and you go to little germany, which is amazing _ go to little germany, which is amazing.been used by 0prah winfrey's latest film and peaky— 0prah winfrey's latest film and peaky blinders because it look so stunning and beautiful. the --eole so stunning and beautiful. the peeple that — so stunning and beautiful. the people that designed and built these — people that designed and built these buildings _ people that designed and built these buildings looked - people that designed and built these buildings looked to - these buildings looked to places— these buildings looked to places like _ these buildings looked to places like florence. - these buildings looked to places like florence. i. these buildings looked to places like florence. i don't think peeple _ places like florence. i don't think people realise - places like florence. i don't think people realise that. places like florence. i don't| think people realise that you can compare bradford with florence but it is fantastic. and to show me around, i met tim, a local photographer. and this is little germany victorian sp

little germany is being used by 0prah winfrey's latest film.ooks so stunning and beautiful. the people that designed and built these buildings looked to places like, you know, florence. i don't think people realise that you can compare bradford with florence, but that vista. oh, it's fantastic, yeah. and to show me around, i met tim smith, a local photographer. and this is little germany — victorian splendour, built by german wool barons who settled here. many are now converted into flats and if you're used to london prices, these aren't. the views across the city. that staircase! 25 grand. you'll be in a place and it'll just look like a bookshop or you'll walk down the street and it'll look like any other street. but the trick is, is to look up and then you see the splendour of the victorian architecture that bradford is all about. and the city as a whole, i don't know, over the last 20 or 30 years, the kind of public perception of those who have never been to bradford is not always a positive one. can we have it up a bit louder? but the hope

little germany is being used by oprah winfrey's latest film.ful. the people that designed and built these buildings looked to places like, you know, florence. i don't think people realise that you can compare bradford with florence, but that vista. oh, it's fantastic, yeah. and to show me around, i met tim smith, a local photographer. and this is little germany — victorian splendour, built by german wool barons who settled here. many are now converted into flats and if you're used to london prices, these aren't. the views across the city. that staircase! 25 grand. you'll be in a place and it just look like a bookshop or you'll walk down the street and it'll look like any other street. but the trick is, is to look up and then you see the splendour of the victorian architecture that bradford is all about. and the city as a whole, i don't know, over the last 20 or 30 years, the kind of public perception of those who have never been to bradford is not always a positive one. can we have it up a bit louder? but the hope is city of culture might help

we need a little growth in germany. when the new growth mark commits recession to depression, inflation often we need a strong, green positive. and i'm of the body that with all my strength and all my passion for the future, you're not just germany years, a must finally roll out. and above all, you must find me grow up in terms of security policy for you gets we need to set the right course. now. also on the day from out stays. it's welcome. in west africa, as friends troops leave the regents present macross as they should be. sorry to see them go. but i say this for all the african governments who not have the courage in the face of public opinion to barris, but none of them would be in a southern country today if the french army had not been deployed in this region. welcome to the day we stopped here in germany where this week political parties are loading that campaigns for the election on the 21st of february is not poles cold after the collapse of the governing coalition have shown that this is not the business as

hired how much of a what lead to bab oakside was full this new city leadership, a little full voters by kind of in germany. do things to well, i think it was be again, i think it's the matter of going into the details because if you look at the statements. sure, by hey, you definitely just show the dean saying that they wouldn't be leading an intrusive process. they wouldn't even insure human rights and all of that, and they will not try to impose anything that is not a sort of a us for would you mind that by the certain people. however, i think that the real issue right now is related to the transitional period on how the transition would be manage if you allow that group to be the main architect that would determine who would come to the national diet of the supposed to take place. one and then, and sort of a design processes that would ensure that we consider that as influenced, not only now, but later on. then it wouldn't be difficult to imagine how the process itself would be inclusive. so again we, i think the most important thing is to move beyond the headlines and really start looking at the detai

germany and but the vast majority of the sensible and decent people. and this also applies to the upcoming parliamentary elections of on february 23rd on system a little in most recently prey is equal to 2 for germany. policy also known as a f d. the rise in political falls instead of being under domestic surveillance on allegations that it presents quote, extremist views. so it says, opposing mass immigration and post on social media as well as i'm opinion piece published by a gentleman you say. but, you know, most described of mainstream politicians in the country as the inc incompetent. i'm closing and the economic decline. it's also so soon as being facing it, but totally, so i'm still from is both left out the most amazing. he said it should mind his own business. so coalition government collapse in november with disagreements on a c plane as equally policies, which also also covers those in december. the bottom it has been dissolved and lump selection all scheduled for this wednesday, the february. if the company runs in the 2nd phase, in opinion polls, a recent survey shows the majority of the germans 56 percent. think shows of done a full job a

germany. so we're seeing and power little isn't dimensions and the u. k. we have observed how he has intervened and brazil, accusing the judiciary here of having the and criticize on the government. so it falls into a kind of a global pattern. and in a way, actually, so as jessica just said, i see, so he's ignoring the fact checking he's ignoring all kind of works against this information on the online platforms and the interview and his space on x with at least vital to just prove that. so he was giving her the stage for sharing really incredible false information about germany and even the he was the one question in her statement. so he is legit a legitimizing a radical party each year as he has also done with u. k reform and also nigel for us, and i am afraid or actually so my guess is that this will not be the only interventions . and the question is really, is he still a business leader or to ortiz himself? actually in the actually a political, the extra or a whole to, to send to you agree with both of those analysis of the situation right now. and ho

germany army. so it's a little bit of a miracle he survived world war ii in germany he did. it's even more of a miracle some of his sculptures survived world war ii in germany. they did. not long after the end of world war ii in 1949, one of his surviving sculptures actually came to the united states. there was a big, important international sculpture show in philadelphia in 1949, and gearhart marks brought this statue to that show. it is 7 feet tall. it's called maja, m-a-j-a, and it's considered to be a monumental work but representative of his style. it's exactly the kind of expressive modernist, but very human thing that the nazis hated about gearhart marks and his art. that said, philadelphia loved it. the big public art association in philly that had put on the sculpture show, they bought the sculpture from him, and for years it had pride of place that overlooked the big famous terrace at the philadelphia museum of art. a few years ago they moved maja to a new and probably permanent home. she's still in philly, but the art association put her through a full conservatio

just set it off the cost like that on a super popular program in germany and the so that he felt so comfortable calling children little passion. and then it just sounds like a far at slogan, depole is in recent months, cd you leader sleeves and commits has given more frequent indications of how he wants germany to be that's is, that's gemini. so just as you are here together today, it's very, it's not building, not quite spare economic gemini is up a very and festival thoughts on this because i feel that this is a statement where they're referring to all of i was doing so i love mine. see it so i know it makes us feel that we're not part of society when you're thought of when this kind of view is expressed by one of the largest german parties or by leading party members need. and of course, it's harder then if you're hearing it from an obviously more right wing party list of inputs i called. and this large mainstream party, the c d u, has just presented the draft of its new manifesto, especially appointed committee, spend 2 years finding, shooting it. the outcome is also a departure from christie and both famous state

. >> seth: -- but you lived in germany for a little bit. >> i did. my mom knew about the outhouse, my dad dissected moon rocks. >> seth: yeah, right. >> and i make funny jokes. >> seth: you've done very well for yourself. >> i did okay. >> seth: yeah. >> i did okay, ultimately. [ cheers and applause ] so, he was on loan. i used to always have to -- feel like i'd defend myself. like, "no, i'm really smart. like, i listen to classical music." and then i won "celebrity jeopardy!", and i went, "yeah, i'm smart. that's right." >> seth: oh, wow. >> i did. >> seth: congratulations. >> i'm the smartest celebrity. >> seth: wow! what year did you win "celebrity jeopardy!"? >> it was last year. >> seth: congratulations. >> thank you. [ cheers and applause ] >> seth: that's so exciting. >> so, but anyway -- so, my dad was on loan to a scientific institute called the max planck institute -- [ scattered cheers ] and we lived there for two year -- yay! [ laughter ] big fans of german physicists. you were on thigh patrol! [ laughter ] so, he -- he was there, and we

little bit of investment. but this is not the election that will bring big change to the german economy. we often talk about germanyowerhouse now perhaps powerhouse, now perhaps europe's sick man. why has it gone from outperformer to underperformer? it's a long, long list of explanations, and probably to sum it up, it is for too long just betting and banking on an old success model without innovating, without investing, without reforming. and, of course, there's also competition coming out of china, which the german corporate sector has, i think, underestimated for too long. so underestimation, a bit of too much arrogance from both the corporate world and politicians has simply led to the fact that germany has lost over the last ten years, international competitiveness and this is now being paid by a stagnating economy. from one struggling european giant to another. france's new prime minister, francois bayrou, is holding his first cabinet meeting after a deadlock over the country's budget brought down the government of his predecessor, michel barnier. monsieur bayrou is expected to push ahead with tax rises and sp

isn't like really solid that he's in germany but i found a few hints that suggest he's in germany at least a little bit but when kind of emerges from from the darkness and when we really learn more about his life is actually when he goes to nova scotia beginning in 1748 1749, he goes there as an aide to general edward cornwall who who was another early patron, and is the is the uncle of charles cornwallis, who will be gates is a nemesis of the battle of camden and the decades down the road. this is like a pattern you see throughout gates in his early life. is that he recognizes that a somebody somebody a pretty middling background if he is going to advance within the british military establishing it's going to be through establishing connections through the more influential patrons people who have more power and influence than he does. and so one of his earlst relationships to build this build this connection with cornwallis which aowhim allows some military advancement early on in nova scotia is goin to serve father the looters war is to need his his his wife phillips who com fm a fairly well-to-d

germany. there was already little chance of a sudden growth revival this year, but now, the threat of tariffsfurther delay the region's recovery.is getting more with bloomberg chief climate economist from zurich. what could be the impact of trump's tariffs on top of all of europe's economic woes? >> there are some big questions on how big those tariffs will be. we have had little clarity on that, it is possible as we have seen in the first trade conflict during the first trump administration, that the incoming administration will be pragmatic on tariffs and they will be small. if that is the case, it still creates uncertainty, and we have seen that measures of trade policy uncertainty have soared following the election, and some businesses will want to wait to have more clarity but the economic impact will be small. it is also possible that the incoming administration goes big on tariffs, that they go for the 20% tariff pledge, so 60% on china and 20% on the rest of the world. if that is the case, we estimate using a large scale model of the global economy that it could reduce u.s. -- du six

so leaving germany because it's not economic a little longer to work here. and so cheap energy and cheap gas would be very important for germans future. you cannot have the or shut down or nuclear power plants and the same time, you don't want to have russian gas. so what do you want? only with wind turbines, it's not possible to add to feed into economy. what is the size of germany with energy? it's, it's really not possible. and in the end, i would say they have this more pro russian. they want to have normal relations with the russian. they want to end the boring and ukraine without delivering more weapons. so it will be really difficult for them. um, but i think they will get some, some more percent. maybe maybe they're coming to a 2526 percent. i don't know exactly, but the, the electron is really soon. it's only 4 weeks. slovakia has where you have the rates. there's 2 ways to sanction keeps the landscape refuse to keep russian gas flowing to you are paying can see most through ukraine as well by presidents has rolled out. it's going to kias settled in

germany. obviously they feel a little bit different about it when it is in their favor.o there's a lot of contradictions within all of this but it is significant putting it in the context of this new trump administration and the sort of charm offensive we have seen from different leaders. maloney was just at mar-a-lago over the weekend to meet with donald trump in florida. everyone is trying to find their path to this new president who will be inaugurated in just a few days. >> thank you very much indeed on the influence muska is already having on some parts of the body politics of europe as well. now we are going to be speaking exclusively to stephan on europe's political and economic headwinds so stay tuned for that conversation as well. and this is a story he nodded to. italy is in talks with spacex for a five-year contract to provide communications for the government. they say the deal is aimed at supplying italy with top-level encryption for telephone and internet services. the plan is opposed by some officials concerned about the impact on local carriers and russia

germany. but we did. these plans have worked out because there's too little work for the 10000 employees instead of 3. so if the day workers here are currently only putting in 2 guys will be off. that's them. ok. we saw on we're supposed to be for the ones i know the pots, so it does increase the factory isn't given installed, but the low demand isn't the only problem. vw, the electric cars are pricey. the id 3 is the cheapest model, but it's still cost more than many of us do your pin competitors. just as cheap chinese cars are rolling onto the european markets. because yours produced in from the probably cause 2000 us just to produce the call labor a factory and all of the stuff are on the a drum in the flux item. it's the triple price. and sometimes because 5 or 6 on top of that, nobody has electric cars have to come in some us for software glitch since you get to the car the keyless entry doesn't work. the car doesn't unlock, you have to use the key to unlock it, which still works. and the f doesn't work. you're going to model what's the major pharmacies are from soviet controlled by the central a

and why it isn't ready just yet. made in germany a 90 minute. g w, the little guy. this is the 77 percent of the platform for advocacy. these issues and share ideas, the, you know, or the side that will be a not a great to catch, and then the top of applicants population is moving fast. and young people clearly have the solutions. the future is 77 percent every weekend on dw disruption is the goal. chaos is the goal. it's a wrecking crew. radically. they want to bring the system down. the screen comes so the donald trump will be the next president of the united states. recognize in some ways for the vision is the american society division works for him. he wants to increase polarization, have to wait for trumps. rise to power. these were the foot soldiers of mazda the success for the rest of the usa. the also rise starts january 18th on dw, the the, this is dw news line from berlin. tens of thousands of presidents are told to flee a rapidly growing wildfire. los angeles authorities warning conditions are extremely dangerous. a strong winds fanned the flames, coming

germany. end of story. >> a little history about afd. it is a right-wing party.i-immigration, including anti-muslim immigration. also, they have tried to downplay events. in the chat, musk addresses that and asked wibel directly what she thought of hitler. >> jewish people have been highly educated, very cultivated and were vehicleful back in germany then. and then, he enforced the envy of the population against these people. and it was a socialist measure taken against them. so he was nothing else, an anti- semitic socialist. and we are exactly the opposite. >> now, kelly, these positions have kept the afd out of main stream politic negligence germany. and musk is using his mega phone now to try and change that. but he also has a number of businesses throughout europe that he could influence with his political positions. musk had a lot on the line in germany, with tesla's giga factory in berlin. but the e.u. recently put a 7.8% tariff on tesla vehicles imported from china. failing to moderate content under the law. a decision is expected soon, saying whether x i

could revolutionize solar energy markets and why it isn't ready just yet made in germany in 19 minutes on d w, the little guy. this is the 77 percent of the platform for african issues and share ideas the, you know, or the side that will be a not a great to catch. and then look at the top of the applicants population is really fast. and young people clearly have the solutions, the future you a this 77 percent every weekend on dw the, this is the w news live from balance tens of thousands of los angeles residents, adults afily rapidly growing wildfire as wind whipped flames breakouts and a 3rd area of the city consuming homes is residents, race to escape trust and neighborhoods will say coming out from the program. who will lead? gemini is the next government chunks that will actually, it's fights to his political life against the conservative challenges. clearly to maps the outcome promises to have consequences far beyond the .

little screw, utilize it. all. sure same happened to me. so usually at germany, but when dozens of countries here to yes, okay, apply to countries, countries that way occupied by the germans, where you bring this consent, samuel its raise. it was little short. we specialize in order to destroy the soviet union, would buy them at least cooper. and by the way, when should i see, wouldn't people use my notion with this before i want to buy it and just made his an interesting statement on the foreign policy number though. he said proudly, it's not to say, have managed to swanson is in nato. and of lindsey square the allies just for them with us the you said the 50 countries on that to put a you know some good for blue cross wherever quoted in order to help you find that he said looking relative to fight against torsion. so he's to repeat such sounds to me in every way, is that all elements like for go 3 less cause of see if you know you order to, to shoot the soft snow. pretty much screws in a sense of superiority in that there is always substance just as well as th

is a little different from germany and france and spain and elite, etc.ty company and for the same growth profile are higher. the covenants are better. the rule of law is not so bad. i think europe, particularly for slyly be more bespoken smaller opportunities continues to be an excellent area of opportunity. lisa: you are the second person who mentioned europe is going to be the bright spot because of the low expectations. i wonder how much you are transitioning to europe versus just adding a little on the edges while trying to play in some of the m&a you expected come down the pike. josh: we are playing a lot in the u.s. there's a lot of overleveraged capital structure from the last period and a lot of asset classes. it is true in real estate were you have companies that people have financed transactions based on very low cap rates. some of that debt is maturing. the assets, even if they are good quality, can't necessarily handle today's interest rate environment. in real estate, in asset-backed securities and some of the more leveraged private equity s

weeks for the incoming president is, you know, refreshingly, a little bit of realism. realism can be used towards maintaining hit germany as well. i mean, the, it's not the same thing. it says address stuff in a different way, george. so i think so, and i think that's why it's so difficult really to get a handle on what's likely to come from the trump administration. that's a trump really sees his next 4 years as a kind of civilizational renew. well, i mean, he's going, he's going for broke. he was already make his mark on the world and he wants america to get back to some vague idea of what it was. so he really, this is very important for him to think, but somehow amera they'll be able to kind of cultural renewal of america. that's why it was significant. but he pointed these 3 of elderly hollywood stars as he's emissaries through hollywood, because i think he's gonna see if he sees that as part of his civilizational rejuvenation. and part of that, i think, is his notion of going back to some idea of what america was before in a box on world war 2. and even before the bar on this a good, all the cold war is global alli

the so the foreign ministers of france and germany have met the leader of serious new administration. little shara, in the capital of damascus. it is one of the highest level western diplomatic visits since this time regime was toppled. last month, i saw her bar reports now from damascus and not even a bad bulk. and joe knew when bob ok with a list of demands for the band, who now both syria, the minnesota far enough as and her friends account about aust, the new administration to renounce act of vengeance full and inclusive government protect by novices and to hold elections soon it was a meeting phase to break the ice between the band who has emerged from the shadows and skeptical european officials. oh, pod good. when tested to europe is prepared to offer support. europe will not be a sponsor if you knew as long as structures. this is not only an all or an interest, but it is also everything that i've had time. and again from the many, many people from syria in germany, but also from the many syrians here in the region. earlier in the day, the german diplomat met the white helmets. the se

little bit. >> of green. >> over in germany, france. >> and. as well as italy. >> but let me take you to the different sectors. because at this stage, european investors are very much. focused on what. >> we're hearing from corporates. >> at this stage. we have. >> the. >> banking sector as the best performing one. >> we're up. >> almost 8/10 of a percent. the driver here is indeed. >> the. >> latest corporate results. >> we heard. >> from a couple of banks this. >> morning that is. >> propelling some. >> of the mood there. >> however. >> let's. >> see what will continue to happen on that front because. >> it is really just the start. >> of this earnings season. >> i want to take you to the different sectors in terms of. >> the worst. >> performing sectors too, because. >> there's a. >> very important. >> market story. >> there as well. >> look at it. >> tech. >> it is the worst. >> performing sector. we are down. almost 1.5% here. though investors are. >> digesting comments. >> from sk hynix. they basically provided. >> us with a little bit of

germany? well, that's have a think. well, it's easy just because you're born with a penis doesn't mean your boy. no, not well, you could decide that the pianist is just a, maybe a little new le tripped off the edge of your chin during tea time. how you goal or you may decide to be something completely different. yes, i sure to not. this is the reality in glorious deutschland. on the video, i loved the the time. that's with the icon that after yes, that it's 9 and zeus new. yeah. lou at name is, i'm in st. louis. it doesn't like, it just wouldn't cost peanut mantas bulow bush especially to go on that. he's the size of the right place on many move the monday. so what does this use this mind? my name is scott, this is because hi tells you what i mean. i can and cannot think brought them in the fruit as issue in the may as mid channels. i see on the sticker slice, and that's when i'll slip shanice. goosenich. those 11 is then v vi. loot spew lucas with the snake garden. i'm a little says, i take it off on legislation and then here we have funds. transgender styles. my god, what so? who does, who have all these clause? all is, cla, fluids concession for coming to cloud. as

the bombings on the streets of germany for from on phillips, the scope is of goods potty minus involving tonight, hydra exclusively. and then that's going to be a little intense dish, be ever chevy the mafia. kind of the kind of guns and the spelling get gig now under control. then i'm socially stunned from black male to kidnappings and torture . criminal games have unleashed and unprecedented wave of drug related violence. due to this class of criminals is so violent that human lives ultimately don't matter. we should see the conflict over the highly lucrative cocaine business is escalating and german police have ceased record amounts of the drugs. while in south america where it's produced, the drug cartels exert a terrifying level of power. and it's a war where europe is also on the front lines among the victims, a well known reporter and the netherlands. they have so much money to tell someone like killed joining this kill ally. it would be so much money, you know, in the netherlands, even the former prime minister and the royal family had been targeted by the cocaine cartels. he's all this coming to germany to mesquite searches of there have been

great. german sauce, without our souls has taken a month, a little mosque off of the 1000000000 excess support for the rightly old senses. for germany potty charles said in his knees address that is not up to social media . exactly like you know, a month to determine jeremy's future. a desperate didn't see you, the citizens decide the future of germany. it's not up to the owners of social media in our debates, you can sometimes get the impression that the more it stream, the opinion of the greater the attention. but it's not who shouts the loudest that determines what happens in germany. and by but the vast majority of the sensible and decent people, and this also applies to the upcoming parliamentary elections of on february 23rd times consistency. last recently, pray is equal to see if a germany policy also known as a f d. the rise in political falls instead of being under domestic surveillance on allegations that it presents quote, extremist views. so it says, opposing mass immigration and post on social media as well as i'm opinion piece published by a gentleman you say. but, you know, must describes, of mainstream politicians i

tell us a little bit more of it was to have like we wanted to understand why germany so willing to shoot itself into food. so we dug deeper and we stumbled upon this video back in the back from 2018. where mr. how big explains there's no such thing as traits or no such thing as a traitor, traitor, being the optimal more to use for somebody who distorted the country and remember his girlfriend at mrs. bareback, she told us that you will give us the money is for inclusion, and we don't care about talking about those. you're going to give us the money or you can go scale. so will the video looks that is not to because of escape kind for you're going to skip the city so, you know, kind of talk a lot on foot. there's no german people do understand. no. uh huh. there's only america servants. ah, this is, it's a lot of this class the parole, mister, how big the unfortunate interactions with media don't and they're all you do they, i mean, he's a man i'm, we've also seen prime previous be here on small scale meals a sort of a german political fund to see an obsession with toilets. remember our f

without our souls has taken a must a little mask off of the 1000000000 excess support for the right will turn to for germany. party charles said in his knee is address that is not up to social media execs like 8 a month to determine jeremy's future. the best best in see you the citizens decide the future of germany. it's not up to the owners of social media in our debates. you can sometimes get the impression that the more extreme, the opinion of the greater the attention, but it's not who shouts the loudest. that determines what happens in germany and but the vast majority of the sensible and decent people. and this also applies to the upcoming parliamentary elections on february 23rd. consistency in most recently, pray is equal to 2 for germany policy also known as a f d. the rise in political falls and said, have been under domestic surveillance on allegations that it presents. quote, extremist views, so it says opposing mass immigration, impose on social media as well as i'm opinion piece, published by a gentleman you say, but you know, must describes, it may seem politicians in the country as the inc i

little gifts for eight nights? how adorable. we get 25 and another 25 on christmas too." [ laughter ] the advent calendar started almost 200 years ago in germanyit was made of paper originally, then of wood. in the '20s they added little doors and verses from the bible and pictures of saints in the doors. then in 1958, cadbury or somebody started putting chocolates in the doors and they kicked the saints and the bible verses right out of the calendar. [ laughter ] and now we have advent calendars full of beer. full of wine. full of hard seltzer. full of hard liquor. full of weed. [ cheers and applause ] there are advent calendars for dogs now. there's even a sex toy advent calendar. [ cheers and applause ] can you imagine how confused jesus would be if he came back to earth? "this is how we celebrate your birthday month now!" [ laughter ] then we have another christmas miracle rising again for a limited time. the beloved mcrib sandwich is back at mcdonald's. [ cheers and applause ] most people don't know this, mcrib has a strong biblical connection. god, in the beginning god took one of adam's ribs to create eve. [ laughter ] the other one he

so it looks like the stagnation we have in germany and continues. >> talk to us a little bit more about that pessimism that you've noticed with these latest figures you've highlighted there. you know how we're approaching the election, how companies are also monitoring what donald trump is saying, but give us more color on what is driving that pessimism and whether there's expectations that that pessimism is actually here to stay. >> in particular, if we look at incoming orders in manufacturing, they continue to decline. and what's going on here, is. that a difference to just a couple of years ago? is that the german economy, german manufacturing doesn't benefit from a world economy which isn't going so bad. so it looks. like competitiveness of german products attractiveness has gone down. maybe they are too costly. may maybe there is a lack of innovation. so export demand doesn't keep up with. >> the global economic development. >> and that's. >> a. >> problem for an export oriented economy like germany. and the domestic economy cannot compensate for this. so we do see rising disposabl

once donald trump gets into office, there's a little bit of political instability going on with your germany as well as france right now. and so this is an opportunity for italy to become that bridge between the european union and the white house. and so, given the fact that she has the right word, leanings that are aligning politically with donald trump and they get along, obviously as this is something that is somewhat of an opportunity, she's articulating some for speeches, and she believes it's important to have that bridge as she believes she's the one that can do it. so this is one of the reasons for that meeting. but even though they do have this sort of affable relationship, there are some policy differences between the 2. namely, when it comes to the war and you pray, we know that donald trump, that is one of his key priorities ending that war. whereas when it comes to policy support, the italian prime minister has met with the the prey and leader a dozen times she is a star supporter. so there are some key differences in terms of policy, but overall, a very warm relationship. when

germany. it is global. the performance is not as stellar as we see here. these companies are global and profit them a little bit from u.s. exceptionalism as well. germany is doing much more than with china that has completely changed. from that point of view we have seen that luxury goods have a boost and that was not coming from china. maybe it was coming from the u.s.. there is a global phenomenon that we should not rule out from that point of view. it is not only positive for the u.s.. it is also positive globally. dani: can we flip that and say in the s&p 500 41% of the constituents get revenue from europe? should they be under pressure? christian: globally i think you have growth. it is really to the smaller companies and those economies who do not do very well like here in germany at this point in time. that could change but i think the trigger which is necessary is to get some fiscal policy probably over here in europe. as you have had the elections already last november so we have germany going into elections next month, maybe there could be a trigger for some fiscal policy. then i could say, 41% is