a whole new future. ♪ a very warm welcome to the final "street signs" of the year. i'm steve sedgwick and these are your headlines. so, europe's stoxx 600 is actually set to deliver a second straight positive year. that's the first time since 2015, but, of course, it is lagging behind its u.s. peers with all three major indices on track for double digit gains. the u.s. treasury accuses

chinese backed hackers of stealing documents in a major cyber breach, but beijing rejects the allegations as smear tactics. chinese manufacturing activity slows in december. this as the president xi jinping is on track to hit the 5% growth target this year. and not kidding around. i see what you did there. chinese toy maker bloks group files for an ipo looking to raise $188 million. nice to see you. my team tried to put indexes in. no, indices. i followed the latin route. i hope you are all okay. final time of the year for some of them. european, these are the european markets as we see them at the moment as well. we were actually called to open slightly in negative territory

after the damp squib performance of the u.s. markets yesterday. we saw solid declines on the nasdaq and s&p and dow overnight. european markets brushed that aside and in the final couple of minutes of the year because some of the markets closed including the german market. we are gets, well, i think we can call it flat line from paris as well which is a tough market in 2024. we shall have a year to date performance of the indices. these are the three major indices. it is fascinating on the previous show where i was speaking to bob parker about the xtra dax. if you were dropping in from mars, sorry, i didn't want to defame a whole town. i had somewhere in my mind. that was the last several years. if you were dropping in from mores, you think the xtra dax,

you would be mistaken. political consternation and auto sector which is the bedrock of germany which is struggling to ev and cost cutting as well and the dax is on a 19% upside. our previous show talked about this. 11 times forward, it is not the ive index. same for the french. cac 40 with the issues, not least the fact that emmanuel macron called an election for the national assembly which has proved really torturous. they have a budget deficit below 6% next year . that is a dangerous signal. the ftse with the gain up to 9% and 4% yield on the broader stock. it's been a tough year for the

ftse. material stocks have been under pressure. the oil majors. let's have a look at sectors. which sectors performed the best so far? i think we can say did perform best in 2024. it's the banking sector. my goodness, me. we spoke about with ubs, it is all to play out in the sector. what are european regulators wanting from the banking sector in 2025? do they want sectors and companies to consolidate and compete with the best in the united states or are we destined to remain in the slow lane? germany is the litmus test here with unicredit comments with the economic interest and derivatives with 30% of that company? telcos. another interesting sector. some consolidation. it hasn't felt like an up 16%

for many of the companies. again, it's a tough and competitive sector. it has put on 16% this year. you can quite easily find free cash flow positives and single digit forward pe in the sector. a bit of a balance off the lows of the last couple years. financial services up 15%. worst performing sectors in europe. there you go. that tells a story, doesn't it? autos. we talked about the really vicious competitive environment again. you've got autos. you've got the cream of european autos. volkswagen and stellantis trading at single digit forward pe. is that value? all i can say to you, the viewer, the investor, they have been mid single digit forward pe for a long time and a value trap of value trap. basic resources.

that has to be a china story. xi jinping's 5% growth in 2024. hope that can find support for the sector in 2025. food and beverage, you don't have to go too far. high in demand. not just in china and not just in asia, but the united states and elsewhere. let's be brutally honest about it. younger people are not drinking as much as my generation. that is a good thing, but not as good for the food and beverage producers. shall i go on? the dollar index. dollar up 6.4%. i have a guest waiting to tell us the answer. euro/dollar. this one's interesting. if we still believe the ecb is going to carry on cutting rates and if we still believe europe is going to flat line on the growth fund and we think there

is a limit the fed will have cuts beyond one in 2025, then that puts that pair at an interesting position. a pair in the last couple months from the september highs has gone in one direction. dollar/yen. again, this is xtraordinary. you have wage deals this year which were north of 5% which we were all waiting for. we thought it would be a catalyst to higher interest rates. nowhere near as much as people had expected. we saw an election and that added concerns about the influence over the boj. net-net is 156 which is a level that many thought the dollar would struggle to maintain. anyway, earlier, bob parker at the capital markets association joined us on "squawk box" i say us because i like to have people here with me and gave us his take on the forex markets. >> there was one theme throughout the year which was investors remained long the u.s. dollar. >> 6.6% higher year to date.

>> exactly. that was against many currencies. we shouldn't forget that actually some currencies, the brazilian real and then the yuan with the selling pressure. >> alvin tan is a specialist at rbc capital markets. alvin, nice to see you. thank you for joining us on new year's eve. the dollar ascendency in 20 25? what's your call? >> the dollar will stay high. it will not surpass 2022. remember, late 2022, euro/dollar fell parity. we don't think it will repeat it, but the dollar will remain strong and well supported in 2025. >> why should the euro not be challenged to the downside

beyond another 3 or 4 cents versus the greenback? i would love europe to respond fantastically on growth and digital transformation and the draghi strategy. i would love the tariff issue not to be an issue and the strategy to star t working. alvin, why would the euro hold against the dollar? >> the fact that you and i struggle to see the bad news and bad expectations with price. the yield differential in between the u.s. and europe to a great extent, that is well reflected currently in the fx market and where euro/dollar is at 104 or 103. we do think there is some to the downside to the euro/dollar.

you say there is a huge negativity in the market around euro and the huge amount of positivity in the market around the dollar. i think that is what will be a major reason why we don't really see the dollar kind of breaking through to new cycle highs. also in terms of u.s. trade policy, i think there is -- we are very doubtful the trump administration will pursue his promise universal tariffs of 10% to 20% universal tariffs. we saw the huge debate within the trump camp over the h-1b visa in the united states. i think what we saw out of it is business interests and corporate interests in the united states is a point in the trump administration. >> alvin, that is a whole debate about the visa.

maybe volatility is the name of the game with the currencies. i don't know if i'm overstepping the market. the change in his rhetoric on visas for people qualified to work in the tech industry in the united states came because elon musk told him that and elon musk said we need these people because we need to grow our companies with these brilliantly talented people from all over the world as well. if elon musk loses s his pre-e pre-eminent position, that means the other things are back on the table. >> it is worth emphasizing that elon musk was supporting the line by a lot of the corporate and particularly silicon valley supporters of trump. it is not just elon musk himself. certainly, he has an outsized voice currently.

you are right, you are right depending on the political issue within the administration. it is worth pointing out corporate interests in the united states does have a big voice in the trump administration. i think they will lobby against any radical tariff policy. that said, i do expect the trump administration to pursue protectionist policies, but not to the extent of 20% universal tariffs that promised in the campaign. >> loads of flashes as you were hitting on china. china fx new yuan basket. a small change. the ability of the yuan and the global south to grow in terms of its usage in 2025, is this a very interesting conversation,

alvin, or ing still for the longer term? >> it is longer term. frankly, china still has a relatively close capital account system. it is still not easy for foreign investors to participate in the bond market. furthermore, the liquidity in the bond market in china is below, it is a ction of the u.s. treasury. i think this is clearly a big fundamental stumbling block to further internationalization of the yen. you have seen this weighting of the dollar in the yen basket. we have also seen this whole year the pboc has been setting the dollar cye fix at a level that is persistently lower than expectations which tells you that there is still time management of the dollar

exchange rate. that is not helpful, frankly, to further expanding the widespread use of the yen in international transactions. it is still a tightly managed currency. >> alvin, i'll let you answer one of the two final questions. completely different. one, you can tell me what you think about the dollar/yen in 2025 because we are keeping an eye on the boe meeting or we can tell us the pair about the currency in 2025. take your pick, sir. >> the dollar/yen is at a new low eek quequilibrium. on the other hand, the yen at this level when the boj is still

normalizing policy. also, the dollar/yen, when the japanese yen is incredibly cheap. so many people are going to japan on holiday. that tells you how cheap the yaen yen is. on top of all this is the threat of intervention as dollar japanese yen rises through the 160 level. it will again in several weeks time. >> i think you understanded two answered two questions in one. alvin, fantastic. enjoy your new year. have a good next year. head of asia fx strategy at rbc capital markets. it's been a bang on year for crypto markets. bitcoin, $200,000 in 2025. good luck to that person.

i'm sure they know way more about that. of course they know . i know nothing about bitcoin. man or woman who is long crypto says it is going up. it's been a blockbuster -- i'll try that again. try again. let's try again. it's been a blockbuster year for cryptocurrencies after optimism of trump's white house sent bitcoin surging above the $100,000 mark. i have been wondering where my colleagues are. arjun sent me this package. >> many were wondering where the world's largest cryptocurrency is heading next. cnbc spoke to investors to get their price calls for 2025. let me go through a selection. standard charter have a $200,000 price target in 2025 which will

be driven by continued drivers. marble also has a $200,000 price target. his reason? >> through etfs. i think the bitcoin strategic reserve is another narrative that's beneficial and i also just think that continued portfolio allocation to bitcoin will occur. >> why is there so much bullish for 2025? here are the three key reasons. number one, president-elect trump. >> we're going to do something great with crypto. we don't want china or anybody else. not just china, but others are embracing it. we want to be ahead. >> on the campaign trail, trump gave out pro crypto messages. the industry is hoping this will mean a supportive environment for the crypto industry which should spur prices higher. crypto leaders have been calling

for thoughtful regulation in the u.s. and the hope is the trump administration may find that. second, gary gensler is stepping down in 2025 and could be replaced by l atkins. gensler was seen as a illain. and finally, you will hear institutional adoption a lot. many bulls have said traditional firms in the market will support the price into 2025. the bullish calls we heard aren't without risks. coinshares told cnbc bitcoin could touch $150,000 in 2025, there is also the chance that bitcoin could fall to $80,000 if the promises around pro-crypto policies don't pan out. arjun kharpal, cnbc. >> you got to love it. experts think it is going up. what about the ones short of it?

that's dangerous. the leverage plays on crypto. it's volatile enough as it is. anyway. coming up on the show, chinese president xi jinping says the country is on track to hit its 5% growth target for 2024. we'll bring you more next.

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but now, with basketball, i feel like a leader. yo, cayden! sport for good means to me that i'll be able to give back to my family and my community. goals can be accomplished, dreams can be accomplished, but dreams are just dreams if you don't go out and try to achieve them. learn more about sport for good at laureususa.com. my next read says we close out 2024. it has taken a bit of time. i'm still here. i hope you are okay. bob pisani has told us what 2025 has in store for stocks. >> for investors, the handoff for 2025 is about as good as it gets. there's significant headwinds. here is the good news. first and foremost, there is a strong economy at 3% gdp. record profits are expected for

2025 and not just from the tech sector. under valued sectors like healthcare and industrials are expected to see the increase in the high teens. profit margins are expected to remain near record 12%. corporate america is taking the money as profits. first, there's a risk the fed will make a policy error by refusing to cut rates to combat inflation and let the job market deteriorate. that's a risk. second, the strengths of the trump administration, that is their business friendly, deregulation oriented, m&a friendly and tax relief oriented, those positives may be countered by tariffs that are too high and hurt growth. third, with tech prices near record highs, there is the potential for the collapse of the a.i. story as investors may revolt against endless rounds of spending without increases in earnings or productivity.

finally, there is the threat from the bond vigilantes revolting against spending and could force interest rates higher. the bottom line, there's lots to be happy about, but lots to worry about in 2025. >> thanks, bob. good to see you. chinese hackers are breached computer guardrails at the treasury department stealing documents earlier this month n. the letter to lawmakers, the treasury department described it as a major incident and said it has since worked with the fbi to assess the impact of the hack. the chinese embassy in washington said it rejected any responsibility for that attack. let's go through these u.s. markets as well. it was a tough thing. not final session, but tough performance yesterday down across the board as well. still, some of the moves we've seen on the u.s. markets year to

date have been quite extraordinary. let me show you the moves year to date as well. dow, up 13%. the s&p up 24% as well. the nasdaq has put on 30%. i'll show you another board in a moment to put this in context in a moment. i'll show you the year to date on technology. the sub secretary tor of commun services. you know. 40% is the answer. 40%. the only sector in negative territory in the u.s. this year, i'll give you a minute. have a think. got it? materials down 2.2%. every other sector, 10 of the 11 sub sectors in positive territory. right. now, nvidia, the story speaks for itself. microsoft. tesla is a trickier one. you can make some pretty good valuation arguments on earnings for whether you like microsoft or not or dislike it or whether

you like nvidia or dislike it. i think tesla is in pure economics and pure criteria. not because i know anything about what their a.i. aspirations are or gigafactories. i think we can all agree that a large amount of the share price rally we is seen in tesla is down to the relationship between elon musk and the administration as well. otherwise, even if you are an enormous fan of the technologies they are developing at the company, can you really justify a valuation three times the size on a forward pe basis of nvidia. i'm not knocking tesla. i think there's some amazing things going on. i just don't know how you can value any company over 100 times forward when the sales picture is so tough. that chart the team just put up there really typifies it as

well. up 66%. momentum momentum is a powerful force. is this just about momentum or is it also more now about relationships as well? i'm asking the question. i certainly don't pretend to know the answer. so, by and large the u.s. markets have been really positive for the year. have a look at this next poured. what does this tell you? specifically the top right-hand corner. transports are not a good barometer? they have historically been a good metaphor for the upcoming finances for the united states? the russell 2k has put on 10%. all of the major indices are up. why is the transports done zip in 2024?

i'll leave that as an open question and we will certainly explore more in 2025. u.s. futures. i should give you those. i presumed they turned, it was easing and positive. that's why european equities. don't forget today is a window dressing day. a lot of people with a tweak of the portfolio. you know how it starts. every one of you who trades a book, it is slightly different. you create a p & l and you think to yourself, it would be nice if i had a good year. leave a little bit on the table to have a bit of a run in 2025 or ctually, you know, you had a bad year. it's hard because, of course, there are strict rules. interesting. okay. chinese president xi jinping says the country is on target for the growth target in 2024.

in a speech, mr. xi said the chinese economy was stable and progressing and risks in key areas were being addressed. chinese manufacturing pmi did slow to 50.1 in december. narrowly outside contraction territory, but below expectations. service sector expectations grew to 52.2 with the country citing growth in telecom and certain sectors. and coming up on the show, play time may just be getting started at the company next. de policy you no longer need? nowe 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 retirement. but we quickly realized we needed a way to supplement our income. our

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actually are your headlines. europe's stoxx 600 set to deliver, believe it or not, a second straight positive year for the first time since 2015. of course, it is lagging behind its u.s. peers with all three indices on track for double digit gains. the u.s. treasury accuses chinese backed hackers in a cyber breach. beijing rejects the allegations as smear tactics. xi jinping says the country is on track to hit its 5% growth target this year. and not kidding round. chinese company bloks group files for a hong kong ipo looking to raise $188 million in the listing.

come on, you lot, we're nearly there. we have a couple of hours left on these markets and we can have new year's and do it all again next year. let's look at where the european indices are clawing their way to the line. my goodness, me. it felt like a struggle this year. let's be brutally honest. the london market where there was so much hope that growth, the mantra from the new incumbent government was going to drive the stock market higher and unleash spirits as well. it's been a slog. the ftse is 3,185. we are up 5% for the year. you can get yourself nearer to 10%. it felt like hard work. not as hard work as in france. they, too, had an election. an election that wasn't necessary. macron went to the polls for the national assembly. he stays as president until 2027 barring a disaster for him.

the french market, what a struggle. if i can move on to the year-to-date moves. i'll show you the u.s. futures. i'm sorry. i didn't realize there was an order. i'm looking in a completely different place. welcome to "street signs." we're actually moving higher on the u.s. open. just clawing back some of the declines. i'll tell you year to date, as i teased it for you, the dax has put on 19%. cac 40 lost 3%. the ftse gained 5%. thanks, team. they have no idea where i'm going next because neither have i. the global economy may not be in a recession, but we are in a midst of hiring which says the year will come with change to the labor market especially in the uk. joining us is michael stewart. michael, thank you for bringing sanity back to the show. give me the broad brush.

what is going on in the jobs market globally? >> you said it, steve, we are in the midst of the hiring recession especially here in the uk. you can see the demand for workers as dropped really significantly and you just mentioned it post election we have really seen a downfall. 31% of job postings drop year over year in this november. typically, this is the time of year, october, november, where we start to see a lot of hiring to support the holiday season. didn't come this year. workers, workers are holding on to their jobs and not moving like they once were from manpowergroup data. 25% of all workers believe they're going to get let go. they would be redundant in the next six months and won't be able to find a job. compare that to the unemployment rate.

that's the real gap. i think there are three real trends. i think wages are going to start to fall. we know we had that inflationary pressure with the wages when you look forward into the job market and postings, you can see q3 drop over q2 by almost 3%. this quarter, we have seen a 9% drop in wages that are being posted online which is a really quite significant. second, the youth are getting hit hard by all this. the drop in active first-time jobs and entry level jobs has been significant just since may the number of job openings for first-time workers has dropped 30%. that's quite a significant drop. the last one is the other thing to keep an eye on is the investment in technology and investment in a.i. come this

quarter, we have seen a significant drop off in job and employers looking for both in i.t. and in a.i. which will hurt the uk in the long run because we know we have a chronic productivity issue we need to solve and a.i. and technology is the fastest path to get there. >> michael, michael, i've got to be honest. you just depressed me entirely. let me recap. 25% expect lose their job. youth fall. technology is a problem for employees, but what is the -- almost beg to ask. what is the case to the upside? what can change to take away some of that negativity? >> sure. we've lived through these types of cycles before. typically what we see in the past is you see two quarters when we hit a recession and we see two quarters of downward growth and let's just say q4 was

the first quarter. i think we should expect q2 to start to come back and stabilize. we're going to see some of the government changes and get some stability there. you are going to see hopefully come out the industrial strategy from the new government and investments. i think those are the areas that are going to start pulling us back along with just the overall macroeconomics cycle we see. >> you mentioned productivity problem in the uk. that is something that any -- anyone who inhabits number 11 downing street, the home of the chancellor ex-chequer. are you seeing real moves with the british productivity? >> again, what is really important is we identify and get clear and get specifics around

the industrial strategy. we put money behind that industrial strategy. you said it right there. education. we have to start investing in the skills that are going to create long-term value and long-term growth for the economy. i think the government has to and know that they are starting to look at the a apprenticeship programs to make it more friendly for the employer and worker to really hone in on the skills that are going to matter. a.i. technology. that's where you will find productivity and that's where we should be investing. >> i love these apprenticeships. every example from family, they are phenomenal. far more useful than certain degrees. i would be remiss if i didn't dig deeper into the a.i. scenario. i don't use a.i. in my life, or knowingly use a.i. in my life.

i'm sure there are certain things i do that are using a.i. michael, how much of this is a reality and the labor market in 2025? >> and i think the adoption level will continue to rise. you know, we're going through that trough f adoption probably about now. the speed of the change of a.i. has been significant and i think what we're going to see and it will take a couple of years to play out that one, you will see a reduction in the entry level jobs. those are going to be automated. the knowledge worker, a lot of those jobs are going to be driven by a.i. i think coding, a.i. is a great example of that. i also think managers will be able to manage a lot more people as well. so, if you look at all three of those tiers, you are going to start to see a much more up and

down ational structure within the organizations. our ability to make sure we bring people over into the digital world is going to be critical so we can take advantage. so, jobs will get created and people will have work, they're just going to be very different than they are today and you will continue to see that through next year. >> have i got time for a quick one from the team? will i need -- here's the question. people have come on the show for years. coding, coding, let's get kids into s.t.e.m.? are we going to need coders and s.t.e.m.? science, technology, engineering and math. will the machines do it better, michael? >> i think this is the question. if i were a young person today, i would be making sure i invest in a well rounded education.

it's going to be about applied knowledge. it is about the things inertly human. that is the cognitive capability and critical thinking and ability to connect things. let's not forget empathy. our ability to understand and listen and to take that forward and problem solve are going to be critical. to me, i think we will see a push into more of the well rounded learning and applied learning and being much more diverse. >> have a well rounded education. i feel my latin level has been useful in my financial career. i like the subject. thank you, michael. very nice to see you. have a lovely new year. we will chat next year. managing director of manpowergroup uk. sergio ermotti warned against regulation overhaul following the lender's takeover

the credit suisse. he told a swiss magazine that the company can't afford to introduce rules that don't apply to other countries and tougher regulations could harm the swiss competition. chinese toy maker bloks group is looking for $188 million in an ipo. the toy maker will sell 22 million shares. the wildest, i don't know where this read is going. the wildest dreams of taylor swift fans in the uk were realized, kay, when the global pop star returned for a string of sold out shows this summer which i missed which i'm in a lot of trouble with my daughters of nearly 1.2 million fans attending the eras tour in the uk alone this year. forget about the rest of the world. the swift concerts are generating 1 billion pounds for

the country's economy. yes, i know what's coming. someone has done a package on this. there are also concerns that the shows and impact on prices of hotels, food, drinks and other services drove uk inflation higher. of course. the biggest taylor swift fan at cnbc, dan murphy, looked at whether there was any bad blood between swift and the bank of england. >> reporter: taylor swift back in the uk. >> welcome to the eras tour. >> reporter: and the swifties were out in force. 700,000 fans. five primetime shows and $400 million for london economy according to city officials. from travel to hotels, food, drinks and merch, it's clear, swift is big business. >> tickets are like 1,000. >> u.s. dollars.

>> starting to lose count. >> flights and the ticket and friendship bracelets, probably 500 euros. >> 650. >> and food drink and travel. >> and costumes for the tour is probably around 3,000 pounds. >> reporter: can taylor swift really impact the economy and sway the central bank? taylor slows may have boosted uk spending by $1.2 billion. in june, td securities said spending on hotels alone could boost services inflation by 30 basis points. the reality is this, concerts only have a tiny weight on the inflation calculation. that's unlikely to jump after a single event even for tay-tay. >> what policymakers are far more interested in is services inflation and also wage growth. however, this surge pricing of hotels is one to watch.

it really does depend on the brightness of the star. >> reporter: the eras tour will bring short-term cash, but highly unlikely to bring lasting change. as for the fans, it is all about the music and not about the money. ♪ >> reporter: dan murphy, cnbc, in london. >> that's dan murphy who anchors our show in the middle east. he looked at wembley with tay-tay. the bad news is i missed the taylor swift concerts this year. i got in a lot of trouble with my family, especially my daughters. i still have my pink stetson and can use for a concert next year. i have oasis. i'll look great, aren't i? coming up on the show, president-elect trump backed mike johnson to remain speaker in the key test in congress. we will have the latest next.

right. let's take a look at the u.s. markets year to date. i'll remind you on this one because i've done it before on the show and i'll do it again. this is not a broad brush rally in 2024. half of those gains, as you know, have come from increasing dependence on just seven stocks as well. half of those gains just seven stocks as well. dow industrials up 13%. as we saw in recent weeks with the historic decline, i think we saw the biggest decline we have seen or longest decline since 1974 because of one stock which was united health. predominately accounted for a vast amount of that. the dow is important. no one will ever take that away

from us. the fact is, it is so concentrated and the mechanism is not weighted the same way. the dow is up 13%. the s&p is up 24. the nasdaq wiping the floor. i will remind you once again, a lot of stocks, a lot of indices, have not enjoyed the rally. dow transports were used by you and a pretty good metaphor for the broader market. look at the top right-hand screen. it is flat year to date. let's look at futures for the market. positive the last time i looked. they remain up around about .3% for the s&p. president-elect trump has endorsed speaker mike johnson to remain in his position. that is interesting. it wasn't clear he was going to

do that. the house of representative is due to vote on that early next month. someone commence elon musk as well. you don't have to be an elected member to be speaker, i'm told. johnson has faced opposition within the republican party after he worked with democrats on the bipartisan funding plan early in december. plans are set for the u.s. to honor jimmy carter. the body of the former president will make one final trip to washington before buried alongside his wife in georgia with wall street set to close as a national day of mourning on january 9th. let's get the latest with chris pollone. chris, good to see you, sir. >> reporter: yes, steve. good morning to you and happy new year. jimmy carter's final journey home begins saturday in his hometown, but people who admire the former president are not waiting to show their love and respect after he passed away

sunday at the age of 100. across the nation and out pouring of love for the peanut farmer who became president. >> great humanitarian. set example. >> reporter: on wall street, the moment of silence the day after he died. flags from coast-to-coast flying half staff. a growing memorial outside the carter center in atlanta. people came together to sign a book for carter's family. >> it's an honor to be able to sign and have that last, i guess, thank you, for everything he has done as well as his family. >> reporter: the official memorials will begin saturday where the body will go past his childhood home and then atlanta to lie in repose. the president will go to the rotunda to lie in state until the state funeral january 9th. then jimmy carter will go home.

>> what you saw was who he was. >> reporter: kim carter fuller remembering her uncle jimmy. >> he loved people so much. he's probably up there bossing them around telling them how to teach sunday school. >> reporter: president carter will be bur you had ied in plai georgia, alongside his wife, rosalynn, who died last year. the carter family is welcoming people who want to pay respects to the former president and encouraging them to attend a viewing here in d.c. or in atlanta or lying the route over the next several days, steve. >> thank you very much for your reports. it has been fascinating to listen. have a fantastic new year's eve and i look forward to speaking to you, chris, in 2025. thank you, sir. i'm going to quote, actually, the current president mr. biden.

we spent a lot of time looking at the swamp and british politics and aggression and global politics. listen to what the current p president had to say about the former president carter. he lived by words and deeds. a man not of our time, but all time. the compassion and clarity lifted people up and saved lives all over the globe. look at what he did after president. jimmy carter is an example of simple decency. interesting. we don't talk about simple decency enough. it is a much underrated quality. right. gold is on track for the best year in over a decade with the precious metal getting a boost from political tensions. hitting a record high in 2024 with prices up 26% year to diet. what do you think gold is going to do in 2025? you are like me, you don't know.

i was speaking to a cio of a very, very large company off the record over lunch a couple weeks ago. he said to me in his personal portfolio he is putting gold in there. he is stunningly concerned about global debt levels and concerned about the issuance with the deficits from france and the united states continue to be 5%, 6% and 7% as well and what it means for other assets. i thought it was interesting. i'm not saying gold's going up or going down. i'm giving you some of our insight. let's move on to oil. crude prices set to end 2024 lower after a volatile year in the market which has seen mixed signals. i agree with the read. amelia wrote this. gains from geopolitical nsions offset by chinese demand. but what would it be like with

opec and allies again delaying the unwinding of output cuts? the iea suggests it market could be oversupplied which could hamper production. you have oil producers globally with solid spares capacity. they are very concerned as indeed are the oil majors. the stocks that you trade, ladies and gentlemen, the chevron and conoco and exxon as well. if we get cheaper gasoline prices, mr. trump wants cheaper gasoline prices. what does it mean if we have larger u.s. production. by the way, whatever say about the biden administration, you can make good arguments on either side. the fact is on joe biden's watch, they had oil production.

i'll leave that for you to decide. the fact is we have seen large amounts of u.s. production with the concerns of opec and allies about what they are going to do. no doubt about it, u.s. is a swing producer. more questions that is great for the u.s. economy, but what does it mean for the majors? how long have i got, rod? 1:20 left to tell you this year. you can't wait. we are trading higher on the european indices across the board. it's slim. it's slim pickings. we all know that it happens. you get a bit of window dressing. any legal way they can, you window dress it. you have a badge here, you try to improve here. if you had a good year, you leave it on the table. most people start at zero in a couple hours time. look at this. dax up 19% year to date.

real strong out performance. why? the politics is awful. the concerns of the energy costs is awful. lack of fiscal spend from the germans is much debated, but one of our guests earlier said they were cheap. cac 40 was down 1.7%. the ftse 5.2%. i think that's it. i'm finished talking. my family have to listen to me for a few more hours. it has been fun. i'll see you all next year. not on the first. i'll be here on the second. from the team in europe, have a wonderful new year's eve.

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it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." markets looking to end 2024 on a high note with stocks on pace to finish their best two years in a quarter of a century. futures are higher this morning. nat gas losing steam after surging 20% to start the week. the factors fueling that dramatic rise. hack attack. the treasury department the victim of the overseas actors breaching security. we have the latest in a moment. the german