You can see oil prices pulling back about 27 cents, still just about 89 for wti crude. We will have a live report from our nbc colleagues on the ground in the middle east coming up in the next half hour. Lets talk about some of the main market events of the morning. Actually today fed chairman Ben Bernankes speech at the economics sclub of new york is coming up at 12 15 eastern time. Traders will be listening no any comments on the Central Banks operation twist program and discussions about changing how the fed communicates about Interest Rates. Operation twist expires next month. And there is some speculation the fed will continue making asset purchases by expanding the size of its 40 billion a month quantitate of it easing program. Also on the economic agenda today, october Housing Starts released at 8 30 a. M. Analysts looking for a decline in new building despite a steady stream of positive news on housing lately. Yesterday the National Association of Home Builders said the confidence between the nations Home Builders has risk to its highest level in 6 1 2 years. And earnings front, a number of Companies Set to post quarterly results. Hewlettpackard and best buy. Shares of hp down more than 48 so far this year. Meg whitman has a lot of explaining to do. And shares of best buy have fallen more than 41 since january. The retailer has been the subject the speculation about whether its founder will be bidding for the company to take it private. Its schultz. We went back and forth. The guy from hogans heros. True. This guy was i know nothing. Im not sure hes going to take over the company. I know its schultz. Lets talk about some Corporate News thats unusual for them to report before the bell, isnt it . I always thought hp was a reporter after the bell. All i know is they have a different fiscal year and so they report this is staggered. Everybody else already finished. So i usually ignore them. Lets do two other pieces of Corporate News. Jpmorgan naming a new chief financial officer, marianne lake. That will happen early next year. Shell be reporting directly to jamie dimon and this is important because it reestablishes a reporting line that was taken away from the cfo post this summer after the london whale trading loss hurt the companys credibility with analysts. Bra bra bra braunstein will become vice chairman. Doug is one of the great deal makers out there. This is a role that may be where he wants to spend his time. He was still reporting to jamie, wasnt he . No. He was the cfo reporting to jamie. Postwhale, they took that reporting line away. Reported to someone under jamie . He did it. And people started to speculate what was going to be happening. But hell go back to being one of the lead deal makers at that company. The new York Attorney general reportedly preparing to file a civil lawsuit against Credit Suisse, at issue is whether the firm misled investors who lost billions on Mortgage Backed securities. Lawsuit expected to be filed tomorrow. It will allege Credit Suisse misrepresented the quality of the loans that were packaged in securities. And arch stone plans to raise up to 3. 5 billion in its ipo, the Apartment Building owner and developer. Owned by Lehman Brothers holdings and a thing aaron callon used to talk about. An ill fated acquisition at the time. David einhorn had made the bid deal. Target would make arch stone the biggest commercial real estate ipo ever and the listing will be in the form of a real estate investment. And twinkies arent dead yesterday. Hostess and its second Largest Union have agreed or a bankruptcy judge has said why dont you need mediate. Try to save the 18,000 jobs. Although theyre been arguing for a year already. If they cant agree, theyll go back to it. But the goal is to keep the maker of baked goods like twinkies, ding dongs and hohos from going out of business. I have a picture of my stash. How much did you get . They were going store to store. And the only reason i didnt, we had such a crazy weekend. Two of everything, like noahs ark . Yeah, ive been watching to see if they would make more so ill never run out. But no movement in the boxes. Keep one box and eat the other box. Some new tabt id like to make a bet at this table right now. I did some reporting on this yesterday because i wrote my column about twinkies. There is very little chance. You know why we had two boxes. Because you can eat one and save the other. Yes. And i tried i got to say, i found them not quite for not allowing myself to have any for a long time, because you just dont eat that before. I havent had a twinkie in forever. But i thought the twinkie was good. Some of them like a ring ding, probably not. It looked like a twinkie, but it was brown chocolate, but i dont know what and it had the cream in the center. Was it rolled . No, it wasnt rolled. P. I know it looked like a twinkie because chocolate twinkie. I had one friday and it had been so long. It was good. And that bread is supposedly isnt very good. Wonder bread. But they also have a wheat brand i think. In tech news, the u. S. International trade commission will review a judges decision that apple didnt violate samsung patents when it made the ipod touch, the iphone and the ipad. In september, an Administrative Law judge said apple was innocent of violating those patents. Up like 30 yesterday or something. And check out the shares of yahoo . They reached their highest level in 18 months. Analysts say Investor Confidence is growing that Marissa Mayer can pull off a comeback. Is is that possible . We can all hope. I want everybody to succeed. Do you want bad people to succeed . Bad in what way . I mean bad people. Do you want bad products, Bad Companies . No, no, but i want people to good people to succeed. You just never know, though, with some people, right . You never know. They say theyre good. I dont know. I think we just need to be let the chips fall where they may. If someone really needs our i want growth in this country. How about that . You have not given me any reason to think that you want that over the last couple of years. Not with your antigrowth policies. You never did mention the 91 yesterday. You just totally blew you knew better than to bring that up. Because even you cant say that with a straight face. I cant get behind that. This is paul krugman whose column advocated briefly for 91 i think its counterproductive to bring it up in an actual discussion of mainstream economic policies. Hes just so out of the mainstream that it doesnt just giving it that much credibility of actually talking about it on on a Financial Network but did you talk about it. And i know. And i wasnt going to yesterday either. But he thinks thats the way to narrow the income disparity. You cant go back to the i think you can find a way of a wealth tax or Something Like that. This is the new york times. Tax policy center has now scored what if you had an adjusted gross income between 1200,000 and 500,000, your average tax increase would go up 4446. Do you think thats a lot, a little . At this point now, if people like the clinton tax structure that much, then just get rid of sequester and just question back to clinton. Now were getting in to the higher incomes. A married couple with two children earning 2 million, you will see your effective federal income tax rate rise to 26. 8 from 21. 6 . That would be your effective tax rate. I dont understand how thats the effective tax rate, because i dont understand how it is. This person that i know pay 3 3 . They must be making assumptions some of it is in Capital Gains. Unfortunately, we forget that theyre marginal. Really . I dont forget that. But we often talk about it as if its sort of like a monolithic but when obama says, hey, you still get that tax cut on under 250, if you make 2 million and you keep the tax cut under 250, its ludicrous to talk about that. But the effective rates versus the marginal rates is very interesting. Effective rates are because of all the deductions and everything. But im at this point, i do a radio interview if you do do something with the mortgage interest, that has a lot of people worried about the housing industry. Then if you do something with charitable deductions, that has people really worried about the charitable world. His contention was, listen, about it worked so well, go back to the clinton tax rates. Not just on 250, but let them all go back. That goes instead of 80 billion a year, its like 800 billion out of the trillion dollar deficit that were running. So if youre worried about the sequester, do something with the sequester, figure out a way that you dont cut spending as much, let all of them expire. And then sgllt president made the argument that you dont want to raise taxes on the people who are most in need at this point. Thats the argument. That are most in need. But they dont pay taxes right now. So youre talking about people that do pay taxes that are from 50 to 250, they go back a couple of points like they did in the clinton years. Thats why i say the whole argument is kind of ridiculous, that if its below 250, wow, its all the difference in the world. And if its above 250, it doesnt hurt Small Businesses some . Its a catch 22 on both sides because republicans said they dont want to raise taxes on the wealthiest because this is not the time to do it. You shouldnt raise them on anyone. But neither of them are making a holistic argument. Right. For the left side to say you couldnt possibly raise it on up up to 200, it would hurt, but above that is fine. And you cant raise it on the wealthiest because it would hurt job creation. And its not the a holistic art. I see the argument that every deduction has its advocacy group. And if you really want to do it easily and quickly, you know it will happen either way but thats why it was amazing that simpsonbowles actually got 11 votes. They didnt get the supermajority needed, but they got 11 votes and that was shocking because there are so many things that so many people see as sacred. But the only reason to do simpsonbowles and to get rid of the deconstructiduck dedeductio and still raise marginal rates, that defeats the purpose. There are so many people who pay random numbers. You look at the effective tax rates, you can see rick says zero Home Mortgage. Get rid of all the deductions and let the chips fall where they may. Simple code. You wont have to hire a tax preparer. You cant spend any mothney anywhere. Im proudly cheap. Dont you get to writeoff what you pay your tax preparer . I think you do. Look, im good about tipping the taxi driver. But thats i saw one of the weeks that youre off because youre not coming in to the christmass party, thats the week im told where things change. The rates at all the places where you go, they stay low and then theres a shift. The next week youre in christmas season, so the rates go up. You though where to go when the rates are still at the you know which week to take the reason im taking that week is because fwhi friend becky quick and my good friend joe kernen are taking christmas week. See, i thought it was because the very next week all the room rates go up. That was an add benefit that i realized after the fact. Right. That was like a bonus. All right. Time it for the Global Markets report. Ross westgate is standing by in london. James bond does not need to be tall. Did you see those numbers over the weekend, ross . Must be the opening sequence. Wasnt it like 150, 170 million or something is this . You be unbelievable. Breaking records. You saw it or you were part of it. Esty forbids. I was doing that jump no, i didnt do that. Motorcycle jump. I saw that. Yeah. Joe, were about three hours in to the session ahead of the u. S. Hope and pretty flat really. Advancers and decliners evenly matched on the Dow Jones Stoxx 600. This after pretty good gains yesterday. Take a look at the ftse, nearly 3 gains for the cac 40. A little more red than green. Ftse only down 6 points. Xetra dax up a quarter. Cac 40 down 0. 2 . Smi down about a half percent. Being dragged lower by Credit Suisse. Talked about possible more legal action. Theyve also come out with a restructuring. Asset management business will be followed into the private Bank Business this morning. Credit suisse stock down 2. 3 . What is interesting, we know ubs is getting out of fixed income. Doesnt appear that will be the case at Credit Suisse because they have promoted further up into the management board. So looks like theyll be holding on to that. Weve also had an auction today out of spain. Only tbills, 12 and 18 month tbills, but the key thing here as far as spain is concerned, and its pushed their yields lower, theyve raised a little bit more than they thought, 4. 93 billion euros. This is money that they are now raising for 2013. They met the 2012 issuance. And funding targets. So anything they get in now is a head start on next year. So good news for spain. France got a downgrade from moodys. Second Ratings Agency after s p to cut their aaa. French yields slightly higher this morning. But no big market reaction. It was widely expected. Back to you. Ross, thank you. Coming up, well come back and talk whats going on in the market, but also a live report from brussels where euro finance ministers are meeting. Plus the big ten could be getting a big bigger. Becky quick has a little news. And your National Weather forecast as americans get ready to hit the road for thanksgiving. [ penelope ] i found the best cafe in the world. Nespresso. Where i never have to compromise on anything. Where just one touch creates the perfect coffee. Where every cappuccino and latte is only made with fresh milk. And where the staff is exceptionally friendly. Nespresso. What else . Futures indicated a little lower. Dow by about 22, s p by less than a point. And this is coming after a big rally for the markets yesterday. Carl icahn reporting an 8. 9 stake. And british prosecutors plan to charge former News Corp Executives in connection with a bribery probe. Accused of paying Public Officials to obtain contact informati information. Now todays National Weather forecast. Todd santos two in a row. I dont know if thats ever happened. You know what that mean respect when you totally screw up, well remember from the day before. All right. I will try my best to keep this one on point. You know, yesterday we were talking, there was a system still really close to the carolinas. It is moving farther off the coastline, so still gusty winds. Well see some of the clouds on and off during the daytime. Some sunshine mixing in. Not looking at showers in new york. In is drier air at the surface, so a lot of it is evaporating. Maybe light drizzle closer towards the lake shores. Northern lower michigan, a better chance to get showers over the short term. To the south, a few more areas of the light rain. The northwest is really the messy spot today, tomorrow and on into the holiday itself. So for those of your viewers heading on out to do some skiing, looking great especially many of these western destinations. But for the parade. No rain and temperatures in the 50s. I knee you hassled me for cooling it cool, but maybe you were calling me cool. 50s is cool for atlanta. Okay. Thank you, todd. Sure thing. In squawk sports news, 49ers whipping the bears 327. Kaepernick came in in place of the injured al lebs smith. And in College Sports news, joe, you will admit this is worthy. Rutgers is widely expected to announce today that it is joining the big ten. Yesterday maryland announced that it will join the conference in 2014. Im kind of glad. Why . Because then you play a real schedule. And youll never have to hear about us again. Very ratherly will i see rutgers in the teleprompter anymore. This is a big deal. You this this is how you build they never have to beat cincinnati again. How much more money is in it for rut ggerrutgers . Its a big deal because of the high profile games theyll be playing. And the big ten gets rutgers is a huge media profiled team because its so close to the new york area. But maryland has to pay like 50 million fee to leave . There is all this talk about how kevin planning 15 million is the break up fee apparently. Colorado, i dont know what theyre doing every week. But its how you build a Bigger Program and penn state, with all the trouble they ran in, to they would get all the new jersey talent and theyre not doing that anymore. Do you remember the rogue trader at ubs . Just found guilty. Less exciting to you . I do see you like to change the fubt with football. I wouldnt go to europe where they call it soccer. You know more about that than either college or pro, right . Which rogue trading was this one . This was one of the first ones back during the financial crisis. You interrupted a conference for rutgers about this . Usual defendingdefending rut. Silvia is in brussels with news on what may be happening over there. I thought when you were talking about screwing up, you were getting into the eurozone crisis management. But then i could relax again, you werent quite. Although this might be one epitaph we could put on. But on the agenda, were talking about greece again. Will they or will they not get the latest tranche. I think we can reasonably safely say that they will get the next tranche. They were supposed to kind of agree on on that last week. But we used to this what is on the agenda is what will greece get in terms of relief. The 31 billion they will probably get, but what else can they get them. We all know greece cant meet the debt rerequirements in the next few years and the debt keeps mounting up. Imf says they should stick to the de