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Joins us live from london with more on what the first week of the new year holds for stocks. >> hi, shiba. it's been an ugly start for the new year for stocks globally. dramatic sell-off in china and here in europe the main indices down about 2% and looking ahead to the u.s. open, the first day of the year stock futures are pointing to sharp declines more than triple digits on the dow at this stage and a few factors in play, the china factor i already mentioned, data to the light side but also the escalation and tensions between saudi arabia and iran really keeping investors on risk off mode h...

I put a turbine on a cat. (friends ooh and ahh) i can make hospitals run more efficiently... this isn't a competition! welcome back to "way too early." let's turn to business where the markets are seeing a fresh spike of volatility ahead of a highly anticipated fed meeting this week. cnbc's nancy holgrave joins us live from london for more. is an interest rate hike this week a done deal? >> reporter: well, that seems to be the market expectation, without a doubt the biggest event for investors this week going into a quiet holiday period and more than just the equity side where we've seen sto...

Now let's turn to business where the world's second largest economy reported better than expected growth in the third quarter, but it was still china's slowest since the global financial crisis. cnbc's nancy holgrave joins us live from london. what do the numbers tell us about beijing? >> well, amy, as you suggested, it is the first time that we've seen the growth for the world's second largest economy dip below the crucial 7% figure since the financial crisis. some concerns on that front and largely tied to the fact the government in beijing sticks to the 7% growth target so this number is ca...