as ou trump trade in full force. as you say. _ trump trade in full force.e does bitcoin and crypto investors expect donald trump to make? ~ ., ., to make? well, i mean, look at bitcoin, it _ to make? well, i mean, look at bitcoin, it is _ to make? well, i mean, look at bitcoin, it is rallying _ to make? well, i mean, look at bitcoin, it is rallying above - bitcoin, it is rallying above that $84,000 threshold, so another record high, and along with it you are seeing the likes of other crypto stocks going higher as well, and we saw trump very much branding himself as being pro—crypto, an advocate, in stark contrast to the crackdown on digital assets underjoe biden. it is expected that a trump presidency will bring about more clarity when it comes to regulation, as well as an sec and senate banking committee that is more pro crypto, and one of the big issues with the sec is whether digital assets can be branded a security or not, something that i spoke about, take a listen. security is, as i think many pe0ple _ security is, as i think many people know, in the

the trump trade takes a breather. more losses at the open. >>> now washington, president- elect trump chooses elon musk and former rival turned ally vivek ramaswamy to lead a new agency focused on government agency. >>> also brit coin just briefly toughs new market milestone of $90,000 and got some detate this morning over that rally's staying power and wait means for competing assets like gold and silver. >>> plus, when the trump trade fundamentals and investors readying for the latest read on u.s. consumers prices and later a big day for the big money movers including activists pushing one industrial bellwether to fresh all time hies. it's wednesday, november 13th, 2024, you are watching "worldwide exchange" right here on cnbc. >>> and good morning and thank you so much for being here with us, i'm frank holland and get you ready for the trading day ahead and start with a look at u.s. stock futures with the nasdaq and the s&p both of them breaking a five day win streak and take a look. right across the board we're loo

freight and logistics stocks are the latest trump trade following his victory. saia moved significantly higher yesterday up double digits on expectations that trade, tax and also tariff policy will boost the manufacturing sector which is two-thirds of the volume. rail out performs. they get a third of the volume from the freight. canadian pacific is levered to can canadian shipments. also led to a slowdown in the higher margin freight. fedex and united parcel finished lower on fears that tariffs will be expanded and the so-called fast fashion from brands like s shein and temu. taking a look at all three of those stocks week to date. >>> coming up, the one word every investor needs to know today and wedbush's dan ives is here on what it could mean for the sector. we'll be right back after this break. (vo) sail through the heart of historic cities and unforgettable scenery with viking. unpack once, and get closer to iconic landmarks, local life, and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and

jonathan: so you're familiar with the trump trade. g some of those trades this morning going into election day. yields are lower by 10 basis points. in foreign exchange, the dollar is weaker, including the euro. >> it seems to be a big readjustment after a real trump trade that plowed into the markets over the past few weeks. our people actually leaning into this poll in iowa that seems to put harris ahead? how big could this be if we do get a definitive result wednesday? jonathan: a big move, the mexican peso a lot stronger this morning. under surveillance this morning, prioritizing's >> america's economy. >>the president has a right to impose tariffs on these countries that have been hurting us. they end up closing -- everybody loses their job. >> doing more investing in american industries is the way we are going to win competition with china and the kind of leadership america deserves. jonathan: harrison trump promising to fight for a better economy for americans as polls show any lead within the margin of error. navigating electio

the trump trade continues. ets continually pricing in the policies president-elect donald trump has been talking about, especially with small caps. friday we had the s&p 500 hit another record for 2024. the question i continuously have is, how are these markets contents -- continuously rising in tax cuts, especially corporate tax rates of 15%, when we do not know if the republicans have actually won the house of representative? dani: it is all fives now. animal spirits reawakened. 50th all-time high this year. a note says, on average, this market usually does 18 all-time highs a year. even before this election and before donald trump real look into the animal spirits, it was a pretty bullish markets. the fact that we can keep going higher, even though equities ran up into the election, it shows you the sentiment and bullishness of this moment. manus: you will hear people sending in notes about valuations, 22.5 forward earnings, excess equity risk premium. the risk-free rate is the lowest in 22 years. this goes b

trade is a 2—way street. if trump doe5 impo5e the5e trade is a 2—way street. igh tariffs he has been talking about, how will countries reaction will be the fallout? i do not think there was any question that if he moves forward with even just a portion of what he has talked about, it will be so egregious in terms of economic impact and a violation of global trade rules, that most trade partners will be compelled to respond. at that point i think it is likely that trump will count to retaliate against the retaliation, and will be off to the races. 0ne retaliation, and will be off to the races. one important point to keep in mind is that trump envi5ion5 himself as the consummate negotiator, it is all about the art of the deal. there is at least a possibility here that he envi5ion5 the5e tariffs a5 negotiating leverage to bring countries to the negotiating table to attempt to negotiate the sort of tree deals, as he did with china in his first term with the phase i agreement, but is certainly a real possibility. it agreement, but is certainly a real possibility.— r

he was the trade representative in the first trump administration he is a well known trade attorney heviser? >> he is currently playing a huge role in the four years trump has been out of office he is likely to return to the administration what is up in the air is exactly what role. there was reporting last week he would return to his role as u.s. trade representative that was never confirmed what is likely is he may be angling for a larger role. there continues to be discussion of commerce heck.secretary more likely it is an adviser in the white house and having other positions carry out what's he's looking for. that is most likely right now. >> i don't know. based on what i'm hearing f , ih want commerce, he has to wrestle megan mcmahon. get it megan cassella thank you. great reporting. >>> coming up on "worldwide exchange," chief market sdrat gift david zervos from jeffries is standing by we'll be right back after this break. >>> welcome back to "worldwide exchange." a check on the big stories shares of aeg giant cnh industrial shares up 3.25%. this after david einhorn is taking a m

the so-called trump trade. polls suggest a race to the wire. the candidates rallied for support in the battleground states with both emphasizing their competing platforms. a production hike. iran is reported to be developing a strong and complex counterattack on israel. >> second-quarter revenue coming in below estimates. that was the number for the second quarter. the estimate had been more. and ryanair is cutting its passenger goal to 210 million on those delays from boeing. we know members will be voting on the latest offer. we know there's been significant delays in terms of deliveries as a result. and ryanair is a key customer independent on those deliveries and they project out. third quarter deliveries expected to slip in the fourth quarter on those boeing strikes. and we will be speaking to the cfo and asking him about that projection in terms of softer passenger numbers and the impacts of boeing on the airline. it is all about the dollar now. you have a softer dollar and bond futures are lower as well on expectations that this is a clo

trump. one reason will be trade. ly, tried to put tax at around $300 billion of chinese goods. he is threatening to do so again. good news if you are car manufacturer, in michigan, for example, where trump is threatening to impose 100% tariffs on chinese electrical vehicles. however, when it comes to the likes of the soybean farm in perhaps illinois, that could spell trouble. during the last trade war, china looked elsewhere for soybeans to stop it went to brazil, argentina. that will be a disaster for soybean farmers right across the us. it was a costly trade war for both sides. china's economy is already healing. it is in no mood for the second trade war. but there may be an opportunity for china in a new trump presidency. depressants may see an opening. that is when it comes to the last years, the president biden administration has built up alliances right across asia, south korea, japan, philippines, and when it comes to the issue of taiwan, the biden administration has made repeated assurances that if it was atta

this so—called trump trade is fading.asuries are rallying. and trump media stock has also been done. pushing ahead into the green right now. this comes as we have seen the fresh polls indicating that kamala harris is gaining some ground. so as 33,000 striking workers are now voting on a third pay offer after rejecting the previous two. the seattle times reports that boeing's chief executive kelly ortberg has warned that the 38% pay rise on the table is the best that workers are going to get. union leaders are calling on workers to back it. they are seven week—long strike at two plants in the seattle area has halted production of boeing's 777 and 737 aircraft. problems of boeing are affecting europe's biggest airline ryanair. it has reported an 18% dip in profits in the six months to september on the back of a 10% drop in phase. after—tax profits came in at $1.95 billion. a healthy profit in line with its forecasts but ryanair said it would trim its traffic growth targets for next year to reflect aircraft delivery delays f

." >>> trump trade troubles. stocks coming off the worst week in two weeks after reevaluating policies. >>> the president-elect out with a number of new cabinet picks. >>> among those picks, big energy ceo chris wright for energy secretary. why the current u.s. energy chief is back tracking on climate progress would be quote/unquote political malpractice. >>> and tesla surging on less regulations. >>> and the blackwell line may be running too hot. it's monday, november 18th, 2024. you are watching "worldwide exchange" here on cnbc. >>> good morning. thanks for being with us. i'm frank holland. hope you had a great weekend. let's kick off the check of the stock futures. trading down between 1% and 4%. you see a bit of a mixed picture here. the s&p fractionally higher right now. up just about a point. look at the dow. it would open about 100 or more points lower. nasdaq doing a bit better than that. up .25% or over 60 points. we also want to look at the bond market. look at treasuries. the benchmark ten-year. this

a lot of talk with the trump trade or combination of both.opening up at 52-week or all-time highs at the open. that includes salesforce, mastercard, netflix and united health and nvidia. pulling back a bit in the pre-market. pulling back .75 of 1%. the bond market is closed for the veterans day holiday. the benchmark at 4.3%. after the election, it spiked 40 basis points. now it's back down to the same level before the election. bitcoin is continuing to test record highs. best coin trading at 82,000. up 3.5% right now. over the last week, up over 21%. that's the morning money set up. >>> let's turn to the story. many big tech ceos have been speaking out in the wake of president trump's victory congratulating him on his victory. that includes apple ceo tim cook whose business could face speed bumps if the tariffs take effect. he is looking forward to working with the trump administration. we have steve kovach with more. good morning, steve. >> frank, no company is more exposed than apple. many of the manufacturing takes place in china, especia

take a look at how do trump trade it playing out. story of the dollar strength the currencies are getting really hot, chinese yen getting double whammy. coming through with another week fix, maybe on the monetary front and might be more tolerant, about the trump trade. tom: weaker you want to be in the toolkit in beijing, indeed. ugly sessions so far in asia, a deep dive from avril, thank you indeed. superlatives coming thick and fast. lifting the total value above the pandemic era peak, betting on a boom under president trump, let's get more from valerie. records are being mowed down. >> you write to all for you she talks -- bitcoin up 30% and i want to compare to the meme stock rally that we saw it in the early 2021. a lot of questions about whether this could ignite for off. let's talk about some trump trades that picked up steam stopped one of them being a record high and russell 2000 small caps seen as a beta to these trump trades. hitting the highest since 2021, the bloomberg dollar hit another high in the, uh, uh, uh, time sin

people are calling it the trump trade.un, i think for you, bitcoin is moving towards $100,000. okay. so it say 98 thousand and change today. it is up 30% since the election. is the crypto boom, a trump trade, whole of a blue collar growth boom, what do you make of this put your economic hat on. >> a return to common since, it is the market betting on good policies that will come from a new administration and a republican congress. if you look across the board for economic growth, two biggest livers t -- lilevers tax remark and regulatory reform, we'll see both with tax reform, god forbid kamala harris had won we vul hwe would have seen a massive tax increase, but we'll see this congress working hand in hand with trump, extent 2017 tax cuts my highway patrol hope is to make them bigger and bolder, and regulatory reform, we have a huge burden on the economy we're seeing now with leaders appointed by president and commitment to pull job killing rig l regulations back we'll see small businesses take off and an american energy

i think the trump trade is back on obviously and it's really in many ways the trump deregulation trade european countries can take a page out of trump's playbook and think about deregulation and you see that in the markets in the u.s. maria: by the powerful reaction from investors. is it about deregulation. tell us specifically why investors are viewing the so positively. >> you start with deregulation, that's a huge part of it. we were talking about bitcoin just now in crypto and general you had the deregulation trade or careful regulation as opposed to gary gensler he's going to be the first one to leave in january and i think that is showing in the markets directly but if you look at the equity market yet a bit of the trump trade belton and the last time i was on the show in new york october trudy first the dow was at 42000, toward the very end of the campaign kamala was getting more traction. in the last week you saw the poll numbers tighten, she was bleeding and a lot of holes in the swing states. i think the market gave some of that back. i was saying on the 21st a lot of it was

it is not surprising markets are going ahead and running with the trump trade. there is a lot of information we have two dissect going forward to see what does this mean. >> every trump trade is in vacuum to itself. they are all going to be winners. that is a big mistake. the index is expensive. there are a lot of stocks that are not as expensive. that is why you have to be selective and not get wrapped up chasing this euphoria we have seen in the past week. katie: joining us with more on these markets, let's welcome in ira jersey from bloomberg intelligence on the right side of things and ethan debit, chief investment officer at monette up. it has been almost a week since the election. we got a decision much quicker than a lot of people anticipated. you are seeing the follow-through in markets. i am surprised to see the russell 2000 up another 1.5% today alone. how much more momentum is there when you think about the broad lift we are seeing to risk assets? ira: it is a slow process of digestion. it did not all happen in one day. there was trepidation over whet

going back to monday, each yesterday, we were looking at markets and i was thinking all the trump trades rallying, but big tech is rallying, too. i thought it was a red herring. it was rallying because of a trump win, not in spite of it. >> two factors, number one is the dollar strengthens, creating the yen carry trade feeding into the nasdaq. the second factor is that the market just thinks trump is better protector of taiwan. taiwan's stock market was the most correlated stock market in the world to the u.s. stock market in the leadup to the election overall. that's because trump will be more keeping china off guard relative to harris overall. if that's the case, then that's going to feed through to semis, and the semis were beneficiaries of trump winning. i think trump will win the semi market, the same way joe biden is doing. on net, a protection of the semiconductor industry, a stronger dollar relative to the yen, are both positive for the u.s. technology stocks. one final point on this, people say they're going to go after the google and the big tech companies, i get that. but we j

a former us trade negotiator laid out the biggest implications of a trump presidency on global trade.hink there is any question that when it comes to trump and trade, there will be little subtlety or nuance. we're looking at what will probably be the most protectionist us presidency in roughly 100 years. when he moves forward with those global tariffs you mentioned in those 60% tariffs on china, ata minimum, i do not think there is any question that we will probably be launched into the most significant global trade war since the 1930s, and at that point in myjudgement at least, the rules—based global trade system which has been in place since the end of the second world war and has served us well, will for all intents and purposes to be dead and buried, unfortunately. sounds like we're in for a bumpy ride. trade is a 2—way street. if trump does impose these high tariffs he has been talking about, how will countries react and what will be the fallout? i do not think there was any question that if he moves forward with even just a portion of what he has talked about, it will be so egre

the trump trade is also a good idea that he will keep his promises to produce vastly more energy, especiallyd gold, trump tax cuts 32.0, massive concern 2.0, budget cuts from elon and and vivek and a sound king dollar. and, yes, he will protect american business from unfair trading practices using tariffs as a crucial negotiating tool. it could well be a new golden era for the economy and the nation as a whole. hopefully, the tax cut package will be the very first order of business on the legislative calendar. in order to cement his expanding coalition of working folks of all races and ethnicities, many trump must quickly restore take-home pay. real median wages adjusted for inflation fell if during the biden years, and along with spiking prices, sunk kamala harris in the election. hopefully, lower energy prices will keep inflation down while tax and regulatory reductions will boost businesses and profits and jobs and blue collar pay. putting tax cuts first is going to be very important. and then side by side with tax cuts is the regulatory revolution led by elon musk and vivek ramaswamy. th

equity futures this morning hitting a little bit of paul -- pause, but the trump trade really continueshit 18 record highs. not 2024. this year has been anything but normal. yesterday, 51st record this year. trump's cabinet taking shape. >> one of the biggest issues for so many americans was the economy and the president was talking about unleashing economic prosperity through the epa. we have the ability to pursue energy dominance, to be able to make the united states the artificial intelligence capital of the world, to bring back american jobs to the oil industry, and so much more. annmarie: donald trump announcing a slew of cabinet appointments. the president-elect tapping lee zeldin to lead the eight -- epa, mike is national security advisor and kristi noem as homeland security secretary. sources also telling bloomberg that marco rubio is expected to be announced as the pic for secretary of state. ed mills of raymond james joins us now for more. great to catch up with you this morning especially getting a number of personnel announcements coming out of mar-a-lago. what did they say

. >>> the trump trade takes wall street with major u.s. indices closing at record highs.he dow rallying 1,500 points driven by bank stocks after kamala harris concedes the election. >> i know folks are feeling and experiencing a range of emotions right now. i get it, but we must accept the results of this election. while i concede this election, i do not concede the fight that fuelled this campaign. >>> the race for the u.s. house majority remains in balance with the republican party nine seats short of completing a sweep of congressional powers. >>> and the banks cuts on the central bank super thursday with the rate decisions still to come from the fed and bank of england. we will hear from bank of england governor andrew bailey at 16:00 gmt. >>> we start today's show looking at the latest political developments out of germany where the chancellor olof scholz has dismissed his finance minister christian lindner bringing an end to the three-party coalition and plunging the largest european economy in political uncertainty. the move followed weeks of arguments really, betw

is this the trump trade. >> i think it is also the realization with the trump train comes less regulation across the range of industry in the supportive of the u.s. economy and small and mid-cap stew really well with the focus is on the u.s. economy. liz: you have to believe if there are onerous tariffs slapped on every other foreign country trying imports up into the u.s. people will be forced to buy us-made products and a lot of that comes from the russell 2000. >> i think that could be fair you did my world the real estate stocks a lot of those are mid-and small-cap companies as well and there is an old saying that commercial real estate is the landlord to the economy, there's maybe an inflationary aspect but also the growth aspect other things that might happen and that would be good for myspace. liz: and for looking at the rate janus henderson had a very nice move and you could see up 33% since last november. i'll take that that is impressive. but now if we get the tax cuts and by the way will take you live in a few minutes to washington, d.c. because we need to see the breakdown of

trump victory. perhaps we can show on your screen at this stage what we're trading in terms of the peso for instancethe japanese yen. what i would like to understand here is what currency do you think will suffer the most if we actually see a trump victory? >> so i think the starting point is to understand how much is priced in and here it is easier to do that on the interest rate front. to give you an example, if we look at what the market is pricing for the ecb at the moment in terms of the trough of rate and how low will rates go? that's about 2%. that's much closer to where we expect rates to be under a harris victory of 225. in the event of the trump victory, we see rates going down to 1%. you can see the same with the inflation expectations with the break even market. it is not pricing out to 25 or 26 which would be expected in the case of tariffs. across the board, i would say even though the narrative is this election is a close call, which it is, from the market pricing perspective, we don't see that symmetry priced to the same extent. in terms of vulnerabilities, in the emerging market pac

trump has put a lot of tariff proposals out there. he loves tariffs, and i think we need to be ready to see across the board tariffs maybe with some exceptions against all trading partners as well as up to 60% tariffs againstchinese imports. >> so 60% is just a negotiating chip and a bargaining point and we know that was true to some extent in the first trump administration. what's your response to that? >> my response is maybe he starts with 30, and he says if we're within three months if we don't have a deal and we don't see a change in our trade deficit with china, then we go to 60. he can stage this in and he can offer some product exclusions, but i think he's serious, and i think robert lighthizer, one of his key advisers here is extremely serious and has laid out the path here, and that is more toward decoupling from china than negotiating a deal with china. >> would you anticipate, i mean, i can anticipate if the price of things from china starts going up a significant amount that there's going to be some consumer outcry. what's the president's plan to offset or cushion that? >> well, that's a great question, and -- and the issue is can we trade enough a

so i think there's scope for further follow-through on certain "trump trades." he same time, there's probably the other side, which i think a lot of negative trades have played out from the trump trades. bonds have sold out and renewables and things like consumer goods companies will be hurt by tariffs and they have been hammered. if harris wins, you could see a pretty big rebound in some markets. there's a lot of permutations here. it's not as clear-cut. i think you said it exactly right. it's all about the set up. ok? stocks and asset prices move based on positioning as much as on the actual news. i'm looking for a clearing event. ok? i'm hoping this is a clearing event and we can kind of get back to what we get paid to do, which is analyze interest rates, earnings growth and kind of multiples, trying to figure out what is the fundamental case here, in my guess tha is -- guess is that they could take a month. tom: mike wilson speaking to bloomberg there. coming up, how the u.s. election has split opinion in europe. more on how the result could impact the eu. th

one question, it seems like there's two sides of quote/unquote trump trade influence. idea of domestic manufacturing. the other side of the coin, some of the policies that former president trump has put forward are seen as inflationary. wouldn't these hurt? >> frank, in terms of our historical data, higher inflation environment is good for small cap companies as you are usually able to pass it along. by being able to pass it along, you are able to get better earnings growth. you play a bit of a game of catch up there. that's been the whole thing has been large cap companies delivered much better earnings versus small cap. anything that's going to change that dynamic puts you in better footing. >> overall, as we heard from small caps, we had tom lee belief a 50% rally in the small caps. you are laughing. as we look now to the end of the year, what move are we talking about? do small caps out perform? is there a double digit move in your mind? what are you seeing? >> well, 50% is a little aggressive. >> it was earlier this year, in all fairness. >> the other thing is we'r

the trump trades.because the companies in question should generally benefit from the new administration even if their gains are excessive. stick around for the next store of bilge, please. grant? >> caller: good afternoon, king cramer. >> all right, how are you, grant? >> caller: i'm doing well, thank you. i just wanted to, first and foremost say it's a pleasure, you've made my family and i money and kept us entertained for 19 plus years. >> thank you, grant. that's very kind of you. i wish your family happy thanksgiving. how can i help? >> caller: thank you. i thought my thesis was that taiwan semiconductor would benefit from the a.i. revolution, but i'm in the house of pain. buy, hold or sell? >> see, here's the problem. taiwan semi was up at 95 and now it's 185. it was at 95 last year, almost this exact same week. so taiwan semi is a great company. i would just hold on to it. we're seeing areas of speculative, that's why i'm doing these paces, an opportunity to take profits where you can and then if

we are hearing about all sorts of donald trump trades right now. many of these things have made insane moves in the last three weeks. they are feeling a little precarious to me. sustainable donald trump trade, bet on the natural gas and ecosystem. it has a lot going for it. he needed some cooperation from the federal government. that is why i can get to buying producers like e qt. fighting natural gas export stock lights, energy and some pro. i think they have money for the next couple of years, not months. they have all moved. they are nowhere versus where they could go now that president joe biden's anti fossil fuel team, has been burned, from one that is totally supportive of this industry. mad money, is back after the break. (♪♪) (♪♪) (♪♪) everyone has goals and dreams. and everyone deserves a way to get there. wherever you're going, getting there starts here. state street. invest in your future with spy, the world's most traded etf. (♪♪) ♪♪ ♪♪ the black friday sale is now on. visit beaches.com or call 1-800-beaches [sofi mnemonic] can a person

we mentioned abe securing that bilateral free—trade agreement, but this time, trump has promised worldwidee japanese trade risks in terms of this? there are trade risks forjapan, but in the context of the us—china trade frictions, and japan must make the case that honda, toyota, and otherjapanese major manufacturing companies have invested quite substantial amounts of capital in the united states — and that is something that shinzo abe repeatedly mentioned when he met president trump in person, but it is a square one sort of situation, in that the japanese have to do the same again. sexual harassment at the company has risen in the past two years. incidents of bullying have also gone up. racism behaviours are at the same level since 2021. the company's boss said he was disturbed by the fact that people are being hurt by bad behaviour. australia's mining industry was rocked by a parliamentary inquiry by the australian government in 2022, revealing incidents of sexual assault and harassment. jimmy lai's trial follows tuesdays sentencing of 45 pro—democracy activists, who were given between a

trump erased harris' lead since she entered the race in july. the swing states have tradedack and forth in that period as well. the reason everybody has all eyes on pennsylvania is because harris' pathway is through wisconsin, but trump's path is north carolina and georgia and pennsylvania. they are both fighting it out. >> i'm just wondering whether she has done enough, kamala harris has done enough, over the last couple of months because the element here is she arrived at this campaign late in the process, really. how has that, perhaps, impacted this election and ultimately the odds of seeing a democrat president? >> what is interesting there is her campaign has run quite a disciplined -- taken quite a disciplined approach, right? her strategy has been to distance herself where possible from biden because we know there is a sentiment sweeping the globe, but succeed where biden successes. the key metrics that matter to voters. whether she's done enough will only be able to us 20/20 hindsight. she has run a discipline strategy and looking forward and not diving deep on the

the trump trade takes a breather.e losses at the open. >>> now washington, president- elect trump chooses elon musk and former rival turned ally vivek ramaswamy to lead a new agency focused on government agency. >>> also brit coin just briefly toughs new market milestone of $90,000 and got some detate this morning over that rally's staying power and wait means for competing assets like gold

apple is worth watching as well on this trump trade.ina. yes, they have been trying to diversify into places like india, but according to a note i read over the weekend, they're only 14% there in india. they want to get to the 25% by 2028. but china tariffs is obviously going to be a huge issue when it comes to consumer electronics. that's why best buy has been underperforming, for instance, in this trump trade as well. >> elon's net worth has hit heights never seen before on the planet. by any individual. and i continue to bring this up, i know, but i don't believe it's included in the compensation -- in the overall numbers yet is the exercisable options under the 2018 compensation package. they're exercisable at $23.34. 304 million options, and he's going to get them, most likely, but we are still waiting for that from the chancellor in delaware. but add that, and he's, carl, i mean, he could be approaching $400 billion net worth. >> we've talked about world's first trillionaire. who has a better shot than elon? tech crunch has one ex

but the indication is the main assets are trump and his political prospects come up with trading detached business fundamentals. on the stock is majority owned by donald trump and is at risk of high volatility post—election. meanwhile, a judge in pennsylvania has allowed the tech billionaire elon musk to continue his daily million—dollar giveaway to registered voters in battleground states. the district attorney for the city of philadelphia had argued that the scheme was an illegal lottery and an attempt to influence voters. thejudge, however, gave no reason for his decision not to ban it. mr musk�*s pro—trump action committee says it's given away 16 $1 million prizes, four in the swing state of pennsylvania. you can watch live coverage of the election results as they come in on bbc news and on bbc one and the iplayer in the uk at 2240 gmt on tuesday. and we will bring you a special programme from washington, dc. china is hosting its annual international import expo, where global business and political leaders are gathered in shanghai. the premier said unilateralism and protectionism were

climbing and a big decline in yields to the tune of 7-8 basis points and people thinking are we on a trump trade or not? bitcoin and crypto was another place thinking a lot about trump being the crypto president and seeing a bito f a decline. we don't want to make too much out of one day. in the last few days and certainly tomorrow, these are little hints of things we're watching in the markets. >> like what karl rove said, nobody knows what's happening and part-time are buying and selling stocks today. >> add in the down ballot race that we tend to ignore and gums up what might happen depending on the white house. charles payne is the closest guy i know to having a crystal ball, and she's upright now. charles: it's a little cloudy but we'll try to fix tafanely after today. good afternoon, i'm charles payne, this is making money and breaking right now, angst, anxious, anxiety, all of that and a fever pitch over the weekend and investors search for clues on the economy and of course who may be the next commander in chief. i've got a very powerful lineup to help us go through all of this. plus, th

>> small caps and financials are part of the trump trade. i don't think there's any reason for those to slow down. within those two, we like small caps because they have a valuation argument. they're trading at about a two decade record discount to large caps. the small caps i think with regulations could open up m&a market, tariffs more consumption and that's better for small caps which tend to be domestically oriented. >> even with higher rates. >> with rates stable to declining is good for small caps. we expect that. we're not going from four rate cuts expected to rate hikes i don't think at this point. it probably is less than four for 2025. that's still a positive for small caps and remember you have that valuation argument. >> business area for credit right now is what? do you think? >> given we don't expect rate cuts to the degree that the market does leveraged loans. those areas of credit that are less dependent on rate cuts will perform the best. >> yelled? >> high yield is higher than it used to be. you can get stronger returns. as

bitcoin has been a key component of the trump trade as trump has promised to explore crypto friendlyives, including the creation of the bitcoin national stockpile and the replacement of sec chair gary gensler and that's in addition to the flurry of optimism for the digital asset in recent weeks. software company micro strategy has been ramping up purchases of the token and options on bitcoin etx debuted attracting big inflows. it's been a busy week for president—elect donald trump — who has been picking key members of his next administration. he'sjust named pam bondi as his new pick for attorney general — replacing matt gaetz. meanwhile, in foreign policy, both marco rubio and howard lutnick will play pivotal roles in implementing trump's high tariffs on china. for energy, chris wright will look to increase drilling for "liquid gold". and then there's elon musk and vivek ramaswamy — tasked with making the government more efficient. there's also the question of who trump will select for treasury secretary. frank lavin is a former us trade negotiator for china and india. he started by

trade. and i would also add corporate taxes on to that. if you look back to the history of the first trumpm we had three distinct trades into small cap. none of them lasted, it was a fixel market n 2016 we got a big surge up on economic optimism around trump, 2017 another one around the tax cuts. in 2018 when there was all that optimism on the china trade war that china is going to have a recession, rest of the world is going to catch a cold but the u.s. is going to be okay, people surged into small caps then. that all unraveled at the end of the year, but we did see precedent for that. i think there's a combination of trade, there's a combination of tax cuts and general excitement. you have to remember half the country or more elects the president. we do usually see risk assets take off after because the winner does usually get that endorsement. >> you could also even add just in anticipation of more m&a activity and just the general maybe higher metabolism capital markets. but what about the other -- aside from small caps? it's sort of interesting how the template for 2016 was, well, you

we will speak on the race to be the next treasury secretary and catch up on how much further the trump tradean go. we begin the hour with stocks edging lower as traders weigh potential trump policies and concerns grow over the ukraine conflict. long equities while we think the margate we need to digest the postelection rally, we expect stocks to win the year higher. good morning to you, sir. we need to start with bad news and the capacity to absorb bad news in this equity market. how great is that capacity this morning? >> look, we've not had any geopolitical disruptions for some time, and the reality is the market has looked past a lot of the geopolitical risk, whether that was the conflict in ukraine, the conflict in the middle east. there's not a lot of risk premium baked into markets. that said, as of now the reaction from markets is fairly modest. the s&p down less than half of 1%. i do think markets are still focused on the fundamentals. unless we see more meaningful escalation or more meaningful moves in energy prices which as we all know have been remarkably contained given all the p

yes, there is a trump trade. but i also think we should keep on a relative basis what type of risk-taking for the return, we do is relatively simple. that is but as it is what as alligators and owners are asking us to, and the global platform makes us more relevant proposal. sonali: between the differences you are seeing in interest-rate policy moving forward and a new political regime, how is it changing your decision-making around how you are investing? mathieu: first, the underwriting base case. are you underwriting for five to 10 to 20%? factoring in the new cost of the risk-free rate, the cost of liquidity -- we know that capital is not as available as it was maybe 10 years ago. all that is waiting in some part of the market. for us, great entry point where you have this flexible allocation. i will not comment on the public o'grady's market -- public equities market. just is not side the server, several things don't add up. sonali: speaking of things adding up, there was an amazing story that crossed the blo

this is important to put the trump trade into context. lar it was -- fitted to strong growth expectations and that was the start of the trade. we saw the gap to close on the euro-dollar that was motivated by growth differentials as well as the trump trade itself. jonathan: is this a parody call? skylar: i don't think it is quite, we need to see if we get the house. we can get to 1.03 on confidence. if you get the fiscal it depends on how big that is, that can certainly add to dollar upside. lisa: you said the strong dollar takes into account interest rate differentials. we see people downgrading their expectations for the your region , people expecting the ecb to lower rates further in the opposite in the united states. have we priced that into the euro? skylar: absolutely not. there is a gap that has opened up between interest rate differentials and the currency. we have to reevaluate our expectations. we do not know what the growth outlook looks like now because we do not know exactly what trump can do one fiscal, what he can do one taxe

trump. beijing bracing for a bitter battle for trade as president trump promises tariffs of 60% or more on goods from china. that prospect sending chinese stocks south ward. top investor and china hawk kyle bass of hay man capital is here of how the trump victory could change the face of global trade and u.s. stocks you might own. claman countdown is coming right back. (♪) (♪) voltaren... for long lasting arthritis pain relief. (♪) liz: close l bell rings in 45 minutes and we showed you the selloff in chinese equities and president elect trump planned to slap tariffs on chinese made goods and that props is turning out to be a double enemiesed saturday at this hour. u.s. home improvement stocks rely on imported materials and more from china and are now plumbing at the moment and home depot down nearly 3% lows and down 3% and look at furniture and home goods chain obliterated and tumbling 12.25% and it's a 52 week low and does it pretend to dark a future for companies in their stocks and rely on chinese imports and kyle bass and he's been a long time and outspoken china hawk. donald trump has thre

trump will want china to buy $500 billion of goods to balance the trade.hat's not going to happen. how long will that drag out? in the meantime, we will have all of this volatility. >> i wonder ultimately is it likely that china will react if, indeed, donald trump goes ahead with the huge tariffs on chinese goods? what do you think will be the reaction from beijing? >> the reaction from beijing will have to be to step up fiscal stimulus to boost domestic demand. there is only so far china can get in the case of the huge tariff imposition which seems quite likely at the end. where is that fiscal support going to go? the hope from the market is it's going to be a lot more support for consumption to re-balance the chinese economy. i think that may be coming, but i think that's going to be a slow process because it is tied up with the reforms. i think most likely in the first instance will be further substantial support for the property market and also the more traditional avenues of infrastructure, manufacturing and investment. those proven tools that work fr

to the latest polls showing kamala harris gaining ground, resulting in a fade of the so—called trump tradebeen betting on a donald trump victory. others attribute it to short sellers, who profit by driving stock prices lower, and target overvalued companies. either way, the volatility indicates that the company's main assets are trump and his political prospects, with trading detached from its day—to—day business fundamentals. and the whipsaws could continue with the stock majority owned by donald trump at risk of high volatility post—election. ajudge in a judge in pennsylvania ajudge in pennsylvania has allowed elon musk to continue his daily1 million giveaway thread no voters to register in battleground states. it was like at this game is an illegal lottery and attempt to influence voters. the judge gave no reason for his decision not to ban it. elon musk�*s fro trump action committee says it has given away 16 $1 million prizes, four in pennsylvania. meta has extended its ban on political ads on facebook and instagram past november 5th in the us. the company did not specify when the rest

bets of a return of president trump, the so—called trump trade, have been unwinding as the odds shiftds kamala harris in the final hours before polls open. let's bring in sean o'hara, president of pacer etfs. let's start with this trump trade fading, we've seen the dollar dropping and the us treasury rallying and this is an as investors are walking back some of those bets on a donald trump victory after we saw the polls over the weekend that are showing that kamala harris is gaining some ground. do you think the market got ahead of itself? i do you think the market got ahead of itself?— ahead of itself? i think it is exnected — ahead of itself? i think it is expected live _ ahead of itself? i think it is expected live trade - ahead of itself? i think it is expected live trade if - ahead of itself? i think it is expected live trade if you l ahead of itself? i think it is - expected live trade if you want to know the truth. i don't much faith in the polls and i think some one said they are not really designed to tell you what the state of the races more than influence the race. i wouldn

this is a stock that has benefitted from the recent trump trade.tage, pre-market shares are moving higher for the stock. yesterday, we saw tesla shares rallying almost 9% as indeed investors are quite bullish on the fact that elon musk has been one of the main supporters of donald trump. and, of course, in the wake of the election result, there has been quite a lot of positive momentum behind tesla. let's see where this is going to go. >>> now another asset class that benefitted from the trump trade is cryptocurrency. bitcoin is moving lower compared to moves we had seen earlier today. we are still quite close to the $90,000 mark. indeed, with investors very much positive on the fact that donald trump has been reelected and market players believing he will be a positive for this industry. let's understand why with pascal from 3g. thank you for being on the show. perhaps explain to us why everyone is confident donald trump is going to be positive for the industry when he is not yet president and we don't know what he's going to do. >> that's a great

continuation of the trump trade rally. the expectation the trump administration will be friendly to crypto. the first administration for president-elect trump, that was not the case. the shift here but the bitcoin and crypto bulls are liking it. we are seeing a pause for the shares of tesla ceo elon musk president-elect trump's biggest fans. the stock into today out of the election had been up 30 to 40% up five days straight. there is some anticipation perhaps regulation around ai or those robotaxis could be helped out. we don't know if that is the case. that could be a big piece of the 30 to 40% rally into today. live nation, we have shares higher up 4.8%. adjusted operating income was better than anticipated. morgan stanley saying the view ahead is good and a lot of this driven by concerts. roughly 8% short interest on the shares of live nation so some of today's move higher could be a short squeeze. matt: abigail doolittle looking at some of the stocks moving in this market. we are watching all the details we can get fr

we saw big small cap rally on the back of the election and the so-called trump trade. this is noteable. the cuts are a tailwind for small caps because of the debt situation. you are looking at the small caps and eps growth rate is double the s&p. you are not the only person with that information, dan. the whole street has it. why? >> no investors don't believe it yet. they look at the russell as a short-term trade. we are arguing this is a long-term performance of the s&p 500. this is the second longest p performance relative to the s&p in 1931. market cap exceeds the russell 2000 index. you can get 2,000 stocks for one apple. >> we have to get out of here in a second. dan, what changes? if the dovish tone from the fed doesn't change it or trump election doesn't change it with pro-growth agenda which would help these companies, what changes? >> the small caps went through a period where they had to deal with a lot of covid-related issues and supply chain and inflation. all of those things impacted those companies a lot more than the apples of the world and the biggest