>> good morning. this is bloomberg daybreak europe. u.s. investigators are looking into possible links between a suspected terrorist attack in new orleans that killed at least

15, and a cyber truck explosion outside the trump hotel in las vegas. asian stocks start on a sour note as we chinese economic data and the prospect of tariffs hurt sentiments. christine lagarde says the 2% inflation target is insight. after 50 years, russian gas europe via ukraine stops flowing, raising questions about the continents security. good morning and welcome to 2025. heading towards the first trading session of the new year, futures painting and optimistic picture this morning. euro stoxx 50 futures hi 0.8%, flat on the ftse but also looking higher u.s. futures.

a downward and for wall street at the end of 2024, but it was the best two year run since 1998. we will see if that continues as we go into 2025. flipping to the cross asset picture, we do have japanese markets closed so trade in cash treasuries is off until 7:00 a.m. u.k. time but euro-dollar 1.0, christine lagarde's new year's message yesterday saying the ecb's 2% target is insight. branch trading $74 per barrel after the american petroleum institute, gold up a high -- a touch higher and bitcoin with a bigger drop at the end of 2024 as investors took profits off the big rally. flipping over to the asian picture, japan closed but the broader msci asia pacific index is weaker this morning. caixin china pmi's coming in

weaker than expected in the week this is weighing on chinese stocks, the hang seng down 2% and the yen hovering at 157 per dollar. our top story, the fbi is investigating a suspected terrorist attack and hunting possible accomplices after iraq was deliberately driven into a crowded new orleans, killing 15 people at least. president biden is looking into a link between that attack and and an incident in las vegas involving a tesla cyber truck explosion outside a trump hotel. >> we are tracking the explosion of a cyber truck outside the trump hotel in las vegas. law enforcement and the intelligence community are investigating this, as well, including whether there is any possible connection with the attack in new orleans. thus far, there is nothing to report on that score at this time. lizzy: let's get more from bill.

we have had conflicting information on these two attacks so bring us on the investigation. >> it is still in the early hours of the investigation into both attacks, and president biden said it is unclear whether there is a connection between the two. the first one, taking place in new orleans, 15 people dead. the suspect was killed at the scene. he was driving a truck that investigators say had a nice's flag --an isis flag and explosive devices inside of it. there were potential explosive devices found along the route on bourbon street and the french quarter according to investigators. they are looking to determine whether they were linked to the attack or whether they are explosives at all. investigators say they do not believe, or they believe it is possible that the driver in new

orleans had accomplices. that is the lead they are pursuing with the highest urgency right now. they have taken the investigation from new orleans to houston, looking at people the driver may have known better. contacts, friends, family, things like that. they are scaring his social media to see if there are more clues they can uncover. lizzy: anna governor -- the louisiana governor said it was horrific. what does this say about security concerns in the u.s., the new orleans attack in particular? >> i think there is going to be a renewed look at security in cities. certainly, new orleans, the french quarter has always been a gathering place for large crowds. there will be questions about why it was not secured more defensively, why a truck apparently was able to drive

around a police barrier and get onto the road to drive into the crowd. and also, coming ahead of the inauguration in washington, i think there will be a lot of people looking at security procedures for that. he new orleans come the city was scheduled to host a major college football game wednesday night in the parade. that is postponed until thursday. i think we will get a look at security later in the day in united states. lizzy: many happy memories and the french quarter, our thoughts are with the families there. thank you for the update. chinese stocks are lower on the first day of trading of the new year as weak economic data and the prospect of more u.s. tariffs hurt sentiment. joining me is mark. take us through how the first day of trading is kicking off in asia. >> badly, in short, not a happy start at all particularly with

the greater china region. hong kong having a pretty rough start to the year. surprising, with all the effort the chinese authorities were making towards the end of last year to remind investors of the stimulus they are doing and all of the positive aspects in terms of trying to move growth in 2025. yet here we are with little sign they are doing anything today. a speech from president xi jinping does not seem to have rallied the market at all, but the data is not encouraging, whether it is the emi or the caixin numbers today below expectations. there is a story going around that the pboc have been injecting liquidity into the money markets over the past few we say and some people in china suggest that means a delay to interest rate cuts this year and that is obviously not something investors were looking for. they were hoping the pboc would step up really likely, but there would be at least a reserve ratio cut in the early part of

january, and the low crime rate would be brought down. looks like that is being postponed. investors do not like that. january will be a tough month in the chinese region. we have not just the inauguration of trump coming up, but the year is coming earlier than usual. that is in january so investors are looking for recent data on the sidelines, there are plenty. that is what it looks like with a negative start for hong kong and china today. lizzy: misting to juxtapose that with the optimism of resident xi 's new year's message. christine lagarde says 2% inflation target is insight. >> we have a big heavy agenda at the ecb. we made significant progress in 2024 in bringing down elation and hopefully, 2025 is the year when we are on target as expected, and as planned in our

strategy. of course, we will continue our efforts to ensure that inflation stabilizes sustainably and the 2% medium-term target. lizzy: the video posted yesterday, is it realistic what the ecb -- will be ecb hit the target this year? >> it is good to see they are confident that they can achieve it, but there is so much outside of their control will stop traders will be looking for the factors that will move them away from potentially achieving that. they are looking to stay around to percent but that looks unrealistic when you think about what is outside their control. the level of the euro currency is a function of what happens with the u.s. dollar as well, and would look at the u.s. dollar, it is so strong pushing around other currencies around the world especially the euro, which may go below parity

against the dollar. that would impact the inflation outlook in the euro zone so if we see a decline in the euro, that would be a problem for the ecb because they may be reluctant to lower interest rates as quickly as the market expects. currently traders are pricing something like five interest rate cuts in a row coming from the and central bank on top of cuts we saw last year as well. if you get in a situation where inflation starts to be a little sticky, it will be very tough for the ecb to follow through from that point of view so that is something we can't do much about. then tariffs, whether or not, if and when the tariffs hit, they will not just be for china. they could be against the euro found that could be inflationary. so traders will probably be taking this with a grain of salt, and they will not be holding their breath the outcome. lizzy: markets pricing in five cats -- cuts at the ecb meetings

this year. i mentioned about the performance of u.s. stocks over the past two years, the best run since 1998. what do we expect this year? >> the year, traders will not go against what they were doing last year. they see the incoming u.s. president as being positive for the u.s. economy, and for the u.s. equity market. there is an expectation taxes will be lowered again and that will obviously be for people to spend and will help corporate profits. the initial feeling is that whatever we saw towards the end of last year will carry through at least into the early part of this year. the problem for the u.s. equities is that at some and, they are looking expensive relative to the rest of the world. they could reach a point sometime this year when they are so expensive relative to europe and asia, other parts of the world, that investors say it is time to cash in and get out of

the u.s. and deploy money into undervalued markets. that is not happening yet but it is something big investors are looking for at some stage this year, where american exceptionalism starts to unwind. when it does, we will see we -- u.s. equities reversed course but for the first part of the year, that probably will not happen. lizzy: thanks, mark. happy new year to you. later this hour we will take a deeper dive into what wall street expects in 2025 as it is the subject of today's big take. coming up this thursday in terms of eco-data, 7:00 a.m. london time the reading on you a case house prices -- you can house prices, expected to edge up year on year in december because you can't have foreseen quite a solid uptick from the aftermath of the budget.

the uncertainty swept away as well as the bank of england second rate cut in november. then it :00 a.m., 8:30 london time the latest riksbank -- riksbank minutes. i've like this is interesting because despite the signal that there is only one more coat coming in the first half of the year, economists reckon there will be two because of how weak demand is. at the 1:30 u.k. time, the latest u.s. jobless claims numbers expected to tick up, but still suggesting relatively low layoffs even as the labor market cools. you can get a roundup of all the stories you need to know to get your day going in today's edition of daybreak. today, two attacks in the u.s., in new orleans and las vegas, potential links being probed between the two. they are looking at the oil rising on this american trillium institute report of a drop in

u.s. inventory, and christine lagarde talking about the 2% inflation target being insight. check that out on your terminal. coming up no more russian gospel low to europe crane after both sides i transit deal to expire. we will bring you the details and what it means for the continent, next. this is bloomberg. ♪

lizzy: welcome back. russian gas has stopped flowing to europe through ukraine. this will cut russia's revenue

by $6 billion per year and force central european countries to source more expensive gas from elsewhere. priscilla joints me now, following this story on new year's for us. this is historic, but how much of europe's gas needs depend on this route? >> basically 5% of all of the gas needs depend on this route at the moment, but the thing is, this route has been historic, surprising -- supplying oil to europe in the past and the timing is bad. the balance of supplies are very tight which means any loss of supplies will have an impact on the broader market and the broader market, europe as a whole, because prices are interconnected. we are also at a time when the weather is turning cold. europe has benefited from two mild winters that helped the continent weather the loss of

supplies during the energy crisis. at the same time, the storage facilities are depleting at the fastest pace since 2021, which means energy consumption is going up. when the weather turns colder, we see more use of this and the stockpiles have seen as a buffer for this period of cold weather in the past. this might not be an immediate problem this winter, we will survive but it will be a problem for traders when they start stock filing for next season. there is less gas in the system and they will have to look elsewhere, which means higher prices for longer. lizzy: thinking about the countries that have relied on it, slovakia pushing hard for a deal. what will they do to get gas? how much of the diversion will push up prices? >> those countries will have to look at alternatives elsewhere and any alternatives will cost more because they are landlocked. they are not connected by pipelines, which get from russia

, usually those have been cheaper so they will have to buy liquefied natural gas through germany or other ports or other countries. they will have to rely on imports of other types of energy , which will mean higher prices. lizzy: which does that mean for russia's gas revenues? this has been oiling the wheels of the kremlin were machine. what is put likely to do next? >> for russia it is a financial loss. it is about $6 billion per year. at current prices. but they have been looking at other routes since the start of the war. they are looking to china, increasing exports into china, importing has increased exports of liquefied natural gas from russia and received gas getting to europe. so it is kind of a tricky situation because it is a historical route. it has symbolism because this

route started 50 years ago when the middle of the cold war. during the darkest days 50 years ago, gas was flowing. lizzy: historic movement. thank you, priscilla. good to see you. let's check in on oil, looking at brent and wti currently higher about 0.2% in the procession of 2025. this is after over or from the american petroleum institute said u.s. crude stockpiles frank last week, the sixth straight to draw if confirmed later today. oil is stuck in a narrow range since october. brent posting a moderate annual decline, wti in india pretty much where it started but you have investors bracing for a glut this year and that will make it harder for opec-plus to revive production. you have all of the uncertainty around donald trump's presidency

and the tensions in the middle east and china's economic recovery, so that is something we will continue to track for you throughout the year. in other news, citigroup and bank of america are to leave a global climate banking group. the latest lenders to exit the net zero banking alliance, coming with wall street under pressure from republican lawmakers to distance themselves from industry groups that support reducing carbon emissions. part of the glasgow financial alliance is cochaired by the chair of bloomberg inc. and michael bloomberg, parent company of bloomberg news. i mentioned we have to factor into the oil price, chinese economic recovery. we got the pmi numbers from caixin earlier this morning, the weakness factoring into chinese stocks as well.

the csi 300 down 0.3%. indeed, this supplements the data, the official numbers we got earlier in the week. we saw some strength for services. we are in, on the growth side of 50 but it is weaker than expected on manufacturing. factor in the tariff story, the uncertainty around that and also the question of what stimulus we can expect from beijing in 2025. the president-elect coming up, his progress -- his return to the white house is dominating wall street predictions. from u.s. assets to bond vigilantes, we will discuss with the finance world is expecting in 2025. do stay with us. this is bloomberg. ♪

>> looking at 2025 being the year of the great pipit. -- the great pipit. china is likely to outperform the u.s. and uncertainties abound. >> it is very important for china to track the policy space more ambitious, more aggressively and effectively. >> i'm a little concerned as to the durability of the chinese consumer amid some of these weakening external outlooks. >> what i'm looking for is a sudden jolt and a sudden announcement. emphasis on money at. >> -- in the pockets the next 12-18 months in china for investors faced in the u.s. could be a bumpy ride, but for investors who have 3-5 years

time horizon they have valuation on their side. lizzy: our guests giving us their outlook for china. csi 300 lower by as much as 3% this morning but paring some of his losses -- those losses. staying in china, the world's largest emitter of co2 might have reached peak admissions. if so, the world could be in a better position to slow global warming, but there is a catch. >> china accounts for over 30% of carbon emissions globally. this may not surprise you. what might is how long it has taken for them -- that to become the case. >> if you look at the u.k. which began the industrial revolution in the 1700s, or the u.s. where it began in the 1800s, it took decades, centuries for the emissions profiles to slowly rise and hit a peak and slowly fall. china has done that all in fast-forward.

there industrial revolution began in the 1980's after deng xiaoping's reforms and they have seen a massive increase in emissions since then. >> this language check -- tracks china's emissions speaks for itself, and loudly in comparison with these of the big polluters. powering some of the rises this stuff, and lots of it. >> the cover system is heavily reliant on coal power and it is the largest contributor to domestic emissions. >> china minds and burns half of the world's coal to power its economy. >> and economy of 1.4 billion people and rooted in heavy industry, literally producing the building blocks for factories the rest of the world has grown to depend upon. >> any time a country imports something from china, it is exporting its own pollution to china that it would have admitted at home otherwise --

emitted at home otherwise. lizzy: you can watch the whole film on the terminal or on youtube. staying in china and taking a look at stocks in the first session of 2025, a pretty bruising start to the year. the worst start to be year in nearly a decade because of the economic uncertainties and weaker than expected manufacturing data in this private survey from caixin. on the growth side of 50, but below estimates. the csi 300 paring some of its losses. coming up, president biden says authorities are investigating two attacks in the u.s.. lock in let's go. rated e for everyone. [rock and roll music playing] xfinity. made for gaming.

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lizzy: a very good morning.

this is "bloomberg daybreak: europe." in lizzy burden. uzs -- u.s. investigators look between a link between an attack in new orleans and december truck explosion outside the trump hotel in las vegas. asian stocks start on a sour note as we chinese data and the prospect of more u.s. tariffs heard sentiment. christine lagarde says of 2% inflation target is inside. after 50 years, russian gas to europe by a ukraine -- via ukraine stops after a transit deal expired raising concerns about energy security. welcome to the new year, 2025, and checking in on these markets, futures pointing a positive picture toward the first reading session of the year. ftse pretty flat, but wall

street saw a down close at the end of 2024, but still the best two year run since 1998. if we flip over to the cross asset picture, japan is close, so cash trading in treasuries is up until 7:00 a.m. london time. euro-dollar at the 1.03 handle. christine lagarde saying that 2% target for the ecb is insight. oil edging higher after the u.s. industry report signaled crude stockpiles in the u.s. have continued to shrink. we await confirmation from the official government data. gold pretty steady up .4 of 1%, and bitcoin starting the year on the front foot after slipping at the end of 2024 as investors cash in on the record rally. lipping over to asia markets, we have chinese stocks on track for

the worst start of the year. csi 300 down 3% earlier that paring must is now. msci index down .6 of 1%, and the yen hovering shy of 1.57 per dollar. the fbi says that investigating a possible terrorist attack after a truck was deliberately driven into the crowd in to killing at least 15 people. president biden says authorities are looking into any possible link between that attack and an incident in las vegas which involved at tesla cyber truck explosion outside of donald

trump's hotel. we will get more from bill faries. good morning to you. we had the louisiana governors saying the new orleans attack was a terrorist attack. what do we know. >> we are still in the early hours of this investigation in both new orleans and las vegas. federal officials and local police are saying the expected driver of this truck was killed at the scene, that he had inside his vehicle a couple of additional explosive devices as well as a explosive devices as well as a flag that showed support for the islamic state terrorist group. they also said there may have that seems to be the assumption right now, older -- although there was no concrete evidence

coming out publicly that there were additional attackers involved in this. lizzy: you mentioned social media. if we can comb through conflicting lines, we had elon musk saying that both trucks were rented from -- >> publicly we have not seen any evidence linking them. and a second laser driver was believed to be killed in the cyber truck. people noticed smoke coming out of the truck before it exploded. video of the explosion shows a lot of fireworks going off in that area. we do not have as much information about the investigation and what happened

there as we do with new orleans, which happened several hours earlier. lizzy: there will be fears of another attack, so what is been the message from the white house? >> the message from the white house is about the investigators in these two cities are getting additional federal aid. new orleans was supposed to be hosting a major college football game and parade on wednesday. that has been postponed until thursday. i imagine we will see a stepped up presence including federal help in that, and i think there are natural questions being asked about security in places where there are big public crowds gathered, and that will extend to the inauguration of donald trump in washington, d.c. on january 20. there will be a look at the procedures surrounding that event as well. lizzy: we thank you for the update, and speaking of

president-elect, let's get to some of our other top stories. donald trump says he will lobby house republicans if necessary to help elect to mike johnson's speaker. donald trump endorsed johnson on monday ahead of a house vote on friday. johnson facing criticism within the party after backing a temporary spending deal that left out some of trump's demands. nippon steel has offered to give the government a veto over u.s. steel's production capacity and a last-ditch effort to win approval. it is aimed at addressing concerns that the japanese takeover would lead to a decline in output. president biden is expected to block the deal. now to wall street where expectations for the year ahead are normally defined by economic statistics like growth numbers and inflation figures and a host of other double but noteworthy indicators.

in 2025 the outlooks are dominated by a single person who is anything but dull, and that is donald trump and his impending return to the white house hanging over every word for key calls of financial institutions. our team at bloomberg comb through them and our senior editor joins us now for analysis. trump is looming large over these forecasts. what is wall street saying about his impact on financial markets? >> good morning. i think wall street is nervous, both you because he has obviously been making loud noises about potential tariffs. we know that he is a bit bombastic and his approach to politics, so we do not know exactly what we are going to get

when he is at office. even when he is in office he is expected to be unpredictable, and that has added a layer of uncertainty over all of the calls for the year ahead in a way that we have not had in recent years, so pretty much every call from economics to markets is all caveated with the great unknown that is donald trump's second presidency. lizzy: there are a lot of concerns over the several hundred key calls. what else sends out to you? >> i have been doing this for a few years now, and every year there is a general consensus that emerges, but i would say that this year is definitely stronger than in previous years. the overall picture is of u.s. exceptionalism once again coming

to the fore both in terms of economics and asset performance. they're just does not seem to be any perception that the rest of the world can keep up, let alone catch up with the u.s. picture at the moment, particularly with trump coming in. although we do not know what he will do, at the anticipation is that he will be pro-business, light on regulation, and this could add a shot in the arm to u.s. activity. there was also a consensus that inflation, while it is under control, it would be difficult to get it done to target, so rates in the u.s. may end up higher than we expect or not fall as much as the market is pricing right now, but a general a picture that the rest of the world may faces difficulties particularly if trump brings in tariffs. lizzy: so way possible trump

boon. what about our region? are we going to get a european revival? >> the confidence of that is not a high, let me say. europe is seen as having a number of issues. we had political problems at the heart of europe, france is struggling with the government in germany is about to go elections. there is no great optimism about a big brother revival. as mentioned, tariffs could be targeted at europe, which will add another headwind, but also i suppose the one hope is the ecb is seen as cutting rates further and faster than other regions, which may help cushion or redo some of these difficulties. optimism for europe sadly once again is not particularly high. lizzy: we keep an eye on

euro-dollar parity. we thank you for the look ahead, and we will have a live look with bloomberg markets if you have any questions for the team of the year ahead. as we continue to think about what is coming up in 2025, global stocks registering a second consecutive year of gains, and bloomberg intelligence has compiled a list of 50 companies to watch this year with ai and exposure to china among some common themes. now we can speak to tim greg. i am so excited to talk to you about this. obviously a big team of 2024 was ai. now you are talking about trying exposure, but i was struck that is a positive in your view because of the stimulus rather than donald trump's tariffs. >> indeed it is. this is an annual project where

we boil 50 companies together based off of our broader list of bogus ideas to can find on the terminal, and china last year was a big deal, but it was mostly negative because of the property crisis. this year with china stimulus, and there are still questions about it but as that comes through we see more of an opportunity from a positive standpoint than a risk. china wealth is still flowing, and you have companies like hsbc focused on wealth management as a key driver along with other things the new ceo is implementing as an opportunity. there are also plays on metals and mining as an infrastructure story, and there is a chinese aluminum company on the list. qhantro has a china component to it. china consumption will end up

being a positive, so there are several things to complain to or from a china related perspective. lizzy: i mentioned ai. do you think it will be less of a u.s. focus played this year? >> ai was a big deal last year. it is this year. our focus this year is on enabling technologies as opposed to the big ln dems -- l and m's. you have micron technology about high-bandwidth memory, kal, a testing software company, but there is a european story. vat group. valves are critical to create a vacuum is within the semi minute process, and this is a very levered play into this. it is to keep it clean. lizzy: i also went to rescue,

because this is what interest me about this list. what are your biggest leftfield ideas this year? >> that is an interesting question as i think through this. when that jumps out, and it is a household name is porsche. along with some of the other big auto manufacturers, it has tanked. we think that is an interesting story in 2025. some they have already announced , others that they will. we think there is an interesting, new product driven story to come through. lizzy: let's see if more people have their midlife crisis in 2025. we thank you for bringing us those 50 companies to watch. coming up, byd sets a new

monthly record as it vies with tesla. we will dive into the details next. this is bloomberg. ♪

♪♪ ♪ three little birds ♪ ♪♪ ♪♪ ♪♪

lizzy: welcome back to "bloomberg daybreak: europe." chinese ev giant byd has said a new with these deals record on december spurred on by subsidies and extra incentives to buyers. let's get more from our bloomberg h a transport reporter vindaloo -- linda lu. we are looking at byd's record sales numbers, but i wonder where that signals for the chinese ev marketed more broadly in 2025? >> byd sought a spectacular

september where it launched 510,000 deliveries of ev's and plug-in hybrids. that brought their full year sales figure two 4.2 7 million cars, but it also means there is not by space for other companies to really try to eke out market share. some of the smaller players are struggling and not meeting their targets, and you have companies facing financial difficulties, so we are expecting the competition to remain fierce into 2025. lizzy: by contrast, tesla might not reach its deliberate guidance, so i wonder why that is dimwitted means for global eb demand -- ev demand. >> we are seeing analysts estimates putting tesla's fourth-quarter delivery at a record high, but we are not sure

it will take it to the 1.8 million or so ev's tesla needs to sell to maintain slight growth as elon musk has tried to forecast earlier in the year. tesla's experience is not alone. you have other carmakers like volkswagen and mercedes facing weak demand for ev's, and they have had to walk back some of their ev sales goals for the future. this is coming after major european countries like france and germany scaling back or ending ev subsidies this year, so that is taken a hit demand. looking ahead to 2025, tesla is probably helping with the fed cutting interest rates it can spread demand with lower costs and maintaining auto loans, as well as new product cycles with tesla trying to get its

robotaxis to market. lizzy: the big question, could byd be tesla and be the world ev champion? >> that is a really good question. we are watching to see how byd performs domestically as well as globally. we all know chinese ev's are facing trade action from key markets such as the eu and us, so we can momentum slowing down for chinese ev exports a could affect out byd's numbers to overall in 2025, and looking at tesla if they could get more products at affordable pricing this year that could possibly lift their sales. so we are really trying to see which of these two, byd or tesla , will get the sales crown for the best-selling ev brand for 2025.

lizzy: she will continue to monitor 2020 five. i went to stay on china and check in on markets this morning, because chinese doctor having to restorative year in more than a decade. csi 300 down 3.6%. investors citing economic uncertainty surrounding donald trump in china stimulus. we have weaker than expected manufacturing data out this morning, caixin pmi number. trading volume high in hong kong, low in shanghai and shenzhen. investors are waiting for more catalyst to become clear before they get in on the moves, but if we think about how this will translate into the european session, euro stoxx 50 futures pointing higher by .5 of 1%.

with futures to the downside because of chinese exposure, but the chinese pessimism will not filter too heavily into the european session. also interesting to note pboc boosting support for the yuan after the currency's year end tumble. they have cited the daily rate to stop it weakening from further after the offshore you want fell to the weakest point by 2022. what we think about 2025, wall street banks forecasting a continued decline in the yuan to 7.5 per dollar in 2025, so we will keep across that for you and the impact into the european session. plenty more ahead for you coming up on "bloomberg daybreak: europe." stay with us.

this is bloomberg. ♪

lizzy: welcome back to "bloomberg daybreak: europe." if we flipped the board in terms of what it means for russia, ukraine accounts for nearly half of russia's gas supplies to europe, so if you take away the green that leaves turkey as a source, hence the price rise in the first chart. you need to factor this in when

you are looking at the got look for inflation in europe. we heard from christine lagarde saying the ecb 2% target is insight. markets are priced in five more ecb cuts in the eight meetings were 2025, and if we look at the outlook for global economies, you can see the u.s. is likely to have the best growth, but europe, a lot of weakness kinds of the cuts. the opening trade is next. this is bloomberg. ♪

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anna: good morning from london and a happy new year. i am anna edwards alongside guy johnson and kriti gupta. chinese doxy there were start to the year since 2016 a midweek of them