heads to anaheim for a2. live coverage on peacock at 3:00 p.m. eastern. and the gate drop at 8:30 p.m. for the entire team, thanks so much for watching the monster energy supercross championship. i'm off to the rolex 24 ♪ ♪ good morning and welcome to "street signs." i'm silvia amaro and these are your headlines. president-elect trump act two. the capitol prepares for the swearing in after a victory rally in downtown d.c. the president-elect hoping to impose 100 executive orders on day one. >> you will see executive orders that will make you extremely happy.

lots of them. we have to set our country on the proper course. by the time the sun sets tomorrow evening. tiktok reopens for business in the u.s. following assurances from president-elect donald trump who says he wants 50% american ownership of the app. china weighs in saying its tiktok's choice. 90 palestinian prisoners are freed and three israeli hostages return as part of the cease-fire deal that sees the end of 15 months of war. and investors hang up on telefonica as shares sink to the bottom of the stoxx 600 after the executive chairman moves by spain's state owned investment fund. very good morning, everyone. today will mark the beginning of donald trump's second term as

u.s. president with potentially huge ramifications for the economy, financial markets, trade and geopolitics. "street signs" will cover all of the policy areas over the course of the next hour and, of course, in the weeks and years going forward. donald trump has announced he will sign close to 100 executive orders within hours of taking office at 5:00 p.m. gmt today with several signed in front of supporters. according to nbc news, the president-elect is expected to declare a national emergency on the u.s.-mexico border and end funding for climate provisions for the joe biden inflation reduction act. trump made the announcement ahead of the swearing in. nbc news' garrett haake was there. >> reporter: donald trump

returning to washington holding a victory rally in downtown d.c. >> tomorrow at noon, the curtain closes on four long years of american decline and we begin a brand new day of american strength and prosperity, dignity and pride. >> reporter: trump vowing to take dramatic action on signature issues on hours returning to the oval office. >> we have to set our country on the proper course. by the time the sun sets tomorrow evening, the invasion will come to a halt. >> reporter: the ceremony after trump touched down last night attending a fireworks show at the d.c. golf course and meeting with republican leadership and laying a wreath at arlington national cemetery. tomorrow's swearing in set to take place inside the capitol rotunda. the theme? strength, unity and fairness.

the decision to move the swearing in by president trump with the single digits expected. >> president trump made this call in the best interest of supporters and due to weather. >> reporter: before the day's celebrations end, the transformation of government will begin with a number of executive orders. according to a document reviewed by nbc news and person familiar with the planning, immigration raids are planned in the chicago area for later this week. that plan is now under review. >> chicago's not off the table. we are reconcerting when and how we do it. meanwhile, tiktok restored services in the u.s. after the company received assurances from president-elect donald trump who said he will issue an executive order to delay the ban of the

app. it went dark ahead of sunday's deadline to divest ahead of company bytedance. trump said he had no choice to save tiktok. >> as of today, tiktok is back. i said we need to save tiktok because we're talking about a tremendous -- who in this audience goes with tiktok? many? yeah. very popular. and, frankly, we have no choice. we have to save it. a lot of jobs. we don't want to give our about business to china. we don't want to give our business to other people. >> and do not miss our special coverage of today's inauguration as donald trump returns to the white house. it all kicks off at 2:00 p.m. london time right here on cnbc. time now to get a check on what's happening on the markets. starting with the benchmark, we have the stoxx 600 just marginally above the flat line.

this highlighting the caution, really, we are witnessing at this stage within the investment community as we all await to hear from donald trump because, let's not forget, his re-election did support a lot of momentum for stocks, but all in all, a lot of volatility , with the investors wanting to know what exactly he is going to do, and of course, what those policies will mean for markets. let me show you how we are trading on the european bourses on the european ntinent. we have more upside in the uk with the ftse 100 up almost .30%. nonetheless, the bourse in italy tracking lower on the other hand down about similar levels. when you you think about the different sectors, let's start with the best performing. at the top, we have the banking

sector up .60%. one of the stories we are monitoring in the sector is the let's see what will happen. the bank actually sold cnbc they are focused on competitiveness on making the bank more competitive and they did highlight the up coming capital markets day on february 13 to understand what are some of the bank's plans. i want to show you the worst performing sectors to show you what is happening. we have pressure for utilities. we are down 1%. auto sector down .50%. it is inauguration day. i want to focus on u.s. markets. let me show you how u.s. markets performed since the election of donald trump. as i highlighted earlier, we day

mentum with investors focused on promises of deregulation and cheaper energy prices, too. over the past couple weeks, we did see a lot of pressure coming from the bond market. that capped some of the momentum for u.s. equities. so, so far, when you think about the performance of the three major indices stateside since the election of donald trump, look at the screen. the dow up 3%. the s&p up 3.7%. indeed, the nasdaq still the out performer, we're up 7%. let's discuss the outlook here with our next guest head of multiasset conclusions at all spring. great to have you on the show. i like to talk about the u.s. equities. the performance thus far since the election is not as strong as we witnessed at the beginning exactly what we witnessed in the bond market. what is the outlook going -- in the coming months really now we

are about to see donald trump arriving at the white house? >> good morning, silvia. you are right. we see this trade off with trump pushing hard on growth and potentially inflation and on the other side, the central bank trying to get inflation under control. we could see the offset of the trump policy in the short-term and that could cause higher market volatility >> you know donald trump has made a lot of promises and he wants to sign up to 100 executive orders. that sounds like a lot. i was wondering what sort of things -- what sort of policies will you be watching out for when we actually see him at the white house later today? >> you are absolutely right. it is difficult to figure out which ones are the significant ones. the three significant ones are energy, tariffs, question mark with tariffs and sign off now or today or the third one is immigration. the impact it will have on the

u.s. economy and globally. >> with all of the uncertainty, really, because at this stage, we don't know what he is going to do, what would you say is the best positioning for the portfolio at the moment? >> i think it is a balanced portfolio. bonds look more attractive now given the rise in yields we have seen. the equity markets are short-term price with a lot of optimism. earnings re likely to come in strong. we had the banks an last week and 10% ahead in earnings expectations. short-term seems priced. if we see a bit more strengthening of the dollar and some volatility in the equity market, the bond market could actually benefit from that. >> interesting you mentioned the u.s. dollar there. if we have a chart prepared, i would like to show it to our viewers because i was looking at one of the articles you wrote where you basically show your position today versus last month. i did witness a bit of a change in the opinion regarding the u.s. dollar. guard us through the rationalebehind that? >> last year, we were a bit more

cautious on the dollar, but moved to a positive view on the dollar, especially not only trump, but the interest diverge even with the u.s. markets and those are all factors that favor the dollar for the moment. >> interesting. you think about bonds and you highlighted that you think that there is a lot of opportunity there. one of the quick question marks recently is what levels are we going to see for the ten-year treasury yield? are you of the camp we could see a level of 5% in the near term? where do you think that's going to go particularly amid all of the uncertainty in relation to the fed? >> you are absolutely right. initially, we see the enthusiasm. we could see it going up to 5%. what is actually more important is to look at the real yield. the real yield from 2022 when the economy was much stronger and inflation was much higher. in terms of tightening, we have seen that in the bond market already. that's why we believe we go the 5%, the bond longer term, the

interest rate looks a ttractive to us. >> talk to us about europe. you are so expecting more aggressive cuts from the european central bank. guide us through the rationale behind that at the time we are seeing significant pressures emerging from the growth perspective? >> you are absolutely right, silvia. this is the main impetus to cut further. they look at some of the wages backward looking like in germany will come down. you have germany not growing for two years in a row now. this year looks dire as well. you see low growth. you see the challenge is low productivity. ultimately, the ecb is going to cut. possibly below 2%. >> what does this mean for european equities? i had a guest last week suggesting this is a good moment to buy into european stocks. it's cheap compared to u.s. equities. would you share that opinion? >> definitely. >> despite the weak growth picture, of course. >> exactly.

you would think a lot of this is already priced. you have the weak currency and loose monetary policy. what is missing is a loose fiscal policy with the debt brake in germany. the big cloud overhanging earnings in europe is obviously tariffs, right? >> yup. >> given the price of negative sentiment, maybe the symmetry is more toward a positive picture toward european equities. >> is that the wild card figuring out what donald trump is going to do? is that where the uncertainty is the strongest when you think about the outlook for european equities? >> short-term, yes. obviously, ultimately, we depend on the reaction of the ecb and fiscal policy. there are opportunities in european equities in the near term. >> it is interesting when you think about the whole -- the whole picture, really, the global picture compared with the u.s. with european equities. i would also like to go back to one of the points you made in terms of changing and positions

for the month compared to last month. in terms of developed versus emerging markets, tell us about your different perspective there. >> most of last year, we were underweight and it was a china story. china is still in a very difficult position. once again, it similar to what we discussed in europe. the sentiment is extremely negative. we hear rhetoric up to 60% tariffs. any promise there or loose fiscal policy and weaker dollar going forward and we have a very good environment for emerging market equities. >> plenty to discuss. thank you for joining us today. head of multiasset solutions at allspring. this week, cnbc will be live from the swiss alps in davos. our coverage kicks off on tuesday on cnbc tv and on the international live youtube page.

we will speak to policymakers and our exclusive conversation with ecb president christine lagarde at 8:10 a.m. london time. you don't want to miss that conversation. looking at the latest from gaza, the cease-fire with israel and hamas in gaza went into effect on sunday after almost three-hour delay. three israeli hostages were the first to be released under the deal. 90 palestinian prisoners were also released while hundreds of trucks carrying humanitarian aid entered the gaza strip. nbc's raf sanchez filed this report. >> reporter: we are outside the hospital in tel aviv. it is the final destination for those three female hostages. after they were finally

released after 471 days in hamas captivity. this was an epic journey. it started in gaza. really extraordinary scenes as these three women surrounded by masked hamas gunman were handed over to the red cross. the red cross drove them to the israeli position and given flown via helicopter. they are beginning a long journey of recovery both physically and mentally. the early indications are they seem to be in reasonably good shape given the trauma they lived through. all three able to walk unaided. doctors say they were healthy enough to be reunited with their families. we are learning emily lost two fingers during the october 7th attack. everyone here is acknowledging these women have a long, long road ahead of them.

one doctor telling us hamas dehum dehumanized these hostages. the cease-fire went into effect 11:15 a.m. local time. that is three hours later than originally planned. hamas did not provide the names of the hostages until the very last minute. so, israel continued striking inside gaza past the original 8:30 deadline. in the window between 8:30 a.m. and 11:15 a.m. when it did, at least 19 people were killed in it gaza according to the civil defense there. it is agonizing to think these were people killed in literally the final minutes before the cease-fire went into effect. the question now will this cease-fire hold? phase one of the deal, six weeks of calm in gaza. 33 hostages, including two americans, due to be released.

prime minister benjamin netanyahu has indicated he reserves the right to go back to the war on the other side of the cease-fire. if that happens, it not only brings fresh misery to civil yaps inside gaza, but questions how to get the remaining 60 hostages out of the strip. that is causing real anxiety among the celebrations here in israel. back to you. coming up on the show, we'll talk what's next for the uk economy for the city of london corporation's chris hayward. that's coming up after this break. (music)

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welcome back to the show.

now the imf has the 2025 growth forecast by ten basis points to 1.6%. that happened on friday putting the country in third place among g7 economies behind the u.s. and canada. it comes as cold comfort to keir starmer who pledged the fastest growing economy in the group. meanwhile, rachel reeves is looking to economic data and bruising week for gilts. i'm pleased to introduce chris hayward. good morning, chris. great to you have on the show and a chance to speak with you again. before we discuss in more detail the outlook for the uk economy, i would like to understand you are in davos today. i would like to understand what are some of the conversations that you are planning to have this week and more broadly as well what you expect to hear from the chancellor rachel

reeves while there? >> look, good morning to you. i'm in davos with the uk delegation this week and it's a great opportunity annually to showcase the united kingdom to global investors. we know that part of getting economic growth is about attracting more direct investment into the united kingdom. i'm with my colleagues and we have the chancellor with us and the invest. minister with us. we have the government with the large parliamentary majority and the uk is set up for investment and for economic growth. >> very clear. however, though, i'm trying to figure out what is the feeling, really, in the city after the recent turn of events looking at the bond markets. is this actually the moment where it is the right approach to seek more investment into the uk economy? >> i believe it is.

look, on the markets, markets go up and they go down frankly all over the world. what we are focused on and i think the chancellor is, too, is the long term. is getting the right conditions for economic growth in the longer term. yes, the markets have been unstable and they will react, but i don't see this as being anything fundamental from stopping us from investment at the moment. >> has it been harder for you and the delegation in davos to seek more investment? do you have to come up, perhaps, with stronger arguments to convince investors? >> well, look, i think with this government is already announced things which will be interesting to investors. we are trying to make it easier, actually, for big companies and organizations to invest in the united kingdom. we are trying to project a con sear arj service. london need to appeal to the rest of the world. that's what we're doing here.

we're actually saying the united kingdom is a stable place to invest in. yes, we do have to work hard. of course, every country has to work hard. we're in a competitive environment in the global stage. we have to sell this week the opportunities that are there. i don't think the markets are at particular itch you have ssu moment. i know this government has been asking the regulators for their own input on how we get economic growth in respect of what regulation does as well. >> rachel reeves has been very clear. she did say at the moment we are not regulates for growth and we do expect changes in the near future. you have been advocating to reform regulation in this country. what i like to understand here is what is your message to the chancellor going forward? what sort of concrete changes would you like to see as a result of this reform?

>> look, i've said to the chancellor and i would repeat the same message which is this that at the end of the day, we have to start to talk about responsible risk taking. since the financial collapse, the word risk has almost gone out of the united kingdom. compare that, if you will, with the united states, where risk has seen credible growth there. here, it has suppressed that. we have to start to realize risk is part of business. it is part of the business world. businesses will fail as well as succeed. if we don't get entrepreneurs to take risks and don't get more listings on the london stock exchange, which is a challenge at the moment, we are not fulfilling that potential we've got. >> i like to get your thoughts on, of course, witnesses what is happening stateside with the inauguration

of donald trump. what is the result of the trump policies going forward? trump is expected to speak at davos via video later this week. what is he expected to tell the business community? >> it is very early days in the u.s. america is and always will be our close of the partner. our largest trading partner. it's very important whoever the president is and whoever the administration is that we work closely with them. i mean, clearly, one of the things we don't want the president to do is introduce tariffs. tariffs would be very destructive to trade. i think anyone would say that. that said, you know, the administration is still shaping and many of the appointments have yet to be confirmed by the senate. the way the u.s. works until you know who the team is, you don't know the policies. i suspect when we hear from the president later in the week, he will be his usual bullish self. what we want him to actually believe in open markets. we don't believe in the united

kingdom and protectionism. we believe we have to be outward facing and we want the u.s. to do that. that's what we want the president to do. >> let's see what he will end up doing. in the meantime, we appreciate your thoughts this morning. chris yward. coming up, no sailing off into the sunset for the russian shadow fleet. we will breakdown one of joe biden's final moves as president after this break. hey, can you speak french? who, me? i know a few words. if you're struggling to speak a new language, you should try babbel, a learning platform designed by over 200 language experts. it's like having your own personal language coach. babbel offers live classes with expert teachers for real world conversation practice. it's totally flexible so you can learn at your own pace and with the right practice and coaching, start speaking a new language in as little as three weeks. go to babble.com to claim your limited time offer today.

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more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. welcome to "street signs." i'm silvia amaro and here are your headlines. donald trump act two. preparing in for the swearing this in downtown d.c. the president-elect stating to

impose 100 executive orders on day one. >> you will see executive orders that are going it make you extremely happy. lots of them. lots of them. we have to set our country on the proper course by the time the sun sets tomorrow evening. tiktok reopens for business in the u.s. following ances from president-elect donald trump who says he wants 50% ownership of the app. 90 palestinian prisoners are freed and three israeli hostages returned as part of the gaza cease-fire deal that sees an end to 15 months of war. and bitcoin hits a record high as donald trump and melania launch their own m meme coins.

time now to get another check on what's happening across equity markets on the european continent. looking at the european bourses, most of them trading in the green with more upside in the uk where we are up almost .30%. however, a little bit of pressure for italian equities. we're down .30%. all in all, though, what we are witnessing this morning is investors taking a little bit of a cautious approach as we prepare to see donald trump arriving at the white house later today to start his second mandate. all in all, worth keeping in mind the context. last week was also a very strong week for european equities. we were up 2.37% on the stoxx 600 at the end of the week. i want to take you to the corporate store this morning. looking at spanish group telefonica. they replaced the executive chair of nine years with the

indian chairman saying that some shareholders wanted a new stage in leadership. state owned investment fund pushed for the change pushing for a similar acquisition in 2023. charlotte has been looking at this story. charlotte, why does this story matter so much? >> well, you remember his mandate of the outgoing ceo was to end this year and if the hand date would be renewed. of course, the key shareholder there, the spanish government, came on board recently. that is the background of the story there after saudi arabia took a stake with the surprise move in 2023 in the company. then the spanish company took a 10% stake to counter balance that potential saudi arabia influence and mentioned the company was a strategic asset

and national security issues with the activities with cyber for telefonica. now the spanish government with the key influence there who should be leading the company. now jose maria is leaving the company. by the time when it took stake. investors said this was proof of a vote of confidence in the company and strategy of the ceo. when he came on board in 2016, the company had 50 billion euro in debt because of the heavy investment that all tech companies had to make into installing fiber and 5g and switch of technology cost a lot of money. he uced by half. he got rid of some businesses in latin america to focus on the key markets of spain and uk and germany and brazil. it has started to bear fruit.

new structure going forward. now this new ceo coming on board, marc mutra, with the key shoulder there is is also the spanish government. now the opposition in spain has been a political storm. the opposition in spain sags sanchez is doing a power grab on the key company after the stake in telefonica. interesting to see a negative reaction on the market. investors don't seem to be too happy with the change with shares down almost 3% in madrid after the news. >> exactly. let's see what will happen. thanks for the update, charlotte. in other corporate news, a spokesperson said uk remains a core market for the lender and strategy has not changed. this after the financial times reported that the bank could be considering exiting the uk market as it explores a number of strategic options. in other banking news, commerz bank is looking to cut

roles as the ceo looks to boost profitability and shareholder returns. that's according to the financial times as well. it comes in the wake of recent advances from the unicredit boss. the talian lender made no secret of the takeover ambitions. in the statement to cnbc, commerzbank said it would offer an update to the strategy to the capital markets day in february. increasing competitiveness is the ongoing business task. staying in germany, frederick merz, the man tapped to be the next chancellor, is vowing to expand the country energy reach to build up 50 gas power plants if he wins the election. merz said the new plants needed to be connected to the grid immediately.

frederick merz is widely expected to come out first in the federal election, but questions remain over who his potential coalition partners will be. annette had a chance to catch up with the bunes member and asked if the party would ask if they would advocate for more friendly policies given the german economy's sluggish economy. >> translator: i would say the greens have been a party that pointed out that the one side on russia is dangerous. that is why we have always fought to prioritize the expansion of ble energies. this is exactly what we achieved the last three years. renewable energy has gone through the roof in germany. that is not key for the industrial base, it is key for the german independence. that is what we need to continue to drive forward. >> the german corporates, especially those who need a lot

of energies are complaining about the high energy prices in the country. in other countries, we see a new focus on nuclear energy. is there anything you would support as well given that it could actually be a transition either way of creating cheap energy? >> translator: i think it's time we stop talk about transition energy and how we can make energy independent in the long term. our way to achieve this is through massive expansion through renewable energy. this is what we have been working on for the last three years. to be honest, the question of nuclear energy is dubious. if we look at france, for example, we can see the energy infrastructure there is coming to a partial standstill with north nuclear energy. there is not enough power to cool the plants.

to be honest, i don't think it is a sustainable source of energy. it sounds like a backwards source of energy to me. elsewhere, six russian oil tankers have been included in the latest u.s. sanctions. the last set of restrictions under outgoing president joe biden. it is the first time the u.s. is known to have levied sanctions on ships still under construction. the announcement causes oil prices to move. the183 vessels in total and targeting the shadow fleet used by russia to avoid exports of oil. i'm pleased to say the head of analytics is joining us to discuss the story in more detail. great to have you on the show. i just would like to first and foremost actually understand the implications here of this latest move from joe biden. what sort of ramifications are

we already witnessing and what is the outlook going forward now we are about to have a new president coming in the white house? >> thanks for very me. this is the more significant package of sanctions like you mentioned with the shadow fleet since the start of the conflict. you have to understand that access to shipping has single handedly moved russian oil flows. india tracking it and vessels nearing or under the sanctions list and dominated by oil tankers. it's a big package. it's significant. this will have a material impact in terms of russian oil flows and iranian oil flows. this is something the market wasn't prepared for and that is why they are scrambling with the compliance ships to keep the cargos going. >> interesting. i want to discuss that in more detail, but before we get there, i want to show the map you shared with us ahead of the conversation which basically

shows where vessels are actually located at the moment and looking at the map, it just seems we have such a strong concentration of the sanctioned vessels going from denmark all the way to asia. explain to us what this traffic is telling us at this stage. >> certainly if you look at russian updates and the far east, after the cap on oil russian flows, we have seen most of the cargos going to india and china. 80% are far east. they are all coming via the red sea and suez canal. the challenge is it is not the sanctioned vessels, but we monitor close to 2000 vessels. these vessels and it is very difficult to monitor the price cap, right? these vessels could be guiding sanctioned crude oil. it is very difficult to monitor there. it is opaque nature of the

shipping industry. it is the balance in the market and with india and china having to look elsewhere, this is why we are seeing that impact on the oil surprises at the moment. >> interesting. i would also like to go back to one of the points you made earlier in relation to oil tanker rates. looking at those figures, we are basically three times higher in the space of two weeks alone. what is the outlook here and at what point is this going to bite businesses as well? >> the reason sanctions have led to spike in rates if you go back for rates on china $16,000 two weeks back. we are above $50,000 better per day. we are talking about the big ships as the chinese buyers and refineries start looking elsewhere. they are looking for balance from the u.s. gulf and mid east

and gulf. it becomes less. that is a reason traders try to get the vessels. we have seen a huge upsurge in tanker rates. we expect these rates to be supported. we have to look at shipping different. the effectiveness of the helps you -- measured and they can change ownership. it will settle in because i would say the supply of shipping which continues to grow. >> before we let you go, i would also like to understand what your thoughts in relation to traffic around the red sea because that has been an important story for shipping. now we have a cease-fire in the middle east, how is that likely to impact trade around the red sea region? >> i think it's too early to tell. i think you heard about the cease-fire and we have seen some of the moves i saw earlier with the story as well. if you look at the war risk

premiums, they remain unchanged. red sea is still a pretty difficult situation. we do not expect the ship owners to hurry back. commercial ships are targeted. it will take some time. when it starts to normaliez, it would be the second half of the year. we do expect rates to come off across the shipping fleet of the red sea open on s. it is the base case. too early to tell. >> another one to monitor over the coming weeks. thank you for your time today. head of shipping analytics. coming up on the show, donald trump prepares to be sworn in as 47th president of the united states of america. we'll look ahead to his return to the oval office after this break.

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welcome back. as we approach the end of the show, here are the four things to get you up to speed in the u.s. equity markets are closed for martin luther king day. tiktok is back online for u.s. users thanking donald trump for his support. all eyes are on the inauguration of the president-elect today as he prepares for a second term in the white house. expected to sign close to 100 executive orders day one. let's discuss the outlook here for u.s. markets are the senior investment specialist at mirabol group. i like to start the conversation on the inauguration. i highlighted the executive orders to range from immigration to energy policy. what sort of policy and items,

really, are you looking forward to hear from donald trump later today? perhaps to get a bit more clarity in terms of some of his plans? >> hello, silvia. the first thing we look at is the narrative around the tariffs. we know that mr. trump spoke with the president xi on friday and it seems that the tone was okay. nothing so aggressive that we have heard before. so, this is the first point we are looking at, but just as a reminder, he said not so long ago, donald trump said not so long ago he would look for unity, unity in the u.s. and also with his principle partners. this is the first thing we look at and, of course, you just mentioned it. he will also declare national energy emergency and that will be very important for the u.s. consumers.

>> so, with all of that, what is the right position? how are you thinking about the portfolio amid all of these potential changes under trump 2. 2.0? >> we think the trump trade is the narrative. we feel the next four years will offer challenges and we are on one side, the u.s. job market remains tight. it is supporting the domestic consumption and u.s. growth, but this dynamic is also explaining the end of the disinflation trend in the u.s. this is a movement that will be reinforced by the rise of tariffs. we think inflation risk is increasing which will limit the fed monetary policy easing. we just reduced a bit the overweight in the u.s. equities and we are switching or trying

to be more diversified through, for example, asian equities. this is more value based and the tactically looking at three. i call it the 3d, but dimension, diversification, diversification and ication for this year. 2025 will not be what last year's profile. so 100% on the u.s. market. >> interesting. given all of the calls for diversification, diversification, diversification, i would like your take on cryptocurrencies. we have seeing further momentum for cryptocurrency with donald trump in the white house later today. what is the outlook here and are we actually likely to see further momentum in the coming months or perhaps the expectations around regulation are a little bit too overplayed? >> no, i think it's a possible

golden age for bitcoin and cryptocurrencies due to regulation support that you just mentioned and initiative like national bitcoin stockpile. that could be something very supportive. we also are looking at the new etf not only on bitcoin, of course, but other cryptocurrencies that could support the cryptocurrency market. you know it is very volatile. you look at 2024. at the beginning of the year, the bitcoin lost 30% of value. of course, we're at record level actually. we have to look at volatility when you look at cryptocurrency even if mr. trump is -- is crypto pro. >> i would also like to conclude the conversation and focus on big tech for a moment. obviously, tech has driven so much momentum for u.s. equities. i'm just trying to understand

with more volatility likely to be in the markets, could we actually see tech as being one of the worst performing sectors going forward? >> no, i don't think so because there's still room to go especially on the artificial intelligence. so, we're still very constructive on that theme. you know, the early season is just started. we see what big players such as nvidia or apple will tell us about artificial intelligence. still constructive on the tech sector, but more with the mixed views. more diversified, the famous 3ds was just lking about before. >> and with energy, what is the outlook there? investors are expecting lower energy prices with the narrative coming from trump 2.0. what does that mean for the sector? >> we feel the traditional energy should rally on the

deregulation. it will be very positive for the u.s. companies, but also for the price, the energy price should go lower. that should drive also again the optimism from the domestic players in the u.s. and i.e. growth, u.s. growth. that would push u.s. growth over 2.5% in 2025. >> i would also like to just briefly get your thoughts on what we have seen in the bond market. do you think that this is likely to be one of the most important market stories in 2025? the pressure coming from bond vigilantes on equities? >> no, we think that if we look at the yield, we are close to the highest here. we just reduced a bit our duration on the u.s. bonds. so, we think that the worst could be behind us, but we

still -- we still be close to the level of 4.50% for example for the ten-year. we could start to see to be more constructive on the bond market. >> interesting times ahead, also, when you think about the bond market. ultimately, what do you think of the narration and trump 2.0 for global global? what do you think are the ramifications for global equities? >> i think it will not prove it was a testing area for mr. trump eight years ago. i think he is more prepared and he will be less aggressive than everybody believed and more in a business mood. that could be constructive for the rest of the world, even for china, i think. >> when you think about china, however, what is the most

important driver here? is it the fact we might get trump tariffs applied on china or is actually the stimulus that we could see from chinese officials being the most important driver and market story for chinese equities? which one will have the biggest weight? >> looking at china, we have to focus on two things. the first thing is the fiscal stimulus. we think there is not enough fiscal stimulus, actually. maybe china 2.0 in 2025. the other thing you have to look at talking about china and the relation with the u.s. is to see if there will be retaliation from the chinese to the potential u.s. tariffs. so, those are the things we are looking at the the beginning of this year and maybe it could be

a surprise for the u.s. -- sorry, for the chinese growth in 2025 with a growth over 5% that nobody is expecting. >> john, thank you for your time today. senior specialist at mirabaud growth. i want to take you to the european markets to get a final check on european equities today. as i highlighted earlier, all in all, we are seeing a little bit of a cautious approach from european investors as we prepare to see donald trump arriving at the white house for a second mandate. however, at this stage, we have the ftse 100 out performing the rest of the european bourses. up .20%. the ftse mib is under pressure down .40%. i also want to take you to european bonds. also an interesting story there. we did see a spike in yields in recent times. however, it's also important to keep an eye on commentary from

the ecb officials. the ecb member mr. nigel, the german central bank governor saying the ecb shouldn't rush into rate cuts. let's see what will happen there as we continue to also monitor what the fed policy could mean for this side of the atlantic. on the programming note, do not miss our special coverage of the inauguration as donald trump returns to the white house. it all kicks off at 2:00 p.m. london time right here on cnbc. of course, this week, all eyes on the world economic forum coverage. we start coverage tomorrow. do not miss that special coverage. that is it for today's i'm silvia amaro. stay with cnbc. (auctioneer) let's start the bidding at 5 million dollars. thank you, sir. (man) these people of privilege... hoarding the financial advantages for far too long. (auctioneer) 7.5 at the back. (man) look at them — unaware that robinhood gold members now enjoy the vip treatment — a 3% ira match

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