Luke Vargas (2:42)

U.S. dan, in terms of where this leaves us, we've heard a little bit from the United Kingdom and from France, the UK Seemingly erring towards maybe sending anti mining ships, while the French, as vocalized by President Emmanuel Macron, may send escort ships, but only after intense fighting is over. I guess the question over the next few days is going to be if that's, that's kind of what we hear from Washington's NATO allies in Europe, is that going to be enough?

Dan Michaels (3:07)

The European perspective on this seems to be that they don't want to actively contradict or go against Trump and anger him that way, but at the same time, they don't want to commit to doing something that they don't want to do. Another issue is the Europeans don't have a lot of ships that they can send and in fact recently committed a lot of ships to Arctic security, in part because of Trump's desire for Greenland. One possible type of ship they could send is the Europeans do have anti mine ships to look for and sweep naval mines that Iran might put in the Persian Gulf. But those ships are not meant to go into live combat. And Nobody, including the U.S. navy at this point seems to want to put ships in harm's way. Because the Strait of Hormuz is so small, it's so easy for the Iranians to hit ships. So it's a very dangerous place for any ship, including the world's most advanced warships, to be sailing.

Luke Vargas (4:05)

That was the Journal's Dan Michaels while speaking on CBS News Face the Nation. Iranian Foreign Minister Abbas Aragchi blamed the situation in the strait on President Trump and said that Tehran was working with certain unnamed countries to let their ships through.

Bertrand Benoit (4:18)

So we provide them security to pass because we have not closed this strait. They are not coming themselves because of the insecurity which is there because of the aggression by the U.S. meanwhile, after

Luke Vargas (4:30)

previously predicting that any energy price jump caused by the war would be very temporary, U.S. energy Secretary Chris Wright is refusing to rule out that prices could now stay higher for longer. Here he was speaking to Martha Raddatz on ABC News this Week. Yes, we go through this period of

Ben Fritz (4:47)

short term disruption, but better to do

Luke Vargas (4:49)

it now than to have a nuclear armed Iran. Are you really sure it's going to be short term? Can you guarantee it'll just be weeks before prices go down? Hey, there's no guarantees in wars at all.

Ben Fritz (5:03)

I can guarantee the situation would be

Luke Vargas (5:05)

dramatically worse without this military operation to defang the Iranian regime. Those comments come as we exclusively report that oil execs told White House officials last week that the energy crisis could continue to worsen and that the options available to the US Would do little to address the situation. President Trump didn't attend the meetings with CEOs. According to AAA, gas prices across the US today are averaging $3.72 a gallon, up 24 cents from a week ago. Meanwhile, WTI and Brent crude futures are Both trading above $100 a barrel this morning. Roughly 3,800 workers at a major Colorado meatpacking plant are set to go on strike this morning after failing to negotiate a new labor contract after months of negotiations. The union representing workers wants plant owner JBS to align wages with the higher cost of living in Colorado and to stop charging employees for certain protective equipment worn on site. The union's president for Colorado and Wyoming, Kim Cordova, spoke to 9News Denver.

Bertrand Benoit (6:11)

Our members are prepared, they voted to strike and we're ready to take on this fight.

Luke Vargas (6:15)

JBS maintains that its offer to workers is strong and fair. The walkout would be the first at a US beef slaughterhouse since the 1980s and comes as cattle populations hit a 75.5year low, driving the price of ground beef up 17% over the last year. The higher prices are hurting manufacturers profits. With jbs, Cargill and Tyson Foods all closing plants and slashing shifts this year, US Airline executives are urging Congress to restore funding to the Department of Homeland Security and ensure that air traffic controllers and airport security officers are paid. That's as the ongoing partial government shutdown is causing long wait times at airports at the start of the busy spring travel season. In an open letter to Congress published Sunday online and in the Washington Post, top executives from airlines including Delta, American and Southwest wrote that air travel had once again become a political football. According to the letter, US airlines are expecting a record 171 million passengers this spring, and China's economy has started the year on a strong footing, giving leaders there more breathing room as they try to shift the country's growth engine toward consumption. Industrial output, fixed asset investment and retail sales all grew as expected. Jonathan Chang is our Beijing bureau chief.

Jonathan Chang (7:35)

We have an economy that is generally doing better to start the year than generally expected, and that's good because it gives China and its policymakers just a little bit more wiggle room right now to maneuver to consumption. It's the sort of thing that is going to be somewhat painful because the country has had a different model for all these decades and China recognizes that that the limits of exports as a growth engine may be upon them and therefore they recognize that they do need to shift. But it's very difficult in a country where people are not accustomed to spending in the same way that Americans are. And just there's a lot of apprehension about the future because China's growth rate has been so strong for so long and now it's really slowed down and that's made people concerned about the Future.

Luke Vargas (8:18)

China's new GDP target lies between 4.5 and 5% for the year. Coming up, are Europe's political winds changing? We'll look at a wave of momentum powering a rise of the far left from the UK to Italy after the break. Data is everywhere.

Bertrand Benoit (8:40)

When orchestrated properly, it sings.

Luke Vargas (8:43)

At Morningstar, we analyze and enrich data, making it actionable and powerful for you. Morningstar, where data speaks. Voters in France went to the polls yesterday. In local elections. The far right national rally performed well, hardly a surprise after several years of gathering momentum. But so did candidates from the far left. France unbowed, part of a trend of rising left wing enthusiasm across Europe that's caught the attention of our Germany bureau chief, Bertrand Benoit. Bertrand, I imagine that the crucial distinction for listeners is going to be is the far left having a moment as you report that it is the same as actually winning. What are you seeing?

Bertrand Benoit (9:31)

Yes, Lou, exactly. The left is having a bit of a moment. To be sure. It's nothing on the scale of the moment that the far right has had across the region, but is something that you can distinguish and you see this in opinion polls, but you also see this in election results. The latest example was in the UK we had a by election and the Green Party won the election. And this was in a constituency that used to be dominated by the Labour Party, the softer left, if you like, for about a century. So it was a big deal. And then, you know, we're seeing this in Germany as well to a slightly lesser extent. It started just before the general election in February last year. And the left party called the Linke, which is the successor party to the East German Communist Party, had a big jump in ratings just before the election and ended up in double digits, which was quite remarkable.

Luke Vargas (10:25)

What's driving this? Many of the economic anxieties that are present in the countries you've been describing are not new. Exactly. Has something changed otherwise?

Bertrand Benoit (10:34)

There are three main drivers. One is it's a bit of a pushback against the right. So it's a reaction or a counter reaction, if you like. The second is the international context. A lot of the supporters of these parties think that they are more effective at pushing back against the trends coming from the U.S. for instance, instance in the very aggressive policy there. While many governments have been quite supine in their reaction or relationship with Trump and then the last one is, and they say it's the biggest one and the most important one is economic anxiety. You're right that these problems have been around for some time, but the cost of living is a huge issue, especially for younger people, and so is the job prospects with the rise of AI, which is making Korea very uncertain.

Luke Vargas (11:15)

Yeah, we've definitely heard that sentiment from voters in a number of countries, Bertrand, but as you report, not everyone views electoral politics as necessarily the way to address those issues.

Bertrand Benoit (11:24)

Yes, and there's a noticeable uptick in far left violence or violence by far left groups. Just to be clear, we're not suggesting that the parties we've mentioned are backing the violence or fomenting violence or even agree with it. There's no hint of a connection between these parties and these groups. But you've seen attacks by ECO terrorists in Germany, for instance, instance on the power grid. You've seen beatings and even a murder in France that has caused quite a lot of uproar in the country. So this is also part of the general trend, if you like, which is one towards more polarization at all levels.

Luke Vargas (12:02)

What's the chance we see any of these parties really sweep into power? We've seen how more establishment parties have responded to the rise of the far right in recent years, often kind of banding together in somewhat awkward alliances on occasion to stop them. I'm curious how they're reacting here.

Bertrand Benoit (12:18)

So the prospect of these parties coming to power is still very low, at least at the national level. Even the far right parties that are doing much better are having really a difficult time coming to power in many of these countries. What you could see, though, is this party is growing big enough to influence politics more generally. And then you see also in some more centrist left of center parties, the discourse is changing because they're seeing the victory of Zoran Mandani in New York as a bit of a signal that the soft centrifugal discourse is not doing it anymore. And you need something a little more muscular. It looks different because in the US it's happening within the parties and this conversation is happening within the two big parties. The discussion about the pros and cons of Mandani's approach and platform and program and ideas. It's a conversation that's happening within the Democratic Party here. It would be, you know, a lot of what he's talking about are policies that would be more at home with the linker or a party like the Greens in the UK than with Labour or the spd. You know or the socialist in France.

Luke Vargas (13:23)

I've been speaking to Wall Street Journal Germany bureau chief Bertrand Benoit. Bertrand, thank you so much for the update.

Bertrand Benoit (13:28)

Thanks, Luc. Anytime.

Luke Vargas (13:34)

And finally, it was a big night for one battle after another at the Oscars, with the Paul Thomas Anderson movie taking home best picture, director, adapted screenplay and supporting actor. Reporting from the Dolby Theater in Hollywood, Journal's Ben Fritz says there were also a few surprises.

Ben Fritz (13:49)

Sinners won for cinematography, the first time a woman or a person of color has ever won that prize. It's been all white men for the past 97 years. So that was a tremendous change for the entertainment industry, for Hollywood. And the applause in the room was rapturous. Also tonight was the first ever Oscar given for casting, which is, of course, the person who finds the actors to fill every role, big and small. This year's nominees were all movies that were also nominated for best Sinners, the Secret Agent, Marty, Supreme, Hamnet, and One Battle After Another. And the prize went one battle after another.

Luke Vargas (14:23)

And that's it for what's news for this Monday morning. Today's show was produced by Hattie Moyer and Daniel Bach. Our supervising producer is Sandra Kilhoff. And I'm Luke Vargas for the Wall Street Journal. We will be back tonight with a new show. Until then, thanks for listening. Model portfolios have evolved from a one size fits all solution. In a recent roundtable conversation, Jeffrey Safe of blackrock and Alessio de Longis of Invesco break down what's driving the next model moment, discussing how a deeper level of customization is producing a better alignment with investor goals and creating a practice differentiator for financial advisors.