Good Morning. This is the Investor Lookout with the daily digest.

Here’s what we got today:

• 🏭 Biden Blocks $14B US Steel Takeover

•  🏦 Goldman’s Top Calls for 2025

• 🚗 A Bumpy Ride for Stellantis

Biden Blocks $14B US Steel Takeover

Steel yourself for some heavy news. President Biden blocked Nippon Steel’s ($JP:5401) $14 billion takeover of US Steel ($X) on national security grounds. The union welcomed the move, while Japan’s government opposed it. A White House statement said the takeover risked leaving a major domestic supplier under foreign control. President-elect Trump had also voiced opposition. Nippon Steel and US Steel issued a joint response calling the decision politically motivated. Nippon Steel faces a $565 million penalty if the deal collapses. US Steel’s shares fell 6% to $30.66, valuing the firm at $6.9 billion. Biden cited potential risks to critical supply chains.

• Nippon Steel is among the world’s top steel producers.

• This was one of the biggest foreign deals proposed in the U.S. steel sector.

Goldman’s Top Calls for 2025

No more coin flips—Goldman Sachs ($GS) has 7 big calls on where the world’s headed by 2025. The bank anticipates moderate inflation trends, further supply chain shifts, and a pivot to alternative energy adoption. There’s also a spotlight on digital currencies becoming mainstream and emerging markets forging stronger trade alliances. Observers note these forecasts build on Goldman’s earlier focus on interest rate patterns. In short, it’s a comprehensive take on global growth drivers.

• Mentioned but not highlighted: potential labor market realignment.

• Another point: cross-border investments may see fresh traction.

A Bumpy Ride for Stellantis

Is your vintage Fiat collecting dust? Stellantis might relate: Italy’s vehicle production fell 37% in 2024 to a 68-year low, union data shows. The maker of Fiat, Peugeot, and Chrysler built 475,090 vehicles last year, down from 751,384 in 2023. Car output alone plunged 46%, while commercial vehicles slid 17%. Turin’s Mirafiori plant saw a 70% decline, partly due to weak demand and overcapacity. Stellantis ($STLA) introduced a plan to boost output, though unions anticipate real gains only after 2025. Meanwhile, FIM-CISL plans a protest in Brussels, calling for a review of EU carbon targets and broader support for Europe’s auto sector.

• The union warns regulatory uncertainty challenges the European car industry.

• Stellantis pledged €2 billion in Italy in 2025 to produce new models.

#1

If the U.S. government prioritizes domestic steel production, local steelmakers might benefit from reduced foreign competition or more stable contracts, potentially supporting their stock prices.

#2

Goldman Sachs expects moderate inflation and further supply chain shifts. For investors, that might guide decisions on bonds vs. stocks or sectors that benefit from stable inflation (e.g., consumer staples or infrastructure).

#3

Investors tracking Stellantis or the broader auto industry can use Italy’s production slump as an indicator of overcapacity or changing consumer demands, informing decisions to buy, hold, or sell auto-related stocks.

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