the boj could go with another hike. wage increases have been a key consideration.om their spend. spending 75 billion u.s. dollars, an increase from 2024, continuing to spend. investors are anxious. coming up we will speak with executives from credit agricole and santander, credit agricole coming in with loan loss provisions increasing. join me tomorrow as well, i will speak to germany. we will be speaking to the ceo of commerzbank bank as well, so tune in. this is bloomberg. a sleep number® smart bed is perfect for couples the climate360® smart bed is the only bed that cools and warms on each side and all our smart beds adjust the firmness for each of you and now, save 50% on the new sleep number® limited edition smart bed. shop a sleep number® store near you. >> earnings rolling

dollar, but also be got fresh commentary from a hawkish boj board member today fueling yen goals. -- bulls. lizzy: we thank you with the update on asian markets. we also have breaking earnings from ing, a focused on net interest income and that comes in it 3.6 8 billion euros, so a slight beat on net interest income. fourth-quarter pretax profit of 4.7 7 billion euros. they say there has been sending commercial growth and loan loss provision also coming in at 299 million euros. i am pleased to say we can discuss all of these results with the ing cfo who joins me at again on "daybreak: europe." so good to have you with us today. let me ask you about your expectations on net interest income and your calls coming into 2025 as we digest these results? >> thank you very much. nice to be here. i think i just want to say at the beginning i we are pleased with our commercial results in 2024. we headed primary customer and loan growth was strong, and income was high, a franchise record. i think our credit book remains resilient with a low performing loan ratio, and that has resulted in a stro

shift, where you might start to see bigger risks of the bank of england being more dovish, where the boj, we think can continue to push on, and that isn't really fully factored into the pricing as we see it. so we favor short sterling again as an example of that. >> interesting. well let's see how things will evolve. but dominic great to chat with you. thanks for coming on. dominic bunting head of g10, fx strategy at nomura international. and coming up on the show, private markets are looking to bounce back after a tricky 2024. we'll discuss the outlook for private equity with sunaina sia alds after this break. >> you put together like a classic, always work your magic every time you. >> make this valentine's day one to remember. don't just get flowers. give her an incredible moment. from bubbles to bills to butterflies, give her a thoughtful, unforgettable, and truly special valentine's day gift with fast shipping. ordering is a piece of cake. send a cake com at send a cake.com. >> some people like doing things the. hard way, like doing their finances with a spreadsheet instead of using

that is some yen strength on the prospect the boj light have to go and hike interest rates again.his move was in place because the dollar is generally weaker versus everything as people rethink how quickly tariffs will go into effect. you see that with a canadian dollar and the peso. with japan this highlights how much they continue to diverge from the rest of the world and how far the yen has to go. that's why you're seeing portfolio manager say they like the rest of the world because the bar is so low. jonathan: labor cash earnings year-over-year, 4.8% for december, much higher than a citations. president trump -- expectations. president trump says the u.s. should take until of the gaza strip and turning it into the riviera. arab nations pushing back. lisa: saying this is exactly what we have been trying to avoid. this is their homeland. because against protocol. before we get into the analysis of exactly what this looks like, i want to point out something that happened in 2018 when donald trump visited kim jong-un in north korea to talk about denuclearization. he started to say

i think the boj is very cognizant of the need to assure wage the trump administration -- to as suasionmarie: he says europe is going to be next. how are you looking at the euro? is this parity for this year? thierry: we don't think it is going to get that bad. a lot of this is anticipated. i do think that ultimately as we get closer to the end of the year there will be compromises on the main issues that divide the u.s. from the eu. things like energy policy, positions toward china. i think these can be resolved. but trump being trump still wants to use the divisions that have prevailed over the last few years to try to get his way and try to get the compromise to be more in his favor. over the next few weeks i do believe we may see more tariff bombs directed at the eu and, again, you want to think about, actually, at this point, about finding those places to find shelter. jonathan: directed at the eu and maybe not the u.k. cutting by 25 basis points. a couple voted for a half-point reduction, including one prominent hawk, which is a big change from the likes of catherine man. what is