President-elect Donald Trump taps X owner and Tesla CEO Elon to take leadership of the new ‘department of government efficiency’, alongside taking his pick of the new defence and intelligence heads. U.S. market majors snap their post-election winning streak, while Treasury yields spike and the dollar index hits a 6-months high as investors brace for another Trump administration. Meanwhile, Siemens Energy raises its mid-term outlook after reporting a record order backlog of €123 billion, boosted by a turnaround at turbine unite Gamesa. In Lisbon, global tech leaders gather at the annual Web Summit with the prospect of looser regulations and heightened trade tensions under President-elect Trump. There, Microsoft President Brad Smith tells CNBC that Europe remains key for the company. Germany prepares for a snap election on February 23rd after the collapse of Chancellor Olaf Scholz’s governing coalition – with Economy minister Robert Habeck saying Berlin still remains a reliable partner.