>> i'm tom mackenzie in london. these are the stories that set your agenda. asia stocks and u.s. futures trade higher.

more rate cuts next year. hedge funds meanwhile, wager the yen could weaken to 1.65 versus the dollar in coming months. japanese media reports nissan and honda aim to finalize a merger were you meant by june. former nissan chairman carlos ghosn says it is a desperate move. how's president rebuffs donald trump's threat to reimpose u.s. control over the panama canal. the president-elect says transit fees at the waterway are, quote, ridiculous. lift coming through for equities from inflation that rose stateside in terms of pce at the slowest pace since may. european futures are largely flat heading into the monday

session. on a shortened week in terms of trading with two weeks of losses for european stocks, we will see if this changes as we look at the ftse 100 after his and similar territory, s&p futures looking at gains of 0.5% after the upside of over 1% friday tied to the pce data the team to paint a more benign picture of inflation in the u.s.. futures pointed to the gains of 0.7% looking to add 157. let's look across assets with a focus on the u.s. 10 year you -- 10 year given the adjustments, pricing and a few more basis points in terms of cuts for 2025. at the markets on the back of the data, 452 on the rest benchmark 10 year, the euro back above 1.04 but for how long is the current, is the question is some come out -- call out parity for the euro, currently 1.04 on the single currency. the u.s. dollar 0.1% up.

brent, looking at the tensions, verbal and rhetoric around the panama canal, we will see if that is resolved in terms of trump's thinking on the question. a bit of a lift on the back of that story. bitcoin over 95 thousand, below the 108,000 it reach last week taking a bit of a breather. crypto's up 0.5 percent. checking in on asian markets, getting a bit of a lift on the back of the cooler inflation picture in the u.s. certainly taking the hand and the baton from the u.s. picture on friday, the benchmark currently adding gains of the msci asia pacific, csi 300 mainland china euro .4%, officials and the premier talking about the need to focus on the semiconductor space. they have seen a lift insurers there in china. the nikkei in japan adding 1% and the kospi and south korea gaining 1.5 percent, decent session for korean stock setting 36 points.

asian stocks and u.s. futures are trading higher after the feds favored inflation gauge cool, reigniting rate cut bets. the san francisco fed president is comfortable with the projection of two rate cuts next year. >> now i feel we have the recalibration phase behind us and we are in the next phase, which is really looking at the incoming information, we could return to a more typical pattern of gradualism for the fed. my projection is that it will take many fewer rate cuts next year than we thought, but i will watch the economy and see if that works out. tom: let's bring in ven. talk about how bond traders are reacting to the gardens. last week we had a hawkish pivot, then to close out the week, slightly cooler than expected pce inflation core and gauge for the federal reserve

coming in slightly cooler than some that expected. wrap that up in terms of how bond traders are projecting into 2025. >> good morning, tom. i think the markets are a bit more optimistic after the pce print. what we heard from mary daly was important. gradualism is the watchword in the markets think that maybe the fed will be able to shore up two rate cuts. they are not yet there but the thing to remember is, 2.8% on pce, if you look at the print in the past three months it has nudged higher, not lower and although it was lower than estimated for friday, it wasn't the number the fed is going to be comfortable with. the fed has penciled into .5% pce for 2025 so until it ebbs meaningfully, the fed will not say we need a rate cuts. gradualism is the word and that

-- they are data dependent but not data point dependent and that is the point the markets were missing on friday. tom: you zero in on the gradualism phrase being used by mary daly. you think that is appropriate as we think about the projection around rate cuts into 2025. do you have clarity? this is a live debate right now within the fmc and indeed among officials and other central banks. the likely neutral rate in the new regime, do you have parity dion where the number is? -- clarity on where the number is? >> the fed implicit leak penciled in a rate of 1% because i neutral rate is 3% so if you backup inflation from that, you get one percentage point so that is much lower than what fed officials have said outside of the dot. if you look at michelle bauman and other officials, they pointed to the rate being as high as two point 6%.

it is probably not as high as 2.6% but it is probably between 1.25 and 1.5. if you factor in the core pce hovering around 2.83 percent, that itself would call for a fed funds rate of 4.25-4.5 which is why i think the watchword will be gradualism. the and is aware of where the neutral rate, the real neutral rate is and they will not be cutting rates hereafter as much as they did in 2024. tom: ok. ven, thank you. a view on the real neutral rate, may be between 1.25 and 1.5 for the u.s. with the stress on the gradualism we should expect from the federal reserve into 2025, given the concerns about the relative stickiness of some components within the inflation gauge. thank you very much indeed. a corporate story right now,

more details in terms of this potential tie up between honda and nissan. japanese media reporting honda and nissan aim to finalize a merger agreement as soon as june of next year. the automakers expected to hold a press briefing after board meetings later today. former nissan chairman carlos ghosn told us friday the merger talkshow nissan is in panic mode. >> they have a cash problem. they have investment problems. they have been really hammered in the united states. they got practically out of europe, they are being challenged in china and there is no plan in front of them, so there is panic mode inside nissan. tom: ok, carlos ghosn speaking to bloomberg friday. let's bring in a reporter danny lee in hong kong covering the story for us. we hear about the talks progressing today.

making progress, we have been speaking to japanese government officials and we are likely to hears at some point later today. what is the latest? >> i think today we are expecting to hear the starting gun of an agreement to kickstart the formal merger talks here. and that's really came about because this morning, we had the presidents of nissan, honda, and nissan's junior partner mitsubishi all spotted at japan's ministry in tokyo, entering and leaving. so that kind of gives a strong signal that the group had also come to some kind of agreement and wanted to tell the japanese government they were going to press ahead. so the idea of this auto megamerger is one that honda is leading, is one that is the only option left on the table from the weekend. so as everyone coalesces towards

this, it is important because of the way in which the japanese government is going to be key in supporting this deal going forward. some of the headlines we heard this morning in asia, we have some kind of timeline that could come around the merger. the idea of getting the merger agreement by the middle of next year and fully coming together between honda and nissan by 2026, and with honda being orchestrated save nissan, they would want to take the pick on the president to lead this large group as well, so you can see how much honda is trying to exert its influence at the expense of nissan here. tom: honda using its clout versus the challengers, in a week it -- and a weekend nissan. what are you going to be looking for in terms of details today, if indeed a formal deal is announced? >> what will be fascinating is,

to what end the carmakers are going to try to structure this deal. again, the timeline around how quickly they want to do the deal given the urgency around nissan getting the house in order and potentially what is on and off the table with regards to how the merger might come together in terms of jobs, resources, finances, particularly just how they will both have to address the strategy issue that really is dogging nissan right now, the fact that it is under tremendous pressure on sales and missteps and strategy, which put them in a position where they have to knock on honda's door. tom: indeed, the missteps and the competitive challenge at -- and many automakers are facing our competitive challenge particularly from china. this potential merger, put in that context of that increased competition from china and more

broadly the challenge of the transition as well as we looked at 2025. >> the idea of honda and mitsubishi and nissan coming together would make them potentially the third-largest automaker in the world. the heft and the resources, would be significant. when you see just come of the rise of chinese automakers led by byd and also how far they are coming in with the folio of electric and hybrid vehicles will be important in the japanese automakers, aside from toyota, have some heft behind them as they have to weigh up against the competition into -- in the form of chinese ev players going forward in the challenge for the global auto industry in 2025 with tariffs and the uncertainty over sales of eb's and more broadly, consumer demand for cars, will be a fascinating thing to see how everybody tries to get their

house in order. tom: danny, thank you very much. joining us from hong kong as we keep an eye on the meetings that are ongoing. in tokyo. between nissan and honda on a potential merger deal. thank you very much. the u.s. has lifted a $10 million bounty on syria's de facto leader after he was met in damascus last week by an american delegation. the u.s. says this was needed for washington to engage with the country's interim government. let's bring in joumanna. it is the move by the u.s.? joumanna; it is significant but it is important to remind everyone that hbs is labeled a -- hts is labeled a terrorist

organization by the u.s. and others and the removal of the bounty, i would say it was a prerequisite for the u.s. state department officials to be able to meet with the leader in person. the delegation headed to damascus on friday met heavy security led by the state department main person in the middle east. she sat down with the leader and they had a conversation, after which she said he was impressed with his pragmatism, he came across as pragmatic and the priorities of this new transition government were rooted in getting syria on the road to the road to economic recovery. it is a sign that the u.s. is willing to work with the new and transitional syrian government. she was asked about the potential removal of sanctions, which has been an issue and sticking point of course, one that has held back the syrian economy during the course of the civil war. but she didn't comment on that. one key feature, key element for the road to recovery for syria

would be unlocking sanctions in order for them to get there, it also means this transitional government would have to abide by certain principles that are being put down by the u.s. and western officials. namely, that they have to continue to respect the rights of the minorities, the ethnic minorities and religious groups within syria. it is a pluralistic cosmopolitan society. there is a concern that due to the very early roots of this group, hts, they could resort back to some of their extreme tendencies. the messaging has proven to be more moderate, but not enough at this point for the rest of the world to talk about one, removing the terrorist designation and number two, allowing for the removal of sanctions. tom: so the terrorism and sanctions question may be kicked down the road, a question for the upcoming trump administration. a number of different layers in the region, actively getting involved in the fate of syria

and its future. hearing reports that saudi officials have been meeting as well with the new cerium leadership. what are the details there? joumanna: many delegates have flown into damascus to meet with the leader and the turkish foreign minister included been a saudi delegation met with him, another crown prince himself obviously but a representative from the royal palace. notable because saudi arabia has sort of rejected any forms of extreme islam in the past year, and the fact that they are willing to engage with the leader validates his sort of self-rebranding as a moderate and that is not just buy the things he said, but also the way he dresses has changed over a couple weeks, up until the top line of the assad regime, dressed in militia gear, now dressed in suits and ties and brandishing credentials as a serious politician and someone who wants to do the right things

by the syrian government. there is a talk of institutions but vis-a-vis saudi arabia, an interview last week al-sharaa was sort of praising the saudi economic approach, saying the 2030 vision is a model that syria could look to altman -- emulate. he would love an economic vision similar to the one saudi arabia introduced so more signals around the world that leading countries from the region and outside the region are willing to give the new government a chance. tom: joumanna, on the latest when it comes to syria's new leadership and the attempt by different parties within the region and outside, including the u.s., to shape the future of the nation or at least have a stake in its future. thank you. coming up, the feud over the panama canal. president donald trump threatens to reimpose u.s. control over

the waterway. we will have a look at the details. how serious he actually could be, and the response from the panamanian authorities. that is coming up will stop this is bloomberg. ♪

tom: i'm back to divert europe. panama's president rejected donald trump's threat to reimpose american control over the panama canal. the president-elect play -- claims the waterway fell into the wrong hands and u.s. vessels are being charged exorbitant. >> the fees being charged by panama or ridiculous. highly unfair. especially knowing the extraordinary generosity that has been the stowed to panama. i say foolishly by the united states.

this complete ripoff of our country will immediately stop. it is going to stop. >> every square meter of the panama canal and its surroundings belongs to panama and will continue to be. the sovereignty and independence of our country are nonnegotiable stop -- nonnegotiable. tom: bill joins us now for the details on a story that seemed to come out of nowhere over the weekend. another day, another threat from donald trump. >> yes, no one saw this coming at all. donald trump aim at panama, it is unclear if his main issue is with the fees that all ships pay to cross through their or if it has to do with the chinese linked company that controls i think, runs two of the five ports along the canal. he is taking aim essentially had a treaty that has been around

for nearly 50 years. the panama canal authority operates somewhat independently from panama's government and the canal is a horse a huge contributor to panama's gdp -- of course a huge contributor to panama's gdp. panama and the u.s. have had a good relationship over the canal. panama had issues with water shortages that limited traffic that can go, but by and large, this asset provides a huge benefit to the u.s. and the u.s. system of trade. tom: this all coming after a fresh reminder of the volatility at least that can be caused in the domestic policy -- politics of the u.s. by trump and mosk last week with the nailbiting count down to a potential shutdown, got very close to that, managed to avoid it and got the bill across the line, the president signed it. what got it across the line? what are the hills and where does that leave funding the government? >> in terms of the last-minute

agreement it did not end up, the final deal that was passed by both houses of congress and sent to the president didn't differ that significantly from the first deal that elon musk kind of lead the charge on blowing up. he announced his opposition, then donald trump and jd vance came out a little bit after that announcing their public opposition to it. what donald trump really wanted in that deal was something he didn't end up getting. he wanted an increase, he wanted the debt ceiling raised under the biden administration so it would not be something he would have to deal with next year it in the early months of his presidency. he will have to face the debt ceiling increase probably at some point next summer. what he got was an extension of government operations, the funding at current levels through the middle of march, so donald trump takes office january 20. within about six or seven weeks of him taking office, he will be

involved in his own fight over government funding for the current fiscal year, and that should be quite a preview for what lies ahead for trump and his presidency when it comes to funding the federal government. tom: he is not over. he has managed to avoid it but the debt ceiling is a question once again for the u.s., this time under trump of course. bill, thank you, with the details in terms of panama and the funding agreement that was secured at the last minute the government in the u.s. open at least until march. coming up, shares in europe's most valuable company, nova not ask -- novo, phil the most on record after disappointing weight loss growth trials. we will have the details on the program of the broader significance for novo. stay with us. this is bloomberg. ♪

tom: welcome back. some of their stories making the news, german judge ordered pretrial detention for a man suspected of driving a car into a german christmas market. the incident list five dead and dozens injured. the man has been identified as a doctor of saudi arabian origin who works in the region. authorities are investigating his potential motives, including earlier warnings from saudi arabia. russian president putin has met with slow back prime minister robert fico in a rare visit. they discussed the looming end of a natural gas supply deal, the talks taking place a week before the expiry of a transit contract between moscow and ukraine. it allows about 15 billion cubic meters of russian pipeline gas per year to be shipped to a

number of european countries. several nations are trying to put together a deal that would work for kyiv. prime minister of france will not a notes a new government until the day until the earliest. a new team was like -- was supposed to be unveiled over the weekend. the previous government was removed from power this month after left and right wing lawmakers ignited to back motion over the 2020 -- 2025 budget bill. adding some lines crossing in terms of conversation between nissan and honda, they will hold a joint briefing including with mitsubishi, shortly, 5:00 p.m. japan time. where can nfl fans get a great deal that turns christmas day into game day? x marks the spot. the nfl is streaming christmas day games exclusively on netflix, and you don't want to miss a moment. gather round the game because nothing says holidays like family and football. now xfinity customers can add streamsaver

including netflix, peacock, and apple tv+ for just $15 a month. stuff your stockings with tons of entertainment and tons of savings. bring on the good stuff. xfinity.

tom: morning, this is "bloomberg daybreak: europe." these are the stories that set your agenda. center's -- santa about a gizzarelli. that's for marie because next year. hedge funds wager, again could we can to 165 against the dollar in coming months. japanese media reports nissan and honda aim to finalize our merger agreement by june as the former nissan chairman tells us of the tie up is a desperate move. panama was president rebuffed donald trump's threat to reimpose u.s. control over the panama canal. the president-elect says transit fees at the crucial waterway are ridiculous. much again on these markets. relief coming through in terms of slightly cooler than expected inflation data out of the u.s. pce gauge that we note that

officials keep a close eye on coming through at the softest pace. that led to any exit release stateside. s&p ending higher by four percentage points. european futures after, down .1 of 1%. volumes will be thin during this christmas week. two straight weeks of losses for european stocks. ftse 100 futures flat. nasdaq 100 futures looking to add 170 points. let's flip the board and the cross asset. u.s. 10 year yielding 4.52 on the benchmark 10 year. euro-dollar currently at 1.04. brent getting a lift around concerns focus around the panama canal, the threats coming through from president trump. bitcoin just around the 95,000 level up .1 of 1% so far in the

session. let's check in on the asian markets as well, which i fed so far a pretty decent session. msci asia pacific currently gaining. csi 300 up .3 of 1%. nikkei performing well as well currently up more than 1%. kospi up 1.6 percent. let's get the latest lines in terms of nissan and honda and this plan around a potential merger. we are now hearing at 8:00 a.m. you get time there will be an news conference between nissan, honda, and mitsubishi. we will bring you the lines when they break, and that is in a little under 1.5 hours. in terms of what we are seeing, honda and nissan boards have decided to begin merger talks according to reports out of

japan. the boards have both decided to begin merger talks according to reports from japanese media. we note that executives have been beating the japanese government officials as well presumably to get their sign off or agreement to this potential merger between these two automakers to try to right size nissan that faces a significant slowdown in sales, missteps in terms of strategy, the competitive threat of china and its cvs as well and try to square up versus their domestic competitor, toyota. so all of those issues are being worked through amongst board members of nissan and honda as they decide they will begin does merger talks according to japanese media reports. looking at a time frame of june of next year before the merger is complete according to reports by 2026. we see gains of 1.6% so far for nissan.

now to a major corporate story in europe, and this is one that shot of the markets on friday. novo nordisk shares falling by the most on record after a failed attempt to leapfrog rival eli lilly and the red-hot market for obesity drugs. novo's experimental obesity shot help the patient's lose an average of 20.4% of their weight over eight weeks, short of the 25% weight loss the danish drugmaker had repeatedly predicted. novo is a's biggest company and looks at two and the year deep and negative territory. let's bring in our correspondent for the latest. it was a remarkable day on friday when the top -- stock took a massive hit on the nose, when it's $25 billion wiped off -- $125 billion wiped off.

>> no one is counting on this drug to position itself as a leader for weight loss drugs, and it released results of a late stage trial on friday, and investors were disappointed. the problem for novo was people did lose a decent amount of weight, 20% of your body weight does not sound bad, but the problem with novo is a promise too much. he promised before results of that it could deliver 25% weight loss, so it was confident and expectations were high, and that is what we saw such a strong market reaction on friday. some of it we covered a little bit on friday. we will see what happens down when the open shortly, but it was not a good start to the christmas holiday for a lot of novo executives. tom: probably one of the worst start to they could have hoped

for. what does it mean for novo going forward? do they push ahead with this drug or look at alternatives? >> they are, and the normal sense on friday it was encouraged by the results. it still intends to launch the drug in the market in 2026. i think we are still waiting for a lot of details around this trial, and novo said it will release more information next year, and i think there are big questions to be answered. for example, novo during this trial allowed patients if they want to do to remain on the lower dose instead of the stepping up to a higher dose, and a lot of patients decided to do that, and that may have impacted they had led results, and the big question now is why did patients decide to stay on the lower dose? is it because of side effects, and which case that is not a good story for novo, but it could be a more positive one of

may be patients were simply just happy with the slower weight loss, so there are a lot of details that will come out that will help us better assess the future of the drug and novo's future pipeline. tom: it was interesting to see the analyst notes sent to focus on the dosage and the rationale for why that may have been the case, so we await your details on that front. sanne, what is your view on how this changes what is a hugely competitive and lucrative weight loss drug market? >> you mentioned eli lilly before, and that is novo's main competitor in this market, and some analysts say while this means eli lilly has the upper hand in this big market for weight loss drugs, i think it is worth noting that at the moment in the market there is not really competition just yet.

both novo and lilly are selling as much of their weight loss drugs as they can produce, ramping up production. other players are trying to enter the market. some are developing a weight loss pill that may be disruptive, so there is still some way to go before we see this competition played out before we could really decide to is the real leader in this market. tom: ok, excellent, thank you on the update in terms of the travails of novo nordisk and how it may reshape the competitive landscape for those weight loss drugs. now to the u.k. were businesses here are pushing prime minister keir starmer for a new deal with the eu debt reduces complexities for exporters. a survey by the british chamber of commerce found only 15% of businesses think the current deal helps them grow sales in the eu.

keir starmer says he wants to reset relations with the bloc. u.k. private sector activity is expected to decline steeply in the next three months according to a survey of the confederation of british industry. businesses are in all major sectors are expecting volumes to fall. the bleak outlook is putting pressure on chancellor rachel reeves to show she can deliver economic growth in the new year. let's get back to japan, because we have had these lines crossing around this major potential merger that we been covering between nissan and honda. we know that there will be a press conference at 8:00 a.m. u.k. time according to japan's hnk. they say the boards have decided to begin those merger talks, and we expect more details at at :00 a.m. u.k. time -- 8:00 a.m. u.k. time.

the architect of the alliance says merger talks suggest nissan is in panic mode. he was speaking to bloomberg on friday and said that while there are similarities between them, cooperation between the two firms will be challenging. >> it is a desperate move. it is not a pragmatic deal, because frankly the synergies between the two companies are difficult to find. there is practically no complementarity between the two companies. they are in the same markets, the same products, the brands are similar, so in a certain way from one side nissan, it is a desperate move to try to find the future, and from the other side, a honda, which i understand there were not excited about this move, but someone had the big say in it.

they are trying to figure out something that get marry for short-term problems of nissan in the long-term visions of honda. >> do you think honda is being pushed into the steel by the economy ministry rather than the value of the deal? >> without any doubt for me. having lived in japan for so many years, i understand how influential it can be, and from all of the data i received about the performance of nissan, which is been in miserable for the last 2 to 3 years. they have cash problems, investment problems. they haven't really hammered in the united states. they got practically out of europe. they are being challenged in china, and there is no plan in front of it, so there is panic mode inside nissan. >> you dealt with the japanese,

nissan. you understand the metrics to get these organizations together. is the government going to have to deliver backstops to honda to make this work? >> no, i think in a certain way trying to push on that into the steel, obviously honda must have some kind of benefit out of it. if not on the short-term, at least on the mid-and the long-term, but that will be closely monitored to make sure the impact on the japanese society is not going to be too big, because when you have two companies of the size and practically in the same market with practically the same strengths and weaknesses, there are going to be a lot of costs to be taken out and there are going to be a lot of duplication to be taken out. so this is going to be closely monitored. >> it is driven by the ministry

of economy, so there is a political dynamic to this. is this japan creating, putting two companies together to really try to stand up to the competition from china? is that part of the narrative? >> without any doubt. it makes a lot of logic today. the chinese automakers are on the winning side. they became the largest exporter of cars. they are the largest maker of ev's. they are being successful in a lot of new technologies, they are doing fine cars, so in a certain way it is a defensive mode that is going to be trying to shore up the japanese industry and avoiding a cataclysm. first is social cataclysm in japan, and particularly to try to reinforce these companies on the foreign markets. tom former chairman of the

nissan mitsubishi alliance. to another automaker in trouble and the rise of the chinese ev industry as left german car giant volkswagen in a tough spot. bloomberg originals has been looking at the existential challenges the company is facing and the flow on effects for europe's biggest economy. >> cars are integral to germany's modern and economic industrial identity, a pop-culture export and political lightning rod. 80 seven-year-old volkswagen embodies this on a global scale. >> it employs 680,000 people around the world. it has dozens of production locations are met millions of people in other industries are reliant on the business that they get from this company. >> it on several household names , some are wealthy indeed while other dissent from the principal

demographic. >> there was a big celebration in germany to mark the one millionth people's car since of the war. >> the idea was that every individual would be able to afford one. >> decades later to be portfolio generated 320 billion euros in sales. tom: you can watch the full documentary on the terminal at bloomberg.com and on the bloomberg originals youtube channel. coming up, softbank's founder is quietly plotting to build his own ai chips to take on nvidia. we will discuss the details of the plan next. this is bloomberg. ♪

tom: welcome back, softbank is preparing to bet big on ai including a $100 billion investment in the u.s. the company's redemption plan is the focus of today's big dig. bloomberg technology editor joins us with the details. it is always fascinating to read about the plans, and part of that is tilted towards investment in the u.s.. what has masa been trying to do, the renewed ambitions, and why? >> masayoshi san is back and easier to fight for his legacy. he sees efficient chip architecture as the key to build out an ai ecosystem that goes far beyond the data centers where nvidia is dominant. so he sees a future where ai is

everywhere in the homes, your pocket, and he is ready to utilizes 90% stake in arm to get there. he was an early investor in nvidia and sold his stake in 2019 only to see nvidia emerge as this leader in ai, some think he has been navigating for for over a decade, so it is something that she realized by seeing nvidia's surge that this is something he wants to do. he wants to make his mark in this playing ground. she could send out a prototype as early as next under -- su mmer, and they are aiming for for shipments by next year. they are already approaching possible customers. this is the masayoshi son that

we know. tom: the ambition is there in terms of the timeframe. you talk about the legacy and maybe regret that he sold down it would be a vastly valuable state in nvidia, so the legacy is interesting. talk about how this will be different from the vision fund. he will still burn from investments in companies like wework. >> this is a different masayoshi son. from what our reporting shows this is someone who seems much more open to listening to pushback. this is a masayoshi son who is going into unfamiliar territory. semi conductor manufacturing is completely different from the kind of investment or telecom operations or broadband rollouts

he has been familiar with until now. we are talking about clean rooms and nanometers and the intersection of chemicals and nanotechnology, craftsmanship, optical engineering, so he has forced to listen to his engineers and particularly the arm ceo. in that sense, there is hope that there will be some checks that he may not have had in the vision fund. >> some checks from the team at arm with the headquarters in cambridge having been an originally u.k. founded a business. you can read more on and i big dig go and on -- ni big take go

on bloomberg.com. they have a 90% share in the gpu market, so chipping away will be a challenge but highly lucrative. there are more details coming up in terms of year to date, some of the most we have seen across global assets with a particular lens on u.s. stocks. stay with us. this is bloomberg. ♪

tom: welcome back. as we lead up to the end of the year with reflecting on some of the equity stories and how they have evolved in the last 12 months or so. the outperformance of u.s. stocks versus the rest of the world has been a key theme in 2024 and has been pronounced. you have to catch your eye back to 1996 to see the kind of

outperformance when it comes to u.s. stocks versus the rest of the world, and it has been narrowly concentrated. some have flagged that is a risk and suggest there will be opportunities to rotate out of megacap tech names and broaden that out in 2025 is rates become lower. it remains a key question on whether the rest of the world can catch up. the ecb come to the rescue and will those rate cuts give european stocks some of the ballast that were missing. let's flip the board and have a look at some of the targets, we are analysts are most bullish and bearish. oppenheimer talking -- topping 7100 and terms of this targets looking with a lens on the s&p. when it comes to the most bearish, let's flip the board,

5500. ubs, 6400. jp morgan and bank of america a little more nuanced with questions or on taxes and inflationary risks. some would suggest the outside chance of the fed coming back with a rate hike at some point next year. do not forget about having that on your radar. in terms of the ai rally, the transition has been fascinating and terms of the games that came through from the networking equipment maker, the likes of supermicro, then it moved to nvidia and vista. software next for 2025. there is nissan and that story coming up. this is bloomberg. ♪ tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars. (clears throat)

okay. most of you are not rock stars. oooh. data driven insights, and large language models. oh, that's so rock roll. it is, right. he gets it. yeah. where can nfl fans get a great deal that turns christmas day into game day? x marks the spot. the nfl is streaming christmas day games exclusively on netflix, and you don't want to miss a moment. gather round the game because nothing says holidays like family and football. now xfinity customers can add streamsaver including netflix, peacock, and apple tv+ for just $15 a month. stuff your stockings with tons of entertainment and tons of savings. bring on the good stuff. xfinity.

♪ >> good morning from london, i'm guy johnson alongside tom mackenzie an hour away from the opening trade so what do you need to know? it has been confirmed that