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tv   Street Signs  CNBC  December 6, 2021 4:00am-5:00am EST

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when it's all in the rear, that's known as a kardashian. well, there you have it, that's the top 10 most beautiful cars we've driven on the show, so far, 'cause we're not through driving yet. so, keep watching. to cbc podcasts right now for ten minutes we preview every day now available in the app store good morning, everybody, and welcome to "street signs," i'm julianna tatelbaum and these are your headlines your honor equities bounce at the open led by oil and gas, while u.s. futures push higher as early research out of south africa show omicron hospitalizations have not increased. and evergrande faces another
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payment today. teleco the tm opens fixed lins lowetwork andr toda. and french conservatives pick a woman to run for president for the first time as valerie throws her hat into the ring a very warm welcome to the program, everybody on friday, after this show finished all eyes turned to the november payrolls report and what we learned, u.s. jobs growth slowed increasing by 210,000, less than half of wall street's forecast and short of the october figure the unemployment rate fell to 4.2%, wage growth continued although not as quickly as
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economists were predicting the labor force participation rate in the u.s. is on the rise. so that was a bright point in the report but total payrolls remain below pre-pandemic level putting it together, the headline did disappointment relative to expectations but if you look at the rates, it wasn't all that bad let's look at u.s. futures though and how we're poised to open up this morning, a rebound under way at this point, the s&p 500, dow jones and nasdaq pointing to a positive start last week the s&p 500 retreated about 1.2% lower, the dow jones 1% lower and the nasdaq about 2.6% pullbacks for the week. similar story in europe, the stoxx 60 percent was
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the third 0 utive week in a row for the mainp about bench% both european and u.s. stocks retreating last week with u.s. markets underperforming. looking at the regional split this morning we have broad based gains coming through, p evenly spread rally this morning, about 1% for every major market the cac 40 lagging up about 0.48%. about an hour into the trading session at the top of the board we have oil and gas rallying about 1.8% construction and materials up about 1.4%, banks insurance and real estate. on the down side we have technology lagging but still up half a percent now perhaps part of the reason for this rebound is that we have had some encouraging headlines on the omicron variant over the weekend. initial data from south africa shows hospitalizations have not increased due to the omicron variant. this as the virus continues to
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spread across europe and has been identified in nearly one third of all u.s. states dr. anthony fauci acknowledged on sunday that it was too soon to know the full consequences of the strain but said he was confident booster jabs could offer a considerable degree of protection against the variant. >> you look at the third doze, you increase the levels of neutralizing antibodies against all the variants and this has an increase in levels of b cells and t cells, which strongly suggests that boosters will give you cross protection against the number of variants although we haven't proven it yet, there's ever reason to believe if you get vaccinated and boosted, you would have at least some degree of cross protection very likely against severe disease, even against the omicron. >> goldman sachs has cut its full year forecast for the u.s. economy. the bank says it expect the
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omicron variant to exert a down side drag on growth now seeing gdp expanding 3.8% this year down from 4. 2% previously and reduced the 2022 estimate from 2. -- from 3.3% to 2.9%. jim, thanks for joining us this morning. i want to kick off with your take on this new variant i know you've done a huge amount of work looking at vaccine development over the course of the pandemic it seems the initial data is encouraging while it comes to the severity of disease caused by this variant. if we end up in a scenario where this variant causes less severe disease but is more transmissible. is that actually potentially a positive for the course of the global pandemic?
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>> we'll find out. as with so many other things, i find my mind thinking what an extraordinary future of uncertainty we face. the real message of the past fortnight with this pandemic is we don't really know what's around the corner. if we would have had this discussion three weeks ago, it would have been pretty different. with that caveat i do find myself thinking slightly optimistically about the latest evidence this morning. and it could well be that once we get into, let's say, middle of january that, in fact, this variant has become the dominant one but it's not as dangerous asdeas delta, which where we sit now that would be a marginally positive development, i would think. let's hope that's the case and we're not jumping the gun too
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quickly on everything we're getting from south africa i think here in the uk and other parts of the developed world we'll see additional evidence in the next week where we'll know a lot more. >> jim, i want to interrupt you for a moment because we have breaking news out of china, the china central bank has come out and cut the bank's reserve requirement ratio. it will be cut as of december 15th and it has been cut by 50 bases points this is something that investors were waiting for, now the weighted average will be at 8.4% after the new cut. the central bank saying it will keep prudent monetary policy and the new triple r cut will cut a trillion liquidity into the market will keep liquidity reasonably amble and will step up cross cyclical adjustments. it will not resort to flood like
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stimulus this coming out of china's central bank right now jim i want to come back to you you obviously know china's economy very, very well. what's your take on this move from the central bank of china, and sort of more broadly if you can weigh in on what's happening over there >> sure. that's one of the many things that i was implying when i talked about the scale of uncertainty as we turn the year. you know, following china closely for best part of 35 years, for the first time in the whole of that period, i'm not sure if i fully understand what their game plan is one of the things that i found easy, relatively speaking, compared with other countries over the past 30-odd years is i kind of thought i knew what china's policy reaction function was and what their real underlying economic strategy
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was. but if you look at a lot of the indicators that i learned to follow over that period and find reasonably reliable, they're all very weak. and a lot of it appears to be a combination of external negative factors and the whole geopolitical challenges facing china but also because of deliberate efforts domestically to indirectly weaken growth to try to control the role of certain sectors. it's quite a high risk strategy. i've always thought china was very good at managing the risks surrounding various potential negative developments that respond very quickly and diminish them. but they've actually brought in more themselves because on top of all of this, of course, it's coming at a time when their demographic curb is turning down so i think china is headed for, structurally, an area of softer
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growth than we've experienced, but they've compounded it by some of the measures they've adopted. and now you see the response that they're having to ease monetary policy and i wouldn't be surprised if they end up having to ease fiscal policy because otherwise growth is going to be too weak ultimately to have this sort of subtle insupply and linkage between the population accepting the autocracy the country has, so long as it makes many of them wealth yes, and wealthier. and we're seeing the first signs that's a risk. so it's important they do respond monetarily and fiscally in my view. >> about your point for potential fiscal support coming through, specifically through beijing's perspective, the bank saying they will not resort to flood-like stimulus. so they're sending the message
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they're not going to flood the market with blanket stimulus but is it possible that's where we head? >> it does seem, if you wade through all the sort of various messages and developments, it does seem not contradictory in what i've said there's an effective toleration of weaker overall growth with this focus on wanting so called better quality, fairer distribution of benefits of growth, and with it you touched on the evergrande headlines before, almost acceptance of trying to punish and highlight the particularly indebted parts of the economy, which itself implies they're trying to slow the rate of debt development which all of which suggests we're headed for strategically weaker period of growth in china. but as i say, there's -- it's great in principle, but as we
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find in other parts of the world that we're more familiar with, including here when countries embark on some big structural developments and it results in adverse cyclical consequences they end up having to respond by stimulating the economy more than they plan to do so the message is pretty clear in that statement but it might well be they have to change their view pending ongoing developments going forward. >> jim, for years the fate of the global economy was so closely linked to the fate of the chinese economy but over the course of the pandemic there has been a little bit of divergence with china falling out of sync with the rest of the world how do you think of the correlation between the chinese gdp growth and growth in other markets now? >> it's interesting. i've read a couple of pieces in the last week on your theme that suggests there's a new mood that
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weakening chinese growth isn't so bad for the world to be honest, i find that a bit hard to swallow and i'm generally one of the world's optimists. but china's contribution for the past 20 years has been so huge, it's pretty hard for economists that export more to china for the last 20 years to not suffer if china is going to continue to have softer trend growth i get it means themarginal positive growth will come from other places india is probably the one that individually most important there. but again, bringing it back to the structural issues facing most of the big western economies, you know, europe for example unless we could really develop some big domestic european economic stimulus, they are dependent, by and large,
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particularly exporting to elsewhere. so it's pretty hard to see how we can persuade ourselves that china can have its own problems and slow down and it won't matter for the rest of us. i find that a bit hard to believe, to be honest. >> in terms of the new variant and the impact it may have on china and i think this is important just given the lengths that you just outlined so far they had this zero covid policy since the initial outbreak came to -- came through. how is that strategy going to hold up in the face of a variant that is, you know, so transmissible? >> i think it's a -- it's yet another challenge they've got. and you can see, you know -- let's say we finish year two of covid, the countries that have had that zero tolerance strategy, primarily in asia, whether it be china or new zealand or australia, we've seen the weaknesses of that strategy
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grow as the year has gone on because unless you're going to permanently disassociate yourself with the rest of the world, that in itself has its own negative consequence and as you just highlighted, particularly with ones that are more and more transparent, it's virtually impossible to keep it out. quite how china is going to adapt to deal with that, i don't know but i think they probably will have to. because otherwise, it will add to their problems, in terms of indirectly influencing their domestic growth rate, too. and, of course, it will also curtail some of the ongoing -- or sorry, add to some of the ongoing problems we have about global supply chains if they're having to force down different parts of the country and different sectors, if and when localized flare-ups take place it's obviously playing a role in the global supply chain
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problems. >> jim we'll leave that conversation for now i'm glad you were with us when the triple r cut rate came through. thank you for sticking around, jim o neil. i want to go to germany where olaf scholz is speaking, so far saying that we negotiated intensely for weeks to reach this coalition and now it's about making the last decisions. in terms of final round of decisions it is to appointment the final ministers and who i would like to propose from the members of the spd party, 7 in the cabinet, four are women, three are men. this is a society where women make up 50% of the population. we'll continue with parliamentary secretaries as
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well first interior minister, nancy phaser, she did speak moments ago thank you olaf scholz and team for the honor the second proposal, hebertis hail, hail dealt with difficult conditions in the meat industry. he has a big job ahead olaf schultz saying making raising of the minimum wage a reality. he also has been speaking this morning, thanking olaf scholz and team to continue to bedo the job. as you can see, he's speaking and we'll monitor and bring you additional headlines around the further appointments for the cabinets when they come through. coming up on the show. chinese authorities rush to reassure markets as evergrande warns there's no guarantee it can repay its debt
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the conversation around china continues after the break. continues after
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welcome back to "street signs. soft bank shares close at a more than 15-month low amid declines in key investments alibaba closed the u.s. session down over 8% and didi plunged on the announcement it will delist from the new york stock exchange evergrande shares are trading at an 11 year low after the property developer warned it cannot promise it will make further debt repayments. the group's chairman was summoned to a meeting with authorities who said they would send representatives to oversee risk management and operations at the firm. that was the government and key regulators trying to assure it could be contained. bitcoin plunged as much as 20% from friday's close, it's
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regained some ground the crypto currency market surpassed a market value of $3 trillion earlier this year. billionaire investor charlie munger still isn't a fan he told the australian financial review that he wished they'd never been invented and admired the chinese ban. cases of the omicron variant has been confirmed in at least 38 countries according to the w.h.o. but no fatalities have been reported. european nations saw cases surge over the weekend mostly in theuk, denmark, and france where authorities reported omicron cases tripling in just 48 hours measures have varied across the continent. let's get back to jim o'neil before the break we spoke about china and this move out of the central bank to cut the triple r. they're really bucking the trend of what we're seeing elsewhere from major central banks
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the federal reserve despite the jitters around the omicron variant has actually stepped up its hawkish rhetoric recently standing much more firmly behind this push to normalize policy. what do you make of what the fed is doing and the seemingly disconnected take that markets have versus what the fed has >> yeah. i find myself thinking over the weekend that maybe it's a sort of mea culpa from the feds where they're saying they don't really know what's going on with inflation. i think when i look at the statement they made and you have to remember i'm somewhat distant from all of those people that are employed to spend every second of their life looking at this stuff these days, so bear that in mind you know, i think it's quite difficult for them and other central banks to keep saying how the inflationary pressures are transitory and so, i -- you know, given -- if that's true, taking that
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statement out, almost by default means they have to sound tougher. and indeed, in order to stop one of the reasons why inflation might be transitory, we probably need central banks to tighten monetary policy a bit. if you -- it's impossible to do this, but for the sake of the discussion briefly, if you put aside the risk of uncertainty about the variant. you know, when you end this year, where we've ended with the kind of scale of recovery and notwithstanding what is probably a statistical fluke with the payroll friday, the huge growth, why do we need the same scale of monetary policy we had 18 months ago, it hasn't made a lot of sense for a while. so taking away some of the stimulus and, in some cases,
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raising interest rates, such as the uk perhaps, seems for me-to-for quite a while to warrant the case, even if you accept the inflation risk is transitory if it turns out you're wrong, it makes it easier to bring back an easing of policy amongst the problems of keeping it as accommodative as it is forever when you next need a stimulus, you have less options. i think the fed is right making this move and believe they should have done it earlier. i hope this twist in omicron does not delay the bank of england from raising rates although i see from something i read before coming on air that the consensus now appears to say the uk will not raise rates this month and i hope they're wrong i don't see the case for not doing it in the uk >> why do you think the uk is particularly ready for a rise in rates when you look at the economy? >> because again, if you look
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at -- you know, if you really stand back from it and maybe not -- i don't know whether it's true but maybe by not being in the day-to-day noise of all this stuff it might help. but amongst the many things that -- there are many, many things that are remarkable about the past two years but you look where uk unemployment and employments are and job vacancies, nobody would have dreamt that we'd be in such a strong position a year ago in fact, this is one of the things i actually believed we would be closer to this position than the doom of gloom that prevailed about how enormous job losses would happen post furlough, and they haven't so again, why do we really need such emergency interest rates support in the uk. even ignoring the inflation issue. and just as we have elsewhere in the developed world, it might well be that inflationary
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pressures are not transient. and, you know, one of the things that central banks are supposed to be doing is controlling inflation. so they can't just keep ignoring it forever and persistently arguing that it's transient when it's not going back down again i don't think it is just the uk but the uk the evidence of inflation surprising on the upside and growth coming through generally better than anybody would have dreamt about, particularly policy makers a year ago the case for having such a monetary policy just isn't, in my opinion, there anymore. >> jim, before i let you go. i want to get your take on crypto while we're here over the weekend bitcoin was thrust into focus, dropping 20%. it feels like everyone on the street is talking about it i came back from the u.s. and it's remarkable how many retail investors are involved, what's your take on bitcoin and the broader crypto complex
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>> i smiled when i listened to you talk about charlie munger. i don't know whether it's being of a certain age or what, i know that can't be true because i know some of my old mates who are still very active in the markets are extremely bullish ant this i get the technological side of it and the use of the technology is an enormous thing here to stay but there's sort of the conviction of that means that the prices of these things have to rise all the while. it feels like a crazy, speculative bubble i am quite active as a private investor myself. there are weeks go by where i'm sort of kicking myself thinking why do i think in such a traditional manner but i can't bring myself to getting excited about this stuff. it seems to me ridiculously volatile it doesn't really have a proper
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transactional purpose in regular life and it smells to me like there's an enormous number of people that own this stuff. and a lot of them are price followers. so if what's happened over the weekend is the start of a period where the price is coming down for a while, itself will force everybody to start selling so i wouldn't want to be part of that situation where you own this stuff and you regret having bought it and the only reason you did is because the price is going up something i'd be perfectly happy to not have any involvement in. >> so bitcoin not one of the assets in your portfolio >> i do a lot of early stage and vc investing so that gives me plenty of sleepl less nights and risks. so i feel like i know where the outcome will be helping create new businesses
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i can only imagine sitting in position in bitcoin particularly today, you don't know if the next 25% move is going to be this week or up or down. that brings back days of the most wild emerging market currencies of the 1980s to me, and i never got involved in them either >> not one for the faint hearted. thank you for joining us this morning. it is always a pleasure to speak with you jim o'neill, senior adviser from chatham house. coming up, france's election campaign is heating up with plenty taking on the president, emmanuel macron, we'll have the latest after the break the break do you have a life insuranceak policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without
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the information you need to welcome back to "street signs" i'm julianna tatelbaum and these are your headlines china's central bank cuts the reserve ratio requirement by 50 bases points senior adviser at chatham house, jim o'neill tells me china's economy is changing. >> china is headed for str
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structurally an era of softer growth, but they've compounded it by some of the measures they responded and now you're seeing the response with easing policy. chancellor in waiting olaf scholz announces seven spd members in his cabinets, including four women. oil and gas stocks lead a bounce back as u.s. futures bounce back higher and telecom italia shares trade near the bottom of the stoxx 600 after the biggest holder opens the door for a government takeover of the network. let's get a check on european markets we're about an hour and a half into the session investors now digesting news out of china with the central bank
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cutting the reserve ratio requirements for banks by 50 bases points and we're seeing european markets hold gains after last week the stoxx 600 retreated about 0.63%. so this morning eccat thes rebounding the over in italy up about 1.1%. turning to currencies. this is how the 4x markets are looking this morning the dollar index up about 13 bases points to 96.25. sterling trading firmly versus the dollar we have the euro trading on the back foot down about 20 bases points and then the uwan after news in china they'll go with the cut, we have reports out of state media saying that fiscal policy
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will be more effective, targeted and sustainable. this amid some debate around whether china will resort to flood-like stimulus. for now the line coming out of china is they will not and it will be reasonable support china's bureau saying it will promote continued recovery and consumption, actively expand demands of home buyeinvestment com competitiveness and increase reasonable demands in home buying this following the triple r cut from the central bank of china turning to key corporates in focus this morning in europe sangoban will buy gcp applied technologies in a deal that values it at around $2.3 billion the french company said it expects to see $85 million worth of synergies after the deal. it's up about 1% on the back of this news.
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discovery is in talks to launch a joint venture with bt, creating a powerful sports caster that's according to the financial time a partnership, if successful would end bt's plans to sell to dazn for 600 million euros, a source expects the decision between the two will be made by the end of the year. telecom italia's largest shareholder told "reuters" it's open to the possibility of the government taking over the network. the venndy had been reluctant to look at a statewide investment they were looking to take telecom italia private u.s. futures the wall street open shaping up, in for a rebound on wall street after last week's down week. we have the s&p ending 2.2% lower on the week. the dow and nasdaq also posting
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declines but this morning looking at a jump for the open for the dow jones and nasdaq and s&p 500 france's presidential election is heating up with four months to go over the weekend the conservative party backed the center right valerie pecresse to take on incumbent president, emmanuel macron, who has still not officially declared his candidacy. also so such, eric zemmour held his first rally promising a turnover in politics if he wins in april let's get to charlotte for more. talk to us about the significance of valerie pecresse's election and what the outlook is at this point for the upcoming presidential election >> she was a surprise candidate, because she was not one of the favorites to win that primary of the center right party
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the two favorites got kicked out in the first round of the primary so she went to the second round and one this to be the candidate. this 54-year-old woman, she was the first woman to represent lerepublicans. you have the first woman in the race representing the major party in the election. she was a political insider. she's been minister of budget for the paris region she left a couple of years ago because she wasn't happy with the political line the party was taking she rejoined earlier this year in order to run in the primary can she be a contender in the race, at the moment pulling around 10%, expected to get a bump now that she's the official candidate. the big change is to gather the votes with a big split between the center right vote, a lot of them have gone to emmanuel macron, kind of pro-business,
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pro-european central right vote. a lot have gone to him and to join the more far right kind of voters the one that bid more seduced by the more socially conservative voters going to marine le pen so the challenge is to gather all those votes. if she manages to do that she could get in the second round and then be a potential contender against emmanuel macron this is a two-round election, and marine le pen is still the number two in the first round intention votes at the moment so the one most likely to get to the second round as things stand. remember she was in the second round in the previous election but said the campaign is heating up this weekend. several events had marine le pen was also admitting other popular leaders trying to give herself national dimension, meeting other european leaders
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the far left candidate, holding his first rally. and the far right political commentator who announced he was running on tuesday, had a buzz around his name a couple months ago going ahead in the polls of marine le pen. hoping his announcement will bump him up. his speech yesterday was the themes we've heard before. he was in favor, he said, of zero immigration, calling his party a -- so making a reference to the christians' battle against the moores in spain. but he's defending he's not a racist listen. >> translator: of course, i'm not racist of course, you're not a racist all we want is to defend our heritage, we're defending our country, homeland, our ancestors and what we'll entrust to our
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children yes, we are engaged in a struggle that is greater than ourselves passing to our children france as we have known it, as we have received it >> so it's a protest around this zemmourr rally interesting to see what it means for the far right vote whether they go back to marine le pen or to valerie pecresse, the center right candidate. the one name not confirmed is emmanuel macron himself, the president hp they expect him to announce later. he's not expected to announce until 2022 but still uncertainty there. of course, the fifth wave of covid throwing more uncertainty on the scene at the moment president macron is still ahead the question is who he will face in the second round. >> thanks for breaking it down
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i want to bring in jim shields, profess erof french politics at wa w warick university. assuming that president macron does run again for another term, who do you expect to be his biggest threat >> well, the last piece is not in place as charlotte said we know who the runners are and macron yes, is yet to declare. but his every utterance shows he's a candidate already the emergence of a sencenter rit republicans candidate could prove a game changer if jay powell could develop transaction and win back the natural base of the republican right some of whom have gone to macron in the center and others to zemmour and others on the far
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right. if there's to be a threat at all, it will not come from the left, which is fragmented beyond repair and it would come from the right with neither lepen or zemmour having the capacity to muster the energy. either of these two is macron's dream opponent any threat would have to come from the newly nominated valerie pecresse if she can consolidate, then extend her base. without that, macron remains, i think, a sure bet to be reelected. >> how do you see pecresse going ahead to try to execute, you know, on the sort of path that you just outlined. what would be the key topics that would eventually drive that outcome? what's on the agenda >> i think this is the big
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question the primary we just witnessed was a battle for the soul of the republican's party it was called to choose in the runoff between a moderate conservative centrist and a hard line nationalist the centrist conservative won, but the problems start now pecresse heads the center right's return to power after a decade of opposition so she has to build a base siphoned off by macron and lepen. asserting a strong presidential candidacy is such a narrowed political space is going to be difficult. the hope for the republicans i think is that they remain a formidable campaigning machine with a deeply embedded presence
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across the regions and departments and towns of france and they have a newly energized and expanded membership. this contrast with macron, lepen and zemmour, none of whom have the capacity to wage an extensive ground campaign and rally grass roots support across fans so that would be the hope this morning that it can draw on its power across france as a deeply established, long established party of government. >> sir, may i ask you about eric zemmour one of the challenges of valerie pecresse would be to get back the voters who are being seduced by his agenda. what's the significance of his rival on the political scene, and can he really reach the second round >> zemmour's significance really
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is that he's setting the terms of political debate on the right. with the candidates for the recent primary falling over themselves to sound tough on immigration, on national identity, on security, on all of zemmour's big themes the second significance is by coming into the race, zemmour has split marine le pen's far right vote, she was in something like 25, 26, 27% she has split that vote and lowered the bar for qualification for the runoff so again, valerie pecresse will be watching this and knowing that her opportunity is greater with zemmour there to take votes from lepen but on the other hand, zemmour also eats into her potential base lepen and zemmour have, of course, been waging an unofficial primary on the far
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right this is after four and a half years of us being told that le pen was a certainty for the runoff zemmour appended this, bringing le pen down from 25% to 15%. and with zemmour neck and neck with her for a time. le pen looks to have weathered that storm and she's going back up to 25% while zemmour has fallen to around 14% my guess is that's the end of zemmour's real challenge to qualify for the second round and the more le pen rises now, the higher the bar will once again be for qualifying for the runoff this means that pecresse will have to double her current predicted score of at least around 10% she would have to at least double that to make it to the runoff. >> professor, thanks for being with us. jim shield professor of french
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politics at warwick. coming up, joe biden and vladimir putin are set to speak over the phone tomorrow amid rising tensions on the uaikrne border more on that after the break
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offered cnbc the downloaded today welcome back to the program. u.s. president joe biden will hold a phone call with russian president vladimir putin on tuesday amid warnings from u.s. intelligence services that the kremlin could launch an invasion of ukraine as soon as early 2022 the white house said a military offensive could involve up to 175,000 personnel with half of those units having arrived at ukraine's border in the last month. meanwhile the ft says the biden administration has convinced european and nato allies of the threat posed by russia after an unprecedence sharing of intelligence long time u.s. republican senator bob dole has died after an almost yearlong battle against lung cancer. dole who was 98 represented
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kansas in congress for 39 years. our nbc colleague alice barr joins us live from washington d.c. alice, give us a sense of what kind of tributes are taking place in washington. he had so much respect from people on both sides of the aisle. of >> reporter: good morning, that's right bob dole was a rarity at this time of one of those people who can still attract so much respect from both sides of the aisle. he was a long-time dedicated republican as you said, served for many, many years in the senate, representing kansas. he unsuccessfully ran for president, unsuccessfully ran for vice president as well but he's not remembered for having lost those battles. he's remembered for all that he accomplished in his long life, his 98 years at the top of the list despite his political accomplishments is his dedication during world war ii when he was seriously injured
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and carried those injuries throughout his life. we've heard from president biden calling him a hero within who had an unerring sense of integrity and honor. we heard from bill clinton who defeated bob dole for the presidency during their run. and then also from former president george w. bush, he talked about how bob dole stood at attention and saluted george bush senior's casket when he passed away a couple of years ago, that was a powerful moment. mr. dole had suffered for a long time from cancer had been in poor health for a long time. but there was a moment he stood next to the casket, both served in world war ii. and he sort of represents a time when there was a gentler sort of politics in washington he was a staunch republican. but president biden said that he never hesitated to reach across the aisle to work on bipartisan projects whenever that was
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needed and i think there's a sense now today of this collective mourning of this great man who did so much for this country and served his entire life but also for all that he represented that is so sorely lacking in washington right now, the willingness for bipartisan, the integrity that people are wishing to see more of in washington right now >> sounds fair to say, alice thank you for rounding it up for us alice barr reporting for nbc news out of d.c. let's look at u.s. futures and how wall street is poised to open after last week's volatile five trading sessions. we have the nasdaq indicating a negative start things have taken a turn for the worse over the course of the program. we were looking at green across the board, the dow jones about a half hour ago was indicating about a 260 point jump at the open now we're down to under 200. the s&p 500 looking at a 16 point bump at the open and the nasdaq looking at a 1
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point drop a lot can happen between now and the wall street open but worth noting the momentum has taken a turn for the worse right now european markets let's look at the european session similar for europe we have come off the highs of the morning still green across the board but at one point we were looking at 1% worth of gains for the major forces now the dax in germany up about .3 in the uk the ftse 100 holding the gains up about .8% if ftse mib up about .8% news out of china in the last hour with the central bank cutting the triple r for banks by 50 bases points providing more support for markets and bucking the trend of policy of other central banks around the world. that does it for the show. i'm julianna tatelbaum "worldwide exchange" is up next.
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mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show and mommy always keeps her promises. oh, no! seriously? hmm! it's not the same if she's not here. oh. -what the. oh my goodness! i don't suppose you can sing, can you? ♪ the snow's comin' down ♪ -mommy? ♪ i'm watching it fall ♪ watch the full story at www.xfinity.com/sing2
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> good morning it's 5:00 a.m futures pointing to a higher open bitcoin is below $15,000 after a volatile weekend that included a more than 17% drop in just 24 hours. and chinese tech stocks hit again this morning we'll head live to beijing for a report activist investor putting pressure on kohl's calling for change to the retailer's online business. and the biden administration is expected to announce a diplomatic boycott

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