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tv   Squawk Box Europe  CNBC  December 30, 2024 4:00am-5:00am EST

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and the holy ghost ♪ ♪ they caught the last train for the coast ♪ ♪ the day the music died ♪ ♪ very warm welcome to "street signs." i'm steve sedgwick. these are your headlines. the crash of the jeju air boeing jet is the worst air disaster in south korean history. boeing shares are 2% lower in early frankfurt trade as a probe into the incident begins. european equities following wall street lower now down .40%
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with every single sector in the red, but the benchmark stoxx 600 actually, believe it or not, remains on track for a second straight positive year for the first time in almost a decade. and mixed fortunes at the end of 2024 put some of asia's largest markets, the nikkei grows almost 20% and the kospi with the longest monthly losing streak since 2008. and condolences pouring in for jimmy carter who has died at his home in georgia. ♪ it's lovely to see you all today. we have a huge amount of news. i'm afraid a lot of it is
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incredibly sad. the acting president of south korea has ordered an emergency safety inspection of the operation system this following the deadliest air disaster in the tion's history. all 179 passengers and four crew were killed when the jeju airlines flight crashed into the wall on sunday at south korea's muan airport. we have the boeing listing. the frankfurt listing is down 1%. $173 down 4%. you see the year to date move after a series of concerns and, of course, the strike action as well. shares year to date down 33%. right. nbc's meagan fitzgerald has more on the latest incident.
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>> reporter: we are talking about an aircraft carrying 181 people before it crashed after the landing gear apparently failed. we want to warn you the footage you are about to see is graphic. you can see the moment this plane started skidding down the runway before colliding into a wall and exploding into a massive fire ball. south korean officials say two people were pulled from the wreckage. everyone else on board died. flight radar from bangkok to south korea did not appear to show anything unusual. owe fficials say a bird strike have caused the deadly events. investigators are searching for answers and rescuers are covering the bodies of those who did not make it. officials say it could take between six months to three years to complete a full investigation. back to you. >> and we have a live shot of
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the runway and, of course, the jet airliner at muan airport. it lined at 9:00 a.m. local time. 00 gmt. it was operated by jeju air which is the most popular budget airlines. transport officials were saying it was attempting to make a landing after a bird strike warning. of course, alert about the risk of collision with birds. two minutes later, the pilot called a mayday and air traffic command gave permission to land in the opposite direction, as you, of course, have seen in the footage, the plane touching down without landing gears. it's going to be a long investigation. the azerbaijan president has said the passenger plane that crashed last week had been damaged by accidental shooting
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from the ground in russia. president vladimir putin apologized for the tragic incident after russian air defenses fired on ukrainian drones. a statement from the kremlin did not say russia had shot down the plane only that a criminal case had been opened. 38 people killed in the incident and 29 survived. okay. equity markets in europe remain under a lot of pressure. it's been an okay few sessions for the european equity markets. although the month was again pretty tough. the ftse up .81% last week, but down 1.7% before today's session on the month. down just over 2% now if you factor in the point 4% of 1%. the dax has put on .50% last week. again, under a bit of pressure this morning. let's have a look at equities.
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the dax trading below the mark. the cac 40 has had a very tough time as of late. big under performer in europe this year. all kinds of political concerns. put on 1%. the move up 1.7% before today's move is factored in. the individual sectors, last time i looked on "squawk box" no sectors in positive territory. a bit of a form for travel and leisure at .2%. telecoms trying to stay in the greej. a lot of sectors in negative territory. let's look at the biggest decliners on the european bourses. healthcare, media, technology down .6%. basic resources down .51%. okay. u.s. futures look like this. again, i think pretty much what
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we are seeing is u.s. futures firm up from the lows. european equities looking slightly in better form as well. let's get another view on these markets both now and, indeed, what we are looking forward to in 2025. john plasard is here with us. thank you very much for join in us. we have been telling the people over the season we have the build up in days and all of us gluttonous. how do we put our portfolios in the best position for 2025? john, that is my initial question. what hould viewers be doing? >> hello, steve. good morning. i think the most difficult question of 2025, of course. we saw 2024 was such a difficult year even if we have had such a good performance in the u.s., but i would say that we kind of
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proactive same as central bank, they will be proactive. there will be two point of view. one in the u.s. with growth that is still sustainable and on the other side the political issue in germany and france, of course. on the one side, the fed will lower the rates at two or three times, depends, of course, on the data. on the other side, we think that the ecb will be much more dovish and will not focus on the monday p date, the only mandate they have so inflation and price stability, but more on growth and negative growth potentially in germany. so, we still are quite bullish on the u.s. equities.
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we think that we'll have equity cyclical recovery. a tax cut will come when mr. trump will be in place and rate reduction that will create a favorable short-term environment. there are lots of uncertainties. steve, i'm sure you know that. >> yeah, yeah, it's my life to know the uncertainties or ask people about the uncertainties. john, are we being guilty of doing something in the first answer and question as well thinking these are the macro factors, this is how it effects the stock market rather than look at the companies and going bottom up and say maybe that's where the safe havens are in the corporates rather than the macro or the currencies? the corporates are run better than governments. let's say the safe haven is
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there rather than worry about the other safe havens are. >> you are 100% right. we should not look at central banks. they were wrong in 2022. they might be wrong in 2025. of course, look at the u.s. company, for example, that will be driven by double digit earning growth. on the other side, europe equities and the cac 40 before. they will be driven by, for example, the chinese growth more than what is sustainable in the european equities. so that's why we still looking at the, i would say, the west part of the world. we still think that even if valuation is high, it's a place where you should be in. steve, i know you don't like when we talk about valuation because there is reason why
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there is a discount between europe and the u.s., but we still focused on the u.s. side actually and on the u.s. company that is driving by double digit growth. >> john, i love valuation. that's the bread and butter. that's why i didn't ever comment on bitcoin. i don't know what it's worth. i love valuations, john. my problem is i given up valuations being more important than momentum. momentum trumps valuation 90% of the time until it doesn't. i have to go with the flow, john. momentum, momentum, momentum, that's the price and then valuation matters. >> you are right. you know, the whole year people were talking about the valuation of tesla and valuation of all of the stocks, et cetera. we saw that was not the driver.
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the driver is exactly what you said is the momentum. if you still have growth there and still have the double digit earning growth, i mean, you can still have a fantastic performance on the nasdaq, for example, or the s&p 500 even if the valuation is so high. so, i'm more following the momentum more than the valuation looking at 2025. >> no worries. that's two of us. okay, here's another question. i think it is my final question. you mentioned at mirabaud. you said we are proactive at mirabaud as well. let be me honest. action is not as good or hasn't been over the last couple years is going passive. why should our viewers be active managers of their money or choose active specialist rather than going with some passive product? >> so, we think there are
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fantastic companies and fantastic small caps in the u.s. and fantastic themes that are still on the market, more than by etf that will more trim your performance. i agree also trim if the market is going lower, but we are looking also to be opportunistic, that means proactive. that is why maybe we should also focus on europe. you know, everybody and every pension fund in the u.s., for example, hates the european market and maybe we should see or we could see a reversal of the trend in the beginning of this year. i know that last year, 80% of the years were -- saw u.s. out perform. maybe that could be something different next year and you
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could have several stars that would, of course, that could be aligned and give a strong performance to european market. that is also what i call a pro-active and more opportunistic call at the beginning of 2025. >> always love talking to you, john. i love our conversation throughout 2024. i'm looking to many more. john, have a lovely rest of the holiday period. a lot of us -- are we over christmas? we are over christmas. we have the new year's eve party. my wife has me going to a party on new year's eve. i just want to go to bed early. i can't do that. let's move on. there we are. it was a mixed performance going into the year. the final day for indices. some of them aren't holidaying tomorrow. today is the final trading day of the year in asia stock
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markets with the kospi and the nikkei closed tomorrow. the nikkei 225 has hit its highest ever end of year. they will have to be more hawkish on the central bank. what will it do for the yen? south korea's kospi fell 10% this year. the longest monthly losing streak since 2008 amid concerns over global trade tensions. coming up on "street signs," the semiconductor space has been largely led by one name in 2024, but could we see more competition next year? we'll bring you the outlook for the sector. coming up next on "street signs." 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. call coventry direct to learn more. we thought we had planned carefully for our
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the chip sector was led by one major company in 2024, but 2025 could see the emergence of greater competition. seema mody has the details. >> reporter: nvidia may have led the rally in 2024, but other stocks that offer promise next year with a number betting on broadcom following the outlook for the coming years. morgan stanley likes astera labs. as it pertains to the devices, moore remains on the sidelines. a deeper dive with amd and nvidia and the research shows as much as amd is trying to play catch up, nvidia engineers are working overtime to deepen the moat with the software libraries and performance updates. what the companies have in common is a greater dependence on taiwan and tsmc which makes
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the sector vulnerable with china and taiwan. >> the importance of the chip duction in china and taiwan protects the industry. it is important to remember that xi jinping is a security first leader. he has shown he is willing to endure real economic pain. >> reporter: if president-elect trump makes a deal with russia to allow ukraine to be annexed that could make a more on taiwan. the bet of onshoring the chip production for intel and the challenges, wall street is betting on volumes expecting to ramp up by mid 2025. for cnbc business news, i'm seema mody. pick up pace with a.i. and climate change and seeing major activity according to our next
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guest. just that one ready could dissect and ask you lots of questions. first, nice to see you. thank you for joining us. >> thank you. >> private sector picking up pace. private investments are, i imagine, why are we picking up pace compared to 2024? >> it has been a game of two halves in 2024. anything with a.i. is a boom and valuations going back to 2020 and 021. anything that is not a.i. is not completely easy if you are a series b founder to raise capital. i'll tell you what we will see over 2025 say reset where some of the a.i. hype may cool a bit and other sectors climb in health which i'm investing in will have a great year. >> you say anything a.i. completely boom in 2024 as well.
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i'm given the power and margins that your business, your area of expertise. historically, you are not expecting those to work as well. have the numbers changed at all? let's be brutally honest in it, most of those with a.i. will not monetize anytime soon. it will be a brilliant productivity tool. clearly it is a brilliant tool for everybody. a lot of companies are selling snake oil. they are not selling picks and shovels. how difficult is it to invest in a.i. and profitably in 2025? >> we expect a lot of them to fail in one or two or three to do big. what is fascinating is venture is a good venture outcome from $1 billion to $2 billion to $10 billion to $1 trillion. you look at the mega caps and go one of the companies could become that big.
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the reason masses get big about a.i. is it is not a ion dollar jut outcome. that changes the economics. >> rather than one in ten or two in ten, you are 1 in 21 and 1 in 40. >> that's the big adage. don't miss. >> that's the adage. a lot of them do miss. >> the crucial thing if you invest in a company and it goes to zero, it doesn't matter. if you miss the next nvidia, you have completely failed in your career. >> i hear one of the phenomenons of 2024 is private equity started sniffing like you backing the early stage founders as well. has it become a bit more crowded? >> it has become crowded. we see in europe the likes of lightspeed and sequia coming
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earlier and earlier. that's where you see the super returns. that space is much more crowded with not just the mega cap venture capital, but private equity looking to see how do they get exposure to the a.i. names. otherwise it is difficult if you are private equity to get in the good stuff if you are waiting until it is far too late. >> it's done. in terms of climate and healthcare, climate has been problematic as an investment over last couple of years. cut a long story short, the back drop is very under certain. the technology is uncertain. the desire of consumers to adopt is uncertain. is it a good investment getting involved in climate? >> the people have called for the death of climate tech. the only way out of the crisis is through advance the technology. what we see is the world is not want massive disruption.
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i think if we get close to decarbon dekar decarbonizing, it is key. of course, you have to be judicious. there have been issues in clean technology and chasing infrastructure dollars. i think it is different this time around. we are not looking for as much of a green premium. they are creating cheaper and better services. >> got it. why shouldn't i buy chinese companies rather than taking a chance on the states which has an administration that could be less friendly and taking a chance on germany where the greens are bemoaning and they have an aggressive attitude a lot of the transformational technologies? we spoke to someone high up in afd talking about coal coming back. why not find the best answers in china? >> i think the answer is one
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word. tesla. if you take that attitude, you take out the most successful investments of all time. musk is close to trump. you will see it rebrand to american dynamism. you will see a renaissance under trump. anything that powers a.i. anything efficient chips. it might not be called climate tech. i think over the next four years. >> those on this channel could have had dozens of tech executives lauding how pleased they were. bought a solar farm or wind farm or turbine powering their company. getting closer to net zero. they bury the statement lower as the servers eat up more and more water for cooling and more and more energy as well. they seem to have dropped their
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green connection. they will reinvigorate those? >> whether it is government or companies, anything with a green premium, people are not afraid to say we're not interested. for example on the biden administration. i think climate tech is creating jobs and investment and a lot of the inflation production act have flown into red states. you will see lawmakers in the u.s. say we don't want the republican jobs and investments to be taken away from us. i would not expect full-scale repeal of the act. >> i get good support from the audience and one of my friends watching as well. he is an investor as well actually. he has the comment from the last conversation. u.s. inn know innovates. does that mean european companies are in a tougher competitive position or under valued? they are operating in a global
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workplace and global markets. there are good opportunities if we take the attitude that europ. >> your friend has it well. how do we become the best country of the world ing a.i.? we did with deep mind here which is one of the two giants of a.i. >> that was -- >> a friend of the former giant. it has the capacity to create the future giants. they get bought by google and go public in new york. that is the missing piece >> there was one big company this europe and it is a large part of the economy of that country. actually, they are worried about the size of it. that is so european in the mind set. disturbing. i won't mention the company or
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denmark or novo nordisk. done it again. lovely to see you. the founding partner at giant vc. coming up on the show, we will look at how retail foot fall and spend has fared over the christmas period. i'll even get my production team to spell fared properly. we'll be back after a short break.
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a very warm welcome to "street signs." i'm steve sedgwick and these are your headlines. the crash of the jeju air boeing jet becomes the worst air disaster in the south korean history. safety concerns sending boeing shares lower pre-market as a probe into the incident begins.
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european equities lower on the final trading day of 2024. the benchmark stoxx 600 remains on track for the second straight positive year for the first time in almost a decade. xed fortunes with the nikkei rising almost 20% of the year. the kospi with the long of the monthly losing streak since 2008. condolences pouring in for former u.s. president jimmy carter who passed at the age of 100 at his home in georgia. right. really nice to see you all today. nice of you to join us in that weird period. we have done christmas. we have new year. we are not fully ready to get back into it. i'm not. we have live markets as well. to see how we end 2024 really.
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once again, europe little bit downbeat. again, european equities had a solid enough rally last week. out performing, by and large, what we saw in the states which is quite rare. s&p was up .7% last week. the cac was up 1.1. london has a rally. up 1.8% for the ftse last week. let's look at some of the european bourses and where we are currently trading. we're off our lows. in fact, we've gotten into positive territory in italy. dax is mild. london leading the declines. actually, a couple of sectors have clawed their way into positive territory. last time i looked, travel and leisure. i have a u.s. audience this hour. travel and leisure, same old joke.
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banks up .2%. utilities mildly, let's call that flat. what have we got on the declining sectors which are leading us low? media under pressure. industrials .4% lower. healthcare under pressure. u.s. futures were getting closer to the flat line the last time i looked. under pressure a little bit. nasdaq down 34 points. should i spend a bit of time before the bourses? quickly. talk about rotation. you talk about rotation, but my goodness me, where was the rotation in the last month? we will all move out of the magnificent seven and technology names. should do i it? should i do it quickly? dow transports down 9% month. russell down 8%. s&p down 1% on the month. what does the nasdaq do? put on 2.6%.
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i do this briefly. all of the tech sectors like consumer discretionary. tesla and amazon. they are up 5%. communication services up 5%. what about the divergence? real estate down 9.4%. industrials down 7%. materials down 10%. the rotation story didn't work in december. unless something meteoric happens. holiday season. julia boorstin has the details. >> reporter: a.i. is playing a key role in holiday shopping. 62% of consumers plan to use a.i. for gift recommendations. 3 in 5 retailers deployed
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chatbots. sierra is creating custom a.i. tools trained on the company's data. able to answer questions and assist with a purchase, the agent it created for hawaiian brand uses a relaxed tone to reflect the brand. it can answer questions about the hawaiian islands. during this holiday shopping season, many retail customers did not need to hire more support staffers because sierra a.i. agent could pick up the slack. >> we can help companies particularly around surge and scale where the challenge is how do you meet peak demand without call times going up? they are meaningful operational savings. >> reporter: there are a range of ustomers. jeff bezos launched a shopping tool to have the ability to search by photos and complete a
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sale on the platform. this followed amazon and google to give shoppers personalized results and best prices. amazon's rufus tool has been asked 500 million questions. julia boorstin, cnbc business news, los angeles. uk shoppers are shaking off the post christmas slumber. i could barely move yesterday. christmas slumber. friday foot fall in all destinations rising 8% on the year according to research from mri software. i think it is a mixed picture. bruce finley is with us. really nice to see you. if i can make it from east
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sussex, so can you. i could have picked you up. i think there is a slight delay. you didn't laugh at first. bruce, in terms of how things are going here, just give us the broad brush. >> we saw the momentum building from black friday at the start of december which we saw plus 10 similar numbers you just quoted. with all of the last-minute shoppers on the run to christmas, you saw great foot fall and sales again coming through. it has been a positive start to the key golden quarter for the retailers out there. >> that is interesting. bruce, i read data that says foot fall was down. i look at a lot of retailers and blue ribbon retailers and they've been under a bit of pressure. the nerves around this reporting season very interesting. you are not here to talk about whether retailers are going to be with expectations or not as well. the foot fall, given the barometer with the expert on in
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the states talking about technology and online shopping. is foot fall a really good barometer? >> obviously, it is all about spend and coming out of the pandemic, that's the first thing you saw was the general spending levels compared to last year. sometimes that mix can shift between categories with fashion or growth in health and beauty with sephora entering the market. we had blue water. we had 750 people queueing up for sephora there. when you get the right position, consumers are coming out and spending. >> i've got teenage daughters. sephora is the bain of my life. now they know there is a blue ultra as well. i didn't have the pleasure of getting to blue water, which for our u.s. audience, is a big, big
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mall in kent. i think it was an old mining site. it is a phenomenal success by and large as well. there are big new retailers. i think jd have a store. jd sports as opposed to jd.com for the international audience. you mentioned sephora. are others suffering? >> we have others like m & s with a great run. blue water, we announced the up sizing of next tripling the size of the floor space and going into the house of of frasers department store. through this year, we are seeing in the pipeline with great demand. whether it is the beautiful shopping center up to trinity and leeds. we are seeing the momentum carry on. >> i went to one fairly well. i was running down there. it is lovely. i agree, bruce. it would not be lost on you.
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shares are down 17% year to date and we have a labour government with questions about the stewardship about the uk economy as well. you sound positive, bruce, and i'm pleased about that. why do you think your shares are under pressure and concern about what the government has done and what it peeps means for the con? a lot are at the lower end and costs have gone up through the roof, these retailers. >> a lot to unpack there. certainly retailers have had time coming out of the pandemic and they have been working hard on the p & ls. it is challenging for some sectors like fnb. i think the best businesses are ready to absorb this and where possible, not pass the costs on to the shoppers. we have seen to the start of the
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question, consumer confidence has been pretty choppy through the year and we need that to stay at a good place. you know, the macro conditions haven't been perfect out there. of course, we ve to see the rates, interest rates come down more in the months ahead had. we could love to keep inflation down around the 2% mark. with a little shift in the wind, we can see our momentum keep pushing forward. that should be reflected in our share price. >> in terms of, we got a big package coming up, a commercial real estate coming up after this interview, bruce, as well. it is very interesting. looking at british land and community and cre. it is interesting how they have been pivoting and going less malls and less shopping centers and mixed use of homeownership
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in areas previous office as well. tell us about the broader dynamic and how your expertise fits in the strategy? >> retail now recently under scoring our confidence in physical retail and the brick and mortar universe. we just acquired a 92% stake in liverpool one which is the base with all of the great brands there. this underscores our confidence in the sector. we are one-third of landsec which is the major portfolio office and workplace. so, we've got the confidence and we are seeing the best destinations continue and shopping centers take up something like the top third of spend in the uk is coming from 1% of the best locations which we call prime retail. we've got 7 of the top 40
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locations. we have the top locations working with the best brands and hospitality businesses and leisure. the thing i wanted to make sure i plugged was cinema which had a tough time in the last year and troubles with the strike and everything. we saw record-breaking box office in december for "wicked" and "gladiator." all positioning well for the year ahead for content. >> i did see "gladiator." i thought "gladiator 2" was rubbish had. it was nowhere near the original. let's ask this had question. i know the big shopping center down your way, i think it is called churchill square. you do not own that one. one thing is interesting. am i right in saying ikea bought this one or the company that owns ikea bought a shopping center? that is really interesting.
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on the world's biggest retailer is buying the site or big malls near you. does that represent a trade? >> they have been involved for some time and controlling their destiny in locations and owning their spaces which is great for european p & l. they will do a great job, we think, with that center. i think they have the data from their -- they are an omni channel retailers physical and online. they have data that is pointing to brighton that is telling them to open another flagship store down here. the nearest one i believe is a long way to go to go to ikea. they will do a great job there and great acquisition for them. we see others in this space now starting to get active with transacting shopping centers which is a great sign for the industry. >> did you watch "gladiator 2,"
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bruce? >> i did with the family. >> thank you. next time you're on, i'll put you up. i do get in the car at 3:00 a.m. it might be early. bruce findlay. i did see carry-on. moving on. real estate poised to continue the recovery next year with cpre forecasting a 15% uptick in activity as workers return to the office and interest rates continue to ease. are they easing quickly enough for the sector? karen gilchrist has filed this report. >> reporter: 2024 marked a recovery in real estate with lower interest rates and easing pressure on the sector and reviving lackluster activity. 2025 looks to continue the trend as sluggish growth remain. real estate firms cbre dubbed
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2025 a pivotal year for the sector with 15% uptick. office takeup looks set to rise across europe next year as more workers push back to the office. recovery in the sector will be polarized with rents diverging with the best and the rest. primary or grade-a office supply will remain in high demand. the residential market is poised for greater activity as borrowing costs falling further. average prices are expecting to rise 4% by the end of 2025. an uptick on recent years which in line with long term averages. meanwhile, rents are elevated as supply persists. among prime real estate, growth
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is set to continue, too, maintaining the europe status as a global wealth hub. madrid is seen leading that charge recording growth of more than 5% while london and paris remain luxury leading markets despite political flux and clamp down on uber wealthy. elsewhere, demand for operational real estate will remain strong with particularly opportunities in logistics and student an accommodation and hospitality. analysts warn the trends such as digitalization and demographic shifts key to determining the winners and losers. investors will also be closely watching a few key trends in the real estate market. sustainability targets in the uk and europe will require strong alignment with occupiers and landlords and investors. new construction targets could create more opportunities in key markets. meanwhile, artificial
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intelligence is set to become more critical to the sector with 85% of respondents to a 2024 pwc survey expect a.i. to have an impact over the next five years. i'm karen gilchrist for cnbc business news. coming up on the show, tributes pour in after the death of the former u.s. president jimmy carter at the age of 100. we will look back at his life and legacy after this break.
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welcome back. good to see you. cre leader has criticized elon musk over an opinion article praising the alterative for
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german party. he could not remember the case of interference in the friendly election campaign in the history of western democracy. powerful language. musk faced criticism with saskia esken saying people attempting to influence the election from outside germany should expect fierce resistance. in the piece published on saturday by the world on sunday, but published on saturday. go with me. musk claimed the description of the afd as a far-right party was forced and describing it as the last spark of hope for germany. the former u.s. president jimmy carter has passed at his home in georgia at 100 years of age. he was the country's longest living president. extraordinary heart felt
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reaction around the world. a politician of a different era. nbc's chris pollone is in washington with more on how people are honoring president carter's life and legacy. chris, i think uniformly from the political divide and across the world, people are saying well meaning and very justified positive comments about president carter. >> reporter: steve, that's absolutely right. this is something we rarely see in the u.s. and in american politics these days is almost universal praise for jimmy carter from someone who might be considered as political enemies. being in the white house was just one small aspect of jimmy carter's life and legacy. he spent the years after his time in office trying to improve the lives of others around the world. people in atlanta have been leaving flowers and notes outside the carter presidential center. remembrances for the long of the
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living president who died sunday at 1 00 years old. tributes pouring in from across the world and nation. from outside the washington commanders game. the red white and blue. >> this is a sad day. >> reporter: president biden vacationing remembered his long time colleague and friend. >> jimmy carter lived a life measured not by words, but by his deeds. he forged peace and advanced civil rights, human rights. promoted free and fair elections around the world. >> my name is jimmy carter and i'm running for president. >> reporter: biden, then a senator, was the first politician outside georgia to endorse jimmy carter's bid for president in 1976. he sometimes called america's greatest former president. a nod to the life of diplomacy and service after his one term in the white house. >> i say peace and human rights
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and treating everybody the same is what i hope will be my legacy. >> reporter: president biden said the thing that convinced him to endorse carter for president is the same thing that endeared him to the generations of s over the last 50 years. >> jimmy carter is simple decency. simple decency. i think that's what the rest of the world looks to america for. >> reporter: while pointing out differences, president trump said on social media, jimmy carter did everything to improve the lives of all americans. for that, we all owe him a debt of gratitude. and president biden has declared january 9th to be a day of national mourning here in the u.s. for jimmy carter. biden said he will deliver a eulogy for the former president at his state funeral which will be held in washington in the coming days. steve. >> chris, thank you very much.
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indeed. extraordinary individual from a bygone age. i actually remember the camp david accord and seeing the sadat and begin there. chris, thank you very much for that. interesting stat for our audience. he appointed paul volcker. we all talk about the reaganomics and all that. which the change in the united states in the first reagan administration. it was actually jimmy carter who appointed paul volcker. i think that is interesting. we forget that. the man responsible for a lot of the recovery and reform, so to speak. we have u.s. futures looking thus in the states. slightly lower, i believe, in terms of the futures. here we go. mildly easing. .1% lower for the nasdaq, the dow and s&p. why not spend more time on this. i want to make one point in this
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show today, it is the fact we spent a lot of time trying to work out for 2025 do we stick with momentum stock or technology story or do we think about the 493? the 490? the stocks that actually -- the bit of, i don't know, reversion to more historical norms and broad brush portfolio. the fact of the matter is, a lot of people spoken about it in the second half of the year, getting away from tesla and getting away from amazon and getting away from nvidia, of course. the evidence of december is actually quite startling. i'll spend a bit of time on this one. in the month of december, we're pretty much there, the russell 2000 is down 8% month to date. dow transports, a great metaphor of the u.s. economy, down 9%. rtk down 8%. rt transports down 8%.
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the dow down 4.3%. nasdaq has put on 2.6% to the upside. all of those markets have gone down. technology, consumer discretionary. two biggest names? correct. amazon and tesla moving to the upside. communication services moving to the upside. industrials, materials, real estate. all under pressure. where is the broad brush rotation? quick look at european equities and where they are trading. around the flat line for the bourses. i'll be here tomorrow. that is it for today's show. i'm steve sedgwick. the magnificent "worldwide exchange" is up next. i know it's magnificent because i'm briefly on it. 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. call coventry direct to learn more. we thought we had planned carefully for our
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it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." futures are in the red to kickoff the final trading week of the year. the santa rally struggling to find its footing. officials in south korea are investigating a deadly plane crash involving a boeing jet. the latest on that probe. and trump weighs in with elon musk feuding with workers. and front and center for the fed in the new year. former vice chair

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