tom: that was the citigroup ceo speaking to us exclusively. european futures pointing lower by .6%.cross u.s. stocks yesterday. coming up we're live at the ubs european conference in london to discuss europe's outlook and what another trump presidency it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again. you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity. less lag, better gaming! i'm gonna need to charge you for three people. ♪ >> good morning. this is "bloomberg daybreak: europe." i am tom mackenzie in london. these are the stories that set your agenda. asian stocks fa

i had a conversation with citigroup ceo. you can worry about inflation but the productivity could fill in some of that gap. it might not be as big of a problem as a lot of people had initially pointed out. what you make of that argument? jim: that is what we are seeing now. the economy is incredibly strong and growing above trend. productivity is the highest it has been in 10 years. we have had a real surge of productivity, low unemployment. inflation remained sticky, particularly in the housing market, which takes time for rents to rollover the way fed counts house price inflation. most americans experience housing as a real constraint on their cost of living. i think inflation risk remains strong. both in prospect for what the trump administration may do on tariffs and deportation, which will create constraints in the labor market. and with regard to the federal deficit. trump is a big spender and he ran up deficits in his first term, putting aside covid, which was a bipartisan effort that led to a huge increase in deficit

wait a minute i'm not so sure but citigroup came out today on friday and said this is an industrial to own and 2025, that means they make a lot of money and put it back in the business and they keep growing they do it with strong earnings and innovation in the stock has been so strong that even on a day like friday where the market is getting crushed it was down a little bit but not enough to knock it out of the uptrend it's pretty exciting. jack: 2024 will be the hottest year on record so air conditioning i guess is a goodbye. thank you. always a pleasure. to read more check out this week's edition of barron's.com, that is all for us. we will see you next week >> from the fox studio in new york city, this is "maria bartiromo wall street". maria: happy we can to all, welcome to the program that analyzes the week that was in position you for the week ahead. i am maria bartiromo paris climate which is their top priority. >> we will work to restore american energy dominance, not just the energy security the energy dominance which will lower cost and bolster our national security. i am exc

picture with the big jump under the assumption that this is going to go away next year one thing the citigroupe out friday morning and they don't think we're going to see the same kind of bank rally that we did in 2016 largely because earnings growth is awkward to be there, the recommended place something that they call convergence to catch up with the more expensive ones they upgraded bank of america stock in the belief that it will catch up with j.p. morgan. >> one of your favorites, bitcoin more than 11% on the week. there is no underlying value is prices based on height that could go to 0 there is hype in the under bank ebola don't have access the bitcoin is environmentally unfriending. i don't like it at any price. bitcoin broke out over the old time it was stuck below 74000 and it closes week about 76000 and on the breakout i think you can see a lot more upside. >> a pat on the back or been first-person you wrote about at $31 in 2013 we should've about. >> unfortunately i did not buy it. >> bitcoin is a friend of the white house and created a bitcoin strategic reserve it could be a posit

. >> it's really interesting we had a note from citigroup earlier this week and they were looking tos and it was a buy dip the whole tech sector is down a little bit over 3% for the week this may be an opportunity. >> let's pivot to the housing market, meghan mentioned the fed cutting again. you would think mortgage rates are coming down and unfortunately that's not how it works. >> the absence of half-point cut mid-september the 30 year is up within half a point recently 6.7% and i hear from prospective homebuyers was going on and why aren't rates falling. i'll give you four reasons and you tell me whether you like or believe them, the fed does not control directly when it cuts rates that is a short-term rate is not a direct effect on mortgage rates those tend to track the ten year treasury more closely and mortgage rates fell earlier in the year in anticipation of the ricoh maybe you think the economy looks healthy in which case you might think the fed is going to dial back some of the rate cutting or maybe the bond market is starting to shift and see a little bit of a talk that we

an incredible year of over 60% which would normally make me say wait a minute i'm not so sure but citigroupout today on friday and said this is an industrial to own and 2025, that means they make a lot of money and put it back in the business and they keep growing they do it with strong earnings and innovation in the stock has been so strong that even on a day like friday where the market is getting crushed it was down a little bit but not enough to knock it out of the uptrend it's pretty exciting. jack: 2024 will be the hottest year on record so air conditioning i guess is a goodbye. thank you. always a pleasure. to read more check out this week's edition of barron's.com, that is all for us. we will see you next week >> from the fox studio in new york city, this is "maria bartiromo wall street". maria: happy we can to all, welcome to the program that analyzes the wee

lauren: citigroup upgrades them 21% to $54. they call it a low risk bankable do well in a softer regulatory environment. blue one booming brands. lauren: they cut their profit guidance, same-store sales fell across the restaurant portfolio, stock is down 10%. stuart: still ahead, democrats reflect on how they could have lost this election. >> fascists won a lot of working-class support. >> i have a concern the far left is pressuring the party to take policy positions that are deeply unpopular among most americans. stuart: very different theories there. the wall street journal editorial board says trump's win is bad news for iran, what will happen to the middle east? kurt volcker is next. ogether. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. so you can feel confident in your financial choices voya, well planned, well invested, well protected. an alternative to pills, voltaren is a clinically proven arthritis pain relief gel, which penetrates deep to

citigroup saying the budget will make it more difficult for the boe to cut as aggressively as many expectede coverage, stay with us. this is bloomberg. ♪ it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again. you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity. less lag, better gaming! i'm gonna need to charge you for three people. ; good morning from london i'm anna edwards alongside guy johnson and kriti gupta. an hour away from the opening

forecast and seven brokerages are cutting price targets, they have two downgrades, jpmorgan and citigroupsay we are downgrading them because we have no visibility into their future. stuart: i saw sirius xm radio up 6%. what's the story. lauren: berkshire hathaway built at stake worth $3 billion and even with buffet's seal of approval shares of serious are down 51% this year. stuart: thanks. coming up, what's the biggest difference between trump and harris? j.d. vance tells joe rogan it is this. >> we are not trying to censor our fellow americans. we are not trying to say you should be silenced because you disagree with us. stuart: it is more than censorship. we will get into it. wisconsin sees record early voting, a million casting their ballots. we ask senator ron johnson if that helps trump, next. when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare

lisa: citigroup came out saying to you risk higher yields with pre-election trends?igher equity markets postelection. basically, everyone piled in, how much is this just taking some chips off the table vs. actually believing harris has the upper hand? this is going to be really messy for traders were trying to pick sides on that. jonathan: turning those trump trades upside down. check out the dollar now, weaker against the euro. weaker against the yen. much weaker against the mexican peso. some classical trump trades. lisa: i'm watching things like the dollar against the peso. looking at things like yields in terms of what tea leaves people are reading for the election. not necessarily their views on peanut the squirrel. i'm not getting back into that but here's the issue. jonathan: you brought it up again. lisa: is there going to be a tariff on mexico, is there going to be a huge wall that could put up, are immigrants going to be deported or it will immigration be really curtail? those are the issues that are swaying the election. annmarie: if you want to make peanu

i call back to a conversation with the citigroup ceo, jane frazier. this idea that productivity could fill a lot of that hole. what is the more likely outcome? sonal: i would not quite use the productivity issue. i would go back to the first principles, which is tariffs themselves. u.s. is effectively a large closed economy and we are running close to $30 trillion in gdp and tariffs are unlikely, they change relative prices. they are unlikely to have a massive inflationary consequence for the broad-based price level. if we have the extreme version across the board, 60% in china, we would get a one time impact on the price level and that could be as much as .5%. to get an ongoing spurt of inflation, i think you need more than just tariffs and therefore i do not fully by into some of the more deep fears on broad-based inflationary pressures purely through tariffs were negative impact on crude just coming from tariffs. i'm not saying they are good thing. they are terrible. it is a bad policy. i don't think it has the type of impact which has been feared.

citigroup saying the biggest driver for crypto is the equity market, but now we are up 3.5% off that selloff and almost back at those record highs. we move on and this risk on attitude. tesla is up 7% on a story surrounding the inner workings of the trump administration and what it means for a full self-driving autonomous vehicles and the federal law that will come into shape. it is good news for tesla, many interpreting palantir down 6.5%. it rose hard friday. it is one of the key points down on the s&p 500, so i wanted to shine a light on some of the volatility around this name. volatility around this name is nvidia, down as much as 3% at the start of trade. worrying about some snags when it comes to the overall design complexity around the black while chip line-up and reports coming from information on this. let's talk about it with mandeep singh of bloomberg intelligence. first we start with the intelligence reporting, a tech focused reporting network saying maybe we see again a glitch and some worries around whether we will get a slowdown and then ramp up of blackwell. we had th

with he have spoken with analysts who say it's ridiculous, but for its own part, citigroup warning thepread could wide further potentially reaching 100 basis points if conditions do not improve. remember, this also comes as we see u.s. treasuries uninverted or reinverted. however which way you want to put it. maybe we can get a pulse check on that ter on. we see the stocks in italy .6% higher. construction and industrials and banks climbing higher. in terms of the sector losers, not much pulling markets lower. oil and gas and chemicals and household goods in good territory. real estate is down 0.09%. >>> nova holdings in focus. it is buying the benchmark genetics for a value up to 260 million pounds. it says this deal aligns with the focus on agriculture and tech to drive growth, innovation and sustainability. joining me for more on this is johan. the senior partner and principl. thank you for joining me. what is the benefit of folding novo holdings into benchmark? >> thank you for having me on. we are excited about this. we think this is a great space. salmon is a particular source of

quarter sales the parent company of anthropology and free people optimistic about holiday demand, citigroupng on optimism or upgrading the stock to a buy on the back of the report and that be the price target up to 59 from $40 a share as i mentioned shares are up over 18%. trump tariffs are not an omg surprise buffer business is relying on china for producing their products the ceo of that company that makes the uber popular line of lol surprise dolls. he is here to tell us how is preparing for a second round of trump terrorists and more importantly what he sees for his outlook for holiday toys this season. mga entertainment ceo isaac clarion is here in a fox business exclusive. since 2019, john deere has invested more than $2 billion in our american factories. today, we're nearly 30,000 u.s. employees strong. in more than 60 u.s. based facilities, across 16 states, we couldn't be more proud to play our part in supporting americans who work the land and build a better tomorrow. ♪ nothing runs like a deere™. liberty mutual customized my car insurance so i saved hundreds. with the money i sav

citigroup ceo jane phfraser, th host of the meeting joins me.ave you back for the second time, thank you for joining us. >> thank you for doing this a few days after the election. we've got a lot to talk about now. i am curious. financials have been some of the biggest winners post trump reelection. your own stock up 7% this week. does that make sense? >> it was a good week in the markets. and it's on the back of a quick, a clear, and a decisive result, which i think really helped drive what was an anticipation of a pro-growth agenda, and we saw that clearly as beneficiaries in the bank sector. small and medium-sized companies as well the tech stocks today. >> does it change the outlook for your business? >> we are expecting some lighter regulation. we'd already been having some pretty constructive discussions with chair powell, and we're headed, i think, in a better place. that will help access to credit. that will benefit the consumer, that will benefit smaller and larger companies in their access and cost of funding. so we're expecting broadl

and ross, the research for language, citigroup out of the work of the endangered language alliance, the organization where i'm co-director since since 2013 which is the only organization around small nonprofit with an office on 18th street in manhattan, but the only organization in the world devoted to research, urban linguistic diversity, to documenting, supporting endangered languages in urban and diaspora, immigrant settings. and then before that for a number of years doing, research on endangered languages, especially the himalaya, but in different parts of the. and so the book does kind of move at times between sort of, you know, deep dives, especially the outer boroughs, brooklyn, queens, the bronx, the places where there are hundreds and hundreds of of different language communities. now and then. it also kind of we'll have scenes from nepal, tajikistan, and have these kind of transnational or, really trans local links that think immigration and the study of networks in new york really kind of leads to is that actually you know these lead to unexpected places and very particular

citigroup, 8, now those are astronomical gains when dealing with companies of that size. back back to pure pol. let's go to the swing state of georgia. trump nearly lost in 2020. what was the difference this time around? >> well, stuart, there were a couple of different contributing factors that led him to win this swing state. number one, higher voter turnout in rural areas where he dominated and then men showed up to vote specifically for trump. also, black men in higher percentage numbers so let's take a look at some of those numbers. fox news voter analysis shows trump not only doubled his support with black men this election, with 24% compared to the 11% in 2020. but not only then, but with men in general more than half of male registered voters in georgia voted for trump. now, of course this is a tight race as expected. the two candidates were separated by just over 117,000 votes. trump took the lead by 2.5 points. now the state was called just after midnight last night. another factor to trump's victory in georgia came from suburban women. the chief pollster told m

strongly warning that the terror policies to the inflationary, and then you have others, the ceo of citigroupaying productivity could still be induced to the economy. what are the tensions? >> neel kashkari talked about the productivity aspect. if productivity is rising that absorbs some of the inflationary pressure because they are getting more for the money that there's ending. the problem is going to be if tariffs come in on a broad basis as the president is talking about, then the price level is going to go up, and then it becomes a matter of how consumers and businesses react. to consumers say inflation is higher again so now i have to ask for an additional raised? the dollar will get stronger. does that mean that businesses are going to be suffering in terms of currency transition? the questions are yet to be answered. >> we thank you so very much for your time. we want to move over now to washington. not only is president-elect trump meeting at the white house with president biden, but let's listen first and then give you that update on what is happening over at the senate. take a list

minutes from the november 7th meeting will be released as well later today and on the corporate front, citigroupin focus after slashing the number of year-end promotions as the bank goes through the cost cutting plan. and in the retail world, macy's delays the quarterly results saying it found out one employee kept $132 million in expenses hidden for the past three years. >>> checking on the bitcoin. the cryptocurrency is trading below the 1 $100,000. i'm pleased to say carol alexander at sussex university is joining us today. carol, as this stage, we have bitcoin around $93,000 ark. are we on track to hitting that psychological level of $100,000? >> at the moment, it's unsure because actually it fell 5% yesterday, which isn't unusual for bitcoin. it often moves sometimes 10% up or down in a day. quite a few long positions were what we call liquidated. in these markets, a majority of trading is unregulated exchanges that don't have any margin calls and there is a lot of leverage. you can have up to 100% leverage. that is called liquidation. a lot of liquidation happened yesterday on the upside.

meanwhile, citigroup's survey is flashing euphoria.et's bring in chief market strategist phil blancato. phil, you know, there's more to this euphoria than greed. in my opinion, the ft might have gotten it right. they put out a piece this morning, an opinion piece, saying investors say there's an alternative -- there's no alternative to u.s. equities. do you agree? >> you know, you and i have been doing this for a while, buddy, and we've never talked about international emerging markets. there's a good reason why. there's just not a place you can invest and have success, because when the dollar's this strong and the u.s. economy's growing this quickly and not to mention a lot of different pockets of success in the united states, specifically oil, it means you have to stay u.s.-based right now especially with our earnings growth and our tech sector. it just is the way it is. and a piece of advice here. don't fall in love just because emerging markets or cheap. don't do that. you've got to be the late, not early on that trade which is opp

industrial average is being powered by big banks like jp morgan bank of america, goldman sachs and citigroup. >> there are all thought to be winners under the trump administration where we'll probably see deregulation of banking standards. it they won't have to have as much money in the bank to cover loans. if things go bad and also probably be more mergers and acquisitions is the idea. so i look back at the basically obama came into office and lies compound. many eyes returned for obama's 14% a in his first or second term, 14%. trump was about 15% to biden's about 14%. so we're kind getting the stock market that we typically get post election. but this one feels a little more pro business well, let's talk more about some of the ramifications of a trump presidency and where? >> where investors are putting their money because i understand with a more hardline stance when it comes y seeing what money going into private prisons going up? >> yeah, they're publicly traded prisons and on what was called geo group and one of cold core core core vick and ceiling got core civic, something like that.

and, of course, the economic surprise is whether citigroup or bloomberg just straight up.l the anxieties that come along with election season. >> yeah. i think a lot of people have been concerned because they've seen the move in the market. we've seen it since the election. well, all the gains have gone, and we think that's really just that relief rally that we've seen because we were so bearish and cautious and nervous going into the election and going into the election result that a lot of these moves in the stocks are actually just the resolving of that, and they're not reflecting some of these really positive things. charles: so more of a coiled spring kind of thing. >> yeah. charles: so i want to ask you as an investment professional, you've been doing this for a long time, you've dealt with investors for a long time. is there something you can tell people about emotions? when emotions start to supersede fundamentals or anything else, is there a way to push back against that? >> look, as you say, i've been doing this for so many years, and i think one of the things we

we did hear about that from the citigroup ceo, that basically it is game on in the m&a market. is. a much companies are saying, let's expedite this so we can hit the ground running early next year. but this is a real question. how much does this revive some of the animal spirits we see from companies that have been waiting for some certainty? he is in the position to have a sense of that. and right now is the moment. i do get the sense from people here that there is really a clear sense of, start making investments now. certainly you are hearing that from china, and i'm certain u.s. companies feel that as well. jonathan: gracias. lisa: muchos gracias. jonathan: we got there eventually. tomorrow morning, andrew sheetz of morgan stanley. phil kemper really of jp morgan. and we will speak to steve or shoot up. do not miss that conversation with jamie dimon later. if you do we will play some of that for you tomorrow morning and catch up with lisa later in the program. good morning to you all. this was "bloomberg surveillance." ♪ katie: bloomberg "open interest" starts right now. so

>>> programming note for tomorrow headed out west to citigroup's teleconference in pebble beach, californiaeo, both of them are on "squawk on the street" this hour. also, ceos of nasdaq and palo alto and t-mobile. it will be a good chance to get a first response to the election and a lot going on there with generative ai and all the transformation. it has been a busy day for earnings and street calls. dom chu tracking some of the movers. >> some of the key analyst calls out this morning. tesla shares up 1% or so after bank of america raised the stock's price, and it was up 15% yesterday after the donald trump victory. arm holding shares after the price target increase at jpmorgan, and barclays. keep an eye on that one. on the flip side, jpmorgan lowering elf beauty and reiterating the overweight rating on the stock. this comes as the company's recently quarterly report shows a 40% jump in shares. and qualcomm, up 2% on the back of a strong fourth quarter earnings report. jpmorgan's price target sits at 200 with the overweight. >> thanks for that great roundup there. >>> let's look at the wh

. >> that was citigroup ceo jane fraser talking with me friday in pebble beach, california.round lower regulation and more constructive policies. that was in response to a question i asked her about whether the stock move, her stock was up 7% last week, made sense. you know, for citi in particular, and i think wells fargo is in this bucket as well, these seem to be bigger beneficiaries, because they have been under more scrutiny from a regulatory perspective, under more punishments. i asked her if she was looking forward to getting rid of the consent orders, for instance, with the new republican-led regulators, which obviously she wouldn't comment on specifically, but it has been an issue for citi, so much so that in the last quarter, where we also talked about fraser's transformation, she's been undergoing here at the bank, she said there were signs of progress and all five of the businesses. the stock sold off, david, because there was this confusion about regulatory policy. she had to clarify that they are not under a new -- under any sort of asset cap because senator eli

so you have this contrarian moment were citigroup on the margins is leading into some of the weakness in europe and away from some of the u.s. exceptionalism that you see. can you talk about being contrary and in a moment like this tactically even if long term? you still see theexceptio. >> and i think the parts of our calls that are contrarian come to your point, are this case for the usp was 6100 is our bouquets and we look at next year and we say, 15% earnings growth which seems to be what the sort of consensus forecast still looks like to us is still quite aggressive despite tax cuts and everything else in deregulation. we feel like that when you have a 23 times earnings set up is quite a tool hill for the market to climb to go on from here. the other thing we still had that is a contrarian call is the view we may still get out sized rate because this year. nonfarm payroll data in december will be key after the weakness we saw in november. because partly by hurricanes and strike disruption. if that is another weak data point, we would not rule out another 50 basis point cut. if yo

lisa: citigroup did not put a number to it but there are two risks to the equity rally and one is duration premium. is it 4.50 or more? jonathan: let's get you morning calls, first up, universal health downgraded to neutral, viewing trump's victory as a negative for health stocks. the second call from bank of america, downgrading five below to underperform with a $75 price target. analysts citing exposure to china and possible trump tariffs. down by more than 30% on that name. finally, barclays lowering its price target and the brand increases focus on value. turning to tesla, the stock surging as donald trump secures a return to the white house. in a speech to reporters, the president-elect praising the ceo elon musk. president-elect trump: we have a new star, a start is born. elon. he is an amazing guy. we were sitting together tonight. he spent two weeks in philadelphia in different parts of pennsylvania campaigning. jonathan: joining us is ed ludlow on the west coast. we missed you overnight. i would like your thoughts on the election and what this means for not just elon musk but for

citigroup is saying s&p 500 positioning suggests profit-taking possible.have another high. we are seeing the trump trade continue. on the market backup for a 10 year yield, up six basis points, and the two-year also hitting fresh highs. we hadn't seen these numbers since july. time for some morning calls. raising the price target on disney to $128. everything improving direct to consumer profits. next up, morgan stanley raising its price target on walmart to 89 dollars, expecting a modest upside for earnings next week. and finally, citi sending increased uncertainty tied to upcoming management transition. turning now to the fed. former new york fed president bill dudley writing in his latest bloomberg opinion piece the u.s. federal reserve and its chair jerome powell are rightly choosing not to act on any assumptions about what donald trump might do as president. that said, if he follows through on his more extreme campaign promises, they will struggle to contain the economic consequences, a problem that equity investors ignore at their peril. bill, you've

citigroup up 8.5%. bank of america of 8%, wells fargo up 10%, goldman sachs, 7.4%.ime being. that's the view some traders are having. solar companies, first solar down 14%, sun run, enphase in sunnova energy, clean energy taking a hit. on the other side of the equation. traditional fossil fuels and hydro carbons, look at the big producers and companies based in the u.s. exxonmobil up 1.5%. chevron up, conocophillips up and halliburton, so gas on the rise. what is happening with tesla, seen as a beneficiary, not all ev makers are following this suit, tesla up 12.5%. elon musk has close ties to the future president trump coming up. and it is, of course, still a fundamental earnings day. cvs health, those shares up 8.5% right now. they reported earnings this morning, earnings came in below analyst estimates, but the revenue came in better than expected. they did also say that they're not going to provide formal guidance for the time being. they're going to wait to see how things shake out first. this is a stock that over the last year from its highs has lost about 33%

and wells fargo and citigroup up 5%. >> it is. those have the ability to adapt.ll figure out how to make revenues during that time where the smaller and regional banks only really have one mechanism which is that savings and loan, being able to clip whatever that margin is in between in the sweet spot. i think the bigger banks have moved on and don't necessarily have to rely on that type of revenue so much to have a really solid year. >> right now, we're looking at regional banks up as well. you're looking at the potential downside. highlighting the rise in dollar, bond yields. especially the expectation to see an even sharper rise in beyond yields if there is a quote-unquote red sweep. what are the downsides you're looking at? >> one thing with the trump term where he's been very clear with his interest in disempowering the fed. all of the other policies that we've been talking about to this point seem to be very inflationary. especially with the republican sweep. so you have, at the same time, that inflation is likely to be spiking back up, a fed chair, without