of delivering what we said we would deliver. what we're saying is our guidance remains unchanged as a result of doing this. we don't think we've overpaid. the swiss market has caved in to carl icahn. they're paying a dividend for the first time in two years. france says it's not standing in a way with a deal with iran after being blamed for stifling six party negotiations over ending the country's nuclear program. u.n. claims some 9.5 million people in the philippines have been affected by typhoon haiyan. up to 10,000 people are estimated to be killed in the city. it's been hampered by disrupted access to remote communities. we have more from manila in this report. >> what we know is that this is an unprecedented natural disaster for this country. now there's really no stranger to extreme weather and earthquakes. even seasoned officials are shocked by the severity, especially of the storm surges that were caused by this super typhoon and it's created what many are describing as sue nam any type conditions. a lot of these villages are wiped to the ground. same as we saw in 2004 in december during the indian ocean tsunami. this is creating some very serious low guelogistical difficulties. the aid is not getting in to the places where it's needed the most. this is where international assistance is coming in, especially from the u.s., but also from the european union and many other countries in the world. there has been an outpouring of generosity directed at the philippines. we know the first world food program cargo has already left from malaysia. that should be arriving imminently in this country. this is a situation that is not without controversy. there have been some reports of widespread looting and there have been some accusations that the government has not done enough to really clamp down on that looting. some have been suggesting that there should even be marshal law in some of the affected areas and there has been talk of a state of emergency. the president said that the first priority is to deliver aid to the people who need it the most. this is what he had to say. >> and also for those that have been confirmed killed, that is a concern. we have a need for those who are living, those who are injured, the need for footd and the need for water. >> there seems to be a lack of visibility on the exact number of fatalities at this juncture. many in the media here as well as the international media reporting that the figure could be upwards of 10,000. the official figures from the disaster management officials here in manila are putting it lower. they say it's a lower number. the president has said that the casual at this numbers need to be treated with a degree of sobriety at this stage. there will be a hit on the broader governor and the deputy governor of the philippines has made it clear there will be an impact on the rates of inflation in the near term. >> joining us is jake from the catholic charities organization and he's joining us from manila. joe, what is the time frame for relief aid to get to those who need it? >> we haven't seen it on the ground. this is a logistical challenge. there are no communications. people are lining up. they're trying to get relief items. there's a lack of coordination with other agencies trying to get aid on the ground. this is a team effort here. we're trying to pull wide resources together. it will take us a couple of more days to get on the ground and get things set up and a couple more weeks, really, to get to all the places that need it. >> what do we know about just how things are in the city? we have some disruption on the phone, joe. we'll try to sort that out, joe. thank you very much. it is obviously a difficult situation there. at the same time we're also hearing that today that a weekend typhoon hit vietnam. it yanked boats from his moorin moorings. the storm will likely be downgraded to a tropical depression as it heads north into china. for the very latest images for the widespread changes you can log onto the website and follow us on twitter at cnbc world. the website is cnbc.com. now meanwhile, john kerry says the u.s. is meeting constantly with israel on the iran nuclear program. he's confident that a deal with iran can protect israel. we'll talk more about the discussions with iran, what it means for the oil price as well. also, coming up on today's show, as tickets go on sale, will the country be ready for kickoff. we'll get all of the prematch at 10:20 ct. the greek government is advising a vote. we'll be joined by the former board director at 10:30. plus, houses built on water stilts, homes covered in al guy and an apartment block built almost entirely of wood. could these schemes be the future eco city. the holiday shopping is coming. the fourth coming season will be the most promotional since the depth of the financial crisis. and on the day, off shore drilling reaches a deal. a new link says the number of shareholder interventions soared 88% from january 2010. one of the authors of that report joins us on set at 10:40. and if you've got any thoughts or comments on anything that's coming up on the show today, please e-mail as wor worldwi worldwide@cnbc.com. we're an hour and eight minutes into the trading. six to four advancers outpacing decliners. the ftse was down 26 points. .4%. we did get a rally at the end of the session on friday. it's outweighing fierce fears that there will be tapering. xetra dax is flat as well as the cac. not doing an awful lot. i say very much in focus taking a hit after the group suspended three executives at its irish unit. it's investigating claims in finance functions. rsa down 12% in london. gaining after reporting better than expected profits. recovering from a steep loss in the previous session. speaking earlier in a first on cnbc interview, they say the company was working hard to avoid further strikes after workers' unrest left dozens dead in south africa last year. >> we're doing everything with all our stakeholders to prevent a strike and we hope we will be there. we have been engaging continuously in making sure that we listen and engage genuinely and we believe we can find a way forward to make sure our business thrives. >> and bt has signed a deal to exclusively broadcast all champions leagues games next year. 897 million pounds. the stock is down half of a percent. people wondering where they'll recoup that. the transaction has been a bit of a blow for bskyb. they share the matches. the reason is bt appears to have more money than bskyb does as well. there will be implications forthe premier league. we'll speak with mike laughlin. as far as bond markets, 10 year guilt years 2.6. the u.s. markets are closed because it's veterans day. it's the 11th of the 11th. ten year yields are worth pointing out closing at 2 point be point 75%. before the jobs report came out we had a yield of just over 2.6% so that's what's going on right now in europe. let's get more on the asian market. we're joined by sixuan. >> thank you, rob. beijing keeps the doors firmly closed on its policy. on the whole, china markets ended higher before the party plenum ends tomorrow. chinese leaders will map out the top priorities for the next decade. everyone is watching if they're coming up with any pro market moves and a reform mative policy. that will, indeed, affect market sentiment in a big way. nikkei gained 1 point be point 3% today while the dollar yen crossed the mark. they raised the minimum downpayment for second home buyers from 70% to 60%. and we have a tumble of 9% by luijazui. chinese railway stock outperformed stocks that beijing will kick off this year's second round of tenders for speed rail projects expecting to purchase projects really worth -- citizen holding up more than 7% today after topping first half guidance, but electronics manufacturer hosiden ended down by 4% as its q 2 missed guidance. that's all for me. back to you. >> xisuan, thank you for that. the euro dollar, we got down to that 1.3295 last friday. the september 16th low. the dollar index is up two-month highs. post that job number on friday. much stronger 2457b than expected. some people are saying we might need to price in a december move. the dollar, 1.3378. meanwhile, in china, leaders are still in closed door policy meetings at the communist party. solid economic data out over the weekend could lend some confidence a major reform push. chinese inflation edged up in october but stayed below estimates whilst factory output rose more than expected and factory sales pretty hefty. it's the largest shopping day of the year. not black friday, it's china's cyber monday. it takes place on the 11th. originally it was a day to celebrate bachelor hood. now it's called china's singles day. there are big online promotions from the likes of alibaba. it nets more money than both black friday and america's cyber monday combined, which is an awful lot of money. still to come, fingers point at france as talks of iran's nuclear talks break down. we'll have the very latest after the break. farmers presents: fifteen seconds of smart. so you want to drive more safely? stop eating. take deep breaths. avoid bad weather. [ whispers ] get eight hours. ♪ [ shouts over music ] turn it down! and, of course, talk to farmers. hi. hi. ♪ we are farmers bum - pa - dum, bum - bum - bum - bum ♪ >> announcer: you're watching "worldwide exchange." france's foreign minister says major powers are not far from a deal with iran on its nuclear program. this is international talks in geneva failed over the weekend and are expected to resume in ten days time. addressing parliament yesterday the reining president hassan rouhani said they had the right to reduce nuclear fuel and will not bow to threats by major powers. the u.s. secretary of state john kerry unexpectedly flew to geneva to help bridge the differences. speaking to nbc's "meet the press" he denied reports that france was to blame for the breakdown in talks. >> i'd say a number of nations, not just the french but ourselves and others, wanted to make sure that we had the tough language necessary, the clarity in the language necessary to be absolutely certain that we were doing the job and not granting more or doing something slopily and make a mistake. >> joining us is hadley garan. what do you make of the progress or lack of progress? >> well, it hasn't been a total wash. this is the highest level of engagement that we've seen between tehran and the united states since the 1979 revolution. the main sticking point for france, for the israelis as well, is the fact that this plan from the white house, this grace period of six months does not require iran to stop enriching uranium. it does not require iran to dismantle its nuclear program basically. there's a healthy amount of skepticism. many in the u.s. smell blood. they've seen iran come to the table. general jim jones is the former security advisor to president obama. he's very familiar with tehran's nuclear actions. he talked to them in 2009 and didn't see a deal. he has a bit of skepticism. i asked him, is this political posturing or could we see them come to the table and make a deal. >> that's a great question. that's one everybody is asking themselves about. obviously in this region much closer to iran there are some pretty hard convictions about anything iran says depending which country. in 2000 nieb we did reach out to them. we reached out to them publicly but also in ways that were -- where they didn't have to respond just to see if there was a willingness to have a dialog e dialogue. the president mentioned it in his address. we will reach out and test the waters to know with no success. iran clearly wasn't interested in either a quiet relationship that maybe would help restore relationships with us and that's the way it was. nonetheless, the united states cannot afford to pass up an opportunity or to be seen to pass up an opportunity from a new government who now reaches out to us. i understand people who say don't believe them. i understand people who say they haven't changed, that you're being seduced, you're being -- you're showing weakness. we have to at least test the waters. we've been down this road before. we will i'm sure draw our conclusions very quickly and we'll see what those conclusions are. my one experience is i wouldn't get my hopes up too high, but that's because i've been down the track a few times and i'm quite sure that the president and the vice president, secretary of state are fully capable of making an assessment and when the time comes we'll see the sin cert of those intentions. so we'll see what happens. >> so there's general jim jones, healthy bit of skepticism echoing something i've heard from congressional republicans as well. the longer they take the p 5 plus 1 to get something on the table to get a real deal with iran, congress can come out and say, we can put some more sanctions in play. it's going to turn political. the quicker they can make a deal, the better. >> for now, thank you. we turn to the philippines, the u.n. claims some 9.5 million people have been affected by typhoon haiyan. joining us for more is marie from oxfam who is also in manila. marie, thanks so much, indeed, for joining us. can you tell us what is going on among relief efforts particularly around taclaban where we understand it's been difficult to get in there because bridges had come down? do you know the latest? >> yes. right. you're right there. so this figure that we are looking at now has actually doubled and it's like 10% of the total population affected. 70% of them already in evacuation centers in 41 provinces in the country. these are the worst provinces. these are really islands. it continues to challenge -- give us challenges in terms of accessibility in communication. so some of the areas are 100% destroyed. on the averages, some of the buildings and major infrastructure have been destroyed. major needs revolve around food, water and shelter. >> who is leading the relief effort at the moment? >> right now the government is leading relief efforts but the international community has been trying to coordinate efforts more strongly to reach maces that the government has not reached. right now the concentration of efforts are still in taklaban. we need to set up command centers, get to relief efforts soonest so that this reaches the people who are affected and don't drive them to desperation as food and water is becoming scars in these areas. >> how would you describe the areas of desperation? >> the latest report on the red cross truck being attacked, attacked in the sense that i think this has driven people to mop up any relief efforts that come to their way to go and try to partake of these goods right away. so really order has to be, you know, some people have -- government has to get its act together so that order can be restored in those areas. this is only -- there is only one report that we have. this may not be true in other areas so we're still trying to reach some areas right now. we've sent teams to eastern areas and to the northern parts. >> marie, thanks for that. marie madamba from oxfam. we'll keep you up to date with all of the news from the philippines as it happens. bp has recently signed a deal for all of the games for the champions league. bt only launched its sports channel and spent 738 million pounds to show premier league games. speaking earlier on this channel, the cfo of bt defended the deal's cost. >> we had an envelope. we came within that envelope and we genuinely believe that we can monetize this and it makes commercial sense. we have a long track record of having delivered what we said we would deliver, both in terms of our guidance and our cash flow guidance. what we're saying here is our guidance remains unchanged as a result of doing this so we don't think we've overpaid. >> joining us is mike laughlin. bt doesn't think they've overpaid but plenty of others do, don't they? >> i think the market is pretty shocked by the fees paid by bt. more than excessive double the amount than the current deal is worth, 400 million. it's a lot of money, but it it gives bt an exclusive package which no one has ever had before. it will be very interesting to see how they develop this. of course, this is a major challenge to bskyb. >> bskyb stock is down by nearly 400 million pounds with people saying it's not the value that they've lost champions leagues rights. people go what happens with the next premier league negotiation. >> i think that's absolutely right. we've seen premier league went to 3 billion this time around. that comes up for renewal for 2016. you've got the situation that there's a massive hyper inflation in the market rights for these. bskyb, 10 million subscribers. bt, 7 million subscribers. this is not just about sport, this is about broadband. broadband has a mix here which sky has not had to deal with before. they've always been dealing with just sport. this is different for bt. this is about building and establishing their broadband subscribers and using sport for their platform which has worked incredibly for sky. >> the satellite system. >> so the strategy is identical. the last time we've seen this type of thing happening was sky coming onto the platform 20 years ago. bt is playing sky at their own game. >> more money into the games. >> yes. >> now this news comes as we also get the second tranche of tickets going on for the world cup in brazil. how would you describe right now their state of readiness and preparedness and particularly what threat is there from disturbances? >> i mean, i think the problem everyone was shocked i think at what happened during the coderations cup. there's a lot of civil unrest. i think brazil has experienced a massive growth in the last few years. they have this big class c group which is half of the population of brazil. there's huge issues internally in brazil, transport, education, public finances. i think the brazilians are getting fed up with this. they're seeing billions and billions of dollars being spent on the world cup and meanwhile transport's not being sorted out. i mean, for fans going to brazil, i think the biggest challenge is moving around in brazil. all the airports are meant to be upgraded. there was a 3.3 billion budget put to upgrade airports. only 10% of that has been spent to date, and that's a year before the competition takes place. trans poor links have been canceled so you've got a situation where it'll be fine if you're viewing it on tv. if you're in the tcountry, they're expecting 600,000 comes to the country, if the civil unrests happens, and the costs are higher, i'm hearing 7,000 pounds for a package to go to brazil without tickets. >> without tickets? >> without tickets. so you put tickets on top much that, you're talking at sort of, you know, 8 to 9,000 for pounds. so it's a challenge i think for the brazilians right now. >> see how they deal with it. thanks so much for joining us. ceo at sport cup. still to come, greece's fragile coalition comes through another drive. we'll have more on the no confidence motion and the outlook for the country in the next part of "worldwide exchange." honestly, i'm a little old fashioned. i love chalk and erasers. but change is coming. all my students have the brand new surface. it has the new windows and comes with office, has a real keyboard, so they can do real work. they can use bing smartsearch to find anything in the world... or last night's assignment. and the battery lasts and lasts, so after school they can skype, play games, and my favorite...do homework. change is looking pretty good after all. ♪ >> announcer: >> announcer: you're watching "worldwide exchange" bringing you business news from around the globe. the headlines from around the globe. world aid offers flood into the philippines after super typhoon haiyan wiped out cities and villages killing an estimated 10,000 people. the sheer destruction slows rescue and humanitarian efforts. bt tells cnbc it's not overpaying for champions league football after a $1.4 billion three year deal. shares in rival b sky b fell sharply. >> we have a long track record of delivering what we said we would deliver. guidance remains unchanged so we don't think we'veover paid. drilling giant at the top of the swiss market has caved in to carl icahn and paid a dividend for the first time in two years. france says it's not standing in the way of a deal with iran after being blamed for stifling six sets of talks after ending the country's nuclear program. we're into a new trading here in europe. european equity markets are fairly flat. the ftse is down 6 points. as far as the bond market is concerned, u.s. treasury is closed today for the veterans day holiday. we did see the stock move higher in sovereign bond yields on friday. the jobs report, 2.75 is where we closed the yield on the ten year treasury after being around 2.6%. the currency market is up two-year highs. the low we got last thursday. sterling is falling on to a level above a $6 yen. the greek government has survived a no confidence vote over the week end. lawmakers are expelled after backing a motion reducing the conservative led coalition. joining us on the phone from athens, we have the president of e.f. consulting and a former i.m.f. executive board member. miranda, thank you very much for joining us. why did sireta launch this? what were they trying to achieve? >> first, it was clear that the no confidence motion would be defeated as the government has a solid majority in parliament. why did they call for the vote then? probably to divert attention from the fact that he has failed to mobilize support for a protest movement against austerity and also that he's having trouble keeping his party together. he just came back from a trip to the united states where he said it would be disastrous. his party will do whatever it takes to end the reforms imposed by the imf and the eu. >> they can't have another confidence vote in six months. what does this do for the coalition government? >> i think it strengthens their hand. the government is in the midst of a difficult decision with the creditors on the 2014 budget and the outcome of yesterday's vote probably will help the government push through parliament legislation that is needed to help reach the 2014 budget target including a new property tax. >> and we have elections -- european elections in 2014. where does this political posturing leave us out of that? >> well, what they hope is that it will become greece's largest party in the june 2014 elections. that's triggering national elections, but we have to see about that. >> way to go, miranda. thanks so much indeed for that. miranda xafa press at e.f. consulting. german politicians, meanwhile, may have finally reached an agreement on the eu banking union. angela merkel has reportedly reached a deal of the oversight of winding down a bank linked to the finance ministers rather than the european commission. reuters says the agreement comes ahead of the finance ministers in brussels. wolfgang schoebler hopes to outline the details. pierre muskovici says having a higher rating is not necessary. stefan, just as well, it's not a priority because they don't have one. >> that's a bit cruel but it's not entirely wrong, russ. at least that's what he said on friday -- on sunday, sorry. the government will not put aaa as a target. it will focus instead on reducing the public deficit but not to endanger the economic recovery, to jeopardize the economy recovery. he believes that the market reaction on friday on the ten year -- on the french ten year at 2.18% showed that's some sort of trust on the government policy. they criticized this weekend a decision from s&p which he said was unjustified. i feel that the rating agency underestimated the credibility of further reforms in progress. the finance minister also confirmed two numbers. the first one is the deficit target for 2015. it believes that the government will make it. it will adjust the deficit below 3% of gdp although the vast majority believes that without any significant correction the government will miss the target, sweep the european commission. they say that's without correction. the french deficit will hit 3.7% in 2015 and regarding the fiscal pressure, they say that in gdp, the taxes will start decreasing. he said something interesting, ross. that the government will increase its debt. it will issue 4.5 billion euros in debt to repay the final part of the credit union bailout. if you don't know the story, the credit union went bankrupt 20 years ago. it was bailed out by the french state under the taxpayer going to pay the last part by the end of this year in the context of economic crisis. that's the best communication to do at this time. >> stefan, thanks for that. now a free festival gold rush helped push up the country's trade deficit north of $10 billion. the rise in total exports was expected and actually dropped more than 14% from a year ago. meanwhile, exports were up from the fourth straight month up 13.5%. trade trends will help efforts to curb the big current account deficit. and nighttime spot trading is being suggested as a possibility for the tokyo stock exchange. let's get more on that. we have the details from tokyo. >> hi, ross. the tokyo stock exchange may create some red eyed investors as it talks about nighttime trading. currently it's 9 a.m. to 3 p.m. with a one hour lunch break. a total time of five hours trading is shorter than new york and london. the new night market would be open for an additional 4 1/2 hours from 7 p.m. to 11:30 p.m. it could accommodate foreign investors such as in europe and the u.s. they can take advantage of the economic data released during the day. so far internet-based securities firms are mostly in favor of the plan but those who specialize in over t over-the-counter trading are worried. they'll do research on how much interest there is in nighttime trading. >> thanks for that. several big banks are reportedly considering whether to block traders from using online chat rooms because of growing scrutiny from regulators. jpmorgan, credit suisse, citigroup and others are reviewing policies on the fact that those forms are seen as potential areas for collusion and online manipulation. and on the agenda in asia tomorrow, we'll be watching to see which reforms will be pushed through in china as the communist party plenum wraps up in beijing. also expecting october m2 money supply figures. india releases october cpi figures and india will keep it tight when it decides on interest rate levels. still to come, louisea will join us to talk about the future of cities. yeah, ross, i was talking to viewers about an al ggae house. we have a soft house. it's a smart house. we'll tell you why it's smart after the break. honestly, as much as i love this job, i plan to do a lot more. i needed a new laptop for my pre-med classes, something that runs office and has a keyboard. but i wanted a tablet for me, for stuff like twitter and xbox, so my downtime can be more like uptime. that's why i got a windows 2 in 1 which does both -- works as a laptop and a tablet. so i can manage my crazy life, and also have a life. [ beep ] gotta go. ♪ we're looking at how new innovations are improving city life. cutting edge technologies to find solutions to the challenge of city living and provide opportunities at the same time. today is eco cities. louisa is in hamburg. louisa, what stood out for you? >> definitely the algae house definitely. definitely the waterhouses. definitely the soft house as well. we'll tell you about those in a couple of seconds. i would point out it's not an exhibition in the traditional sense of the word, this has been a big r&d type of center that has turned into a city within a city. the people live here. it's residential. they can rent and buy these particular flats. it all has to do with sustainability. the materials used are eco friendly. they are long term, viral, sustainable good for the environment. hamburg part of the innovative products. it's steeper than what the european union has laid out. we've taken a look at what innovations the city can bring. take a look. trail blazing its way to the top of the eco city's list is the largest private real estate venture in human history. this place in south korea is supposed to be $40 billion. it's the largest purpose built metropolis. will the american firm ever recoup its investment? >> up front costs are increased, but on the back side, operating and maintenances costs are reduced and this ultimately translates into higher sales values or it translates into higher rents and therefore higher property values. we think there's a fundamental economic benefit to sustainable design. >> here are some of the innovative designs. >> the city has a pneumatic basis testimony. they put their waste into the chute and then it gets sucked or pumped to the central location. >> what that means is fewer garbage trucks on the road. that's not all, waste energy is captured and fed back into the system and the developers claim long commutes are a thing of the past. >> we've created two residential districts that's bisected by a commercial corridor in our parks. people can spend 10 to 15 minutes to walk to work. >> most of us don't live in brand-new purpose built areas so how can we turn an old existing city into a fully sustainable one? >> it's about setting a strategic approach, setting a vision for a place. clearly identifying to the industry how you look to achieve low carbon transition. it's a collected effort. >> there's a collective effort already coming underway when it comes to the city's water supply. wastewater is treated, the ocean water is desally nated. all of this puts the city on a path to become water self-sufficient before the government's deadline of 2061. innovation doesn't have to be on a grand scale. it can start in the buildings we live in. the hamburg iba showcases buildings from an apartment complex that gets its energy by a world first, an algae bioreactor. >> we are fatesing a newark texture where it was ordinary that the facades produce energy, the houses produce more energy than they use by themselves. they feed, perhaps, the industry. >> from the purpose built to refitting the old, they see the cities as greener, smarter, tailored to the way we want to live. >> so as you just heard there, there are lots of examples of what is being done at the moment in order to try to push forward innovation in cities. it does have to start on the small scale in order for it to some day be realized on a larger scale. let's talk to two people involved in the projects here where i'm standing at this exhibition. welcome. we have the senior project manager and welcome to our second against, mr. gensen. so, first of all, tell me about the building in the background here. it's a soft house. it's a smart house you were saying. why is it smart? >> smart is it for the method of energy harvesting. we have those that you see in the background turning with the sun in the morning they are facing where the sun comes out. in the evening they go with the sun and we have the upper part which follow the sun during the month of the year when the sun is more down, they get up and if the sun is high, they get down. then we can store that energy. we harvest it during the day. we can use it in the evening. and then we -- with that electric energy we get out with a heat pump from the water of the soil the heat and the coolness we need to climb ma advertise very comfortably. >> we have smart curtains which define the spaces you want to have and can you have your own zones there. they will collect some warmth. they have lights which can react to the outside weather, the wind. >> which is very good here because it's very cold and very windy. >> well, in hamburg, there is wind, that's true. we had storm tests of all of that construction with 18 miles per hour storms here so it has been very good. the other feature is we have pure wooden construction. it's visible wood on the inside. the wood construction is to be seen so we have no carbon print in building and no carbon print in using the house. >> tell me a little bit about the water houses as well. you're not usually involved in projects like this. >> that's correct. but in this exhibition, it was important for us to take part in this because we wanted to build something that is energy efficient and very sustainable. we set out to develop a passive house, a house that doesn't require any energy from the national grid. so we built these houses to a high standard. it's the first residential house in germany with a high standard. >> so if a company like hoctof has a gold standard, does that mean you'll roll them out in a larger scale? >> absolutely. we have already done so. it was a huge learning curve for us. it would be a shame not to use it. we have already started the project in hamburg to some of the standards. >> how about the costs associated with this? because i'm assuming it must cost quite a bit more to make something like a soft house? >> oh, yes, it does. because we had a learning curve as well and so the first ones are more expensive but then you get using it. maybe the wooden construction is not of the large scale you need within the bigger cities. this is our experience. well, we can learn about it and i think the wood construction is coming up even in cities. >> and the costs for you, the same thing? >> yes. that's part of research and development. >> sure. sure. and in terms of how many people have been interested in buying the units, you're saying it was quite easy to sell the units on the wa toer. i'm assuming that might have to do with the fact that they're on the water? >> more certainly to do with the water. it's also to do with the sustainability factors and the way these buildings function. we didn't have any problem selling these apartments. we're quite pleased for the outcome, and so are the residents as we know. >> three of the units are still for sale in the soft house behind us? >> yeah, three are still for sale. while they are simple, 160 meters, they have the garage inside, you have to have people who like living with the environment and manage all of this. this is a very special thing, but it's very hopeful. we already have the people around being interested but it's a lot of money they have to invert. it's useful and good. >> thank you both very much. ross, if you're interested in being one with the environment, you can always put a bid in for one of these soft units in the soft house. >> yes. we'll talk later. go and slap down a tenner and see how far that gets me. thank you very much. innovation's cities coverage continues. tomorrow we're looking at the emerging trends and technologies for designing and building the metropolises. can you head online to catch up with all of our special reports this week and also, of course, join the discussion on twitter using #innovationcities. we have some comments from mr. rein from the e.u. he'll launch a review of the eurozone. this review of germany would be part of the e.u.'s macro imbalances procedure. we had talked about the possible bimt of this last week. it falls from the u.s. treasury and germany saying they're running rather large surfaces and, therefore, there's too big of an imbalance for the rest of the world and the e.u. linds s senator lindsey graham says he'll try to block several johns including janet yellen for fed chairman. he wants the obama chairman to provide more information on the attack on the u.s. consulate in benghazi. several other republicans have threatened to put hold on yellen's nomination. her senate confirmation hearing is set for thursday. talking about challenges. translation has settled an settlement with a number of traders. they say they will now pay $3 for a dividend. that's less than the $4 icahn had been pushing for. it will also reduce the max number number of directors to 11 from 14 and that less -- the translation stock is up 3.7% in zurich. there's been an 88% rise in activist intervention from 2010 to 2013. does that put businesses at risk or not? we're going to be speaking to a partner at the firm about the survey in around half an hour's time. have you got any thoughts or comments? please e-mail us, worldwide@cnbc.com. still after the break we'll hear from one strategist who thinks the markets are too complacent after qe. the second hour of "worldwide exchange" coming up. at farmers, we make you smarter about insurance. because what you don't know, can hurt you. what if you didn't know that posting your travel plans online may attract burglars? 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[prospector] ahh! what if you didn't know that kitty litter can help you out of a slippery situation? the more you know, the better you can plan for what's ahead. talk to farmers and get smarter about your insurance. ♪ we are farmers bum - pa - dum, bum - bum - bum - bum♪ you're watching "worldwide exchange." i'm russ westgate. headlines today, world aid offers flood into the philippines after super typhoon haiyam kills an estimated 10,000 people. the sheer destruction slows rescue and humanitarian efforts. shares in b sky b sfal sharply after bt offers a $1.3 billion deal. the cfo has been defending the price. >> we have a long track record of delivering what we said we would deliver. what we're saying our guidance would change as a result of doing this. we don't think we've overpaid. drilling giant trans ocean at the top of the swiss market after caving in to investor carl icahn. it's paying a did i havidend fo first time in two years. france says they are not standing in the way of ending iran's nuclear program. the u.n. claims some 9.5 million people in the philippines have been affected by typhoon haiyan. up to 10,000 people are estimated to be killed. rescue effort has so far been hampered by disrupted access to remote communities. joining us is cnbc's reporter in manila. sri, we've seen pictures of the devastation. what is the latest in the relief effort? >> well, the latest is that, ross. as you know, there has been a tremendous amount of goodwill. there's an enormous amount of financial and logistical assistance that pours in. how do you coordinate and integrate all of these different agencies into one so that the aid can be expeditiously delivered? let's get more now with mathias ike. he's aware that the european aid is coming. how do you make the aid most efficient? >> that is the biggest factor. with so much assistance coming in with goodwill, we make sure the aid goes not only to the right places but aid doesn't flow just to one place. for this reason the european union is deployed two experts down to help coordinate the assistance. already there's a flight from belgium with a mobile clinic. there's a flight from germany, a flight from sweden. they will help coordinate the aid coming through from europe but how do we get it into the field? that's where the challenge lies. the roads are blocked. airports are damaged. we need to find a way to get the partners to find the easiest, quickest way to get emergency assistance from the airports, from the ports into the interior of the country to the towns that are affected. >> what are those humanitarian needs assessments telling you at this point in time, mathias. who needs the help the most? >> we've had teams on the ground in some of the most affected areas. it's not only the city, the rural areas. >> especially on the interior? >> yes, especially there and where the roads are blocking. the damage is catastrophic is the only way to describe it. mountains have been shredded from the vegetation. they didn't see along the eastern seaboard any villages that were still standing. people are wandering in the streets requesting assistance. it's the most basic, clean drinking water, food, medical assistance and some sort of shelter. plastic sheeting. we're standing here in manila where it's drizzling down. down there there's already another storm. >> are you referring to zoraida? >> that's one of them. there's another one forming out in the pacific. there could be another three or four storms coming before december. we need to find the solution to help these people or help prepare them if there's another storm that these people are protected. >> are you getting the sense that logistical challenges are slowly but surely being overcome? we know that the u.s. ma convenience have deployed and brought in these heavy lift aircraft and there is a mechanized brigade coming in with infrastructure building capability. to what degree is that going to help? >> that's definitely a big help. i am pretty sure that the philippine authorities will need assistance. one thing that's necessary is helicopters. even if airports are closed, you can fly the material in. you can git there quicker. it is very important that that help comes in and it's well coordinated. the u.n. is planning their part, we are planning our part. the filly peeb authorities are doing their best. this was not one catastrophe in one area, the storm hit six different locations. >> and a lot of them are in remote areas, interior areas. susceptible to landslides, etc. >> exactly. >> there you have it, ross. it's a picture of many different challenging moving parts and sentences -- we're getting the sense that all of these multi-faceted agencies are rising to the occasion. the job is slowly but surely getting done. >> let's hope they can get aid. thank you. that's the latest from manila. for the very latest images of the devastation you can log on to our website at cnbc.com and follow us on twitte twitter @cnbcworld. if you just joined us this morning, welcome to the start of your global trading day. u.s. equity markets finishing higher on friday. they were because of the rally up for the week. the dow up .9%, the s&p 500 up .5. futures are somewhat up above fair value. the nasdaq at the moment is some .5 above value for the smp but up five weeks in a row for both the s&p and the dow. the ftse 3700 a little flatter on the start of the day today. we'll move it on and show you exactly where we stand right now. with that. potentially we might. of course, all the reaction to that stronger than expected friday's jobs report, 204,000 against 125,000 forecast jobs created. it has made -- okay. we're going to get an earlier tapering than we thought. there was consensus about not. fears of an earlier tapering outweighed it that maybe the economy is doing better than we thought. ftse 300 up 9 points. the ftse 300 was down .4. it's up 6 points as is the xetra dax. going up .2. the ftse is absolutely flat as well. bond markets, no u.s. trading today because of the vetrans day holiday. where we closed on friday. a ten-year had a yield of around 2.6%. we finished the end of the week with a yield of 2.75. we did see yields higher across the board on friday. little lower for the italian debt today. 2.78%. on the currency markets, the dollar, that is up near -- around about two-month highs on the index. euro dollar, 133.90. above that. dollar yen holding on to its dollar gains. holding on at 99. xisuan has more out of singapore. >> thank you, ross. asian markets kicked off the week on a higher notes. the deluge of october data. the chinese markets. chinese leaders will map out the top priorities for the next decade. the nikkei gained. fears of an early tapering capped gains in asia with south korea, australia, and some of these asian emerging markets ending in the red. in terms of big losers, the property developers led the losses. they raise the the downpayment for second home buyers from 60% to 70%. other real estate developers also set the brunt of the selling. but railway stocks outperformed our reports that we will kick off this year's second round of tenders for speed rail projects expected to purchase products worth nearly 60 billion. jinxi axle jumped almost 9%. electronics manufacturer hosiden ended up almost 4% down joompt sixuan, thank you very much. that's where we stand. daniel morris is joining us from tiaacref. post the jobs numbers on friday. have you changed your expectations for tapering? that is had a changed your thoughts on investment strategy? >> no, it hasn't changed our expectation even if we think it would be better if tapering would be better. if you think about say the political landscape between now and then particularly at the fed, you would expect that the fed wanted to be sure that economic growth is the strongest they would like. later, the first part of next year. second tarlly, with the new fed chairman wanting to have the decision coming from supposedly janet yellen. so barring much, much stronger economic growth it will be the second quarter of the year. every time you see the numbers make it look better, the markets will react like we saw last week. >> although there was some good news that says if we get better economics, that should be supported. can we take comfort from the fact that we're only going to taper if the economy is stronger so profits hold up or are we so hooked on the drug of qe that any fear about it is going to upset us? >> i think it's actually going to be both. generally speaking if economic growth is better, we think it might be and we get the sooner taper. one will initially get that negative market reaction. we've seen it before. we had it this summer. we had it when qe 1 and 2 ended. as with 1 and 2, it was a relatively temporary reaction. we think it is going to be a bit of a draw when tapering comes. it really would be better for it to happen to some degree as soon as possible albeit gradually so that markets can get through it and we can see what comes out to feeling confident that equity markets are fundamental. >> we've talked about there has been a big increase of flows into europe. the economy is so sluggish. those flows are based on an improving picture. does that cast doubts on whether the money should be there and the strength of the recovery? >> well, i think probably a big factor behind the rate cut for the ecb is probably more of a focus on the euro. that would argue for better corporate earnings and justifying those in flows. i think the risk in terms of flows and markets will be most emerging markets that when we do get a bit of a tapering you see the flows reverse than you are necessarily in europe. people see the outlook in europe improving realizing that the risks that it feared before are not as great. it seems to be a good time for people to be reallocating their portfolios. u.s. senate republican lindsey graham says he's trying to block key jobs including janet yellen. he wants the obama administration to provide more information on the u.s. attack on benghazi. several other republicans have threatened to put holds on yellen's nomination. senate confirmation hearing is set for thursday. daniel, if there's any delay in her confirmation, is that going to spook anybody? >> it really shouldn't, but i think it also highlights a broader point. think of all the time we spent worrying about the debt ceiling. the risk in washington is more from the fed and not congress. even if we get a bit of delay at the beginning of next year. as we saw with the gdp figures, it isn't likely to have a meaningful impact on the economy. what's going to matter in terms of the markets is going to be the attitude of the fed, pace, speed, mechanism of tapering. that's what we should focus on as opposed to a nomination being delayed. >> how do we trade from now through the end of the holiday season? >> assuming we get relatively benign positive but not too strong economic numbers. we have the expectation for tapering not coming until the end of the year, it is reasonably good. fundamentally it's good. it seems a relatively positive environment and we're confident for markets. >> daniel, thanks for that. have a good day. we'll take a short break. still to come, u.s. retailers are opening early. is that going to translate into higher sales in this shortened holiday season? we'll go in search of some retail bargains. stick with innovation. stick with power. stick with technology. get the flexcare platinum. new from philips sonicare. [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >> announcer: you're watching >> announcer: you're watching "worldwide exchange." and the headlines today, a typhoon kills at least 10,000 people in the philippines as rescue efforts get underway. bt pays 900 million pounds forex inclusive rights to share the uefa champions league. translation bends to carl icahn and resumes a dividend payout. also, still to come, the blame game begins as talks on iran's nuclear program break down but could major powers be closing in on a deal? we'll have the latest after this. you have time to shop for car insurance today? yeah. i heard about progressive's "name your price" tool? i guess you can tell them how much you want to pay and it gives you a range of options to choose from. huh? i'm looking at it right now. oh, yeah? yeah. what's the... guest room situation? the "name your price" tool, making the world a little more progressive. ♪ [ male announcer ] united is rolling out global, satellite-fed wi-fi to connect you even 35,000 feet over the ocean. ♪ that's...wifi friendly. ♪ france's foreign minister says major powers are not far from a deal with iran on its nuclear program. this is international talks in geneva ended without an agreement. all sides have arranged to meet again in ten days' time addressing parliament yesterday, the iranian president hasan rsa rouhani said they will not bow to threats by major powers. the u.s. secretary of state john kerry flew to geneva friday night to help bridge the differences. speaking to nbc's "meet the press" he denied the fact that french broke down the talks. >> i'd say a number offing nations, the french and ourselves, wanted to make sure we had the tough language necessary, the clarity in the language necessary to be absolutely certain we were doing the job and not granting more or doing something slopily to make a mistake. >> hadley, the start of the process was going to be fairly difficult and tortuous. >> i think so. you'll continue to see these conversations going forward on november 20th. they are meeting but it's a relatively low level meeting. secretary kerry making tracks to geneva this weekend and coming back with very little. now he has to go and talk to the president and the president is going to have to deal with congress. especially congressional republicans are smelling a bit of blood in the sense that they feel if economic sanctions have pushed tehran, what more can we get? can we be more stringent basically? i had the chance 20 sit to sit down with the chairman of the joint chiefs of staff general jim jones. i asked him, is this more political posturing or is a deal really in the making? >> nonetheless, united states cannot afford to pass up an opportunity or be seen to pass up an opportunity from a new government who now reaches out to us. i understand people who say don't believe them. i understand people who say that they haven't changed, that you're being seduced, you're being -- you know, you're being -- you're showing weakness. we have to at least test the waters. we've been down this road before. we will i'm sure draw our conclusions very quickly. we'll see what those conclusions are. my own experience is i wouldn't get my hopes up too high, but that's because i've been down the track a few times and i'm quite sure that the president and the vice president and the secretary of state are fully capable of making an assessment when the time comes as to the sin cert of those intentions so we'll see what happens. >> so general jim jones still remaining 1ke7 particular call echoing sentiments by the israelis and french. stick around. good to see you. >> thanks for having me. >> should we remain skeptical as sfwhel how high should we have our hopes or not? >> i would advise skepticism. there's a number of potential spoilers in iran and in the west, indeed, even if both sides were honest in their intention of wanting a deal, which i'm not in fact sure that they are. in the west it will be quite difficult to request the u.s. congress to release sanctions to iran. in iran itself, the revolutionary guard seems to think that they are winning in the region anyway or that they're getting what they want in the region anyway and they don't need to make concessions right now. besides, they're making an enormous amount of money out of the sanctions so both sides would want to try to discover a deal. there's the israelis and the saudis who think a deal will be bad for them and they'll do whatever to stop the deal. >> i want to follow up on that. describe to us, you know, how much damage is being done to those relationships, the strategic allies of the united states by pushing forward with talks with tehran. >> it is definitely making the relationship with the saudis a lot worse and this will probably encourage them to back sunni extremism in the region even more in order to make sure that they -- that the iranians don't win and syria don't win in lebanon and that the shia grip is threatened. with israel, i think that while it is making the relationship worse, the israelis also know that they need the united states quite a lot and don't have a choice but to pursue that relationship. >> we've been watching obviously what's been happening in the oil markets. you haven't seen that much of a move as a result of what's going on over the weekend. wouldn't you say that tehran is very much aware of the fact that they are in the straight of who are muz and they can make trouble they need to and they can make international markets bubble. >> they can say a lot of things that affect international markets but for them to actually close the straits, they would only do so probably in the context of a u.s. war against iran. they wouldn't do so in any other context for two reasons. firstly, they know the u.s. level of retaliation would be massive and secondly, it would be shooting themselves in the foot. they need the strait as well in order to sell oil. >> thanks so much, indeed, for joining us. >> thanks for having me. still to come, u.s. retailers are getting a big jump on the holiday shopping season opening early on thanksgiving day. revealing online deals weeks in advantages? can you pick up some retail bargains? we'll find out when we come back. 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[ male announcer ] once it's earned, usaa auto insurance is often handed down from generation to generation because it offers a superior level of protection and because usaa's commitment to serve current and former military members and their families is without equal. begin your legacy. get an auto insurance quote. usaa. we know what it means to serve. you're watching "worldwide exchange." i'm ross westgate. the headlines from around the globe. world aid offers flood into the philippines after super typhoon haiyan wipes out cities and villages killing an estimated 10,000 people. it hampers rescue and humanitarian efforts. shares in b sky b fall sharply. the cfo has been defending the price. >> we've got a long track record of having delivered what we said we would deliver, and what we're saying here is our guidance remains unchanged as a result of doing this. so we don't think we've overpaid. giant translation at the top of the swiss market after caving into carl icahn. it's paying a dividend for the first time in two years. and france says it's not standing in the way of a deal with iran after being blamed for scuffling six party negotiations over ending the country's nuclear program. >> announcer: you're watching "worldwide exchange" bringing you business news from around the globe. if you've just joined us state side, a very good morning to you. we start with the latest out of the philippines and the cleanup operation is underway after 4 million people have been affected by typhoon haiyan. over 10,000 are estimated to be killed. we are on the ground and have this report which has been filed on the latest rescue efforts. >> this amateur video shows the moment of impact. a wall of water 20 feet high by some accounts crashing into the city. it left the city of 220,000 in ruins. storm chaser jim eds rode out the hotel in taklaban. he captured these images in the height of the deluge. >> the wind was coming at me. it was really eri. it would pick up and it got so strong in bursts that you couldn't stand up. probably most people that i saw got in trouble with the storm surge. combination of the wind and water coming at you was too much. >> with winds of 150 miles an hour, typhoon haiyan knocked out communications and destroyed 70 to 80 structures. food and water are in short supply and residents cover their noses to avert the smell of bodies. this pregnant woman, jenny de la cruz lost 11 members of her family when the waters rose. she says right now all we can do is survive the day, but i don't know what will happen tomorrow or the day after that. >> that's the latest out of the philippines. as far as the u.s. futures are concerned this morning, well, they are above fair value. the dow at the moment some 46 points above fair value after five weeks of gains. the nasdaq at the moment is some 3.5 points above fair value. the s&p 500 is up 23 percent above fail u. the ftse 100 up .2. the cac quarante up a third. now today is also the world's biggest shopping day of the year because it's china's version of sign ber monday. it's called singles day. originally it was a day to celebrate bachelor hood. people now look for bargains instead of love and it nets more money than black free and cyber moon day combined. you can add target as one of the stores that will be open. they're offering hundreds of deals online on thanksgiving morning that will be available in stores. there's extra pressure on retailers this year because of six fewer shopping days between thanksgiving and christmas. even the u.s. government is getting in the act. amazon is teaming up with the u.s. postal service to offer sunday delivery. it will be expanded to other cities next year. amazon will bring packages to u.s. postal locations saturday night and sunday morning and your mailman will do the rest. joining us with his thoughts is ken perkins, president at retail metrics. he's in boston. ken, good to see you. just how competitive is this holiday season shaping up to be? >> good morning, ross. this holiday shopping season is shaping up to be the most competitive that we've seen since the fall of 2008. they're laying the groundwork to be highly promotional. essentially they've been carrying it all the way through right up until this past weekend. >> stakes are high because retailers get up to between 1/3 and 1/2 of all of their profits from this time of year. who will be under pressure? smart phones taking away from specialities and department stores. what's going to happen? >> yeah, i think you laid out the areas where the money has been flowing. i think the stores living under pressure will be in the mid tier. jcpenney, kohls, sears. apparel doesn't have any fashion going for it right now. there's no lack of a hot theme that we saw last year with colored bottoms and tops. we also look for some of the discounters to be in a little bit of difficulty, too, even though many of them will be prime destinations for lower to moderate income consumers. >> jcpenney's pretty much promised a good fourth quarter. are they going to go out and do promotional stuff to put pressure on others? >> this is going to be interesting to watch as you elude to. they promised a fourth quarter positive comp. october was up 0.9% off some easy comparison. it's likely they will deeply discount in order to achieve that number. if they do that, their competitors such as macy's, sears, kohl's will have to likely follow suit to match their pricing. this will be a big thing with many retailers matching prices, guaranteeing they'll do so. >> what do you think it will be like? a month or so ago forecasts were looking poor. have they improved since? >> i think they're starting to improve a little bit on the margins. there was a lot of noise in the early forecast because of the looming u.s. government shutdown which eventually happened for a brief period and the debt ceiling debate. the forecasts that are coming in now are a little bit better. we have some concerns about the october nonfarms payroll. leisure, hospitality, leisure, the spending that might come out of those jobs is somewhat minimal. >> all right. ken, good to see you. thanks for that. we'll see what happens. ken perkins, president at retail metrics. we'll take a short break as well. activist investor carl icahn gets his way. we'll discuss the outcome of the proxy battle next. we went out and asked people a simple question: how old is the oldest person you've known? 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>> that's a good question. i think companies are being used to shareholders engaged in a civil dialogue. the european markets, they're taking a much more public stance t. can mean some of the companies are less prepared than they are in dealing with the more traditional type of shareholder. >> in some cases they won't return money. take third point of sony, they have a change in strategy. how embarrassing can that be for the board or how are you supposed to deal with this? >> a lot of these activists have different agendas. as you said, this morning's example was one driving saying we want you to return cash to shareholders. if you're not happy with your strategy or we're not happy with operationally how you're are you being the business and to push for change there. yes, it can be a challenge for management and management need to go out and discuss it with other shareholders and see where the shareholders back the existing management and the strategy they're on or whether the activist is gaining support and management may, therefore, need to compromise along the line we've seen this morning. >> how many types of activism have we seen? >> we've seen a lot. the number of activists and the pool of money they've got to work has increased. i think the research shows that. these activists are seeing a great opportunity to unlock more value from existing companies as situations become more stable. >> how easy is it to negotiate their way around the articles in the company and the way votes are taking place and getting seats on the boards. >> the activists have a number of tools. these are a mixture of legal tools and today's social media and press. what you'll see is the activist taking a small anchor ininvestment and using that through press, media, turning up in shareholder meetings and using that to get other shareholders to oppose the election and re-election of directors and look to put their own people on the board. >> a number of interventions backing investors worldwide increased to 323 in the first nine months this year. an 88% leap on 2010. why has it changed so much? why -- and are these guys here to stay? are we going to keep seeing an increase? >> yeah, i think they are here to stay and they're not going to disappear. we've soon a move in the sectors where traditionally they're focused on the sectors. activists are looking to move into other sectors. there's a lot of focus on the services sectors and the i.k. more confidence getting into a broader range of companies. >> the more we talk about it, the more encouraged they'll be. the more reaction, i guess, they're getting. charles, thanks so much for joining us. charles jacobs partner at link leaders. if you're just joining us, a recap of the headlines. a typhoon kills at least 10,000 people in the philippines as the rescue efforts gets underway. lindsey graham says he'll try to block janet yell less' nomination for fed chairman. as we've been discussing, translation bends to the wilf investor carl icahn and resumes dividend payout. the. u.s. government is looking for more than a slap on the wrist. zwroing us with more, mary thompson at cnbc hq in the states. good morning, mary. >> good morning, ross. as you said, u.s. lawmakers want bank of america to pay $864 million in damages from the countrywide problems. they sold bad loans to fannie mae and freddie mac. there was a mortgage lone on countrywide. they rewarded employees for the quantity rather than the quality of the loans produced and accepted applications with madeup data and hit ballooning defaults. the government's also asking for penalties against rebecca maroney, a mid level executive who was found liable for fraud. prosecutors say she was the driving force behind the hustle program. maroney's lawyer says he intends to file papers arguing against any financial penalties. she's currently working for jpmorgan. they're checking shares in frank further for bank of america. it's up .6%. several big banks are reportedly considering whether to block traders from using online chat rooms. "the wall street journal" says jpmorgan, credit suisse and others are looking at policies. the online chat rooms are featured prominently in the long running global probe. ross, back to you. i don't know what they did. they talk about the football are they talking about the trades? i don't know. >> most recently of course they are featured in this investigation in the 4 x community as well. some think there is a little bit of chat going on there that might help these traders do their job a little bit better. >> chat maybe. >> yeah. we'll see. mary, good to see you. thanks for that. have a good day state side. we'll take a short break. when we come back, it's the start of a new trading week. are we changing our minds what to do post that job number. we'll have more in the last part of "worldwide exchange" right after this. welcome back. how is everything? there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. 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[ male announcer ] introducing fedex one rate. sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. on the on the agenda in the united states. the bond market is closed for veterans day. the only notable news report today from news corp. u.s. futures ahead of all of that are indicating a little bit higher. we're at some 48 points above fair value for the dow. the s&p 500 is around about 24 points higher, this, after making it five weeks of gains last week. joining us with his thoughts, senior vice president for derivatives at trade. scott, good morning to you, sir. so, look, after the employment report on friday, much stronger than we expected, 204,000 jobs created, a sharp spike higher in the ten-year treasury yield, does that make us refocus our thoughts on when tapering begins? if so, what impact does it have? >> i think it's a prerequisite for tapering to begin. would he need to see more data. we can't throw the baby out with the bath water because we had one good number. that participation rate was horrible. there was almost 1 million people leaving the work force giving up on a job. we have top line revenues quarter on quarter declining. we're still in trouble here. we haven't seen the growth that we need to see with the taper. 85 billion a month doesn't get you more than 1.5 to 2% growth. we're going to need to see strong jobs numbers for sure two, maybe three months in a row before i think we begin to taper. so what does that do for our strategy? our strategy will still be this. this is probably a buying opportunity. these rates aren't going to go too much higher than 3%. we're not going to see the economic activity justify it. we're going to see it slope higher in the equity market. there's nowhere else to put the cash. >> the hunt for yield continues, in other words? >> yeah. i mean, you're part of it. we've had some recent inquiries about how we can get along. now with the central banks again heating up the engines for the race to zero, it looks as though there's going to be more u.s. capital deployed in the market. ultimately globally we'll start to see this march higher. we don't have any other place to put the money. also i know that this is a head fake. 18 out of 18 of the top investment bank economists last time around in september predicted we were going to taper and they were very specific on how the taper was going to happen. guess what, they all got it wrong. i'm a little bit leery. i'm not going tow jump on board and get excited about one number because the participation rate was bad. >> see if that special rate comes back up as well, scott. the dollar certainly did react to it. it's the index up at two-month highs. is the period of, you know, sustained weakness for the dollar over? >> yes, for the short term i think it is. we're going to have most folks looking at this economic data with rose colored glasses looking for good news. one decent piece of news or at least manipulated because of that participation rate and everybody wants to say it's all over, here we go. we'll see a stronger dollar because of that and it won't go away until we get horrible data or we get this taper thing off the board. the dollar will stay strong. you'll probably have a decent buying opportunity in the ten year. >> the other thing, of course, currencies, it is very much about how you're trading against your peer here. as you say, the ecb is continuing the race to the bottom. we'll still see what the bank of japan has to do. it's not where you are in isolation, is it? >> well, i mean, it's tough what they say about water. the same water floats all boats. in the japanese intervention, it's been unprecedented. that's been much bigger than we have in the u.s. some folks say we have more room to go. with yellen coming on board there are some white papers saying she might put her foot on the gas. we're nowhere near at the end of this taper talk at all. i think that we can't just say one 200,000 jobs number is it. we're only averaging 175. we need to see 3 to 3.5% growth rate to get rid of our economic problem. data dependent. we're nowhere near the numbers before they get started to taper. thanks for that. have a good day there in chicago. that's it for today's edition of "worldwide exchange." coming up, "squawk box" and the countdown to the markets state side. ♪ [ male announcer ] united is rolling out global, satellite-fed wi-fi to connect you even 35,000 feet over the ocean. ♪ that's...wifi friendly. ♪ and plans and plans fail and devastation from a super typhoon. reports now say that some 10,000 people lost their lives when a storm hit the central philippines you know on friday. it's monday, november 11th, 2013, and "squawk box" begins right now. good morning, everyone. welcome to "squawk box." it is veterans day, a day when we remember our troops that are serving us right now and our veterans that have served us in the past. we thank all of them. i'm becky quick along with joe concern nin and andrew ross s e sork sorkin. u.s. aid has arrived in the philippines to help with relief efforts. a major mission is expected in the coming days. >> it's a whole government approach. the embassy's asked for not just military, u.s.a. i.d. is here, international relief agencies are here. obviously the military has logistics capabilities that are unique.

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