Thats an appropriate song for friday the 13th. Good morning. Happy friday. Welcome to Worldwide Exchange on cnbc, im sara eisen. Im glad you reacted to that rather than my quip earlier. My name is wilfred frost. That was the earnings. Yes. You didnt pick up on it, or you are just being mean to me like you have been the last half hour . Long week. Its friday. It looks like sara is upbeat in the last 15 seconds. Just. Lets check in on the global markets. As for u. S. Equity futures, stocks closed lower, but way off the lows of the session. Especially as europe closed yesterday morning, things started to improve in the u. S. Session. Dow futures positive today. Up 11. S p futures up 1 1 2, nasdaq futures up 4, this comes after the nasdaqs first and only down day for 2017. Breaking that tremendous winning streak of five record closes in a row. The dow at one time us with having its worst day of the year, but recovered. Yesterday yields were lower, the reversal of the trump trade, weaker dollar, lower yields, weaker stocks. They are a bit lower to in thei have some reports out today. Disappointing china export data, december exports declining 6. 1 in dollar terms year over year, imports rose 3 . Both figures falling short of consensus, particularly that export data. Lets look at asian trade. It has meant shanghai market was in the red, japan and hong kong doing all right today. Up about 0. 8 and 0. 5 . The early action in europe is mostly positive reversing yesterdays declines. Ftse 100, record highs again. Everything else declining yesterday. The dax down a percent. Ftse 100 up 0. 03 . But in the green, 13 straight sessions. Its amazing. Were seeing that strength translate through the rest of the continent. Italy up 1. 1 . Broader markets, those oil prices for you, gained about 1. 5 yesterday. They are soft today by a half percent. For the week as a whole, were looking at a 2 decline for wti, still nicely above 50 a barrel. The dollar, lets look at that down 0. 36 for the third negative session in four, week to date, about a percent of declines. As you can see, looking at declines once again quite pronounced or relatively pronounced against the pound and euro. The pound in positive territory. Wonderful to see. The dollar a bit soft. Bitcoin, that is around the 700 level, 796, close to 800. Gold prices to round things off, had a decent week. Up about 2. 3 for the week as a whole. Today 1,196. Yesterday we finished off the lows. The declines of about a quarter or a third of a percent, even at the close still hide some bigger moves, particularly in the banks. Down over 1 for the broad index. Big names down between 1 and 2 . Clear thats partly trump trade profit taking, particularly in light of what you said earlier, the tenyear bond yield pull back to 2. 3 . And the dollar pull back. A lot of those trump related trades profiting. Also focus coming into earnings, which kick off today. Just simply expectations are lili higher than they had been for qs 1 to 3. In the short term, expectation for this quarters earnings are tougher to come by. We have Pnc Financial today, also blackrock today. A lot of people are saying not so much about the quarterly numbers, really about the commentary and the guidance that we get from the bank executives. Are they as optimistic as their shoulders have been. The Kbw Bank Index outperforming the Broader Market by four times. Massive moves. But quiet over the last month. That move came in the first four weeks following the election. A lot of people looking for a catalyst. Thats why they say, store instance, stocks were weaker yesterday. Trump didnt give them anything new to buy on. Infrastructure, tax cuts, pro growth policies. To theres been a bit of a pause. On tone, they could surprise to the upside. We have not heard from them as a collective group since middecember, early december. The tone then at the peak of the share prices was very, very positive. I would say surprisingly positive. Given that since then bank stocks have plateaued at best and some have declined, if they reiterate that same tone from a month ago, despite getting closer to trumps inauguration, yesterdays declines could be quickly eroded. New Fund Flow Data this morning to tell you about. Lipper reports stock funds attracted 2. 4 billion in inflows during the latest week. Notefully all of that money flowed into etfs. Investors pumped 4 billion into Investment GradeCorporate Bond fi funds. Jack boguard on yesterday winning the war as the money flows into etfs and out of actively managed funds. The biggest question this year, as volatility starts to pick up, is there going to be a return of the active fund manager . Its early. So far those flows show not so much. Lets turn to todays agenda. December retail sales out at 8 30 a. M. Eastern. Also at 8 30, december Producer Price index. 10 00 a. M. January Consumer Price sentiment. Janet yellen says she is upbeat about the short outlook. Yellen yesterday said the labor market is looking pretty strong. The central bank chief is worried about longer term issues like widening income inequality and weaker growth in labor productivity. Yellen did not offer specifics on the feds Monetary Policy plans. To washington news, the Obama Administration is ending a two decade old policy that allowed cuban refugees to ender the United States without visas. The wet foot dry foot policy began in 1995 in response to a flood of cubans leaving the island nation by boat. Cubans who managed to get to u. S. Oil were allowed to stay and become u. S. Residents. The change comes as part of the efforts to normalize relations between the u. S. And cuba. To the trump transition, one week to go, one week from today until the president elect is inaugurated. No cabinet confirmation hearings today. They will resume next tuesday following mondays Martin Luther king jr. Holiday weekend. On capitol hill today, the house will vote on a measure moving towards dismantling obamacare. The senate voted yesterday to approve that legislation which will set the repeal motion into process. We wait to hear what the replacement will be. To todays corporate agenda financials are in focus. Well get quarterly reports from bank of america, Jpmorgan Chase and wells fargo. As i mentioned Pnc Financial and blackrock as well. We discussed in terms of numbers and sentiment Going Forward what we might hear. The other thing on the deregulation front, it now looks like the fiduciary rule from the department of labor, due to come in force in april is being kicked down. The senate trying to delay that by a couple of years. Interesting on the calls if we get comments on that, that could be the first big step in terms of deregulation coming early. Its something not enforce yet, but a significant step. So thats something on the calls to be listening to. Will do. We will listen for that. Morgan stanley reportedly laid off a number of Senior Investment bankers last week and cut bonuses by roughly 15 . The move comes because of a decline in revenue and dealmaking and Capital Raising which weighed on wall street. This was interesting yesterday, these cuts, particularly to the bonus pool, bigger than what has reportedly been happening at other banks. I see this as a positive. One question in terms of this general more positive outlook for banks is revenues will be higher, will that drag costs up . Either way its good, but how good will it be . I think investors are hoping that the cost cutting measures weve seen over the last couple of years and cost expense target for a few years out are kept. The level of operational leverage the discipline. Exactly. Provided theyre positive about the outlook for m a next year, i think these cuts will be welcomed by investors. It shows a lot of cost discipline. One thing on the cost side, this was an interesting point, the ceo of kbw was on yesterday. He was saying he likes the big bulge bracket banks now because he expects them to take market share from european competitors. In this country and abroad. I wonder how that affects the cost equation and whether you heard that. I think thats been a theme over the last couple of years or year particularly, both with brexit and the big winner is the new York Financial centers and banks here, rather than uk based european banks moving overseas. The new york bank also do better out of that. And deutsche bank, one of the top three Global Investment banks having problems. That benefits the guys that can play. On the flip side f we see deregulation that is likely to benefit Smaller Banks more than bigger banks. Bigger banks can take the cost of regulation more easily. Theyve been complaining and the sifi status they want lowered, so they dont have to participate in the stress tests. In other news, citadel reportedly near a settlement. They have been accused of misleading customers about the routing of their stock orders. Union credit share hoerltsd approved a 13 billion euro cash call under the new ceo. Most of the car will be used to cover loan losses. Shares rising today, but the stock still down sharply on the week. Up 2 today. When we come back, the stocks to watch and on a programming note, next week join us at the World Economic forum in davos, switzerland. Well bring you a frontrow seat right here on Worldwide Exchange. We have a great lineup of guests. Its going to be freezing. Were getting our long underwear ready. Please join us. Well talk to the likes of society generals chairman, the ceo of rusal. It all begins tuesday at 5 00 a. M. Anslnt35shshedacro oth spoke ab m whsticae . Atsm w t good morning. Some stocks to watch today. Anadarko petroleum agreeing to sell its south texas oil and gas assets to Sanchez Energy and blackstone for 2. 3 billions. Pandora laying off 7 of its u. S. Work force by the end of the Fourth Quarter. The company ending 2016 with more than 350,000 new subscribers, and strong advertising performance. It does expect to exceed Fourth Quarter guidance. Lowes expected to cut less than 1 of its work force. The Home Improvement company changing its store staffing model, reshuffling roles and responsibilities of staff to boost face time with customers. Kkr agreeing to buy hitachis power tools unit for 1. 3 billion. The deal is kkrs second japanese buyout. No move in kkr stock price. Wgl holdings, the parent of washington gas, is in talks to combine with canadas alta gas. The transaction could value wgl at 5 billion to 6 billion. Boeing reaching an agreement with indias spice jet for more than 200 planes. The dell including 100 firm 737 max 8 jets. The airline saying the order could be worth 22 billion at list prices. Spice jet doing better off the news than boeing. Shares of renault are down sharply in europe. Reports say french prosecutors opened a probe into whether the automaker cheated on diesel emissions tests. The news was big on fiat yesterday, today renault. Fiat chrysler is rebounding in italy a day after u. S. Regulators accused the automaker for using software to cheat on emissions tests. The ceo, Sergio Marchionne called the allegations hogwash. Also saying today that the epa accusations will not have an impact on fiat chryslers business plantar get targets. Phil lebeau drawing a clear distinction between that case and this one, perhaps one reason why fiat is rebounding. He was very clear. He said our conscious is clear, Sergio Marchionne. And they are bring out these new accusations, the epa, the next administration will have to deal with them. Its all confusing. Marchionne says bring on the Trump Administration. Well talk to the Trump Administration. Scott pruitt could lead a different government office. Investors more relaxed today about this than about the volkswagen scandal 24 hours after that was announced. Still to come, the top washington stories, including the Justice Departments Inspector General saying he will look at Public Disclosures by fbi director james comey. Good morning. Welcome back to Worldwide Exchange. Lets get you up to speed on the markets. A first look at europe which is rebounding today. Germany yesterday was down 1 . The ftse 100 was up fractionally, eking out its 13th straight session of gains. Looks like well hit another alltime close today. Futures stateside looking good. Yesterday down a quarter to a third of a percent. Also those relatively small declines hide some of the bigger sector declines, like banks down over 1 . A focus on that sector today as the likes of jpmorgan starts reporting. The dollar is soft. Yesterday dollar softness was correlated with equity market softness. Today doesnt appear to be the case. Woe have the dollar softness, 0. 4 declines against the euro. Futures still in positive territory. To politics, one week to go until trump takes office. Tracie potts has the latest on the transition and all the other big stories out of washington. Good morning. Reporter good morning. Including a new investigation, the Inspector General for the Justice Department says he wants to look into the fbis directors actions regarding the Hillary Clinton email investigation before the election. This is something that democrats and republicans on capitol hill had been pushing for. The Justice DepartmentInspector General says he will look at Public Disclosures by fbi director james comey, including last summers News Conference announcing results of their investigation into Hillary Clintons email server, and his letter to congress, just before the election announcing a probe of new emails that turned out to be nothing. In a statement, comey said he welcomes thoughtful evaluation and transparency. When a Law Enforcement agency breaches protocol in such an unusual and unprecedented way, i think for the confidence of that agency everybody should get to the bottom of what happened. Reporter there are no confirmation hearings today. The latest dominated by questions about russia. I have very modest expectations about areas of cooperation with mr. Putin. Reporter the president elects relationship with the Intelligence Community is still a concern. The hope is he has people around him who understand it is the crown jewel of everything we do. My obligation as director is to tell the policymaker the facts as best the Intelligence Agency has developed them. Reporter washington is getting ready for the inauguration once week from today. And the team working with mr. Trump says that it will be traditional. But toned down a bit in terms of celebration. Theyre expecting, authorities expecting 800,000, 9 0,000 people. Justin trudeau is weighing in on the future of u. S. And canadian relations. The canadian Prime Minister holding a town hall in ontario last night as part of a crosscountry tour. He talked about having a constructive working relationship with trump but said differences between u. S. And canadian priorities. Canada is the number one export destination for 35 different american states. And this is something that we have emphasized already a number of times to the incoming administration. Trudeau said there are issues that the u. S. And canada can have disagreements on. Theres been a bit of a bromance between trudeau and obama. Not as strong as a different bromance which we will talk about later. Obama and joe biden. Lets move on to sports. And the Golden State Warriors who have the best record in the nba this season, they took on the Detroit Pistons at home last night. Steph curry scored 24 points, but also got all his teammates involved. The warriors hit 15 threepoint shots in the game and blew out detroit with a score of 127107. Did you watch mr. Curry last night . I didnt, shockingly. I already knew they would win. When will he come in on set . Ill try to arrange that for you. Still to come, the top stories including financials as a number of big banks plan to post Quarterly Results. First a look at todays yesterdays biggest s p 500 gainers. Top of the list was tiffany co. Dee nmt. Good morning. Financials in focus. Three banks report Quarterly Results in the next few hours. Fiat shares bounce back after u. S. Regulators accuse the automaker of cheating on emissions tests. Now concerns over renault. And a bromantic surprise. President obama has joe biden in tears, giving everyone a chance to celebrate joebama. Worldwide exchange continues right now. Good morning. Welcome back to Worldwide Exchange on cnbc. Im sara eisen. Im wilfred frost. Lets check in on Market Action this morning after a day of declines yesterday. We finished off the lows. We finished down a quarter to a third of a percent. Though those relatively modest closes did hide some bigger delind declines on sector basis. Kw banks was down 1. 3 . Moves of 2 , 3 in smaller names. The big cap stocks were around 1. 5 declines. This morning we are called higher, about a tenth of a percent, 4 points for the dow. Lets look at europe