Macroeconomic Outlook - Globalization is being rewired around security, resilience, and regional blocks, with Asia as a prime example [1] - The rules-based global economy is shifting towards transactional great power competition, creating opportunities [2] - The US administration aims for a more level playing field, with private activity playing a significant role in energy and data infrastructure due to capital needs and national security concerns [3] - Inflation is expected to be stickier globally, and tariffs will eventually impact companies or customers [6] - The current US economy resembles a "K-shaped" economy, widening the gap between the wealthy (those with assets) and those living paycheck to paycheck [7] Investment Strategy & Opportunities - The firm is a strong believer in Europe, having invested over $25 billion this year alone [1] - Germany's "made for Germany" program requires external capital beyond the capacity of its large companies, creating investment opportunities [4] - Key investment areas include security, defense and dual technology, and critical resources, focusing on resilience [4][5] - Private credit is generally viewed as not posing a systemic risk, despite concerns about firms entering the market without sufficient expertise [9][10][11] Financial Considerations - With inflation around 3% and a ten-year treasury yield slightly above 4%, the real rate is only about 1% [5]

Tesla's Future Vision - The future of Tesla is centered around autonomous driving and robotics, with car manufacturing serving as a foundation for cash generation [1] - Autonomous driving alone is estimated to be worth $1 trillion [2] - Optimus, Tesla's humanoid robot, is expected to be a key part of the company's future, potentially contributing to a $3 trillion market capitalization in the next 12-18 months [4] Autonomous Driving Progress - Tesla is aiming for Robotaxi deployment in 8-10 cities by the end of the year and expanding to 30 cities in the first half of next year [3] - The company is progressing towards Level 4 autonomy, suggesting a significant advancement in self-driving capabilities [4] - Tesla is projected to dominate the autonomous market, potentially owning 80% of the market share [5] Elon Musk's Compensation Package - Elon Musk's new pay package and continued role as CEO are crucial for investors and the company's future [2][11] - The previous pay package was fully achieved, highlighting Musk's importance to Tesla's success [7] - The compensation package is designed to incentivize Musk and ensure his focus on Tesla [8]

♪ >> NEWSMAKERS AND MARKET MOVERS, THIS IS "THE PULSE WITH FRANCINE LACQUA." FRANCINE: WELCOME TO A SPECIAL EDITION OF "THE PULSE." UNITED LEADERS FROM BUSINESS, POLITICS, ACADEMIA ON THE BIGGEST ISSUES FACING THE GLOBAL ECONOMY. HERE ARE THE TOP STORIES MAKING HEADLINES TODAY. DONALD TRUMP RAMPS UP PRESSURE ON VLADIMIR PUTIN TO END THE WAR IN UKRAINE, SLAPPING SANCTIONS ON RUSSIA'S TWO BIGGEST OIL PRODUCERS, OIL SOARING AS A RESULT.EUROPEAN GAS RISING AS THE EU ADOPTED ITS OWN PRESS PACKAGE OF SANCTIONS ON ...

Gold's Role as a Diversifier - Gold has emerged as a key diversifier in 2025, especially when government bonds are not effectively serving this purpose [1][2] - Gold is now considered important for both diversification and structural purposes in asset allocation [2] Central Bank and Geopolitical Factors - Central bank reserve shifts are critical to gold's role, potentially linked to geopolitical reordering [3] - Central banks might sell treasuries or US dollars to increase their gold reserves [3] - Central bank gold reserves could potentially double compared to pre-Bretton Woods levels [3] - A parallel financial settlement system, where central banks provide liquidity in their domestic currencies, enhances gold's role as security [4] - Central bank gold reserves are expected to increase, which will likely push up the gold price [4] Gold Price Forecast - The forecast for the gold price next year is $4600 [5]

You are really well known for these words, this phrase, the tragedy of the horizon. It's all about how you need to think long term rather than on in terms of a short-term horizon. And yet in office, you scrapped the consumer carbon tax.You paused the mandate that was pushing car makers to sell more and more electric vehicles. And there are now reports that you are about to drop the cap on emissions from the oil and gas sector. What happened to you.I'm it's I'm the same me. I'm focused on the same issues. Um ...

There are massive sanctions and sanctions on oil. The two biggest oil companies among the biggest in the world. But they're Russian.They do a lot of oil. And hopefully it'll push. Hopefully he'll become reasonable and hopefully Zelinsky will be reasonable to do.Let's bring in our executive editor for the Middle East, North Africa and Russia. That's Stuart Livingston Wallace in Dubai for us. Stuart, what do you make of these comments.It seems like a bit of a U-turn from President Trump. You know, it does. I ...

The way the demand comes through the market right now is it's sort of bifurcated in a lot of ways, right. Like you've got one driver of demand that's coming from the most enormous companies in the world, the largest labs in the world. You know, and, you know, your opening ISE, your mistrials or all of them together.And they're they're they are very kind of tech forward kind of thinking about how they're going to do to address this. And then in addition to that, you've got a host of startups, you've got a ho ...

US-China Relations & Trade War - APEC sideline Xi-Trump meeting expectations are low, similar to past summits [3][4] - US has consistently underestimated China's bargaining power, viewing the relationship as a one-way dependency [8] - Trump is likely to back down from his threat of an additional 100% tariff on top of the pre-existing 30% to 50% [6] - China's rare earth export controls are causing potential pressures on global supply chains and US manufacturing [7] Impact on US Economy - Tariffs are causing goods inflation, especially in categories like furniture and some consumer appliances [10] - The impact of tariffs has been slower and more gradual than initially anticipated [9][10] - Executive overreach in trade policy is undermining American legitimacy [10][13] China's Economic Strategy - China needs a new source of growth, as the property sector is struggling and exports face protectionist backlash [17] - Boosting household consumption share of GDP from currently around 40% to 50% by 2035 should be a target [19] - China has built buffers by diversifying soybean purchases and developing its domestic AI industry [14] Renminbi Internationalization - The dollar is under downward pressure due to executive overreach, deficit spending, and high levels of US debt [21] - China is gradually putting pieces together to make the renminbi more attractive as a global reserve currency [23] - China needs to open its capital account and continue to build capital reform infrastructure to internationalize the renminbi [23][24]

Steve, great to have you here. Let's start off on the quarter that just was I mean, no surprise here. We kind of know how many vehicles they're producing, how many vehicles they're selling, but we're now on this precipice where here in the U.S. that 70 $500 tax credit that you got is no more.And I do wonder how that changes the value proposition for Tesla and whether that means that their goal, their short term targets can actually be met. Well, that's the big question. I think the results are kind of a tal ...

We cancelled the meeting with President Putin. It just it didn't feel right to me. It didn't feel like we were going to get to the place we have to get.So I canceled it. But we'll do it in the future. Mr.. President, can you tell us a little bit about why you're elevating sanctions against Russia right now. Question I just felt it was time that we've waited a long time. I thought that we'd go long before the Middle East and markets, you know, we did the Middle East plus seven.So we did seven different wars. ...