide soon whether to seek an arrest warrant. Pauline has that and the broader asia trade today. Were a bit lower but weve seen weekly gains. Yeah, making a bit of gains, but not shaking off that negative lead in from wall street. Starting with the south korea markets and samsung, it ended down 3. 5 , but we want to put this into context. The share price was already going down before the news came out about the 22hour questioning for the heir apparent. Samsung was already at record highs, so profit taking off of that. But no doubt the questioning played on the share price will the kospi also off 18month highs down . Looking at trade data out of china. Exports for 2016 were week. It was the weakest drop since 2009, with exports down 7. 7 . Imports down by 5. 5 . The shanghai composite down 0. 2 . Also another issue on the mainland, which is concern about the fast pace of ipo approval applications there. Theres concern about the liquidity squeezes as well as valuati valuations. The hang seng up by a half percent led by energy and chinas second largest developer, vanka surging. The nikkei up off twoweek lows helped by retail earnings. Oil traded higher during the asia session, the asx 200 ending down, 0. . Thank you for that. Some of the top movers right here in europe, looking at vif vend vivendi saying interests in italy for the long time and they were not giving up plans to give up on building a telecom conglomerate. British Airways Workers will be going on strike for the second time this month for 72 hours next week over a pay dispute. Thats according to the union. The airlines mixed fleet cabin crew staged a walkout for 48 hours before christmas after rejecting a pay offer leading to 40 heathrow flight cancellations. Morgan stanley cut several Senior Investment banking jobs and slashed the bonus pool 15 amid falling revenues. They reportedly laid off 20 management directors representing 5 of the total in that division. More details will be expected next tuesday when Morgan Stanley releases its quarterly earnings. Today fitch, the rating agency, is expecting large u. S. Banks to benefit from a pick up in election market volatility. So today, jpmorgan, wells fargo, bank of america, kicking off the Bank Earnings this morning. Investors will be keeping a close eye to the guidance. A lot of people projecting another Strong Quarter for jpmorgan with a yearonyear improvement seen in earnings and revenue. Chris wheeler is a u. S. Banks analyst atlantic equities. Good morning. Good morning. What should we expect from the banks today . Jpmorgan, wells fargo, bank of america . I think well see some good yearonyear comparisons, but the Fourth Quarter of 2015 was not a very good quarter at all. But they will be down on what is a long Third Quarter. Nevertheless, i think theyll be decent results after a long period of less than decent results. And the reason that theyre down on the Third Quarter, why was the Third Quarter so strong . The Third Quarter was strong on fixed income. Thats great for the macro business, equities, as we just saw about Morgan Stanley there, the mmi or the issuance of ecm were weak. So, as i said, all doit wasnt in the Fourth Quarter. When you consider that report on Morgan Stanley about weakness in the investment bank, does that suggest to you best performers will be the banks less exposed to that side of the business . I think thats fair. Always the mmi and origination is nice fees, because they have no capital behind them, but its still small compared to the fix the income pot. So for jpmorgan, bank of america, they will hide the weakness in origination fees because of better fixed income performance. Interesting that you expect just decent results when you look at the runup weve seen in a lot of u. S. Banks since the election result. Do you think investors are getting ahead of themselves . As we all know, its much better to arrive, and we have a Good Platform for earnings. People are looking for Better Capital markets. We had two of the best 20 days ever in credit rating. Indices are up. Good capital markets. The Interest Rate rises and deductions in Corporate Tax leads which will have quite an impact on net income going into next year. Viewers want to know what your recommendations are. Bank banof america, jpmorgan, overweight, underweight wells fargo. Why underweight wells fargo . Wells fargo is a great bank but had a major problem in september with fake accounts. People have been sanguine about what the impact of this is on revenue, not just the bad publicity, and theres more to come, but they had to rejig their consumer bank, came out with new incentive plans for cross selling, i would be confused if i was an employee as to how i would get paid. I think theres more bad news. It will feed through into the income line over the next four, five quarters. Do you have insight into when this story could change . Is there a case to buy on the dip or do we need more information on investor day . It dipped, you know, after september i put it on to an underweight then. It recovered after the election as we saw with the bank sector move. I think we will have to wait until may. They dont normally hold investor days every year. Later in the year we could see recovery. Just quickly, when we talk about the play on the increasing outlook for the u. S. Economy, which bank is best to fair on this one . I think you made the point clearly there. I have three universal banks on there. Goldman and Morgan Stanley, great banks. Chris, thank you very much for joining us. Well get more insight before the bell hits today stateside. Keep your tweets coming through. Getting very involved in everything from turkey to what our previous guests were saying. Youre again at nancycnbc. I thought you were testing me on my friday 13th lingo again. What is it called again . After the break. Im louisa bojesen. Shares of ub a banca moving ahead after a Capital Increase of 400 Million Euros to buy three italian banks bailed out by stronger lenders in 2014. The trio will need to shed 2. 2 billion euros in problematic loans before the deal with be closed. Unicredit Share Holders approved a 13 billion euro cash call under a new cash plan. Last month italys largest lender announced the sale of 18 billion euros in nonperforming loans and 14,000 job cuts. The ceo said hes confident about the outcome of the plan. We have the Capital Increase where 99 of the share will be reported in the transaction. And the share price will show investors are supportive. We have to go and meet even more investors, im going now to be in many countries for the next three weeks. Well meet many more investors w and well have a better understanding in the future. We are extremely confident but we have to work hard. From banks to gaming. Then anyone shares have fallen nearly 6 after the company unveiled its latest console. The Japanese Consumer Electronics giant announced its switch hybrid gaming device will go on sale for 299. The console is due to be released on march 3rd. Lets bring in our tech expert here. Arjun joins us around the set what is happening to the share price . What do investors not like . The investors are concerned about the price. 299 is the console price. When you look at the likes of the xbox one by microsoft and playstation 4 by sony, those consoles are priced the same but with games and extras with it. Theres concern that this is not competitively priced and that could hit nintendo when it comes to sales. What are the unique aspects of this console . What is their strategy behind unveiling it . Nintendo has lost customers to mobile gaming over the past fi years. They struggled in that category. Wii u vefailed miserably. So they have come out with a hybrid console, marrying together console and mobile gaming, which you can just take this tablet and carry on plane. Thats what they are hoping to appeal to, mobile gamers who have gone over to play games on tablets and smartphones. Thats what they hope with the switch console. I think its great. You know, they need t dont they . Its a good thing to get involved in this part of the market or getting more involved, coming out with a console like this especially given pokemon, they need to keep the name and brand going. Last year was critical for nintendo. Though came to the party on mobile games, having a hand in pokemon go, mario run as well. The brand was just reinvigorated. It became cool again. So they brought this console out on the back of that high wave, they hope that Brand Recognition they got last year, consumers will come and buy this console. Why bring it out a day after christmas . They could have brought it out its not available until march. Preorders are going on. You can put it on your birthday list. Exactly. Thank you for joining us. Well be back after this short break. Check out our World Markets live blog. Good morning. Welcome back to street signs. Im nancy hungerford. Im louisa bojesen. Your headlines this morning euronext reversing higher. Shares in Fiat Chrysler make gains in milan after selling off stateside as u. S. Regulators accuse the carmaker of cheating on emissions. Our Software Package will cure all of their concerns. Its they cannot be classified as defeat devices, because were trying to defeat nor nothing. Fiat drives the rest of the auto sector higher, while the companys largest shareholder, exorer, rises towards the top of the stoxx 600. One week sterling volatility jumps to its highest level since early november after theresa may says she will outline the governments plans for brexit. And the trump trade faces the earnings test as jpmorgan, bank of america, and wells fargo prepare to report. Morgan stanley casts a shadow, reportedly cutting senior bankers and bonuses. Good morning. Welcome back to street signs. I have more facts. Its friday the 13 th, if you have not heard us mention. Guess who was born on friday 13th. Funny enough, my taxi driver this morning. Im sure thats not who you were going to mention. Margaret thatcher. Oh. Yeah. Yeah. Interesting. Apparently also the former sunderland striker, which im assuming you a lot of you know, Michael Chopra broke up with his wife Heather Swann after three weeks after a 250,000 pound wedding, which was held on a friday the 13th. Thats a bad move. Both spending that much money and friday the 13th. Lets see how markets are set to open on this friday 13th. A tiny bit of softness for the s p 500. We were joking earlier that overall on average, friday the 13th does tend to be a worse performer than an average friday, but not so sure how many of you are superstitious out there. The dow jones pushing higher. U. S. Fair value pointing to a gain of just one point. Relatively flat will. The nasdaq called higher by less than a point. We got a pare back in the u. S. Markets, some called it the unwinding of the trump trade, others say the degree of nervousness as we kick off into the main earnings season. Big banks getting ready to report. And Goldman Sachs had the biggest drag on the dow going into the earnings. Lets give you a closer look at european equities now. Strength once again in the ftse 100 higher by 0. 3 . Another record streak for the uk index despite some dollar reversal weve been watching overnight against sterling. The german dax is pushing higher by 0. 4 . The french cac 40 higher bay half percent. The ftse mib higher by 1 . Weve been tracking strength in Fiat Chrysler and exor, the biggest holder in fiat. Lets give you a closer look at the fx trade. The dollar has been on the back foot, just slightly lower against the yen, 0. 1 . The european currency moving higher by 0. 4 and similar story for sterling. Just a bit of Pound Movement there. Getting some comments through from one of the members of the bank of england, mr. Saunders, talking about its quite possible that uk unemployment will stay below 5 in 2017, so not a rise as was forecast in november, and equilibrium Unemployment Rate may be below 5 . Labor costs unlikely to give a boost to inflation in 2017, hes talking about how an equilibrium Unemployment Rate does not loosen Monetary Policy or mean a rate hike. Recent Economic Growth stronger than expected, a weak sterling means inflation is likely to rise above the 2 target. And if pay gives a clear warning signal in the coming months, then implications for Monetary Policy are on voice. So these comments just coming from one of the members out there. About how the Unemployment Rate could stay near the 11year low instead of picking up quite substantially as they had been forecasting in november. We are watching sterling there higher by 0. 4 . Questions continue to surround the uncertainty over brexit. Weve been watching comments now made by britains home secretary, amber redd at the victoria Conference Party have been recorded. She said she wanted to make it more difficult for british firms to employ migrant workers. Something kind of doesnt feel right to make lists of peopl people. Theresa may will deliver her brexit speech next tuesday. The Prime Minister of britain is expected to lay out the Government Strategy for exiting the European Union. May has been accused of failing to deliver a coherent exit plan. Lets talk more about britain. Richard miles, political analyst at absolute strategy. Good morning. Good morning. Actually, let me start off with some of these comments that were just getting from one of the mpc members about how its possible that uk employment will stay below 5 . It wont rise as much in november. That weak sterling means inflation will rise above the 2 target. The bank of england have got a very delicate balancing act to do with regards to this brexit negotiation simultaneously with an economy they need to keep stable. Sure. That is the main priority, trying to maintain as much stability when you go through this fundamentally destabilizing process over the next two years. Well have theresa mays big brexit speech next tuesday. I theresa may is deceptively weak position when it comes to brexit. Shes soaring ahead of labour in the polls, ahead on who is the best Prime Minister, but fundamentally she has a small majority, she was on the wrong side of the referendum. The referendum result is here m mandate. So she needs to maintain support of euro skeptic press. Do you think there is a plan . Do you think theres an actual plan . I think the plan is i sense what theresa may it is within theresa mays gift to regain control over britains borders, britains laws, to sort of slough off the jurisdiction of the European Court of justice. And fundamentally thats what she can achieve. And europe cant stop her from doing that. Whats within europes gift is the trade access. Obvious obviously mps would love to have full control over britains borders and full access to the single market, but it wont happen because fundamentally this is the priority within the eu 27, the other European Union members, to stop the rot and essentially demonstrate that the benefits of membership far outweigh the benefits of being outside. Theres been so much criticism regarding the plan or lack thereof coming from theresa may, before you do you think theres a method as she gets ready to negotiate with the eu, is she right to keep her cards close to the chest . I think with any kind of negotiation you dont want to reveal your hand too soon. That makes sense. Fundamentally the reason why shes not revealing her hand is because theres a disconnect. Sort of nonoverlapping ven diagram between what the uk wants and what the u27 is going to offer. I think when it comes to trade access, thats the ball game for the uk. So when theresa may is talking about getting the best deal when it comes to goods and services, shes essentially accepting that shes going to have to get the deal which they are willing to offer. That deal theyre willing to offer under the circumstance is that the uk would be willing to accept no deal at all, and the fact that i think in our view we are sort of heading towards wta rules in the most likely scenario, unfortunately. And do you think there will be some interim deal before we get there . It will take some time to transition to wto rules if thats the case. It could be fairly chaotic. Theres a real risk. I would say with a transition arrangement, one of the Big Questions after we trigger article 50, and thats in line with the government timetable of march this year, the next big question will be how does europe react to that . The decision on whether especially on what theyre willing to offer what position they want to take, will take months. There will be sort of a period in which negotiations dont really start in earnest after that notification has been sent. The next big decision is are the beginning of negotiations or at the end. The uk would like the beginning, to limit uncertainty, from the eu perspective more likely to be the end. Well look ahead to the big speech on tuesday. Wolfgang shchaeuble said Th Central Bank will have a tough task getting out of ultra loose policy, but it was the right course of action. Janet yellen said that the u. S. Economy is doing well and she sees no serious obstacles in the shortterm, but the fed chair point the to income inequality as a cause for concern. On regulation she took a strong stance in favor of doddfrank, describing it as an important road map for mitigating financial crisis. The french right wing leader, marine le pen, has been spotted visiting trump tower in new york. Trumps team said there would be no meetings with le pen, but she declined to comment on whether she was there to visit the president elect. Twitter was having a feast with this yesterday. Just happened to have lunch there. Coffee happens to be exceptionally good at trump tower. Russia strongly denied it collected compromising information on president elect donald trump saying the alleged dossier is lazily researched and poorly written. The kremlin also hit back at u. S. Authorities for claiming it was involved in cyberattacks during the election campaign. Lets get out to bill neely who sat down with Vladimir Putins spokesman to get his reaction. Reporter tonight theres no doubt how donald trump is viewed in the kremlin. Does president putin like what he sees so far . I have no doubt that, yes. Reporter putin spokesman tells us trump is wrong, that putin hacked the u. S. I think it was russia. Donald trump said i think it was russia. Was it . No, it wasnt. President putin didnt order any hacking . Definitely not. Did he know about any hacking . President elect trump is wrong when he says russia did it . Definitely wrong. Reporter he denies any suggestion that russia sought to compromise the president elect. Dr donald trump wasnt bugge . No. Wasnt followed . No. Have your intelligence agencies got anything on donald trump . I have not seen a file. Reporter as for when donald trump and putin will hold talks, prescov says the sooner the better. That was bill neely reporting from moscow. The fbi decision to announce an inquiry into Hillary Clintons emails just before the president ial election will be probed by the u. S. Justice department. The doj saying the internal investigation would focus on public statements by fbi director james comey in relation to the clinton investigation. President obama surprised Vice President joe biden with the nations highest civilian honor. Thats the medal of freedom awarded with distinction. The honor is so rare that this is the first time mr. Obama has ever done it. Andrea mitchell has the full story. Reporter joe biden thought he was coming to the state dining room for a farewell toast with the obamas, until he saw the whole biden clan, family and friends. The best Vice President america ever had, mr. Joe biden. This gives the internet one last chance to talk about our bromance. Reporter celebrating a life of Public Service spanning nearly a half century, obama and biden sometimes sounding like a white house buddy movie. And when the pope visited, joe was kind enough to let me talk to the holiness as well. Reporter teasing his Vice President for his occasional profanity like when they signed obamacare. This is a being [ bleep ] deal. Reporter it is as joe said, a big deal. Reporter but the big surprise tonight for the man the president calls his brother for the final time as president , im pleased to award our nations highest civilian honor, the president ial medal of freedom. I can say i was part of, part of the journey of a remarkable man who did remarkable things in this country. Reporter earlier biden telling me barack obama called you a brother. What has what have he and michelle meant to you and jill . This has become a family. I think michelle is the finest first lady in history. I mean in history. Reporter tonight it was joe bidens moment. I had to quote an irish poet, think where mens glory most begins and ends, and say my glory was i had such friends. As long as theres breath in me ill be there for you. I want to thank you you all so very, very much. All of you. Reporter andrea mitchell, nbc news, washington. Well, you may have missed this headline, a big basketball game in london last night. I heard. I heard somebody lucky got to meet them. I did. The Denver Nuggets outpaced indiana. Scoring 39 points in the Third Quarter to run away with the result. That snapped the Indiana Pacers fivegame win streak and the Denver Nuggets own fivegame losing streak. I caught up with some of the players courtside ahead of the big game to get their thoughts on the leagues Global Expansion plans. There isnt a better time to be part of the nba. The average team is now worth a record 1. 25 billion. Attendance figures are on the rise. Fans are happy. So is it any wonder that the decadeslong debate about an overseas Team Continues . The leading contender, london. The Indiana Pacers are warming up, getting ready for the big game against the Denver Nuggets who are the designated home team right here at londons 02 arena but thats nearly 5,000 miles away from denvers real home court. The nba has big plans to expand globally in its seventh rendition of a regular season game here in london. The big question is whether or not the players are on board. We caught up with some of the pacers biggest staff efgest sta out. I think down the line, my only concern would be the travel. Thats a lot of peoples concern for team stationed here to travel and for the teams coming here. Were already messed up on the timing right now. I couldnt imagine having to go through it multiple times. I feel like its something Everybody Needs to, i guess, experience. Expand the horizons a bit. Europe is a great place to do it because its similar to the way we live in the u. S. Theres always whispers that it may do it at some point. Im not sure. I think the presence will grow. I dont know what capacity that will be, if it will expand her in terms of a team or more games over here or some sort of satellite nba that exists in europe alone. Its interesting, because the european game, international game, nba game keep getting closer and closer in style. Reporter whether a london team will become a reality is still up in the air. While we wait for the nba allstars to make a move, i think there might just be a future for me on the court. Do you have two minutes to show me how to get the ball in the hoop . If i had a ball, i could make that happen. Andre, let me see that. Like that, to the left. Try to hit that backboard right there. Ill try. Easy money. Easy money. Good job. Good job. Nancy hungerford, cnbc, london. Does make you want to run and jump. Beginners luck. Fantastic. That ball thing oh. I didnt quite get that. The globetrotters. Love them. Where i grew up in the midwest, everyone had a basketball hoop. Not us. And now youre here. Not a big thing in europe. Great game. Fantastic game. Michael jordan. I know. You see the players in person, too, you realize the athleticism involved. Unbelievable. And seven feet. Fantastic. We have to take a break. Well be back, talking oil and gas here on street signs heading into the weekend. Welcome back. Some breaking news surrounding renault, a report coming out that french prosecutors are going to probe renault over diesel emissions. Again, we are looking at a dip in renault shares now lower by 4 . This comes after the big story today, Fiat Chrysler facing fresh emissions charges from the epa in the united states, allegations they have denied. I will just say i have spoken to renault nissans ceo, carlos gohn about this several times before. We know they were probed in the wake of the diesel emissions case, and he always maintained their engines are compliant. We will bring you more updates on this. A check of oil prices, opec is unlikely to fully implement its promised oil cuts, thats according to various opec sources. This comes despite saudi arabia and kuwait saying they had cut production more than they agreed to. Looking at weakness there in brent and wti. Lets bring in our oil and gas analyst from netixis. Looking at the moves today, a bit of a pare back on recent strength weve seen. Well get a better idea of compliance soon what is your expectation . Of course we are looking at some compliance, maybe not 100 . Anybody thinking it would be 100 was thinking in a different way. When you go to the last cuts in 2009, the best compliance we got around that time was 82 . Despite that, i think the message is clear from saudi arabia, you could wait, algeria, iraq as well which we were not expecting in this case to be compliant, and even russia all so far announced cuts for january. We expect that to support prices. Are we talking more about compliance this time around than what we are with other opec meetings . I dont recall this much focus on, you know, are they going to stick to what they promised . Its extremely important because without this opec deal and compliance, First Quarter was going to be flooded with oil. Despite having this deal and compliance, we will still see a surplus in First Quarter, just not as much as if there was no deal. So compliance becomes extremely important. If they really comply, well see good support. If theres no compliance, you will also see investors pull out. Whats the view of the demand picture for the rest of the year, because of record imports from china also lifting prices today. Does this continue . Unlikely. We dont think they will import so much, perhaps for domestic consumption, y bshgs yes, but n spr. And price . We believe oil will go up, averaging close to 60, and that the bottom in oil prices is behind us. Thank you. Friday the 13th. Scott writes in saying he is visiting london on friday the 13th, and kathy and i will celebrate 40 years on the 13th. He says it is a lucky number. Have a fantastic weekend. With the xfinity tv app, anything with a screen is a tv. Stream 130 live channels, plus 40,000 on demand tv shows and movies, all on the go. You can even download from your x1 dvr and watch it offline. Only xfinity gives you more to stream to any screen. Download the xfinity tv app today. Good morning. Big banks, big expectations. Three major financial names report quarterly results. Shares on a tear since the election. Will they deliver . The final countdown. Just one week to go until president elect trump takes office. The latest on his transition. And pandora drops a beat. Why shares of the Music Streaming Service are surging. Its friday january 13th what does that mean for earnings . Worldwide exchange begins right now