u.s. side we said last year if it's not broke don't fix it. u.s. exceptionalism is something we believe in. it will manifest itself through differentials being priced in by the dollar. also for europe i think where there may be a slight trend change, it is not suddenly everything getting better but may be less bad. if you have that less bad narrative coming in some of the other trends which will be maintained, i'm still targeting euro-dollar towards parity but how much further can we go through that? are people talking about further downside in chinese equities when there is such a strength and feeling domestically surrounding the need for growth to stabilize or improve as the leadership has highlighted. that less bad narrative elsewhere outside the u.s. could provide some surprises ahead. jonathan: saw the downside in chinese stocks earlier, the csi 300 down close to 3%. the hang seng finishing the session lower by more than two. four days of losses in a holiday period. we saw that throug

they wanted to bring back u.s. steel, plus u.s. steel being inside the u.s., they are protected from tariffs. remember in the reagan years when reagan started putting up all those barriers for imported automobiles, and then what happened was japanese automakers jumped over the tariffs and started making cars in the u.s. they see the u.s. getting more protectionist, so they want to invest in the united states and protect themselves, not be harmed by those tariffs. so it has the potential to be a win-win for the japanese steelmaker that because he could keep u.s. steel going. host: could you elaborate? guest: u.s. steel has been struggling on and off for decades now. the steel industry in general in the u.s. has been asking for protection from import competition also for decades. sometimes it works, sometimes it doesn't. eventually, global economic rallies catch up and they come back asking for more production. it's in president bush's administration, that happened. and then a lot of anti-dumb thing continues before and after that. a

sterling down .20% against u.s. dollar. u.s.ures is how we shaping up ahead of the open on wall street. it could be a positive start to the trading day over there. let's see what will happen. we will get jobless claims and latest manufacturing pmi figures. let's see what will be the tone within the investment community stateside after the mixed sentiment in europe. let's return to our conversation with fawaz. i would like to get your thoughts on the performance for u.s. markets. last year, no doubt, were incredible time for the s&p 500 and in particular, but when you think about 2025, do you think this performance is about to come to an end? >> i'm really cautious. we discussed that before. the reason for that is valuations are stretched and at same time the federal policy and monetary policy is turning hawkish which was revealed a couple of weeks ago. ten-year is above 4.5. in the face of high rates, high real rates and stretched valuations, portends challenges on earnings growth. >> what about the big tech because when you thi

u.s. >> reporter: and in the video mark zuckerberg also says that meta will be moving its content moderation and safety teams to texas to avoid political bias like they've seen in california. they also put the u.s. government on blast in that video for what they say is undue pressure to moderate content over the past four years. maria. maria: that's unbelievable. grady, this is a great breaking news report here and i've got to get your take on this. the panel. because look at the things that they're doing. elon musk set the tone, okay. they're going to do community notes like x does, mark, and by the way, why was there restrictions on talking about immigration? how ridiculous that is? what's with these restrictions? i didn't realize there were these restrictions on immigration. >> i mean, i'm glad they're moving towards not having restrictions and following this community notes idea. which has worked so well for x. you know, you still get to see the initial comment and post and then there'

the u.s.aking gradual and softer approach to tariffs. worth keeping in mind this is actually the second report that highlights that potential approach from the incoming administration. so, perhaps investors here taking a little bit of comfort from the fact this seems to be a growing narrative as well. we shall find out once donald trump is at the white house. in terms of the worst performing sectors, we have oil and gas at the bottom. we're down .40%. some of the moves here are also related to company news. we heard from bp earlier today. retail also under pressure. we're down .30%. i also want to take you to how we are likely to open on wall street later today. we are looking at u.s. futures for the time being. they suggest a positive start to the trading day stateside. this after a mixed session on monday. we had for instance the s&p and dow ending the day in positive territory, but look at it. the nasdaq ended the day down .40%. we are seeing a little bit of pressure for some tech names. >>

the new government in the u.s., the new president in the u.s., with the fresh approach trying to endonflict in ukraine. all in all, china's role is not crucial, but giving china a bit of pause whether they really want to help russia as much might be useful and if china were to tell russia it is better to settle for armistice now. that could be helpful. i'm not sure the emperor in had china would go that far. >> no doubt. further busy times. we appreciate your time. chief economist at berenberg. >>> coming up on the show, tesla reports its first annual fall in deliveries as fourth quarter figures disappoint. we'll bring you the details after this break. hey, can you speak french? who, me? i know a few words. if you're struggling to speak a new language, you should try babbel, a learning platform designed by over 200 language experts. it's like having your own personal language coach. babbel offers live classes with expert teachers for real world conversation practice. it's totally flexible so you can learn at your own pace and with the right practice and coaching, start speaking a new

if the u.s.up banning tiktok or bytedance sells tiktok, think about the precedence this sets where chinese firms can be cut to size. that's why bytedance will not sell tiktok to the u.s. because it doesn't want to open the door to this for other chinese companies across the world in other markets. >> give us your thoughts on where we go from here. it seems the tech companies and big tech is getting more and more involved in geo whether it is the comments from elon musk in politics or what jeff bezos did before the election that united states. this week, meta changing their third-party factor rules. where do we go from here? >> the u.s./china relationship seems to have no floor. the floor keeps going lower and lower. this is a relationship in free fall. if tiktok is banned, it will call another move for the relations. it shows a tech war beginning. this is no longer about 5g or chips. this is expanding into things like playing with the weights in a.i. system and wiring of a.i. with the biden admin

are u.s. troops in kobani and you have any information about an army soldier who was arrested allegedly for stealing information, known as cameron? >> jeff come on your latter question, do not have any information on that. on your first question on kobani, i'm not aware of u.s. forces . again, i have seen those reports and as they told me earlier about u.s. forces establishing some presents in kobani, i'm not tracking that is accurate or that we have plans to do so in any way. moving on to the phones, the washington times? >> reporter: thank you. can you confirm the chairman has met with the trump transition people or is he expecting to make his pitch for why he should stay in the position of the administration? >> thank you, mike, for the question for for questions about the chairman, i would prefer you to join staff to k to that. as of today, january 3rd, i can tell you that the transition members have been meeting with 79 d.o.d. officials . we are committed to a responsible and smooth trans

the caisson detachment as part of the u.s. army's third u.s. infantry regiment. you heard ed mention the lead horse, remington, not to leave out the full eight horses that will be there as well as five soldiers. the other horses are bullet, rocket, burns, scout, regal, guenther. we will see this beautiful tradition. look how gorgeous that caisson and the midshipmen from the u.s. navy memorial that are flanking that as they will pay tribute. i think we should talk about now his service in the u.s. navy. seven years, and my right, from my memory that he served in the u.s. navy after graduating from the naval academy? >> it's important to remember that in 1943, we are in the middle of world war ii. there training jimmy carter for the postwar navy which is nuclear weapons. the manhattan project wasn't known about. there was no hiroshima and nagasaki. but he became part of the class that was ostracized by a lot of people at the naval academy and in the big navy because it was a small s.w.a.t. group that was going to go on submarines. carter got into that program. it t

those between the u.s.nd china and potentially the eu and other countries, it certainly adds complexity to that. when you think about big tech and semiconductors and social media getting caught in that crosshair it has a big chilling effect on m&a more broadly. if you think about the market more broadly, 90 something percent of the market is not really involved in that. it is only the u.s. antitrust enforcement which will matter to them. if that eases off under an incoming trump administration i think that is generally a nice tail wind for m&a into 2025. caroline: of course there need to be willing sellers and willing buyers. we have been talking with frank mccourt who has others willing to come forward, private equity, family officers. who are the willing buyers. is pe a big player? barak: thinking more broadly pe has a deal to play. they are experts at getting deals done. they have seen all the most difficult deals, they have seen it all. they had balance sheet, they had availability of capital. they are

the u.s. economy and inflation. on the other hand he is pointed towards james baker conservative the role of secretary of state. it's interesting it wasn't like hiser and grenell its folks that i would characterize it as james baker republicans and of course the ambassador designate did business so i allowed myself and i never do it on domestic issues but i allowed myself a notice optimist and in foreign policy in the trump administration. if that adds up to i guess if that adds up to is going to say the opposite of what teddy roosevelt said that it was a good idea. if that adds up to a fairly hawkish approach that a skepticism of conflict that would be all right. >> congressman we were talking a moment ago their abs imposed in the u.s. china relationship and their ben ayres where there has been more corporations more cooperation and you look back at the u.s. china relationship and is there historical precedence you find appealing or ones you think we should avoid? >> a super interesting quest

u.s. steel deal. bitcoin strong start to 2025, and tapestry keeps rocking. how long will the run last? i'm tyler mathisen in for melissa lee coming to you live from studio bh at the nasdaq on the desk tonight table for three in the studio here. karen, steve, and coming in reliterally tim and julie. tim, welcome back from a nice holiday. good to have you back with us. and we start with the markets on the rebound. the nasdaq and s&p both rising more than a percent breaking five day losing streaks. longest since april. the dow is up 340 points on the day, breaking a four-day downdraft itself. higher by almost 2% there. meanwhile, u.s. treasury rates on the rise continuing. the yield on the ten-year 4.6%. the fed governor adriana kugler sat down with steve liesman to discuss what's coming from the central bank in 2025. for all the headlines from that interview, let's join steve. hi, stifel. >> hey, tyler. thank governor kugler seeing a stable employment picture on one side in what she called a

u.s.arket. indeed, when you think about the european bond yields, let me take you to the benchmark. the european 10-year bond at 2.53%. we have seen the benchmark actually trading around a five-month high. if i take to you the uk, when you think about the performance in the bond space, look at the numbers. i want to take you to the ten-year yield it is important and we are at 4.86%. all in all, i want to put it into context for you we are looking at levels that basically we haven't seen since 2008 that's huge, huge change we are seeing growing pressure coming from the bond market. let's see where that will trigger any sort of policy change from the government i also want to take you to the treasury markets because there again with higher treasury yields across the board. thinking about the benchmark we saw the ten-year yield hitting the high of 4.73% yesterday. that was the highest level since april. if you look at the longer yield on the 30-year, we ares hitting a high there, level, we ha

u.s.ompanies including nvidia also a potentially at risk for them. annmarie: these kinds of designations which actually stems from a list that came out during the trump one 10 administration basically means these companies can't sell to the u.s. military. but then there is a reputational risk on why you would want to get involved, and the concerns about these specific companies what they have to report back to the ccp. my big question is why in the final days of the biden administration are they going after these top two companies? >> the sitting president is determined to remind everyone he is still a sitting president because they have been incredibly busy over the last few weeks. lisa: incredibly busy when it comes to things like oil and gas. we are still waiting and it should be in the next few days in terms of more sanctions on russian oil and gas. there is going to be a number of measures that biden is going to take on the final days out of office. >> as we close out his final days a

disappointment in the u.s. yesterday. tesla results weighing on u.s. stocks. flipping over to the cross assets picture, we have japan still on holiday, so we await cash trade in treasuries. that shall start at the top of the hour but euro-dollar at a 1.02 handle. we saw dollar strength as u.s. initial jobs claims fell to an eight-month low in on the flipside euro weakness. we are still on parity watch as we await news about trump tariffs on europe, fears about another energy crisis, and political uncertainty in france and germany. meanwhile, gold steady pretty, brent trading at sunday five dollars a barrel and bitcoin $96,000, dipping for the first time in four days. we can check on asia markets as well. it has been a dismal start to the year in asia. historically bad start for china . now trading in a tight range on the csi 300, down 0.7%, the yen steady at 157 per dollar. let's get back to those attacks in the u.s. investigators have found no evidence linking the two attacks in new orleans and las vegas. the

the u.s. government's operational response to the beirut bombings, the covert effort to drive the soviets out of afghanistan. his contributions were chronicled in the film and new york times best seller, charlie wilson's war and he has just published his own remarkable book, detailing his own personal experiences across the span. so we could literally have no one better qualified to address the set of issues. what preceded 9/11, the connection between that and what followed in the 20 years. i yelled back. >> thank you, colin. i would like to also recognize dr. noah coburn who is joining us remotely. he is provost and vice president for academics at the evergreen state college. he is trained as a socio cultural anthropologist and focuses on political structures and violence in the middle east and south asia. he has conducted field work in afghanistan, kyrgyzstan, uzbekistan, nepal, india and turkey. his most recent book, the last days of the afghan republic, a doomed evacuation 20 years in the

so the u.s.ve been surgical a level not seen before the global financial crisis and the message from the markets is getting clearer by the day. get used to it. let's bring in valerie tytel for the analysis. is this the real higher formula that some have been forecasting? >> the higher for longer we have heard so much from the fed, it seems we are feeling the effects of that not in the front end of the bunker but long-term interest rates hovering around 5% in the u.s., which seems to be something the market could have to live with not just temporarily but for an extended period of time so perhaps it's more about higher for longer when it comes to long end treasury yields. we have seen an interesting dynamic and normally when the fed enters into a cutting cycle that happens alongside the u.s. economy turning around and we see a big rally in bonds with yields headed lower. maybe you call it a soft landing, the fact that the fed is cutting into not a recession but into a slowing economy, seeing these

nippon steel and u.s.rguments, so far not persuasive, to the people, the regulators and the politicians need to say yes, that this would forge an alliance, industrial alliance that competes with china. but i should say there have been union members and some business leaders and officials in pennsylvania and elsewhere who say yes, we should go forward. but so far they are in the minority. president biden seems to be against it, kamala harris is against it and donald trump is against it. scarlet: one thing the three can all agree on. john hardy is a bloomberg news editor joining us from washington. coming up a rise in national security fears after two new year's attacks. we are at the white house with the latest on the response. ♪ scarlet: this is "bloomberg markets." a deadly pair of attacks first in new orleans and then an explosion of a tesla cybertruck outside of donald trump hotel in las vegas. the fbi speaking moments ago saying the suspect in new orleans acted alone and so far there is no linkage to t

he was part of the u.s.ce crew, the joint canadian service personnel called to assist in the shutdown of that reactor. each team member that was part of that group had to put on the protective gear and they were lowered individually into the reactor for 90 seconds of time. his job during the drop in was to turn a screw. and that, ambassador, i think really did form his opinion on nuclear war and the development of a nuclear weapon. >> he had the first-hand experience with how dangerous it is. which gives him the ability, capacity not to have to use imagination, but really understand what it could mean to have a terrible accident, the impact on people, land, a grassy environment, etc. this is something i would argue the american people benefited from. that caution, that knowledge he brought to that field. >> as we watch this, the new york times wrote an interesting piece. it was not falling in the way it looked back at his time in office. he really was the outsider, did not always warm to washington and the r

the u.s.arks the passing of president jimmy carter, the former president. u.s. seeing yields down close to three basis points. the pound continues to be in focus after drop of one point 3% yesterday. the pressure is still therefore starling. just down .10% on the crypto market cap. that's because asia, some important data, two different dynamics out of japan and the focus on the inflation or deflation sorting china. avril: i think it's a lack of inflation in china that's really worrying investors. on a day where asian markets are already really cautious, you look at the declines for a second session, headed for weekly loss on the msci asia pacific amid caution, nonlaw of risk appetite given the fed signals, the concerns around potentially biden furthering more restrictions on chip exports and then add to that the china data. what we're really seeing is consumer inflation weakening for yet another month, now nearing zero. you look at the producer price dead as well, the deflationary trend for 2

u.s. defense department blacklist and have denied any links with the chinese military but down to the lowest level since mid-september and it's a benchmark heavyweight so is dragging. the hong sing responsible for the 2% decline. the japanese yen had its weakest level against the greenback in six months, some of this blamed on portfolio repositioning and it is approaching levels that last true intervention from japanese authorities. we got some job owning from the japanese finance chief but it looks like the direction of travel still for dollar yen is higher. >> avril hong in singapore. now the released -- the race to replace justin trudeau is off -- is on after he said he is resigning after more than nine years in the job. mark carney says he's considering a run. other potential candidates include christie of freeland and dominic leblanc. trudeau will remain as prime minister until a new leader is selected one parliament -- with parliament suspended until march 24 while the process is und

turning to the middle east, today, u.s. central command forces conducted multiple precision strikes against two iranian-backed houthi underground advanced conventional weapons storage facilities within houthi controlled arias of yemen. the houthi use these to conduct navy ships in the southern red sea and gulf of aden. this is part of the effort to degrade these attempts to threaten regional partners and military and commercial vessels in the region. switching gears, on the transition, the department continues to execute a smooth and professional transition with daily interactions with the president-elect's agency review team, or a.r.t. as of 8:00 a.m. "today," a.r.t. members have parties payed in 106 meetings with d.o.d. officials and the task force has responded to 81 requests for information, r.f.i.'s. finally, there were briefings on the wildfires in california. the department will provide additional fire fighting personnel and capabilities. they are working with the national guard which is deployed under the governor's

i don't see it as u.s. workers just totally not willing to do this type of work at a don't see it as a job displacement story either. i really see it as there is a, there's a huge demand for these types of services in the united states. it's a benefit to us as americans if we let people work here because they produce goods and services for us. that is the purpose of the economy is too great goods and services that benefit us all. if we restrict h-1b visa or forget about h-1b or foreign workers, just u.s. workers in general. if we have a reduction in our labor force at the nets going to cost us because we are going to less goods and services produced that benefit consumers and ultimately increase our living standards. >> host: this is bar harbor maine on the line for democrats. good morning. >> caller: thank you very much. i have two points. the first is i think the cato institute used be known as a charles koch foundation it is essentially a victory in his for privatization of just about everything. so that

u.s.orrowers wasted no time with raising money in 2025. high-grade sales on thursday were 15 billion dollars, led by credit agricole, ford, and gm. kicks off what analysts say could be a record-setting january. an informal survey called for $200 billion worth of sales, and that could surpass the record we saw just last january. speaking of credit, join beyonca ocs major opportunities this year. -- joanne beyonca sees major opportunities this year. >> the number one area is credit. we are in a better quality environment. to get lily in the u.s. high-yield market. there is more double-b's than there ever have been. the triple-be market is higher than it has ever been. sonali: we are going to get deep into the credit markets now. we are joined by a keeley gray wall and sinjin bowron -- a keeley gray wall and sinjin bowron. both of you know how to manage risk. you are looking at from the beginning of december to the end of december a drastic change in expectations for rate cuts heading into 20

and u.s. is, if the u.s. stops supplying these weapons to its ally, that our own adversaries would not only go after that ally, it would make the region significantly less safe. >> there is a danger that if the u.s. was not providing support to israel, hezbollah, hamas, iran, would see that as an opportunity to go after israel. however, we could have said, we are taking this step because we believe this class of weapons is being used inappropriately. but if you use this moment to accelerate your attacks against israel, then we are going to immediately lift our prohibition. >> reporter: in may, the state department issued a report saying it is reasonable to assess that israel may have used american weapons in violation of international law. but it also said it could not definitively connect american weapons to specific cases. andrew miller said the investigation relied heavily on israel for answers. >> it is difficult to acquire that information in an active combat zone. but i would also say we

would say that the u.s. president cannot fire a bureaucrat unless it is what you call forecause that's the status quo in washington, d.c. turns out that is actually a myth. [applause] turns out large scale reductions in force are not covered by the statute. they're corp.ed by a different statute five usc3502 that says reduction force subject to 60 day notice requirements and further what you call order of retention rule, the order in which you fire those employees. think about it the logic makes sense. if there's an individual federal employee who may disagree with the next u.s. president who may have different views than i do on abortion or on gun control and works in the epa these rules are designed to protect those employees from individual politicized retribution like or not that is what the self service rules say. but they do not apply to reductions in force large scale mass layoffs and large scale mass layoffs are absolutely what we will bring to the d.c. bureaucracy both because it is necessary, and i

and then a ceremony will happen at the u.s. capitol will members of congress, u.s. supreme court justices, the vice president, eulogies from dignitaries, the family as well. all happening here in washington. we want to get your thoughts today on the life and legacy of jimmy carter. your memories of him. please start dialing in now. democrats, your line this afternoon, 202-748-8000. republicans 202-748-8921. all others, dial in at 202-748-8922. also text at 202-748-8903. before we get to your calls joining us is talmage boston, a historian and author of the book, called "the best did it. lessons from our top presidents." as we watch the air force one touch down here, today it's called, special air mission 39 because it's carrying our 39th president, as we watch this, what do you think jimmy carter would think of all this pomp and circumstance that's happening in recognition of his one term as president? guest: i think jimmy carter would be very happy. i think he would feel like he had fulfilled his mission. that all of the works of his lifetime are being fully recogn

u.s. president administration, that is pushing for censorship, it makes it open season for other governments around the world, that won't have proekts first amendment to put pressure on u.s. companies we are going to work with president trump to push back on that kind of thing around the world. >> adding dana white two others to its board uscceo a close friend of president-elect trump with additions of kaplan white plus changes to content moderations meta a signaling a shift to more expression legals censorship on its platforms. maria: that is good we like that that is good grady thank you grady trimble, mark that is all you want from reaction. mark: great i mean look the tide turned when you think of like all these big tech companies not just meta but long been some of the biggest donors, of the democrats over the course of the last several election cycles, suddenly now a lot of big tech companies colluding meta attempting to appear apolitical i think some are actually genuine about it, a

another u.s. steel company was a better for u.s. -- bidder for u.s. steel.t have the resources that nippon has. reporter: thank you very much to both. >> you are welcome. >> thank you. ♪ anchor: alcohol is the third leading preventable cause of cancer in the u.s. followed tobacco use and obesity. it causes 20,000 deaths each year. alcoholic beverages have a -- should have a warning about those risks. welcome back. >> thank you so much. good to be with you again. anchor: there were some things that stood out to me from your findings. only 45% of american adults are aware that consuming alcohol increases the risk of developing cancer. how did those numbers strike you? why is awareness so low? >> it was very striking for me when i saw this. it became very clear to me that we have to tell people what the data is telling us. there is a link between alcohol consumption and cancer risk. we put out this advisory: not only for more public education but a change to the alcohol warning label. there are warnings about drinking while pregnant and driving and operating he

u.s. investigators are looking into possible links between a suspected terrorist attack in new orleans that killed at least 15, and a cyber truck explosion outside the trump hotel in las vegas. asian stocks start on a sour note as we chinese economic data and the prospect of tariffs hurt sentiments. christine lagarde says the 2% inflation target is insight. after 50 years, russian gas europe via ukraine stops flowing, raising questions about the continents security. good morning and welcome to 2025. heading towards the first trading session of the new year, futures painting and optimistic picture this morning. euro stoxx 50 futures hi 0.8%, flat on the ftse but also looking higher u.s. futures. a downward and for wall street at the end of 2024, but it was the best two year run since 1998. we will see if that continues as we go into 2025. flipping to the cross asset picture, we do have japanese markets closed so trade in cash treasuries is off until 7:00 a.m. u.k. time but euro-dollar 1.0,

with u.s.closed for the day, cnbc was special coverage of the funeral for jimmy carter. in the meant

u.s. secretary general stoltenberg, leaving the task of counting votes to senator richard russell, president pro tem of the senate. including walter mondale in 1981, dan quayle in 1993, and of course mike pence in 2021. both mr. nixon and mr. gore had plenty of motive to object to the outcomes that they certified. mr. nixon lost to john f. kennedy by about 118,000 votes out of nearly 69 million cast. advisors urged him to challenge the results, but he refused, maintaining it would tear the country apart. four years later, mr. gore won the popular tally by more than 500,000 votes out of the 105 million cast only to fall short in the electoral college. more there from the new york times taking a look at how previous vice presidents have handled the duties of the electoral account over which they lost. john and washington, d.c., republican line. good morning. caller: good morning. a lot of people keep talking about j6, but they forget about all of the ballot harvesting that prompted all the q

u.s. operations. tiktok calls the reports fure fiction. >>> the housing and retail read on the economy, kb home shares surging and signet sales tumble. >>> and eli lilly expects the new weight loss pill, that's the key here, a pill, tobe approved next year. we will talk with ceo david ricks later this hour. >>> let's kick things off with markets and ppi, jim. interesting internals. food costs down a tenth. vegetables down 15, medical care pretty flat. >> the bonds don't want to react to anything good. you can immediately say it is because we will get a tough cpi number tomorrow. the fact is these numbers are tame. people have to start recognizing that there are good numbers coming. we will talk about kb homes in a moment. house prices are coming down, food coming down but it doesn't seem to matter. what the bonds are reacting to is a new administration, concern about tariffs even though it looks like they will be phased in. interest rates don't want to come down. there is too much issuance

the u.s. is not even second or third but fourth. within that u.s.nt player in some time. it comes down to production capacity. take a listen to what one major union president had to say. >> the amount of steel we are capable of making in this country today we made 30 years ago. there's been a lot of changes in the way we do the work but also changes in their equipment and materials so we are very capable of making steel in this country and the demand is actually higher than our capacity. >> dave mikal there and he is saying they have the capacity but they are not actually able to get there and that's really where the concern lies because one of the major concessions that nippon steel had offered biden was the veto on production capacity. he did not say anything about employment or the output itself. >> so what is ultimately at stake? >> they do not have investment coming through now. >> that is why they wanted the steel so badly because you will remember cleveland cliff offered to take over the company for $10 billion but the concern was that there

one reason for the divergence is the u.s. tech. the fact that the u.s.as the very big tech companies with the a.i. trade. what equals things out this year? we haven't seen some big surge with the european tech companies. >> there is one thing which will equal it out. that is the broadening of eps. on the top of this political pressure that we spoken about already, europe has under performed since the french election has been announced because of downgrades to the eps. so, from being the most upgraded eps market in the world in the first half of the year, it ended up being the most downgraded market, right? within the region and within european equities, there are many sectors that actually have undergone eps recessions. in the u.s., the eps hasn't been downgraded at all. mag seven has been upgraded, the rest have been downgraded by a similar range as european index. so the driver of out performance and the out performance of the eps in the u.s. last year has been mag seven has been a.i., right? into this year, the expectation is for these stocks to still

u.s. trade tariffs as donald returns to the white house. annmarie: there a theory that a weaker currency is the best thing for increasing exports. overcapacity issue, overproducing and now they want to support their economy by making sure people buy those goods. a weaker dollar benefits that which is the reason why when you look at all of the reporting on the yuan we can income it is china letting this happening because it is a completely managed currency. this might be something not only did they just tolerate but they embrace. jonathan: chinese yields have fallen off a cliff the last few months compared to u.s. yields which remain pretty elevated. looking at growth expectations. they have opened up in a major way. how and if that spread reconciles over the next several months is going to be critical to a number of asset classes. lisa: there are two aspects. europe has seen weed growth --weak growth. there's a question of expectations and how low they are. this is the key question to me.

the u.s. experience for how to achieve escalation dominance and prevail in proxy war against a great power, adversary. and unfortunately, there are also lessons on how to lose the peace after you've won the war. after our decisive victory, we disengaged from the region. a brutal civil war followed which led to the takeover of most of afghanistan by the taliban and the use of afghanistan's territory as a sanctuary for al qaeda. prior to 9/11, we treated al qaeda as just another terrorist group and pursued a reactive counterterrorism strategy that did not deny sanctuary to our enemy. simply put al qaeda was at war , with us, but we weren't at war with them. after the 9/11 attacks, we shifted to a proactive counterterrorism strategy that did deny sanctuary to aq and it ultimately led to the group's operational defeat. my second point is that the brilliant unconventional campaign that the u.s. conducted during the fall of 2001 was only the initial campaign of what would turn out to be a very long

u.s. president elect trump announced the investment during a press briefing today. he says dubai development company damac properties has pledged at least $20 billion to building these centers. the project will take place in texas, arizona, oklahoma, louisiana, ohio, illinois, michigan and indiana. mr. trump says it's all about artificial intelligence to keep america on the cutting edge of technology and artificial intelligence. he's very big into the data centers, and that's going to be a very hot item. i believe he will say that he's doing it because of the fact that he was very inspired by the election. they wouldn't do it without that election. i can tell you a lot of people wouldn't. this is the second foreign investment pledge since trump was elected last month. japan's softbank pledged over $100 billion. the attention of the nation's capital turned to the late president jimmy carter today. a motorcade carried his casket into washington, d.c, where the public can pay their respects.

well, we have to put u.s. workers first and the only policy should be that americans do all of the jobs in the economy and that any job that goes to a foreign worker then takes away from a job for american workers. that's that really how it works. it's not just that they are found to companies which there are .2 jumpers of americans through the process but also if the worker comes in they create value for the country. they produce something of value and then they spend the earnings in the united states and that creates jobs for americans in other positions, and other areas. if you look within the tech fields that have been so inundated with h-1b, if you look at the jobs that use workers are doing, they can to move up in the management positions while they are managing h-1b labor force that come in and more of the entry-level jobs in that industry. >> host: we will be taking your questions about the h-1b visa program and high skill immigration. our number for democrats, 202-748-8000. republicans 202-748-8001. a

if the u.s. to have significant increase in the tough industry sectors from attendant year rare. european to the u.s. but the reasons, well, because -- if the u.s. significantly targets an increase of tariffs coming from china, there's a potential die version, we've increased it. and that's why they're focusing on. the first focus will be professional retaliatory. especially in the u.s. moves for warrant in this increased study. but also addressing the potential domestic impacts that they surged if inand there's a die version story of trade flow from europe based on the increase tariff on the u.s.-china side. tom: one sector is clearly in focus and it has been under the biden administration, which is semiconductors. today, indeed as well as as well as under pressure from the u.s. we have this plan put in place. three tiers around allies and anniversaries. what is the impacting ultimately on the chip trade of these measures. alim. >> i think it's interesting that it is one to last measure that the

the u.s.anada as well as border security in canada. now, the canadians announced a $1.3 billion border security package and don't know if that's enough for president elect trump, he's not said if the 25% tariffs will be imposed but again, we have maybe more fallout from the pressure both externally and internally inside canada of what justin trudeau has now done. he will resign as soon as they find a new leader for their party and their country. back to you. stuart: edward lawrence at the white house under snowy conditions. thank you, edward. we'll get back to you later. check the markets and dow is up nearly 200, look at nasdaq, up 1.9%, major gain. 373 points in the paints. jason catastrophe with us this -- jason katz with us this morning. i think, and i believe you're agreeing with this, there's two things to watch out for in 2025. 2025: the fed and trump. start with the fed. what do you think they're going to do? >> truthfully it's what they're not going to do. they're going to be moving s

u.s. northcom to provide supplemental support for interagency partners as needed. additionally the joint task force national capital region will read ceremony honors for the funeral of president carter and sharing a dignified tribute to the former president. for more information on each of these events please contact the department of homeland security or u.s. secret service which is the lead partner agency. and finally on january 7 secretary austinwh will travel o germany for the 25th meeting of the defense contact group to agree in a firmer enduring commitment to green. the military leaders from around the globe secretary of small focus on delivering courted support to reinforce its extensibility to defend itself today and deter aggression in the future.li we'll have more details to share the secretary's official engagement in the coming days. with that i'll be happy to take your questions. on the new orleans attack what about making mr. jabbar's records available and mental records and

and the u.s. is essential for afghans both in the country and diaspora to heal and move forward. >> the failure to prevent or mitigate the double standards, this was probably one of the most significant diplomatic failures of the last two decades. that warrants further study. the commission's work can help families of war victims and those who paid the ultimate sacrifice to understand what happened and why. after two decades, despite all the sacrifices, they ended up under the same brutal regime that they were living under before. leaving the afghan populace traumatized and angry at their own political leaders for their profound failure. they embraced the view that their lives and faith, once again, did not matter when decisions were made in washington, d.c.. i urge the commission to review two additional areas as they look into this momentous work and undertake it. first, diplomats managing complex relations with partners. both presidents began as close allies of the u.s.. within a term in office

we actually in the u.s. import most of our steel, the most out of any country from countries like brazil, mexico, canada and japan. and here in the united states, auto companies who may be using steel, u.s. steel are using a lot less of it because they want to make cars lighter, more energy efficient, and also appliances that everyday americans buy. those are mostly shipped in from abroad and using steel from abroad. so while this is going to be a big decision for u.s. steel in terms of will they be able to keep up with production if some of these mills are sold off, as u.s. steel has promised for the average american, we probably won't feel it as much just because so much of our u.s., our steel production, really comes from abroad. >> jake vanessa u.s. steel has claimed that it would close union mills without the deal. i know that governor shapiro of pennsylvania has expressed real concerns about this. what would what would be the economic ramifications? >> yeah, u.s. steel is really a shell of what it used

have been cut meddling the u.s. process and can tar is giving mechanicals of dollars it think thanks in the u.s. so it is important it know that and have a clear vision of the cards on the table when they are looking at analysis in think tanks. host: the unless from your report valuable at quincy inst.org united arab emirate nearly $17 million. united kingdom $15.5. qatar $9 million, canada 8.6 million, germany 8.5 million. how were you able to track this money and how easy was it come up with these numbers? guest: it feels painfully hard. think tanks are not required to disclose their funding and when found this more than a third of them disclose tock about their funding we call them dark money think tanks. but most of those who disclose we get sort of a partial transparency this they might release the numbers of funders but no dollar amount or release some dollar amounts but you don't relevance know how much funding is coming in. but we had it scour their websites annual reports being the financial documents where

we actually saw u.s. stocks and treasuries selling off on tuesday after better than expected service sector activity and jobs data as well. while on going concerns over tariffs cloud the trajectory of the feds rate cutting pathway. the ism services index rose better than expected. two percentage points. representing the share of businesses expecting growth. now the measure of prices surge more than six points to 64.4%. now, in addition to that, u.s. job openings hit a six month high in november, according to the latest survey. available positions rose to 8.1 million, well ahead of estimates. so let me show you indeed how we fair at the end of tuesday's session. i had already hinted to some of the numbers and weakness overall. but indeed, i you would like to mention it was tech that led to the downside in terms of sectorial losses. it was the worst performing sector on tuesday. before i take you to the bond market, here's also a couple of interesting moves. we saw yields moving higher across the board. let

the president took action to block the deal u.s. so u.s. steel remains ast proud american company, american owned, american operated by our american union steelworkers and the best in the world. the domestic steel industry is the strongest it has been in years because of the presidents action to level the playing field for american steel and steelworkers. the united states remains an open economy with record investments under president biden's leadership. distort global markets their unfair trade practices such as dumping and overproduction, it is critical we have a strong domestic steel industry that protects our national addition supply chain today the president demonstrated once again you will always act to protect the security of this nation. as well as the resilience of our supply. and so with that before you take questions i want to ask one more thing which we have not done in a wild. which is talk about the week ahead, next week. then we'll go into questions. in addition to his trip to new orleans, the president first lady, will trav

the u.s. justice department is suing private equity firm kkr for allegedly withholding documents during a government required merger review. in turn, kkr is suing the department of justice seeking an order finding it did not violate the law. tkr alleges the doj antitrust probe was "politically motivated". we are joined by bloomberg news reporter covering antitrust in washington serio ford and. sarah: -- sara forden. when was the last time we saw a private equity giant of this scale be sued by the doj? sara: this is an exceptional case. there have been actions against private equity firms and firms refusing to disclose relative information in a merger review. but this is a representative of the biden administration that stepped up focus on the private equity market concerned about roll up's, interlocking board seats. this represents a very strong focus on what documents companies are providing the government to help them assess the competitive facts of the deal. in this case they allege kkr fai

i see it as a benefit to u.s.orkers, not something that will harm them or take jobs away from them. host: the federation for american immigration reform, a group pretty close to the incoming white house deputy chief of staff stephen miller, who also had a pretty strong role in the first trump administration. this group has proposed a series of reforms to the h-1b visa program in particular. number one, prevent employers from paying h-1b visa workers less than americans in the same role, reward applicants who earned a masters degree or higher from an american university. require employers to demonstrate that they sought american workers positions to qualified ones before turning h-1b workers, something similar to th other -- implement more effective enforcement mechanisms and increase investigations including random audits and then the h-1b guest worker program would be for temporary workers and should not be a pathway to citizenship. what do you think of some of those supposed rules? guest: overall it's objectiona