Fink, Dimon, Largarde and more on what's next for the markets


An overview of the annual meeting of the World Economic Forum (WEF) convening on “Cooperation for a Smart Age” in Davos, Switzerland on January 20, 2025.

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US President Donald Trump has only been in office for a few days, but his impact on the markets has already been significant.

American rules Weekly gains last week and although the rally stopped on Friday, S&P 500 Still hit a new record for the day.

It comes after the US leader made the call lower interest rates AND Cheaper oil prices In a speech Thursday at the World Economic Forum in Davos, Switzerland. Investors also bet on potential tax cuts and deregulation under the new president, sending stocks higher.

However, not everyone is bullish on the future, with some – such as JPMorgan Chase CEO Jamie Dimon – suggesting Markets may be overvalued.

After a week of interviews with business leaders, lawmakers and investors at the Swiss ski resort, here's what top industry names told CNBC:

Larry Fink, CEO and Chairman, BlackRock

Larry Fink, CEO of BlackRock: could see 10-year Treasury yield reach 5-5.5% and capital market 'shock'

I'm cautiously optimistic “With that being said, I have scenarios where it could get pretty bad,” Fink told CNBC's Andrew Ross.

“I think if we unlock all this private capital, we will have tremendous growth (but) at the same time, some of it will unlock new inflationary pressures,” he explained. “I believe this is a risk that is not being accounted for in the market.”

Ted Pick, CEO, Morgan Stanley

Pick said he believes corporate earnings can lift markets higher over the next 12 to 24 months because they “continue to be strong.”

“It's kind of an indicator… how many companies are really talking about recession, how many are talking about inflation? “I feel like earnings continue to look quite optimistic,” he said.

“More importantly, I know we like to look at the index, but the index is dominated by half a dozen tech companies – which, by the way. The financial services sector, these sectors are still at multiples that are not as expensive,” Pick added.

“If you're an investor and you're thinking about allocating over the next 12 to 18 months, there certainly could be an index-level payout, but (do) you really want to think about where do I have sector exposure?”

Christine Lagarde, President, European Central Bank

Disinflation is coming, says ECB President Christine Lagarde

Lagarde TSO told Karen that there was a divergence in monetary policy between the eurozone and the US due to “different economic conditions”.

She also said she was not “overly concerned” about the risk that inflation abroad would be imported into Europe, adding that she expected the ECB to gradually cut interest rates as the price growth rate moved towards its target.

“We are certainly interested in the U.S. growing because growth in the U.S. has always been a positive factor for the rest of the world,” Lagarde said.

Nicolai Tangen, CEO, Norges Bank Investment Management

“I don't think you can give any advice to the U.S., but if you look at the risk of financial markets, I think inflation is certainly there, all driven by tariffs.” Tangen said Tuesday. “Geopolitical tensions are generally negative for financial markets and financial returns.”

Tangen added that “purely financially,” Trump's arrival will be “very positive” for many U.S. companies.

Jamie Dimon, CEO, JPMorgan Chase

Dimon said he believes U.S. asset prices are “a little bit overvalued” at their current levels.

“At least they're in the top 10% or 15%,” Dimon told Andrew Rossa on Wednesday, referring to U.S. stock markets. “They are elevated and you need pretty good results to justify those prices.

“We all hope for this and pro-growth strategies help make it happen, but there are negatives there and they may surprise you,” he added.

David Solomon, CEO, Goldman Sachs

David Solomon: CEO of Goldman Sachs: A more growth-oriented program is the best path for us

Solomon said markets were in risk-on mode and that there was a sense of optimism in stocks due to both the new US administration and advances in technology.

Solomon too he told Andrew Ross Sorkin That he noticed the focus on development, in the US, and also in his talks with European clients in Davos.

“I think people are optimistic that it's not going to be a smooth, perfect path, but people are optimistic that we're going to run a more growth-prone program. We will release some investments, we are going to unlock the private sector a little, but more, and it must be constructive, “he said.

“It's hard to dispute the fact that equity multiples are high… I think the equity markets are showing a sense of optimism at the moment, but they're also showing a sense of optimism around growth and technology, particularly this wave of AI. Of course. It's not going to be a straight line, but some of the technologies we see, the opportunities for significant performance improvements are extraordinary.”

Khaldoon al-Mubarak, CEO, Mubadala

“Continuing the trends that we saw in 2024, being a positive year in most markets… I see that continuing in 2025. I see a continuation of strong headwinds in core markets, the US, Asia, especially growth-driven markets in Asia,” Al-Mubarak said in Monday by CNBC's Dan Murphy.

“I see continued good winds in technology and health care and financial services, life sciences,” he added. “So I would say, maybe almost the same words I used last year: cautiously optimistic. When I look to 2025, it's going to be an exciting year.”

Ray Dalio, founder of Bridgewater

Watch CNBC's full interview with Bridgewater founder Ray Dalio

Bridgewater founder Ray Dalio told CNBC that price indexes have been high in U.S. markets, but there may be further opportunities to climb among AI beneficiaries.

“We've come quite far… I think it's led by sectors that are great sectors, disruption, artificial intelligence and so on.”

“I don't think it's carried over to AI applications, to AI applications… I think AI applications are under-discounted.”

Brian Moynihan, CEO, Bank of America

Moynihan he told Andrew Ross Sorkin He thought on Tuesday that U.S. markets have room to climb in 2025 and that the key concern for business and financial services will be regulatory policy, not inflation.

“Our research team believes there is room this year, they predict the market will grow. “Not as much as last year, and what's unusual is that you've had several years in a row of very strong growth, but this has happened A couple of years of very unusual times,” he said.

Moynihan added: “I think if you look at the key thing for businesses, including financial services and banking companies, it's a question of regulation.”

Sergio Ermotti, CEO, UBS

Tariffs proposed by US President Donald Trump could prevent disinflation and keep interest rates higher, banking chief he told Andrew Ross Sorkin on Tuesday.

“Inflation is much stickier than we said,” Ermotti said.

“Tariffs probably won't really help inflation come down. And that's why I don't see (percentage) rates coming down as fast as people believe,” he said.

CS Venkatakrishnan, CEO, Barclays

Venkatakrishnan, whose British bank earns about 40% of its revenue in the U.S., said he was “optimistic” about the U.S. this year.

“I think two things are driving it. One is that interest rates have reached a relatively stable level. “Our economists are calling for one U.S. rate cut over the next year,” he said he told Andrew Ross Sorkin.

“They're still high, but they're stable, so you can at least plan better because you don't have rate volatility. Second is the change in (US) administration, it should be easier for mergers to take place. “

Venkatakrishnan added that he expected President Trump to ease regulation, which would be “generally good for business sentiment and good for business opportunities.”

Rachel Reeves, British Finance Minister

UK Finance Minister Rachel Reeves: UK 'not part of the problem' when it comes to US trade

Britain needs to attract more investment oversight to boost economic growth, Reeves he told CNBC.

“My message to US investors and global investors is: Britain is open for business, we want your investment.”

She also discussed Trump's global tariff threats.

“I understand that President Trump is concerned about countries that run large and persistent trade surpluses with the US, which is not the case with the UK,” Reeves said.

“We are not part of the problem here. So we in the UK increased trade with President Trump last time he was in office.”

Christian Siding, CEO, eqt

Sinding, CEO of Swedish private equity firm EQT, told CNBC's Karen TSO and Steve Sedgwick in the Field that the market for M&A and large business deals “continues to improve.”

“We had a record year in 2024, we made over $20 billion in investments,” he said. “We've done over $10 billion in exits and that's kind of building towards 2025 (when) I think a lot of market participants are ready to deal now, whether it's private equity houses or strategic buyers. And, of course, if you look at the global capital markets, the IPO market is wide open.



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