Former UK Treasury Minister Jim O’Neill on his expectations for global markets in 2026
December 23, 2025 • 3m 5s
Andrew Ross Sorkin (Squawk on the Street co-anchor)
00:00.720
let's
bring
in
former
UK
treasury
secretary
jim
o'neill
he
is
chair
at
northern
grit
stone
jim
it's
great
to
have
you
on
also
a
great
time
to
kind
of
assess
what
we
saw
this
year
which
was
plenty
if
you
go
back
you
know
eight
or
nine
months
and
it
was
all
the
talk
was
you
know
Andrew Ross Sorkin (Squawk on the Street co-anchor)
00:16.910
with
the
tariff
panic
it
was
going
to
be
end
of
US
exceptionalism
flows
away
from
dollar
assets
maybe
that
didn't
continue
but
you
did
see
outperformance
by
non
US
equity
indexes
and
also
just
all
kinds
of
non
dollar
assets
is
that
the
start
of
a
new
trend
is
that
just
a
kind
of
Andrew Ross Sorkin (Squawk on the Street co-anchor)
00:33.630
a
temporary
repricing
how
are
you
viewing
things
Jim O'Neill (Chair)
00:37.420
well
my
only
stance
is
i
don't
know
i've
been
waiting
to
come
for
a
while
and
i
have
to
say
i
wouldn't
mind
having
a
bit
of
money
with
citadel
myself
listening
to
those
performance
figures
that
even
this
year's
is
good
enough
to
get
your
money
doubled
every
decade
so
it's
not
Jim O'Neill (Chair)
00:54.060
bad
given
the
things
that
are
out
there
so
but
i
think
it
could
be
the
start
of
a
multi
year
out
performance
of
US
stocks
by
much
of
the
rest
of
the
world
and
partly
because
some
of
the
chances
going
on
around
the
world
are
even
though
they're
so
complex
there
are
some
parallels
Jim O'Neill (Chair)
01:13.230
with
the
noughties
which
is
the
last
time
that
happened
starting
place
of
obviously
relative
valuations
but
you
guys
know
better
than
me
from
all
the
experts
you
have
on
your
own
minds
that
you
know
the
markets
are
all
about
marginal
changes
what's
priced
in
and
what's
expected
Jim O'Neill (Chair)
01:30.880
and
when
you
look
at
all
the
issues
out
there
one
of
the
things
that's
fueled
this
outperformance
this
year
is
of
because
of
germany
's
big
fiscal
framework
changes
and
now
as
we
turn
the
year
all
the
focus
on
the
end
to
possibly
the
ukraine
russian
war
and
if
that
happened
Jim O'Neill (Chair)
01:49.230
alone
it
would
probably
be
very
good
for
european
equities
still
lots
of
focus
quite
rightly
on
whether
china
is
going
to
do
something
more
to
stimulate
its
consumer
and
if
that
happened
that
would
definitely
propel
further
strength
of
china
and
then
one
of
the
intriguing
things
Jim O'Neill (Chair)
02:09.390
looking
in
the
background
linked
to
your
remarkably
active
and
never
stopping
ideas
president
trump
is
this
sort
of
thing
buried
in
and
around
the
national
security
strategy
about
some
kind
of
notion
of
a
C
five
which
would
be
a
a
new
country
grouping
of
of
the
US
japan
and
Jim O'Neill (Chair)
02:31.800
three
of
the
brics
all
excluding
brazil
and
fully
enough
is
is
sort
of
i
find
it
so
easy
to
often
disagree
with
donald
trump
's
mind
about
so
much
in
essence
he's
he's
if
that's
for
real
he's
suggesting
something
which
was
exactly
what
i
why
i
came
up
with
the
bricks
thing
Jim O'Neill (Chair)
02:50.110
twenty
nearly
twenty
five
years
ago
which
was
for
a
revamped
G
seven
with
those
five
in
along
with
brazil
and
a
single
representation
from
europe
and
so
there's
a
there's
a
lot
of
reasons
why
this
could
be
the
beginning
of
a
whole
new
multi
decade
to
end
yeah
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