see the best trolls movie yet. ha, ho, whoa! poppy, i'm your sister. my what? whoa. hey man, am i the only one without a long lost sibling? good monday morning. welcome to another hour of s "squawk on the street." one of barron's advisers, holly newman kroft is here with her look at the market as we head into year-end. wheaton is outperforming both gold and silver this year. the ceo will join us on the heels of results. it's one of the largest sovereign wealth funds in the year, $700 billion in assets. the head of singapore's sovereign wealth fund is with us this hour. dow just eking into the green. s&p is down still holding 4400.

yields have been elevated on the heels of that moody's credit watch thing on friday, adding to some concerns about fiscal sustainability. the time being the bulls trying to string a third positive week together. >> with five legislative days left before another potential government shutdown. we're getting breaking news out of the new york fed. let's get to steve liesman with that. >> sara, these are the closely watched inflation expectation numbers from the new york fed. they are one year and five year, fell a little in october. the three-year unchanged. take a look at the data. one-year, down 0.1%. three-year unchanged and the five-year consumer expectations down 0.1 to 2.7%. i'll give you other day data. expect home price growth unchanged at 3%. about average. represents a big decline from the pandemic years where it was in the 5.5 to 6% range. the expected earnings growth, 0.2% down to 2.8%.

it remains elevated from the pandemic where it was 2.25 to 2.50. the perceived probability of losing your job up 0.3 to 12.7. still below the pre-pandemic era. the perceived probability of finding a job up marginally. little change in delinquency expectations, something else we're watching. i think it becomes an issue, these numbers are kind of stuck, those inflation expectation numbers at an elevated number. they're obviously down from where they were. i guess we have to watch with a decline in oil and gas prices, if that creeps in or does the fed have a problem of inflation expectations being stuck at a more elevated level. >> there was a lot of commentary over the weekend with what university of michigan inflation expectations coming in a little higher. do we know if they weigh that versus market-based inflation expectations, which have been pretty anchored, as they would say? >> well, somewhere on the fed's website there is a column or a

data repository of all the different inflation expectations that they watch. i guess next time we'll do this, i'll come up with a link. but they watch it all, i guess is the answer to your question, including the market-based ones. you'll notice when they make commentary, they say that market-based inflation expectations did this and survey did that. they watch it all, put it all together. the key thing is whether or not they're going to feel like they have to do something if we're kind of stuck at that 3% level when, of course, you know 2% is their target. like to see inflation expectations come down to that level. >> especially if financial conditions keep softening, which they don't necessarily want to see, right, steve? >> it's an interesting question. we're at that 4.5%, call it 4.60 and change today. but we were up at 5%, down at 4.5%. some people thought, we had commentary this morning, that the reason why powell may be at the margin was a little more hawkish is because he did not want to see inflation expectations loosen. i kind of disagree with that

commentary. i don't think powell will be out there trying to tinker with the level of the ten-year. he's got enough problems just setting the fed funds rate. >> same for the s&p with the rally. >> for sure. >> steve, thank you. steve liesman. those new york headlines kicking off i a big economic data. all expected in the next few days. even though our next guest says those numbers could move the market higher in the short term, she's finding value in investment-grade fixed income and the private equity markets instead perform joining us now is neuberger berman private managing wealth director holly newman kroft. she oversees $3.5 million, inducted into barron's hall of fame of financial advisers. quite an introduction. great to have you. >> great to be here. thank you. >> since we last talked, there has been a lot of volatility swings. how have your clients navigated it? >> yeah. it's been four or five weeks since i last saw you. the market's gone down. the market's come back up. we're probably in the same place

today that we were a month ago. but we've been able to take advantage of all those market movements for our clients. so, when the market's down like october, we can take clients who have underweight equity exposure and maybe add money to equities to get those clients to a neutral weight. in november when we've seen a nice rally, we'll capture some gains for clients that are overweight equities and reduce their exposure to neutral. we're looking for clients to have a pretty neutral equity allocation as we end the year. we're tax lost harvesting all year. it's no longer just a year-end phenomenon. eve if we've been taking gains, we've been able to harvest losses all year. when you look at the equal weighted return of the market, six months of the year it's been negative. the growth is really fueled by such a small handful of stocks. we've been able to capture some losses to offset any gains we might be taking now. >> it's consistent with your view in the last few months, the

last year or so. it's been pretty cautious on the equity market. you like private credit better, private equity. why better in the private market than the public market? >> private credit specifically, companies can't access debt. you know, banks are much tougher. the interest rate environment has changed the whole lending market. there's nowhere else to go, so if you have money, you can charge a higher return for that money. so, we really like private credit. it's offering our clients strong double digit returns with less risk than private heequity. that's the only place that companies can go to access that type of capital. so, if you have capital and capital is otherwise scarce, you're going to dictate the terms of that capital. >> what do you think when the head of ubs says the next crisis will be in private lending and private credit? is it just a natural pushback from a legacy industry? >> don't you think that whenever

something is hot, there's always going to be a contrarian view? i think in the private markets much more so in public markets, being with a top-tier firm and a top-tier manager in terms of returns and risk is crucial. because the delta from a top ranked private equity manager to even a middle ranked manager can be 10%. so, we're really lucky at neuberger berman when 90 plus percent of our funds are in top docile. >> do you have a view on where rates go from here? it seems like that's the linchpin for all of these asset classes, is whether we've seen the top in yields. as we were discussing with steve, not fully clear whether the fed is done. >> yeah, it's not clear. i mean, we are certainly near, if not at the top of the rate hike cycle. and wherever rates are today, tomorrow, next week, that's not really how we think about

investing for our clients. we invest with a long-term view. and our view at neuberger private wealth is that a year from now, rates are going to be lower than they are today. so, we can capture such healthy returns. we are extending our duration in our portfolios to lock in these rates for our clients. we are switching our exposure from floating rate to fixed rate high yield again to lock in that exposure. because we're being paid -- we're being paid to sit on the sidelines and wait. the fixed income market is offering us equity-like returns, with much less risk. there's so much uncertainty in the world today that's going to drive volatility and arguably 2024 is going to be just as volatile as we start to enter a presidential election. >> i'm just trying to think what the equity market could do to impress urgency upon you to overweight. i mean, clearly, it's not -- margins aren't enough, right? >> i don't know that it's --

well, we had really strong q3 earnings but q4 earnings, expectations have come down. we continue to believe that economic growth is slowing. i mean, it is slowing. we do believe that that will play out in the markets, both fixed income and equities. we'd like to see inflation come down below 3%. we'd like to see unemployment return to normal levels. i don't think it's the market, per se, but the factors that influence the market that would lead us to be more positive. >> do you think we're going -- you said a year from now we'll have lower rates. do you think we'll have a recession? is that part of the call? >> look, i think that every month that inflation comes down and unemployment claims, jobless claims are low, it increases the likelihood of a soft landing. it's very unlikely. it's never happened before when we've been in a tightening cycle. unlikely doesn't mean impossible. so, we're continuing to be cautious. i don't really think it matters

if we enter a recession. you might remember back in 2018 in the fourth quarter, global economic slowdown, market went down 20% in just a few months. and the u.s. avoided a recession. so, we could see the same thing play out here. but i do think that the economic slowdown, the rates higher for longer, they're going to impact the consumer, which is holding up this economy and they're going to impact the stock prices in the u.s. >> do you still love munis? >> i still love munis, giving me 7% tax equivalent yield. safe, easy, predictable. >> it's good to check in with you and get your views. >> thanks so much. >> holly newman kroft. of course, there's politics. let's turn to the latest in washington. house republicans unveiling their plan to avert a government shutdown with less than a week to go. emily wilkins is in d.c. with the latest. >> hey, carl. house republicans are planning to vote on a stopgap measure, could do it as early as tomorrow. but it's not clear it's going to have the votes to pass. so, this is a bill, it's called

the latter cr, but basically you need to know it breaks up the government funding package into two parts. lawmakers would have until january 19th to negotiate on one group of funding bills, and then they would have until february 2nd to finish the other group. some republicans are already vowing to oppose this measure as it doesn't contain additional conservative priorities. things like border security measures or spending cuts. congressman chip roy tweeted that his opposition to the clean cr, that clean stopgap just announced by the speaker to house republicans, cannot be overstated. he says funding at pelosi levels and spending policies for 75 days for future promises just says that he's not acceptable to him. he's not alone. we know at this point there are roughly half a dozen republicans who feel the same way. democrats also don't like dual-track bills but because it doesn't have provisions democrats really dislike, senator chris murphy suggested on "meet the press" that it's at

least worth a look. >> it looks gimmicky to me, but i'm open to what the house is talking about. the priority has to be keeping the government open. i think this is a moment where reasonable people in the senate, and that's where most of the reasonable people are these days, have to make sure that we are not making the perfect the enemy of the good. i don't like what the house is talking about but i'm willing to listen. >> the senate began the process of teeing up their own stopgap bill last week, but moving bills can take time. guys, there's not much of that left. >> emily, look forward to hearing from the speaker tomorrow on "squawk." it's going to be an interesting week. emily wilkins in d.c. still to come this morning, blackrock launching retirement dated etfs. the head of investment will join us after the break. the ceo of wheaton precious metals, the stock outperforming both gold and silver this year. much more on the quarter when ghbatrt"om the see ces rit ck.

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flash on warner bros. discovery. >> shares are down nearly 4%. they're off nearly 5% earlier on guggenheim saying warner discovery has an nfl problem because it doesn't have nfl rights. considering warner bros. discovery screaming growth ambitions, guggenheim saying tbd could look to acquire a company with some nfl rights. saying paramount and fox are the most likely targets. the company building free cash flow to prepare to acquire companies with shaky prospects and malone tagged paramount in particular. saying many warner bros. discovery shareholders hoped the company could be an acquisition target for comcast, so this news is, quote, likely to be met with disdain. you see shares off about 3.5%, carl. >> julia, thank you. amid a weak consumer, meantime, let's turn towards savings. according to blackrock, only 46%

of workplace savers feel on track to retire versus 68% just two years ago. still roughly 57 million americans who do not have access to an employee sponsored retirement plan like a 401(k). they have launched a suite of etfs. joining us is the global head of ishares for blackrock at post 9. >> thanks for having me. >> walk us through the purpose of the product, is to help you manage risk as you work your way through chapters of life, yes? >> it has two things. we launched the first target date funds 30 years ago this month. we're really proud of bringing that first innovation to market. and we're also proud of launching them in etf form, which we did today on the stock exchange. the core of the innovation is two things. first is the simplicity of it, which is what's the date on which you want to retire or the

date on which you want to bring your savings to fruition. the second is really an automated form of professional investment management. if your date is different than my date, the product automatically adjusts. i think it's those two things, just the simplicity as well as the professional management, which is now available in etf form that we're really excited about. >> i wonder who the target age is for the product. we had larry in a few weeks ago. one of the things he was saying is life spans are getting longer. the way you think about risk needs to change. maybe you think about it more aggressively than you had in the past at a given age, for example? >> look, the great thing is because there are a whole series of target-date funds and different people's date may be different, it isn't a one size fits all. some people may choose to get the 20/50 target date etf and some people may have a shorter time span and they want the 20/30 target date etf.

the underlying product and the professional management adjusts. but to your question about who it's really meant for, it's meant for the 57 million americans who don't have access to a workplace retirement plan today. and so you talked earlier about people feeling on track or not on track. and the biggest driver of that is do they have some form of plan? i think the etf, the target date etfs can fill a void. could be people who run their own small business and don't have a 401(k). could be someone who's a freelancer and doesn't have a 401(k). but they want access to the same type of investment capabilities with the simplicity of the professional management that our target date etfs now offer to anyone. >> so it's an alternative to a 401(k)? >> well, if you're investing in your i.r.a., for example, or you don't have access to it because of the small business you work in or because you work for yourself, this is a product that can enable you to access the

same professional management that you could if you did have a workplace retirement. and you can do it for as little as $25 at a time. underneath it, you got access to more than a dozen etfs. underneath that is thousands of securities. so, diversified portfolio with the simplicity that you can buy on your phone. >> we just had a segment from our d.c. reporter about fiscal sustainability. we've had a couple of candidates on the trail raise the prospect of raising the retirement age for social security. do you think there will be a moment where americans start to freak out, for lack of a better term, about retiring and would that make blackrock sort of a mass market product? >> look, today our target date funds that we launched 30 years ago, tens of millions of americans already own them. and what we're trying to do with the ishares version of this is be able to access a much brooter population that doesn't have access to this. >> i never thought about this before. >> it's the 57 million americans

who can now have access to it for as little as $25, even if they don't work at a big company. i hope it becomes a way for millions and millions of people to get access to professional management that up until now only people who worked at really large companies were able to get access to. and that's the real thesis behind this. that's why we're so excited both here on the stock exchange as well as the future potential of this capability because it just makes it easier and more affordable for tens of millions of americans to save. >> at what stage in their careers? >> really any stage. the key to long-term financial security, as we know, is to start investing early and invest often. and that's why we're so excited to be able to have the minimum so low, even for $25. but you could be 30 years old or 40 years old or 50 years old and i think there's some product capabilities available for you across this target date suite. what we do know from both our own research and third-party research is if you think about

millenials or even gen xers, most of the way in which they want to invest, 80% say the way in which they want to invest is through etfs. this combines these two concepts, which is target date fund and an etf, but it's for a whole variety of different -- >> why shouldn't they just buy an index fund? >> underneath it are index capabilities. it allows them to have a diversified portfolio, which might be nearly all stocks at the beginning, but as the -- as they age and as the fund ages, it may move to a mixture of stocks and bonds. and so that's the beauty of this, which is you're able to invest in underlying index etfs, you're able to have professional management, but you're also able to adjust so that you can set it and you don't have to worry about it every single year. >> one last question. does a.i. play into any of the construction of the etfs, or will it in the next ten years? >> it probably will in the next ten years. today it's run by the same team

that runs our life path target date funds for large corporate d.c. plans. but we're always innovating and experimenting with newer and newer, more efficient ways in which to do business and invest. a.i. is undoubtedly going to play an important role in that. >> finally, does marketing change at blackrock? do you start advertising in places where you might not have been visible before? >> undoubtedly. what we're trying to reach is 57 million people. >> exactly, right. >> we've got a great business with financial advisers, with institutions, with other asset managers, but we're also trying to reach people who might be investing for the first time, who might not have the affluence this a financial adviser has but who wants an easy and affordable way to invest for retirement. in this case or for a long-term goal they're looking at. >> fascinating. congratulations on making a flash down here at the exchange. >> thanks for having me. still to come on the show, the ceo of the singapore sovereign wealth fund. one of the largest in the world. nearly $700 billion in reported

assets under management. his outlook for u.s. tech, plus the american energy company that the fund is betting big on. watching tyson today. light day for corporate results. but revenue was a miss. guides flat for the year ahead. hit by falling chicken and pork prices. beef volume down almost seven. stock has she haa arr i lue so far this year. (adventurous music) ♪

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european markets closing higher this morning to kick off the week. nearly all sectors are up with travel and leisure leading the way, up about a 1.5%. our focus this morning in overseas market is the japanese yen hitting a one-year low versus the dollar as the dollar strength continues. the latest economic data out of japan, not helping either. wholesale inflation slowing year over year in october falling below 1% growth for the first time since february 2021. and, carl, if you look at the intraday chart of the dollar/yen, some dramatic moves. this is where it gets exciting because we're all on watch for possible intervention from the bank of japan, ministry of finance. look what happened. earlier this morning we saw this big drop in the dollar and a spike in the yen. there's speculation and rumors that japan might have stepped in to actually buy its currency to strengthen it. we don't know for sure. they haven't confirmed it. but last fall, september and october, they intervened a few times around these levels

because they like a weak yen but they don't like a weak yen that is extreme one-sided positioning where it's just sort of falling out of bed. so, potentially a move here to stabilize their currency. although as you can see, the market always fights it. right after they keep buying dollar and selling the yen. meantime, dow has managed to put 30 points together. let's get post to post with bob pisani. >> we've been negative all morning on the s&p. it's about the interest rate scenario. even that story steve did on the fed's inflation expectations, modestly improving, very modestly, that even moved the market up a little bit. good signs here. tomorrow we get the cpi. if the cpi comes in below expectations, meaning inflation going down even more, and the numbers, the component there, well, that's going to help the market a lot here. so, look at some stuff that's gotten killed. home depot was a big -- it dropped 15% from september to october on the higher rates. it's recovered. there's a counter story to the idea the consumers are not

fixing up their homes. a lot of people can't move now because of interest rates. it's an interesting countercyclical story saying they're going to again return to home improvement in 2024. we'll see. but if interest rates go down, that stock is definitely going to go up a little bit. elsewhere it's very choppy in terms of what's been moving. not a lot of new highs out there. cardinal health is one of the few health care stocks that's bucking the trend here. they had earnings a couple of weeks ago. they raised their outlook. they have a pharmacy division that's doing very well. they also have a medical services division doing a little better. they distribute all these medical products to hospitals. this is a little bit of an outlier in the health care section right now. elsewhere, we need to see small caps do better. they've been getting killed in the last few weeks. there are some big names out there that youth don't know, they're very, very tiny. like mohawk. mohawk is a $5 billion market cap company. we talk about companies with, you know, $1 trillion market

cap. here's $5 billion. everybody knows carpets. it's gotten killed. it's down 20% this year. that will bounce if we get any stabilization in interest rates. there's a lot of other companies that you know. they're really, really tiny. there's whirlpool. another one. $6 billion market cap. it's down 23%. that will get a big bounce if we get any kind of lower interest rates in the next couple of weeks. another one is tapestry. the retailers are really tiny these days, just like many of the department stores. this is a $6 billion company. it's down 26% this year. my point here, a lot of famous names you know, really tiny, clobbered on the higher rates. that will do better if we get stabilization. cpi very important tomorrow. >> i'm glad you highlighted it because sometimes the focus on the bigger names that deal bigger with rates frustrates those that think it's such a blunt tool. time for a news update with courtney reagan. hi, courtney. >> hamas is claiming today that

if israel completely destroys the organization in gaza, that hezbollah will fully enter the war. like hamas, hezbollah is backed by iran and designated as a terrorist organization by the u.s. in multiple interviews, hezbollah leaders have declined to offer any kind of red line for more involvement. donald trump jr. is back on the stand in the $250 million new york civil fraud trial. the younger trump is the first witness for the defense. the state rested its case last week former president donald trump is expected to take the stand again before the defense rests. he was known as the qanon shaman after he stormed the capitol on january 6th, wearing a furry headaddress. now jacob chansley has filed paperwork as a congressman. he was sentenced to 41 months in prison. in march he was released early. carl, back over to you. coming up after the break, the ceo of wheaton precious metal, stock up 16%.

a 16% jump in commodity prices helping offset lower volume. we'll talk about that after a short break.

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morgan stanley turning bearish on some gameling stocks, trimming price targets for caesars, mgm and penn, noting fanduel and draftkings have gotten to profitability through scale. one thing you don't want to gamble on is missing "inside track: the business of formula 1"ing inside the empire of formula 1. i'll be live from vegas on this show ahead of the premiere. it airs 8:00 p.m. eastern and pacific time right here on cnbc.

next weekend in vegas, the las vegas grand prix, the first time they're ever doing this. liberty, the parent company, is making a huge bet financially on the future of f1 in america, where it's really seen a lot of growth. it's a big deal. >> we talked with contessa last week how this is normally a relatively quiet period for vegas. no surprise they'll make it count this year. >> and they've got the super bowl also this year. f1 is supposed to generate double the amount of revenues for vegas. >> really? >> yeah. >> you'll be there later in the week? >> wednesday, thursday, friday, joining you. let's turn to wheaton precious metals, reporting earnings, a beat on the bottom line. been a strong year for gold prices and reaffirming production guidance with revenue coming in under consensus. joining us is wheaton precious metals ceo randy smallwood. it's great to have you back. what a year we've had. there's this price action of the commodity itself and a lot of productions news you guys have been talking about, specifically

with this brazilian mine, right? >> it's the salobo mine in brazil. it's outperforming, ramping up third phase of expansion. so, they're just on track to deliver ahead of schedule on this one. so, it's more than -- our second biggest asset had a four-month labor strike, but the salobo outperformance has fixed those positions. >> talk about how that colors your guidance. >> well, our guidance is 600 to 600,000 gold equivalent ounces. having our second biggest asset go to a four-month strike, and that's the penasquito mine in mexico. we were a little concerned and the market was. from what we've seen at the salobo mine and a couple of other assets, constancia and antamina, both have outperformed. affirming we're on track for

good guidance. it's too bad penasquito was on strike because the fourth quarter showed up good. >> can you talk about production is also being colored this year through other metals, copper, for example, which is also part of this mine? >> well, there's no doubt that, you know, most -- in fact, more than half of our production comes from copper mines, from lead zinc mines and from -- and from nickel mines. the -- some of the strength -- i mean, we have seen weakness in some replacements but the assets we invest are high-margin assets. our partners are successful. if or partners are successful, we're successful. it's a good market right now. >> what do you think is moving the price of gold these days? we're below $2,000 an ounce. had a good 12 months or so. the dollar is strong. usually those go in opposition. so, what's the biggest force? >> right. well, i think that's it. you mentioned it. the u.s. dollar, it's strong.

i was just watching earlier on, you were talking about how the japanese yen is having problems against the u.s. dollar. gold is no different, right? you know, the key thing to keep in mind is gold is trading at record levels in so many currencies around the world. it's just -- it's doing it at the same time we have a very strong u.s. dollar. and all it takes is a bit of a chink in that armor, a bit of weakness in the u.s. dollar and we'll see gold move to a new level. >> randy, appreciate that coming off the quarter. good to see you again. we'll talk soon, i imagine, given the year we've had. randy smallwood. >> thank you. the head of singapore sovereign wealth fund coming up next. one of the largest in the world. top ten with nearly $700 billion in reported assets under management. he joins us next with more on his outlook for u.s. stocks and what's interesting right now.

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it's one of the biggest in the world. it's called gic. total assets, $690 billion, according to research firm sovereign wealth firm institute. lim chow kiat is joining me now. he'll be understanding the eisenhower global citizenship award. the award recognizes accomplishments in social responsibility and sustainable development. congratulations. >> thank you. >> on that. sustainable development has been a big focus for you in this fund. how do you invest around that? >> well, it is because gic's a very long-term investor. so, we looked at company's businesses which are sustainable in nature. over many years we have been doing that. >> what about right now. some of the hopes for the green tech plays in the market have had terrible performance this year on the back of higher interest rates and some questions politically about

whether they're going to get funding from i.r.a. >> right. so, it's a real challenge for almost all asset classes, all business models in a sustainable space. we are finding actually lots of opportunities. for example, in the energy space, this whole energy transition needs a lot of capital. and gic, given that our horizon is very long term, and give us a special angle in that area. interest rate i think will continue to pose a challenge for many asset classes. but if you stretch out over long period of time, in fact, with higher interest rate, more accurately higher asset yields, is actually a net positive. >> how are you playing the energy transition? what types of companies? >> so, generally two markets. the first would be the green tech. companies investing new technologies. for example, in carbon capture,

renewable energy, lots of those companies benefiting, in fact, from the i.r.a. the second market, which is a bigger one, is on transition. existing businesses or assets looking to go sort of into the green area, to get to the transition. they need a lot of capital. >> this is duke energy -- >> that's an example. duke energy was an investment we made two years ago. we basically provided long-term capital to allow them to move away from coal-fired power plants to renewable energy. i think that helped the company to kind of morph away and transition into the new type of energy. >> it's been a disappointing year for duke energy and some of the others. you say you focused on the long term. what are we talking about? what's the investment horizon? >> well, it depends, you know, on the particular investment,

but generally for infrastructure type of investment, it could be 10, 20 type of horizons. >> what percentage of the overall allocation, because you're in public markets, private markets, gloebal market. what percent is in u.s. stocks? >> the u.s. is our biggest allocation. it's about 40%. across, you know, multiple asset classes. in equity space, both public and private, but also in real estate infrastructure and other types of asset classes. >> what about u.s. tech particularly? i know there's a lot of expertise at gic on that. >> u.s. tech is very important. i guess to any investor. especially for long-term investor like gic. >> what's interesting within that to you? >> within that, i guess two big categories, digitalization, includes all the software type

of companies, as well as, of course, artificial intelligence. >> so do you guys think a.i. is hyped or are you adding expose pure and what type of companies? >> well, actually in the short term there's a little bit of hype. but actually, we we remind ourselves that a.i. holds long-term promise, so we would -- in fact, while we are careful about short-term hype, we also want to make sure that we don't lose the attention over the long term. within that ecosystem, there are many different parts. we are looking at all of them, even though for now we have more interest in areas like infrastructure, tooling, and then, in fact, some of the sort of big tech or existing tech companies, i think they can also make good use of a.i. to provide additional services to their

customers. >> are you talking about public names or private? >> both. both. we are in both. >> what about geopolitics for a global fund, how do you think about, for instance, the u.s. versus china? there's a lot of anticipation around this xi/biden meeting this week. >> right. >> and just where you have exposure and those flows as the relationship gets more complicated. >> right. with, geopolitics, an important market theme for it the last couple of years. so like all investors, g iflt c pays a lot of attention to that. there are, you know, of course challenges, but there are opportunities as well. >> like what? >> for example, supply chain reconfiguration. there are some clear winners in terms of countries. there are also clear winners in terms of some of the businesses. so, off this theme you are paying attention to the risk, but at the same time there are

opportunities to deploy capital. >> do you -- how much exposure do you have to china right now? >> well, in asia we have about 25% allocation spread, you know, across different countries and industries. >> i was just wondering if you are pairing back or reducing or thinking about other growth markets like india, the changing world order and demographics and this is what long-term investors think about? >> exactly. exactly. we think about the top down themes and pay a lot of attention to them, and the end is a lot of bottom up granular work that my team does, which means you have to almost asset by asset, you have to look at the good business offers and potential. in the last couple of years, you see the markets like india,

southeast asia, maybe mexico, brazil, you know, a lot of these places have new businesses sprouting out, which actually have gotten some of our allocation. >> is there a country or theme that you are most excited where you are increasing exposure right now in a way you have not before? >> actually the u.s. has a lot of promise. i mean as a market, right, you have the talents, you have a lot of capital and a big customer market. we have been a lot more active in the u.s. in the last couple of years, and even looking ahead we see lots of interesting opportunities. >> we don't get to hear from gic very often, so thank you for coming by the stock exchange and sharing some of your views. >> that's for the opportunity. >> back over to you. >> thank you. coming up next, the

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stabilize the relationship that has been fraught and increasingly tense over the years. investors might hope for incremental progress that could create losers and winners this week. the biden administration has been trying to cut off high-end chip sales to chinese customers, and as we have been reporting companies have found loopholes, and renting through the cloud and tweaking chip designs, and one example we told you about last week, one of the buzziest ai's, semis could be leading.

apple's delicate place in the relationship, that's another area to watch and it's a symbol of the difficulties western countries are facing in operating in the chinese market, and after the summit xi jinping will hold a banquet to show that china is open for foreign businesses, and remember, we told you recently that meta struck a deal 14 years after it was blocked in china. and what is at stake in san francisco, the city itself this week. it's a chance to re-write the dupe loop narrative. the city has had a major makeover. it's about as clean and as safe as i have ever seen it in the last seven or eight years i have been here. >> i was going to say, particularly after dreamforce

said they would say and worked out the deal with the mayor, that's a couple pieces of good news in a couple good weeks. >> it's leading a lot of folks to say why do we need a dreamforce or apec summit to clean up the city, and why can't we do it normally and that's a thread among many business leaders here, and the doom loop narrative is beginning to change, and you have open ai and other companies leasing huge amounts of office space. perhaps this week could give that push more momentum, but the idea is for business leaders to look at san francisco and say, okay, it's cleaning up and getting its act together and maybe you could go back to the city and rent space and do business here. >> a lot of people are rooting for the city. >> me included. meanwhile wall street is buzzing about the marvels today, and it had its worst opening,

and it brought in $47 million in the u.s., and the expectations dropped to the 60s ahead of the release. rotten tomatoes, not that much better. we talked about morning about the things iger said on the call about losing focus. >> yeah, 47 million is not bad, but for a marvel historical opening, it's low. disney is looking to cut costs and that has to be disappointing. >> you can see "dead pool 3" -- >> big week ahead. we have economic data that will be in focus. cpi tomorrow, and ppi and

wholesale inflation comes in the next few days, and housing data on friday, and then home depot, target, tjx and walmart and macy's, and we have a deadline to pass a government spending bill so we don't have to shutdown the government over the weekend. >> yeah, we will see if we get a vote tomorrow. let's get to the half. >> thank you so much. welcome to "halftime report." i am scott wapner. joining me, joe terranova, anastasia, steve weiss. as we look at the three majors ten-year note yield, holding steady, and nasdaq dipped just negative. dow is holding steady. steve weiss, i want to know where yo