Good thursday morning to you. Welcome. Im Contessa Brewer in for Brian Sullivan looking at futures all up about. 15 or more in the futures that indicated open. Lets look at the treasury yield and look at the 10year is doing after that big fed decision wait a wasnt that big of a fed decision yesterday, was it yielding 1. 8 . In asia today, lets look at the hang seng, we are up 1. 3 . The nikkei up slightly the shanghai down a third a percentage point in europe, we are paying attention on the big vote. Will it be conservatives or labor . We are seeing in the green across the board up more than half a percentage point except in spain where we are just up 0. 4 looking at some of the top stories with rahel investors this morning are still digesting the comments from jay powell. The rates are on hold and signaled it doesnt plan to move in either direction in 2020. He said hed need to see a sustained base of inflation before they hike rates china regulators raised concerns with boeing on reliability and security of the changes to the grounded 737 max. The agency declining comment on when it may let the plane fly again in china dickson said the faa would not let them resume flights before the end of the year. Australia says tech giants will have to comply with new rules or the government will impose restrictions on them. Prime minister says regulators are creating a code of conduct to address claims that companies have a strong hold on advertising. Facebook and google say they support greater competition and will cooperate with regulators President Trump is expected to meet with his top trade and economic advisors today to discuss whether to go ahead with the next round of tariffs on chinese goods on december 15 reuters will record the meeting with robert lighthizer, Steven Mnuchin and white house advisors larry kudlow and navarro a lot to look ahead at the ecb first conference voters in the uk head to the polls this morning the election will either pave the way or send the country toward another referendum. Well go now to london what are you seeing . Reporter good morning, contessa it is all about brexit look at the headlines. Brexit and britain, in your hands. Boris johnson looking to get brexit done. Thats been his main motto he wants to get the uk out of the eu his option Jeremy Corbyn want to renegotiate and put it a second referendum and let the public decide if they accept the deal or stay in the eu. Two polar opposites there. Polls have put the conservatives in the lead. It has narrowed as we got closer to the day Boris Johnson yesterday saying it is on a knife edge. The polls opened earlier today, weve seen both casting their vote little doubt who they were voting for polls will be open late this evening. Perhaps tomorrow, well get an indication which direction this country is heading talk to me about the time line here. When do we find out how the outyou outcome of the election. Later today, well get exit polls and through the night, well get a clearer idea if it is a majority conservative, youll know brexit is most likely to happen withthe agreement that Boris Johnson has put into place if it is in favor of labor, we know there will be another referendum if it is not a majority either side, it could lead to more uncertainty and well have to see if they form any coalitions and what decisions are made in those coalitions as to how they tackle brexit. Thank you for setting us up here lets talk more about the Market Reaction joining me now, Senior Analyst at fx street getting to what chapman was saying about the polls narrowing. It seems to be the market has priced in a conservative win and clear majority overnight, we saw polls come in that shows the lead has narrowed to 5 points. Experts say in 2017, out of the eight eve of election polls, all of them underestimated labor showing. Could that happen today . Is. It certainly could happen the conservatives Boris Johnson are stressing that this is a very important vote. That people should go out and vote you are right, the markets have completely priced in a tory victory, at least a functional majority with the tightening polls, i think this election and Market Reaction turns almost entirely on whether the tories get control of the parliament. That would be a relief more than anything else if that happens. If that happens, are you expecting to see the sterling rise i think for both equities and sterling, that would be a plus it would shortly go to 1. 35, 1. 36 where it was a year ago equities will have room to run it will be good for the eu and i think good for britain a lot of business and other spending has been inhibited by indecision, not knowing actually what is going to happen. In order for the british economy to fully prepare, there has to be a fair amount of spending to get ready for it that will actually work to help the british economy move if there is a very slim tory majority the lower the tory majority, the worst it is for the markets. The more indecision and uncertainty. If you get a Hung Parliament where the majority was the way it was in theresa mays last days where two or three small Group Members could change the policy, uncertainty is huge. You are seeing the pound versus the dollar at 1. 3, the Capital Economics predicts, if you have a Hung Parliament, that could get as low as 1. 20. Thats a long way off i wouldnt say immediately if you get a Hung Parliament that appears to be leading towards a labor government, absolutely when you are looking at Global Equities and u. S. Equities, how important is that that a brexit deal gets done next year . From the leaked reporting, we know the chief negotiator said, it is not a possibility. You are looking at at least 2021 im not you too sure that it matters what the actual time line is for the execution of the details for the departure. What is extremely important now and the next couple of months, is that there is a decision on where they are going to lead that is more important value knows where the end game is it is not that important right now. The uk polling seems to indicate more important than Party Alliance and loyalty is remain or go that seems to be what is driving the vote and driving expected turn out today that is true. Thank you for coming in early on a thursday. When we come back, two trillion and beyond. A stellar day after saudi aramco becoming the largest ipo in history but is it real the wework saga gets the hollywood trooemt and how Elizabeth Warren views the wealth tax may fall short. More when we return. Oh theres no place like home for the holidays. For the holidays you cant beat home sweet home. We go the extra mile to bring your holidays home. 4 12 in the morning in the windy city, chicago, illinois. You are seeing the bright lights of the big city. Good morning, shares of saudi aramco on the second day of trading pushing the ipo to that lofty 2 trillion valuation. Dan murphy joins us live from dubai. What are you seeing there, dan reporter hey there, good morning. Trading for the worlds most Profitable Company yes, for the saudi prince who achieved that long awaited and long wanted 2 trillion valuation. In terms of the trading activity, shares went limit up for a second day, thats 10 touching just over 10 u. S. Dollars that did give them the 2 trillion price tag. This is six times exon, it is bigger than apple as well with a market cap of about 1. 2 trillion. Huge activity on the market as well we have seen Trading Volume surging by about 500 . In terms of the stock right now, we have seen it slap back to 38 reals showing a strong advance this is really calling into question the dividend on the stock which is likely to yield less relative to its peers like exon and shell for example officials are saying there is jub lags and pride within the halls of saudi aramco and the minister really describing this vindication for the saudi crowned prince who really wanted to see this valuation and has been achieved today at least for a short time with that golden well as well, the confetti and the laser lights, this is going to bring about a step change in their economic maturity. Very significant for the kingdom as it will use the proceeds to embark on the vision 2020 campaign the crowned prince probably wants us to think of aramco as the most Profitable Company but really at this point, it is just the most valuable company. There is so much skepticism if it is really worth a trillion dollars more than microsoft, more than apple. What does this stock really look like thats a good question. As i pointed out, the saudi crowned prince was looking for that 2 trillion valuation it is estimated it could be worth 1. 8 to 1. 2 we have seen a push to bring about wealthy families to invest in the ipo it has been suggested this optimism and Price Performance may have been engineered what we will have to do is look at the performance of the stock over a longer period of time and look at the company to determine whether they will embark on the listing to get a real gauge of the demand and interest in this company particularly at a time when Oil Price Fundamentals are showing oil price constraint thank you still on deck, hitting the slopes with uber it is trending and coming up when Worldwide Exchange returns. Announcer todays big number, 192. 5 million. Thats how many people flew on Delta Airlines in 2018 making it the Second Largest Airline in the world pabysseningers carried. Second only to American Airlines i started a tiny investment business, and over 27 years, grew it successfully to 36 billion dollars. Im tom steyer and i approve this message. Im running for president because unlike other candidates, i can go head to head with donald trump on the economy, and expose him fo what he is a fraud and a failure. Yes im stuck in the middle with you, no one likes to feel stuck, boxed in, or held back. Especially by Something Like your cloud. Its a problem. But the ibm cloud is different. Its open and flexible enough to manage all your apps and data securely, anywhere, across all your clouds. So it can help take on anything from rebooking flights on the fly, to restocking shelves on demand, without getting in your way. Doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Continental resources says the founder harold hamm is stepping down to be replaced by kormer conocophillips executive. Says his long history of buying and not selling shares wont change William Berry will be on live at 10 00 eastern. Jack in the box begins a search for new ceo hasnt sette specific date to step down but believes now is the perfect time for the chain to move forward with a plan under his 10year, jack in the box sold the struggling qdoba brand and came under pressure from partners. Shares of Oxford Industries are lower today. Reporting results roughly in line with estimates. That stock is up 3. 5 this year. Straight ahead, the case for lulu after already a stellar run for 2019 our next guest says there is more room to ruin. First, more speculation of another eruption at that new zealand volcano. Prevagen. Healthier brain. Better life. Im part of a community of problem solvers. We make ideas grow. From an everyday solution. To one that can take on a bigger challenge. We are solving problems that improve lives. It is 5 23 this morning. You are seeing a live look at the capitol as congress is preparing to vote on articles of impeachment against President Trump. Tracie potts joins us now from washington good morning. So the panel that just introduced these two articles two days ago is about to wrap its work this morning. No more hearings no more witnesses after today. Impeachment is headed for a final vote the future of our democracy and Constitutional Order require it expected to recommend two articles of impeachment against President Trump. Abuse of power for pressing ukraine to invest gaigate joe be and the blocking of testimony. If we do not respond to this abuse of power, the abuses will continue republicans are saying the democrats are rushing. Most americans are saying, i wish we could impeachment. You can next november. If folks want to turn this into a carnival, there will be hell to pay for that at the ballot box a trial in january. The sooner we can get this behind us, the better. The tables turned republicans concerned it was moving too fast want to quickly end it President Trump wants to slow it down and get his day in court. In fact, hes determined to get adam schiff in front of the senate during that trial as a witness. You know, it is interesting it seems to me the markets have priced in an end to all of this in the senate. They are not paying attention to impeachment because they dont think anything will become of it how much pressure is on the senate when it comes to following up with the house . Are they feeling any pressure . Im not sure pressure would be the right word. They are required to do something. They have to do something when impeachment lands in their lap is that going to be a weeks long trial with dozens of witnesses or a couple of days with each side presenting their case and moving on, which is what we are hearing now. I was listening to an interview with one lawmaker who said look, we have not been paying attention. Other work has been going on in the senate it is not like the senate is consumed with this, at least not for now. Thank you for keeping an eye on it. When we come back, a Worldwide Exchange exclusive of the Worlds Largest education only pension fund stay with us the fed staying the course and the markets are cheering a future with low Interest Rates shares of lulu lemon taking a look at disappointing outlook. Looking at whether the apparel giant is doing adam neumann casting an actor for the next series. We want to get a check on the morning stories outside the world of business, phillip mena is in new york with the latest good morning good morning. Police in new zealand say they are finalizing plans to return to white island despite the steadily increasing risk of a second eruption there. The plan is in the works to recover the bodies of the missing. The official death toll has climbed to eight after two more people who were hospitalized died two americans are among the dead Harvey Weinstein has reached a tentative deal he was seen hobbling into court for his rile a report of 27 million settlement new outrage after a report that he would not have to pay the settlement himself and will not have to pay for the wrongdoing instead, the insurance for his companies will pay out hes pled not gimuilty of the charges. In the mlb, every team in the league will expand the netting to protect people from foul balls between 2012 and 2019, more than 800 fans were injured by baseballs, so less opportunity for fans to catch foul balls there but will also be a lot safer. There is a trade off but kind of seems like a no brainer especially if you are taking kids turning back to the markets now, here is how your money and investments look stock futures all in the green the dow jones implied opening up 26 points. Lets check the bond market and treasury yields. Weve seen the 10year, it looks like we are up to 1. 8 the twoyear lower 1. 6 is the yield there. President trump expected to meet with his top trade and economic advisors today to discuss whether to go ahead with the next round of tariffs. Sunday, that is december 15. The meeting will include robert lighthizer, Steven Mnuchin, larry kudlow and Peter Navarro the largest education only pension fund with 246 million under management catching up with the man in charge to ask what he expects in the he can withiequity market iw year this is a good year, which really shocks people i find certainly on the west coast. People are angry at this bull market mostly because somebody keeps taking credit. Beyond that, you are looking at a low right at Christmas Eve last year, which was a real big drop in the market for me, 2019 was a great year. It averages out as part of this bull market. I dont think we have a recession near term. Next year, well have 2 gdp we should have a reasonable equity market. Maybe not double digit at least a positive returningtype year. The average return is Something Like, what, 7 or 8 annualized lets sound like what you expect right lets start from the 1860s and come forward you are going to average around seven with that income being a good chunk of it now thats why your money tends to dive, every eight or nine years, you double your money that is good to hear to your point, there are people that are worried the market has come too far too fast you dont see much risk of a major or even minor market decline next year. I see risk everywhere, thats for sure you are right. I think we are due for a good 5 correction here. The pe ratio isnt at extreme levels the earnings are coming in strong sometimes they are disappointing but look at the last quarter you had over half of the positive reports you are still seeing some compassion for companies and challenges generally, positive earnings and a positive market. It will be choppy. This is an Election Year remember 2016, that was a really hard year. We may have that kind of year because of all the rhetoric we a