hops and really just pour into students in person. and for more great stories about money, work, and successful living, scan this qr code and head over to cnbcmakeit.com. i'm ashton jackson, and we'll see you next time for more "millennial money." ♪ ♪ very good morning, everyone. welcome to "street signs" on this monday morning. here are your headlines this hour. uni credit launches. uni credit will not integrate two banks at one. meanwhile, in markets, europe has kicked off the week on front foot with stoxx600 hits

a two-week high. the president-elect donald trump has hedge fund manager and billionaire scott bessent to head up the treasury department, ending weeks of speculation and triggering a rally in trash yuie. cop29 could provide financial support to developing countries but critics say it doesn't go far enough. we will have a chance to speak with dutch climate minister sophie hermans this hour. ♪ ♪ very good morning, everyone. we start today's show looking at one of the biggest announcements so far this morning coming from

unicredit. they offered to buy bank of bpm at just over 10 billion euros. this is the latest development in the ceo's quest for consolidation. in terms of some of the details we got from the bank this morning, well, the offer puts a 14.8% premium on the italian lender share price on november 6th and would see shareholders receive 0.175 new shares for each of banco bpm. unicredit says it is autonomous for the share capital in commerce bank. i want to take you to some of the reaction in the morning thus far. this is very early reaction to the announcement. we have some of the share price moves on the screen at this stage. we have commerce bank shares and

unicredit shares trading lower on this announcement. banco bpm shares up almost 3%. when you think why we are seeing these moves add to the stage i was speaking to analysts to understand why we're seeing unicredit shares dropping in early deals. some suggesting there are concerns here about what it would mean in terms of buy backs for unicredit. there's a question mark there. let's see what sort of message we will get from the lender in terms of upcoming share buy backs. of course, this is coming at a time when unicredit is dealing with other plans. let me give you details on that. when it comes to the commerce bank plans, we know that ukraine this has been a plan from unicredit. we will discuss the story more. what i would like to understand here really is what this means for commerce bank because we are

seeing shares moving lower off the latest announcement from unicredit. is there a feeling here that a bigger takeover of commerce bank is not possible and therefore unicredit is thinking about consolidation in the domestic market instead? >> actually unicredit is saying that the investment is not affected by the other move. i think it is just something what they do in the meantime until the cb will come up with approval most likely as increasing the stake of commerce bank. but i have to say i think it is a very clever move because clearly it deters the attention and it shows the management that their share price is very much dependent on the takeover whether it is on or off and somewhere in between it is also not positive for the share preece. the ceo of commerzbank was

trying to convince investigators they can do it on a standalone basis and increase the share price to 11, which might be -- might be somewhere, where at a level where unicredit could pay for them. but this move today tells you the story, this is not going to happen and they need this offer for a share -- that the share price is actually moving towards 17, 18 or 19 euro. i guess it will increase the pressure on commerzbank's management and at the same time it is buying unicredit more time and they can easily wait for approval off the cb. having said that, when i spoke to the finance minister of germany on friday i had to ask him why germany is actually so negative on that approach because what we all want is a pan european banking union and

also pan european bank merger. so take a listen of what the minister said. >> we have in germany a very lively market for foreign investment in german banks and the banking sector. of our systemic banks five are non-german. you have unicredit that is non-germ. you have ing that is non-german, jpmorgan, goldman sachs, all of which have significant relative banking in germany either through organic throws or acquisition. we recently had a large takeover in the banking sector where a dutch bank acquired a german bank. in general the german market is very open to investment by foreign banks, so your perception that once a foreign bank acquires a german bank it is not possible, definitely does

not conform to the reality. in this specific case what the entire german government and the german opposition criticized is the hostility of the takeover, the fact that it was not announced, the fact that it wasn't done in a transparent way, and i stand by that. no country would allow such a behavior for a potential takeover of a systemic bank. i can only repeat what the chancellor said in this regard, what i said two weeks ago in this regard, what my predecessor said in this regard, what the opposition leader said in this regard. this is not about a general aversion to the takeover of german banks by a non-german bank. it is the specificity of the style and of the way this was done. this is not the way to operate for a systemically relevant bank. >> so the procedure is the problem.

we just -- >> and it is about confidence, it is about trust, and that certainly has not been respected in this specific case. >> the unicredit moves on commerzbank might also here in germany fall in the interim period between a new election and a new government, so it is an interesting timeline we are potentially looking at if the cb would issue its approval early in january. then they can think about it, can make an offering, and then i think there will be this political void. also, if he is clever, he is restarting the dialogue with berlin so that this whole hostile takeover thing might get off the table because the new german government, if -- will be the next chancellor from the cbu, it will be pro business and

open to the cross-border mergers and not so negative. okay. it won't be so easy because they think the market is moving away, but i don't think so. it increases the pressure on commerzbank. it is clever to make it more uneasy for the bank management. >> we will continue to monitor what is next. i want to take a domestic approach and understand what the announcement from unicredit means for the italian banking system. we have claudia joining us with more. good morning, good to see you again. explain to us because it is not new. what makes it different this time around? >> all right. well, as you said, it is not new. this is a deal that they attempted to make about five

years ago and the news came out and the stock, the bpm stock rose and it became actually at that point a not interesting deal to go forward with. so that was the first thing that was said today. anyone who knows us knows that this is not new. that's the first thing. this is a target that they have been focusing on for years. what makes it relevant today is recently they have just days ago launched an offer in the asset management sector, and that, of course, helps unicredit sort of come back into the asset management business that they had left in 2016 when they did sell the pioneer arm of their business, which was the asset management business. so it certainly helps on that front. remember also that bpm just stepped into another, so it has become an interesting bite to -- you know, an interesting thing to bite into, of course, for unicredit.

also, as we were hearing annette say, it is interesting from a strategic point of view also on the outside-of-italy aspect, while they're iting to see what happens is commerzbank, it is at a standstill. it is a financial so they can step away from it while this is a reaction. it will bring in synergies. it will bring about 1.2 billion worth of synergies, 300 million on revenues, 900 on costs. they also covered the aspect that they will continue to move forward with their dividend payout as well as their buy back for 2025. so reassuring investors on that front as well. overall looking like a very interesting deal for consolidation within italy that will be, of course, quite appreciated in that sense. again, reminding not only for the asset management aspect but also because bpm has a strong

presence in the northern part of italy, you know, in the northern part, and has a strong business in terms of both corporate clients. so this would help unicredit be able to further grow their premium business. it makes sense from a strategic point of view. it is an all-paper deal. it is coming in at a premium if you look at november 6th before the offer made on the asset management group bpm recently announced, it is an interesting premium. it is one of the eals that everyone knows are looking for deals. it is quite clever as annette was saying, using her own words in terms of filling the time while they're waiting to understand what to do on commerzbank and this could have an impact on sort of making that be a more viable deal to move

forward with when, in fact, joint elections do conclude. >> claudia, it is the grand scheme perhaps of consolidation in the banking sector. no doubt we will have more to discuss in the coming months. i want to share breaking data out of germany. the eco climate index came in at 85.7, slightly lower than analysts expected and lower from the previous readings. let me understand what has driven this move lower with the president of ifo institute. good morning. it is a very busy day. we appreciate that you are making time to speak with us today. first and foremost explain for us what has happened here. why are we seeing a lower move in terms of how businesses in germany are feeling at this stage? what is driving this lower sentiment? >> good morning. so the german economy continues to be in trouble, in stagnation.

this decline comes from in particular from manufacturing but this time also from services. construction is also down. the only exception this time is retail and wholesale. that reflects certain strength at least of consumption demand. so disposable incomes are rising and that now translates into slyly higher consumption demand, but manufacturing continues to be weak, construction continues to be weak, and in service we see weakness as well now. the overall picture is quite gloomy still, so the german economy clearly is in stagnation. >> we have spoken about this before in the past, clemens, but i would like to understand perhaps what is the sentiment within the banking industry. you are telling me that the german economy is struggling. it is clear from all sorts of

economic indicators. however, it seems that the political scene is not very keen to see a merger between unicredit and commerz bank. would a move such as this compel going forward? >> i think openness is a key feature of the german market. it is not that. for the development of the european capital market we need openness for border-crossing banking matters. i think in this case there are two concerns. one concern is that the german government would like to have been consulted. the other concern is will this merger create a huge european bank, and this is not matched by a formal banking union that would work in case of a crisis of the then larger unicredit. so, you know, with the german government be responsible, would

the italian government be responsible if there were a crisis of this bank. there are open questions regarding crisis management. >> right. what i would like to understand briefly is the outlook here now we have certainly about the next general election in germany. does it provide a positive outlook for the business community in germany or is that regardless what happens in the election the general economy will continue to struggle in the future? >> in that case responses have been divided. some companies tell us the next government can only be better. others tell us, well, this creates uncertainly and we don't know if the next government will be better in stimulating the economy. so i would say it is divided. so companies are just waiting to see. i think the good news is we now have an election date and it is not urgent to get a new government, and hopefully one that does agree on policies to stimulate economic growth. >> well, we will continue to monitor what comes out of

germany. in the meantime we appreciate the time this morning. eanwhile, in terms of further comment out of germany, the biggest economy in the eurozone, we heard from the finance minister kukies and he told our colleague that berlin is looking at how it can boost public sector investment while keeping to strict fiscal years. he told annette the european banking congress that there are broad appetite for reforming the company's debt break rules but stress expectations need to be grounded. >> beyond all of the controversy around the debt brake, we have to understand what it is all about is in good times we build fiscal capacity we can use when times are not so good. i think everyone in the country saw between 2020 and 2022, 2023,

when we had sequin she'll the corona vicis and the detrimental effects of russia's invasion of ukraine, that the debt brake that we were forced to build was helpful in facilitating the fiscal response when we needed it. it does not mean we don't need to reform the debt brake. i do think that targeted, moderate reforms of the debt brake are possible. they are being broadly debated. -- is sitting in the front row. the bundis bank has made thoughtful proposals on how the debt brake can be reformed. our economic advisors have made thoughtful proposals. how we can combine the existing fiscal solidity with better incentives for public investments for the future. >> so in case there will be a grand coalition from next government and the cdu is

willing to modernize the debt brake, that's the message to the world, that we're willing to change things? >> yes. i mean i think it is in the public realm. many parties have said that they can see themselves doing it. the social democratic party, the green party. so in essence it is definitely a possible but we have to be realistic. germany subjected itself i like the other 26 member states, to european fiscal rules. so the leeway that we gain from reforms to the debt brake will always be subject to the rules of the european framework that we also as good europeans have to abide by. and if you look at the numbers and the exact details of how much fiscal flexibility we have, we always have to be aware that the european fiscal rules also impose quite strong rules on fiscal solidity, which i think

is very important. >> yeah. >> to preserve financial stability in the long run. >> and coming up on the show, the markets digest the latest debate over talk as we kick off the trading week. we will break down the latest action after this break.

welcome back to the show. let's get a check on how we're trading so far on this monday morning in terms of european equities. we have the bench mark, the stoxx600 at this stage up .3 of a percent. we are starting on a positive note. to give you an idea, we ended the week up 1% for the stoxx600.

let's get a better picture what is happening so far today. we are seeing upside in terms of the french equities, up almost .6 of 1%. the other markets trading up rough. however, downward pressure when it comes to the italian market. one of the reasons behind that seems to be the announcement from unicredit. let's talk about the corporate dynamics this point. we have basic resources up more than 1%, but seeing household goods trading higher, similar levels compared to basic resources. i want to take you to the performing sectors at this stage, programs more interesting moves in that part of the market. retail is the worst performing sector at a time when we are approaching black friday, cyber monday as well. it is a very important week for retailers out there. at the moment however we are seeing pressure in this sector, but i want to tell you briefly

about banking names this morning. we are seeing a bit of upside in that part of the market. we started the day lower off the bank of that announcement from unicredit in terms of now showing interest for consolidation in their domestic market. we'll discuss more on that later on in the show, but i also want to show you u.s. futures as we approach the opening on wall street in couple hours time. they suggest a slightly positive start to the trading day on wall street. this is at a time when we actually could see a quiet week really for u.s. equities given that there's a couple of holidays state side no doubt. when it comes to some of the data we're expecting today, it is fairly quiet but, indeed, we will get fed manufacturing figures. not huge numbers in terms of what we likely could see on the earnings front. it is also quite quiet in terms of fed speeches. however, it has been a very interesting time for what's been happening in the markets, even

if today we could be on a quieter note. let's discuss what has been happening in the equity space with laura cooper, global investment strategist. good morning, laura. good to have you on the show. i would like to understand first and foremost what are your shots in terms of these announcements in european continent, unicredit suggesting they're interested in bpm. give us your rational how european names are trading? what is the outlook here? is consolidation likely to drive performance within european banking names? >> i think consolidation in the sector has been well telegraphed for some time, but it is a story about european equity being challenged. despite trading at a discount, the u.s. equity is two-decades low. it is a compilation of stories

across sectors rather than going in, buying broad benchmarks given the uncertainties ahead on fronts for europe. >> 100 percent. if you look at the latest pmi figures they were very disappointing. i want to understand as well how you are looking at european equity performance and u.s. equity performance. we know there's a huge gap but european names are cheaper compared to u.s. equities. what do you think is the buy opportunity going into 2025? is it europe or the united states? >> i mean i think we still have the mindset it is a u.s. exceptionalism story that can continue to persist. one of the reasons is we have the tech tilt within the u.s. that bolstered a lot of the equity markets in that country so far this year, whereas europe is exposed to potential implications of terrorists coming through. 30% of constituents have

equities exposed in the u.s. that could come under pressure. the cyclical, small cap tilts that will be beneficial in the backdrop where we see fiscal stimulus coming through and supporting the u.s. backdrop. >> do you think german bunds are a good opportunity? >> they are. we have revised our expectations for growth next year slightly. we could actually see a recession come through in germany if we see the implication of the tariffs. i think from a german bond perspective we have seen more of a term premium being priced in on expectations. we could see greater fiscal flexibility under a new ruling coalition, but if that's if they're measured. it will be challenging to get the debt reform through. any fiscal stimulus is unlikely

to come through until 2026, 2027. even then it would be fairly small, 0.5% of gdp, so not enough to have the risk premium baked in. that's one of the reasons we think german bonds are quite attractive. >> however, the growth story in europe in recent times has been how the periphery is actually supporting even, you know, the more different levels of growth, that's coming from the periphery. any sort of opportunities there in terms of the bund market as well? >> i think when we look at the all-in yields are attractive across the european bond markets. if we look at like spain for example has been a predominant driver of growth. greece has been a surprising out performer. we think the yields on offer will offset some of the tariffs uncertainties coming through so it should provide an attractive income pickup to take on select periphery exposures and complement it with the german bond exposure as well.

>> before i let you go i want to get your comments on what we could see in terms of the level of the yield for the ten-year treasury. there's conversations whether we could see 5% level and what it could mean for equities. what sort of top range would you raise as a concern when you think about the equity performance going forward? >> the key question is how much of the red sweep is priced in, are the fiscal stimulus expectations in the price. to our mind we think 4.5% is the top of the trading range. we certainly saw the peak come in last week because as we see geopolitical tensions escalate, we see bond investors go back to treasuries. we think about the seasonally and data, we tend to see weakening as well. perhaps there will be an offset in terms of the yield. >> i still didn't hear a number?

>> 4.5%. >> thank you for being with us. coming up on the show we will look at the fall-out from northvolt's bankruptcy filing hitting banking sheets. we will look at the details after the break. there are some feelings you can get with any sportsbook. nort now whatcha wanna do with this? but the feeling that, no matter' at the sportsbook born in vegas, where they know how to treat you right. who you talking to jamie foxx? bonus bets. exclusive offers. real world rewards. betmgm. download and bet today.

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go to babble.com to claim your limited time offer today. ♪ ♪ welcome back to "street signs." here are your headlines. unicredit launched 10 billion euro takeover bed for rival bank, sending it surging while kmerz bank goes the other way.

u.s. futures points to a positive start on wall street. president-elect donald trump taps scott bessent to head up the treasury department, ending weeks of speculation and triggering a rally in treasuries. cop29 negotiators strike a deal to provide financial support to developing countries but critics say it doesn't go far enough. we will speak to the dutch climate minister stovie hermans this hour. welcome back to the show. the u.s. president-elect donald trump has picked hedge fund investor and billionaire scott bessent as his choice to lead the u.s. treasury department. the 62-year-old wall street finance year who once worked for george soros said his policy

will be to deliver on various tax cut pledges. he advocated for revival in manufacturing as well as energy independence. speaking to cnbc shortly after trump was reelected, bessent had this to say about the impact of his pledged policies. >> we're going to see deregulation, which is disinflationary. we are going to see president trump has said he wants to get energy prices down, disinflationary. and then tariffs are a one-time price adjustment. the federal reserve in their teal book in the summer of 2017 said the fed should look through tariffs. and my view, and i don't have a say now, yet or maybe ever, but is that the -- i would recommend that tariffs be layered in gradually, which would -- the price adjustment would be over a

period of time. >> after all, it terms out he could actually have a say in also of this. trump spoke to the outgoing u.s. representative lori chavez-deremer to head the labor department. the oregon republican received strong backing from unions in her district and kerred one of the most labor friendly republicans in washington. also in the mix, brooke rollins, president of the american first policy institute, has been tapped to be the agriculture secretary. and "the washington post" reports that physician jay bought awe bhata is set for the department of health. we caught up with governors and asked mao the prospect of u.s. tariffs is playing into the

central bank's decisionmaking. >> and the outcome of the u.s. election and what might maybe come from the new administration in washington, d.c. makes things definitely not easier, and we have to take this into account or we have amends this price stability. so we have to analyze what might be the spillover off possible tariff policy, what could that mean in terms of inflation, what is to do with the exchange rate. so there are different channels we have to analyze. it is so important what i said, we need to think from meeting to meeting, analyzing the new data, the new information. the new government will be in place by the end of january next year, then we have more details. up till now we are speculating a lot. we do not know what will come in

reality, and i guess -- but there is a good probability that we will be confronted with things. usually we don't like to see on a -- on central banking side. >> governor, i have another question for you so you don't need to answer this. >> no, no, i was ready to follow. no. trust me, perhaps frequently remark. first, it will not be only chang to european economy, it will be a question for the whole world, the global economy. both of us adjust coming back from japan by chance, but believe me -- >> not together. >> -- it is also question in japan and in many advanced economies and probably emerging economies. second, we don't know yet exactly, but very probably this economic agenda will increase the risks for the global

economy. we mentioned protectionism. we mentioned higher fiscal deficit. we could have added deregulation including in the financial field. so we should be aware that it will probably increase inflation, especially on the other side of the atlantic. it could decrease global growth and probably mainly outside of the u.s., and further regulation we could see there could be some positive elements but we should be very vigilant on financial stability rules. now, private equity funds were reportedly write off at least $900 million after battery maker northvolt filed for bankruptcy in the united states. that's according to the financial times. the swedish company announced it was filing for chapter 11 bankruptcy last week, adding it will need $1.2 billion in extra financing to survive.

to discuss these and much more across the sector, we have the head of automobile sector research. good morning, good to have you on the show. first i would like to zoom in on northvolt and understand what are the implications here for the broader auto sector now that we know that this company has filed for chapter 11 bankruptcy? >> good morning. thanks for having me. i think the european union has to decide whether they want to try and have a battery industry at all. i think that's really the question. northvolt was first with big attempt to go in that direction, starting late versus china. i think the question is can we still build a local industry and what kind of independence can eventually europe have on that. >> is there still a scenario

here actually where northvolt can play a critical role in supporting european brands producing ev maker -- ev cars, i should say, or is this literally, does europe need to rely on chinese, south korean brands going forward? >> honestly it is difficult to say. for time being, it is for northvolt if you want to go but i think a number of companies still have large -- the question is can they find something eventually. i think some have done that. but once again growth in other companies. so once again -- has orders with the company. so we will see how it develops. a few other companies that are also trained to operate in that field like others again --

>> we would like to understand what are the risks here to that. we will actually see european carmakers struggling to achieve their 2025 emission targets. now we know this is not a problem of northvolt. we know that the whole carmaker sector is struggling. is there a risk they are not going to achieve the target and could actually be fined by european authorities? >> i think there are two completely separate problems. i think northvolt and some other battery projects were supposed to progressively take over from sourcing to help to make adequate sourcing. but the two starts require automakers to meet proportion of their vehicles registered in europe in 2025 as evs. it require automakers -- zero

emissions and therefore a much higher level. i think automakers are highlighting they have not been sufficiently helped when it comes to the infrastructure, when it comes to instances, and they feel that it would be more -- another fact than the penalty, given the conditions of this setup has been in place for years. so i think you have a major disagreement between companies like once again auto, that are trained to get the delay that some get and others like -- or tesla that seem to have greater means to meet the target and shouldn't be postponed. i think you have a risk. some automakers are eventually going to have to pay fines. either they cannot meet the criteria. >> i'm wanting to understand if you have started to see an impact in the european automaker as a result of the announcement

that the eu has gone ahead with tear i haves against chinese ev makers. have we started to see changes on the ground as a result of the tariffs? >> yes, we do. tariffs on the affected evs, not the suvs, but we have seen the market share for the combined chinese ev makers over the last couple of months, and there was an initial surge because they had the shipped vehicles before the tariffs, and notice a decline in the future. so that helps a little bit, even if, of course, chinese automakers are going to build factories locally and in both evs and should have the possibility of helping laut automakers lower the emissions. >> broadly, is there a specific region we are see europeans not buying ev cars and, ultimately,

is there a risk here actually there's simply no appetite among consumers for these kind of cars? >> i think the primary reason for the lack of appetite among the consumer is the price of vehicle. if you look at the chinese market who has the greatest development in terms of education, ev vehicles sell for the same price if not a small discount to gas vehicles. in europe that's a 25 percent to 40% premium. it is a question of affordability first, and on that topic you have a lot of vehicles that will be launched or that are being launched by automakers that will come below 25,000 euros -- so that should help. then you have the questions around the customers being

concerned eventually, to charge the car or the time it takes to charge a car versus any long trip it is a lot more constrained for consumers than on the vehicle. the primary question is affordability. when you look back five years ago the industry wasn't so highly concerned in the previous decline in comments. ultimately it went more -- than expected. we will see how -- and i think the upcoming commission going to wait to share for months before making adjustment in the calculation of the fines or the calculation of emissions or postponing regulation. but at this point most the uk and the european commission have repeated the target they set for the industry. >> right. well, it seems the time is something that the industry doesn't really have when they are faced with so many struggles in one go.

thank you for your thoughts this morning. that was the head of automobile sector research at kuepler. coming up on the show, more fall out on cop29 with the dutch climate minister, sophie hermans. stay with cnbc. we will be back after this break. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

welcome back to the show. now, negotiators at cop29 have reached an agreement on a finance sergeant of $300 billion annually by 2035 to help poorer nations deal with the impacts of climate change. today talks were scheduled to end. the talk troubled commitment

from larger untries. the indian representative described the document as, quote, optical illusion saying the funding is not enough. >> the amounts that is proposed to be mobilized is abysmally poor. it is a paltry sum. it is not something that will enable conducive climate action that is necessary nor the survival of our country and for the growth of our people, their livelihoods. i'm sorry to say that we cannot accept it. >> i'm pleased to say that sophie hermans, minister of climate policy and green growth, deputy prime minister as well for the netherlands is joining us today. good morning. good to have you on the show. first i would like to get your thoughts on the outcome of cop29 and what are your answers to some of the comments we heard there suggesting -- well, from poorer nations suggesting the

number they obtained is not big enough? >> hi, good morning. well, back in the netherlands. yeah, well, i'm pleased got some agreements because i truly believe it is better than no agreements bus disagreement shows that we keep on taking steps in order to fight climate change. maybe not as big as we might have hoped and also other countries, but we made an agreement and we said yes, we have to -- to cooperate, we have to bridge the differences we see in order to keep moving forwards. and i think it is important that we got there, that we have this agreement on -- well, the money we're going to spend in the upcoming years. and, well, now, looking forwards

to actually do it here in the netherlands but also in other parts of the world. >> well, speaking of, you know, taking action, minister, i was reading how a government climate watchdog in the netherlands actually said that your country might not achieve its emissions target for 2030. why? what is happening here? why are you struggling? >> yeah, we just had our yearly report in which we reflect on our climate, climate policy and how we are doing with the targets. and you're right, we are not on track right now. that's partly because of some policy positions that were made by this government, but a great contributor to this effect is also the effect that we have problems in the execution, and then especially on the grids. it is simply too busy on our energy infrastructure. >> so how are you going to

square this problem out mentally? i remember not long ago we had farmers in the netherlands also protesting against, you know, ambitious climate targets. as we are watching a more populous narrative across the blog, you just highlighted there how your country is struggling to achieve the climate targets for 2030 as well. how are you going to achieve that? what is the solution here? >> the solution is that i'm here in the netherlands here right now working, first of all making sure that everything we already agreed, that we implement it. and as we make sure that the law process, parliament, all of the parties in the netherlands who have to work with it, that they can work with it. so this is the first thing i'm doing. the second thing is that i'm working with my colleagues in governments on extra measures we have to take. agricultural, in the housing

situation, mobility, industry. and the third, and it is a really important one, is making sure that those barriers we are facing in the execution, that we -- well, that we solve them, and this grid problem is a very, very important one. >> speaking of additional measures, is this a time for the eu as a whole to actually overhaul some of the regulations and ensure that governments can actually support companies that are critical for the green transition? and i'm asking this off the back of watching northvolt in sweden filing for chapter 11 bankruptcy. is this a moment where the eu governments should actually step up and actually support critical companies such as this one? >> well, in general i can say that here in the netherlands we have a tailor-made approach and

that is we are -- with our very important industries, also for the dutch economy and broader for the european economy, and we are having talks with them to see whether above what they have to do for their climate targets there's additional measures possible that they can take in order to accelerate the process. and how we can also financially help them with it. that's what we're doing here. at the same time, i think we are shooting the discussion in the european union, also if you think about the report mario droge just presented who says for competitiveness of europe you should think how you position certainly industries, certain parts of your economy in the european union. that's also related, of course, to the whole energy transition

and the climate transition that we're working on. >> we are approaching the end of the show so we don't have much time left. but before i let you i would like to get your thoughts on how you're preparing for donald trump to become the next president of the united states in terms of climate policy? any actions you are pushing? >> yes, the u.s. was in baku as well last week, so it was good to see them, to talk with colleagues from the u.s. and, well, we have to see what trump is actually going to do or not going to do in terms of climate action, and at the same time this makes me even more motivated to work here in the netherlands but also in the european union together for our climate policy and for what we have to do and what our responsibility is in the world. >> right. we wish you good luck for your endeavors. thank you for your time this morning. that was sophie hermans, the

minister for climate policy and green growth as well as deputy prime minister for the netherlandss. before we end the show, a final check on how european markets are trading so far today. we started the week on positive note. we are only seeing downward pressure over in italy with ftse down .2%. in the u.s., it is likely to be a quiet day in terms of economic data but we will monitor what will happen on wall street throughout today's session. i'm sylvia meyers. stay with cnbc. "worldwide exchange" is coming up next.

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