euan: that is right. the first thing is demographics. developed countries, japan has a low birth rate. excuse me -- and has not welcomed immigrants historically. japanese companies need to move outwards. they have lots of access to capital and i think it has encouraged outbound investment and encouraged japanese companies to be more aggressive than they were previously. at the same time, we are seeing japanese companies as well. the concept of m&a has become more acceptable and we see companies like hitachi, panasonic and sony restructuring and selling assets which historically they would not have done. shery: how much of the dealmaking is happening with just cash reserves as opposed to cheap borrowing? euan: it is accommodation of the two. $900ink there are up to billion sitting on the balance sheets of japanese companies today, but they are being funded by private equity as well. happy to coinvest alongside those big corporate. private equity money and they are cash reserves on corporate balance sheets. euan rellie joining us there. th

political winds in germany will leado the passage ofcaarge stimulus plans to boost the slower economy.ro euan bond yields wl move back towards positive territory. european bonds all while pushing european yields higher and t keepin bank rally going. finally, the direct listing craze will peak when airbnb goes public during the listing. it's allhe rage. private equity investors are pushing direct listingso cut costs and allowing employees and no one asked the buy side. dict listing spotify and slack are und performing and a disappointin airbnb debut will convince many that all ing early investors to sell at once may not be right for everyone. for "nightly business report," i'm bob pisani at the new york stock exchange. >>> nothing is more central to the outlook in 2020 than what happens in the trade war.se depr growth here at home and around the world this year. it led the federal reserve to reverse course and cut rates sharply in 2019. here's what to look out for in 2020. t first, trade war should improve somewhat or at least not get worse. asrehe year to a close that seemed to behe case with

spurs will appeal against the red card showed two sons euan ming, who tangled with rudiger, and appearedas after that incident that rudiger said he was abused —— they will appeal the red card of son. this is the third time he has been sent off in the premier league this year, the first time that has happened since lee carter mole was sent off three times in 2010. everton have a new manager for christmas in carlo ancellotti, and they've revealed their final design for their new stadium on liverpool's waterfront. the club have submitted a detailed planning application for the 52,000 capacity venue at the bramley—moore dock site, which will cost an estimated £500 million. everton hope to move in by 2023 and re—develop their current home — goodison park — for the community. next month's international netball tournament in london, nottingham and birmingham has had record ticket sales. the nations cup will see england play the world champions new zealand. south africa and jamaica. the roses squad was named today and goal attack george fisher says she's looking forward to their opening game aga