Medium term. We will speak to ceotidjan Ceotidjane Thiam late their morning. And viva aviva says it will deploy 3 billion pounds in excess cash. Good morning its thursday, not just any thursday, it is opec thursday. Its only a matter of minutes until steve is let into the socalled opec scrum the ministers in the room are widely expected to strike a deal to extend crude production cuts by as much as 9 months you can see steve in the background hes ready to go well bring that live to you wlechb when it does begin Traders Await a decision from opec and nonopec nations bp is off by 0. 63 shell off by a half percent. Statoil a touch lower. Really were just in a wait and see mode lets tell you whats happening with the rest of european markets. Were modestly higher today. We saw another record high for the dow. The nasdaq fell, given the selloff in the f. A. N. G. Stocks specifically, the tech stocks overall, seeing their biggest oneday drop in five months. The nasdaq posting the biggest oneday drop in three months some of the froth is coming out in the market and also impacting Semiconductor Stocks elsewhere were seeing moderate gains here november wasnt a great month for European Equity markets. We saw profit taking we are on track for a fall of 1. 7 or so for the stoxx 600 the ftse 100 once again is down by a third of a percent. Why . Thats the sterling impact given that weve seen rise in pound sterling and weve seen break through in the brexit talks. The xetra dax is up by a half of a percent. You have technology down by a half of a percent. Banks doing better, twothirds of a percent to the upside utilities and autos showing outperformance. Risks to eurozone Financial Stability remain contained thats the view from the latest Financial Stability report, but the central bank warned of large asset price corrections amid increased risk taking in markets. Joumanna bercetche sat down with the ecb Vice President veto costanzio and asked where he saw complacency. I always difficult to talk about valuations, its difficult to talk about the benchmark or fair value its true, comparing with historical averages and historical situations, we see that some markets are overstretched or at least we have indicators way above historical averages. At the same time we can see volatility in the equity market and the bond market is very low. Which experience shows in those situations, some events may trigger sudden revision of expectations by investors, either about future growth or about future inflation, that suddenly leads to corrections in prices, which in such stretch situations can then be amplified, and overshoot because we know many times markets overshoot. Thats the risk, which as we explained in the Financial Stability review, we mostly attribute to events in global markets, not so much coming from european markets, because we dont see in european markets generalized situations of stretched valuations so to be clear, you dont see stretch valuations in european markets but you see them elsewhere. You say u. S. Stock markets are looking overvalued i didnt use the expression overvalued, i think, because as i said, thats always difficult to clearly identify. But certainly the cyclicly adjusted price to earnings ratio is way above historical averages in the u. S. , though one can read analysis showing that partly this can be explained by the evolution of some fundamentals, and also by the decrease in Interest Rates which explains those valuations, but nevertheless, that in comparison and the low volatility point to the risk we are talking about risks, not something that necessarily will materialize. In other news, President Trump has nominated Marvin Goodfriend to the Federal Reserve board of governors if confirmed the professor and former fed economist will fill a fourth seat on the seven member board following the departure of gel b janet yellen senators in the u. S. Have begun debating the details of the tax overhaul bill as they inch closer to a vote. Momentum is growing after two dissenting voices in the republican ranks voted in favor of moving the legislation ahead. Republicans want to get the bill signed off by the end of the year markets are hoping for the same. Donald trump has fired back at criticism from uk Prime Minister theresa may saying we are doing just fine. The war of words started after the u. S. President retweeted three antimuslim videos from a leader of a uk antiimmigrant political group. In a rare rebuke, the Prime Ministers Office Issued a statement saying it was wrong for trum tp to have shared those videos trump said theresa may should focus on radical islamic terrorism issues in the uk its a big day for oil as Oil Ministers in vienna are expected to strike a deal to extend output cuts by as much as nine months steve is in the socalled opec scrum as we speak. We will bring you that event live happy anniversary dinnedarlin can this much love be cleaned by a little bit of dawn ultra . Oh yeah one bottle has the grease cleaning power of three bottles of this other liquid. A drop of dawn and grease is gone. Is now a good time to refinance . Yes Mortgage Rates are historically low. The time to refinance your home is right now. Get started at lendingtree. Com. The only place you can compare up to five real offers, side by side, for free. Our average customer can significantly lower their monthly bills. Quick. Beat the feds next rate hike. Do not miss this window. Are you sure you have the best rate . It only takes 3 minutes to find out. Go to lendingtree. Com right now. We thats why at xfinityic. Weve been working hard to simplify your experiences with us. Now with instant text and email updates youll always be up to date. You can easily add premium channels so you dont miss your favorite show. And with just a single word, find all the answers youre looking for. Because getting what you need should be simple, fast, and easy. Download the xfinity my account app or go online today. Welcome back to the show youre watching street signs. Its only a matter of minutes before Steve Sedgwick and many others are let into the socalled opec media scrum the ministers in the room are widely expected to strike a deal to extend crude production by as much as nine months. Ahead of that announcement, brent crude is up, changing hands at 63. 60 wti at 57. 55 there may be some caveats in the deal thats the big question mark in the market now as to whether there will be continued reviews of that, though steves point earlier was that the reviews happen any way u. S. President donald trump is threatening major sanctions on north korea after its latest missile test which pyongyang claims could hit the u. S. Mainland the Trump Administration has repeatedly said that military options are on the table when it comes to dealing with the rogue regime but that it would rather find a diplomatic solution. Speaking at an emergency u. N. Security council meeting, u. S. Ambassador nikki haley called on all countries to cut ties with north korea and made it clear that though washington does not want war, it is prepared to wipe out the regime if attacked the dictator of north korea made a choice yesterday that brings the world closer to war, not further from from it we have never sought war with north korea, still today we do not seek it. If war does come, it will be because of continued acts of aggression like we witnessed yesterday. And if war comes, make no mistake, the north korean regime will be utterly destroyed. Haley specifically urged china to cut off pyongyangs oil supply as well we know the main driver of its Nuclear Production is oil. Through sanctions we have cut off 90 of north korean trade and 30 of its oil, but the crude oil remains. The major supplier of that oil is china in 2003 china stopped the oil to north korea. Soon after, north korea came to the table. We need china to do more china can do this on its own, or we can take the Oil Situation into our own hands now, shell is restoring its dividend, thats been seen as a signal of the end of the oil downturn cnbc spoke to the ceo and asked if the move was a bet that crude oil prices would stay above 50 a barrel for the longterm if you run a company as large as ours with such a high correlation between the oil price, you cannot have a strategy that only work force o works for one oil price. So we have to take into account a range of oil prices, and i am confident enough that even with the volatile they we will still see in oil prices, we can afford a full Cash Dividend from now on and thats why we turned it off. A viva says it expects growth earnings of more than 5 through 2019 they will spend 3 billion pounds in excess cash over the next two years, the majority of it repaying debt and returning cash to shareholders. Aviva shares up by 2. 5 . Credit suisse says 2018 will be the final year of its Restructuring Plan to focus the bank towards Wealth Management and reiterated its profit target for all of its units the swiss Bank Reported that the cost base for 2017 is to come in under its expected target. Bae saying new accounting standards in the uk will not have a Significant Impact on earnings next year the uk Defense Group will transition to the International Financial reporting standard in 2018, but it will not change how it manages its contracts siemens will list its medical equipment business on the Frankfurt Stock Exchange in 2018, not new york it is potentially valued at 40 billion euros, making it germanys largest initial Public Offering in two decades. This is part of siemens strategy to simplify its structurstructu. Unilever will launch new products and slim down the organization they rejected a 1 143 billion takeover bid from kraft heinz in february just wanted to remind you what we are waiting for out of vienna, its only a matter of minutes, hopefully, until steve it let into the opec scrum the hin centers in the ro the ministers are expected to have production cuts for another nine months. Brent crude is up by 0. 8 . Wti up bay half of a perceby a a percent. My friend susie cracks me up. But one laugh, and hello sensitive bladder. Ring a bell . Then you have to try always discreet. I didnt think protection this thin could work. But the super absorbent core turns liquid to gel. For incredible protection. Thats surprisingly thin. So its out of sight. And out of mind. Always discreet. For bladder leaks. Also in liners. Your bbut as you get older,ing. It naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Hello. Welcome back to street signs. Im carolin roth these are your headlines the ministers are in the room, the countdown is in on in vienna as opec is expected to extend Oil Production cuts by nine months european chipmakers feeling the bite of the fangs following asian Semiconductor Stocks lower. Credit suisse calling an end to its turnaround plan saying it will wrap up restructuring efforts next year and setting return on equity targets for the medium term. And aviva raising growth targets and dividend ratio targets as it will deploy 3 billion pounds in excess cash. I would call this a mixed session for u. S. Markets yesterday. We had the dow rising by 103 points to another record high. On the other hand you have the nasdaq with the biggest selloff in about three months. The tech sector falling the most in five months this is, i guess, as investors got tired of the very rich valuations maybe maybe this is just a bit of profit taking. I dont see any further concerns than that. The nasdaq has been seen bouncing back to 3 points, 4 points the dow jones continuing its strength, seen up by 66 points the s p 500 seen up by 4. 3 points we did see a lot of fektech investors moving out of the tech sector yesterday lets look at how this is impacting the european markets the chipmakers here on this side of the atlantic are under pressure as well the asian tech stocks also fell badly. I wonder whether this will be contained in the next 24 hours as is usually the case the ftse 100 is off by a quarter of a percent this morning. This is for the most part down to the currency which is stronger once again today given that we have got so many internationally, pose lly exposd countries on the ftse. Euro dollar is off a touch, up by 0. 1 . 1. 1830 is the handle were seeing. Youre looking at live pictures of the room where opec ministers are meeting in vienna. They are widely expected to strike a deal to extend crude production cuts for nine months, but the extension could only be set at three or six months steve is outside of the room, ready to be let in and pounce on the key decisionmakers in the room we know they usually just go for the saudis first, because they are the kingmakers so well see what happens over the next couple of minutes shares in euronext are rising after they agreed to buy the irish Stock Exchange for 137 million euros, this as ireland tries to deepen financial and trade ties with other eu members in the wake of brexit. Euronext called it a major milestone in expanding its federal model. The tie up will give the company the technological and financial strength needed to grow. We will be speaking to the ceos of both exchanges first on cnbc, thats at 12 30 cet. Irish Prime Minister leo varadkar is set to announce a new deputy Prime Minister today after the incumbent, Frances Fitzgerald resigned amid a scandal of a Police Whistleblower speaking to willem marks, Micheal Martin of fianna fail said core issues like brexit could be pursued we had a shaky week, damage was done, but we are determined to rebuild that trust and that engagement in the interest of the country. That will happen theres no medial sense of general election or anything like that now. So the government is free to pursue the core issues that bedevilled the country, housing and health issues. Domestic issues that are there in a lot of countries and the brexit negotiations that are ongoing. That represents such a threat to ireland into the future and to the island of ireland as a whole. You had several days of direct talks with mr. Varadkar, do you have personal trust in the man . In the midst of the crisis, through our discussions, i think we reached better understandings but there is no doubt that emotions in both parties are bruised. That said, i think we are clear in terms of the immediate challenge ahead and both domestic issues and in terms of brexit we both learned a lot from this particular episode the uks impending departure from the European Union has more International Companies looking at locating to ireland an attractive Corporate Tax rate helped attract some of the biggest tech firms to the country. Willem has spoken to some tech entrepreneurs who have chosen ireland as a base. Michael tush said the island provided an attractive base for Small Business im sure they can do more in theory again let me ask you this, what wou could they have done more for you . I think okay so theres sort of corporate issues you know, red tape, tax regime, all the various kind of credits that companies can offer when we looked at the uk versus ireland, there were different regimes, different benefits and disadvantages. Broadly comparable so that really didnt affect our decision much. I think if there had been incentives, it might have encouraged us a bit more to be hon evident. I dont think it would have changed the overall decision i think the development in space like this, having regimes friendly to Small Businesses, supportive, is enough for a company like us to want to move here we dont need a particular carrot beyond what we already find in dublin if youre a bitcoin investor these days, buckle up. Another wild ride. The cryptocurrency crossed the 11,000 mark hours after jumping through the 10,000 barrier. But that rise over 11,000 barely lasted an hour before by the coyne tumbled again. This year it started under,000 this as nasdaq says it will launch bit coycoin contracts ne year Joumanna Bercetche asked at what point the central bank had to start taking cryptocurrencies seriously. We dont have to in the sense that we dont have responsibility or instruments that point to prices of particular assets. That is not the role of central banks. Again, its a particular asset speculative asset, by definition looking to developments in its price. Inl ve investors are taking the risk of buying at such high prices i dont predict a big drop in the price that has happened in the past, which will happen again, will by itself create a significant problem of financial instable, and certainly i dont think it could spread to other markets that depend on other types of fundamentals, not just speculative. Lets get out to arjun who joins us from helsinki from the slush Conference Im sure theres debate around the volatile ride of bitcoin there. Absolutely. Cryptocurrency, the blockchain, its all happens over here ill ask a bit more about those bitcoin future contracts this morning ive been speaking