unicredit has made a new move with a minority stake in general. a pure financial investment with no strategic interest. they began accumulating in september. and we will have an exclusive interview with the ceo on the pulse with francine lacqua. we continue our coverage of donald trump's move to impose tariffs on canada, mexico and china as businesses and investors brace for the fallout. stay with us. this is bloomberg. >> after weeks of threats, a north american trade war has a ruptured, president trump warning the world that tariffs were coming and now their impact is reverberating. it is the most extensive active protectionism taken by a president and almost a century and swings a wrecking ball between the alliance. let's discuss the implications with brenda. thank you for taking the time. what is the impact on the global economy and supply chains from these actions? >> it will be another shock to the system after a number of them over the past several years from covid to the attacks in the red sea to the war in ukraine. one by one, these shock

to buy banco bpm and unicredit is reporting next week.l have those numbers for you then. in the meantime, let's get a check on us futures. how are we likely to open stateside? we're still lacking a little bit of direction really, but they tend to they suggest a little bit of a downward beat for us equities today. perhaps what could actually lead to a further direction of travel in us equities today is the non-farm payroll figure. attention will be on that figure later today, with forecasters expecting a slowdown in the number of jobs added. while unemployment remains stable. that would keep the us economy at what's seen as full employment and the and the federal reserve in its wait and see phase. let's discuss this with our next guest, michael eakin, cio at phoenix group. michael, great to have you on the show. look, before we think about the fed, let's talk about the non-farm payroll figure. last time we obtained the jobs report, they blew all sorts of expectations. they knocked everything out of the park. how likely is that to happen to