♪♪ ♪ very good morning, everyone. welcome to "street signs." i'm silvia amaro and these are your headlines china announces the first policy shift since 2010 saying it will adopt a looser stance next year sending mining and auto makers higher. and new dawn rises over syria as rebel forces seize

control of damascus with bashar al assad fleeing to russia president-elect trump says he won't try to replace jay powell >> no, i don't think so. i don't see it i think if i told him to, he would. if i asked him to, he probably wouldn't if i told him to, he would >> you don't have plans to do that >> no. and european equities accelerate in early gains after the non-farm payroll in the u.s. with another bet on the fed rate cut this month very good morning, everyone. we start the show with the latest announcement from china beijing will implement monetary

loose policy dropping the word improvement from the meeting they will work to vigorously boost consumption and stabilize foreign trade and investment that is having an impact on asian equities this morning. this is the announcement at the end of the trading day they didn't have a full trading day to react to the announcements and we did see the upside for the hang seng and tech names as well now it has been a busy day out of china we also obtained the latest data with consumer inflation. this actually decelerated in the month of november missing expectations and increasing pressure to signal more support. consumer prices rose modestly from the year before up 0.2% while factory deflation into the 20th month of declines

i'm pleased to say we are joined by the head of barclays. good to see you. i like to get your reaction from the announcement from china this morning particularly with fiscal policy and monetary policy for 2025 what you heard this morning, did it change any thoughts you have going into 2025? >> it is a continuation for some time the leadership changed a few months ago when they recognized up to president xi that more needs to be done than so far there is a big credit itique whe kept monetary policy so tight. as you said, inflation is effectively zero the real interest rate for the economy with no domestic consumption is the real estate crisis i think this was welcome by markets to suddenly see they are also willing to do something on the monetary loosening they say openly. in addition, to what has been

going on to fiscal stimulus which so far still remains a little bit ad hoc. they do a little bit not the big bazooka that the market hoped for. >> what i wandered is what has changed in recent weeks because they have had comments on more fiscal support going forward and the market seemed to have been thinking there was hope we will see more ultimately, we don't have the details. we don't know how big the stimulus is actually going to be outline for us in terms of what you are expecting, really, in terms of fiscal stimulus going forward and will it make a significant difference here? >> i think with the election of trump in the u.s., they suddenly realize there is a higher uncertainty than they would have had under a democratic president. so, they probably will be reactive, that's what we think once they go out and do something big and they don't know what the u.s. will do next.

they don't want to run out of dry powder we believe they have obviously a conference this week with the indications. the big conference is march of next year. they will be very aware they are facing not enough domestic consumption. that was very clear. they have things in store. we think it will be piecemeal. it will not be enough to not have the economy slow much further, but probably never in a way a moment where you think this is is they have to be constantly aware what the u.s. does. >> is it a wait and see what to expect there could be up to 60% of tariffs on chinese goods and more recently 10%. what do you think china is doing in terms of the united states? >> that is probably good markets are not pricing in what

trump said it would have a big impact on china and particularly in the situation where you are already close to deflationary erritory they are preparing the response to tariffs 10% was a good sign for markets. i think chinese when they heard 10%, that's nothing. we think that is just the first stem step i thoi i think china will focus on rare earth. >> how do you read the recent appointments from the president-elect in terms of his new administration what do they mean for china going forward? >> very balanced very balanced. the treasury secretary gave markets hope that, you know, things will not be as impactful as announced during the campaign

then, of course, he also has some china hawks in the set up china would have taken notes navarro and rubio, et cetera as i said, it is very uncertain. we have a mix where both is possible china would have taken note of some of the very explicit china hawks with navarro and death by china. china will be aware and watching the developments in the coming month. >> we all will see what they will do and say. that was christian keller at barclays. now into other news. ousted syrian president bashar al assad is in moscow where he will beasylum. there is after damascus was

taken on sunday. we are all still trying to understand what is happening here give us a bit of indication of what you are expecting next for syria. do you think this will lead to stability in the region or perhaps we will continue to see a bit of instability here for the region itself? >> i think it is fair to say we don't know what's going to happen, but importantly we have now so many regional actors involved in syria. so many domestic actors that there's basically a fight for a treasure here. so, it's really difficult to imagine that this won't lead to some degree of instability or geopolitically within the region obviously, within syria, we will see how it plays out and some degree of forceful stability and the little more move to

strengthening of the state that al assad has left. we have to keep in mind a lot of regional actors have a vested interest in syria. now they see it up for grabs this geopolitically makes the situation in the middle east a lot more complicated. >> what does that mean for markets? the investment community is trying to understand what just happened over the weekend in syria and given that you highlighted the instability for the region is likely to stay, how will this impact markets >> i think everyone will be so focused domestically in syria, although there are international actor, we are unlikely to see the cross border challenges and issues we faced in last 14 months that have been quite tremendous for the historic perspective. so, now, i -- i don't think markets will need to pay too much attention short-term because the focus will be

domestic the issue is do we end up with a failed state or a strong state that is hostile to the west? those things when you think longer term could be challenging. where everyone was thinking after the incredibly chaotic and challenging 14 months we have even in the middle east, we are getting closer to an end game and some cases a cease-fires and some talk with saudi and israel at some stage, this pushes all that back, i think, quite a bit. the middle east is going to remain a hot issue for the new administration they obviously wanted to put it to bed quickly and put it on the back burner. that simply is not going to happen the markets need to see it in that sort of way over the course of the next one to two years, we have the issue of destabilizing developments if this does not go smoothly. markets need to wait and respond

to see how they develop on the ground we have to keep in mind even a stable syria could be tile t the west >> i like to understand whether there is room for any impact for any inflation because i was reading how turkey, for instance, is expecting some of the refugees from syria that they have on the ground will move back to syria is there any potential implication here for inflation if we see massive changes in terms of immigration going forward? >> i would think it is the opposite if we see the idea of a shortage of labor supply is what you are hinting at causing inflation that plays out over a longer period of time and much bigger drivers and that would be a positive that people are going back on a sustained basis. there is the opposite direction where people flee again and turkey opens its borders again

in certain countries, from the global perspective, i would treat this as a non-event from inflation. regionally, if you look at a country like turkey going through the deflation program and another surge of migrants in the country, that is i inflationary that is the migrant issue that we need to look at less from the market perspective europe has to be thinking about this right now. >> interesting let's discuss what this means for russia there is a lot of comments out there suggesting that this shows how russia is weak what do you think this means and what does this mean for the russian invasion of ukraine as well >> i don't think it will change -- the reason this happened is because russia is focused on ukraine i don't think russia on feels it is weak in the negotiations. it has a vested interest in

syria. things happen behind-the-scenes. the quid pro quo and concession in ukraine its ability to keep that could become relevant which makes it a weaker negotiator. i would be worried as ukrainians think russia wants to show force in short-term. i don't think this brings the end of the conflict in ukraine quicker. >> mike, i would like to get your thoughts in terms of re-election of trump how there are so many players involved in the middle east, but what does the re-election of donald trump mean for that and ultimately now we had the collapse of the al assad regime. how do you think trump is going to get involved in this?

>> i think trump has to take -- obviously the u.s. is bombing isis sites in syria. this is geopolitically very relevant one thing trump has to do is take a step back cease-fires are not the solution here it may have bought him time and pushed it to the back burner and claimed victory, but not changed the dynamic in the middle east if i were trump's team, i would think how would i get the saudis and israelis to shake hands. what are the concessions that are going to be required for israel to get into the situation where the saudis can claim victory domestically, but across the middle east as having achieved something i think talking a two-state solution and peace process is premature, it is a simple ask of

any country. trump should go to israel and say, no more territory expansion. if you commit to that, i can get the saudis to sign up. it takes fuel off the fire this would be a game changer in the middle east. all of that fear that syria is domestic for some time and it could be a hostile state to israel i think we need to keep that in mind if you take the israeli regional tension off the table and conflict is at least deescalate can think of syria in terms of turkey and iraq and things like that the nature of the state that evolves, considering all of the tension in the middle east with israel over the past 14 months, it could end up being a much worse environment if we look forward f. forward. if i were trump's team, get

israel to concede and no more expansion, that would change the dynamics in the middle east. >> we will see what will end up happening. we appreciate your time. that was mike harris coming up on the show, president-elect trump gives his first take on jay powell's future at the fed. that's coming up after this break. for nearly 200 years, big beverage companies have been selling us billions of single-use sugary drinks. using the same old one size fits all playbook. until now. meet cirkul, the beverage platform of the future. these fully adjustable flavor cartridges let you customize your water with the exact amount of flavor you prefer. transforming water into your favorite beverage. finally, water is your favorite beverage. cirkul - your water, your way.

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welcome back to the show let's get a check on how we're trading so far across the european than continent starting with the stoxx 600 the benchmark for the continent. we are marginally above the flat line we are seeing a stronger start to the week for equities we are looking at historic data,

however, european shares are climbing to six-week highs today. we will see what happens the rest of the day. let's take you to the bourses across the block to get a picture of what is happening individually speaking. look ing at the cac 40, the bourse is up .60%. the ftse 100 is up .3% just the german dax at this stage below the flat line. let me share these numbers with you because last week was struch such a strong week for equities. the cac 40 up 2.62%. we will see what will happen this week. thus far, we continue to see a little bit of resilience and quite a bit of gains for european indices let's get a look at u.s. futures to suggest what is happening on wall street.

we will see whether the futures will change throughout the show. what you think what happened last friday, we had the major indices hitting fresh record highs. the strong momentum for u.s. equities has still not dissipated off the back of several economic data points we'll have more this eek as well let me give you a view of economic data stateside starting with non-farm payroll. the u.s. economy added 270,000 jobs in the month of november. that was higher than the october reading. while the unemployment rate ticked to 4.%.2% the dollar declined and the odds of the december rate cut rose now sitting at 85% in november's job report is dependent on the labor market before the president-elect assumes office

in an interview with "meet the press" trump talked about the sweeping changing and vowing the mass deportation effort. trump also said he would not try to replace fed chairman jay powell whose term runs through may of 2026. >> no, i don't see it. i think if i told him to, he would. if i asked him to, he probably wouldn't if i told him to, he would >> you don't have plans to do that right now >> no, i tdon't. >> let's put it together with michael. good to have you on the show first and foremost, give us initial reaction to non-farm payrolls how are they setting the tone for 2025 >> good morning. thank you for having me on

today. certainly the non-farm payroll number was a bit of a reboot from the prior month obviously, there were weather issues and strike issues which impacted the prior months payroll numbers. we saw that comeback in the most recent release what's clear is the job market remains okay, but slowing. that allows the fed to continue to move on policy rates. we think another 25 for december and little bit more of a wait and see in 2025. >> tell us your expectations with the cpi figures into the end of the year and how that impacts the expectations of rate cuts this month. >> cpi has been bouncing to be quite fair there's been a 12-month or

18-month inflation rate come down materially from the peak of 7% to just down to 3%. when you go through that as you get to the end of the improvement cycle, you should expect it to be bouncy that's what we're witnessing the inflation performance is okay and the result will be that maybe not getting quite to the 2% fed target, but something in the neighborhood will be achievable in the next 6-to-12 months that should give the fed comfort with cutting further. >> we saw the ten-year treasury yield hitting 4.147% on friday the question is what is the range between now and the end of the year >> i think we're in the middle of the range right now we certainly saw rates pushing toward that 4.5% top end just a few weeks back now sitting here at 4.15 or so,

we're in the middle of the range. as we go through the end of the year, it's just a couple of weeks until it is really hard to know there is a lot of noise to effect the near-term pricing we expect ten-year rates will be lower from where we are today. when you go into the environment where the fed's cutting rates, traditionally investors look to shift out the yield curve and take out duration. that will play out for the latter half of the economic cycle. >> interesting how do you compare now we are expecting the ecb to continue to cut rates this week? >> there are obvious differences in terms of where we are in the cycle in europe versus the u.s clearly, the u.s. still shows signs of strong growth you mention the inflation print on top of mind european rates have been much more impacted by the tightening of monetary policy a few years

ago as well as the impact of the trade issues with china and energy related concerns with russia and ukraine that is n't impacting the u.s. economy nearly as much we do see the rates likely to out perform as the ecb needs to be concerned with setting the policy rates over the fed. >> interesting when you think about the opportunities in the markets, where do you think the opportunities are at this stage? >> we think the opportunities are to own interest rate risk. to take shrank of advantage of d curve in the u.s. remains relatively flat and we haven't seen the true impact of monetary tightening that existed for the last couple years on the overall economy. not to say we think the economy is likely to deteriorate rapidly from here, but the slow, steady

decline in growth and inflation is on the horizon. as you looked at the divergence with the different central banks, you see the fed has the most room to chop in terms of policy rates given that we're still about 4.5% in terms of the policy rate and if we do see meaningful slowdown, then the fed has a lot of room to cut policy versus the ecb or the bank of england. >> interesting let's talk about the bank of england for a moment when i think about the commentary from the bank of england, it seems it is somewhere between the fed and ecb. >> that is a concern given the economic data which is showing signs of slowing i would suggest that the bank of england, as you said, s betwee the ecb and fed. they are still fighting inflation while acknowledging growth is a bit of a challenge

that's a tough spot to be in the fed is acknowledging that inflation has room to go, but the economy remains okay the biggest issue with fed policy is that it remains restrictive relative to what would be considered a more neutral rate given this point in the cycle. the bank of england is caught a little bit in a ways to go, yet the economy is showing signs of slowdown. >> michael, we appreciate your time this morning. michael goosay. coming up on the show, president-elect trump makes his first overseas visit since winning the election we will bring you his comments on ukraine and the nato alliance

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welcome to "street signs." i'm silvia amaro here are your headlines. china announces the first monetary policy shift since 2010 saying it will adopt a looser stance next year new dawn rises over syria as rebel forces seize control of damascus and overthrow the al assad dynasty. president-elect trump saying he won't try to replace jay powell out of the fed chair. >> no, i don't think so. i don't see it i think if i told him to, he would, but if i asked him to, he probably wouldn't f. if i told him to, he wouldn't. >> you don't have plans? >> no. europe gives back early

gains after the non-farm payroll report with bets on another fed rate cut this month. welcome back to the show time now to look at other comments from donald trump this time around ukraine and nato the president-elect has called for an immediate cease-fire in ukraine writing on truth social quote zelenskyy and ukraine would like to make a deal and stop the madness this comes hours after trump met with macron. charlotte has been looking at the developments charlotte, when i was looking at their body language between these three officials, it seemed it was quite dark. they were not very happy what detail did we get from the meeting? >> this meeting happened all

together and it was very last minute change there. typical exercise of president macron using a non political event and turn it into a diplomatic kudos he was supposed to meet macron first before the celebration at notre dame and then macron was supposed to meet zelenskyy spread separately that lasted less than an hour. an important meeting of the three men together zelenskyy and president-elect had spoken on the phone since the victory. that was the first time they were meeting in person we heard from zelenskyy thanking president macron for hosting a good trilateral meeting. we have a number of awkward handshakes certainly, something that was relatively positive they were

meeting as well as showing the european leaders and macron turning the biden page already very interesting moment there. some of the comments that came on sunday from donald trump saying he was open one, they ta of us on trade they don't take our cars they don'te hing it's a disgrace. on top of that, we defend them it's a double whammy i was able to get hundreds of billions of dollars put in nato by a tough attitude. i'm not going to protect you

unless you start paying. that amounted $6 billion otherwise they wouldn't be fighting they wouldn't have any money to fight. if they are paying their bills and i think they're treating us fairly, the answer is absolutely i would stay with nato. >> if not, you could consider the possibility in. >> absolutely. >> i'm not going to protect you unless you pay clear message from the president-elect. something we heard from the first mandate. he did push a lot of european countries to spend more in defense. here again, it was interesting to see the meetings not happening with the democratic administration what it s of him returning back this means the rhetoric with mr. zelenskyy that the trump administration will force to stop the issues in ukraine. here again, we have to wait and

see. zelenskyy wants effective peace guarantees a situation and at least the meeting happened. >> at least to make a bridge in how european defense stocks today. we are seeing at the bottom of the stoxx 600 digesting the comments in terms of we will see or not in terms of a deal with ukraine and russia we have to monitor the comments amid the re-election of donald trump. let's zoom out and get a look at how we are trading this morning. the stoxx 600 at this stage is marginally higher. we are giving back some gains we had seen earlier in the session. let me take you to the bourses to get a better idea of what is happening on the continent this morning. we have pockets of green in the uk with the ftse 100 up .3%. the cac 40 also posting gains up .50%. let me take you to the sectors there are corporate stories that

are relevant worth mentioning at this stage investors are digesting the comments out of china. we are seeing basic resources up 2.8% we are saying household goods up .8% these are stocks with a lot of exposure to china. the comments from chinese officials in terms of fiscal stimulus and monetary policy looser going forward are providing a little bit of momentum here. final point on oil and gas the sector up 1.2% we are looking at higher oil prices this morning off the back of the developments in syria, too. in terms of the worst performing sectors, this is what we have at this stage we have been trading for over an hour and a half. real estate is down .8%. we are also seeing down side for construction and materials however, i want to take you to other ynamics in the market looking at m&a stories at this

stage. the spokesperson said the lender is looking to negotiate with unicredit. this after credit agricole said it would raise stake in bpm from 9.9. unicredit said news with the increased stake in bpm changes nothing. we'll see how this will develop, but no doubt an interesting development as we look at further consolidation in european banking. allianz is planning to combine the two firms investment arms according to the financial times which citing people familiar with the fashion. some of whom say the talks could resume at a later date if it were to go ahead, it would create a company worth $2.8

trillion in assets ubisoft shareholders are looking for a ailout of the video game maker that's according to reuters citing two people familiar with the matter whether ich says they has been in talks with tencent tencent is yet to decide on taking part in the buyout and increasing its stake in the company. that's according to the report which says discussions are ongoing because it wants to stave off the possibility of a hostile takeover we know how those have become controversial in recent times. looking at the uk and the staff demand drops in november as tax increases announced in the budget dampen appetite for

workers. number of have vacancies fell dn by a lack of permanent positions. this amid a rise in m&a in the uk i'm pleased to say this is the head of money and markets is joining us this morning. good to see you, sussanah. i like to take a look at what is happening in the uk mm&a why is this like through to now? >> you have seen this surge by 50%. out stripping the deals in europe for example what you did see is more cautious cautiousness in the runup to the budget there has been a spurt of

activity since the budget was concluded. some of the headlines were swirling around didn't materialize. for example, changes to capital gains tax. so, i think that is given the market a bit of renewed optimism and, of course, we've got interest rate cuts on the horizon. it's also the political stability that has returned with the labour government that has been elected over the past of four years, we had chop and change in politics in the uk. now that narrative has changedc course, it's a different story. >> when you think about the stock market itself, we seem to be getting bad news after bad news

two weeks ago, we saw the london stock market hrank why is this happening? >> there is concerns about liquidity in london and the number of companies leaving the london stock change. exchange. that is partly because the companies are considered to be a good value and structured discount going on. i do think some of the headwinds have eased certainly in terms of brexit as i say, we have fresh political stability returning and also the oecd with the growth in the uk next year all of this should actually help the attractiveness of the uk there are, for example, in terms of ipos seems to be 2025 looking brighter than 2024 you've got the likes of maybe

controversial, but the big singapore based fashion giant shein looking to list as well. obviously, there is still difficulties for the london market in terms of competition with new york. that's not going to go anywhere fast anytime soon. >> exactly as you think about also the comments recently in terms of rio tinto and the activist investor suggests the least from london is there a reputation problem here when you think about the attractive u.s. markets versus london is this something the officials should address going forward >> they are attempting to address that with the reforms, fresh reforms due from the city. we also have the merger of the london stock exchange.

delivering with the tech delivery firm reached 250 for the first time because changes are afoot. in fact, there are other changes for the future that are being put forward. example, the pisces market where those shares of private companies can be traded. the hope there is there will be some discovery in prices prior to an ipo which could help the ipo market so, there are a number of different capital markets changes ahead and there is hope that that may create london as a more a ttractive place to list given the power of new york and allure of the united states, particularly right now, given the share price surges, that's quite a tricky trend to upset for london so, i think it's going to be a

softly, softly approach rather than a seismic change. >> interesting i also wonder the potential listing of shein in london is this going to happen here and second, could that be the piece of the puzzle that changes the future for the ftse and other uk markets going forward? >> it certainly does look it is likely that the listing will go ahead. there is currently shein is on the road show and garnering support for the listing. it certainly would be a kudos, of course, there are real concerns over shein's esg credentials essentially with questions of transparency through the supply chain having

been raised. shein addressed that, but there is an issue. it will list in london of course, the first choice was new york, but having hit an obstacle and road block in its ambitions there, london looks like the second choice i think you will -- it could potentially propel a fresh flurry of other firms to list. it's very much wait and see. >> we will wait and see. we appreciate your time. susannah streeter. rachel reeves is set to head the conference this afternoon with areas of common interest

such as aid for ukraine. we'll have more details for you on that front here tomorrow. meanwhile, volkswagen says they have to find alternative pathways in the german plants. they are set to hold a fourth round of talks over plant closures today perhaps this will bring the vw board to its senses threatening to tighten the thumb screws or not. we'll see. coming up on the show, oil prices are declines next year according to the report by citi. we'll discuss the details after this break do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you

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welcome back to "street signs." as we approach the end of the show, here are the four things to get you up to speed ahead of the open on wall street. the economic calendar is thin. in terms of earnings, oracle and toll brothers are reporting. potentially creating the world's largest advertising firm. apple was named the best managed company of 2024 in the annual u.s. rankings. let's turn to oil prices. they are expected to decline next year according to the new report by citi which says it expects the incoming trump administration to be on the side of oil bears. i'm pleased to say the global head of commodities research is joining us in the studio today.

good morning, max. i like to start by getting your thoughts on the announcement of opec plus last week. how is the announcement shaping and setting the tone for 2025? >> thanks for having me on. on the opec front, they took the decision we have been expecting them to take for some time. there is not the room for the barrels on the market. overcapacity and slowing demand growth. seasonal weakness in the first quarter. they don't want to bring back the barrels in that. with the second quarter and third quarter, we have an increase in supply from ten different non-opec countries contributing. quite a big cceleration next year. >> i wonder if the comments from china this morning are impacting how you see chinese oil demand in 2025 and announcing stimulus

and looser monetary policy as well. how do you read their message today? >> sure. china's economy is oil intensity is shifting last few years. with the energy transition, if anything, china is at the forefront of the energy transition globally. they are shifting ev. penetration is up 30% to 50% in the last few months. this is the gdp growth in china. we think that's -- this is a trend that's going to be continuing. i think this is why oil demand is not particularly sensitive to chinese demand growth over the next 12 months or stimulus in particular. >> give us a little bit more color were you expect quote you here lower oil prices in the next 12 to 24 months. >> of course. the back drop as we just

discussed was already quite bearish. on top of that, you have the prospect and now a base case that trump is putting sanctions, sorry, not sanctions, but tariffs on china in the first quarter. there are funding pressures and budget issues in the u.s. which means the prospect of using tariffs to fund a reduction in the deficit or not growth in the budget will hangover the markets. tariffs related to that is going to be an issue in 2025. you know, more broadly, i think trump overall, if not eventually, is going to be quite net bearish for oil. a lot of the statements he said he wants to encourage drilling into the u.s. or 3 million barrels supply growth over the term in the u.s. you've got talk about stopping wars, not starting them. we've done a lot of work in the annual outlook looking at the impact of what could happen if

there is significant geopolitical situations. it could free up transit and loosen or at least increase the visible inventory. >> i wonder what is the biggest risk here when you think about the expectations for 2025. when you think about the conversations we've had in terms of tariffs, a lot of economists suggest we need to wait and see the details of the trump tariffs for the economic impact. ultimately, i wonder if he will actually be a bear for energy prices going forward. could that be the biggest risk for 2025 if trump doesn't deliver on some of the promises? >> yeah, i think overall in the base case for example, we have trump delivering directionally on most of his promises, but not fully in terms of the rhetoric or the pledge.

certainly not in the first year. directionally, more tariffs and directionally, deescalation in the middle east or with russia or ukraine. not necessarily in both. we don't have a round continuing to produce at full capacity. we are assuming some impact. we will lose 00,000 barrels for the first couple quarters next year in the base case. even with that, overall, it is still directionally net bearish for oil. >> let's talk about other commodities here. i'm face scinated by the gold performance this year. i wonder if this is likely to continue for 2025. >> it has been a spectacular year for gold, right? you zoom out on the 50-year chart and you see the bull market. that's a sign that's quite a significant bull market. we're expecting it to continue. there are a couple of reasons. one is we inn troduced a physic

fundamentals which is the underlining bull market of the drivers, but also investment from wealthy otc investors and investors more generally concerned about high interest rates in the u.s. and high debt levels in the u.s. if will are any number of concerns, high equity valuations. you know, you've got people buying gold as a hedge impact. the u.s. has been slowing down two and a half years now. real interest rates are still around 15-year highs. people are concerned about some of the things. until those things go away, there is a lot of gold investment buying as a hedge and the central bank buying is for structural reasons that are not going away anytime soon. >> hopefully we will speak again in the new year.

thank you for your outlook. before we let you go, a quick look the european markets. we are marginally higher in the uk. ftse 100 up .3%. similar moves in france as they continue to digest comments with the looser monetary policy going into 2025 in china. we will see if they deliver on that. meanwhile, just a quick look at the miners. they are rising off the back of those announcements. that is it for today's show. i'm silvia amaro. stay with cnbc. "worldwide exchange" is coming up next.

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it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." record highs. stocks coming off their 57th record close of the year with one more key data point in focus this week. stocks in china surge as beijing eases the policy stance in more than a decade and promises more stimulus. shares in europe catching a tailwind on that optimism. tariff man. president-elect donald trump doubles down on tariffs and offers a newak