come in recovering from the effects of the financial crisis and the great recession. >> the san bernardino police force says terrorism is not ruled out in the motive behind a shooting in california that left 14 people dead and 17 wounded. >> based upon what we have seen and how they were equipped there had to have been some degree of planning that went into this. i don't think they just ran home and put on these clothes and grabbed guns and came back on a spur of the moment thing. we have not ruled out terrorism. >> tkey will regret what it did. strong words from vladimir putin that said the world will not ignore turkish aiding of terrorists. >> brazil house improves impeachment proceedings against rousseff. assets moving higher on the news. now the latest on the mass shooting in california. 14 people are dead and 17 were wounded at a social services center hours after the attack. two suspects, one male and one female were killed in a gun battle with police. authorities have identified the suspected shooters. farook, 28 who is an american citizen and his wife, malik, 27. we'll have more on this throughout the show. >> diverging in december, today is the first of this month's highly anticipated central bank meetings. with the ecb expected to unveil more easing measures while across the pond the fed is forecasting next week's meeting to hike rates for the first time in nearly a decade. ahead of that, let's have a look in on what trade is happening here in europe. as you can see we have positive expectations ahead of mario draghi's decision and press conference today clearly expecting some easing. continental europe is all up about 0.8%. quick look in asian market where is there isn't the same expectations today. shanghai is up 1.4%. australia and hong kong down a little bit and the nikkei basically flat. what about u.s. trade. >> asia was reacting to some of the hawkish comments from janet yellen and looks all but certain. they're going to hike interest rates for the first time in close to ten years at the december 15th, 16th federal monetary policy meetin let's check in on u.s. markets and we saw the worst day since the beginning of november. we have to go pack a month for these declines we saw yesterday and really of course dipping lower and lower as janet yellen continues to talk so we saw closures down some, close to .9%. the dow jones industrial and nasdaq falling. yellen says she is looking forward to a rate hike. that would be a testament, she says, to the u. s. economy's recovery from recession. yellen testifies before congress later on today says the timing of a rate hike isn't as important as subsequent moves, she says, which will be gradual. >> the fomc delayed the start of policy normalization for too long. we would likely end up having to tighten policy relatively abr t abruptly to keep the economy from significantly overshooting our goals. halting the federal funds rate at its current level for too long could also encourage excessive risk taking and thus undermine financial stability. >> yeah. so the theme is about diver jens when it comes to monetary policy around the world because today is the day for the european central bank. the ecb and that decision, apparently no easy call for mario draghi. the economy is improving without the need for further measures. a member of draghi's inner circle recently broke ranks saying that there's no reason for further qe but in th eyes of wilf who is a big fan of super mario, that's mildly putting it. >> he's wonderful. >> the twinkle in wilf's eye. >> he's fantastic. >> he's going to go for it. we're going to go negative. further into negative territory and more qe. >> yeah. there's almost total from investors that there will be some. the question is how far. the deposit rate cut is the key gauge where he can disappoint or overwhelm investors if it's ten basis points or less and the reason why he feels like he has to act is because inflation and growth barely above zero. hence why there is this consensus for more stimulus and it really then falls on to what the change is. deposit rate cut and extension of the length of the qe timetable and perhaps a change in the size of it as well. let's get an update from the ground in frankfurt. julia is live for us there. >> thanks wilfred. as you guys quite rightly said the key question we have been asking here in frankfurt all morning is how does mario draghi do what he always manages to do in these situations? that's overdeliver given the weight of expectations based on market pricing. fortunately ubs has done the work for me and they looked at what is priced at this level. 14 basis points cut price for the deposit rate. in materials of an increase of monthly purchases you're looking at an additional 12 billion euros on top of the 60 billion euros they're already buying and 3 to 6 month increase in the life of the qe program. i think the extense we can pretty much disregard. mario draghi said we'll continue the purchase program until we start to see inflation get back on track heading toward that target of at or just below 2% but as you quite rightly pointed out, the deposit rate is ultimately where the hammer is going to fall here and what he decides to do there and it's not just about meeting or exceeding expectations. you mentioned too, they're not happy at this point. they're saying growth held up okay if you look at the concerns about china volatility, emerging markets, greece, russia we have seen this year, it may not be great but it held up pretty well. can they influence inflation expectations? and the longer we allow it to drift away from the target, the more the credible comes on the line here and that's the point he's going to focus on. given everything he has already thrown at this, what good does extra stimulus at this point do? is this going to be a game changer? that's a question i'll wait for until i see him in the press conference. >> lucky you. i wish i was there with you. we'll come back to that story and analyze market moves, particularly the euro dollar and what to expect there in a few minutes time but for now let's get back to the san bernardino shooting. speaking in the last couple of hours the head of the police confirmed two suspects have been killed in a shoot out. farook, a u.s. citizen and malik of unknown nationality. he said the motive is unclear. >> based upon what we have seen and based upon how they were equipped some degree of planning went into this. so i don't think they just ran home, put on these tactical clothes and grabbed guns and came back on a spur of the moment thing. we have not ruled out terrorism. >> let's get back out to jay gray who is live with the latest. jay. >> yeah and wilfred let's start with the actual scene where this all took place. they just now, detectives that is, have been able to get in and really start to investigate there. there were three explosive devices described as resembling pipe bombs located by police and they used robotics to detonate those before they felt like it was safe to take a closer look. they're there. and they're working active scenes along the roadway in a home that the couple may have shared in redwood just a short drive away from here so they're trying to gather whatever they have and all of those different locations and really try to peace together how and why all of this unfolded. we know that farook worked with the county here for at least five years and that he had been married for two years according to relatives. there are reports that the couple may have had a six month old daughter. that's still trying to be determined by police here who also say they're not convinced the couple was actually married. they may have been engaged or boyfriend and girlfriend. either way they do know that they spent time together and apparently lived together for awhile here. we know that their investigation is going to take some time. they have said as much saying that this is a marathon, not a sprint. they want to make sure that they uncover everything possible. they hope to interview some of the survivors today who are in the center at the time of the attack. they're also continuing to talk with relatives of the two suspects here and in pouring through whatever they can pull from that home they are investigating. be it computers, cell phones, anything that may lead them in a direction to try to figure out why all of this has happened. as you heard, they are not ruling out terrorism at this point but continuing to investigate why farook was at a hospital party with colleagues and abruptly left, returned 20 to 30 minutes later with his wife and opened fire. both were armed with assault rifles as well as semiautomatic pistols and then again the explosive devices recovered at the scene. that's the latest. we'll continue to monitor it. for now, though, back to you. >> thank you. let's get back to the markets. checking in on currencies, we're quite a ways away from the 106 plus levels that we saw during yesterday's session and both sides of the equation at play here. more easing expected later on today which should mean more euro weakness and the comments from janet yellen signalingly hawkish tones to raising interest rates. more dollar strength. let's talk through it. the director of gps markets joining us around the london desk today. david good to see you. that is the expectation. let's talk more about the ecb first. that's going to take place in a few hours time. what are you expecting? some are saying ten basis points more in negative deposit rates and more expansion of qe by another 10 billion or so. >> that's the consensus. you never know with draghi. he likes to surprise people every once in awhile and he's pretty aggressive. i wouldn't be surprised if he went 15 basis points rather than 10. >> what would be a disappointment? >> what would be a disappointment? doing nothing i guess would probably be a disappointment to the marketplace. the market would react to doing nothing. i think doing more is probably not going to be disappointing. >> when we see the moves euro dollar has had, over the last five weeks we have gone above 110 to below 106. is that more because of the euro side and ecb side or in fact the fed side which we got a reminder of when yellen spoke yesterday? >> it's a combination of both really. the market does not work in a vacuum and there's a lot of different aspects that are going on and if you look at what's going on in the world right now there's a lot of issues just besides the economics that are playing on the economy. we have what's going on in syria and the u.k. voting to start the air strikes in syria and you have the refugees flooding into europe. all of those people either need to be supported or paid for by the government or they have to find a job somewhere and when you have this influx of people, what are you going to do with them? how are they going to be asimulated into the economy? so you have things like that pulling on the euro, economy in general which pulls on the currencies. you have a strong economy going on in the united states. both of those things work to cause the divergence we're seeing in the currencies. >> have things gone too far already? we got that monetary policy and also we had a lot of emerging market weakness. so the broader u.s. dollar index against everything has been incredibly strong. even though we haven't had this rate hike yet does 2016, in fact, see a bit of a direction in the u.s. dollar because things are too much priced in? >> i don't think right away. we just barely got through the 100 mark on the u.s. dollar index yesterday and i think we'll see additional strengthening in the dollar. we're going to see a continued strong u.s. dollar, especially against the euro. i would not be surprised if we hit parity or went down into the mid 90s the first few months of the year because the u.s. economy is strong and a lot of the u.s. dollar strength is on the back of weaker commodity prices as well. as you know, the price of oil has been low. the supply of oil is so high right now and there hasn't been a lot of people willing to cut production. iran just increased by 400,000 barrels a day. and so when you see additional supply coming back into the market, we have seen saudi arabia talking about maybe reducing their production by a million barrels a day but until that happens i don't see any weakness happening in the u.s. dollar. >> finally if we see more u.s. dollar strength a lot of companies will be complaining about that but you actually say that they're simply not hedging add kwequate adequately. >> i was just talking to a guy not ten minutes ago about this. it was interesting because hi comment was the strong dollar and the weak euro is killing us and i said well are you doing any hedging? and he said no we don't do any hedging because it's hurt us. i've been on the wrong side of the market. to me, i think a lot of people look at hedging very simplistically rather than looking at a lot of different products or looking at a way to protect the down side in using an option strategy so they have upside proten shl as well they just think about locking into a forward contract. if you're in a corporation and you're looking at potential upside in the u.s. dollar and you have exposure to that you should be looking for ways to try to manage that exposure rather than just hoping and praying that the market goes your way. that's not a strategy in my opinion. >> that's probably not going to work. thank you for your time. appreciate it. david pierce, director at gps markets. >> we'll go to break here. still to come on the program, russia's vladimir putin verbally taking aim at turkey saying that the country will regret downing a russian war plane. more from his state of the nation address. that comes your way right after the short break. welcome back. u.s. futures point higher after fed chair janet yellen took the wind out of risk asset sales with her most hawkish tone on a rate hike. san bernardino police prepare another statement after the shooting. a terror attack is not ruled out. and brazil's lower house apooufs impeachment proceedings against brazil's president. >> turkey will regret what it has done. that is the message from russian president vladimir putin that used his state of the nation address to verbally take aim at the turkish administration saying the world cannot ignore their quote, aiding of terrorists. jeff, those were very strong comments. >> absolutely. there's a double message here. one is president putin saying that we will not engage in saber rattling with turkey and there won't be military action as a result of the downing of this jet. that's in line with what we heard but the language is undiplomatic. putin is saying there is more to come and we will look at what else we can do to exact retribution as far as the loss is concerned. >> they're very critical, the russians about whether or not they are aiding terrorists. if they do actually have evidence of that why haven't we seen the evidence. >> it's problematic, isn't it? turkey is a nato member. turkey has all sorts of terrorist organizations. some aligned with turkish interests and some that aren't and underlying all of this is the turkish fear, shall we say, that there could be a state on their borders effectively. an islamic state that threatens turkey itself so it's a very, very confused web of things going on but the russians have air superiority over syria and they have seen the direction the oil trucks are traveling in. they believe there's a smoking gun in this story. now whether we actually get some redetail on this remains to be seen here but isn't it interesting that it's only in the last few weeks that the americans decided to target oil trucks and we got that devastating attack that we think was successful on a thousand oil tankers in syria and involved in some isis oil shipments. i think we'll see further details emerge on this story. either to prove or disprove but at this point the relationship is difficult to say the least but given that they have the backing of the united states and other western european governments, very hard for president putin to rachet up the tension beyond this. >> thank you very much as ever for that. >> we're going to go to break but afterwards we're heading to the investment conference that brought together thousands of heavy weights in support of pediatric cancer research and care. stay with us on worldwide exchange. welcome back. we were taking place in the entire day. what's the conference all about? let's talk to one of the most important men here today. mainly the vice president and co-founder of this conference. welcome and good morning. >> good morning. >> so tell us a little bit about what the investment conference is about? what's the foundation about? >> sure. so it's named for my brother. my brother was a wall street trader who died about 22 years ago one day short of his 29th birthday and his boss and friends approached my mother and the family to really do something in his memory and they had a great idea that's really blossomed and the idea was let's gather financial luminaries together in a room and people that want to hear their ideas. give them 15 minutes to give their best idea to this audience and use the money from the ticket sales and sponsorships to fund the foundation which is all focused on pediatric cancer and over the last 20 years we have, new york one is obviously the big one. we get about 3,000 people. we now have london. this is our fourth year in london. we have san francisco, toronto, hong kong, and we just opened up telaviv. >> how much money is raised? >> over $60 million for pediatric cancer and related diseases. >> so people save their ideas and give little tidbits at the conference. >> yeah. it's become really, really interesting and when i get to talk to the speakers and i'm looking forward to hearing a bunch of the other folks, they come out here knowing that there's going to be a great audience and there's a little pressure there as well. you get a big audience of people of about 500 people here today. cnbc is here and other media and live blogging et cetera and there is this pressure to really deliver just a very compelling story. famous stories like the december mags ddecimation of lehman brothers in 2008. really compelling stories that lead to the ramifications of the calls. >> thank you very much for starting up early this morning with us. you just got off a plane for the states. you need to get ready for the conference. more to come here through the day from the conference. for now though, back to you. >> looking forward to it. now we're going to leave you with a look at how futures are trading ahead of the wall street open coming off the worst sell off for all three major benchmarks since the beginning of november but right now the implied open telling us we are above fair value. good thursday morning. welcome to worldwide exchange. >> here are your headlines from around the world. >> futures are pointing higher after the fed chair took the wind out of risk asset with the most hawkish tone yet on a potential rate hike. >> when the committee begins to normalize the stance of policy doing so will be a testament also for how far our economy has come. and the financial crisis and the great recession. >> the euro remains under pressure ahead of the ecb meeting. mario draghi will take deposit rates further into negative territory. >> tragedy in california. the san bernardino police force says terrorism is not ruled out in the shooting that left 14 people dead and 17 wounded. >> based upon what we have seen and based upon how they were equipped there had to have been some degree of planning that went into this. so i don't think they just ran home, put on these tactical clothes, grabbed guns and came back on a spur of the moment thing. we have not ruled out terrorism. >> turkey will regret what it did. strong words from vladimir putin that says the world cannot ignore turkish aiding of terrorists in his state of the nation speech in moscow. >> good thursday morning. thank you for tuning in and joining us on the program today. here's how markets are fairing ahead of the u.s. open. futures are above fair value. we're going to recover from the steepest sell off we've seen from all three benchmarks since the beginning of november. now right now the implied open obstetricaling us we're up 16 points from the s&p 500. the dow jones industrials called higher by triple digits. up 147 points. that's being priced into the open and the nasdaq looking at gains of 43 points or so. here's the lead you're getting from europe because today is a day for mario draghi to shine at the ecb monetary policy meeting and we are expecting a deeper dive into deposit rates. hence we're looking at gains across and the ftse 100 seeing advance of a quarter. close to a rally of 1%. the cac 40 already in rally mode and so is the ftse mib. wti saw a drop below $40 barrel yesterday. now at the end of it we climbed back above $40 barrel mark but there's concerns about where oil would trade going forward. now speaking of which, let's head up there. steve sedgwick joins us on the line. there's a battle between the u.s. producers and what's happening with opec and whether or not we'll see capitulation from the shell producers. >> yeah but why would they. if you're paying a quarter of a million dollars a year the cost is a little bit out. it's not the shell guys that are up. here in lies the issue. from iran and iraq as well it's problems within opec as much as within outside of opec that's the problem. for instance, the russians, they would do a deal with saudi potentially or wouldn't they. because here's the point. we will do a deal. we'll be part of the broader card as well. well, i've said this period before and i don't know if everyone got the memory of a gnat but we had this situation before where saudi said it will always be part of a bigger deal as well. they left and there was no deal then. they want to get market up and they're multiple and not just the problems of the day. you mentioned shell, i mentioned iran-iraq. and if, and it's a big if, paris can get some form of momentum toward a lower carbon world deal where they do get this limit of 2.7 degrees with what we're going for that is really bad news for oil producers. and we were talking about trillions of dollars and hundreds of billions of oil which will never get spent on hydrocarbon. that is the scenario that the lobby really, really wants. really wants to push forward. that's without a price for carbon. $22 trillion are at stake. we only get that limit. 5.5 trillion dollars on gas. $5.8 trillion on coal and then the iea said demand for oil could be 109 billion barrels lower, lower, if we get to these targets. so i think the problems are multiple and they could last many years. >> thank you for that. let's have another voice weighing in on that conversation. let's head live to paris and the cop-21 meeting where the executive director of the iea joins us now. thank you for taking the time to speak to us. now what do you make of the latest reports that the saudis are willing to cooperate with non-opec and opec members. is this a change of their strategy? >> good morning to you all from paris. many of you may know i work several years for opec secretary before moving to paris to iea. one of the things that i learn is it is best not to comment on the opec stories from outside and therefore i will not comment on the recent reports but i wanted to say that saudi arabia always behaved in a very responsible manner and then there was the markets. he was always there to conflict the markets and behaved like the central banker of the oil industry and therefore i have all but trust in the saudi decision that they will take another decision. they will follow a policy which is in benefit of the oil markets and global economy. >> you have recently reiterated that the forecast for $80 barrel for oil over the next couple of years, that would still be plausible but it only happens when there is cooperation. >> there's a lot of foil in the markets and the demand is not as strong but at the same time i wanted to underline that this year, 2015, investments in oil declined by more than 20% and more importantly we expect this decline to come in 2016. so it is the first time since 30 years we see a decline in oil investments two years in a row. this should have implications in the medium term. especially if the demand gets stronger which may well be the case we may see upward pressure on the oil price. >> okay. so let me ask you about u.s. inventories of crude. we're looking at the tenth straight week of inventory builds in the u.s. what does that say about oil demand right now? >> it's a bit lower than last year but still has growth and if you continue to grow in the next years to come. oil companies should not expect anymore. very high growth of oil demand because more countries and governments are putting fuel efficient standards on cars and trucks. yes, oil demand will grow but it will grow less strongly than in the past. we are losing each year 4 million barrels per day almost because of the decline in the existing oil fields. they are declining. and therefore, we produce oil not only to meet the growth in the demand which is about 1 million barrels per day but also the decline in recent fields. so oil industry every year needs to produce additional 5 million barrels a day for the deposit to decline. one for oil demand growth in order to have a stable oil market. >> thank you so much for your time. executive director of the iea. let's get to the tragedy in california. 14 people have been killed. 17 wounded after a gunman opened fire at a social services agency in southern california. speaking in just the past couple of hours, police chief confirming that two suspects have now been killed in a shoot out. that includes farook, a u.s. citizens and malik of unknown nationality. he said the motive still remains unclear. let's get to jay gray standing by in san bernardino california today. >> hey there susan. during that briefing he reiterated they have not ruled out terrorism at this point. the investigation does continue in three locations right now. behind me, the center where the attack took place and then a roadway about five minutes from here where the shoot out occurred and the two suspects were killed by police in a home that they likely shared in redwoods which is just up the road from this small community. they are going through that home right now looking for anything that may help them understand how and why this all took place. that includes computers and cell phones and any documents that would be there. this couple was married about two years according to relatives here and they had a six month old daughter. the suspect worked for the county here for at least five years as an inspector and was at a holiday party this afternoon when he suddenly and abruptly left that party 20 to 30 minutes later came back dressed in tactical gear along with his wife and opened fire. we know that they both were carrying assault rifles as well as semiautomatic pistols and that there were some homemade explosive devices resembling what police say were pipe bombs. those were discovered overnight. they used are robots to detonate the bombs and are getting their first chance to investigate and try to peace together evidence there. they're getting a lot of help from federal agencies including the fbi. that's the latest live right now. i'm jay gray. susan, back to you. >> jay, thank you so much. >> meantime an appeal court in south africa sided with the prosecution in the oscar pistorius case and upgraded the conviction to murder. the judge ruled that the defense never provided an acceptable explanation for the shooting of his girlfriend reeva steenkamp. pistorius was originally convicted of culpable homicide. the sentencing has now been passed back to the original judge. >> they were arrested in a police raid in the luxury hotel on suspicion of expecting millions of dollars in bribes. it's the same hotel raided in may and comes as executives meet for two days in the city. >> let's quickly check in on futures and what they're pressing in ahead of the wall street open. a day of recovery after the worst sell off for all three benchmarks since november 13th. so the dow jones industrials, we're pricing in a bounce of triple digits. we'll be right back after this. alibaba said they are interested in repurchasing yahoo!'s alibaba stake but only at a steep discount. they say that because it could limit the ability to do strategic deals and it says also that yahoo! spins off alibaba stake and there's tax risks that would deter alibaba from pursuing it. >> let's get the latest from brazil. brazil's lower house speaker has given the green light for impeachment proceedings against brazil's president. speaking last night rousseff was indignant at this decision and denied committing any illegal acts. london listed gains as much as 4% on this news with european listed adrs also trading higher. now today the focus will be on the european central bank and ecb and what super mario decides, will we see, i guess, more negative deposit rates and more quantitative easing. let's talk through this. gina sanchez joining us around the london desk and there is a question about what the ecb can do at this point. >> you know, in terms of all the measures they can enact, mario draghi has a number of issues that he has to deal with in the face of what's going to happen in the united states. so looking at the fact that we're looking at a lift off in the united states and what that's going to do and that has an impact on europe so while europe continues to work through it's bottoming and it's risk stagnation, i don't think he has a choice but to enact something. it's hard to say what it's going to look like. >> i'm trying to get that picture. a clear picture as to what that will look like. does it matter if it's 20 basis points cut? does it matter if qe is extended to 10 billion? >> no, i think what matters is that he does something and that that sends a signal to the markets. >> is there a sense that he's having to sprint just to stand still? the aspect that we all talked about a year ago just because qe has less effect in euro than how the bond market works. these lesser stages are not having as much of an effect. they have been so much from that first move advantage. so either way will it spur on growth as he hopes it will. >> i don't know that it will spur on growth but lit spur asset price inflation which is all you have seen at the ends of most of these qe. that's what happened in japan. that's what happened in the united states. all we have seen is asset price inflation. that does have a wealth effect and a smaller effect. it's not nearly the same effect as the first mover advantage but for, you know, equity markets it's going to hold up european i inquirity markets while u.s. equity markets are going to be more at risk now. >> you say there's plenty of down side for european equity markets because everyone is long european equities at this point in time. why do you they? i know that it's the consensus view out there. a lot of people think mario draghi is going to disappoint but why would you want to fight the ecb? >> i'm still not fighting them. we're still under weight u.s. equity and overweight european equities. we're right there with everyone. we're pointing out that it's very much priced in. where we were a year ago we were in a different place with the dollar. we were in a different place with the european equity pricing. the difference is is that that trade overweight europe, underweight u.s. is more about being underweight u.s. at this point. >> good to see you. >> great. >> all right. let's get back to our headlines on this thursday. u.s. futures are pointing higher after fed chair janet yellen took the wind out of risk asset with her more hawkish stance on a potential rate hike. san bernardino police are having another press conference this morning and brazil's lower house approves impeachment proceedings against president rousseff. hi watson. annabelle, your birthday is tomorrow. i'm turning seven. what did you ask for? a princess. and a pony. you like things that begin with p. i like pink frosting too. will you have a cake? yeah. i was too sick to have one last year. the data your doctor shared shows you are healthy. are you a doctor? no. i help doctors identify cancer treatments. i want to be a doctor someday. i can help with that too. watson, i like you. try align for a non-stop,ive sweet-treat-goodness hold-onto-your-tiara, kind-of-day. live 24/7 with 24/7 digestive support. try align, the undisputed #1 ge recommended probiotic. welcome back to frankfurt as we countdown to today's ecb meeting and the key question we have been asking all morning is can mario draghi pull some kind of arab bit out of a hat here and beat some very optimistic market expectations. i'll give you a sense of what's priced at this level. 14 basis point versus cuts to the deposit rate. an additional 12 billion euros of asset purchases. add that to the euros were already seeing and a three to six month extension of the qe program. so that takes us into 2017. so tough expectations to beat here. maybe he can expand the pool of available collateral. 40% of sovereign bonds are trading with a negative yield here. that complicates the issue. the other is the german central bank is saying we don't need any more stimulus at this stage. now i'm very excited to tell you that our resident expert was just here a few minutes ago and tried to show me her brand new baby boy and i got her over here to ask her some questions. so i apologize, what do you think the germans are saying at this point? >> as you are saying the germans don't want to have more stimulus. they're saying that inflation is low now because of the energy prices. the recent reading for germany was even a tad better than expected. of course overall euro zone figures were less than expected but it was on energy and nothing else and the germans are arguing that more qe will not actually do the trick. we have to wait and see until energy prices come back. >> how important are the german bank here? do they get gagged? because draghi can get consensus here. >> yeah, of course he can and he knows that as well and knows that as well but he needs to also do his job for the german audience. for the german market because he of course, at the end of the day, he's the head of the bank and for germans as we know, inflation or the potential of hyper inflation is still very much an issue here even if we are nowhere near it, right. >> we miss you. thank you for plead guilty brave and diving in front of the camera here. guys, i'll head back to you. but the big question is what does additional stimulus do given that we have struggled to raise inflation expectations with everything that's come. guys in frankfurt, back to you. >> thank you so much. let's talk about what's happening across the pond. divergence when it comes to monetary policy since janet yellen is looking forward now to a rate hike that would be a testament to the u.s. economy's recovery from recession. yellen testifies before congress later on today says the timing of a rate hike really isn't as important as subsequent moves which she says will still be gradual. >> were the fomc to at the lay the start of policy normalization for too long we would likely end up having to tighten policy relatively abruptly to keep the economy from significantly overshooting both of our goals. holding the federal funds rate at its current level for too long could also encourage excessive risk taking and thus undermine financial stability. >> u.s. markets selling off after the yellen comment which is are the most hawkish that we have heard and pointing to a rate hike this month. u.s. futures are telling us we will recover from it higher above fair value. so dow jones industrials recovering 148 points. >> that's it for today's show here on worldwide exchange. thank you for watching. >> u.s. squawk box coming your way next. new this morning we're learning more about the two suspects. global market watch. it's decision day at the ecb. president mario draghi expected to launch more stimulus in europe just as his counter parts at the fed prepare to start raising rates. maybe. we'll see. opec countries meeting in vienna. oil prices down more than 50% in the last 18 months. the big question now is top producer saudi arabia finally ready to sign off on a cut to its output. it's thursday, december 3rd, 2015 and squawk box begins right now. >> live from new york, where business never sleeps, this is squawk box. >> good morning and welcome to squawk box here on cnbc. i'm becky quick with joe kernen and andrew ross sorkin. police are processing the scene from two shooters opened fire on a holiday party. one male and one female were killed in a shoot out with police a few hours after the massacre. now the investigation turns to who motivated the couple to commit such carnage. we'll be joined in just a moment. >> first a couple of the big market stories this morning. the ecb is meeting in frankfurt right now. then president mario hi