in europe , the economic situation is even worse; germany, according to the bundesbank, has already entered the unemployment rate in the country reached its highest level in 2 and a half years, almost 6%. at the same time , numerous refugees continue to apply for social benefits, and it has reached the point where they are literally fighting for a piece of bread. in berlin, a conflict broke out in a queue for food, which turned into a massacre. about 100 people took part in the fight, and the same number arrived. three people were injured by police officers trying to pacify the crowd. a bund was organized in france on the outskirts of paris, activists advocating for the rights of the homeless entered the in the closed area of ​​the future sports facility, people began shouting slogans in support of illegal construction workers. the fact is that people without documents are being involved in the construction of the stadium for the 2024 olympics. to reduce the cost of the process. the protesters demanded to stop the exploitation machine and legalize workers. there will be no documents, there

the bundesbank states it will rebound at 0.4% for 2024.t sees the print averaging above 6%, but declining to 2.7% next year. those are the latest numbers. here to talk about the pmi numbers is chris williamson from s&p global markets. chris, i really thought in november we were going to see a bottoming out of the numbers. it doesn't appear to be the case. >> no, no. it's a disappointment. we were hoping november was it. it worsened again in december. not all unexpected with the rate hikes still to feed through. this is a disappoidisappointmen. it suggests the eurozone contracted .3% in the third quarter. that is a recession signal. >> absolutely. taking it back-to-back with .1% in q3 and then this .2% and .3%. for some much of the year, when the data comes out, when look at the manufacturing side and services side, what do you see in th in the had performance sector with the travel and china reopening bringing more tourism to the world and the economies like spain and italy benefitting from that. that resurgence in travel and recreation fa

same goes for germany where the bundesbank said growth is going to be flat in 2024. we are still buying for some reason. >> is it the cash sitting in money market funds that needs to go somewhere if yields come lower or are investors seeing something the survey data is not saying? we talked to chris williamson and he talked about how the data , the manufacturing data is bad in europe. [video clip] >> we are consistent with the eurozone in recession, the pmi data there. they are indicative of .3% decline on the heels of a 1.1% decline in q3. you've got two courses of executive decline. a different story in the u.k. where the pmi just as we saw in the u.s. lifted slightly on the back of financial services activity. it has loosened financial activities. u.k. benefiting from that. we have a lift in the u.k. >> a little bit of a lift in the u.k., but that index is down today. marrying what the market is doing to what the ego data is doing, the manual of barclays says rising interest rates in an early cyclicals beaten-down duration place small caps in europe. maybe that de

the basic idea is the ecb has to listen to the bundesbank. last 12 months. i would suggest there is a political and cultural overview here that there is not in washington. jonathan: the inflation, without a doubt, deeply unpopular in the nation's you just talked about, and everywhere else as well. let's get you to the top stories. we are an hour away from the latest cpi print ahead of tomorrow's fed decision. headline inflation expected to remain flat. bloomberg's outlook seeing core inflation falling below 3% in the first half of next year, which is why so many people think rate cuts are around the corner. lisa: because you're getting that good disinflation and can cut rates in tandem with a disinflationary band. how much does the fed chair lean into that? i am guessing not at all, and no one cares. jonathan: and if he does push back, does it matter? do you get that hawkers hold from the federal reserve tomorrow? tom: it is part of it, but i will go to my recent overweighting of the real economy in this new, better productivity. that was not