that's all for this edition of "dateline." i'm andrea canning. thank you for watching. a very good money, everyone. welcome to "street signs." i am sylvia myers, and here are your headlines. even tax earnings disappointed and investors punished the acquisition decision. france's president emmanuel macron looks to name a new prime minister by the end of

tomorrow. takeover turnoff, a u.s. steel of albertson's reopen for premarket rights after courts block the deal, with u.s. taking a 10% haircut. u.s. futures in a holding pattern as investors race for november's cbi trains with signs that inflation could upset the fed's cutting right costs. a very good one, everyone. let's start the show taking a look at how we are trading so far this wednesday morning. the stocks at this stage, marginally below the flatline, continuing a little that negative momentum we had seen already yesterday on tuesday. the stocks ended the session down half of a percent. let me take you to the different boards, perhaps we get a better idea of what is

happening today across the european continent. we know that it is cpi day, in essence, investors are waiting for that inflation print as well to understand how to position their portfolios. here, you have a lot of focus on earnings. at this stage, we have down 2/10 of a percent, marginally moving over in france with a little upside in italy, where the footing went up 3/10 of a percent. let me take you to different sectors. as i mentioned earlier really, investors are focused on what some of the companies have said earlier today. in terms of the best performing sectors, stocks up almost half of a percent, insurance also trading high up for tenths of a percent. it is there that we are seeing the most important market story today, looking at retail, look at it, the worst performing sector, down more than 2.6% at this stage.

let me tell you why, in essence, we heard from inditex this morning, posting 9% revenue growth in the six weeks since the summer night. february sales group to 28.8 billion euros, missing analysts expectations. those fashion groups rated its full-year outlook. in other stories within the retail sector, we also heard from zalando. the company announced it is set to buy the fashion group valuing its small arrival at 1.1 billion euros. this comes as it looks to create a pan-european e- commerce platform, looking at some of the share prices from the stage down 5%, investors not happy with the fact that they missed expectations and zalando also trading lower by about 6% with investors questioning the announcement. i want to take you through developments as well.

ubs referred to the central bait rate cuts next year's weight in gold and says, a.i. is said to be the trade of the decade. multi-asset strategies at ubs wealth management is joining us this morning. good to have you on the show. first and foremost, can you outline some of your thoughts regarding retail? it is a sector we are looking at quite closely today. i want to pressure the stage of some of those european retail names as you think about 2025, is this a part of the market raising concerns at this stage? >> i think today's course of action is a bit most more based on the into chris e-key that you just described. the bigger nature of your being retails, you got consumers with actually quite a lot of capacity to spend. you have been quite significant savings rates in recent years. inflation is coming down, growth is still relatively strong in europe. consumers

have got the ability to spend, but sometimes they have not gotten the willingness, sometimes that is due to the uncertainties in geopolitics, in trade, people still feeling the aftereffects of perhaps the inflation following the pandemic . so, we need to really see that willingness of consumers to spend to come back before the european retail space is likely to get into a more sustained and uptake. we think you can get a slight increase in european consumption in 2025, but i think we still have to see real evidence of that. investors are lucky to still be a bit cautious on the retail sector. >> interesting. give us your thoughts as well in terms of european outlook. what other sectors are you looking at in detail going into 2025? where are the opportunities? >> i think the europe we look at in two ways. number one is, you will try and find structural growth stories.

exactly the same things improving in the u.s. we see that in two areas. the one is in healthcare. we think european healthcare looks interesting, obviously it is a global market and there are a lot of innovative and leading european companies leading the charge in terms of structural developments in that state, healthcare, whatever. the second is on small mid caps, companies which might be a bit smaller, but are often exposed to some of the structural themes. should the additional beneficiaries we start seeing the european bank cut interest rates over the course of the next year, also what we expect. two big focused areas for us in europe on those places. in general for europe, we don't see a huge amount of upside. the preferred market would be of the u.s., but i think you can still find value in the region. >> i was also quite interested in some remarks that are on the

outlook for 2025, in relation to the outlook for europe as a condiment. you said, we see scope for a positive surprise for the europe euro, tell us why. >> two things you have to look at, one is what is happening with the dollar and we think that the dollar has run too far . we have een quite a significant appreciation in the past few weeks following the election of president-elect trump. of course things like tariffs, anticipations of tax cuts will be supported by the dollar in the near-term. it is quite simply overvalued now. if we look at a longer- term time horizon, the feds start cutting interest rates and the economic growth slows, the dollar weakness is a theme we are expecting for 2025. on the european side, expectations are pretty low. we know a lot of the bad news about the economy. there is a lot of uncertainty in the politicals sphere.

if we do see positive signs, either the consumer side, or political space, perhaps after the german elections in february , we start to see more stability and signs of public investment. we could see more surprises for the euro. so undervalued with expectations so low, we think it is possible it could rally from here. we are advising investors to reduce dollar holdings on the strength of diversifying into other currencies like euro, the panhandle, the swiss franc. >> interesting. i'd also like to get your thoughts on real estate. the secretary has not been doing very well lately when you think about the performances just this year, really. what i would like to understand here, why do you believe there is a bright spot going into 2025? is this purely because you expect further rate cuts? >> in part. we have to look at it bigger picture on real estate and see where we come from here to

following the pandemic, there has been a big change in working persons, a lot of commercial real estate had to deal with. we think at this point, new supply is being very limited for a number of years, the same time as demand is starting to come back in some of the commercial real estate space. you have got that supply, demand mismatch. a lot of investing capital waiting on the sidelines to take advantage of a new supply as it comes on and the interest rates do start to come down here the right expectations obviously makes it more appealing for investors to deploy leverage and capture such opportunities. we think there are a few different stars aligning for real estate and we think there are interesting opportunities in the space in 2025. >> is that across the board me for more property, the commercial side? give us a little more color within the sector. >> it is different in different

places. i think we like residential, generally, it has done good in recent prices, but we still think there is this demand for living coming back at the same time as supply being constrained . on the commercial side, you have to be a little more selective in the commercial space and in the retail space, there are a lot of structural challenges. a sign of things coming back, more structural growth things where data synced logistics, still running strong in recent years and we think continue to be strong going forward. select pockets in different laces, obviously with real estate and every investment is a bit different. we think there are more opportunities coming in 2025 then there have been in recent years. >> interesting. also prediction in the outlook for 2025 in that we will see the snp reach 6600 by the end of 2025. why? where is this foolishness coming from? >> a couple of things. first is we think that the

structural driver of a.i. still has more to. it has been a big driver of the snp in the past couple of years and we think it will continue. if you look at the cap ex from the big a.i. investors, we think of that to double again by 2027 as they are in this arms race to try and come up with the best technologies and deploy in the future. investment in a i will continue and be very supportive for some of the semiconductor companies. second, if you look at the macro backdrop in the u.s., that is where we should be really supportive of stocks. you've got the u.s. growing at around 2%, avoiding recession, solid growth, and the fed cutting interest rates quite sharply, looking at 25 basis points next week and 100 basis points next year. that's combination of decent growth and lower interest rates started in really positive u.s.

stocks around 15% tail went on average when you've had those two things interacting. with the ombination of a.i. and that positive macro backdrop, the u.s. market can continue to rally and say, we are looking at 8 to 9% uptick levels. >> looking forward to having you on the show in 2025 so we can see how some of these predictions actually pan out. kiran ganesh, exit strategist at ubs global wealth management. the latest from donald trump, he has named the current fcc commissioner andrew ferguson to chair the agency. ferguson has previously said, the ftc should investigate allegations of censorship and conservative views on social platforms and advertisers culminating cooling advertising from platforms like elon musk's x. in a post on truth social, trump said, ferguson would

stand up to big tech censorship and the most innovation share in history. his trust to become an ftc commissioner. he has worked in the ftc and justice department's antitrust division, and previously, the utah senator mike lee, who led legislation to break up google. i am sure we will have more on that front as we approach the arrival of donald trump in the white house. meanwhile, coming up on the show, markets await a new french prime minister as macron set a 48 hour deadline to appoint someone to the role. we will have more details after the break. there are some feelings you can get with any sportsbook.

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welcome back to the show. in a bid to bid support for a new government, due to be named by the end of tomorrow. the socialist party described the talks as quote, interesting, but inconclusive. while the primary group leader of the republican right said, it would not back a government with people who do not share its values. let's see what will end up happening here as we have this 48 hour deadline. let's see ultimately will be next prime minister is going to be and whether he will manage to actually bridge the differences within the french parliament. i am pleased to say that head of global market strategy at investment managers is joining us today. good morning, good to have you

on the show. i would like to understand from an investment perspective, when you look at what is happening in the political scene, we have this 48 hour deadline imposed by the president, are you getting a sense that whoever is the next prime minister will actually manage to bridge differences we are seeing in parliament now, and actually manage as well to bring down the levels of deficit and debt? >> hello, it is a pleasure to be with you. clearly, having a name in two days, before the deadline will be extremely committed, and the residence, emmanuel macron, has posed to avoid a no-confidence vote in the coming months. definitely, i think that finding a compromise in this situation where there are so many differences in the parties will be extremely complicated,

and there is a mild opinion from an investment point of view that nothing to expect in terms of deficit. the deficit will stay very high and no significant chances to bring back this deficit to a decent level in the short interim. this is quite a bit complicated, we have to say that, ecause funding is finding a compromise is difficult. >> why are we not seeing that with this situation, when we think about the spread, the levels do not show a significant amount of concern at this stage. what could spark that concern going forward? >> first of all, when you look at the situation, nothing has changed, compared to june 2024. at the moment, the dissolution of the national assembly. the situation is still the same with no visibility. this 80, 90 points is clearly in the new pricing of the market for the french political situation. what could really impact the

spread to levels we have seen before this resolution at this point? we need to have clarification of depth of the french subject, and clearly this will be difficult. the other option is more growth, rather than an sudden increase in growth due to say, more physical stimulus coming from germany or european countries, but again, not influenced by the market well, in brussels earlier this week where finance ministers were meeting. some of the finance ministers were actually upset to some extent with the situation in franc franca

history, do you expect any sort of a clash between paris and brussels going forward? ultimately, we do have new fiscal rules on the table at this stage, are we going to see the commission imposing fines on france? >> apply them to see the european commission adding more tensions in a situation that has already been quite complex. if we have a clash between european commission and french links or parliamentary government to see the market, the validity of the market increasing, clearly decorating the situation in europe is quite elevated. it is not the moment for the european institution to add more stress in a situation which is clearly not positive for the european countries. it is not a moment also to show differences between the european and a moment where we had total

issues to deal with in the context based on the new u.s. administration that could be a potential threat for europe. >> right, but if the commission does not step in, the ecb might have to step in. which one would be the worst for the markets? >> i think the ecb will not step in. the ecb has nothing to do with political affairs of national countries, of european countries. however, we have to be reminded of something extremely important . that is that the ecb is not-- add new instruments to deal with stress on the market in europe. keep an eye that the instrument can clearly be seen as a kind of nuclear weapon to address any stress on the market. typically because the european central bank can combine any bull market in europe without any limits. of course, the conditions are not together now

for the tbi being deployed, but actually, the cost of the crisis in europe is much more elevated than finding a military solution and using what we have. so, ecb, the solution of course, european coalition is not the right institution to mobilize to address the situation. >> yeah, i hear what you are saying in regards to the ecb, this is a political matter, a domestic issue, but if this translates into the bull market, the ecb will be under pressure to actually react here. what level do you think we will need to see the sprint in order to see action from the ecb? >> i think we had them in two phases. the first one, for example we see the spread exceeding 100 british points, reaching, for example 120 british points, the

ecb can start concentrating on the fact that the situation has to be addressed, or has not been tolerated by the european central bank. the first phase is munication. we all know that communication from certain banks are extremely important and this is one of the weapons, one of the tools being used to import implications. of course, the second phase could be if the spread is increasing, if there is any risk on the french bull market, the ecb can start to intervene on the bull market. it has been done in the past when we have seen some stress due to political, specific political events. this is a social we can imagine. >> we will see what will happen now. we have that deadline. we will see first and foremost it will be the next prime minister and ultimately what they will do. that was mabrouk chetouane, head of global market strategy at natixis investment managers.

and other stories this morning, shares in the u.s. still fell sharply on tuesday after bloomberg reports that president biden will formally block its stakeholder by japanese nippon steele, when it is referred back to him later this month. the white house said, the biden administration believes u.s. still should be domestically owned, but the takeover is ongoing. while u.s. steel said, the takeover should be approved on its merits. >> this all stems from a report that says, u.s. president joe biden is planning to lock the nippon steele takeover bid on the basis national security concerns. once the deal is referred back to him later this month, the white house, in response though, saying that the review is still ongoing, and that no decision has been made. biden has it worth bearing in mind that both sides of the political aisle oppose the buyout. nippon steele giving a

response to this development saying, politics should not quote, continue to outweigh true national security interests on quote. the company also think, they have engaged in good faith negotiations and indeed, in their view, the transaction would bolster u.s. economic and national security encountering a more assertive basing. despite opposition, including from the powerful united steelworkers union nippon steele has pressed on in its support of securing the go- ahead and has made a number of promises to u.s. still in terms of production, investments, and jobs. if in the the takeover bid is blocked, the key questions will be, what effect would it have on inbound investment into the u.s., especially for japan, which has consistently ranked 1st for foreign direct investment into the country. also, is this a one off me or is this a sign of a broader pattern as we see washington shift increasingly towards protectionism?

leyland, cnbc business news. a federal judge has blocked the largest supermarket merger in history amid antitrust concerns, imposing a planarian injection on kroger's $25 billion purchase of albertson's , agreed in 2022. cut proceedings could head to the ftc for further consideration. coming up on the show, we will cross back over to hamburg to discuss whether the shipping industry can weather the potential storm of trump tariffs . join us 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 have $100,000 or more of life insurance, you may qualify to

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a very good morning.

welcome to "street signs." im silvia amaro, and here are your headlines. earned incomes disappointed in acquisitions decisions. prince's president emmanuel macron told stops with political leaders, but excludes the far left as he looks to name a new prime minister by the end of tomorrow. shares of u.s. steel slumped after a report that president biden will block its takeover by nippon steele. when the decision is referred back to you later this month. u.s. futures in a holding pattern as investors rates for november's cpi trends with peers that sticky inflation could upset the bed's rate cutting path.

let's get a check of european markets. european equities have been trading at just over eight a hour and a half at this stage. lightless look at the picture, 1-800, the bismarck marked marginally below the flatline, indeed leaning toward that negative sentiment at this moment, continuing as well, the downward sentiment that we have seen on tuesday with the stoxx down more than half a percent. let me take it down, here's a picture across the european continent at this stage. we have a marginal move to the upside in germany and france , however, looking at the ftse 100, we are down 2/10 of a percent. however, i have to zoom into the secretarial stories at this stage. it is there that we are looking at the most important market stories this morning. in terms of the top gaining sectors, we have media at the top, up almost 7/10 of a percent. let me take you to the worst

performing sectors, that is where we are paying closer attention today, retail down 2.2% at this stage. investors not happy with the numbers from inditex earlier today. on top of that, burying the lead regarding the announcement from zalando, regarding an acquisition they plan to do. we will see what will happen here, but no that at the moment, retail stocks and their names under a lot of pressure at this stage, basically sources down 6/10 of a percent, despite a message of stimulus from china earlier this week. i also want to take you to u.s. futures so we get a better picture of how it will likely open on wall street today. while it is indicated it could be a mixed start to trading day on wall street with the dow estimated to open lower, this after we saw the major indices also down on tuesday's session with the dow posting its fourth straight negative session. let me give you some updates regarding what is

happening stateside as well. the u.s. treasury secretary janet yellen has warned tariffs threatened by president-elect donald trump on the likes of china, to me in canada could derail progress on inflation. yelling acknowledged that tariffs hold value as a tool for tackling unfair trade practices, but warned the sweeping measures proposed by trump could significantly raise costs for u.s. households. no, proposed tariffs are creating uncertainties for the shipping industry. we are looking at how this could impact also the european continent. in hamburg this morning, has been looking at how the industry will handle the impact of new measures proposed by president-elect donald trump. >> reporter: if the history is a lesson to the current situation that the first full year of trump suit did see a lot of ahead of proposed tariffs, that is what we are seeing as well.

the cargo companies and shipping industries putting in as much cargo as possible, currently, into their warehouses in their respective destinations . at the same time, they have a very huge increase in freight rates. that is where janet yellen's commentary fitting into the play, because going into the mix, clearly, at the end of the u.s. consumer would have to go pay the brunt of the higher tariffs, because they will translate into higher freight rates, into higher costs as such and retail will pass them along, because shipping companies will pass them on to retailers. either the retailer would see the profit margin being crunched, or in the end, it will be high inflation eating up the household income in the united states. that is at least the food chain. people are

telling me this quite realistic. that is one effect, which most likely we will see happen. then, we will see traits of diversion and expirations. clearly, if you can ship your goods without tariffs in the states, you might go to mexico, or other countries where on the other way, loads of the goods we have seen during last rounds of tariffs increases went to vietnam, not to china, it is a difficult mix, i would say. but to think that global trade would falter, because of trump's administration's plans for these tariffs, they might be wrong. it would be a different kind of trade route, and of course it would get more expensive. looking at germany, here in hamburg, at germany's biggest port in europe, the tariffs from the state could

actually mean that frank might shrink by 50% especially because costs might be affected over proportionally and cars make up more than 30% of the trade between germany in the states and donald trump would especially focus on germany, given that germany and the state have a huge surplus, meaning more goods going into the states then u.s. goods going into germany. >> absolutely. the shipping industry, and so many sectors are having to rethink their strategy going forward. thank you for that report. meanwhile, i want to take two other developments in germany. the chance that olaf scholz is expected to submit his confidence vote today, following the collapse of his governing coalition last month. the boat is due to be held monday, which he is expected to lose, and paving the way really for federal election in february. this is more of a procedural step here before the election

in late february. meanwhile, the heavy fund partner and fund manager is joining us this morning to discuss the outlook for germany. good morning, good to see you today. it feels that germany was going through this-- we were discussing the rethinking of the shipping industry and so on . we think about germany itself, the country seems to be going through a transformational phase, having to consider now ending perhaps the debt rate that has been a part of the dna for germany for a while now. i would like to understand from your point of view pricing in terms of fiscal policy for germany postelection. do you consider there is room here for loosening going forward? >> i doubt it. it is very, very hard to actually change it. it is the constitution. you need to insert majority and we don't know what will happen in the next election. it could be very tight maybe you don't get this two thirds majority. probably, people will look at it

. it has to be changed, because obviously it hinders infrastructure investments, it hinders investments, but probably, the new government has to look at their budget and change the budget. we enter a different kind of phase where we have to actually change priorities. >> it is about change of priorities rather than changing the rules? >> absolutely. >> what hedges for the conomy? we are seeing pressure across different sectors. this is not just a problem for the auto industry let's say, or shipping , and so on. how can they revive the economy if they are not going to spend more? >> it will be very difficult. at the end of the day, it is not about spending, it is the competitiveness of the industry. we have funded the company for a couple of years. no real investments. our buildings running down bridges, streets, that is the infrastructure. on the other hand, you have to actually make the industry more competitive. you have to bring down texas, actually make all the rules.

all of these things are actually going into the wrong direction, now that has to be changed. that is a very, very tough route we have had and will take it while. >> when you look at the numbers in terms of gdp in germany, are you expecting it to change in the next year? >> i would not expect it to change, huge starts, obviously, there will be some losers and you have to do some restructuring in the industry. if the government, actually a new government will only come in the middle of next year to the end of next year, because the fight of coalition which will work, it is a long process. decisions will be made at the end of next year, so maybe the year 2025 can be another loss. in the meantime, companies have to react and they will actually look to their competitiveness and will have to invest. for some of the companies closing down factories, restructuring, and moving places.

>> it is kind of a downbeat scenario you're providing us for germany. i am wondering if there is a unique sectors when you think about the german economy, that are a little bit more protected in this growth? >> you can't look at what we saw this year, in the insurance , sectors like utilities, in some banks, we might have more problem there. probably don't look at the industrial side, don't look at these. you have s&p, your telecom, your world class companies that are doing a good job. at the end of next year, i probably would look at as well. as you may have seen, we had takeovers, as you just said. it would take-- so you see value in smaller companies and lots of takeovers. this is not a short-term, actually for next year. if you look at markets, you just have to see that europe

, compared to the u.s., u.s. earnings are growing, revisions are up. the opposite of this for the whole of europe. i doubt that we will actually have a better year next year in relative terms then we had this year. >> it also seems quite a limited upside, what you just highlighted in some of the sectors like insurance, and so on. how can you grow significantly, when there are just a few sectors that are a little bit better than others, right? >> that is exactly right. you have to look at the bases of why we have such growth. honestly, more of this has to change. we are highly reliant on x warts , sectors, industries, and so on . we don't do a lot in services . you have to change actually all the rules. we need startups. what you see in the uk, which are losing some of what it had 10 years ago

. that is a part of europe as well. you have to look at overall growth potential and where you actually look your best and that is probably not the old industries, unfortunately. >> is the election of donald trump the element that will force germany to have that rethink you just highlighted there? >> i would say, you have to especially look at what elon musk is doing. it is all controversial to me but at the end of the day, if there are reforms, and a tackling of the bureaucracy is actually successful, that can put a lot of energy, and free a lot of energy, something which we have to look at. i am hoping that they are successful and brussels, germany , and others will wake up and look at the future sectors and how you can actually reduce cost of doing business, something that is important. >> it is true, we are ooking at a moment when there is more conversations around, do we need all of this regulation? are we actually hindering the

economies here? let's see what they will do, but it seems like a tough conversation. we appreciate your thoughts this morning. meanwhile, police raided the germany headquarters tuesday, despite years long text probe the sportswear giant says, the investigation relates to customs and tax regulations on imports going back to 2019 and said to me it is cooperating with authorities. and other stories this morning, european travel operated to reports of a surge in full-year profits and says, it expects further growth into 2025. the company reported 507.1 million in debt profits in fiscal year 2024. that surged 12% to a better than expected $23.2 billion,

and shares down about 4%. as we approach the final portion of the show, here are the four things to get you up to speed ahead of the open on wall street. inc pi with expectations of a 2 point 7 increase on the year. on the corporate front, walgreens is reportedly in talks to sell itself to a private equity firm sycamore partners, according to the "wall street journal". president joe biden is reportedly planning to block the sale of u.s. steel corporation to to nippon steele siding national security concerns. prompt from presidential to a cup of joe, attention on coffee related slumps as coffee filters hit a new high on tuesday. attention turns to u.s. inflation as increased bets, the federal reserve is likely to stick with another 25 basis points cut next week. we will discuss that after this break.

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welcome back to the show. let's turn our attention now to grace. it could be a city facing a population crisis at this stage, putting major strain on society, with economists warning, there are not enough young workers to grow the economy and support the elderly. the greek minister of social cohesion and family affairs, what is behind this? >> greece has been a migration country for many years. people migrated, people left because of economic reasons back in the 60s. we saw this very large low of people moving to the states, going to germany, leading to other countries in order to find a more secure and stable financial state of play. and of

course, this is the older part of the expects. we saw a large flow of people, the young, dynamic, well-educated, academically credited people left after 2010, the big financial crisis, almost half 1 million people left. these were the people that we were really focusing hopes on. they went to other countries, mostly around europe, and in the states, and they created their families there. >> now, karen zacharaki joins us. i was just actually thinking, karen, what has happened over the last couple of years. obviously, we have reported on the brain drain that greece faced, but recently, the trend was changing with people returning to athens. is this a question of athens versus the rest of greece? >> it is very much that, there is that division between athens and that second city, and other parts of the country that are really seeing this kind of

movement of people away. the emergence from what i have seen in my reporting on the ground, is this ghost town of these towns and villages that are modern settlements that people lived in until very recently, but now they have populations of zero, or virtually nil, people have moved to the bigger cities in search of work and that is partly in result of the financial crisis. there is also a huge demographic shift that are underway. the prime minister has described these as pretty existential to the country. we have seen through different periods in greek recent history, we've had migration away and people starting their families, some coming back to me but they are trying to encourage that more so, but they also say, people who have delayed having families have affected economic reasons, not only people that have come to the latest financial crisis, yet people having families later also in the 80s there was a downturn in that too. and women of sort of

childbearing age, 20 to 40 years old, 100,000 you are then those now and five years ago. that obviously has huge ramifications. so, essentially, greece now has one of the lowest fertility rates in europe, nearing this sort of extreme lows of japan and south korea. it has one birth every two deaths and it puts huge strain. >> prime minister has highlighted this as a concern. is he announcing any changes or any sort of policies to change? >> last year, he announced his ministry of cohesion and social affairs to which the ministry belongs, and she now is trying to spearhead the charge to encourage families and support them. in october, they announced 20 billion euros of funding to 2025, which would incentivize the sort of grants, child benefits, tax breaks, encourage sort of parental leave, but it can just work in silo. she

would say this herself, they have got to work with other departments and increase infrastructure across these more growing parts of greece to me people are moving away from because they don't have a family there, even if they wanted to. >> let's see if this immigration policy will have any effect. for more on how to they will offer a glimpse into greece's future, check out karen's article on cnbc.com. the last report before the federal reserve's policy meeting next week. analysts are expecting a november meeting of 2.7%, up from 2.6% on the previous month. pricing in more than 85% chance of another 25 basis points cut at next week's policy meeting. carl is joining us today, great to have you on the show. first, perhaps explained to us

what are your expectations regarding cpi, and do you think there is any room here to disappoint in the markets? >> good morning, thank you for having me on your program. there is always scope for surprise. as we say in american football, on any given sunday, anything can happen. the confluence of statistics, mostly pointing to a number around 2.7, 2.6, 2.8, pick your decimal point. that is where we are on inflation. the big take away is not necessarily where the decimal point is, if you look back to me we have a line on cpi. i'm looking at several charts, posing in different ways. they all started at around 8% and come down to 2 1/2 2 and three- quarter percent, and all heading to 2 or lower by the second quarter next year. that is the story on cpi and i don't expect anything to upset that story in today's number. >> what is today's outlook for

2025? it seems, we have so much uncertainty on the table, and i know this is often the case, where are you focusing to understand what the fed will do next year? >> you said it, uncertainty is the forecast for next year. everything that moves forward into the new year's will hinge on policies. a number of policies of the drop in ministration has expect expressed interest in pursuing that might lead to a higher price trajectory and the dissent 2 and below, to present that we have in our baseline forecast to me because we don't know what they are. we don't know what the president is going to deliver with his day one tariffs promises. they will affect our trade prices with two of our three, all three of our biggest import partners that will raise is at the consumer level, if implemented. we are not sure if they can be implemented, not sure if they will be implemented, and we are not sure why they are being

implemented, if not for economic reasons, they might not be. the general program of the trump administration in the campaign has been one of cutting taxes, increasing incomes of companies and people at a time where we have low employment. if that goes through congress, which is not assured, we would see upper it pressure on prices estimate gets greater than the amount we can produce with the workers we have available for employment. uncertainty is the forecast for next year. on a level playing field, we are confident inflation is under control and what we may see developing as a battle between the fed and federal government, one wanting to contain prices, the other wanting to stimulate growth, and i can't predict how that is going to work out. >> you know when we heard from chairman powell last week he said, the fed cut pricing, what they will do one tariffs, because exactly what you just mentioned, we don't know how big, who they will target, whether there is retaliation, and so on. how are you going to

read the blot, do you think it is a moment for us to to some extent ignore what the government will tell us, because we don't know exactly what the president will do? >> i think we need to look at the next sought plot more than this one, because we have more questions than answers about the policy side for investors, this might be a time to think about things other than inflation and interest rates that might lead to favorable circumstances for investment in specific country environments. no matter whose forecast we look at, whether it is for growth, inflation, whatever, everybody agrees that the u.s. economy is growing well right now, that it is growing better than pretty much every country. i think i heard you talk about that in the previous segment. look maybe for a list on inflation and interest rates, and more on strong, continued growth for the next at least six to nine, 12 months, two,

three quarters moving forward. i don't think anything that will come out of this transition will immediately affect growth. the the sorts of fundamentals i think we can count on. if there is a terrorist that might impact things more immediately, immigration policy will take a while to hit the economy. tax changes will take a long time to get implemented, and probably won't hit the economy until we get to 2026. we are looking at a progression that starts at least with strong, economic growth. that is one thing i think we can count on for now. >> let's see what the president will end up announcing and perhaps how that will impact the economy. i would love to have more time to speak with you. perhaps, we will have another location in the near future. appreciate your time today. carl weinberg, chief economist

at higher frequency economics. before we let you go, a quick look at how european forces are trending today. basically a little more downbeat to european equities this morning with investors monitoring corporate announcements and awaiting the all-important cpi print. let's get a check on u.s. futures, they expect it could be a great start to the trading day as investors are waiting on what is happening on the inflation front. we will see and we will be speaking about that tomorrow. however, that is it for today show. i am silvia amaro. stay with cnbc, "worldwide exchange" is coming up next .

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it is 5:00 a.m. here at cnbc global headquarters, welcome to "worldwide exchange." weeks ahead of today's cpi report, also, washington weighs in on wall street, sending shares you know moving lower. also say for now, trump's pick, chairman powell to finish out his term as chairman. also, google on a quantum computer breakthrough peer later, following an a.i. boom, inside look at one of the largest