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Love the episode? Send us a text!In this episode of Breast Cancer Conversations, host Laura Carfang welcomes Dr. Amy Morris, an ovarian cancer survivor and cancer researcher, to discuss navigating health and wellness post-cancer diagnosis. We delve into essential topics such as the side effects of treatments like chemotherapy, radiation, and hormonal therapies, including weight gain and the challenges of sudden menopause. Dr. Morris shares her unique insights from both her professional background in oncology and her personal journey as a survivor. Tune in for valuable information and support for those affected by breast cancer and their caregivers.SURVIVINGBREASTCANCER.ORGAttend a free virtual SurvivingBreastCancer.org event:https://www.survivingbreastcancer.org/eventsFollow us on InstagramSurvivingBreastCancer.org: https://www.survivingbreastcancer.org/Breast Cancer Conversations: https://www.instagram.com/breastcancerconversations/About SurvivingBreastCancer.org: SurvivingBreastCancer.org, Inc. (SBC) is a federally recognized 501(c)(3) non-profit virtual platform headquartered in Boston with a national and global reach. Through education, community, and resources, SurvivingBreastCancer.org supports women and men going through breast cancer. We provide a sanctuary of strength, compassion, and empowerment, where those diagnosed with cancer unite to share their stories, learn invaluable coping strategies to manage wellness and mental health, and find solace in the unbreakable bond that fuels hope, resilience, and the courage to conquer adversity.Support the show
Here at MinistryWatch I have witnessed a tragic phenomenon over and over again. A young person begins the Christian life with passion and enthusiasm. But if that person doesn't put down an anchor in the Gospel, he begins to drift. Before long, that young person finds himself, or herself, broken apart on the rocks, wondering, “How did this happen?” If that person was a leader in the church, the damage can spread far and wide. My guest today, Jared Wilson, says Scripture can answer the question “How did this happen?” He points to Hebrews 2:1 as a key. “Therefore we must pay much closer attention to what we have heard, lest we drift away from it.” His new book is called “Lest We Drift: Five Departure Dangers from the One True Gospel.” I've got to say that I have been looking forward to this book and my conversation with Jared, in part because I believe the topic is so vital, but also because I've been following Jared on social media for a while and have found him to be one of the increasingly rare sane voices there. So it was a pleasure to settle in to this conversation with him. Jared C. Wilson is assistant professor of pastoral ministry and author in residence at Midwestern Seminary in Kansas City. He is also pastor for preaching and the director of the Pastoral Training Center at Liberty Baptist Church, a Kansas City suburb. I'd like to remind you that during the month of March we are asking our regular listeners and readers to prayerfully consider becoming a monthly supporter of MinistryWatch. Monthly supporters play a special and badly needed role here at MinistryWatch. They give us a certain baseline of support that we know we can count on every month. That is a tremendous help in our planning. I also want to mention that as a monthly supporter you will receive ALL the donor premiums we offer during the year. To become a monthly supporter, just go to MinistryWatch.com and hit the donate button at the top of the page. The producer for today's program is Jeff McIntosh. Thanks to Amy Morris at Zondervan, as well as my assistant Carley Southerland, for arranging my interview with Jared Wilson. Please join me again on Friday when Natasha Cowden and I review the news of the week that we've been covering here at MinistryWatch. Until then, may God bless you.
In this month's episode of The Informed Animal Ally, the VHS's Chantelle Archambault and Amy Morris discuss trends in the animal advocacy movement, as well as successes, opportunities, and challenges in Canada and around the world in 2024.
In today's episode of Keeping Abreast with Dr. Jenn, I'm joined by Dr. Amy Morris, a passionate advocate for women's health and a cancer survivor who transformed her journey into a mission of empowerment. Together, we discuss how a cancer diagnosis is often the beginning of a life-altering transformation—shaping personal purpose, physical resilience, and emotional well-being.We explore the need to listen to your body, the challenges of navigating the medical system, and the critical importance of nutrition and exercise in recovery and prevention. Dr. Amy shares deeply personal insights into how she reclaimed her health and redefined her priorities after her treatment. This episode is a powerful reminder that a diagnosis is not the end of the story.In This Episode, You'll Learn:The risks of rapid weight loss drugs on muscle and bone health—and what to do.How strength training can reduce cancer recurrence and improve metabolic health.The critical role of protein and fiber in recovery and long-term wellness.Strategies to break free from sedentary habits and regain energy during recovery.The connection between chronic inflammation and lingering cancer symptoms like exhaustion and weight gain.How balanced nutrition, including plant-based eating, supports healing and prevents recurrence.Why self-advocacy and intuition are essential when navigating medical decisions.Practical steps to create a sustainable exercise and nutrition plan post-treatment.Episode Timeline:00:00 Introduction and Dr. Amy Morris's journey to healing07:38 The Importance of Listening to Your Body13:27 The Role of Nutrition in Cancer Care19:32 The Shift in Health and Purpose38:39 The Cycle of Suppression: Understanding Chronic Inflammation44:24 Exercise as Medicine: The Power of Movement51:14 Strength Training: The Key to Metabolic Health59:16 Breaking Societal Norms: Redefining Strength in Women01:09:59 The Impact of Alcohol on Health01:19:22 Processed Meats and Their Risks01:24:31 Nutritional Strategies for Cancer Prevention01:32:40 The Importance of Dietary Diversity1:36:13 Closing thoughtsDr. Amy Morris is a cancer recovery expert, scientist, and Stage 3 cancer survivor who transformed her personal battle into a mission to empower others. As the founder of the Cancer Freedom Program, she helps women reclaim their health through personalized strategies rooted in science, nutrition, and exercise. A former professional weightlifter for Team Canada, Dr. Amy inspires resilience and shares practical insights on her YouTube and Instagram channels.www.instagram.com/dramymorris/To talk to a member of Dr. Jenn's team and learn more about working privately with RHMD, visit: https://jennsimmons.simplero.com/page/377266?kuid=327aca17-5135-44cf-9210-c0b77a56e26d&kref=vOKy0sAiorrKTo get your copy of Dr. Jenn's book, The Smart Woman's Guide to Breast Cancer, visit: https://tinyurl.com/SmartWomansBreastCancerGuideTo purchase the auria breast cancer screening test go here https://auria.care/ and use the code DRJENN20 for 20% Off.Connect with Dr. Jenn:Website: https://www.realhealthmd.com/Facebook: https://www.facebook.com/DrJennSimmonsInstagram: https://www.instagram.com/drjennsimmons/YouTube: https://www.youtube.com/@dr.jennsimmons
In this month's episode of The Informed Animal Ally, Amy Morris and Chantelle Archambault from the Vancouver Humane Society discuss arguments they've heard opposing veganism and some ways to respond.
On this month's episode of The Informed Animal Ally, the Vancouver Humane Society's Amy Morris and Chantelle Archambault discuss eight of the most common arguments in support of rodeo and ways to respond as an animal ally.
Former President Donald Trump said he was shot in the right ear after gunfire erupted at his political rally in Butler, Pennsylvania. We get instant reaction with Bloomberg's Amy Morris. See omnystudio.com/listener for privacy information.
In this month's episode of The Informed Animal Ally, the Vancouver Humane Society's Amy Morris, Chantelle Archambault, and Emily Pickett discuss challenges commonly experienced in advocacy work, as well as personal experiences shared by listeners.
In this month's episode, the Vancouver Humane Society's Amy Morris and Chantelle Archambault are joined by special guests Barbara Lapointe and Tessa Vanderkop to discuss lessons from grassroots animal advocacy.
In this month's episode, Vancouver Humane Society Campaign Director Emily Pickett joins Amy Morris and Chantelle Archambault to discuss the past decade of farmed animal cruelty investigations in British Columbia.
The Salesforce ecosystem is changing. In the history of Salesforce, this is known as the hardest time to land a job EVER. But is it impossible? Today's special episode is recorded live from Camp Talentstacker, where Allie McCarron, Keegan McGoldrick, and Amy Morris join us to share their stories of how they stood firm and fought to secure their Salesforce careers. We explore the grit, persistence, and determination needed to weather the certification and job application process and discuss the key things that make you stand out in the job market. When the going gets tough, these people get going. Handy Timestamps: 3:30: Why Salesforce is still worth it 6:40: Keegan, Allie, and Amy introduce themselves 8:40: Allie's story 11:00: Why you should be building connections, and other things you can do to increase your chances of landing a job 20:40: Keegan's story 29:00: Amy's story 36:40: Brad and the panel's closing thoughts Links and Resources: TalentStacker.com/voicemail TalentStacker.com/start TalentStacker.com/cap TalentStacker LinkedIn Page Salesforce For Everyone Facebook Group
This week, we welcome Atlanta-based designer Amy Morris, who shares some great tips on decorating with neutrals. Amy first shares a little more about her traditional style with a twist of modern and her process behind selecting fabrics with depth and texture. She goes deeper into using lights and darks to create visual interest and advises on finding the right pieces to make your home truly personalized. Amy details her favorite neutrals to use and the importance of really understanding your overall plan and angle in creating your dream living space. Follow along with this week's decorating dilemma here. What You'll Hear On This Episode: Yes, neutrals can bring drama! Amy explains more about the “psychology of design”. Using lights and darks to create contrast in a room. Some of Amy's current favorite and most used neutrals include the yummy chocolate and paprika. Selecting fabrics and materials that also prioritize depth and texture. Finding pieces that work for you personally and making them work in the space. Embracing cohesion in design and avoiding impulse purchases. How we can use the idea of our “seasons” and color palette also in design. Remembering scale when it also comes to selecting lighting. Also Mentioned: Amy Morris Interiors Amy Morris IG Decorating Dilemma: Hi Ginger! Thank you for writing! Amy and our crew have some ideas. First, we suggest painting the foyer walls, trim, and even the stairs a bright white to lighten up the space. Then, consider replacing the traditional chandelier with a large lantern pendant light. You can create more visual interest by removing the ornate pieces from the cast iron handrail. One idea is also to replace the yellow wall color upstairs with a light neutral and swap out the 90s flush mount lights for a transitional sconce or chandelier style. Consider mounting a large framed artwork or mirror on the foyer wall to make a design statement. Add plants or a tray with accessories on the chest for visual layering. Updating the paint, lighting, and accessories as suggested will help make the entry and hallway feel brighter, more modern, and more welcoming while respecting the home's original character. Thanks so much and we can't wait for an update!
Amy Morris is not only a doctor but is also a cancer survivor and the creator of the Cancer Freedom Program. Today she joins us to share everything you want and need to know when it comes to cancer, specifically in females. She shares the symptoms you need to be on the lookout for, how you can be making small changes every day that will reduce your risk of cancer by 59%, and what foods aren't actually as bad for you as you may think. We touch on the controversial conversation around Pink Washing and how big brands are taking advantage of Breast Cancer Awareness Month, how changing your habits can impact your family for generations to come, and why looking at yourself naked is the first way to detect breast cancer. Follow the HER podcast on IG here -> @its.her.podcast Check out all our links here -> HER links Find Dr. Amy Morris on IG here -> @dramymorris Access her FREE download here -> 15 Cancer Recovery Recipes for Women Follow Carousel Media Management on IG here -> @carouselmediamgmt Take your social media to the next level and slide into our DMs, click the link in our IG bio, or visit our website www.carouselmedia.ca to book a discovery call with us today. Click to access our FREE Content Calendar and say goodbye to content planning nightmares!
In this month's episode, the Vancouver Humane Society's Amy Morris and Chantelle Archambault are joined by researchers Dr. Sasha Protopopova and Dr. Camila Cavalli to discuss strategies human-animal bonds.
On today's podcast: 1) The US launched more strikes on Yemen's Houthis overnight as the Iran-backed militant group continues to roil global shipping markets with attacks around the Red Sea. 2) Oil nudged higher as twin incidents in the Middle East underlined the region's rapidly escalating tensions, which have already snarled global shipping and carry the potential for interruptions to crude production. 3) Apple Inc. will begin selling versions of its Series 9 and Ultra 2 watches without a blood oxygen feature in the US, following a legal setback in its patent dispute with Masimo Corp. Full Transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with rising tensions in the Middle East. The US carried out more strikes on Houthi targets in Yemen overnight, as the Iran backed militant group continues to go after red Sea shipping. This is at least the fourth US led attack on the Houthis in the past week. Major General pat Ryder speaks for the Pentagon. The objective here was to disrupt and degrade Hoothy capabilities to conduct attacks, and we believe that overall, in terms of the scope and the number of strikes that we took, we have degraded their ability to attack. Pentagon spokesman pat Ryder says the US targeted fourteen Hoothi missiles that were primed for launch. Meanwhile, Nathan Pakistan's military has carried out strikes against what it describes as terrorist hideouts in Iran. The move came after Iran attacked a separatist group in a Pakistani province along its border. Bloomberg's Middle East Economics and Government editor Paul Wallace says the escalator is very unusual. The two have a complicated but normally quite cordial relationship. This is pretty much unprecedented what we're seeing now with both of them striking each other's territory. Of course, they're not going for the other government as it were, They are going for what they call our terrorists in each other's territory. But I think what we're seeing is this is just the latest arena opening up in the wider Milesian conflict that began in early October when Hamas attack Israel, and Bloomberg's Paul Wallace says Pakistan is recalling it's envoy from Tehran. Well here in these latest incidents in the Middle East have oil on the rise. This morning, checking Nimax crewed, it's up eight tens of one percent. It's seventy three dollars fifteen cents per barrel. Meanwhile, the International Energy Agency says global oil markets are likely to remain reasonably well supplied this year, provided there are no major disruptions. Well, Nathan and the political front at home, the long awaited conversation between President Biden and congressional leaders over Ukraine AID did not yield results in Bloomberg said. Baxter has the story the GOP issue going in border border border at House Speaker Mike Johnson says that's what he talked about. I told the President what I have been saying for many months, and that is that we must have change at the border, substantive policy shame and says that was not in the offing. Different picture from Senate Majority Leader Chuck Schumer. If we don't come to Ukraine's aid that the consequences for America around the globe would be nothing short of devastating, and President Biden says he told congressional leaders that they must act now on the border. At Baxter Bloomberg Radio, all right, ed, thanks. Secretary of Saint Anthony Blincoln has been representing the US at the World Economic Forum in Davos this week. He left Switzerland yesterday, but not before a delay on the tarmac. There was an oxygen leak on his Boeing jet and it couldn't be fixed, so a smaller jet had to be flown in from Brussels to take b Lincoln back to Washington. Many of his aides and members of the press pool had to fly commercially well. Speaking of DeVos, Nathan Bloomberg News has been speaking all week to executives and politicians from around the world at the World Economic Forum This morning, we caught up with the CEO of Barclays Csvakata Krishnan defended his firm's investment banking division. We are the leading investment bank domicide outside of the United States, and what I find in my travels, especially in the world and the geopolitical world in which we live, is people are looking for a partner in a counterpart who's not just a US bank. Cs Venkata Krishnan ed of that Barclays has been reviewing its strategy for months. He spoke with Bloomberg's franc In Laqua at the World Economic Forum in Davos. All turning to Wall Street, Karen investors are waiting for another key economic report as doubt grows on when the Fed will start cutting rates. Let's get the latest with Bloomberg's John Tucker. John and Nathan Jobless claims could be particularly telling now that seasonal layoffs around the holidays are largely complete. Bloomberg Economics says there have been plenty of signs the labor market is weakening fast. This data comes as traders have recalibrated their wagers and the timing and extent of indust rate cuts. The swaps pricing shows the chances of a FED rate cut at March. Slip blows sixty percent for the first time since the middle of December. That's down from eighty percent just on Friday. The poly see sensitive two year yield jump fourteen basis points on Wednesday, its biggest one day gain since June. I'm John Tucker, Bloomberg Radio. All right, John, thanks. In corporate news, Apple we'll sell it smartwatches without a blood oxygen feature in the United States after it lost a legal dispute with the health technology company Massimo. The new models will still include the blood oxygen monitoring tool, but it won't function. And in another blow to Apple, Karen Netflix says it's not planning to launch an app for the Vision Pro headset. This is a sizeable omission for the thirty five hundred dollars technology, which debuts next month. Apple's banking on entertainment content to help market the Vision Pro. Netflix is a must have streaming service for many consumers, and staying in the tech sector here Nathan Cheryl's sen Berg, we'll step down from the board of Meta Platforms this year. We get more from Bloomberg's Doug Prisner. Sandberg joined Facebook in two thousand and eight as second to co founder Mark Zuckerberg, and she served as chief operating officer, helping to grow Facebook from a promising internet startup into a digital advertising powerhouse. Sandberg often served as the public face of the company, particularly among policymakers and regulators. She left the COO roll in twenty twenty two, but remained a director. At the same time, Sandberg began spending more time on philanthropic efforts. Now she'll serve as an advisor to Meta. It's unclear if Meta plans to replace Sandberg on the board. In New York Time, Doug Prisoner, Bloomberg Radio Hall, Ry Nathan, Thanks, it's time now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's Amy Morris. Amy, good morning, Good morning, Karen. The Senate is set to hold a series of votes on the final passage of that stockgap funding bill. Senate Majority Leader Chuck Shutmer says it's next up to the House. We hope that the House will take up this bill before the Friday deadline, with bipartisan support. The stopgap funding bill is expected to easily pass the Senate today. The funding deadlines tomorrow night. The New Hampshire primary only days away. Nikki haley 'ron de Santa's trying to push ahead after Donald Trump's commanding performance in Iowa. Bloomberg Senior national political correspondent Nancy Cook tells us Donald Trump has turned his focus now to Nicki Haley. Trump is sending out missives about Nikki Hilly. They're advertising against her. He's doing rallies and what he's going to and he and his team are going to spend the week doing is really calling out Nikki Hilly on a bunch of policy positions past date means she's made on raising the retirement age, what she has said on China, and it's really going to be vicious for the next week. Bloomberg Senior national political correspondent Nancy Cook says Haley does need a strong showing in New Hampshire before moving on to her home state of South Carolina, which Cook says is Trump Country. The anniversary of the Supreme Court decision overturning Roe v. Wade comes up on Monday. Senate Democrats held a briefing on the state of abortion rights in the US, and they were joined by doctor Austin Dennard, an obgyn in Texas. We no longer have the basic human rights for freedom and self determination that my mother and her generation relied on for nearly fifty years. The lawmakers suggested the vast majority of Americans support the right to abortion, and that it should be women making decisions about their pregnancies, not politicians or judges. Fourteen Democrats are joining House Republicans and denouncing President Biden's border policies. A GOP resolution passed in the House yesterday with full Republican support, urging Biden to end what they call his administration's open border policy. Former President Trump says he is the one who should be seeing a payday from the Egene to Carrol defamation trial. A judge overseeing Carroll's defamation trial against Trump threatened to toss him out after Carroll's lawyers complained that he was making comments that the jury could hear global news twenty four hours a day and whenever you want it with Bloomberg News. Now. I'm Amy Morris, and this is Bloomberg. Karen, All right, Amy, thank you. What we do bring you news throughout the day right here on Bloomberg Radio. But now, as Amy said, you can get the latest news on demand. That means whenever you want it, to subscribe to Bloomberg News Now, and you can get the latest headlines right at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com plus apples, Spotify, and anywhere else you get your podcasts. So nice time. Now for the Bloomberg Sports Update, here's John stash Hour. John Karny can forget about the idea of Bill Belichay coaching the Dallas Cowboys. Mike McCarthy is keeping his job. I'll be back for a fifth season. He's certainly had regular season success in Dallas, not so much in the postseason, where he's one to three, and of course the Cowboys were just upset at home by Green Bay. As for Belichick's old job in New England and now belongs to Gerard and Mayo, he was a former Patriots player and assistant coach. He actually had it written into his contract that he will replace fellowchick. I'm not trying to be Bill. I think that Bill is his own man. If you can't sell by now, I'm a little bit different even up here. But what I will say is, you know, the more I think about, the more I think about, like the lessons side I've taken from Bill hard work works. Mayo gets the job at the age of thirty seven. Trade the NBA Toronto, who made a big trade with the Knicks, recently made another one with Indiana. Sidney two time All star in Pascal Siakam to the Pacers for Bruce Brown and three first round draft picks. The Raptors then won by twenty four over Miami. The Celtics won easily over San Antonio once seventeen to ninety eight, and the Celtics are now twenty to zero at home. Lakers beat Dallas, Knicks beat Houston, Portland a two point win over Brooklyn College Basketball Yukon number one in the country now sixteen and two with a win over Creighton at the Australian Open. The top seat on the women's side, Aschiantek had some troubles but got by Danielle collins Ken's fish. There were bloomberg sport from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syria's Exam, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. Geopolitical risk has certainly not gone away for markets, but now it's getting even more attention following the latest US strikes on Hoothy targets in Yemen. There was another round overnight. Now Pakistan is engaged in tit for tit attacks with the Hoothy's main backer, Iran. All this as the war between Israel and Hamas rages on in Gaza. So for the very latest, we are joined by Bloomberg News Senior editor Bill Ferries. Bill start us off with the latest on these US strikes against the Houthies. What's the latest, Hi, Thanks for having me, Nathan ut overnight. It's just been a busy past several hours. Overnight, the US launched strikes on what it said were fourteen Houtie missiles and Yemen that they said presented an imminent threat to vessels in the region. They said these missiles were basically loaded and ready to be fired off, and that the US was acting preemptively to target them and destroy them before they could do more damage. It's the fourth round of US strikes or US led strikes on Yemen over really about the last week or so, and it came just hours after the UTIES managed to launch another attack on a commercial vessel, a US owned vessel in the Red Sea. So I think what we've seen is that these multiple rounds of attacks have not prevented the HUTIES from being able to still get some strikes in against ships in the Red Sea, and that of course has been a big disruption for global trade. You've got a lot of shipping companies trying to re route around the around the Tip of Africa or find other ways to get their goods to market, and we're seeing modest movement in the oil market in light of these latest attacks. Is there a risk now that the US could be drawn even further into action in Yemen, given that we are still seeing the HOO, the THEES managing to carry out strikes in the Red Sea. Yeah, I mean, I don't think there's nobody really at this point talking about some kind of a ground invasion or anything, but there are you know, the US and its allies have a lot of firepower based in the Red Sea. At this point there aren't nearly as many commercial vessels going through there, but they're still unable to stop these kind of attacks, and you have to start wondering how long can this go on? How long will global trade be disrupted, When will that really start to emerge in the prices that consumers pay for a whole range of goods, and what of course will be the human cost on all this. But it's certainly seems at this point that this could drag on for weeks, if not months, and this raises a question as well about whether Iran can bring any influence to bear here. But now we're seeing Iran engaged in attacks with Pakistan, and of course it continues to back has Balan of course Hamas in Gaza exactly, and they're actually even on top of all that, there was an Iranian attack on a facility in northern Iraq just a day or so ago. But yeah, the latest we found that Pakistan had a reprisal attack against Iran overnight responding to attacks from Iran. On Wednesday, they hit targeted strikes on what they said were militant hideouts in Iran. And this is not something that really anyone was really predicting. Even a weaker or so ago, you'd have Pakistan and Iran involved in some kind of a conflict. It does look like now that both sides are trying to find a way to talk each other down. You even have the Pakistan Army saying that it's a time for dialogue. It was a similar message coming out of Pakistan's Foreign ministry today. But it is a very unsettled situation, and of course both sides have to play to their domestic political constituencies. So while there is some expectation that maybe there's been a proportionate response and things will start to ease, there's no certainty of that at this point. And of course a Pakistan and Iran both have the support and alliance with China. Is there a role for China here in trying to bring some of these tensions in the Middle East down from a boil. Yeah. Publicly, China is not saying very much other than that it's tracking the developments and they said they want both sides to exercise restraint and calmness. But I would think you would think behind the scenes, China does not want to see two of its kind of key allies in that region fighting with each other. That's a big distress for it, I think. I think so far China has been happy to see the US taking the lead in places like the Red Sea. It has not engaged with the Israel Hamas conflict very much at all. But it doesn't want to see its partners starting to fight, you know, and militarily start to go after each other in such a critical part of the world. This is Bloomberg day Break Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus listen coast to coast on the Bloomberg Business app. Serious XMVI iHeartRadio app and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) Treasury Secretary Janet Yellen called on lawmakers to pass a temporary spending bill this week and avert a partial US government shutdown. 2) The European Central Bank is likely to cut interest rates in the summer, according to President Christine Lagarde. Interviewed at Bloomberg House in Davos by Francine Lacqua, she was asked if there could be majority support for such a move, given that several policymakers have signaled that timing. 3) Apple Inc.'s iPhone dethroned Samsung Electronics Co. devices to become the best-selling smartphone series over the course of 2023, the first time South Korea's largest company has lost the top spot since 2010. Full Transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin in Washington. That's where a temporary spending bill to avoid a government shutdown this weekend has cleared its first hurdle. Bloomberg's Amy Morris has more from the nation's capital. The Senate voted to advance the measure that will fund some federal agencies through March first and others through March eighth. The interim funding is the support of congressional leaders, including House Speaker Mike Johnson, so the prospects for passage in both chambers are good. Does not include several disputed items like eight for Ukraine restrictions along the US border or an eighty billion dollar business tax package. And there are hard right conservatives in the House who oppose funding agencies at current levels, but Speaker Johnson can bypass them by relying on Democrats for support. In Washington. Amy Moore as Bloomberg Radio. All right, Amy, thanks well. Now to the latest on the race for the White House. It's on to New Hampshire for the Republican candidates, and Bloomberg's at Baxter reports are really starting to heat up. Nicki Haley has been very careful not to directly attack Donald Trump, but one day after Iowa as she's calling him a bully and a liar. Trump lamb based Haley as a disaster. Now this all comes with polling that chowse the two very close. In New Hampshire, Real Clear Politics has Trump by about fourteen points, but the American Research Group even called it dead even at forty four percent, with Ron Desatus at only four percent. Tomorrow's schedule debate has been canceled because Haley declined if Trump wasn't going to be there at Baxter Bloomberg Radio, Okay, and thanks. Now let's turn to the Middle East. Israel and Hamas have reached a deal to deliver medicine and other aid to Gaza. That's according to the government in Kadra, which says this is in exchange for medicine reaching the hostages being held by Hamas. White House National Security Advisor Jake Sullivan says there is still a risk this war widens to a regional conflict. We do see a pathway to a shift in the military campaign in Gaza, a reduction in tensions and the exchange of fire along Israel's northern border, a reduction in the risk of escalation in other parts of the region, and we'll have to continue to deal with the Hoothi threat. National Security Advisor Jake Sullivan spoke from the World Economic Forum in Davos. Israeli President Isaac Herzog plans to bring the families of hostages to the slopes in Switzerland today to step up pressure for their release. Well, Nathan, back here in the US, we are waiting for a key economic group board as doubt grows on whether the FED will start cutting rates as soon as March, and we get the very latest with the Bloomberg's John Tucker, John and Karen. Retail sales probably increased in December. However, the control group sales, which strip out volatile items, that likely slowed to a more subdue pace. Traders are launching on every piece of data as the FAN enters a blackout period next week. Yesterday, Federal Reserve Governor Christopher Waller threw a little cold water around the idea of FED rate cuts as soon as March. With economic activity and labor markets in good shape, and inflation coming down gradually to two percent, I see no reason to move as quickly or cut as rapidly as in the past. With Wallner's comments, Transury suffered their biggest one day price drop in two months. Yield Seweragetan also drag stocks lower. John Tucker Bloomberg Radio, John thanks, rates are very much in focus overseas that the World Economic Forum. European Central Bank President Christine Legard said the ECB will probably cut rates by the summer. I would say it's likely too, but I have to be reserved because we're also saying that we are data dependent and that there is still a level of uncertainty and some indicators that are not anchored at the level where we would love to see them. ECB President Leaguard made those comments to Francine Lockwha at Bloomberg House in Davos. You can hear their full conversation on the Bloomberg Talks podcast. Well Nathan investors are scaling back their expectations for rake cuts from the Bank of England this year. Inflation in the UK unexpectedly accelerated for the first time in ten months. December's consumer price index was four percent higher than the previous year. On Wall Street, Karen JP Morgan Chase is bucking a trend, the bank plans to hire more workers. We caught up with JP Morgan president Daniel Pinto at Davos. We are employed at the end of the year around three hundred and twenty thousand people. So the number of people that employ has been growing and not ranking. So I think that where we see opportunities and we can have our clients, for sure, we'll focus on that. Daniel Pinto's comments come after JP Morgan closed out the most profitable year in US banking history. Also more banking news this morning, Nathan, the government is unveiling a long awaited rule that could slash the biggest bank's income from overdraft fees by as much as three and a half billion dollars each year. Under the regulation from the Consumer Financial Protection Bureau, banks would only be able to charge what it costs for them to break even for covering an overdraft or a bu by a specific cap that would effectively eliminate overdraft charges for customers, which right now average about thirty five dollars. Let's turn to some corporate news now. Karen Apple has reached a milestone. The company's dethroned Samsung to become the world's top phone maker in twenty twenty twenty three. IDC estimates the iPhone accounted for a fifth of the global market last year with close to two hundred thirty five million shipments. Apple's dominated recent holiday quarters, but the full year surge is unprecedented, and it suggests Apple is weathering an industry wide slump better than its rivals. And finally, Nathan, it was supposed to be the merger from Heaven, or at least from thirty thousand feet, but now a federal judges block Jet Blues three point eight billion dollar acquisition of Spirit Airlines. The judge says the combination with stifle competition and raise fares for consumers. Jet Blue and Spirit contended that consolidation is the only way smaller airlines can effectively compete with the dominant carriers. Time and not for look at some of the other stories making news around the world. For that, we're joined by Bloomberg's Amy Morris Amy, Good morning, Good morning, Karen. President Biden is worried about his supplemental bills stalling out in Congress, so he's inviting some of the key players to the White House today. Bloomberg's Nancy lyons with the latest. White House Press Secretary Karine Jean Pierre provided a list of those invited to the meeting, and then Biden will host congressional leaders from the Senate and the House, along with key committee leaders and ranking members. She says there's a lot to talk about, but President Biden has one topic he's especially concerned with. This is going to be about discussing critical importance of the President's Facial Security supplemental request. That's the proposal to further fund Ukraine, Israel, and Taiwan. Republicans are refusing to move on that until there's a consensus on a new border policy in Washington. Nancy lyons Bloomberg Radio. Secretary of State Anthony Blincoln says soil should be treated as a precious resource, telling the World Economic Forum in Davos that lack of food is causing unprecedented global migration flows at Russia's war in Ukraine and attacks by who they rebels and the Red Sea have made things worse. A parent who can't put food on the table for their children picks up the family and moves because it's the most basic thing, the most important thing that they can do. Lincoln says, the problem is likely to get worse as climate change threatens to reduce crop yields. Now Climate Envoy John Kerry, also at the World Economic Forum, says he's stepping down from the role within the Biden administration so he can take on a more vocal position for the Biden campaign. He assured other world climate leaders that yes, he'll still be around. I'm going to stay at this and there are so many different ways to continue to be able to be engaged in this. So unfortunately you're stock. You'll see me at the copy you see. Rivia Carrie says regardless of who wins the election, the global climate agenda will remain solid, and the World Health Organization says the number of adult tobacco users is on the decline. The organization says the biggest decrease in tobacco use is seen happening in lower to middle income countries. We have nineteen million less smokers than we had two years ago. That is the first time that we see such a decline. Doctor Rudiger Kresh is urging countries to continue putting control policies in place for tobacco. Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Amy Morris and this is Bloomberg Karen. All right, Amy, thank you. We do bring you news throughout the day right here on Bloomberg Radio. But now you can get the latest news on demand, and that means whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines of the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot com plus apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update. Here's John stash Hour John Charny Atlanta Falcons, one of seven NFL teams looking for a head coach at indications that the Falcons are looking for a big name to be their new coach. The day after they interviewed Bill Belichick, they interviewed Jim Harbaugh, who previously had already interviewed with the Los Angeles Chargers. So Harbaugh clearly hasn't interest in returning to the NFL and leaving Michigan, where he just won a national championship. Reportedly, Harbaugh if he stays with Michigan wants it written into his contract that he can't be fired due to NCAA violations. Mike Tomlin has reportedly told his team in Pittsburgh that he'll remain as coach of the Steelers. It's the job he's had for seventeen years. The Steelers had only had three different head coaches in the last fifty four years. Jason Kelsey told his teammates in Philadelphia just after that blowout loss at Tampa Bay at the end of their season that he's retiring at age thirty six, thirteen years all with the Eagles. He won a Super Bowl, He went to the Pro Bowls seven times. Taulliat tadabaloo. That's to his younger brother, who's been playing quarterback for Maryland. Denied a waiver for another year of eligibility, so he journing the Pro Battle. The NBA's top two big man and Joe lmb And outplayed the Kola Yokiz. He scored forty one points in the second straight game. Philadelphia beat Denver one twenty six one twenty one big comeback and Phoenix, led by Kevin Durant, they were down twenty two to the fourth court of the Sun's rallied top Sacramento by two. Hockey of the Capitals are two nothing to win over Anaheim, kyl and Shops second right, Purdue an easy win at Indiana. John Skashanwer Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on siriusxam, the Bloomberg Business app in Bloomberg dot com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. European Central Bank President Christine Legard says aggressive bets on interest straight cuts from the financial markets are not helping policymakers with their task to bring down inflation, but she says it is likely the ECB will cut rates in the summer. Madame Lecguard spoke with our editor at large France seen Lockwow from the World Economic Forums Bloomberg House in Davos, Switzerland. Let's listen in to part of that conversation. Now, when you look at inflation, when you look at monetary policy, what's changed your mind on how quickly we get a cut from the ECB? You know, when I look at a year ago in doubles and when I compare that with where we are today, I see a slope downward, but certainly not a slope which is at target where we want it. So that's what we have achieved. I think in a little over a year, bring inflation back from where it was in October twenty two at ten point two percent down to a two point nine percent month and month December, and certainly with the prospect of keeping it down and further down because our target is two percent and we are you know, I would have said a year ago that we are determined we want to get it to SI I would say to you now that we are confident that we will get it to that target two percent medium turn. Are market's too optimistic on the industry. I'm not going to comment on markets. Markets do their job, they have their numbers, they have their objectives. What we do at the CB, and what I think most central banks would do, is work as hard as we can collecting data using artificial intelligence by the way for that, analyzing data, confronting viewpoints, checking models against empirical data, doing scenario analysis, and being as as comprehensive as we can to anticipate what's coming. And it's hard because what many people don't understand is that monetary policy works with a lag. So whatever we do now is going to have an impact in a few months and sometimes a year or two, and we have to take that in account to decide what we do, how long we hold, and what decision we make in due course. When you say that you gather data also with AI, it does AI also analyze because again you're looking at the current data. You're trying to forecast what your monetary policy is doing in the future. So is it algorithms? Like, how does that work? We do data collection a lot, we don't We don't determine monetary policy using algorithm and artificial intelligence. And I think that time we can check with the AI experts, of course, but I don't think that that time has come yet. When you look at again the forecast, and I understand you're not focused on the market, but if the markets prices that are not focused, we look at them, we look at what they say. We are attentive, but everyone has their job and we cannot, you know, sort of second guess what they will think that we are thinking that they are second guessing. I mean, it's it's a catch twenty two job, right, But if the market is too optimistic about cuts, does it actually hurt and not help the fight against inflation by doing that? I was going to ask you that, So it makes sure your job harder if if they're actually mispricing what you're trying to tell them, it is not helping a fight against inflation. If if the anticipation is such that you know, they are way too high compared with what's likely to happen. Is it too early to cry victory against inflation? How do you see it behaving? We are on the on the right path, We are directionally towards the two percent. But unless and until we are confident that it is sustainably at two percent medium term and we have the data to you know, support it, I'm not going to shout victory. No, not yet. How much is the inflation reduction thanks to your monetary power and how much of it is like, No, I wouldn't call it luck. I think two factors have played a critical role, and it's the decline in energy prices that we have observed. You know, energy prices pushed prices up massively, and energy prices decline of course has a similar impact. So that's number one. Number two the bottlenecks that we have observed as a result of COVID in particular, and which lasted quite a lot of quite a long time, has gradually faded out, and that also had an impact, you know, more supply, more availability of goods. Second factor. The third factor is monetary policy, and it's undoubtedly been effective, if only to anchor inflation expectations, which we know is really important. So it has had an impact on inflation itself, but it has definitely had an impact on inflation expectations, which by all accounts and all surveys and all measurements have come down and are really now broadly onto that two percent medium term target that we have. I know it's obsessive two percent medium term targets, but yeah, that's what it is. Yeah, but at least it's auld guide the markets, right, I mean, it's good to be upsetsed. Well, if they don't know that that's what we are aiming for, then they need to have the head examined, that's for sure. And then again talk to me a little bit about wage bargaining. So again is that going to be on the upside and could that change you know, the timing of a possible work. Well, I'm glad you mentioned wages in general, wage bargaining in particular, and I'll go to that, but I want to tell you that there are three things that I'm watching carefully. Wage bargainings, profit margins, energy prices, and hopefully not but the coming back of supply bottom Miex. Those are four key components which could have a serious impact on the work that we're doing against inflation. But back to your wage question. Wages have gone up, but relatively slowly, so in prices have gone up earlier and faster than wages, so we are now facing a moment of not only some degree of alignment, but catch up as well. So employees have lost purchasing power in the course of twenty one twenty two, and there is now a catch up effect in the bargaining discussions that are taking place. We will know a lot more, probably in April May, because the numbers the bargaining agreements are being negotiated in the first quarter of every year, and the results come in after the agreements have been closed, so that gives us indication that we can corroborate and verify in the late spring, I would say of of twenty four, that will be a strong indication our wages slowly catching up, and that catch up process will take place over the course of two or three years possibly, or is there a very strong catch up coupled with an alignment with inflation, which would give me concern because while we're not seeing today's second round effect, that could be the result of this sort of twofold process. Are you confident there will be a cut this year in interest rates? Confident? I'm confident that short off another major shock, we have reach reached a peak. Okay, Now we have to stay restrictive for as long as necessary to make sure that we get to that state where we're all saying, okay, confident that it is at two percent medium term. I know some people argue that maybe we are overshooting, maybe we're taking risks. I think the risk would be worse if we went too fast and had to come back to more tightening, because we would have wasted all the efforts that everybody has put in the last fifteen months. The US election, Yeah, let me have some coffee. How arid are you about the US election? It's for the American people to decide what they want with their politics, with their government. With their future. But obviously we are all concerned about it because the United States is the largest economy, the largest defense country in the world, and has been a beacon of democracy with all its upside and downside. But this is what they should be considering, and of course we cannot interfere with their choice. It's their choice and that's the beauty of democracy. But we have to be extremely attentive and anticipate, just as we do with inflation. You know, we do scenarios. What if, what if? Then what do we do? Because that's the real question. And you know where I sit now in Frankfurt, head of the ECB, I think that we have to be strong as Europeans and not assume that we can rely on whoever our friends are around the world, because these things change over the course of time, as we have seen. So what if Donald Trump gets into the White House, what are some of the policies that europe could be put in place to not be cut also between China and the US with Donald Trump and the White House. Well, for one, it has to be strong of its own and if I look at my own shop, because it matters to monetary policy transmission, I think that and you will hear that from others. We have to accelerate capital market union. We need financing in Europe. There is a lot of saving in Europe, and we have to make sure that those savings actually stay here to finance what needs to be financed, which is predominantly the climate transition, which is digitalization, which is enough industrialization conducted with a targeted approach so that we can on the key in the key areas be self sufficient. Are there policies that you would put in place now for Europe to I guess counter the US exceptionalism, which you know could be questioned going forward. I think I would accelerate many of the initiatives that have been taken, and I would encourage European leaders to put aside a little bit they respective idiosyncraty idiosyncratic differences to be more together because you know, it's a question of off size and scale, and Europe is a very large market, has a very sizable population, has capacity to innovate, has financing. It has to you know, be a little bit more cohesive together and forward looking. This is Bloomberg Daybreak today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street Time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, SERIUSXM, the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak and beSee omnystudio.com/listener for privacy information.
On today's podcast: 1) President Joe Biden faces the biggest test yet of his ability to avert a wider war in the Middle East following US-led air strikes against Houthi rebels in Yemen aimed at halting their campaign of attacks on shipping traffic in the Red Sea. 2) After a rally in global bank stocks at year-end, the largest US banks need to show results that support their improved valuations. 3) After years of anticipation, the first US exchange-traded funds that invest directly in the biggest cryptocurrency have begun trading. Billions of dollars changed hands Thursday and the token briefly surged past $49,000 following the US Securities and Exchange Commission decision to grant them approval after markets closed on Wednesday. Full Transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. Oil is surging this morning. It's up about three percent, trading at seventy four dollars twenty three cents for a barrel of West Texas Intermediate. That's after the US and Allies launched more than sixty air strikes overnight on Houthy targets in Yemen. They're trying to stop the Iran back groups shipping attacks in the Red Sea. Bloomberg's Nick Watams has more on the challenges ahead for the White House. The challenge for Joe Biden is he said, they wanted to deter the Uthies, but they also don't want to ignite a wider war. And the question is whether the Huties will stand down let's see if somewhat unlikely, or use this as a rallying cry told me, pursue their aims both against Israel and CEC's firing Gaza and against the United States in the Dallies. Bloomberg's Nick Watams reporting the Hoothie say the attacks killed five of their members and wounded six others, and they are promising the strikes will not go unanswered. Well back here in the US, Nathan, closing arguments have been delivered and now oh, we wait for the judge's decision. And then. A New York civil fraud trial of former President Donald Trump and Bloomberg's Amy Morris reports New York Attorney General Letitia James is seeking three hundred and seventy million dollars in fines and to bar Trump from the New York real estate industry. No matter how powerful you are, no no matter how rich you are, that no one is above the law. Appeals are likely, but this case could end Donald Trump's role in New York real estate for good. Trump spoke out in court attacking the judge overseeing the case and Attorney General James. Later, he gave a press conference outside the courtroom. He's a political hack, the attorney general. The judge is obviously extremely friendly with the group the Attorney General's office, as Trump orchestrated a sweeping fraud in which he inflated his net worth to obtain favorable loans. The judge expects to rule by January thirty first, Amy Morris, Bloomberg Radio, Okaymie, thank you. Meanwhile, President Biden's son Hunter May face a trial of his own this summer, right in the middle of his father's reelection care campaign. Hunter Biden has pleaded not guilty to charges that he failed to pay taxes on millions of dollars in foreign business income that followed the collapse of a plea deal last year. The judge in Los Angeles says he's considering a June twentieth trial date. Well. Turning to the markets now, Nathan, we continue to watch bitcoin. Following yesterday's historic Wall Street debut, the first US exchange traded funds investing directly in the largest digital currency finally went live, and we get the latest from Bloomberg's John Tucker, John and Karen. The batch of almost a dozen funds, including offerings from investment powerhouses black Rock and Fidelity Investments, got off to a strong start with two point three billion dollars exchanging hands the gray Scale Bitcoin Trust, so the largest ever first date turnover for an ETF. Gray Scale Investment CEO is Michael Sonenshein is just such a historic moment, in such a milestone, So thrilled, feeling really good today black Rock ice Hears Bitcoin Trust saw a billion dollars change hands that's the fifth largest ETF launch on record. Several firms turn to fee waivers in a bid to stand out, offering their ETFs for free for the first six or twelve months. One of the next stages of Wall Street adoption it's going to be when options tied to these ETFs are approved. A bitcoing this morning down about half a percent to about forty six thousand dollars. John Tucker, Bloomberg Radio, all right, John, thank you. Another focus for investors this morning turns to earnings, specifically bank earnings. With four of Wall Street's biggest reporting today, we get a preview from Bloomberg SHINELI, BASEK. Investors will be watching for what the cost base looks like. Has it gotten more expensive to operate and can they keep those costs in lines under further pressure on certain lines of revenue. Revenue might jump this year relative to last year for some of these banks. Investors will be watching for net interest income expectations at Bank of America, JP, Morgan Wells Fargo, and City Group as interest rates start to stabilize in twenty twenty four relative to the year before. Now, the question is who's the big winner and how many loans do Americans really need and how many of those loans start to go sour? Shanalie Basset, Bloomberg Radio, all right, Chanelle, thank you. On the economic front, we'll get another reading on inflation this morning. The Producer Price Index is forecast who have risen one tenth of one percent in December. The report comes a day after consumer prices rose more than expected. Cleveland Fed President Lorettamester says the latest data may put on top of a possible rate cut on hold. I think March is probably too early in my estimation for a rate decline because I think we need to see some more evidence. I think the December CPI report just shows there's more work to do. And Cleveland Fed President the Rettamester says the latest figures reinforce her view that policy is in a good position to assess incoming data on prices and employment and overseas, Karen Christine Leaguard says the European Central Bank will start lowering interest rates once it's convinced inflation's headed back to its two percent goal. Here's the ECB president speaking through an interpreter on French television. President, I cannot give you a date. But if we win this battle, if we reach the two percent inflation target as we're predicting twenty twenty five, and if it's confirmed by the data in the months to come, if this goes according to plan, and I'm being careful the way I say it, but I'm very confident, then the rates will start going down. And after Christine le Guard spoke money markets adjusted their rate cut bets. They now firmly favor six quarter percent reductions this year instead of five. Well, the UK economy saw a modest rebound in in November, Nathan, gross domestic product rows three tenths of a percent, bouncing back from a drop of the same scale in October. Economists had expected an increase of two tenths of a percent in saying in the UK Karen shares of Berbery are being taken to the cleaners. This morning, the trench code maker slashed its profit forecast due to a drop in sales in the key Christmas quarter. The one point, the shares were down fourteen percent. Now Burbery is lower by about seven percent. All right, Nathan, thank you. It's time now for a look at some of the other stories making news around the world, and for that. We're joined by Bloomberg's Amy Morris Samy, Good morning, Good morning, Karen. A polar vortex is about to unleash an Arctic blast across much of the US this weekend. Bloomberg meteorologist Rob Carolyn tracking the system. Wizard warnings are effective for parts of Iowa, Illinois, and southern Minnesota, while winter storm mornings are an effect for much of the western and central Great Lakes. Win advisories stretch from Texas into western New York and western New England. Floodwatchers are in effect from coastal portions of New England along the coast of New Jersey. Bloomberg Meteorologist Rob Carolyn, and the storm is going to bring with it bitter cold temperatures. On the day of the GOP Iowa Caucus, Florida Governor Ron de Santez is urging his supporters to brave the cold this coming Monday, So I'm asking you to go out there. I'm asking you to brave the elements. Former UN Ambassador NICKI Haley also acknowledged the coming bitter cold, asking for support at the polls. I'm going to be out there and i want you to go out there. Haley has topped Dissantis for the first time in the latest Iowa poll, but former President Donald Trump holds a dominant lead. Now that the Pentagon Inspector General is looking into the secret hospitalization of Defense Secretary Lloyd Austin, the administration is defending its procedures. Bloomberg's Nancy lions at the very latest, the Inspector General will be looking into the process that's being followed for tracking Secretary Austin. National Security Council spokesman John Kirby says there is already a check in every morning that is logged. We're not going to track the GPS coordinates on a somebody's mobile phone in the administration, and we're not going to plan a microchip in their neck like their appoodle. They check in every day and we know where they are. Kirby admits the White House does need to know if a cabinet official becomes hospitalized or needs to delegate his or her authority. In Washington, Nancy lyons Bloomberg Radio. The International Court of Justice is hearing South Africa's case accusing Israel of genocide in its war in Gaza. Francis Boyce is Professor of international law at the University of Illinois and is a legal advisor to the State of Palestine. South Africa presented a solid case. I predict South Africa will win in order against Israel to cease and desist from committing all acts of genocide against the Palestinians. Israel is set to present its case today. Global news twenty four hours a day and whenever you want it with Bloomberg News Now, I maybe Morris in this is Bloomberg caron. All right, Ami, thank you. What we do bring you news throughout the day right here on Bloomberg Radio. But now you can get the latest news on demand, and that means whenever you want it. Just subscribe to Bloomberg News Now to get the latest headlines if the click of a button, get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com plus Apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update. Here's John Stashaur, John Karen What a while twenty four hours of football coaching departures first, Pete Carroll in Seattle followed quickly by Nick Saban and Alabama, and then yesterday morning, Bill Belichick in New England. Between the three, they held their most current positions for total of fifty five years. Saban and Belichick are close friends. In the nineteen nineties in Cleveland, Saban was Belichick's assistant. When Belichick became Patriots coach, he replaced Carol, and in nineteen eighty Carol left his job as defensive back coach at Ohio State and was replaced by Saban. NFL playoffs begain tomorrow Wildcard round with Cleveland at Euston, the Browns quarterback by thirty eight year old Joe Flacco, the Texans by twenty two year old CJ. Straud, and then, in what's expected to be a fringid cold night in Kansas City, it's the Chiefs against the Dolphins tripleheader on Sunday, and then on Monday, Philadelphia plays at Tampa Bay. The Celtics went to Milwaukee, top two teams in the East. It was all Bucks up seventy five to thirty eight at halftime. Milwaukee won one thirty five to one oh two, now twenty six and twelve on the seas in while the Celts dropped to twenty nine to nine. Talk about a blowout. It was Oklahoma City one thirty nine and Portland seventy seven, so the thunder one by sixty two. There was a game in Paris. Cleveland got forty five points from Donovan Mitchell Breet Brooklyn one eleven to one O two. John stansh Eward Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias exam the Bloomberg Business Appen Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. The risk of a wider war in the Middle East is in focus. The US and UK launched dozens of air strikes overnight against Hoothy militants in Yemen. This follows weeks of attacks on red Sea shipping that the Houthis have pledged to contin you until Israel stops the fighting against Hamas in Gaza. For the latest were joined by Rosalind mathieson our Europe, Middle East and Africa news director for Bloomberg News. Ros thanks for being with us once again. Now the Houthis are saying that these new air strikes will not go unanswered. They say, several of their members have been killed. What is the risk of a wider war at this point, well, that is the big question in the aftermath of this. The US had been saying for some days unless the Houthis stopped their attacks on shipping in the Red Sea, that there would be quoite consequences. So in a way they were compelled to do something, and these were very tactical, surgical strikes. The Houthis are saying that the death toll was five on their end and fairly small, and that these stripes were very well telegraphed also, which allowed them to clear out of some of their bases. So it does seem the objective was to make a point to the Huthies without escalating, and the Hoothy's feeling they need to take massive retaliation, or more importantly, their big backers Iran feeling they need to take some kind of retaliatory action. So it seems to have been sort of a calibrated response by the US and the UK, and there are other partners overnight. Of course, it does come though at a time of high tension in the region. You've got the war between Israel and Hamas and Gaza still going on. You've got this disruption to shipping in the area. You've got Hesblah occasionally having rocket exchanges with Israel from Lebanon in the north, and so there's a lot going on at the moment and a high tension environment. And so the question is at what point, if any, do some of these Iranian proxies tip things over into a full scale conflict. At least we can The initial interpretation from these air strikes overnight is that it's not designed to do that. We do have not just the Houthis backed by Iran, but Hesbolah backed by Iran that's been engaged in cross border skirmishes with Israel for months now as well. We are seeing this jump in oil prices. You have to wonder, when we're seeing the possibility of multiple fronts opening up in this war, whether we could see even further risk premium placed on commodities. It was interesting because the main move overnight was in oil and it moved up about two percent or so, but other sort of major assets were fairly calm in the face of this, because again it had been well telegraphed and right now the main thing is that even though there are these disruptions to shipping and there are concerns, particularly about what Iran might do next, supply has not been massively impacted. And it comes at a time, of course, where there are sort of question's over demand at the other end, and so you're not really seeing this long sort of running premium come into either oil or gas. What you are seeing is disruption to supply chains that may escalate and that may start to affect more companies who need to have their parts or products shipped through that part of the world, and that could be a real issue if the Suez Canal comes into the mix further. But it's interesting to not see a massive move so far in oil or gas in recent weeks and even overnight, and that is a signal that the market really seems to think that supply is not currently at risk. In terms of trying to tampen down the tensions in the region, what's the balance that the Biden administration is trying to strike here when we are starting to see these attacks take place, just after Secretary of State Anthony Blinkn had been back in the region trying to urge Israel to lower the temperature with hummies. Well, that's right. He just wrapped up his latest trip, which was his fourth I thinking in quick succession, and he toured the region and he visited a lot of countries to get their sense of things, and then ended up in Israel at the end. But his message has been about ensuring that this doesn't spill over into a broader crisis, messaging quite strongly with a run on that front, but also trying to press Israel to de escalate its conflict on the ground in Gaza, and so far the signs are that Israel's not particularly interested in doing that. They say that their ultimate goal remains the same, which is to make sure that Hamas can never again attack them in the way that they did back in October, and there's work still to be done there. So it seems as though the US is not having massive success getting Israel to listen to them on that front. In Israel says their war in Gaza is likely to go on at least for some months yet, and then the big question about what happens in Gaza obviously when the fighting stops. And so even though Blinken in his trip and other USE officials are sort of touting the desire of everybody to find some stability in all of this. You wouldn't really think that he came away from his latest trip with much to show for it. This is Bloomberg Daybreak Today, your morning brief on the story's making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine one in Washington, Bloomberg one oh sixty one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, SERIUSXM, the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day, right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) US regulators for the first time approved exchange-traded funds that invest directly in Bitcoin, a move heralded as a landmark event for the roughly $1.7 trillion digital-asset sector that will broaden access to the largest cryptocurrency on Wall Street and beyond. 2) A monthly report on US consumer prices due Thursday will probably show another soft inflation reading thanks in part to more declines in the goods sector, according to Bloomberg Economics. 3) Nikki Haley and Ron DeSantis immediately went on the attack in the final Republican debate before the Iowa caucuses, relentlessly accusing each other of lying and flip-flopping on issues. 4) The judge overseeing New York's $370 million civil fraud trial against Donald Trump derailed the former president's plan to make a statement during closing arguments in the case Thursday, citing Trump's refusal to agree to standard court rules about what he can and cannot say. Full transcript: Good morning. I'm John Tucker and I'm Karen Moscow. Here are the stories we're following today. Bitcoin is trading up seven tenths of a percent to around forty six two hundred and forty dollars. This comes after US regulators for the first time approved exchange traded funds that invest directly in bitcoin. It's a move heralded as a landmark event for the roughly one point seven trillion dollar asset sector, and Bloomberg Crypto editor Anna Aurera says it will broaden access to the largest cryptocurrency the hope. Bitcoin proponents and sort of crypto proponents think it's a big deal because it sort of gives easier access to mainstream investors to investing in crypto. One of the big issues with cryptocurrencies is that you need to self custody it, and that that's exposed is used to hacks and people just stealing your asset. In this case, you would have a custodian like coinbase sort of people that do it professionally holding the underlying bitcoin, and you're just buying shares in it. Bloomberg Santa Rara says the sec authorized funds from industry heavyweights black Rock and Vasco and Fidelity to smaller competitors including Valkyrie, to begin trading today. Well, John, reaction is pouring in after the approval of the bitcoin ETF and we come up with SEC Commissioner hester Purse. I'm delighted that we're at the end of this saga. I know there's still there's still u there's still pieces of it to go, but I think this is a big milestone. The decision by hester Perse and the SEC comes a day after a false post on the SEC's x account claiming that the agency had approved the ETFs. The regulator subsequently said that the account had been compromised and OARC Investment Management. Kathy Woods says the approval of the spot bitcoin ETF will be a price moving event long term. She spoke with Bloomberg's Carol Masser after the SEC decision. I was speaking to Eric belchunis her colleague, and according to his estimates, there's there's four billion dollars waiting, you know, in the wings. And I said to him, well, from your lips to God's ears, that would be amazing. Kathy would also slam the SEC Cherry Gary Gensler. She says Gensler denigrated the whole cryptospace by reiterating the agency does not endorse digital assets. Well, we want to turn to the economy now, John, and Wall Street is bracing for the latest inflation report. Economists are forecasting consumer prices rose two tenths of a percent in December. Let me get a preview from Bloomberg's Michael McKee. The question going into the CPI report is who will care? The Fed is already locked into no change at the January thirty first meeting, so and as expected number won't affect the Central Bank's decision. It's the bond market that matters, at least in the short run. Headline inflation is expected to rise a base effect because inflation printed negative in December of twenty twenty two, but core inflation is forecast to keep falling. That's what the Fed wants to see. Michael McKee, Bloomberg Radio. All right, thanks Mike. The ahead of the New York Federal reserves as the interustrates are now high enough to bring down inflation. But John Williams also suggest that policy makers need more evidence that price rises are slowing before they start easing. My base case is that the current restrictor stance in Monte policy will continue to restore balance and bring inflation back to our two percent longer run goal. I'll expect that we will need to maintain a restricted stance of policy for some time to fully achieve our goals, and it will only be appropriate to dial back the degree of policy restraint when we're confident that inflation is moving towards toward two percent on a sustained basis, as New York Fed President John Williams, adding that any rate cuts would be dependent on the path of inflation and the economy. Turning to politics, the gloves were off during last night's Republican debate in Des Moines, Iowa, between Nicky Haley and Ronda Santis. During the debate on CNN, Hailey accused of Santus of mismanaging his campaign. He has blown through one hundred and fifty million dollars. I do know how you do that through his campaign. He has nothing to show for it. He spent more money on private planes than he has on commercials trying to get islands to vote for him. If you can't manage a campaign, how are you going to manage a country? Disantus accused Haley of making misleading statements about her record as governor. That word salad is the problem. Governor says he's always supported school choice and she failed to deliver. She blames other people. Leadership is about getting things done, stop making expect disantisin. Haley also talked about the border Ukraine, aid and abortion, and two people absent from the debate, Donald Trump and Chris Christie, the former New Jersey given or Chris Christie suspending his Republican presidential bid yesterday. From the moment I got into the race, the decision that I made was really simple. I would rather lose by telling the truth then lie in order to win. Christy also said he was going to make sure that he does not enable Donald Trump to ever be president of the U the United States again. Meanwhile, John Trump did not appear at the debate because he was at a nearby town hall. Today, the GOP front runner set to make an appearance in New York at the civil far on trial against him and Bloomberg's Amy Morris hands the latest. Today's hearing will cap a eleven week long trial in which New York Attorney General Letitia James seeks to ban Trump from the real estate industry within the state. Trump wants to deliver a personal statement while in court his own closing argument, but would not agree to the limits the judge said on what he could say, so he won't be allowed, just as Arthur Engern had already held Trump liable for fraud and is expected to deliver a verdict in coming weeks now. In addition to this case, Trump also faces five other trials, including a defamation suit in less than a week. Amy Morris Bloomberg Radio Time Now for a look at some of the other stories making news around the world, and for that were joined by Bloomberg's Amy Morris Amy Good Morning, Good Morning. Care and Transportation Secretary Pete Buddhajet says Boeing's tax nine airplanes airplanes rather, will remain grounded until regulators say that they are safe to fly. That dashes hopes for a quick return to the skies. Our concern and our fidelity is not to the success of any company. It is to the safety of the traveling public. Secretary Buddha judge did not specify how long it could take, but says the process will not be rushed. He adds Boeing has to demonstrate that every planet delivers to airlines is one hundred percent safe. President Biden's son is scheduled to appear in federal court today in Los Angeles on tax charges. Today's hearing will be an arraignment for Hunter Biden, who was accused of choosing not to pay more than a million dollars in taxes and evading other taxes. House Republicans yesterday conducted a hearing to hold Biden in contempt of Congress for defying a subpoena to sit for a closed door deposition, but Hunter Biden made a surprise visit and said he would only testify in a public forum. Biden's attorney, Abby Lowell Hunter chows a hearing we're Republicans or could not distort, manipulate, or misuse that testimony. And Republicans have tried to tie Hunter Biden's business dealings to his father, but acknowledge they have found no concrete evidence of wrongdoing. And former President Donald Trump is staying quiet on who his choice for a vice president might be. Well, I can't tell you that, really, I mean, I know who it's going to be. Give us a hint. I'll give you. We'll do another show sometime. During last night's Fox Newstown Hall event, Trump said he's open to his vice presidential choice being someone who's currently competing against him for the GOP nomination. Experts who identify and manage global risks say there is a high chance of a global catastrophe happening within a decade. The World Economic Forum survey shows nearly two thirds of respondents expect the higher chance of disaster in the next ten years. About thirty percent expect the same in the next two years. The report sites risks from misinformation, a potential recession, and extreme weather events, and a record number of Americans are signed up for the Affordable Care Act. This year, the Biden administration announced more than twenty million people signed up for health insurance plans under ACA, beating last year's record of sixteen million, and that number is likely to increase as Americans have until January seventeenth to enroll Global News twenty four hours a day and whenever you want with Bloomberg News. Now I may me Morris and this is Bloomberg Karen we Amy. Thank you what we do bring you news throughout the day here on Bloomberg Radio. But now you can get the latest news on demand, and that means whenever you want it. You can just subscribe to Bloomberg and News Now to get the latest headline to the click of a button. You can get informed on your schedule. You can listen and subscribe to Bloomberg and News Now on the Bloomberg Business Now, Bloomberg dot com plus Apples, Spotify, and anywhere else you get your podcasts. And it's time now for the Bloomberg Sports Update. Here's John stash Hour John Ken. To truly appreciate what Nick Saban accomplished as the football coach at Alabama, you have to look at where the program was before he got there. They had a couple of seasons with only four wins, another with three, and he only won seven in his first season on the job. But in his next sixteen years, Saban won one hundred and ninety nine games and lost only twenty three. He won six national championships in a twelve year span, and when you throw in that he also won one at LSU. Saban has to be considered one of the greatest coaches, if not the greatest, in college football history. He's retiring at the age of seventy two. Still at the top of his game. Alabama nearly beat the eventual national champion Michigan in the College Football Playoffs semifinals. Pete Carroll also seventy two years old. He's no longer the coach of the Seahawks. He was great at USC went to Seattle and in fourteen years got the Seahawks to the playoffs nine times, won a Super Bowl. He won fifty one more games than any other coach that the Seahawks have ever had. And now seven NFL teams are looking for a new coach, so that doesn't count. In New England, where seventy one year old Bill Belichick is expected to de park Kawhi Leonard a new deal with the Clippers. He would have been a free agent after the season. It's a three year extension. Ought to make a little under the Supermax Clippers. One last night so to the Celtics in overtime over Minnesota. Boston now eighteen and zero at home, the Wizards dropped to six and thirty one. They lost that Indiana. John stash Aller Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on sirisxam the Bloomberg Business app in Bloomberg dot com. This is Bloomberg Daybreak. Good morning, I'm John Tucker. We want to continue our coverage of the SEC authorization of bitcoin spot ETFs and what the breakthrough means for the broader crypto space. Yesterday, Archie Investment CEO Kathy Wood, longtime Bitchi Bull, joined Bloomberg BusinessWeek host Carol for a conversation on Bloomberg Radio and the platform X discussing the SEC decision and what it means for bitcoin and other digital assets, and the statement afterwards from the SEC Commissioner, Gary Gensler. Let's bring you part of that discussion right now. When you're talking about institutions that you know have been very fearful of this space because of Gary Gensler, and you know all of the drama, I think they're going to tread lightly. I don't know if you saw, but Gary Gensler put out a piece today right as we're about to go effective, and I'm sure we all went effective roughly around the same time, and he just denigrated the whole crypto space, and I was just like, I couldn't believe it. So anyway, it's with that kind of trepidation that institutions are going to have to you know, work through and do all of their due diligence. However, I do think that a lot of investors have considered, you know, have been curious. And you'll see we've been from a marketing campaign. We've been using this tagline, aren't you a bit curious? There are so many people who are curious out there. Of course, a lot of our existing clients know all about bitcoin because we have owned it since twenty fifteen, but there are a lot of people who really have a hunger to know, and we can see that as more and more people read our research, tune into our Bitcoin Brainstorm that we do with Rod and Bitcoin Park in Nashville, Tennessee, read our bitcoin monthlies and you know, read all we have to say about crypto and blogs and in our brainstorm summary. So you know, we are getting all the curiosity. I think that's why we started. So we know a lot of people are waiting and believe it or not, Carol, the curious extend to state pension funds and state treasurers we're talking to, So it's a really broad swap. Well, catch people and I do wonder what you think success will be out of the gate in terms of investment flows. What's your hope, what's your goal or estimate in terms of bringing investors into the fund. Well, it's very interesting. I was we were I was speaking to Eric Beltunis, her colleague, and according to his estimates, there's there's four billion dollars waiting, you know, in the wings. And I said to him, well, from your lips to God's ears, that would be amazing. And you know, we hope we get our fair share of it. I mean, we've certainly, we've certainly done a lot to educate the community, and we experience a lot of gratitude for that too, from from from the innovation communities, including the bitcoin community, but also from the financial community, those who really are trying to find the next big idea. And can I ask you, as you mentioned SEC chair Gary Gensler at the top, and as the headlines crossed the Bloomberg that he the SEC approved all of those proposals for the spoppy coin ets yours included, along with everyone else the eleven. He also said investors should be cautious on crypto. He said SEC's action doesn't imply approval of crypto exchanges. And if you look at all the SEC filings yours included, there's a long list of concerns that there's This is still kind of a new concept and new idea. The old guard, you know, basically throw out there all kinds of risks and you know, some people call it fear uncertainty and doubt. It happens every time, Carol, And I'm not saying it's a bad thing for people to really do their homework. They should do their homework, they should understand the risks. But this is par for the course in disruptive innovation, you know, Everett. And thank you, Carol. You gave us our first interview twenty fifteen when we were barely off the ground. You believed in us back then. And at the time, you remember, we were talking about Tesla, So fear uncertainty and doubt, not even about autonomous which is the next set of fears, but about evs and wouldn't traditional auto manufacturers absolutely choked them to death. This is completely new DNA, and so it's the old DNA as the old car companies were the old DNA, you know, basically bashing the old new DNA. That was Arnick Advesce with Kathy Wood speaking with our Carol Master on Bloomberg Radio and the social media platform x and we continue our coverage of the approval of the Bitcoin ETF with the SEC Commissioner Hester perse Jones are Kelly Lines and Joe Matthew on Bloomberg's Balance of Power to discuss the implications of the SEC's approval of the exchange traded funds that invests directly in bitcoin, as well as the future of crypto regulation and the sec x account hack. Let's go to part of that discussion. I'm delighted that we're at the end of this saga. I know there's still pieces of it to go, but I think this is a big milestone. Well it's a milestone certainly for these bitcoin products, but it also raises a question of what sort of precedent this sets. If you look at the statement from the chairman, Gary Ginsler, he was very specific that this is specific to these bitcoin products, which are non security commodities, and there's a question of what this could mean in the future for essentially everything else. Is that door completely closed? The chair is right to point out that this is specific to a particular set of products. But obviously precedent matters, and so you look at the reasoning and people will do this. They'll look at the reasoning in the in the order, and they'll seek to apply it to other facts and circumstances as appropriate. So I think the only thing I will say is that one of my complaints in this area has been that we haven't always stuck with precedent when when it comes to these kinds of exchange traded products. We haven't necessarily applied the same standards that we do with respect to to other kinds of exchange traded products. But it is a precedent people will point to. That's the question. Of course, we're all asking whether it opens the door for other ETFs backed by other cryptocurrencies. Commissioner, is that in our near future? Again, you know, every application has to be considered on its facts and circumstances. But I one of the things that I think that we have to acknowledge is that when we when we apply a particular rationale to one particular product, people will ask us to apply it to other products as well. What kind of fiduciary responsibilities are there for investment advisors for their clients before allowing them to put money into these products. It's like anything else. A fiduciary is supposed to look out for the interests of the investors that she's working with, and that means taking into account the specific circumstances of that investor, the risk tolerance, the other elements of that investor's portfolio, and so it's not a cookie cutter answer one way or the other. Fiduciaries are paid to make good decisions that are appropriate for that particular investor. There were a few moments yesterday when we thought this had been approved a day earlier Commissioner, as you well know, everything worked out with the Twitter account at the SEC. Well it is, I mean, as there was a statement I think that came out saying that we are going to be looking into this and working with law enforcement at the WORD to figure out how this happened, how yesterday's event happened, and I hope that we get to the bottom of it, and I hope that we're as transparent when we explain what happened as we expect the companies that we regulate to be when they experience a similar event. Well, that certainly has gotten the attention of many on Capitol Hill. Commissioner, there have been many Congressional Republicans who have made their opinions known about the SEC under this chair for some time now. I'd also point to a statement that we got out from that House Financial Services Committee after this. They maintain that will legislatition to provide clarity and certainty for digital assets remain necessary. The steps taken today are a significant improvement over what they call the SEC's track record of regulation by enforcement until that legislation exists. Even with these approvals aside, should we expect that regulation by enforcement to continue? Well, I haven't seen much progress on US as a regulator setting out clear rules of the road when it comes to crypto products and services, and I think that that's been a complaint that I've had, It's been a complaint that others have had. We could just as we changed our tune here, we could change our tune on that, and so I remain hopeful that we will. That said, Congress has expressed an interest in legislating in this area, and I look forward to seeing their work in this area. And they have a clear interest in figuring out which regulatory which regulators should have authority in this area, and I look forward to seeing what comes of that. There are also just questions around fraud and manipulation. The argument initially about what Chairgainstler was so concerned with about these products in the first place. Spot products specifically compared to futures. Obviously, a court has ruled that that distinction was arbitrary and capricious. But do you share any concern if people put out false information about a traditional security, a traditional company, the stock of that company can also the price can also move. So this is not unique to bitcoin or bitcoin exchange traded products. Obviously, we will continue to look at the markets and at the markets for these bitcoin exchange traded products specifically, and if there is bad activity and it's it's within the ETP marketplace, we have authority there to investigate and bring enforcement actions as needed. You're listening to Bloomberg Daybreak today, your morning brief the story's making news from Wall Street to Washington and beyond. Look for us on your podcast beet at six am Eastern each morning on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one O six one in Boston, and Bloomberg nine sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, serious XMVI iHeartRadio app, and on Bloomberg dot Com. I'm John Tucker and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
We explore airline mergers, COVID boosters, and the impact of generational wealth. We also discuss how loyal customers are to their favorite restaurants. Columnists FD Flam, Brooke Sutherland, Allison Schrager, and Bobby Ghosh join. Amy Morris hosts.See omnystudio.com/listener for privacy information.
On today's podcast: 1) A highly anticipated decision by the US Securities and Exchange Commission on whether to approve a spot-Bitcoin exchange-traded fund quickly morphed into a major cybersecurity incident on Tuesday. 2) Boeing Chief Executive Officer Dave Calhoun fought back tears as he said the planemaker must own up to its shortcomings as it grapples with a safety incident that has renewed questions over the quality of its manufacturing. 3) Donald Trump's claim that he is immune from prosecution was met with skepticism by a US appeals court panel, suggesting an uphill battle in his effort to avoid a criminal trial over his attempt to overturn the 2020 election in his final days as president. Full transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the drama surrounding the highly anticipated decision into the United States first exchange traded fund tied directly to bitcoin. We get the latest from Bloomberg's John Tucker. John, what's the latest, Nathan? You're going to add this to the long list of twists and turns in the ten plus year effort to bring a spot bitcoin to EDF to market. Somebody hacked the ex account of the Securities and Exchange Commission. It made a false posts the SEC had approved a Bitcoin ETF. The agency quickly denied any approval and said its ex account had been compromised. The false post on the SEC's X account was up for a number of minutes before the agency clarified it was inaccurate, But in that period Bitcoin posted a jump to almost forty eight thousand dollars before falling back to forty five thousand. About a dozen companies have applied to listingts back by bitcoin in the US. The SEC has until today to take action at least in one of those applications. I'm John Tucker, Bloomberg radio. All right, John, thank you well. Now we want to get the latest on the grounded Boeing seven thirty seven Max nine. The planemaker CEO Dave Calhoun says the company will have to face its own shortcomings as it deals with the door plug belowout on last week's Alaska Airlines flight. We're going to approach this number one acknowledging our mistake. We are going to approach it with one hundred percent in complete transparency every step of the way. We're going to work with the NTSB, who is investigating the accident itself, to find out what the weak cause is. I have a long experience with this group. They're as good as it gets. And Boeing CEO Dave Calhoun fought back tears as he addressed an all hands meeting on the incident. Alaska and United Airlines say they've discovered more Max nine jets with loose bulls after the FAA ordered the model grounded formally. Inspections still have not yet begun. All right, Keren, Well, let's turn to politics now. A federal appeals court appears skeptical of Donald Trump's claim that he's immune from prosecution on charges that he illegally tried to overturn the twenty twenty election. Bloomberg's Amy Morris reports from Washington. The former president was in the courtroom during the hearing when Appeals Court Judge Florence pen asked a Trump lawyer whether a president would be immune for having taken a bribe or ordering Seal Team six to murder a political rival. Trump's legal team responded that the president would have to be impeached and convicted first. At a press conference after the hearing, Trump said that denying him immunity would cause quote bedlam in the country. Trump is also expected to sit in on a hearing tomorrow in his civil fraud case in New York. In Washington, Amy Morris Bloomberg Radio, all right, Amy, thanks, so we're learning more about the hospitalization of Defense Secretary Lloyd Austin and the lapse in communication regarding his whereabouts. Austin had prostate cancer surgery on December twenty second, and was re admitted to the hospital on New Year's Day because of complications. National Security Council spokesperson John Kirby explained the timeline surrounding Austin's condition and when the president knew about it. He was not informed until last Friday that Secretary Austin was in the hospital. He was not informed until this morning that the root cause of that hospitalization was prostate cancer. National Security Council spokesperson John Kirby, the White House has announced a review of proto calls around Cabinet secretaries who are unreasonable or incapacitated. Well, another cabinet secretary, Secretary of State Anthony Blincoln, is still in the Middle East, Karen. He meets today with Palestinian President Mahmoud Abbas in Tel Aviv. Yesterday, Blincoln said Israel must stop undercutting Palestinian governance and rein in settler violence. Israel must stop taking steps that undercut Palestin's ability to govern themselves effectively extrame the settler violence carried out with impunity. Settlement expansion, demolitions, evictions all make it harder, not easier, for Israel to achieve lasting piece and a Secretary blinkn has met with the leaders of Saudi Arabia, Jordan, Cattter, the United Arab Emirates, and Turkey during his latest Middle East trip. Well, Nathan, we want to get back to the markets and update you on a story we told you about yesterday, It is now official. Hewlett Packard Enterprise has agreed to buy Juniper Networks for fourteen billion dollars. The maker of data center hardware will pay forty dollars to share in cash for Juniper. That price represents more than half of HPE's twenty one billion dollar market value and a thirty two percent premium over Juniper's closing price before talks of a deal emerged. Sticking with the tech theme, Karen Ces the Consumer Technology Association's annual trade show of all Things Tech is underway in Las Vegas, and Bloomberg Technology reporter Ed Ludlow is covering the show for US Day one at cs Las Vegas. The theme is definitely AI everything. Take, for example, Walmart, a big box retailer, but putting a lot of emphasis on a new generative AI search tool in the Walmart app on iOS only. Instead of searching for a specific item, the generative AI search allows you to look for an event or a theme. Then there's a kind of mainstay announcement. What was interesting is Google and Amazon both went after Apple's airplay, So in Google's case, they're working on the ability to cast video from an Android smartphone to a TV. Amazon actually want to step further. They developed technology where you can stream video from either an Android phone or an iOS or iPhone to Amazon's own TV hardware. Ed Ludlow for Bloomberg News in Las Vegas, Nevada. All right, Ed, thank you well. I did mention Amazon and they are also making news this morning at a different front. Bloomberg News has learned Amazon's live streaming site Twitch is poised to get thirty five percent of its staff, and that's about five hundred workers. Time now for a look at some of the other stories making news around the world, and for that we're joined by Bloomberg's Amy Morris Samy. Good morning, Good morning, Kieren. More than forty states are under blizzard, wind, snow or flood alerts. Winter storms continue to blanket the country. Bloomberg meteorologist Robed Carolyn significant storm system that spent the last twenty four hours wreaking havoc from the Great Lakes to the Gulf Coast. Now lifting out of the northeast. The worst of the weather of this morning across eastern portions of New England, but we'll still see snow on the backside of the system from Michigan into parts of the Ohio and Tennessee River valleys. Scattered showers are possible over Virginia and the Carolinas. The heavy rain, though in north in New England, should end, as should the snow, but windy conditions will continue from the mid Atlantic into the Northeast today. Bloomberg Meteorologist Rob Carolyn said at Republican leaders say Congress, we'll need another temporary spending measure to avoid a partial government shut down in ten days. How's Republican Matt Rosendale of Montana tells ABC he does not support the bipartisan compromise on spending. Cast we're still looking at about one point six trillion dollars spend in discretionary spending, and we're going to be holding a press conference with members of the House and Senate saying that we are more concerned with securing our southern border and making sure that that is taken care of than we are in writing another check to Joe Biden to continue his agenda, and the Senate Republican John Thune says they will need a stopgap measure to march. Minority leader Mitch McConnell acknowledged there's just not enough time to resolve lingering spending differences before the deadline. We need to prevent a government shutdown, and so the obvious question is how long does the cr need to be And that'll be up to the Majority leader and the Speaker to determine the links at how Speaker Mike Johnson has said he will not bring a continuing resolution to the floor for a vote. Vice President Kamala Harris was back in Atlanta for a roundtable discussion on protecting voting rights. We have seen in the state of Georgia by example of what is happening in the country, anti voter law laws that have limited dropboxes made it illegal to even provide food and water to people standing in line, often for hours. Vice President Harris met with city and state leaders near the Georgia Tech Campus. Global news twenty four hours a day and whenever you want it with Bloomberg News. Now I Amy Morris in this is Bloomberg Karen, all right, Amy, thank you well. We do bring you news throughout the day right here on Bloomberg Radio, much as Amy said, but now also as she said, you can get the latest news on demand whenever you want it. You just subscribe to Bloomberg News Now to get the latest headlines of the click of a button, you can get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot com plus Apple, Spotify, and anywhere else you get your podcasts. Well, and it's time now for the Bloomberg Sports Update. Here's John stash Hour John Karn. Just two years ago, Mike Rabel was the NFL the year he coached the Tennessee Titans to the AFC Championship game back in twenty nineteen. But after four straight winning seasons, two seasons under five hundred six to eleven, this past year and the Titans have fired dray Ball, and that immediately begins seculation that he could become the new coach of the New England Patriots, assuming Bill Belichick departs. Raybell played for the Patriots for eight years, won three Super Bowls. The biggest underdog of Wildcard Weekend the Pittsburgh Steelers. They have to go play red hot Buffalo, and the Steelers won't have their best defensive player, TJ Wantt out with a knee injury. Mason Rudolph will be their quarterback, and he was the third string QB for much of this season. Tyrese Haliburton has the strained hamstring injury, but it could have been worse. He's gonna miss only a couple of weeks. Haliburton averaging twenty four points the game. He leads the NBA in assists. The next have won five straight since they made that trade with Toronto. They blew out Portland. The Lakers top Toronto by one. Anthony Davis scored forty one. Memphis just lost John Moran for the season, but had to win at Dallas's Desmond Main score thirty two. Minnesota improving to twenty six and ten with a win in Orlando, Detroit falling to three and thirty four. The Pistons blown out by Sacramento. Perdue, number one in the college basketball lost at Nebraska Huskers, beating number one for the first time in forty one years, and second rank Houston, who was undefeated, was upset by Iowa State. John Stanshower Bloomberg sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Sirius exam. The Bloomberg Business app in Bloomberg dot com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. As we still wait for a decision from the Securities at Exchange Commission on approvals for the first spot bitcoin ETFs. Investors briefly thought that decision was made yesterday, only to find out the SEC's social media had been hacked. New questions about security at the agency tasked with ensuring the security of your investments. Bloomberg's Crity Gupta is here with us now. To call this an embarrassment for the SEC seems like it might be understating things. Yeah, it's a really interesting and almost ironic situation that you see from the SEC and of course a lot of these bitcoin issuers, because at its core of the concern about this ETF was simply this idea that bitcoin is a very volatile asset. It's a decentralized asset, it's a hard to track asset, and that means that if you start to create a vehicle, in this case, an ETF that allows the masses and the general public easier access to this volatile cryptocurrency, basically, what might the repercussions of that be. Cybersecurity was one of them. Hacking was one of them. So it's only kind of ironic on a day where, or I guess the day before, where largely the expectation was that the SEC would actually give some sort of approval. That expectation also shared, by the way, by our Bloomberg Intelligence ETF team, that this is exactly how it all plays out on by the way, a social media platform owned by Elon Musk, who himself has been quite an advocate for the cryptocurrency, and he's also been at loggerheads with SEC chairman Gary Gensler in the past, not just about crypto but about his own trying to get Tesla to go private. We remember that four to twenty tweet a while back, and the history that Elon Musk has with the SEC. Yeah, and ironically, the SEC is now going to be investigating themselves for the idea of simply did the call kind of come from inside the house at the end of the day, because it's been investigated from the social media platform from ex's perspective about the actual hack itself, and it's been found out that it's actually wasn't a flaw in the platform itself. In fact, someone got a home hold of a number associated with the account. Because the account did have two factor verification, they were able to post something like this. But now there's a big question about whether that person or that individual or the organization was within the SEC. And for that ironically, again, the SEC now investigating themselves for market manipulation because it did move billions of dollars in cryptocurrency. Yeah, it's more than just an irony. It's raising a lot of questions about a security in and of itself within the SEC. Does this affect the timeline for whatever the SEC is going to decide about bigcoin ETFs to have this kind of hiccup, So the expectation is that it shouldn't affect the timeline. So by the end of today, basically we should get an actual decision by the SEC about whether they or not they approved or at least make a decision on at least one of the etf that a filed. Remember we have I believe six that are currently the attention is on. It could paved the way for plenty more after that, So it shouldn't change the timeline. If it does, however, it would be one to mark for the history books, because never in history of the SEC's approval process for ETF regardless of whether it's a Bitcoin ETF or just a different kind of asset class. Do they reject ETF this late in the process. And that's why you start to see a lot of the consensus again, including Bloomberg Intelligence saying that this ETF process for Bitcoin should be a no brainer simply because they wouldn't have let it get this far if approval wasn't in the cards. Is this going to raise questions about the approval process itself? To have this kind of question raised about what when the approval happened? After seeing that Errent tweet yesterday, I think it won't necessarily change the approval process because this was something that the SEC has been very outfront about, very transparent about about their concerns about Bitcoin in particular. I think it might create a little bit more of a hesitancy on the investor standpoint, because this was supposed to be the moment where you kind of let open the floodgates for a lot of people to get that easier access to cryptocurrency and more easily included in their portfolios. But that might now be met with a little bit more hesitancy because it reups, a lot of those issues of security, who's behind it, who's involved, and frankly, the fact that it is a decentralized currency and you can't track it, which is why it's so hard, even in this particular scenario to say who is behind this the cyber attack. This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one six one in Boston, and Bloomberg nineteen sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, Serriusxmbiheartradio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day, right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) Investigators probing the fuselage blowout on a Boeing Co. 737 Max 9 on Jan. 5 determined that the door plug moved upward before ejecting and that fittings holding the part in place came loose, as the two US carriers operating the now-grounded aircraft said their own maintenance checks uncovered loose bolts on the parked jets. 2) Donald Trump's lawyers will spar with federal prosecutors Tuesday in a high-stakes court battle to determine if he is immune from charges of trying to overturn the 2020 election because he was president at the time. 3) US lawmakers demanded answers from the Pentagon after Defense Secretary Lloyd Austin failed to notify the White House about his hospitalization for four days, saying they weren't satisfied with the explanation for his absence. 4) The White House's “work is not done” when it comes to lowering prices for American consumers according to the president's top economic advisor, Lael Brainard. That's despite the recent slowing of inflation that has seen the headline consumer price index fall to 0.1% in November. Full Transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the latest developments in the investigation into the door panel blowout on a Boeing seven thirty seven Max nine. Bloomberg's John Tucker is here with the latest, John and Nathan. More and more of the focus is turning to bolts and whether they were properly tightened, as the NTSB tries to find answers to how that unused door panel blew off that Alaska Airlines Boeing seven thirty seven Max nine over Portland. Another airline says it's found loose bolts. United confirms it found loose bolts after inspecting identical door plugs as the one that blew out on the Alaska plane. NTSB chairman Jennifer Hamendi, we are aware of the reports of that are coming back from the inspections from United and Alaska and Boeing. Our team is collecting that information and there will be some follow up from the inspections. It's unclear how many loose polts were found. The NTSB may now broaden the probe into other Max nine jets beyond the Alaska Airlines model on which the accident occurred. It intensified scrutiny of the manufacturing process at Bowling and its key supplier, Spirit Aerosystems, which makes the fuselage for the seven thirty seven Max. I'm John Tucker, Bloomberg Radio. All right, John, Thanks well. Another major story that we're following this morning involves a high stakes court hearing in Washington, d C. Lawyers for Donald Trumpell's spar with federal prosecutors over whether the former president is immuniform charges of trying to overturn the twenty twenty election results. Bloomberg's Amy Morris has more from Washington. Oral arguments are set for today before a three judge panel with the US Court of Appeals for the d C Circuit over whether Donald Trump is shielded from prosecution for his actions before and during the January sixth riot at the US Capitol. Now Trump said on social media he planned to attend, but he is not expected to address the court. The judges could hand down their ruling at any time after the hearing, and a ruling in favor of Trump could be a fatal blow to the Justice Department's efforts to try him. While either side has the right to appeal. Neither the full DC Court nor the US Supreme Court are required to take the case, so this Court's ruling could be the final word in Washington. Amy Morris Bloomberg Radio, Okay, Amy, thank you will staying in Washington. Bipartisan anger is building against Defense Secretary Lloyd Austin. We get that story from Bloomberg's Dan Schwartzman. Politicians on both sides of the isle are demanding answers as to why Defense Secretary Lloyd Austin failed to let anyone know he was hospitalized on New Year's Day. The retired general didn't even let the White House know he was at Walter Reed Medical Center for four days, depending on a day after that. Austin was hospitalized, but did not tell the White House, Congress, or even the deputy Defense Secretary for several days. Republican Senator Susan Collins Remaine says it's quote inexplicable that the Secretary's condition remains shrouded in secrecy, while Massachusetts Democrat Seth Mulden says this astounding that the president in Austin's own deputy did know he was in the hospital. According to White House spokesman John Kirkby President Biden has no plans to replace Austin. Dan Schwartzman Bloomberg Radio. All right, Dan, thanks now to the latest developments in the Middle East. Secretary of State Anthony Blncoln says, who the militants will face consequences if they continue to attack ships in the Red Sea, he told reporters, and more violence will be detrimental for the region. It's clearly not in the interest of anyone Israel Lebanon Hasbola for that matter, to see to see this escalator and to see an actual conflict, and the Israelis have been very clear with us that they want to find a diplomatic way for it. Secretary of State Anthony Blincn meets with Israel's leader Benjamin and Yahoo later today. Let's turn back to markets now, Karen, As you mentioned, futures are lower following yesterday's rally on Wall Street that saw the Nasdaq surge more than two percent. In Asia, the knee Can in Japan closed at its highest level in thirty four years. Me and mole Nathan. Former bond king Bill Gross is signaling he is now steering clear of treasuries in a post on x gros said ten year treasury yields at four percent are overvalued. Gross made millions late last year after a big bet the Fed would pivot toward interest rate cuts for twenty twenty four. Well Karen, the President's top economic advisor, says the White House's work is not done when it comes to lowering prices for American consumers. Lyyle Brainerd spoke with Joe Wisenthal and Tracy Alloway on the Bloomberg Godlots podcast. Some prices have not come down, and we're fighting pretty hard to get those prices to come down. One area that really is difficult for Americans is healthcare. White House Economic advisor Lyle Brainerd ads the administration will use its position to continue calling out corporations who aren't passing along cost savings to consumers. For the full conversation, download the latest edition of Bloomberg Odd Lots that's available everywhere you get your podcasts. And Shares of Nvidia closed at a record high. The company's chip technology dominates in data centers used to create artificial intelligence software where now in Nvidia's announced new products to help the personal computer industry lower consumers with AIPCS. Another chip maker in the spotlight this morning, Nathan Samsung Electronics has posted at six straight quarter of declining operating profit. The results underscore how demand for smartphones and the memory chips remained sluggish given economic uncertainty, and shares of Match are up more than eight percent in early trading. That says The Wall Street Journal reports Elliott Investment Management has built a stake of about a billion dollars in the dating app company. Time now for a look at some of the other stories making news around the world, and for that we're joined by Bloomberg's Amy Morris. Amy, Good morning, Good morning, Karen. Homeland Security Secretary Alejandro Orcis was an eagle pass taxes to meet with elected leaders and border patrol agents at the southern US border. Now, he says it's too early to tell if the significant drop in border crossings over the past week is related to the holiday season or stepped up enforcement operationations in Mexico. Our immigration system is outdated and broken and has been in need of reform for literally decades. On this, everyone agrees. Arizona Senator Kirsten Cinema, an independent who has been central in negotiations, says She's not sure whether text is going to be available, but she hopes there will be something to present this week. House Republicans are pushing to impeach may orc As Senate Republicans want him to help cut a border security deal. President Biden meanwhile moving to win back black voters. Bloomberg's Nancy Lyons has more on his trip to South Carolina. President Biden delivered remarks at Mother Emmanuel Ame Church in Charleston, South Carolina, where white supremacist killed nine people in twenty fifteen. Biden says, our country must deal with racism. It is a poison throughout our history. Driptest nation apart, says no place in America, not today tomorrow. Ever, Biden's favorability among black voters in seven swing states has slipped so seven percentage points since October to sixty one percent in December. That's according to a Bloomberg News Morning Consult poll in Washington. Nancy Lyons Bloomberg Radio. Now. Former President Trump wants his supporters to give him a definitive win in Iowa, even with a commanding, leaving the polls with less than a week before the caucuses. Trumps stressed turnout the people of this state are going to cast the most important vote of your entire lives. I believe that too very much. I used to say that twenty sixteen, and I believed it then, and now I believe this is even much more important. The Trump campaign believes a decisive Iowa victory would put pressure on his GOP rivals to drop out. Florida Governor Ron DeSantis and former South Carolina Governor Nikki Haley have failed to gain much significant ground in the Iowa polls against Trump. Next up New Hampshire January twenty third. That's where Nicki Haley has been gaining more momentum while still trailing Trump. Global news twenty four hours a day and whenever you want it with Bloomberg News Now. I Mamy Morris and this is Bloomberg Karen righting me. Thank you. We to bring you news throughout the day here on Bloomberg Radio. But now you can get the latest news on demand whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app Bloomberg dot Com plus Apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update. Here's John stash Hour John Karn. The Michigan Wolverines national champions in college footwall in Houston. They beat Washington thirty four to thirteen. It was a quick start for Michigan. First two possessions were both Donovan Edwards touchdown runs. They covered forty one and forty three yards. Michigan didn't get into the end zone again until the fourth quarter. Blake Korum scored capping a seventy one yard drive, and later Quorum scored again, coming after Mike Stanisil's eighty one yard interception return. Washington star quarterback Michael Pennix junior twenty seven of fifty one, did have two interceptions. Mission goes fifteen to zero, wins the national title for the first time since nineteen ninety seven, and the question now is if Jim Harbar returns as coach or heads back to the NFL. The Washington Commanders looking for a new coach after they had the second worst record in the NFL. They've got new ownership and Ron Rivera fired after four years on the job. Carolina Panthers already knew they were looking for a new coach now at GM as well as the Panthers fired to the manager Scott Fitterer. Celtics got forty points from Jalen Brown, but lost at Indiana one thirty three to one thirty one. The Pacers lost their star player Tyrese Haliburton a hamstring injury. He's headed for an MRI. John Moran is headed for a season ending shoulder surgery. Memphisis star guard was suspended for the first twenty five games of the season and ends up only playing nine games on the year. Wizard's thirtieth loss to the year beaten by Oklahoma City one thirty six to one twenty eight. The Bruins lost at Colorado four to three in a shootout. John Stash Edward Bloomberg sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Sirius, Exam, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager Boeing is working to get at seven thirty seven Max nine Jets back in the air after the FAA ordered them temporarily grounded following last week's door panel blowout. But the investigation into the cash cow for Boeing is finding more installation issues maybe than just the ones on that Alaska Airlines flight. For more, we're joined now by Bloomberg News Global Aviation head Benedict Campbell. Thanks for being here, Benedict. Get us caught up on the investigation so far. Good morning. So we heard from the NTSB again yesterday, the holding daily press briefings to give the latest update. And what we heard yesterday is that indeed they are still focused on this particular Alaska aircraft, but they've said that they might well be looking more deeply at other aircraft broadly, more broadly than just the seven three seven Max nine. Right now, the focus remains very much on that door panel, on that plug as they call it, that came flying out, and they're trying to determine what exactly caused that component to come loose. One thing that they did say was they are focused intensely on the bolts that are sort of a fixing that particular component. And speaking of bolts, we have heard from United Air and from Alaska that they've found some loose bolts on their aircraft, so obviously that's sort of the area around which the investigation is focused right now. How unusual is it to see these signs of improper tightening on an aircraft like this? Is this part of the reason why we're getting these suggestions that the investigation could go beyond the Max nine Absolutely, and this is obviously something you don't want to find on an aircraft. Is something that they have found, not just in this case, but also in previous sort of investigations where they looked at improper manufacturing. We had a misaligned drilling holes on some seven three sevens last year. Then we had some loose bolts in another part of a plane. So these defects appear to come up again and again. And you have to remember the Max, the seven three seven Max has a very sort of fragile reputation after these two crashes that happened almost five years ago. A lot of people still somewhat squeamish about that aircraft and an Abbus not Abbus Boeing have managed to repair that reputation, but somewhat fragilely. And the question now is will that pull them back into a hole. How can they emerge from that? Those are a lot of things they're trying to work through right now. Yeah, it raises the question about whether Boeing could be running into a crisis of confidence with flyers. Is that the concern for Boeing? That is very much the concern. I mean, we've seen the crisis of confidence on the side of the investors. If you look at what happened with the stock yesterday took a deep tumble. Spirit Aerosystems, that's the company that makes the fuselage for the seven three seven is by An is by far Boeing's most important supplier. They also dropped quite sharply yesterday. So there is a real crisis and confidence For the time being, it's the focus is very much sort of on the investor side, on the financial side. But if this spreads into a bigger crisis, say the flyers, the flying public, and then the customers ultimately, that will obviously be something very hard for Boeing to get back from. This had been the year, or supposed to be the year of the great comeback of Boeing. They've they've had a couple of difficult years, as I said, but they'd managed to get their manufacturing back in order, the orders and deliveries are back. They'd planned to really increase the output rate of the seven three seven. All of these things were sort of what lay ahead for them for this year, and right now it looks as if things will certainly low down for them quite a bit. The FAA, which is the regulator in the US, they're saying, not so fast. We want to make sure this plane is ready to fly again before we can unground it, and Boeing has to sort of comply with that. Is this something that could put the relationship between Boeing and Spirit Aerosystems in jeopardy? I mean, where could the blame potentially lie for this? Got about a minute left. It's a difficult relationship that these two companies have. Spirit used to be part of Boeing. Then it will spun out, but they're still very much sort of entwined and then locked in a slightly unhappy marriage here. They obviously Boeing needs to have very close quality controls at Spirit to make sure that the products that get shipped over to Boeing meet their standards, and that's something that hasn't always been the case in the past. So Boeing really needs to tighten the screws, as it were, on Spirit and make sure that they have the right people there, they have the right controls. There's new management at that company. Ultimately the buck stops with Boeing. They need to have the final sign off on the plane. You can blame Spirit and point your finger as much as you want at them, but the plane is ultimately sold by Boeing, so they need to make sure that the network is up to snuff. This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus listen coast to coast on the Bloomberg Business app, seriusxmb iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the new you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) US air-safety officials retrieved the fuselage panel that blew off during an Alaska Airlines flight on Jan. 5, as authorities begin piecing together evidence to learn what led to the sudden decompression on the almost-new Boeing Co. 737 Max 9 aircraft. 2) US congressional leaders announced a deal on a top-line spending level for the current fiscal year, lessening the chances of a partial government shutdown on Jan. 20. 3) The Pentagon's failure to notify President Joe Biden that his defense secretary had been hospitalized for four days was the result of a series of errors, including confusion over Lloyd Austin's wishes and his chief of staff falling ill, people familiar with the matter said. 4) United Launch Alliance's long-awaited Vulcan rocket lifted off on Monday, heralding a new era for the longtime Pentagon contractor fighting to expand market share against Elon Musk's SpaceX. Full Transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the latest developments involving Boeing after disaster was narrowly averted on an Alaska Airlines flight on Friday. Boring stock right now is down more than eight percent, and we get more from Bloomberg's John Tucker, John and Nathan. The airlines around the globe have been grounding Boeing seven thirty seven Max nine half to a fuselage section on a brand new Alaska Airlines jet blew out during a flight on Friday. This is a door panel that can be sealed or used for access, depending on the configuration. Only luck prevented a more disastrous outcome. The National Transportation Safety Board cheer Jennifer Homandi says Alaska Airlines pilots did report pressurization warning lights on three earlier flights of the two month old plane in question. The auto pressurization fail light that did illuminate in three previous flights, one on December seventh, one on January third, and one on January fourth. A schoolteacher in Portland found the missing fuselage door plug in his backyard. The door plug that blew out was next to seats twenty six A and twenty six P, and just by chance, there was nobody sitting there. The plane did carry one hundred and seventy one passengers, a valuable data usually collected by the so called black box that was a raised Boeing suppliers. Spirit Aerosystems Holdings was the company that installed the planel on the nearly new jet. John Tucker Bloomberg Radio, all right, John, thank you well be now when to turn to the latest developments in the Middle East. Secretary of State Anthony Blincoln is in the region for a fourth time since the Israeli Hamas war broke out. Lincoln is warning the war could quote easily become a wider conflict. He spoke during a news conference in Doha. This is a conflict that could easily a tastasize, causing even more insecurity, more suffering and Secretary of State blank And met with Jordan's Kingdomdullah on Sunday, a day after stops in Turkey and Greece. Well back here in the US here, and the risk of a government shutdown on January twentieth has eased somewhat with word of a deal on spending caps. Bloomberg's Amy Morris has details from Washington. Senate Majority Leader Chuck Schumer and House Speaker Mike Johnson negotiated the bipartisan deal, which caps spending at one point five to nine trillion dollars. Republicans have agreed to a set of budget moves to spare immediate cuts to domestic agency budgets. The deal does not include an agreement to block all conservative policy writers, so there still may be debates over defunding investigations into former President Trump, and while that might cause an impass later, for now, lawmakers have the framework they need to avoid a government shut down this month. The next deadline is February second. In Washington, Amy Morris, Bloomberg Radio, all right, Amy, thank you now. The latest on the health of Lloyd Austin. Bloomberg News has learned the Pentagon's failure to notify prison and in bid and that his Defense secretary had been hospitalized for four days, was the result of a series of errors. They include confusion over Austin's wishes and his chief of staff, Falling Hill from a Republican Congressoman list. Cheney is looking for answers I think they've got some very serious explaining to do. I think that there's a real difference between public transparency and you know, alerting the commander in chief to the fact that Secretary of Defense is in the hospital. Apparently the deputy Secretary was on vacation in Puerto Rico. I think it's inexplicable. We need to know more about exactly what happened there. But that's not the way the Pentagon ought to be conducting business. And that's former Congressome and liszt Cheney. On Saturday, Secretary Austin apologized for failing to inform the public for days, while saying he's on the mend and expects to return to the Pentagon soon. Let's turn to Wall Street now, Karen Bank earnings and the possible Bitcoin ETF will be front and center this week. More from Bloomberg's Charlie Pellett. Friday, we hear from JP Morgan, Chase, City Group, Bank of America, Anne Wells Fargo. Early earnings reports come amid questions about the path of inflation and FED interest rate POTLESE. Cameron Dawson is chief investment officer at New Edge Wealth. The thing that's the biggest challenge for US for earning sestaments in twenty four is the expectation that topline growth will re accelerate in a year where nominal growth because of inflation is expected to decelerate. Also this week, the Securities and Exchange Commission will decide whether to approve an exchange traded fund tied directly to the world's largest cryptocurrency in New York, Charlie Bloomberg Radio, All right, Charlie. Thanks. In company news, Bloomberg News has learned MRK is in advanced talks to acquire cancer drugmaker Harpoon Therapeutics. The price tag about seven hundred million dollars. San Francisco based Harpoon is developing drugs that harness the body's immune system to fight cancer. Shares of Harpoon are up about one hundred percent well. Also, while following Apple Care, which has fallen almost six percent to kick off the new year, Jeffries says Apple's iPhone sales slump in China is deepening and the companies likely to see volumes decline further this year. Apple saw a double digit falled volumes in December. Jeffries forecast a similar decline for twenty twenty four. Checking shares of Apple right now they are a little changed to the downside. And on the economic front, Nathan, inflation will be the focus for our investors. Bloomberg's Any del Judaice has more the Labor Department issues the Consumer Price Index Thursday and the Producer Price Index Friday, both covered December. Rising gasoline prices could have an impact on the household data, says Bloomberg Economics. Looking further out, Bloomberg economics 's US inflation continuing to run above the federal reserves two percent target this year, even with all the raid hikes. Vinny del Judice, Bloomberg Radio, Nathan, thank you. It's time for a look at some of the other stories making news around the world, and for that we're joined by Bloomberg's Amy Morris, Sammy, Good morning, Good morning, Karen. Ukraine suffered a second large scale Russian missile barrage this year as temperatures dropped below freezing in the latest escalation of aerial attacks. Now, this barrage killed one woman and left at least thirty more people wounded. After months of relatively few air strikes, Russia is ramping up bombardment just before the new year, firing hundreds of missiles at cities across Ukraine, including the capital. Meanwhile, Ukraine has been targeting bases and occupied Crimea, with the Air Force saying over the weekend that it destroyed our Russian command post there. Meanwhile, President Joe Biden is set to visit Charleston, South Carolina, today, including a stop at Mother Emmanuel Ame Church, where back in twenty fifteen, nine church goers were shot and killed by a self proclaimed white supremacist. Charlotte City Councilman Malcolm Graham is the brother of one of those victims. Cynthia Graham heard and tells ABC News that when the President visits local black history points of interest, he's sending us strong message of visiting sites like the new Historic African American Museum, he makes a point that history matters, that black history matters. It just not just occurs in the month of February, that black history is also American history. Biden, meanwhile working to shore up support among black voters and Nicki Haley's home state as the Republican governor of former governor of South Carolina, is rising in the polls. Texas Republican Congressman Tony Gonzalez reflected on the third anniversary of the January sixth attack on the Capitol and stands by his labeling of the mob as domestic terrorists, refusing to accept former President trump statements made on the writers describing them as heroes and hostages. They're certainly not heroes. You know. They broke the law, and we have to obey our laws. We are a nation of laws, and they have to obey the laws. Representative Gonzales tells ABC's This Week he does not support Donald Trump's proposed plan to pardon those convicted for their actions that day. Hospitals across the country are telling people mask up flu and COVID nineteen cases are once again on the rise. The viruses have actually been on the incline for the past few weeks. Health officials are predicting infections will increase even more throughout this month. Global news twenty four hours a day and whenever you want it with Bloomberg News. Now. I'm Amy Morris and this is Bloomberg Karen Hurry, Amy, thank you. We do bring you news throughout the day here on Bloomberg Radio. But now you can get the latest news on demand, and that means whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com plus Apple, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update, here's John stash Hour John Karen. The NFL regular season is over. The playoffs begin on Saturday with a late afternoon game between the Cleveland Browns and the Houston Texans. A team that won only eleven games over the previous three seasons won ten this year, and the Texans won the AFC South when Jacksonville lost its game yesterday at Tennessee twenty eight to twenty. Saturday night, it'll be Miami at Kansas City. The Dolphins blew a lead in the AFC East and last night's lost to Buffalo twenty one to fourteen cost the Dolphins the AFC East, so they're a wildcard and they'll take on the Chiefs Sunday at one Eastern Pittsburgh in Buffalo. Then it's Green Bay at Dallas. The Packers gaining a wildcard spot with a seventeen to nine win over Chicago. The Cowboys won the NFC East. They blew out Washington yesterday thirty eight to ten. Sunday night, it'll be the Rams in Detroit, so Matthew Stafford will face his former team in the wildcard weekend will conclude next Monday night. Slumping Philadelphia at Tampa Bay, Eagles have been a train wreck down the stretch of the season, losing five to the last six. They were beaten by the Giants yesterday twenty seven to ten. The Bucks won the NFC South with a nine to nothing win over Carolina Atlanta Falcons of fired coach Arthur Smith. Will the Patriots part ways with Bill Belichick after twenty five years as coach there? We should find out soon. Michigan and Washington played tonight in the Houston for the National Championship, both teams fourteen and er. Although the Huskies haven't won a game by more than ten points since September, the Wolverines are the famous from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias Exam. The Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. Airlines around the world are starting to ground their Boeing seven thirty seven Max nine jets after part of the fuselage blew out on a brand new model operated by Alaska Airlines last Friday. It is another blow to Boeing's turnaround efforts after two deadly seven thirty seven Max crashes nearly five years ago. From More, we were joined by Bloomberg News. Aviations are Anthony Palazzo. Anthony, what more do we know about why this mishap happened and where the investigation stands? Hi Nathan, thanks for having me. Yeah, So, we had two developments late late yesterday. One is that the investigators have found the door panel that fell out of the plane. This is a key piece of evidence and they're going to be looking very closely at the condition of that panel to understand why it popped out of the fuselage section. The panel was found in the backyard of a Portland area school teacher. So what could that panel tell us about how this happened? Well, well, what they've what they've said so far is that they've looked at they've looked at the tabs that hold that panel in from the interier of the plane, which was largely undamaged, and that they didn't find a whole lot of They didn't find, you know, a problem there. So they're gonna so they're going to need to keep going to understand exactly how this came off. Those those panels are screwed in with four bolts. They're not in use, although they can be opened from the outside of the plane. Those are essentially openings that are built for an emergency door. But a lot of the a lot of the airlines that use this aircraft, it's a stretched Boeing seven point thirty seven Max Jet, a lot of the airlines don't use those exit doors because they're not needed for the seat configurations that they need. So this is putting more scrutiny on the manufacturing process at Boeing, particularly around the seven thirty seven Max. Is there something particular about the Max nine that could have caused a problem like this as opposed to the seven thirty seven Maxes that were involved in those crashes that we all remember just a few years ago. Yes, well, the well, the the Max nine is a stretched version of the of the core Boeing Max plane, which is called the Max eight. So it's a it's a bit longer, and it can seat more people. But because it can seat more people in its in its most densely packed configurations, it requires more additional safety exits. So a lot of a lot of the low cost carriers that would use that plane would would want to put in more seats and therefore more more emergency exits most carriers. So now the Max eight does not have that that kind of a kind of configuration, doesn't have those exits and doesn't need them. The way that Boeing has done it is that they put in the essentially modular cutouts into the frame so they can make all the fuselages the same, and then when they finish the aircraft they can decide, you know, with the customer whether or not to install those doors or to install plugs in those holes. So now that's the difference. Yeah, right, And now we have a couple of hundred of these seven thirty seven Max nines getting taken out of service, these low cost carriers including Alaska and United grounding these jets. How big a blow potentially could this be for Boeing When it's been trying to put a turnaround plan into place. Well, it's a real setback, you know. The extent to how deep or how long term it ends up being that's all yet to be determined. But certainly investors are selling down the stock. This morning we sell that shares go down about eight point three percent in pre market trading. Their supplier is Spirit Aero Systems, that is a former Boeing unit that makes the fuselage and they they're down about sixteen percent. I think there's been there's been a lot of there's been a lot of speculation about the relationship between Boeing and Spirit and how wise it was to separate the two companies. You know, Spirit's been responsible for a couple of the real supplier glitches that have held that production at Boeing, and they've been weakened financially. Boeing had to reduce some contracts with Spirit, they had to infuse some money into it. So this may be something that that Boeing recon suitors in the longer term. This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed. At six am Eastern each morning on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street Time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, seriusxmb iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) New York City and Boston are straddling the line between what could be a snowy weekend or just a lot of rainhttps://www.bloomberg.com/news/articles/2024-01-04/us-east-coast-braces-for-weekend-snow-or-rain-weather-watch from a system sweeping up the US East Coast this weekend. 2) A monthly US jobs report due Friday will probably show many industries refrained from hiring as employment gains increasingly concentrated in a handful of sectors, according to Bloomberg Economics. 3) The options market for US Treasuries was abuzz Thursday following the emergence of a large bearish wager that Friday's jobs report will trigger the biggest backup in benchmark yields in more than nine months. 4) Secretary of State Antony Blinken left for his fourth trip to the Middle East since the Oct. 7 attack on Israel, as part of US efforts to counter growing risks of a broader regional conflict. Full Transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the first major winter storm to hit the East Coast so far this season. Let's get the very latest on that with Bloomberg meteorologist Rob Carol and Rob Nathan. The weekend storm is going to be worse to the north and west of the district in Baltimore, and also north and west of New York City and north and west of Boston. The major cities are going to see some mixing with rain that that's going to hold down the accumulations. But it's the areas to the north and west that are going to do quite well where it stays all snow. Three to five inches possible north and west of the district in Baltimore, while north and west of New York City as much as five to eight inches will fall. We could see as much as five to ten inches of snow north and west of Boston during the storm. Okay, Rob, So when do you expect this wintry weather is going to end. Storm's going to wind down during the evening and overnight hours in the district in Baltimore. In New York city. It comes to an end Sunday afternoon the Boston area. I will see it ending late Sunday night early Monday morning, and we should see quite a bit of an improvement weatherwise into Monday of next week. Okay, Rob, Carolyn, thanks for that. We'll be checking back with you for more on this East coast winter storm throughout the day. Mowe now turned to the crucial jobs are poored for the month of December. Nathan It's forecast a show one hundred and seventy five thousand jobs were added a last month, and we get more from Bloomberg's Michael McKee. Wall Street goes into today's jobs report expecting strength in hiring and wages. That was not what the Fed was expecting a few months ago. The central bankers want job growth of about one hundred thousand a month and unemployment in the fours to signal an easing of labor market inflation pressures. Instead, they're likely to get a continuing conundrum, a strong labor market but falling inflation, making it hard to know the best path for interest rates. They will probably focus on the composition of jobs. Some analysts say job growth should be concentrated in low wage sectors like healthcare, assistants and restaurants, and that will be the sign the Fed wants that the economy is slowing. McKee, Bloomberg Radio. All right, Mike, thanks for the options market. It's been a buzz ahead of the jobs report. There is a large parish wager underway on yields rising to four point one five percent by the end of the day. That would mark the biggest one day rise in tenure yields since late March. It would be a further retrenchment for treasuries following last year's furious two month rally. In checking the tenure right now, it is at four point zero three percent. Well, Nathan. Rates are also in focus overseas. Traders are pairing bets on cuts from the European Central Bank. Let's go to London and get the latest from Bloomberg's Ewen pots Hore Youwen, Karen, and Nathan. It's the first time since mid December that traders are betting on fewer than six quarter point rate reductions from the ECB. At the end of last year, the market was pricing as much as one hundred and seventy four basis points of cuts. That number has now slipped blow one hundred and fifty basis points and key data this morning, shining more lights on the inflation pitcher. You're area CPI coming in at two point nine percent in the year to December. That's a higher number than the previous month as energy subsidies expire in a number of countries. In London, you and pot Splomberg Radio, all right, you and thank you. Now we turned to the latest developments in the Middle East. Secretary of State Antony Blincoln is returning to the region, his fourth trip since the October seventh attack on Israel. Bloomberg Zamie Morris reports from Washington, there is a risk the war between Israel and Hamas can spread into a broader regional conflict. This trip is part of US efforts to prevent that. Secretary Blincoln will travel to Turkey, Jordan, Cotter, the United Arab Emirates, Saudi Arabia, Egypt, and Israel. State Department spokesman Matthew Miller says they don't expect some of these conversations to be easy. We want to prevent the conflict from spreading, but part of that means that people need to stop taking strikes against our soldiers, and if they take strikes against our soldiers, we're going to do what we need to protect ourselves. Groups backed by Iran have escalated attacks across Iraq, Syria, Lebanon, and Yemen and armed forces in a rocker also warning of a quote dangerous escalation after a US right killed a senior commander in an Iran backed militia in Washington, Amy Morris, Bloomberg Radio, all right, Amy, thanks. Meanwhile, the Islamic State group has claimed responsibility for the two explosions that killed almost one hundred people in Iran. The attacks risked inflaming tensions further in the Middle East, with Iran saying it had been targeted because of its stands on Israel. Bloomberg Henry Meyer looks at the impact of the Islamic State taking responsibility for the attacks. It's significant in the sense that it reduces the risks of a more confrontation between Israel and Iran. Iran had said that the bloss with the work of people who were trying to punish it for its stance on the Israeli offensive in Gaza. And you know, obviously any suspicion of Israeli involvement could have proved extremely explosive, and Bloomberg Henry Meyer notes US officials said from the start the attacks had the hallmark of a group such as Islamic State. Back here in the US, Karen, there's more fallout over the resignation of former Harvard president Claudine Gay. The Reverend Al sharped and led a protest at Bill Ackman's Manhattan offices yesterday. The civil rights activist says the billionaire investors campaign against Gay is a blow to the diversity, equity and inclusion movement. Gay stepped down as Harvard's first black president this week in a backlash over her handling of campus antisemitism and accusations of plagiarism. Meantime, Nathan Business Insider is reporting Bill Lackman's wife, Nary Auxman, plagiarized multiple sections of her doctoral dissertation at MIT. Acman responded to the report in a post on X, writing, you know you struck a chord when they go after your wife. Time now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's Amy Morris. Amy, Good morning, Good morning, Karen. Residents in the small town of Perry, Iowa, held a vigil last night, hours after a gunman opened fire at the local high school, killing a sixth grader and wounding four other students in the school's principal, Andrea Meyer, is a two thousand and four alumna at the school, and she spoke at last night's vigil green rally around our survivors, our community, our teachers, our first responders, and we're going to show them what we've shown them every day for as long as I have known that we appreciate them, enjoy them, respect them, and dare I say love them. The suspect, identified as seventeen year old Dylan Butler, a student at Perry High School, also died of an apparent self inflicted gunshot wound. Classes are canceled throughout the school district for today. Florida Governor Ronda Santis and former UN Ambassador Nicky Haley held back to back CNN town halls in Iowa last night as they fight to be primary GOP presidential challenger to Donald Trump, who already has a huge lead in the polls. DeSantis called Haley a phony who is quote playing for voters who are not even core Republicans. I'm the only one that has a chance to beat Trump and win the general election. Nicki Haley can't get conservative voters. She's the darling of the never trumpers. While in New Hampshire, Nikki Haley said of the primary process, quote, Iowa starts at New Hampshire corrects it. So she responded to criticism about that comment during CNN's town hall in Iowa. We're going to continue to be here. I mean, I've told people get used to this face, and I've been here over and over again. But if I didn't love Iowa, I wouldn't keep coming to Iowa. While they did take jabs at each other, Haley and Desantas also focused their attacks on front runner Donald Trump, and next week will be a busy one for Trump. Bloomberg's Nancy Lyons reports Donald Trump has two major court hearings next week. One of them is in Washington on his claim of immunity from charges he overturned the twenty twenty election that's set for January ninth, Then two days later, planning to attend the closing arguments in Manhattan that's for the New York civil trial against him and his sprawling real estate company. Days after that, the nominating process begins with the January fifteenth Iowa CAUCUSUS. Then a day after that, a civil defamation case against Trump begins in New York in which Ejing Carroll is seeking to million dollars in damages. It's unknown if Trump will be attending that trial in Washington. Nancy lyons Bloomberg Radio Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Amy Morris, and this is Bloomberg Karen. All right, Amy, thanks soby to bring in news throughout the day right here on Bloomberg Radio. But now, as Amy said, you can get the latest news on demand whenever you want it. Subscribe to Bloomberg News Now. You can get the latest headlines right at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app Bloomberg dot Com, but also apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports update. Here's John stash Hour John Karn. What a game in San Francisco, battle of the last two NBA champions. The Warriors had an eighteen point lead on the fourth quarter on the Nuggets, and then Denver closed the game on a twenty five to four run and he won at one thirty to one twenty seven thanks to Kolo Jokins thirty four points, ten assists, nine rebounds. He hit the game tying shot and then after a Steph Curry turnover, he hit the game winner, a forty footer that he banked in at the buzzer. Milwaukee won at San Antonio won twenty five to one twenty one. This was the first time that Jannis, sent to the Compo won against the guy that many field plays like, Giannis Victor Wembinama. Yanna scored forty four points. Wem bin Yama scored twenty seven. Ricky Rubio, retiring at age thirty three, twelve years and the NBA, played for four teams, most recently Cleveland, who bought out his contract. He was a professional player in Spain at the age of fourteen. Bruins lost at home to Pittsburgh six to five. Sydney Crosby wont it for the Penguin the power play goal in the third period. The Red Sox traded Chris Sale to Atlanta. He just got a two year extension with the Braves for thirty eight million dollars, despite all the injuries he's had in recent years. Week eighteen in the NFL starts tomorrow. Nine teams have Clint playoff spots. Five spots still up for drafts. Buffalo, Jacksonville, Tampa Bay, and Green Bay are in with Week eighteen victories. The winner tomorrow night, patried Houston, and Indianapolis is in the playoffs. Pittsburgh tomorrow needs a win and then a Buffalo loss on Sunday night. John Stashwer Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Well. The first weekend of twenty twenty four is going to bring the East Coast the first major winter storm we've seen in quite a while, actually, so let's bring in Bloomberg beedrologist Rob Carolyn to help us get set for what's coming. What you're looking at, Rob, the first accumulating snow of the season for lots of us. It's taken a time for winter to get going, but it's going to get going now with Gangbusters Nathan storm coming out of the lower Mississippi River Valley is going to come up the along the East coast during the weekend, and it's going to bring us eisenble snowfall to many of the suburban locations around the major cities in the mid Atlantic and Northeast. This isn't a huge snowstorm for the District of Baltimore, for New York City or Boston because the ocean is still fairly warm water temperatures than in the forties. That influence is going to mean that we see Boston and New York City, and especially Washington and Baltimore mixing with and changing the rain at times. But once you get inland away from that influence to the ocean, there's going to be some sizeable snowfalls from say Frederick, Maryland, all the way on up through the suburbs north and west of New York City, and then well north and west of Boston. There could be some spots to get over ten inches of snow from this storm, no kidding. So, like you said, it's been a while since we've had a major winter storm along the East coast. I mean, or are we ready for this? I think we're ready. I mean we've had a lot of practice. Anybody over the age of fifteen has seen, you know, a number of snowstorms in their lifetime. But yeah, last winter, I think the deepest snow we saw in the Boston area was like three and a half inches in February. So I think the big problem is going to be pe will not used to driving in it because it's been over a year. The good news is it's falling on a Saturday night and a Sunday in many areas, so their traffic won't be as bad. We don't have school in session, so that'll be helpful. But people are definitely going to have to take some time, particularly in those areas where there's going to be that transition from a mixture of rain and snow to snow, because that snow will be heavier and wetter. Therefore it's more slippery, it's greasy. So those areas just north and west of Boston, New York City, Washington, and Baltimore really need to be careful when the precipitation's falling during Saturday afternoon through Sunday. Well, a lot of people who live along the Interstate ninety five quarriter know that that freeway is often right along the boundary between where rain and snow happens. I mean, if this system sticks around for a little bit longer than expected, could we be in for a pretty dicey Monday morning commute. I think Monday morning is going to be okay, particularly in the district in Baltimore, because it dries out Sunday afternoon, So I think the roadways are going to be okay. York City Boston different story. Those areas where they don't get a chance to clean up the slush along the I ninety five corridor. Temperatures are going to be going down Sunday night, and that's going to have the tendency allow those surfaces to refree. So it could be a little bit more dicey New York City on up in the Boston Monday than it is around the district in Baltimore since it is on the weekend. We think in good skiing, well, you know, the ski areas in northern New England and northern New York State really aren't going to see much from this storm. At all too far out to see. It'll be cold enough so they can make some snow. Where this is going to help out is the resorts in West Virginia and on up into Pennsylvania. They'll do fairly well. The Poconos are going to do great. This is going to be their best snowfall in a while, and they'll have real good conditions come Monday and Tuesday in the Poconos. But for northern New England northern New York State, I think the snowfall amounts are probably going to be under two inches. Well anyway, I guess this couldn't have come in a better time, happening on the weekend. But thanks for this, Rob. Again, that was Bloomberg meteorologist Rob Carolyn getting us ready for the first winter storm for the East Coast of twenty twenty four. Well, let's move on from watching the weather to watching the data. Investors have their eyes out for the last look at the US labor market in twenty twenty three with the December non farm payrolls report. Do out an eight thirty am Wall Street time here to get a set for those numbers. Simon French, chief economist at panmir Gordon Simon. Great to speak with you this morning. Now, the consensus on the Bloomberg terminal, it calls for more moderation, one hundred and seventy five thousand new jobs expected, a tick up for the unemployment rate to three point eight percent. What's your expectation, I think a little bit stronger. Good morning, Nathan. I think the big question for me is US labor market participation appeared to peak during the summer and come back down, but there's conflicting data points as to whether that labor supply pictures is true. And if we start a season more people coming back into the labor market, I think there's potential to still add more jobs than than that estimate. Yes, I think the big influence though for futures on interest rate expectations will be the unemployment rate rather than the number of jobs added, and that I think when you're looking at the kind of rules of thumb we sort of saw the Federal Reserve and moved to in their recent minutes, anything three point eight three point nine will start to firm expectations of the rate cutting cycle this side of the mid year. There's been a lot of talk about four percent potentially being the trigger point for the Federal Reserve to think about cutting interest rates further. Could we see an upside surprise? What's the potential for that? Well, I think four percent is being focused in on by a lot of analysts because of the Palm rule. This is the if you like, the equivalent in the labor market for what we know in the bondom market from a Yeald curb and version is a decent signal of a recession. The Psalm rule looking at er point five five percent increase on the twelve month low point for unemployment, and that would something like four percent would take you there, But you have to get there on a three month average, and we're not going to get that even if we get that print today. But what it would do is it would suggest that by February, the time of the February report, you potentially hit that farm or threshold, which could prepare the ground for rate cutting cycling Q two. So that is why I think analysts are focusing on four percent. Of course, we're going to be keeping an eye out for average hourly earnings as well. Labor force participation feeds into that as well. Where do you see wages going If we find evidence that companies are holding on to employees, or perhaps more people are coming off the sidelines. Yeah, so I think there's I think one of the failures actually of the economics profession in the last couple of years, it's been an inability to recognize that nominal pay awards take their queue from overall price inflation, and therefore I think the helpful price dynamics from gasoline prices, from overall prices coming down in the US economy or the rate of increase coming down, should ever a spillover effect into nominal wage awards. I think there's an over focus, perhaps two model driven from the way central banks model this stuff to look purely at participation in capacity rather than the signals coming from the overall price level. So I actually expect a continued moderation in nominal pay awards with the quits rate and job openings falling as well. What does that tell us, Simon about the state of the US economy. Are you still thinking that we could be in for a soft landing given where labor dynamics are right now? Nathan, I think you know I'm not a fan particularly of the soft landing hard landing descriptor, mainly because lists. Economists, they tend to define it that they see fits reverse fit their narrative. But if you're looking at a moderation of those jolt data points on quits on hires from some very very extreme levels and a moderation without overshooting, then actually that's the message we got from the Joltz data I felt, which is you are starting to hone in on more normalized levels of labor market churn, and that has to be a positive thing, whether it's a soft landing or hard landing in terms of the hard data of economic activity pass but on those metrics, it's quite encouraging. From the Federal Reserve, they've been able to engineer this. We've seen a lot of activity in the options market ahead of this report, a pretty big bet that we could see ten year yields rise more than ten basis points by the end of the day. What kind of volatility are you expecting off the back of this jobs report in the bond mar So, I think that's that would be my whether it's an hourly end of day expectation, some more medium term view from my perspective is the bomb mark has got over excited by the pace of potential rate cups. In my view, I think pricing in five to six for the year when it's unlikely the first pirmacy you're going to have enough data to start cutting before the middle towards the back end of Q two, that becomes a really difficult thing to do with only four better reserve meetings in the second half of the year. So I think that expectation that you allude to of slightly firming yield is consistent with perhaps a reassessment of quite how aggressive the FED can be in the data have in front of them. Got about a minute left here, Simon. Not only is the FED going to be focused on the labor market, but we've got inflation data, more inflation data coming out next week as well. Well. What's your expectation on where we could see consumer prices headed. Well, a lot of the base effects that have been driving US inflation lower over the last twelve months, and this is simply some very exceptional numbers leaving leaving the annual comparison. That does mean we're in for a period where the data is going to bounce around in a sort of stubborn stubborn range around three percent. And the question, I guess the Federal Reserve need to ask themselves not all just based on the data, but their understanding of how price setting is going on at district level as well. Is the degree to which that can over an eighteen month two year of you moderate back towards two percent of their central forecast suggest But actually the real economy is not necessarily showing those signs. So I think we're in for a period where month to month will dot around very uncomfortably higher levels than the two percent targets, and is consistently all be seeing in terms of commodity imple prices shipping rates providing less of a down with base effect push than the single last one month. This is Bloomberg day Break Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, SERIUSXM, the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
We take a closer look at fossil fuels, cancer drug development, and the pros and cons of buying American. Plus, just how dangerous are hair straighteners for your health? We explore it all with the Bloomberg Opinion team. Columnists Lara Williams, Romesh Ratnesar, Lisa Jarvis, and FD Flam join. Amy Morris hosts.See omnystudio.com/listener for privacy information.
On today's podcast: 1) Several previously confidential documents related to Jeffrey Epstein were made public in federal court in New York after a yearslong battle over their release. 2) The US Supreme Court will chart the nation's political future as it confronts a potentially stark choice over efforts to remove Donald Trump from this year's presidential ballot for trying to overturn his 2020 election loss. 3) Iran said blasts that killed almost 100 people in a central province were aimed at punishing its stance against Israel's invasion of Gaza, building on signs the war against Hamas could tip into a broader regional conflict. Full Transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with previously confidential documents related to Jeffrey Epstein, now made public in federal court in New York. This follows a year's long battle over their release. The documents were part of a twenty fifteen lawsuit against Epstein associate Glene Maxwell, who's serving a twenty year sentence for sex trafficking. Bloomberg editor Tony Aaron says, most of these documents have been seen, but there'd been redactions. A lot of people had thought there'd be some massive client list or a nice list of names that would be easy for them to follow. It wasn't anything like that. We've been getting about so far, about forty of what's probably going to be hundreds of documents, and in those we've seen names like Bill Clinton, Prince Andrew Britain, and a few others that are all very very familiar and Bloomberg's Tony Aaron says former President Clinton Andrev denied knowing about or participating in Epstein's appropriate conduct. Well, Nathan. Ties to Epstein have led to career downfalls for former Barclay CEO Jess Staley and Apollo Global Management co founder Leon Black, and they've harnished reputations of other high profile figures like Bill Gates and Leslie Wexner, though all have denied knowing about or participating in an inappropriate conduct with Epstein. Virginia Juphrey is the Epstein victim who sued to have these documents released. Paul Pelletier is a former federal prosecutor who's been following the case. Part of the reason why Jeffrey Epstein was prosecuted in New York, or at least was indicted in New York, was because Virginia Giffrey would not stop and former federal prosecutor Paul Pelletier was speaking there. Jeffrey Epstein was charged with sex trafficking in July twenty nineteen, but died by suicide in a Manhattan prison cell before he could stand trial. Okay, Karen, Let's turn to politics in the US now. Former President Donald Trump is now asking the Supreme Court to overturn the ruling and Colorado that has kicked him off that state's primary ballot. Bloomberg Legal editor Eric Latterson says this appeal has a number of possible outcomes. The court could rule, for example, that the Colorado Supreme Court didn't give Trump to process. That's another argument that Trump is making. He's also arguing Detection three of the Fourteenth amend that which you borrow's insurrectionist from holding office federal office, doesn't apply to the office of the presidency, and the Supreme Court could overturn that Colorado decision based only on those findings that they wished, without weighing in on whether Trump was an insurrection In Bloomberg's Eric Larson says the former president faces many ongoing legal cases, but he is still the front runner for the Republican presidential nomination. Now Nathan to an issue that's expected to weigh heavily on voters' minds in the twenty twenty four presidential election. Immigration at the southern border. Republican House Speaker Mike Johnson is pushing for a GOP only border bill, Democrats argue goes too far in securing the US border with Mexico. Johnson led a GOP delegation into the border yesterday as Republicans look to pressure Democrats on border policy changes. The impassover immigration has complicated congressional talks to avert a partial government shut down later this month, and puts more than fifty billion dollars in military at Ukraine at risk should talks collapse. As for rising tensions in the Middle East, care and authorities in Iran say two deadly explosions in a central province our retaliation for its stance against Israel. The US says it has nothing to do with the attacks. Bloomberg's Ed Baxter has the details, and it says neither did Israel. Iran is characterizing them as terror attacks. More than one hundred people killed. The blastnare the grave of Iranian commander Solomane. US State Department quick to respond, spokesman Matthew Miller, I do want to address some of the irresponsible claims that I have seen circulate and say that number one, the United States was not involved in any way, and any suggestion to the contrary is ridiculous, and number two, we have no reason to believe that Israel was involved. Miller says it's in no one's interest to see the conflict escalate, and note it comes a day after an attack in Beyrout that killed in Iran backed Hamas militant leader Ed Baxter Bloomberg Radio, all right, ed, thank you well. Separately, more than a dozen countries we're in the around backed Houthi group in Yemen against continuing their attacks on shipping in the Red Sea. The attacks have disrupted global commerce and triggered a build up of Western naval power in the area. Sources say the US and its allies are considering possible strikes against the Houthis. I'm a concern that the maritime task force launched by Washington may not eliminate this threat to the vital waterway, which normally handles about twelve percent of global commerce. Let's turn out to the economy, Karen and the release of the December FED minutes. Officials expect rates to remain in restrictive territory for some time, but they acknowledge those rates have probably peaked, and Richmond FED President Thomas Barkin says a soft landing is not inevitable. I'd caution you to focus less on the rate path and more on the flight path. Is inflation continuing its descent and is the broader economy continuing to fly smoothly? Conviction on both questions will determine the pace and timing of any change in rates. Richmond Fed president Thomas bark And also did not rule out a March interest rate cut. And in corporate news, Nathan's social media giant TikTok's looking to grow the size of its US e commerce business tenfold to as much as seventeen point five billion dollars this year. Bloombergy tech reporter Alex Spirinka says TikTok's ambitious target may pose a bigger spread to Amazon. Where TikTok is winning is on the fees they're imposing on verchips. They will be raising those fees to six percent in April eight percent in July, but those fees are still lower than Amazon seller fees. On TikTok, They're hoping that you're so engaged in trance and have an emotional connection to the people who are posting these videos that you trust them when they say they like a product, and that makes you want to buy it. And that's Bloomberg's Alex Spirenka. Now for a look at some of the other stories making news around the world, and for that we're joined by Bloomberg's Amy Morris. Samy. Good morning, Good morning, Karen. We're watching a winter storm that's expected to bring snow, rain, and wind to the East this weekend. Bloomberg meteorologist Rob Carolyn has details first significant storm of the season looks like it's headed towards the Northeast and mid Atlantic this weekend. Now, the major cities are probably going to be spared heavy snowfall due to the fact the ocean's still warm, and there'll probably be some mixing with rain and d C Baltimore, also in the New York and Boston area, but north and west of I ninety five, that's where heavier snowfall is likely and less mixing or no mixing at all, and that's going to result in probably a three to six inch snowfall, if not more, north and west of Boston, New York City, and d C and Baltimore. The cities, though d C, Baltimore, New York, and Boston should only end up with about one to three inches as it looks like right now. Now. If this does materialize, it would be the first measurable snow in two years for DC, Baltimore, Philadelphia, and New York. A bomb thread email to officials several states yesterday briefly disrupted government affairs and prompted some state capital evacuations, but the FBI quickly dismissed the threats as a hoax. Connecticut, Georgia, Hawaii, Kentucky, Maine, Michigan, Minnesota, Mississippi, and Montana all the some of the states that evacuated state houses or buildings. Kay Kirkpatrick is a state senator in Georgia. I'm not even sure what would motivate somebody to do something like that that could potential result in loss of life. The FBI says it takes hoax threats very seriously and that investigation is ongoing. We told you how Donald Trump's legal team is appealing to ruling by the main Democratic secretary of State that he is ineligible to appear on the state's GOP primary ballot. Will Fellow GOP presidential candidates have called for that band to be reversed, including former South Carolina Governor Nikki Haley, who says taking Trump off the ballot will lead to more problems. Don't open a door you can't close, and this is a dangerous store to open, and we need the Supreme Court to s been quickly before we have too many states do this still. Haley says she's not surprised to see Trump in a new legal struggle. Scientists say they've developed a new kind of antibiotic to treat dangerous bacteria resistant to most current medicines. The researchers from Harvard University in Hoffman Laroach say the new antibiotic can effectively kill bacteria that cause serious long urinary tract and blood infections. Global news twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Amy Morris, and this is Bloomberg Karen right, Amy, Thank you well. As Amy said, we do bring in the news throughout the day here on Bloomberg Radio. But now you can get the latest news on demand, and that means whenever you want it. Just subscribed to Bloomberg News Now. You can get the latest headlines at the click of a button. Get informed right on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com, plus apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update. Here's John Stanshower. John Canon, the Lakers have hoisted a Championship enner this season. They won that NBA in season tournament, but overall they're under five hundred. Lost at home to Miami one ten to ninety six. Quiet night for Lebron James only twelve points. He shot six of eighteen. The Lakers have lost three in a row eight of their last ten. The Clippers, meanwhile, have won thirteen their last fifteen point thirty one one twenty two at Phoenix, Paul George scored thirty three points cow while Leonards scored thirty. Look at Gonson's went for forty one. Dallas blew out Portland by twenty nine. New Orleans won at Minnesota. That's the first two game losing streak of the season for the Timberwolves. Two top twenty five teams played. They both lost. Number twenty three Providence beaten by Seaton Hall, sixteenths Bank Clemson lost at Miami. It's week eighteen. A lot of the teams, already knowing that they're going to the playoffs, cannot move up in the seedings, so not surprisingly will not play their starting quarterback this weekend. No Lamar Jackson for the Ravens will be replaced by Tyler Hunley. Joe Flacco will sit out for the Browns. It will be Jeff Driscoll no Patrick Mahomes with a Chiefs Blaine Gabbertt replaces him. Carson Wentz fills in for Matthew Stafford on the Rams, and the forty nine Ers will go with Sam Darnold and sit out Rock part Perty who's going to the Pro Bowl. The forty nine Ers lead the way with nine Pro Bowl players, seven from the Cowboys and Ravens, six from the Dolphins and the Eagles. Trevor Lawrence will play for Jacksonville. The Jaguars, with a win will win the AFC South. He missed last week's game and Josh Allen's got the stinger, but he will play for the Bills in a big game at Miami. John Stashley that we're Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Sirius Exam, the Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager on a morning of busy news flow. Jeffrey Epstein's ties to politics and Wall Street are back in the spotlight with the release of dozens of formerly sealed documents. Donald Trump is taking his fight to stay eligible to run in twenty twenty four to the US Supreme Court, and border politics could run up against Congress's effort to keep the government from starting to shut down in a little more than two weeks. Lots to discuss this morning, and here to do that with us now is Bloomberg News correspondent Bruce Einhorn. Bruce, thanks for being with us. Let's start off with the revelations, if any, that we got from these documents that were in the Jeffrey Epstein case that had really been a year's long effort to get them out. Did they shed any new light on Jeffrey Epstein's crimes, Well, so far there aren't too many surprises. So these are the first of what are expected to be hundreds of documents identifying more than one hundred and fifty people. These are documents that had been filed and redacted as part of a twenty fifteen lawsuit against just Laying Ma Well. She, of course, was an associate of Jeffrey Epstein. She was convicted in twenty twenty one of participating in his crimes. He himself died in prison before he ever went to trial. So some of the names that were in the unsealed documents included former President Bill Clinton, Prince Andrew Written. These are names that had already been out there. Former President Trump not mentioned in these documents, but had been identified in testimony in this case, along with former President Clinton as some of the people who had flown on Jeffrey Epstein's plane. So there's maybe more news, more revelations as more of the documents are unsealed, but for now, no big surprises. Yeah, a lot of people have been following this case. Bruce had been expecting or speculating at least that there might be some kind of client list that's been under seal in New York Federal Court. Do we have any indication at this point that such a list exists and could be unveiled at some point. It's possible. At the moment, we don't know about a client list. No, Okay, let's turn to what might have been the other major story otherwise, former President Trump taking his fight to stay on the ballot at least in Colorado to the United States Supreme Court. This is a notable moment in the twenty twenty four rays yes, and the arguments that former President Trump makes are interesting. He has a couple of different arguments that he makes on why the Colorado Supreme Court aired. First of all, he said that one that it would move would unconstitutionally disenfranchised voters in Colorado and potentially disenfranchised voters elsewhere. He said that his lawyers say that in the filing that that insurrection UH was understood by the framers of the Fourteenth Amendment to mean something very specific. According to form President Trump s luers, it meant taking up arms and waging war against the United States, and that's the way that the fourteenth Amendment should be read now, and therefore it doesn't apply to him. This is his argument. He also argued that the fourteenth Amendment, which says very specifically that this that an officer of the United States who UH engaged in an insurrection is ineligible, that that does not include President of the United States and therefore again shouldn't apply to him. And then he also UH criticized the Supreme the Colorado Supreme Court for relying on evidence from the January fourth Select Committee. He said that that's inadmissible and then also said that the insurrection clause in the fourteenth Amendment isn't self executing. This is an argument that constitutional experts have been having about whether or not it is self executing. That is to say that does Congress need to do anything set up procedures for determining whether someone's violated, or can the court just make that decision itself. These are all the arguments that Trump's making, and you know next step is for to hear with the Supreme Court system. This is Bloomberg day Break Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one Ishington, Bloomberg one oh sixty one in Boston, and Bloomberg nine sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus listen coast to coast on the Bloomberg Business app, SERRIUSXM, the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) Claudine Gay is stepping down as president of Harvard University, ending a brief and tumultuous tenure marred by allegations of plagiarism and a campus controversy over antisemitism. 2) Donald Trump filed a lawsuit seeking to restore his name to Maine's presidential primary ballot after the state disqualified him over his attempt to reverse the result of the 2020 election he lost to Joe Biden. 3) Traders hoping that a pan-markets year-end rally would pick up where it left off got the opposite on 2024's first trading day, a session that featured one of the worst-ever concerted drops in stocks and bonds to start a year. Full transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the leadership shakeup at the top of the IVY League. Claudine Gay is stepping down as president of Harvard University weeks after her highly criticized congressional testimony about the school's handling of campus anti semitism, alongside the presidents of MIT and the University of Pennsylvania. Bloomberg's David Weston begins our team coverage. It has been sort of a firestorm for these three presidents to deal with exactly how you control and influence discussion on the campus. There were also questions that developed over time about some of the work that President Gay had done for her dissertation for her PhD, and allegations that she had improperly used sources that she did not identify. Initially, the Corporation of Harvard, which is what they call the Board of Trustees of corporation, said there'd been an investigation and they had totally exonerated her. There was no problem. But now she said, she stepped down, and I take her to ward. At this point, and at some point, a leader becomes a distraction. Bloomberg's David Weston reports this is a dramatic about face for Harvard. Claudie Gay became the university's first black president just six months ago. Well Nathan, one of Gay's harshest critics, says her stepping down is long overdue, and Bloomberg's At Baxter has that part of the story. Congresswoman Elis Stefanik says Gay in the December hearing never condemned calls for genocide against Jews as a violation of university policy. This is part of what Gay said at that December hearing. We embrace a commitment to free expression, even of views that are objectionable, offensive, hateful. Stefanica is a Harvard alum who said Gay's statements were morally bankrupt. And Bill Ackman now who's also gone after Gay posted at two sally an apparent reference to the president of MIT at Baxter Bloomberg Radio, okay, and thanks. Sticking with politics, another legal battle is set in motion involving Donald Trump's ability to return to office. S Bloomberg's Amy Morris has the latest. Trump is not just appealing the decision in Maine to remove his name from the primary ballot. He's also suing the official mains Secretary of State, Senna Bellows, who made that decision. It's another legal argument that will likely be settled by the US Supreme Court, along with a case from Colorado where a group of voters is calling for the justices to quickly step in. They're asking for that case to be expedited. They'd like a ruling by February eleventh, and we could learn whether the Supreme Court will it Dervine in the Colorado case by this Friday. In Washington, Amy Morris, Bloomberg Radio. All right, Amy, thanks now to the latest developments in the Middle East. A senior Hamas leader has been killed by Israel on a explosion in Beirut. Hamas says Israel killed Sileai al Rory, deputy headed the group's polit bureau, who was known as the mastermind behind its armed wing in the West Bank. Began more from a Bloomberg Silary Liebert, it's sort of a no brainer that if they had a senior Hamas leader, they could find an attack who wasn't in some underground hiding place wherever he was, if they would go after him, and Bloomberg Larry Liebert. It says aler Rory would be the most senior Hamas leader killed during the war. Turning to markets now, Karen wall Street kicked off the new year with a thud. Both tech stocks and treasuries sold off. The Nasdaq one hundred index fell one point seven percent, at benchmark's biggest drop in two months. Rich Weiss is chief investment Officer of multi asset Strategies at American Century Investments. If you look from the start of twenty twenty two through the end of twenty twenty three, cash basically outperformed most equities, maybe not the Magnificent seven, but most equity portfolios. So cash has been king, likely to be king at least for the first half of this coming year, at least, we believe American Century Investments. Rich Weiss thinks it could be a tough earning season for corporate America well. One of the biggest losers in yesterday sell off, Nathan was Apple I lost more than one hundred seven billion dollars in value after Barclay's analysts downgraded the tech giant. Bloomberg's Mark German explains the bearish view of the iPhone maker four quarters plus in a row of holiday declines. The earnings report that's coming at the end of January early February will indicate that Q one was either in line, maybe a little bit more a little bit less than the prior quarter. You have these patent situations which are likely to crop up in higher frequency now given the success that Massimo has had over the past few months. And Bloomer's Mark German notes that Apple shares rose around fifty percent to a record last year. Well, on the flip side, shares of JP Morgan closed at a record to kick off the new year. The bank's rebound from its twenty twenty two low has now pushed its market capitalization to about five hundred billion dollars. The lender's been a top performer in the banking industry following record results last year. Well Nathan investors will turn their attention for more clues on the future of interest to rates. This afternoon, the Federal Reserve issues minutes of dece meeting, and Bloomberg's Vinidel Judai reports Bloomberg Economics as the minutes could signal interest rate cuts aren't imminent, they'll fetcher. Jerome pal did strike a dubvish tone last month's news conference that officials voted to hold the benchmark interest rate target steady for the third time at December's meeting after more than a year of tightening. Next session, January thirtieth and thirty first. Also on today's US economic agenda, job openings, as well as ISM factory data. If Anny Dale, Judeace, Bloomberg Radio, Sorry, and Ethan Thanks. It's time out for a look at some of the other stories making news around the world, and for now we're joined by Bloomberg's Amy Morris. Amy, good morning, Good morning, Karen. Migrants sent mostly from Texas, have been showing up at train stops outside New York City over the weekend, sidestepping a new order limiting how they arrive. Hundreds of migrants took a detour in New York and New Jersey to bypass the New York order limiting the seat the number of arrivals. New York City and Chicago recently began restricting migrant bus arrivals, and now the crackdown spreading to the suburbs. Woodstock Mayor Michael Turner spoke at a city council meeting, we do not have the staff the expertise for the money, and that may not be the ideal. We may all wish it was something different, but that's the reality for Chicago. Suburbs in Hinsdale, Woodstock, Buffalo Grove, and Juliette taking official action now passing ordinances to find bus companies dropping off migrants without notice. Meanwhile, four ports of entry at the southern border will be reopened tomorrow. Those ports were closed because of a record influx of migrants. Officials said closing the border crossings was just a last resort to stem the flow of people crossing the border. Hospitals across the country now initiating some new policies in response to a rise in respiratory illness cases, more emergency room visits because of flu, COVID and RSV, prompting some hospitals to require prior off authorization for visitors younger than twelve years old. Duke Health infectious disease specialist doctor Cameron Wolf says, for the most part, people understands it. Ever easy decisions like people want to be able to come and visit their love ones in a hospital, but I think in general people understand. The CDC says more than half the country is experiencing a rise in COVID flu and RSV cases. Hospitals in at least ten states and Washington, DC have now reinstated mask mandates. Israel is planning to withdraw several thousand troops from the Gaza Strip. The IDF announced the move, noting the nearly three month war has taken a growing toll on the Israeli economy. The United Nations says more than eighty five percent of Gaza's residents have been displaced from their homes and the fighting has left more than twenty thousand people dead. And a messy winter storm is headed for the East Coast this weekend. Forecasters are expecting measurable snow from Washington, DC to New York and rain showers down south. Global news twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Amy Morrison. This is Bloomberg Karen all right, Amy, thank you well. As Amy said you, we do bring you news throughout the day here on Bloomberg Radio. But now you can get the latest news on demand, and that means whenever you want it. You just subscribed to Bloomberg News. Now he can get the latest headlines right at the click of a button get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com plus apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update, here's John Stashaur John Karen. Just two years ago, the Oklahoma City Thunder lost fifty eight games. This year they might end up winning fifty eight. Fifth straight win for OKC now twenty three at nine on the season. They beat the league leading Celtics one twenty seven to one twenty three. Shay Gilgess Alexander's been on a scoring tear. He went for thirty six points. Christaph Porzingis had Boston with thirty four. Jayson Tatum scored thirty, but Jalen Brown shot only four of eighteen thirty six points for Steph Curry's Golden State Feed, Orlando won twenty one to one fifteen. Terry Rozier scored thirty four Charlotte with a win at Sacramento, John Moran twenty six points, ten assists Memphis Town San Antonio and Joe Lamby thirty one points at a triple double easy win for Philadelphia over Chicago. The Sixers were up by twenty five in the first quarter New Orleans out of twenty five point lead at halftime. Pelicans rolled to an easy win over the book for the Nets Perdue number one in college basketball and now thirteen and one boiler Makers with a big ten win at Maryland sixty seven to fifty three. Acced Duke rolled pass Syracuse eighty six to sixty six, Big East Yukon and easy win over De Paul eighty five to fifty six. College Football's National Championship game Monday in Houston, and Michigan is a four and a half point favorite to beat Washington. Both teams are undefeated, but Washington has only had one win by a ten or more points since September. They may not have running back Dylan Johnson. He got caught it off late in that semifinal win over Texas Johns Dan Shower. Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. Washington may have just flexed its muscles with the IVY leagues now that Claudine Gay is stepping down as president of Harvard University, comes weeks after widely criticized testimony about her handling anti Semitism on campus alongside the presidents of MIT and Penn, along with new questions specifically about Clining Gay's academic record some of her past dissertations. Meanwhile, with less than two weeks until voting begins in the Republican presidential race, former President Donald Trump is fighting to stay on a second state's primary ballot after Maine kicked him off over his actions on January sixth, twenty twenty one. Lots of political news to discuss this morning, and here to do that with us is Greg Valier, chief US policy strategist at AGF Investments. Greg, good morning. First, I want to get your reaction to the sudden departure of Claudine Gay as Harvard University. She just became Harvard's first black president in July. Now, apparently after this widely panned congressional testimony and the mounting political end donor pressure, she's out. I mean, what does that say about Washington's influence over higher education. Well, there is influence, Navan, good morning, But I think a bigger factor may have been the donor's donations were way down and applications were way down, and I think that may have had a bigger impact. Well, we did have the impact of a last Stephonica Harvard alum with that viral testimony, the questioning that she gave asking them pointedly whether calling for the genocide of Jews it violates school policy, and sort of wiggling on the answers. I mean this says something about a least stephonics clout as well, doesn't it. Yeah, two points. First of all, I think she is going to be a real player. She is already, but I think she's going to be a pit bull on these issues and she summoned to watch over the next few years. Secondly, I think that the university presidents, all three of them, were just extraordinarily tone deaf. You know, maybe what they said technically was correct, but it certainly did not soothe the issue. It just inflamed the issue. Not just that we know that the committee that brought those university presidents to Capitol Hill is expanding its investigation into some of these allegations of plagiarism against now former president Claudine Gay. Where do you see this investigation going into what's happening on these campuses. Well, I think that that is going to be fair game throughout the country, and I think it's not just these three presidents. I think it's probably a lot of other university officials that are now going to have to worry. I want to talk about the constitutional crisis potentially here with former President Donald Trump now suing to try to stay on Main's primary ballot after the Secretary of State made that move. Where do you see this going? Well, first of all, Nathan, I think it's probably ninety ninety five percent chance that the Supreme Court will take the issue. I think they have to beyond that. I think the odds would favor this court, which has three Trump appointees of six to three conservatives on the court. I suspect they would reject the argument that Trump has to be taken off the ballot. I think the Court could decide this within the next few weeks, before Super Tuesday on March five. I think that in the final analysis, Trump will be on the ballots. There is a difference between a secretary of state making a move like this and a Supreme Court like what happened in Colorado, Does that make any difference for the Supreme Court if it does come to that. It could, and there will be lots of issues debated, but I think the main one is can you quickly prove that Trump supported an insurrection? I mean that's a case that could take years, certainly many many months, and we don't have that kind of time with an election coming up. So barring any definitive ruling on the January sixth insurrection, I just don't see this going anywhere. Well, that being said, why do you think the Supreme Court would make a decision quickly if, as you say, it would take a substantial amount of time before the Supreme Court to determine whether former President Trump did indeed commit insurrection? Well, I think the Court we'll just have a cotton dried decision saying that that they don't have the jurisdiction right now to define insurrection or decide whether there was insurrection. And I think without that finding, again, I just don't think it's going to go anywhere. This is Bloomberg day Break Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one sixty one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Election device. Just say Alexa play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, SERRIUSXM, the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) Iran dispatched a warship to the Red Sea after the US Navy destroyed three Houthi boats, a move that risks ratcheting up tensions and complicates Washington's goal of securing a waterway that's vital to global trade. 2) If the consensus on Wall Street is often wrong — and evidence from 2023 does little to dispel that notion — then in the year ahead investors are facing either the mother of all rallies or a selloff for the ages. 3) ASML Holding canceled shipments of some of its machines to China at the request of US President Joe Biden's administration, weeks before export bans on the high-end chipmaking equipment came into effect, people familiar with the matter said. Full Transcript: Good morning. I maybe Morris and I'm Karen Moscow. Here are the stories we're following today. We begin with oil rising to start the new year, Iran sending a warship to the Red Sea in an escalation of tensions in the region. The show of force comes after the US Navy destroyed three Hoothy boats which we're attempting to board a container on New Year's Day. Elizabeth Kendall is a Middle East specialist from Cambridge University and says the two are clearly interlinked. Aaron is puppeteering Hamas, the Hoothy's and other movements like Hezbollah in the Middle East, and the houthy slogan indeed includes the words death to Israel and a curse on the Jews, so it's very much aligned with Hamas's more militant and extreme war wing. Cambridge University's Elizabeth Kendall checking oil right now, Nie makes crude oil up more than two percent or a dollar forty nine now trading at seventy three dollars and thirteen cents a bit. Well, Amy, oil isn't the only thing on the move this morning. We're also seeing Bitcoin on the rise, following through on last year's massive rally, and we get more from Bloomberg Markets reporter Joe Easton. It is up another four percent at the moment, at the highest level since April sixth, above forty five thousand dollars for the first time in two years. This is due to the expectation of the direct investment from this ETF, so that is boosting sentiment and a lot of positivity. People looking for more technical levels for that one to keep going higher. And Bloomberg Joe Easton says Bitcoin has risen over twenty percent since has started December, as that January tenth deadline for the Securities and Exchange Commission to give its blessing for a spot bitcoin ETF dra us closer checking bitcoin right now, it's at forty five seven hundred dollars over in Europe's stocks are also higher to kick off the new trading year. Let's get the latest from Bloomberg Daybreak euro banker Stephen Carrol. Stephen, good morning, Amy and Karen. The tensions in the Red Sea are playing into the market narrative in Europe today. Shares and the shipping giant Marisk have risen after it stopped using that key trade route for forty eight hours following the weekend attack on one of its vessels. Higher oil prices are also helping to lift oil majors, making energy one of the best performing sectors on the Stock six hundred. More broadly, it's the Spanish and Italian markets which are out performing, boost it by a rise in bank shares. In London, Stephen Carrolt Bloomberg Radio, All right, Stephen, thank you all. Back here in the US, Wall Street returns to a holiday shortened week to kick off the new trading year, and we get a look ahead from Bloomberg Shirlie Pellett. The S and P five hundred index sits within striking distance of its first in two years. But a key challenge for markets is the outlook for the economy and corporate earnings. Michael Binger is the president of Gradient Investments. The economy I think is very resilient. Jobs are driving that, corporate profits are supposed to grow about ten eleven percent. And valuations, I mean they're not really cheap, but they're not super expensive either in the markets right now. Among this week's earnings reports, Constellation Brands and Walgreens Boots Alliance in New York Charlie Pellett Bloomberg Radio. Thank you, Charlie. In twenty twenty three, some of Wall Street's biggest names got it wrong with their predictions for how markets would perform, So will they fare better? In twenty twenty four, Bloomberg has compiled more than six hundred and fifty calls from strategists in Today's Big Take. Sam Potter is a senior markets editor for Bloomberg. Most strategists on Wall Street see the interest rate tykes of the past eighteen months to two years finally starting to bite economies generally around the world, stock slow, and that will kind of pre run a central bank pivot roundabout mid year. Bloomberg Senior Markets editor Sam Potter adds that strategists see the main risks to the markets inflation and the US election. Well. In corporate news, Amy Chinas BYD may have just overtaken Tesla as the world leader in EV sales. It's still more than five hundred twenty six in fully electric vehicles in the fourth quarter. Bloomberg's John Lewis more from Beijing when BYD Tesla, it'll do two things. I think that's going to put this company into the consciousness of people around the world in a way that that company has not had ever before. The number two thing it does is it really underscores how dominant a position China not only as a market, but as a country with lots of companies producing electric vehicles, how dominant a position China has in that industry now and Bloombergs John Lusa's Tesla is estimated to have delivered over four hundred and eighty three thousand in the fourth quarter alone. Speaking of China, President Xi Jinping has pledged to strengthen his country's economic recovery after a tough year. Bloomberg's Jenny Marsh has more from Hong Kong. This is Chi Jinping's new yas Eve's speech, and he normally uses it to so trumpet the achievements his nation's major in the year. And I think this speech really stood out for how candid he was being about these problems. It's the first time he's acknowledged that the struggle that twenty twenty three have brought. It also sort of underplayed in some ways the problems that are still lying ahead in twenty twenty four for the economy. And he didn't really have any sort of quick fixes for that. Bloomberg Jenny Mark says China is entering a pivotal period as policymakers try to boost growth, stabilize a crisis in the property market, and prevent deflation. Beijing is expected to target a growth goal of around five percent again in twenty twenty four. Meanwhile, Amy, the Biden administration has won another battle and its effort to try and slow Shina from building its own semiconductor industry. We get more with the Bloomberg's Ed Baxter, ASML Holding is canceled shipments of some of its machines to China at the Biden request. This week's before the export bands on the high end chip making came into effect, the Dutch manufacturer had licenses to ship three top of the line deep ultraviolet lithography machines, but before the deadline it decided to cancel the orders. The US and allies have been trying to block access to the technology. Ed Baxter, Bloomberg Radio, Thank you care in time now for a look at some of the other stories making news in New York and around the world. And for that we're joined by Bloomberg's Michael bar Good morning, Michael, Good morning, Amy The death toll has now climbed to forty eight. After a magnitude seven point six earthquake struck Japan. The quake hit off the Noto Peninsula on Japan's northwest coast. This man at Tokyo resident and US national, was visiting to Yama when the quake hit. First. The trim had just done it very slowly, and everybody kind of left it off, you know, they thought, oh, this is this is kind of humorous, you know, on New Year's Day, and then then it is just a violent shape. The tremor was followed by hundreds of aftershocks. A plane is on fire right now on the runway of Tokyo's Hanada Airport. Authorities say a large burst of fire erupted from the side of a Japan Airlines plane as a taxi on the runway. All of the three hundred and seventy nine passengers and crew were said to be safely evacuated. Israel Supreme Court struck down a key component of Prime Minister Benjamin Etnaho's contentious judicious overhaul before the October seventh to Maas attack into southern Israel. The planned overhaul sparked months of mass protests threatened to trigger a constitutional crisis between the judicial and legislative branches of government. The FBI's Joint Terrorism Task Force is assisting police in Rochester, New York, to investigate a car crash that killed two people and injured five others outside of Performing Arts theater in the early hours of New Year's Day. The crash happened in front of the Kodak Center. It became a large scene due to a fire which had erupted as a result of the crash, and police also say several gas cans were found in and around the striking vehicle. Rochester Mayor Malik Evans I want to offer my condolences to those families, those individuals that lost their lives, and I asked the community to pay pray not only for those that have lost their lives, but also those that are injured. Terrorism investigators are trying to determine if this was just a car accident or something far worse. New York City's effort to stop migrant buses has resulted in the buses arriving instead in neighboring New Jersey. Over the weekend, buses from Texas and Louisiana began dropping off asylum seekers at several New Jersey transit stations. From there, the asylum seekers are believed to have taken trains to New York City. Edison, New Jersey mayor Sam Joshi says the buses are a major risk to health and security. The solution for me, as the mayor of Edison, is not to pawt it off to another mayor. Global news twenty four hours a day and whenever you want it with the Bloomberg News Now. I'm Michael Barr, and this is Bloomberg Aamy all right, Thank you, Michael, And we do bring the news throughout the day here on Bloomberg Radio, and now you can get the news on demand whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com plus Apple, Spotify, and anywhere else you get your podcasts. Time now for the Sports Report, brought to you by Tri State Audi. For that, we bring in John stash Hour. Thanks Amy Kevilo. Terrific gains of the college football playoff semifinals overtime at the Rose Ball after Michigan tie to Alabama. The lad touchdown in ot Wolverines had the ball first out of the shotgun. Paura McGain This tiny poussi he's got the first out of more porm inside the five porm space is way across the goal line. Touch down Michigan seven. Take your touchdown run ESPN the call Michigan and stop BAMACB Jalen Milroe on a fourth down and one twenty seven to twenty JJ McCarthy through three TD passes, and then came the Sugar Bowl where Washington never trailed that at thirteen point lead been WITHY through the fourth quarter. Texas rallied had four chances to take the lead the final fifteen seconds, but ended the game with three incompletions on the Husky survive thirty seven thirty one. Their QB Michael Pennix Junior threw for four hundred and thirty yards. Championship game next Monday in Houston, both Michigan and Washington will go in fourteen and oh I Fiesta Ball, all Oregon forty five to six over a limitary vote next to five TD passes Sitters pull in Orlando, All Tennessee thirty five nothing over Iowa. LSU won the RELYA Quest in Tampa thirty five to thirty one over Wisconsin. Nicks happy to start the new year at the Garden after an ohen three road trip, they beat Minnesota, won twelve one to OH six. Julius Randall Port in thirty nine points. O g Onnobi made his next debut. He played thirty five minutes before found out. He scored seventeen in Toronto. RJ. Barrett and Emmanuel quickly debuted for their new team. Scored nineteen and fourteen points in a Raptors win over Cleveland. Outdoor Hockey in Seattle, crowd of forty seven thousand to see the Kraken shoutout Vegas three to nothing. John Stashwin Bricksport from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias Exam the Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Day Break. Good morning. I'm Amy Morris, and we are entering the first week of trading for twenty twenty four. As we do most investment outlooks from major banks and advisors are predicting the same middle of the road scenario for the coming year, an economic slow down, a central bank pivot, and a late year rebound. We're joined by Dennis Gartman, University of Akron and Dowment chairman and former publisher of the Gartman Letter to sort of set us straight on what we can expect for the coming year. Now, Dennis, the dollar closed out its worst year since twenty twenty, the S and P five hundred rose nine straight weeks. Are these trends bound to continue? I have my doubts to the latter trend will continue. I think stocks are extremely overbought. The market has risen on an anticipation of three, four, five six cuts in the overnight Fed Funds rate by the Federal Reserve Bank. I have my doubts as to whether that will occur. I think that the Fed is done raising the overnight Fed funds rate. Of that, there's no doubt. But whether they're going to cut five or six times, I think is very doubtful. I think we have to anticipate the fact that the Federal will delay any change in the overnight Fed funds rate lower to later this year. There's too much anticipation that the FEDERALI begin cutting the overnight funds rate by March. I think it'll be late in the summer, maybe early into the autumn before it happens, But we shall see. Time shall tell. I think stocks, however, are aggressively overbought, have been for some while, and it seems to me this looks very similar to what happened in twenty twenty one twenty twenty two, when we reach the higher the market on the opening day of twenty twenty one and then ended up having a rather substantive decline in prices. So time shall tell. We'll see. But too much anticipation of too much easier possible abilities on the part of the Fed that I don't think are going to happen. Now, we have a job's report coming out on Friday. What are you watching for in that and how that might impact it? Long ago I quit anticipating the over the employment rates because of the fact that we tend to see such huge numbers of revisions from one month to the next. But right now the market is anticipating an increase of about one hundred and seventy five to one hundred and eighty five thousand new jobs. We shall see if that if that occurs, but it's one of the most radically revised reports of the year. Every month the revisions are forty to fifty thousand plus or minus. So right now the market is anticipating one hundred and seventy five to one hundred eighty five thousand times. Shall tell Barkley is predicting a softest landing. Vanguard JP Morgan expecting a mild recession. But you know that's what everybody predicted for twenty twenty three as well. What's the difference now. I was one of the people that expected to see a recession in twenty twenty three, and clearly we have not had that. The market is now anticipating the softest, the best of all kind of soft landings imaginable. I have my doubts as to whether that will occur, but that's what the market anticipates, that's what the stock prices have anticipated, and that's what the world generally anticipates. Whether whether it happens or not is up for debate. I have my doubts. Seriously, though we are over extended to the upside. We were long overdue on a recession because of the FED tightening monetary policy over the course of the past several years, and there's always law long and reasonable legs between the monetary policy and economic activity. And I think we be recessionary before the end of the year, but I don't think it'll be a substantive one. I think it'll be a very quiet one. Time. However, again, as I've said too many times already this morning time show, tell Yeah, I was about to ask you what kind of recession you were looking for. You're expecting a softest landing. Yeah, yes, I think it'll be a very soft one, a very minor one. We've seen these types of recessions before. But I think it'll be a very a very quiet and not anything like we saw in seventy three, seventy four, not anything like we saw in eighty one, eighty two, not anything like we saw in nine. But it'll be a recession, and it'll be a quiet increase in over in the unemployment rate to probably four or five percent before it's done. What do you see with oil and gold in this new year? Gold is opening up very strongly right now, and I think gold wants to go from the lower left to the upper right. It's been a bull market for a while, and I think gold wants to go higher. Clearly, it's heading about twenty one thousand before before too long, I think it goes to twenty two or twenty three thousand before the year is out. I have been very bearish on crude oil for a while because the term structure has been overly overtly barished, with the front month leading on the downside and failing to gain upon the back moths when the market when the market rallies. But now all of a sudden, we're starting to see the term structure beginning to change a little bit, and everybody's watching what's happening in the Gulf of so As. I think that's only gonna get worse, not better. And for the first time in months, I'm actually not bearish of crude oil. I'm starting to turn bullish of a Timeshall tell, but this is the first time in months that I've actually been have not been bearish on the crude oil market because of the changing nature of the term structure. You are listening to Bloomberg Daybreak today, your morning brief on the stories making news from Wall Street to Washington and beyond look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street Time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one oh sixty one in Boston, and Bloomberg nine sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus listen coast to coat on the Bloomberg Business app, Sirius Xmbiheartradio app, and on Bloomberg dot Com. I'm Amy Morris and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) Maine's secretary of state ruled that Donald Trump cannot run in the state's Republican primary, citing his efforts to overturn the 2020 election results. 2) The US military is trying to reassure shipping companies that a multinational force is making it safe to sail through the Red Sea and Suez Canal even though attacks from Yemen-based Houthi rebels show no sign of stopping. 3) Nvidia Corp., the world's most valuable chipmaker, is selling a less-capable version of its best graphics product for video gamers in China, after the US government tightened restrictions on what the company can market in that country. Full Transcript: Good morning. I'm John Tucker and I'm Karen Moscow. Here are the stories we're following today. Let's begin with politics and another ban for Donald Trump. Maine's secretary of state has removed the former president from the Republican primary ballot ahead of the twenty twenty four election. Details this morning from Bloomberg's Ed Baxter, Secretary of State Shedd of Bellows, is using the insurrection clause to become the first election official to take unilateral action. Bellow says insurrection for his activities in the January sixth election overturn riots. The Trump campaign says it will appeal in Former Congressman John Katko says it should go to the top. It's got to go to Supreme Court. Several states and now I had this ruined. So the Supreme Court's going to set the parameters of what we do with situationally like this going forward. So the US Supreme Court should have a number of cases now from which to choose on the issue. At Baxter Bloomberg Radio, All right, ed, Thanks, And ahead of yesterday's decision, presidential campaign blasted main Secretary of State Shenna Bellows, colloring her hyperpartisan and a virulent leftist. Trump's campaign says it will quickly seek to appeal her decision in Maine State court, and turning down to geopolitical news, half of containerships which regularly use the Suez Canal are avoiding the route and the recent attacks by the houthy militants of the Red Sea. Data compiled by Flexport shows two hundred and ninety nine container ships have either changed course or planned to That accounts for eighteen percent of global trade. Mercury Resources CEO Anton Posner says many major firms want to know more about the US response to the attacks. We're seeing increased freight, increased insurance, a lot of uncertainty, and mixed signals from shipowners, container lines, and from governments on what's happening. To basically mitigate the risk and the threats that are out there, phonesium in the ardent groups. Mercury Resources CEO Anton Post nurses some companies are your puting off decisions until the new year, as at tax continue. The US says it's speaking with shipping firms in an attempt to ease the concerns, and Johnny also continued to follow developments in Ukraine, Russia launching deadly strikes on civilian targets in Ukrainian cities overnight. It came days after Russia reported one of its ships in Crimea was damaged by Ukrainian missile strike, with Kiev stepping up attacks against Moscow's navy, and as we enter the new year, Ukraine's pleating with foreign donors to send aid a mid uncertainty over its twenty twenty four budget and turning down to the markets and the final day of the twenty twenty three rally with the investors anticipating FED rate cuts in the new year. The S and P five hundred cap yesterday's session just a few points away from its all time high. This year, the S and P five hundred is up almost twenty five percent, with the MSCI All Country World Index rallying about twenty percent. Mona Mahajan, the senior investment strategist with Edward Jones, says the rallies broadened over the final bonds of twenty twenty three year really driven by that magnificent seven a large cap technology trade, and over the last few weeks we have seen a broadening of participation, whether it's value cyclical parts of the market, whether it's small and MidCap parts of market, whether it's bond markets, all of which have played some catch up in recent weeks. Mana mahajin with m Where Jones says signs of cooling inflation and anticipation of a FED pivot continued to drive the rally forward and oversus this morning, John European stocks eking out one last gain on the final trading day of the year, but it's not all good news specifically in the UK, and Bloomberg. Stephen Carroll joins us with more from London. Good morning, Stephen, Good morning, Karen and John. Inflation has slowed sharply in the UK in recent months, but consumers are increasingly worried about the year ahead. A KPMG survey shows four and ten people are more concerned about their financial security now than they were a year ago, while data from Barcleycard indicates households are cutting back on things like clothing and eating out. All of that raising fears of a consumer that could tip the economy into session. When relative bright spot the latest house price data from nationwide showing prices fell less than two percent in twenty twenty three, defying expectations of a sharper downturn in London, Stephen Carol Bloomberg Radio, thanks Steven and In a banner year for stocks, the Nasdaq scept for its best year since nineteen ninety nine after his seven trillion dollar search artificial intelligence mania driving the run for the tech heav engauge from Nvidia to Microsoft, the seven largest US tech stocks, the Magnificent Seven, were responsible for sixty four percent of the nanstac rally this year. The index is up over fifty percent in twenty twenty three. And speaking of Nvidia, John the chip making giant is selling a hobbled version of a gaming chip to its Chinese customers. Bloomberg Tech reporter Ian King says the move comes after the US government tightened restrictions on what the company can market there. Really what matters is what happens in the AI accelerator market, and Video said it's going to have new tips for that business for China to meet these new rules. We don't know when that's coming, orisindeed if that will actually come, and that will have a much more concrete impact on revenue and bloombergsing and King says, this version of Nvidia's chip for China's market has about ten percent fewer processing cores than what it sells in other countries and elon Musk acts formally, Twitter lost its effor in court to block at California loss seeking to control toxic posts. More from Bloomberg's Charlie Pellett. In an eight page ruling of federal judge in Sacramento rejected arguments by the company formerly known as Twitter that the measure violates the free speech rights of social media platforms. The ruling comes after Musk ignited a firestorm in November by endorsing anti Semitic posts on his platform. X Corps CEOs scrambled to contain the fallout after major advertisers like Sony, Discovery, Apple, and CBS stopped or paused spending on the site. In New York, Charlie Pellett bloom Radio, it is time now for a look at some of the other stories making news around the world and for that were joined by Bloomberg's Amy Morris, Amy, Good Morning, Good morning, Karen. The Biden administration is warning Texas about its new immigration law to deal with illegal migration, Bloomberg's Nancy Lyons reports in a letter. The Justice Department reportedly says it will file a lawsuit against Texas if it implements the law that would empower state and local law enforcement officials to arrest, jail, and prosecute migrants suspected of entering the US ilegally. CBS News reports the DOJ says the law would basically criminalize actions that are already illegal at the federal level, and would undermine relations with Mexico and prevent officials from enforcing federal immigration laws. The measure is already being challenged by the American Civil Liberties Union that argues the law is unconstitutional. In Washington, Nancy lyons Bloomberg Radio, more US sailors and marines are being moved into the Eastern Mediterranean. CBS for reporting the two amphibious ships carrying fifteen hundred sailors and marines, along with jet fighters, helicopters, and armored vehicles, have transited the Suez Canal from the Red Sea into the Eastern Mediterranean. This gives the US military more ability to evacuate Americans from Lebanon if necessary. Israeli officials have been increasingly vocal with their threats to clear out a buffer zone in southern Lebanon if Hesbella's shelling of northern Israel doesn't stop. President Biden meanwhile says he's devastated to learn another American was killed by AMAS. American Judy Weinstein Hagai, was killed in the October seventh Hamas incursion. Biden vowed to do everything possible to bring home the remaining hostages, including IDF soldier Aiden Alexander from New Jersey. Alexander's mother is calling for her son's return. He's my boy, and every day, every minute of the day, I'm just I'm terrified. There are now six Americans presumed captive in Gaza, and the World Health Organization says it's getting harder to deliver medical supplies and fuel to Gaza because hungry people keep stopping the convoys searching for food. Gaza's health ministry also says dozens of people were killed in strikes across the Gaza Strip yesterday, days after Israeli forces said they'd be expanding operations. The Washington Post reports the director of one hospital says Sunday's attack killed at least eighty people. Global News twenty four hours a day and whenever you want it with Bloomberg News. Now I'm Amy Morris, and this is Bloomberg Karen. All right, Amy, thanks. We bring you news throughout the day right here on Bloomberg Radio. But now, as Amy's said, you can get the latest news on demand, and that means whenever you wanted, just subscribe to Bloomberg News Now to get the latest headlines right at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot com plus apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update. Here's Dan Schwartzman. Dan, good morning, Good morning Karen. The Cleveland Browns clinched just their second trip to the playoffs since two thousand and two with a dominating performance against the New York Jets. Joe Flacco got hit. He rolls out of the head, he runs it, then he crows it and fort caught it head, the thirty head, the twenty head, the fifteen head, the ten head of five past no good head. He vaulted for tag jing board Hot you. That's courtesy of ESPN eight to fifty Radio in Cleveland, behind three hundred and nine passing yards and three touchdowns from Joe Flacco. The Browns improved eleven and five on the season with a thirty seven to twenty win over the Jets. Jerome Ford catching two touchdown passes while David and Joe who gains one hundred and thirty four yards on six catches. Jets fall to six and ten on the season. Week seventeen of the NFL season continuing Saturday with the Marquee matchup in Dallas as the ten and five Cowboys are hosting the eleven and four Detroit Lions. Speaking of Detroit, the Pistons were oh so close to ending their twenty seven game losing streak as they led the Boston Celtics by nineteen points at halftime and at one point by twenty one points before collapsing and losing in overtime one twenty eight to one twenty two. By dropping their twenty eighth consecutive game, the Pistons time the Philadelphia seventy six ers for the longest losing streak of all time, which Philly accomplished between the end of the twenty fourteen twenty fifteen season and the start of the next year. Elsewhere, Nikola Jokich turning in a perfect triple double, not missing from the field or the free throw line in the Nuggets one forty two to one to five, winner of the Grizzlies. That's your Bloomberg Sports update on the ent shportsman from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on SYRIASXAM, the Bloomberg Business Appen Bloomberg dot Com. This is Bloomberg Daybreak and good morning. I'm John Tuckery. You did hear. Among our top stories mains Secretary of State rule that Donald Trump cannot run in the state's Republican primaries, citing his efforts to overturn the twenty twenty election results. Let's take a deeper dive into the story this morning. We're joined now by Terry Haynes of Pangea Policy. Always a pleasure to speak to you, Terry. Certainly it's not going to be the last word, and it sets up for what one observer calls an epic constitutional showdown. What is your view? My view, firstly is discount anytime anybody says things like epic. But secondly, John, I think what you have to understand is what listeners have to understand is a little bit of perspective here Colorado. This Colorado Supreme Court, by a four to three decision, made its determination, but its Secretary of State has already said that Trump's going to be on the primary ballot, you know, abbs in some sort of additional action. So if that doesn't confuse things enough. Secondly, what you've got from the main Secretary of State yesterday is kind of an executative version of what the Colorado Supreme Court said, deciding on our own that trum Trump was an insurrectionist, but also understanding that the thing is going to be appealed. Net I wouldn't look for any of these things to stick. The Supreme Court of the United States is almost certainly not going to allow states to decide how to interpret the fourteenth Amendment of the Constitution, or alone denied candidate to federal rights under the Fifth Amendment. So, you know, generally speaking, I think these things are overblown. And the last thing I will say is there's a lot of state and federal courts that have decided in ways opposite of the Colorado and main courts. People need to remember that too. Donald Trump initially ran as a disruptor, and now he seems to be running as a victim. Does this all embolden him or does it give rise to some something along the lines of Trump fatigue. You know, that's a very good question, and I think the answer probably is some of both. The conventional wisdom right now is that this emboldens and empowers him with the electorate. You can certainly see how that might be so instinctively. But at the same time, it also I think adds to the appeal of not Trump Republican candidates who say, look, if you like the conservative policies and have them during Trump's administration, we can have those back, and we can have them without the circus. We're going to find out which of those is true, or potentially whether both of them are true, starting in about three weeks in Iowa, and so you know, we will see. But the attains me not to make a call on that, but I mean, truly we will see. I'm not going to be the expert on the feelings of the Iowa electorate, but the bottom line is is that I underperformed in the Iowa caucuses is going to give rise to a narrative that Trump, it might not be as strong, and the challengers are getting stronger, and that will reinvigorate the race at it to some extent. All right, speaking of challengers, Nikki Haley also making news with what she says or doesn't say, are the causes of the Civil War, namely slavery. How does that play out in the election cycle. I think that's a blip, honestly, John. It's used by and I'm not meaning to to minimize, No, I mean to minimize what she said or how she said it. But I think it's a blip. You know, she did what she needed to do, which was she was trying to make a trying to use a kind of states rights versus federal point about the war to make a case about the tensions that exist today. It was ham fisted, and she took it back, she clarified, and I think that that goes away pretty quickly. Honestly, this is kind of out of left field. Is Joe Biden going to stick with Vice President Kamala Harris as his running mate? Oh? I think so. Yeah. The Biden sees Harris whole including faults, but he would have a devil of a time taking taking her off the ticket at this point, and for that reason alone, I think he won't give us your view of how the election is all playing out. I will refer listeners right back to a very interesting Bloomberg story on the terminal about a Quinnipiac poll that was released on Wednesday that shows Biden and Trump basically the dead heat and the popular poll, but if you add Bob Kennedy to it, it becomes a thirty eight Biden thirty six Trump Kennedy twenty two race. And I point that out only to say that I've been saying for some time that third parties are going to be more invigorated and more important to this presidential race. You're listening to Bloomberg Daybreak today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one o six one in Boston, and Bloomberg nine sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, serious XMVI iHeartRadio app, and on Bloomberg dot Com. I'm John Tucker and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg or DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) US futures were steady, with an all-time high this year firmly in sight, and Treasuries gained amid optimism that the Federal Reserve is getting close to cutting interest rates. 2) Legendary designer Jony Ive and OpenAI's Sam Altman are enlisting an Apple Inc. veteran to work on a new artificial intelligence hardware project, aiming to create devices with the latest capabilities. 3) US strikes on targets in Iraq and fresh attacks by Houthi militants on shipping in the Red Sea provided the latest warning signs that the war in Gaza risks expanding into a wider conflict destabilizing the Middle East. Full Transcript: Good morning. I'm John Tucker and I'm Karen Moscow. Here are the stories we're following today. In the markets, the S and P five hundred beginning to day hovering at a record The so called Santa Claus rally has left the index just half a percent off its all time high. Despite warnings about overpot levels, equities continue to power ahead on best. The Fed's going to cut rates as early as March, and Bloomberg's executive editor for Markets Paul Dobson says, there seems to be a lot of momentum in the markets. It may be in anticipation of big New year flows into equity funds and people trying to get a little bit ahead of that. As part of the explanation, I think, you know, we're getting very close to that record high in the SMP, and the market loves the target to chase. Bloomberg's Paul Dobson says if the S and P five hundred completes a ninth straight week of gains, it will be its longest winning streak since two thousand and four. Well in Company News, john Tesla could soon lose its title as the world's leader in electric vehicles. The Chinese automaker BYD's sales or forecast to overtake Tesla this quarter. Katrina Nicholas is Global Business editor for Bloomberg in Asia. BYD makes its own batteries and now it also makes its own chips. That has shielded the company from a lot of supply chain crunches over the years. Remember back in twenty twenty during COVID, we had a worldwide shortage of semiconductors and that snarled a lot of automakers. They couldn't get the chips that they needed to make the cous and Bloomberg Global Business Editor Katrina Nicholas as BYD offers half a dozen higher volume models that costs much less than what Tesla charges for its cheapest Model three sedan in China. Meanwhile, Tesla preparing to roll out a revamped version of its Model Y from its Shanghai plant. Bloomberg News has learned the electric carmaker currently conducting preparation work in China, and mass production may start as soon as mid twenty twenty four. Sources say the new Model Why will have much more obvious exterior and interior changes than the most recent update in October, which anadled a new wheel design and ambient lighting. Well John another high tech company in the spotlight this morning, Apple is appealing a US salesman of its smart watches after the White House refuse to overturn the measure. The company is trying to defend a business that generates roughly seventeen billion dollars a year. Mark German covers Apple for Bloomberg in Los Angeles. Apple's belief is they have a software update up at sleeves that will bring the Apple Watch in compliance with the ITC. And so what Apple has done is they submitted details of this software upgrade to the US Customs Agency and on January twelve, the US Customs Agency will make a decision whether or not to approve the refresh to the watch to make them fix. If they go ahead and approve that and the ITC and other entities and the US agree, the Apple Watch can come back to market and Bloomber's Mark German says the US International Trade Commission determined in October that Apple violated two Massimo health technology patents with a blood oxygen sensor in its watches, and Karen saying in the tech sector, a couple of heavyweights joining forces on the artificial intelligence That's good. Details this morning from Bloomberg's Jeff Bellinger. Legendary designer Johnny Ive and open ai Sam Altman are enlisting a veteran to work on a new artificial intelligence hardware project. Sources say that as part of the effort, outgoing Apple executive Tang Tan will join IVES design firm love From, which will shape the look and capabilities of the new products. Altman, an executive who has become the face of modern AI, plans to provide the software underpinnings. The work marks one of the most ambitious efforts undertaken by IVES since he left Apple in twenty nineteen. The designer is famous for the products he helped devise under Apple co founder Steve Jobs, including the iMac iPhone and the iPad. His hope is to turn the AI device work into a new company, but sources say development of the product's remains at an early stage. Jeff Bellinger, Bloomberg Radio. All right, Jeff, thanks, Now we turn to the latest developments in the Middle East. US strikes on targets in Iraq and fresh attacks by hu They militants in the Red Sea, providing the latest warning signs that the war in Gaza risks expanding into a wider conflict of stabilizing the region. Ras Madison is news director for Europe, the Middle East and Africa for a Bloomberg News. You've got all these groups operating in the region, supported by Iran, who are carrying out sort of unilateral attacks on targets throughout the region, including these shippers, and of course Iran sort of warning increasingly that this does increase the risk that they get drawn in. It also increases the risk that the US militarily gets drawn in because of course they're having to shoot down a bunch of this stuff as it's flying around the region targeting this shipping. And we're talking about a coalition of military ships in the region potentially to escort some of this commercial shipping through, and so all of that adds to environment of high tension in Bloomberg's ras Madison says. Benjamin Netanyahu says Israel will expand it's Garza ground defensive in the coming days, despite international efforts to halt the fighting and back here at home care on. Thousands of migrants and asylum seekers are moving north toward the American border. As tom US officials prepared to meet with Mexico's president. That story this morning from Bloomberg's and Baxter. The caravan has reached Chiapas, Mexico, thousands carrying signs that say exodus from poverty. The caravan hopes to reach the border as Secretary of State Anthony Blincoln and Homeland Security Chief Alejandro Majorcas meet with Mexican President Andres Manuel Lopez Odador. The State Department says item one is quote unprecedented irregular migration in the Western hemisphere. Now, the US says the parties need to address border security challenges and identify ways for Mexico to help in the fight. Some of the caravan have traveled from as far away as South America. At Baxter Bloomberg Radio. All right, thanks Karen, and that brings us to five oh seven Time down for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's Amy Morris. Amy, Good morning, Good morning John. Several pro Palestinian protesters were arrested after swarming Rockefeller Center, Grand Central and other areas of the long holiday weekend. Police arrested at least a half dozen people for disorderly conduct menacing at graffiti now In New York City, Mayor Eric Adams says there's always a serious concern about safety in Time Square. On New Year's Eve, he says there's an added concern protesters will disrupt more celebrations after pro Palestinian supporters tried to spoil the Rockefeller Center Christmas tree lighting over this past year. The police department did an amazing job doing the tree lighting to mitigate any form of major disruptions, and they're going to do it this year. Adam says NYPD will monitor online chatter. Top Biden administration officials are in Mexico today to discuss the influx of migrants. More on this from Bloomberg's Nancy Lyons. US Secretary of State Anthony Blincoln in Secretary of Homeland Security Alejandre Mayorcis will meet with Mexican President andres Manuel Lopez Obrador to address the ongoing border security challenges and what each country can do to alleviate the problem. B Lincoln's office notes the migration across the southern border has been unprecedented. B Lincoln is expected to focus on creating legal pathways into the US as well as additional enforcement in Washington. Nancy lyons Bloomberg Radio Now, one of Mayor Adam's main focuses next year will be trying to get the federal help on the migrant crisis. I have to keep hammering away at this issue, and I'm really pleased that we are now in the chorus of other cities that are joining us. There are currently sixty eight thousand asylum seekers in New York City's care right now. And a new program would allow New York City to direct money to new construction after a tax incentive favorable to developers lapsed last year. The New York Times reports the plan would direct public money toward mixed income housing projects in wealthier neighborhoods. The hope is that developers will produce more affordable units using the income from those high rent market rate apartments. The Global News twenty four hours a day and whenever you want it with Bloomberg News. Now, I'm maybe Morrison. This is Bloomberg John. All right, thanks Amy, and that brings us to five ten on Wall Street. Time down for the Bloomberg Sports Update. And for that, here's Dan Schwarzman. Good Morning John. Week seventeen of The NFL season kicks off tomorrow in Cleveland as the Browns are hosting the Jets. Cleveland is ten and five, Jets coming at six and nine. Jets head coach Robert Salad talking about how the Jets can take some inspiration from Cleveland season. They're doing a really nice job. Defensively, they're playing at an eightee level, very similar. Special teams are doing very well. But for sure, we'll definitely look at some things in areas where we can be better, so in the event this happens again, we can keep the vote above water and just kind of replicate what they're doing. That's courtesy of Jets dot Com. Trevor Simeons starting at quarterback for the Jets. Joe Flacco for the Browns. GA in the NBA to Detroit Pistons, setting a record for most consecutive losses in a single season in league history as they dropped their twenty seventh in a row, losing to the Brooklyn Nets won eighteen to one twelve, Cameron Johnson leading the Nets with twenty four points. Elsewhere in the league, futility in Washington as the Wizards are five and twenty four, losing to the Magic one twenty seven to one nineteen, while the Spurs are only four and twenty five after a one thirty one to eighteen home loss to the Jazz. The Nets added again tonight as their home for the Milwaukee Bucks, while the Knicks are on the road facing the thunder in Oklahoma City. The three day NHL Christmas Holiday is over most of the league in action tonight. The Rangers home for the Washington Capitals. Devil's welcoming in the Columbus Blue Jackets. It's the Boston Bruins on the road of the Buffalo Sabers, while the Islanders are home for the Pittsburgh Penguins. That's your Bloomberg Sports update on Dan Schwartzman from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syria's Exam, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm John Tucker. We are looking at the risk of a wider Admit East war. This morning. Fresh attacks by Houthi rebels shipping in the Red Sea provided the latest warning signs. Let's get the update this morning, and I'm happy to say. We're joined by Bloomberg's Rob Mathieson, the news director for Europe, the Middle East and Africa. Ro's nice to talk to you again. It's not anything new attacks in this region. What is different this time? Well, that's right. The attacks and themselves are not that new. They have been a patent for many years now in this sort of narrow area of water in the Red Sea. And of course the Houthies who are based in Yemen but bat by Iran sort of quite often targeting shipping in the area, but again sort of harrying them more than sort of causing serious damage. But what we're seeing is an escalation in that pattern of attacks in the backdrop of the war between Israel and Hamas in Gaza. And we're also seeing it come against the backdrop of those other attacks that are going on, strikes against US forces who are based in Iraq, retaliatory strikes against groups that are operating in Iraq, all of those groups in the end sort of seemingly linking back to Iran, which says it's not trying to disrupt commercial shipping in the area, but neither is it seemingly raining in these groups that it supports and so all of that comes at a moment of high tension in the region. You've got significant military forces operating. The US Navy is in the area, other countries sending naval ships to try and support shipping that's passing through, and so the possibility of sort of a broader conflict does exist as a result, although so far we haven't seen that happen, and Iran has sort of urged some restraint itself. In a climate where you just have shipping in such close proximity, the possibility of a broader conflict cannot be ruled out. Is this going to draw in other actors at this point, Well, there are multiple actors on this sort of the Iran supported side already involved in different ways. Obviously in the conflict itself with Israel. You've got Hesblah still lobbying things from the across the Lebanon border. You've got the Huthi's operating out of Yemen. You've got groups operating out of Iraq, so they've got quite a few proxies at the moment for Iran operating in the region. On the other side, you've got the US Navy quite actively trying to support shipping shooting down drones and other rockets as they're firing through the air from Yemen. You've got other countries sort of saying they want to send their ships to support, and this talk this plan for sort of a naval support task force that's going to support shipping and deter further strikes in the region. You've got India talking about sending warships. So again, you've just got an awful lot of actors involved, none of whom who want really to end up in an outright conflict. But again, with so much shipping in close proximity, be it commercial shipping and naval shipping, the possibility of an accident even cannot be ruled out. Yeah, is it likely that the US would be forced to act even more assertively in this region, Well, they're very much not wanting to unless they have to, particularly again when it comes to Yemen. The US has been working hard in recent years to extricate itself from Yemen and of course urging the Saudi Arabians to also de escalate there, and not something that the US President Joe Biden wants to get particularly directly involved in again and certainly doesn't want to get involved in a one on one conflict that involves Ran and so it does exist as a possibility. The US very much doesn't want to end up with boots on the ground in another conflict. They've become very risk averse about that if you see prior history involving places like Afghanistan for example, they don't want to do that. But again, more and more they are engaging directly in support of shipping in the region and shooting down stuff that might be even flying towards Israel from Yemen for example. So at some point it doesn't become a bit moot. Are they sort of involved militarily yes? Are they directly military involved? They would say no, and they don't want to be Whether or not this is your expertise, I don't know. But in terms of the impact on commodities, especially oil for instance, is it kind of surprising we haven't seen a bigger jump in commodity prices as a result of these attacks. Well, we are seeing oil at least being supported as a result of this. You've got brand near eighty one dollars a barrel, it's about the highest level in almost a month. You're also seeing gas prices rise in a way that the commodity that may react more to this is gas because of concerns around restrictions on supply in the region if Iran really got involved in a conflict, and so the immediate concern maybe less about oil and how much needs to be shipped through that region or how much oil can come from Iran, but really the concern is about a possible impact on gas. We saw some gas fields in fact out of operation in the early days of this conflict between Israel and her mask that was out of an abundance of caution, and they have now resumed operation. But really the commodity that may react the most of this is gas, and that's one that we're watching closely. Today. You're listening to Bloomberg Daybreak. Today you're warning brief the story is making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in the New York, Bloomberg ninety nine one in Washington, Bloomberg one oh six one in Boston. And Bloomberg nine sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, serious xmvie iHeartRadio app, and on Bloomberg dot Com. I'm John Tucker and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day, right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
In this month's episode, the Vancouver Humane Society's Amy Morris and Chantelle Archambault are joined by Kimberly Carroll from Animal Justice to discuss strategies to cope with burnout and overwhelm as an advocate.
Artificial intelligence threatens jobs, but will it enable people to think critically? We explore that topic, along with vaccines, housing, and the negative health effects of ultra-processed foods. Bloomberg Opinion columnists Allison Schrager, Lisa Jarvis, Conor Sen, and Bobby Ghosh join. Amy Morris hosts.See omnystudio.com/listener for privacy information.
Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Amy Morris is in for Joe. Amy and Kailey speak with: Bloomberg Supreme Court Reporter Greg Stohr about the Colorado Supreme Court decision to bar former President Donald Trump for the state's Republican presidential primary ballot due to his actions surrounding the Jan. 6, 2021 attack on the US Capitol. The Washington Institute for Near East Policy's Michael Knights about the latest developments in the Israel-Hamas war. Bloomberg Politics Contributor Rick Davis and Third Way Executive Vice President for Policy Jim Kessler about how Colorado's ruling will impact the 2024 presidential race. Republican Congressman Bryan Steil of Wisconsin about the US economic outlook heading into 2024. Carl M. Loeb University Professor of Constitutional Law Emeritus at Harvard University Laurence Tribe as Trump urges the US Supreme Court to reject Special Counsel Jack Smith's request for fast-track consideration of Trump's claim of presidential immunity. See omnystudio.com/listener for privacy information.
On today's podcast: 1) Equities held gains after the Federal Reserve validated bets that it will soon move to easier policy and pushed stock market gauges toward all-time highs. 2) Treasury Secretary Janet Yellen said she plans to visit China again in 2024, seeking to deepen areas of cooperation and improve communication even as she vowed to continue confronting Beijing over national security concerns and human rights. 3) Citigroup will shutter its municipal business, one of the most dramatic moves yet by Chief Executive Officer Jane Fraser as she seeks to squeeze better returns out of the Wall Street giant. Full Transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. Karen. Stocks are set for their fifth weekly gain, with rate cut bets giving traders a lot of hope heading into twenty twenty four. Equities are pushing for all time highs after J. Powell indicated this week the Fed could ease monetary policy soon. The S and P is advancing toward its seventh consecutive weekly advance. Oil is looking at its first weekly gain in almost two months. Neil Dutta of Renaissance Macro Research says the Fed is following a framework that will allow the US economy to grow. The die has been cast for this for a little bit of time now, I mean, and that's because inflation is slowing more rapidly than they expect. I mean, I think the Fed is following essentially a rules based framework where they're taking changes in inflation and the unemployment rate and translating that into expectations around the federal funds rate. And that's basically what's happening. In fact, last month, Neil detis that he expected the Fed to cut rates by March, so he says he is not surprised by the pivot, but Nathan Dudda's expectations were not shared by many on Wall streets, such as Peter Sheer, head of Macro's strategy at Academy Securities. Really took me by surprise of how comfortable the power was with cutting rates. So when I was at four twenty, I was getting nervous about risk assets because I thought the only way you have to four percent, given what the FED was saying, is for economic conditions to turn much worse. They didn't turn much worse, and yet we're at four percent because of the FED. So I think we have some room for risk to continue to rally, and it's been a great run. Peter Sheer with Academy Securities also tells Bloomberg, despite hawkish stances from the European Central Bank and Bank of England, he expects more growth outside the US. He specifically focused on shine Up. He anticipates further cooperation with the US and increased stimulus measures, and that's the signal that Treasury Secretary Janet Yellen is sending Karen. She says she's going to visit China again next year with a goal of deepening ties and improving communication with the world's second biggest economy. Speaking of the US China Business Council in Washington, Secretary Yellen said that the discussions will focus on difficult topics, but she expects cooperation from both sides. America's fundamental economic strength means that we have nothing to fear from healthy economic competition with China or any other country. The United States does not seek to decouple from China. This would be damaging to both our economies. Still, Treasury Secretary Yellen says the US will pursue export controls and investment restrictions that have angered China. She did stress the need to engage to prevent what she calls a wide range of diplomatic and financial crises. Well as for the latest moves in China, Nathan, the People's Bank of China pumped a record amount of cash into the economy to try to prop up as struggling property market and boost de mad It marked a bullish signal to investors who have been disappointed in china recent piecemeal approaches to stimulus. Meanwhile, stocks across Asia traded higher on optimism over a FED pivot. Now let's turn to a major move in US banking Karen Bloomberg News has learned City Group is shutting down its municipal bond business. It is one of the most dramatic moves yet in CEO Jane Fraser's ongoing restructuring as she looks to squeeze better returns out of the Wall Street Giant. Bloomberg Finance team leader Sally Bakewell says although the move was expected, it is still a shock. City was an absolute powerhouse in this four trillion market for US state and for local debt. It helped on deals for some very prominent buildings in landmarks, such as the World Trade Center rebuilding the Port Authority of New York and New Jersey. It was also one of the lead underwriters Bloomberg. Sally Bakewell says City will complete the wine down by the end of the first quarter. Source to say the moves expected to effect about one hundred employees and some more news on the labor front this morning, Nathan General Motors cutting more than one thousand, three hundred hourly job. Is it a pair of plants in Michigan. It comes less than a month after GMS he unionized workforce. It proved a new labor contract the counts will take effect January. First s turned to politics Now Karen and messaging out of Washington. President Biden continues to urge Israel to be more cautious in its war with Hamas. Bloomberg z ed Baxter has the details a bit of a change from the message he's delivered for the last week. NIC spokesman John Kirby says keywords are lower intensity possible transitioning from what we would call high intensity operations, which is what we're seeing them do now, to lower intensity operations sometime, you know, in the near future, meaning more surgical operations aimed at a Moss leaders rather than the current force. Biden says the focus should be getting Hamas, but also saving civilian lives. I'm at Baxter Bloomberg Radio, all right, and thanks. Meanwhile, in Europe, Ukraine has taken a win and a loss at the EU leader summit in Brussels. The leaders have agreed to open membership talks with Ukraine, but they couldn't not agree on a new financial aid package. That debate will extend into early next year. Hungary's Victor Orbond planned the are blocked the planned fifty billion euro package despite support from the twenty six other EU leaders. The amount of newly committed Western eight for Ukraine has fallen to its lowest level since Russia's invasion almost two years ago. That has Russian President Vladimir Putin expressing renewed confidence in his war aims at his annual end of year news conference. Coming back to the ghouls, they remain unchanged, I will remind you it means the Nazification, the neutralization all of Ukraine and its neutral status. This was President Putin's first end of your news conference since he ordered the Ukraine invasion in February of last year. S and P futures are higher by three tens of one percent, up thirteen points. Now futures up one hundred and twenty five points, that's again of a third of one percent, and Nasdaq futures are about a third of one percent higher as well, up fifty three points. Global headlines straight ahead, plus a check of sports. This is Bloomberg sor Ry Nathan. Thanks. It's time now for a look at some of the other stories making news around the world, and for that we're joined by Bloomberg's John Tucker. John, good morning, and good morning, Karen. Google Will stop telling police witch users we're near a crime. That story in this report this morning from Bloomberg's Amy Morris, Google is changing its maps tools so the company no longer has access to users individual location histories. It cuts off its ability to respond to law enforcement warrants that ask for data on everyone who is in the vicinity of a crime. The change comes three months after a Bloomberg BusinessWeek investigation that found police across the US are increasingly using warrants to obtain location and search data from Google, even for nonviolent cases and even for people who had nothing to do with the crime. Google will roll out the changes gradually through the next year on its own Android and Apple's iOS mobile operating systems. Amy Morris Bloomberg Radio. President Biden trying to rally support among seniors, highlighting new government caps and prescription drug prices, saying the effort will help crack down on price gouging by the pharmaceutical companies. Year before we pass the cization, drug maker's jacked up prices nearly four times faster and inflation went on and they were already too high. Let's call this for what it is is, simply, it's a rip off. Under legislation passed by Democrats, pharmaceutical companies are required to pay rebates to Medicare when they increase certain drug prices passed inflation rates into Bloomberg News Morning consult Paul released Thursday, Biden trailed Donald Trump across a number of swing states. US defense officials say a cargo ship caught fire in the Red Sea this morning into being hit by a projectile launched by rebel controlled Yimmen. The attack and eyed Lightberian flag vessel further escalates a campaign by Yemmens, Iran backed Hooti rebels who claim responsibility for a series of missile assaults in recent days. A lawyer for two former election officials told members of a jury and federal court Thursday they should send a message in considering how much former Mayor Rudy Juliani should have to pay for spreading diffamatory lies about them as part of his effort three years ago to keep President Trump in office. At the last minute decision, Juliani decided not to testify as planned on Thursday. Global News twenty four hours a day and whenever you want it with Bloomberg News. Now, I'm John Tucker, and this is Bloomberg. Karen, all right, John, thank you well. We do bring you news throughout the day right here on Bloomberg Radio. But now you can get the latest news on demand, and that means you can get it whenever you want it. Subscribe to Bloomberg News Now and you can get the latest headlines right at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot com plus Apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Scores Update with John Stashauer John Karon. Blowout in the Desert. Just a few days after the Raiders had a home game and lost to the Vikings three did nothing. They had another home game and beat the Chargers sixty three to twenty one. This game was twenty one nothing in the first quarter. It was forty two to nothing at halftime. That's a near NFL record. It was sixty three to seven midway through the fourth quarter. The Raiders rookie quarterback Adan O'Connell through four touchdown passes. The Chargers lost four fumbles. It's the most points the Raiders have ever scored in the game, and it's the most points the Chargers have ever allowed. Celtics twelve and I went home. They've be in Cleveland, won sixteen to one oh seven. Warriors now just ten and fourteen, playing without the suspended Draymond Green. They lost to the Clippers in LA. Won twenty one one thirteen. Big NBA story so far this year the Minnesota Timberwolves now eighteen and five A one nineteen one oh one win in Dallas. Luca Dompson scored thirty nine and the loss. In Sacramento's win over Oklahoma City the Aaron Fox points for the King Shay Gilgess Alexander scored forty three the loss the Thunder. George McGinnis, the Hall of Famer who played for the Pacers and Sixers, has passed away at the age of seventy three. Capital Is lost in Philadelphia four to three in a shootout in LA. On the day that the Dodgers introduced Joe Otani, they added another player, pitcher Tyler Glass, now comes from Tampa Bay with outfielder and Manuel Margo. The Rays get a couple of prospects in return. Remember, Otani is not going to pitch. He's only going to hit in twenty twenty four. Don Statieward, Bloomberg's courts Karen, all right, John, thank you. While we are watching stocks, they're set for a fifth weekly game this on the Fed pivot, and we want to discuss all of this. We're going to be bringing in Andrew Sheets, the global head of Corporate Credit research Ed Morgan Stanley, for that discussion and ahead of EDSMP futures are higher again this morning. They're up three tenths even percent of about fourteen points. Dwaen Nasdaq futures all also up three tenths of up percent. This is Bloomberg from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syria's exam, the Bloomberg Business Appen Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. There is plenty of fuel for optimism in the US market, with the Federal Reserve signaling this week that it is in fact ready to start thinking about cutting interest rates next year. But when it comes to global central banks like the European Central Bank and the Bank of England, they're holding firm on higher for longer. So what's this mean for the outlook headed into twenty twenty four. Let's get some answers now from Andrew Sheets, global head of corporate credit research at Morgan Stanley. Andrew, it's great to speak with you this morning. So what does a more dovish FED and a more hawkish ECB mean in your world? So? I think the important starting point is that I think we've seen an evolution of the data that's much better than we or the market would have expected six months ago. You know, over the last twelve months, the US economy has grown three percent year every year, and inflation's been declining. And in Europe you've seen again inflation really start to moderate in a way that the ECB a number of central bank watchers would not have expected six months ago. So I think the important factor, the most important factor, is that this year has been all about inflation, and inflation is finally coming down, which gives these central banks a lot more flexibility to moderate policy as that happens. So again, you know, you've seen central banks react to that a little bit differently, the FED sounding a little bit more dubvish, the ECB sounding a little bit more hawkish, But I think the core message as you go into next year is these are central banks that are done hiking. They're going to be cutting, and the path is going to be easing going forward. But the path is going to be easing at a much different pace. It seems like when we hear this more hawkish tone from the likes of Madame Legarde, what could that mean for a global bond markets If we see higher for longer in the Eurozone and maybe not so much here in the US. Well, I think what the market might test is how credible that more hawkish rhetoric really is. You know, we've seen a very weak PMI data out today from the Eurozone. You're seeing inflation in the Eurozone come down quickly, and on Morgan Stanley's forecast it continues to decline quickly. And so you know, we can understand from a strategic standpoint, not wanting to ease up too early on the rhetoric run inflation, wanting to establish the ECB's credibility on inflation. But as the data continues to come in, as inflation data continues to fall, as the growth data is soft, we'd be surprised. We would not expect the ECB to continue to sound this hawkish into next year, and would expect them to be to be easing policy in line with the FED into twenty twenty four. Interesting, what about the Fed's credibility? Is there a risk that the FED pivots back the other way next year? Is that something in your forecast? It's not in our forecast. And I think the point about credibility is key. You know, credibility is everything in central banking, and I think to the credit of the FED, they are talking more dubbishly as core inflation is coming down on Morgan Stanley's estimates with the latest readings of producer price inflation six month annualized core PCE, and thinking about core PCE is the measure of inflation that the FED cares about the most. Over the last six months, core PCE in the US is running at one point nine percent. It's at the Fed's target. If anything, it's a little below. So the idea that the FED is reacting to that data, it is and it's not done anything yet. It's simply talking about the possibility that it might ease and the fact that the FED thinks the neutral rate is way down at two and a half, two and three quarters. All the FED is doing is saying, look, we have policy way above neutral. Core inflation is rapidly approaching our target. Yes, we will be easing policy next year. I think that's a credible place for the FED to operate from. What about the market credibility of they're pricing in something like what six or seven rate cuts next year when we got three from the dot plot? Do you see the FED moving more in line with the market or the other way around. So the market has moved very quickly. I mean, we had forecasts that we thought were quite dubvish when we put out our outlook in the middle of in early October, in early November, excuse me, you know we had the US tenure at three ninety five. By the end of twenty twenty four, it's more than gotten there. You know, we had three hundred basis points of FED cuts over twenty four and twenty five. Again, a lot of that's getting priced in. So I think objectively, the market's moved to price in more cutting than we have expected. But I think it's also fair to say that it is historically normal. Once the FED thinks that a central bank is done hiking. The market usually expects, usually somewhat overestimates future cuts as the market's trying to balance the probability of a FED staying on hold with something more significant, So a lot has been priced in. But I think the general idea that the market once a FED, once the FED is done, starts pricing in more cuts that is very consistent with what we've seen over prior cycles. Really good to have you on with us, Andrew, at the end of a really interesting week for central banks. That's Andrew Sheets with us this morning, Global head of Corporate Credit Research at Morgan Stanley. This is Bloomberg day Break Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast, feat at six am Eastern each morning on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time, on Bloomberg eleven three to zero in New York, Bloomberg ninety nine one in Washington, Bloomberg one oh sixty one in Boston, and Bloomberg nine sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, SERRIUSXM, the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) Google's legal defeat at the hands of Fortnite maker Epic Games Inc. threatens to roil an app store duopoly with Apple Inc. that generates close to $200 billion a year and dictates how billions of consumers use mobile devices. 2) Harvard President Claudine Gay will remain in office after receiving backing from the University's highest governing body, according to a report from the college's student newspaper. 3) A monthly Bureau of Labor Statistics report due Tuesday is set to show consumer prices were unchanged again in November, giving the Federal Reserve room to consider lower interest rates in the months ahead, according to Bloomberg Economics. Full Transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We want to begin this morning with an antitrust ruling that threatens to upend the mobile app economy. A federal jury in San Francisco has ruled in favor of video game developer Epic Games, declaring that Alphabet's mobile app store has a monopoly over distribution of programs and payments on its Android software. Like Apple's App store, Google Play charges up to thirty percent commissions for users, and it generates close to two hundred billion dollars a year. Bloomberg Executive editor Peter Elstrom says this was a surprise ruling after Epic lost a similar case against Apple two years ago, but he says there are some key differences. Google had a whole series of special deals that it was cutting with different companies from different fees within the app store. For example, Spotify, the music service, essentially bypass the fees from the Google App Store. In many cases, companies pay thirty percent fees. So the argument was that Google. Google had something that they called Project hug where they were trying to keep the most important apps within the store not go to rival stores that could compete against them in the Google Play Store, and Epic argued that this was at a competitive behavior. Bloomberg's Peter Elstrom says Alphabet plans to appeal the decision. Epic didn't seek financial penalties, but it is looking for changes to the Google Play Store. Well, we turned to Washington, now, Nathan, where the focus is on geopolitics and the fight over a foreign aid in Congress. Ukraine's President Vladimir Zelenski is in Washington for a two day visit. He spoke alongside Defense Secretary Lloyd Austin at the National Defense University yesterday. Process war on Ukraine isn't just about Is it just about some old fashioned dictatorship trying to settle scores real or imagined. It's not just Moscou trying to split Europe again. It's put him put in attacking that big sheet that happened back in nineteen eighty nine. And President Zelenski also met with the head of the International Monetary Fund, A christ Alina Georgiaeva, who announced the dispersal of nine hundred million dollars in aid. Selenski meets today with President Biden and Republican lawmakers. They refused to budge on about sixty billion dollars in new assistance without funds for the southern border. Well, Karen, the focus is also on the other major global conflict in the Middle East. President Biden is warning Israel that public support for its war against Hamas could shift as the civilian death told mounts in the Gaza strip. The President is still backing Israel's fight, as I said after the attack, Mike, commitment to the safety the Jewish people and the security of israel Is right to exist, is independent as an independitary state is just unshakable. President Biden spoke at a Whinehouse Honkka reception as his administration pushes Congress for new aid. Meanwhile, Nathan last Week's Congressional testimony over campus anti semitism continues to Royal higher education. More than seven hundred faculty members at Harvard University have signed a petition urging school leadership to resist political pressures, including calls for the removal of President Claudine Gay. More than a thousand students at alumni, including billionaire donors like Bill Lackman, are demanding this school replace her, and this morning, sources tell the school's newspaper at the Harvard Crimson, that Gay will remain in office. After receiving backing from the university's highest governing body, Gay in the heads of MIT and the University of Pennsylvania struggle to say directly that calling for the genocide of Jews violates school harassment policies. Liz McGill stepped down as Penn's president over the weekend. Sticking with politics, the Supreme Court has agreed to hear former President Donald Trump's claims of presidential immunity over the Special Council's twenty twenty election interference case. Bloomberg Zed Baxter has that story. Special counsel Jacksmith filed the motion, saying it goes to the heart of democracy whether Donald Trump or any other president has what Trump has claimed as absolute immunity. Trump filed an appeal that would go to win Appellet Court, but Smith petitioned the highest court in the land to try to get an expedited ruling. It would end up there in any event. The fighting Mirk's the first time the Court has been asked to intervene in one of these cases on election interference. Regarding mister Trump, Smith is asked for the court to rule during this term, which ends in June. Ed Baxter, Bloomberg Radio, All right, ed, thanks. Elsewhere in politics, ousted former Congressman George Santos is in plea talk to the prosecutors, and Bloomberg's Nancy Lyons has the details. Prosecutors say in a filing that they're engaged in discussions with George Santos in hopes of resolving the matter without a trial. Santos was set to appear to hearing Tuesday. Santos is charged with multiple federal counts of stealing public funds and lying on federal disclosure forms. Two people tied to Santos's congressional campaign as former fundraiser and former treasurer, have both pleaded guilty to federal charges in Washington. Nancy Lyons, it's Bloomberg Radio. All right, Nancy, thank you. We have some major economic news on the calendar this morning. The November Consumer Price Index comes out at eight thirty Wall Street time. The final Federal Reserve meeting of the year kicks off today and we get the decision and Chair J. Powell's news conference tomorrow. Markets are looking for rate cuts next year. But Bloomberg Intelligence chief US interra strate Strategistyreg Jersey thinks Powell is going to push back. The Fed is still an inflation fighting mode, right and I think that they don't want the market to think that they're going to be cutting very early, because that's loosening financial conditions quite a lot. And because of that, the big risk is to markets on Wednesday is that they say, hey, we're probably not going to cut quite as aggressively as the market's thinking right now. In Bloomberg, Syra Jersey says, even if headline inflation meets market expectations, core CPI could remain elevated enough to keep rates on hold well into twenty twenty four. Tim how to take a look at some of the other stories making news around the world with Bloomberg's Amy Morris. Good morning, Amy, Good morning, Nathan. Firefighters didn't find anyone trapped in the debris of that New York City apartment building yesterday. Part of the seven story building collapsed, leaving apartments exposed and walls just sheered off. Neighbors are stunned. Came from the top first and it just started falling down everywhere. I just see a lot of stuff just flying down. I don't even know the bullet and phone and tire really look was scared. I was, I'm thinking, you know, oh, everybody's okay. Fire officials say two people did suffer minor injuries while they were evacuating the damaged building. After a poll last week showed Mayor Eric Adams approval rating for a record low twenty eight percent, there's a new poll showing who could be the person to succeed Adams. Leading the list. Former New York Governor Andrew Cuomo. Political consultant Ken Friedman says Cuomo would be a viable candidate, and he tells WABC New York the timing for Adams is just awful. The migrant issue is a terrible problem for any mayor, to be fair, and I can't you know, I've thought about it a lot. And have you put you put LaGuardia in office now, I don't think he could handle this, or even Giuliani. Frankly, some observers say it's the migrant crisis that's hurting Adams more than anything else. Former Trump lawyer Rudy Giuliani's defamation case is underway in DC. Giuliani had earlier admitted he spread lies about two Georgia election workers, accusing them of manipulating ballots, but now as the case gets underway, Giuliani now denies that he likes when I testify, to get the whole story, and it will be definitively clear that what I said was true and that whatever happened to them, which is it's unfortunate if other people overreact, but everything I said about them is true. The hearing is to determine how much he owes for spreading the lies about the women. President Biden last week said he was willing to make significant compromises over border policy now before Congress breaks for winter recess. Senate Minority Leader Mitch McConnell told the White House in his Senate floor remarks, it would be imperative for any other Senate support mister President when it comes to keeping America safe. Border security is not a side show. It's ground zero. McConnell's latest push comes as Ukrainian President Voladimir Zelensky is scheduled to address the Senate. Global News twenty four hours a day and whenever you want it with Bloomberg News. Now, I'm Amy Morrison. This is Bloomberg. Nathan, all right, Amy, thank you time now for the Bloomberg Sports Update, brought to you by Tri State Outy. Good morning, John Stanshout, Good morning, Nathan. The legend of Tommy Cutlet Stavino continues to grow. It's quite a story. Undrafted rookie quarterback latches on with his hometown team while still living with his parents. He goes from third string quarterback to first leads the Giants to three straight wins. Last night, DeVito ran for seventy one yards and he completed seventeen of twenty one passes, one per touchdown. Gasito in a shotguncept three receivers lacked partly news light Torino call signals and take what's the snack back to throw Woo's KOs White, Wo's Ques White looking for someone on cover crosse to the year zone touchdown Giants Hi Sea Hodgin on WFA N. Giants led the Packers by eight. Green Bay rally took the lead on a TV with a minute half to go, but de Veto drove the Giants into field goal range and they won twenty four to twenty two on a Randy Bullock thirty seven yarder. The Giants still just five and eight, but amazingly in the NFC, that's only one game out of a playoff spot. There were two Monday Nighters and the Titans of Dolphins also a thriller in Miami. Huge comeback by Tennessee down two touchdowns less than three minutes to go, they scored fifteen points a TV at two pointer or another TV fifty one seconds later. Tennessee won twenty eight twenty seven. Surprising details emerging about the show Aotani contract with the Dodgers. It is for seven hundred million dollars, but all but twenty million will be deferred and paid off starting in twenty thirty four. This allows the Dodgers to afford other players, and they're said to be in it for another Japanese import pitcher, y Ashinobo Yamamoto, who the Mets and Yankees also cover. Yanks met with him yesterday. Nixon Islanders both beat Toronto, the Nets lost in Sacramento. John Stash Edward Bloomberg sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias exam, the Bloomberg Business app and Bloomberg Dot com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. We could have a sea change coming to the way we access the apps that make our smartphones more than just phones. The federal jury in San Francisco has found that Alphabet's mobile app store Google Play is a monopoly after a nearly month long antitrust case with fortnitemaker Epic Games. For more on this what it could mean for the multi billion dollar mobile app economy, we are pleased to be joined by Bloomberg News technology reporter Mark Bergen Mark, Good morning. What are the implications from this victory for Epic Games? Morning? I mean the implications in one way is that Epic and many other kind of all these apps that charge for subscriptions or sort of in app services will be conceivably able to pass us along to consumers. They will just state that cut they were making that thirty percent over to Google. If the policy actually changes, is that something that they no longer have to make and so that those companies will either have more money for their own shareholders or that they can actually just charge cheaper rates to consumers. Interesting to see that potential implication when the whole idea of antitrust cases is to try to lower prices for consumers. But you're thinking that Epic and some other app providers that might be the opposite case for them. Oh no, no, and sorry, I mean I presumably they could lower prices here because this is money that like, that's the argument that Epic has been making, right, that they the reason they have to have the higher fees is because that they you know, every time someone buys something within the app Store for a thirty percent cost to the Apple in the play Store, thirty percent coast to Google. And so now they've been arguing in others that they can pass these savings along with cheaper cheaper rates, pass the savings along. Okay, yeah, for sure, let's get the miss here there. But Epic lost a similar fight against the Apple App Store two years ago. What made its case against Google play so different? It's a really interesting question because I know Google will certainly argue that they are a lot more open than Apple. I mean, Apple is, Google has Android was a bunch bigger. They have, like they have a different Samsung soa it has its own app store, and Huawei, these sort of hardware manufacturers. Google is that does allow other app stores to exist on Android phones in a way that that Apple just doesn't on iPhones. I mean this this u is a different political climate in some ways, Like Google is back against the ropes on a number of issues around around antitrust and both with its search position in its app store. And this something that that Fortnite has been an epic its owner has been working on for years. So does this verdict have applications then for the Apple App Store or any other providers that offer app stores on their platforms, or is it just you know, just for alphabet This is I mean, this is a this is a two company market in some ways, and in many ways Apple dominates, right, So so another company sort of gives us a full clarity about how much they make. But you know a lot of estimates show that Apple just makes so much more money from that's app store, like iPhone users spend a lot more money. So this is something that could certainly impact Apple. I think you know what Epic CEO Tim sweet Sciaty's after is not just a legal victory, but he's actually after a policy business practice change. He wants the business models and the app stores to fundamentally change, and they have been for for the past few years, both Apple and Google have lowered the fees they take for some subscription services like Netflix, and they've made some concessions and been forced to make concessions and other markets. So I think, you know, we can also see that after the ruling, Google came out and said there they're contesting this, so they're certainly not going now without a fight. How difficult to fight is it going to be? Though? On appeal? I mean, we've been speaking to some legal experts that say the bar is set pretty high for Google to try to overcome the difficulties that faced the trial. Google has many well paid and veteran lawyers there you go, and outside law firms, so I don't doubt that they'll actually have enough kind of a legal fire part to keep fighting this if this does stand. Though, Mark, what kind of hit does Google stand to take from revenue? I mean, thirty percent fees is nothing to sneeze at, that's correct, But this is still a small portion of their overall business, right like this has something this has not impact their cash cow search search advertising, and then from there they make some farmer money on YouTube ads, on display ads across the Internet and the cloud business, and you know this is around the same down in the and the sort of they blump everything together with their hardware businesses like Google, Pixel and Nest Devices and then play Store. So it's not insignificant certainly for any of the companies that that's not an alphabet size. But as you see, I don't as far as I know, shares didn't drop tremendously on this news, and I think that's in part because the markets are aware that, you know, Google is this behemoth that has a lot of different lines of businesses and at the same time, Google's facing anti trust action from the Justice Department over search, particularly on cell phones where the app store, where the Google play Store lives. So in our last minute, could this case have implications for for that case, or it's trying to make maintain its search dominance on cell phones. I think. I mean, this certainly gives more ammunition to critics like Epic Games and Company and Spotify has been a critic of sapster model and companies that have been kind of willing to come out and take positions around and complains the Justice Department to the FTC. And so I think in that political sense, yeah, it certainly puts Google further back on its speed. All right, thanks for this, Mark, really good to get the clarity on this pretty important decision. With Epic Games winning its anti trust fight against Alphabet over the Google Place store. Mark Bergen covers tech for Bloomberg News. Now let's turn to geopolitics and the rising stakes for both Ukraine and its defense against Russia and Israel's fight against Hamas. Today, Ukrainian President Vladimir Zelenski will continue to press his case for renewed aid multi billion dollars in aid to his country. He's going to be speaking directly to lawmakers in Washington, Whileen is warning Israel that public opinion could shift if the war in Gaza continues to take a severe civilian toll. And for more on all this, we're joined by Bloomberg News Senior editor Derek Wallbank. Derek, I know you've been monitoring President Zelenski's trip to Washington. This is day two. He's been speaking to the National Defense University, the International Monetary Fund as well. What should we expect as the Ukrainian president meets today with US President Biden and those lawmakers on Capitol Hill. Well, I think he's got a very tough job ahead of him. The aid to Ukraine is currently stalled amid package negotiations over aid to Israel, as well as Republican demands for increased border security measures. Zelenski walks into that fight, I think, in a much weaker position than he was in the last time that he was in Washington. Remember, he got received with somewhat rapturous crowds. He had addresses to US lawmakers. It was a whole it was a whole thing. For lack of a more technical term, it's not so much that in case. Right now, I think there is rising skepticism, especially on the right, over the over the war in general. There is somewhat of an increased appetite in Washington. You know, maybe not a majority opinion, but certainly a sizeable opinion uh that that this war needs to find an off ramp. And unfortunately for Zelenski, he's caught a bit between a rock and a hard place, because on the on the Washington side, you're talking about a difficulty with Republicans who, in fairness, may be trying to simply extract something rather than actually hold this up indefinitely. On the other side, in Europe, you've got he's having problems with Victor ORBN in h in Hungary, gumming up some of the aids there. And between those two things, you are seeing new aid pledges to Ukraine reach a substantial low compared to where it was earlier this year or even late last year. I mean, we're hearing some of the rhetoric from President Scolensky sounding quite a bit more dire if he doesn't get this aid, talking about the threat it could post a democracy if Russia's hand were to be improved by Ukraine not receiving this aid. What about that? Could that change any minds? Do you think on Capitol Hill, this idea that this is still a fight for democracy in Ukraine. Yeah, well, I think the number one mind that I'm particularly interested to see is the new US House speaker. Right, remember that, if we go all the way back, and it's not actually that far back, but to when Kevin McCarthy was speaker, there were some talks in the last funding as part of the last funding negotiations that Ukraine aid would be brought up at some point. Then, of course McCarthy stops being speaker. All of his promises go right out the window, and in comes Mike Johnson, the Louisiana Well, Johnson was quite a Ukraine skeptic before he took the speakership and before he started getting those confidential security briefings that speakers do get. Johnson was telling the Wall Street Journal CEO Forum just last night that he's going to have a message for his Zelenski to basically say, look, we've got to get all of this done together. He said he's going to tell them the same thing in private that he's saying in public. Sure, fine, that's all good. The question that I'm really interested in it is what is Mike Johnson's price for putting something on the house floor. If he put something on the house floor, it's probably going to pass. That's just the math of it. But Johnathan have got a difficulty because he's got to deal with his conference, and his conference is going to want things out of this how much? That's the critical question. What do you make of the you shift in rhetoric? It seems like we're hearing from President Biden when it comes to the stance toward Israel and the mounting civilian death toll. Well, Joe Biden warned at a Honika reception that a public opinion can shift on the war. Certainly, I think Biden has seen public opinion kind of sour a little bit on his own handling. Some of that is from within his own party. Some of his big supporters are are disappointed with how closely he has tied himself to Israel. At the same point, some people on the other side, of the more central side of the Democratic Party would say he hasn't done it enough. So he is in a very difficult political position on this, But as a matter of straight fact, he is right. You know, there is a risk as Israel prosecutes the war that the mounting civilian tolls could create a public a public relations problem for Israel in some of the country is that are backing them up, specifically in the United States. So that is a warning that he's been trying to do. But the problem is is that if you try, and politically speaking here, if you try and have it both ways, sometimes you wind up having it neither way. And the White House right now doesn't really have a ton of friends across the political spectrum with how it's been handling this, because each side would say that somebody else is doing it better or that they're not doing quite enough. This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street Time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Election devices. Just say Alexa play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, Serious XM, the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) The Palestinian Authority is working with US officials on a plan to run Gaza after the ongoing war is over, with one of its top leaders arguing that Israel's aim to fully defeat Hamas is unrealistic and the militant group should instead join it under a new governing structure. 2) President Joe Biden's son Hunter was indicted on nine federal tax charges in a development that will become a political headache for the White House and Democrats as the 2024 campaign ramps up. 3) Treasury yields rose as traders pared expectations for the Federal Reserve to ease monetary policy aggressively next year after a better-than-forecast jobs report. Full Transcript: Good morning. I'm Nathan Hager and I'm Amy Morris. Here are the stories we're following today. This morning, we are learning the Palestinian authority is working with the US on a plan to run Gaza after the fighting ends. Palestinian Prime Minister Mohammad stay I spoke with Bloomberg News. He says his preferred outcome would be to include Hamas as a junior partner in a post war administration, if they are ready to come to ground, to an agreement and really accept the political platform of the PLO, accept the tools of struggle because this is an important point of difference between us and them, and then there will be a room for talk. Otherwise it's just simply things will continue to be the same. Prime Minister Mohammad Staya also tells Bloomberg he does not believe Hamas can be eradicated by Israel. His comments are at odds with the stated aim of Israel's military campaign to wipe out the militant group following the deadly October seventh terrorist attack. The war in Gaza so far has killed more than sixteen thousand Palestinians. That's according to the Hamas run Health Ministry. Now the major legal news breaking overnight in the US that could be a new political headache for President Biden. The president's son Hunter has been indicted on nine new federal tax charges in Los Angeles. That's on top of the federal gun charges he's facing in Delaware. We get more from Bloomberg's David Voriakis. It expands on an earlier agreement in which he would have pleaded guilty in federal court in Delaware and in July and avoided prison. Under this indictment, he could theoretically be sentenced to as much as seventeen years in prison. What government alleges is, I will quote, the defendants spent this money on drugs, escorts and girlfriends, luxury hotels and rental properties, exotic cars, clothing, and other items of a personal nature. In short, everything by his taxi. Bloomberg's David Voriaki says. These new charges come as House Republicans plan to vote next week on formalizing their impeachment inquiry into President. By this latest indictment against Hunter, Biden does not offer evidence that the President benefited from or was involved in his son's activities. Also in the twenty twenty four election, Amy Republican Ron DeSantis's campaign is dealing with more disappointing news, as Bloomberg said, Baxter reports a fundraising event for the Florida governor tend to be canceled. About three thousand donors were invited to a Never Back Down super Pack lunch and to be held before this week's debate. A ten thousand dollars contribution would have given donors access to the lunch where Casey Dessentis was scheduled to speak, as well as a ticket to the debate itself, and an invite to a post debate celebration with a governor. Well, just a couple of days prior to the date, Never Back Down decided to cancel. Scott Wagner, who leads the pack, cited lack of interest. In November, a similar event raised one million dollar dollar, aed Baxter, Bloomberg Radio Right, Thank You ed Elsewhere in politics, more fallout for those IVY League presidents who struggled to denounce campus anti semitism on Capitol Hill this week. The presidents of Harvard and the University of Pennsylvania have issued statements clarifying their positions, but now investment manager Ross Stevens has withdrawn a one hundred million dollar donation that he had planned to give to Pen. Those details from Bloomberg's Charlie Pellett. Stevens is co founder of stone Ridge Asset Management, and he had pledged a stake in the firm to the Ivy League University to fund the Stevens Center for Innovation in Finance. According to a letter to university officials, Lawyers representing the firm said the school had violated anti discrimination and anti harassment policies it had accepted in order to become an investor in New York. Charlie Pellett Bloomberg Radio. Okay, Charlie, thank you. Turning to markets, Investors are waiting for a critical data point this morning, the November jobs report, coming ahead of next week's FED meeting, their last of twenty twenty three. Let's get a preview from Bloomberg's Michael McKee. We should be seeing signs of a slowing economy in the labor market, but economists say not just yet. The consensus forecast is November saw the pace of hiring pick up, while unemployment was unchanged. About thirty thousand jobs won't be new, they will just reflect the return of autoworkers to pay rolls after the UAW strike, but hiring in healthcare, leisure and hospitality and government should keep healthy numbers Beyond manufacturing, markets are pricing a lower than anticipated number. However, so strength could lead to higher rates as investors worry the FED may not yet be done with rate hikes. Michael McKee, Bloomberg Radio, Mike, thank you. Turning overseas, the Japanese yen has surged over the past day. Traders betting the Bank of Japan will scrap the world's last negative interest rate regime sooner than previously thought the advance and Japanese stocks and bonds lower. At one point, the en jumped almost four percent against dollar. Checking Japanese currency right now the end at one forty four to twenty three against the dollar and elsewhere in Asia, Amy top communist leaders in China are promising to strengthen fiscal policy and boost demand while implementing a flexible and targeted monetary policy. China's state run news agency reports officials dropped the word forceful, which was included in previous policy. This came at a meeting chaired by Chinese President Shi Jinping and in corporate news. Back here in the US, the shakeup continues at Spotify. Chief financial officer Paul Vogel is departing after we'd already heard Spotify's head of marketing is heading for the exits. The streaming company announced widespread layoffs earlier this week, totally about fifteen hundred jobs. And now we'll joining us with a look at some of those other stories making news around the world. We bring in Bloomberg's Michael Barr Good Friday morning. Michael, Good morning to you. Nathan. Gunfire outside of Jewish synagogue and upstate New York. It's being investigated as a possible hate crime. Police said shots were fired outside Temple Israel in Albany just hours before the start of Honkkah. The synagogue's preschool was in session and put on lockdown. Nobody was hurt. Very angry and frustrated. Governor Kathy Hochel spoke out last night about the incident. Any act of anti Semitism is unacceptable and undermine the public safety at our synagogue. The first night of Hanukah is even more deplorable. Authorities took a twenty eight year old man in custody for allegedly firing two rounds from a shotgun. Meanwhile, the National Manora on the ellipse by the White House was also lit last night. Since the October seventh start of the Israel Hamas War, law enforcement agencies have warned of a spike in anti Semitic and Islamophobic crimes in the US. Police said gunman who killed three faculty members at the University of Nevada, Las Vegas was an unemployed professor who stuffed his waistband with ammunition before beginning the attack. Authority say sixty seven year old Anthony Polito brought a list of targets, although those shot weren't on that list. Sheriff Kevin mcmahill with the Las Vegas Metropolitan Police Polino was armed with the Taurus nine millimeter handgun. He had brought eleven magazines to the scene with him. Nine loaded magazines were found on his person after the shooting. Polito died in a shootout with police Wednesday, minutes after opening fire inside of building housing a business school. A fourth victim of visiting professor is hospitalized with life threatening injuries. The White House says it is troubled by the Senate's failure to move forward on a supplemental budget request. White House National Security Council spokesman John Kirby says time he is running out to provide more a to Ukraine in its fight against Russia. We've got a few more weeks here and then we're out of Schlitz when it comes to help in Ukraine with this kind of securities systems, so that we've been able to provide, and that's just that that should be unacceptable to everybody, Admiral Kirby says. The emergency request, which also includes funding for Israel and US border securities, being held up by a small number of Republicans demanding what President Biden describes as extreme border policies. Global news twenty four hours a day and whenever you want it with the Bloomberg News Now, I'm Michael Barr, and this is Bloomberg Gaming and Mike, we can get much more Bloomberg News right on your dashboard. The new Bloomberg Business app features Apple Car Play, Android Auto. Get all the offerings that we have on Bloomberg right in your car. Download the Bloomberg Business App from the Apple App Store or Google Plays. Presented by our sponsor Interactive Brokers, time now for the Bloomberg Sports Update, brought to you by Tri State OUTI. Good morning, John stash Hour, Good morning Nathan. When golfers began to leave the PGA Tour for the new Live Tour, John Rahm was outspoken against the idea. He said he doesn't play golf for the money, but for the love of the game. Rom just joined the Live Tour for a deal. It'll get him north of three hundred million dollars. He's ranked third in the world. The reigning Masters champ upset of the AFC Patriots was just their third win of the season, first in six weeks. They built up a twenty one to three lead midway through the second quarter went on to win in Pittsburgh twenty one to eighteen Bailey's zappy through three touchdown passes. It'll be the Pacers and Lakers tomorrow night in Las Vegas Championship game of the NBA's inaugural in season tournament. Indiana beat Milwaukee and the Lakers blew out New Orleans Islanders a seven three home win over Columbus. Devil's won two to one at Seattle. Aaron Judge was on ABC asked his reaction to the acquisition of his new teammate, Juan Soda. I'm excited. I'm excited. You know. It's he's a generational talent. You know. We gave up quite a few, you know, special pitchers in the package. But I think everybody, everybody in Pinchrofts is looking forward to having won Sodo Grissom, you know, for do all those guys, you know, and so it's going to be a fun year. GM Brian Cashman said the Yankees are in it to win it. He says signing having Soto on the team this season could help their chances of signing them to a long term deal. He's due to be a free agent. Cashman on Monday will be in California to meet with Japanese free agent picture Yashinobu Yamamoto, and the Mets also want to sign him. The Orioles have been owned by the Angelos family since nineteen ninety three of Bloomberg report that they could be for sale and in talks with billionaire and Baltimore native David rubenstaff doms dash Ellen. Bloomberg sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Sirisxam, the Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. What comes the day after Israel's war with Hamas. The Palestinian authority says it is working with the US on a plan to run the Gaza strip after the fighting ends. One of its top leaders argues Israel's aim to fully defeat the Palestinian militant group Hamas is unrealistic. Palestinian Prime Minister Mohammad Staya says his preferred outcome would be for Hamas to become a junior partner under the Palestine Liberation Organization, helping to build a new independent state that includes the West Bank, Gaza, and East Jerusalem. Mohammed Staya spoke with Bloomberg's Ethan Branner from his office in the West Bank. Gaza is an integral part of the state of Banistlin right, and the Balestinian territory includes Gaza, West Bank and Jerusalem. So when we talk about two states, the geography of the two states is Gaza, Jerusalem and the West Bank. So this integral part of the Balistina territory should always be there is there a fear of going in after this operation by Israel that you're sort of following in on their tanks. We start a concern. We said that we are not going to go there on and Israelian militia what does it mean. It means that for us there has to be an arrangement. Our people are there and we need to put together structure and we need to put together a mechanism. This is something that we are working on with the international community in order for us to make it possible. There were there will be huge needs in terms of relief, reconstruction, to remedy the wounds, and are you ready to take that on? Not by ourselves, I mean, obviously we need international assistance, but this is your plan, your planners that the PA would when this thing ends, be the kind of vehicle for rebuilding Gaza by all means. Look, when Israel encouraged into Gaza in twenty fourteen, who did all the reconstruction, and we were still reconstructing Gaza. Most of the most of aspects of infrastructure has been actually built by the Palatina Authority, and even before the war, I should tell you that there were there under implementation a total value of eight hundred million dollars of infrastructure projects, that is and that has been under implementation by US roads, hospitals, water networks, electricity, desalination plants and so on. So we, as I told you, we never abandoned Gaza. We never left Gaza. So now any day after it should also include a package of assistance with the full engagement of the international community, because ourselves we cannot do it. A lot. The relationship between the PA and Hammas is very complicated. It's been there was after all, civil war, as you said in two thousand and seven. But the Israeli say they want to eradicate Hamas. Is that a goal that is achievable? Can you do it? First of all, you know, we tried four times or more to come to an agreement with Hamas, but it didn't work and correct and we signed four agreements. Unfortunately none of them was ever implemented by them by them, and recently we have had a dialogue in Egypt and an almen and we agreed on certain issues, we did disagree on a number of issues, and we did form a committee to keep them engaged. That was the idea, but unfortunately all these sort of things has happened, and then now things are going in a totally different direction. Now. For Israel to say that they are going to eradicate or eliminate Hamas, I don't think that's a possible goal to achieve simply because Hamas is not in Gaza only Hamas is in Libanon. Hamas in leadership, everybody knows in Kata, and they're here in the Wost Bank and so on and so forth. So what is needed really is a situation in which that Palestinian unity should be be allowed to function on very clear the bonds and agenda. We did put together certain bonds for Hamas to accept, they never accept it, including the recognition of international legitimacy, United National Resolutions, be a LO commitments and so on and so forth. We even invited Hamas to become part of the Ballistini and Balistan Liberation organ They never wanted to. Hamas wanted to take things their own way, either their way or the highway. And it seems that we are on the highway. So that is where the situation is now. As I said, whether Israel will be able to achieve what they are claiming to do, I doubt that. But on the other hand, in no way to say that you are in favor of what's happening. The suppression of Hamas ultimately needs to happen in some way if they're not going to come into the pl of if they're not going to foreswear their armed struggle and join in some international see what needs to happen with Hamas. What can you see happening? Well, I think Hamas before October seven is one thing, and Hamas after is a very good point. And so and therefore, I think if they are ready to come to ground, to an agreement and really accept the political platform of the blow, accept the tools of struggle, because this is an important point of difference between us and them, and then there will be a room for talk. Otherwise it's just simply things will continue to be the same. And even Palestinians should not be divided. We have been divided. Unfortunately, Hamas took over Gaza by force in two thousand and seven, and this should not have lasted for seventeen years. And that was the Prime Minister of the Palestinian Authority, Mohammed Staya, speaking with Bloomberg's Israel Bureau chief Ethan Bronner from his offices in the West Bank, and Ethan is here with us now from Tel Aviv. Much of that conversation, much of what we heard there from the Palestinian Prime Minister Ethan sounds so aspirational at this point in the war. What's it going to take to get those aspirations to become reality the day after? Well, hello, Nathan, I would say that it's going to take something superhuman. There is an incredible amount of bad things ahead. First, it's hard to imagine. I mean, there are several points here. One is that many people argue that when there is a massive catastrophe, it can become an opportunity. That terrible wars do lead to opportunities of rebuilding, and that is essentially what Prime Minister's style was trying to say. He's also repeating the Palestinie Authority on the Palestine Liberation Organization's main contentions of recent years about what needs to happen and why it hasn't happened, And one can understand that. I think the problem is that the Israelis are in complete disagreement. At least this Israeli government under Prime Minister Nitanya, who considers Staya and President Abbas to be unreliable partners. They do not want to see They do not imagine that Hamas could be reformed and come in. They want it destroyed. And also the idea that Hamas after October seventh and after this war will be more modern and more reformed, you know, in some ways as counterintuitive. In some ways, what happened on October seventh has been a revival for those who in the Palestine community who believe in armed struggle and who believe in confronting is remlitarily. So, you know, it's a lot of pie in the sky for a lot of people. But so is the Israeli perspective, which is that we're going to destroy Amas and start over with the technocratic leadership that's going to remind us of the UAE. So we have two very contradictory sets of goals and plans, and the US kind of lending a little bit of support to each side, and we'll see where this goes. Yeah, it points to the idea of mediation when you have this kind of massive gap, and this idea that the Palestinian Prime Minister said to you in this interview that the US is working with them on trying to bridge this divide. How invested do you see the US right now and the counteries, even with some of the hostage negotiations that have happened in recent weeks, What is the role of mediation with this kind of massive gap between the Palestinians and the Israelis. Well, let's leave the hostage negotiation and the countries on one side, because that's an immediate need with people whose lives are at stake at this moment, and that's been going on quite intensely. We can talk about it if you like later in terms of a mediation for the day after the war and what's going to be the future of some kind of state of Palestine and what's going to happen in the Holy Land. I mean, there's been mediation from day one, and it has not especially succeeded. You know. I think it's true that right this moment that Palestinian authority and the Israeli government are not in a position to sit down across the table and talk to one another. They have nothing but to contempt for one another, and so some outside help is needed. Now. I think the question is, you know, how much investment is an American government interested in putting in. It's not an easy task. It's not the only thing President Biden has on his agenda, and not just not just internationally but domestically. It's got an election coming up in a year, so it's a little hard to mention. What the United States has done has put together half a dozen people between State, NSC and White House who are talking to the Palestinian authority and the Israelis about this stuff. It's kind of an attempt to lay out a plan so that the day after doesn't come and we got nothing to talk about. We haven't planned anything, but it's a little bit of an act of academic theoretical work, because we don't know when this war will end, or how it will end, or what Gaza will look like. The Prime Minister also talked about Hamasa's presence outside Gaza and the West Bank, Lebanon and elsewhere. Is that a hint that this war could expand beyond Gaza? So I don't think that was his aim, but you're right that it could. I mean, we have his Belah bearing down from the north and from Lebanon on Israel, and there's always that enormous concern. The reason that the United States has sent to battle ship carriers with aircraft carriers to the Mediterranean to send a message to his belah. But I think also the point he was trying to make is that you know, even if you kill everybody who works for Hamas in Gaza, you still have leaders in Katar and in Beirut, so you know, and that it's some from within the fabric of Palestinian society, so that this is an unrealistic goal. He says. This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus listen coast to coast on the Bloomberg business app, SERRIUSXM, the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Amy Morris. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) Russian President Vladimir Putin arrived in the United Arab Emirates to start a rare foreign trip that will also include a visit to Saudi Arabia, with bolstering cooperation among strategic oil producers a top priority. 2) Israeli leaders rebuffed mounting pressure to halt the military campaign in the southern Gaza Strip, vowing to press on until Hamas is eradicated even as the death toll rose and the United Nations warned that civilians had no safe harbor amid the bombing. 3) President Joe Biden said he may have decided to serve just one term if Donald Trump were not seeking to return to the White House, arguing the former president poses a grave threat to American democracy. Full transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the latest on the war in the Middle East. Israeli leaders are vowing to continue their fight to eradicate Hamas despite criticism from international groups. Prime Minister Benjamin Netanyahu lashed out after the un said there are no longer any safe places in Gaza. I say, to the women's rights organizations, to the human rights organizations, you've heard of the rape of Israeli women, horrible atrocities, sexual new relation. Where the hell are you? Prime Minister Natanyahu's troops are continuing to press into the southern Gaza city of han Yunis Well, Nathan. Back here. In the US, presidents of three prestigious universities, Harvard, MIT, and Penn were called to Capitol Hill to explain to lawmakers what they're doing about an outbreak of anti Semitism on their campuses. Bloomberg's Amy Morris has more from Washington. The university presidents told lawmakers they won't tolerate anti semitism on their campuses as they cope with protests over the Israel Humas war. During heated questioning, by New York Republican Elis Stephonic. Harvard University professor doctor Clauding Gay cited free expression and says the school consistently enforces its rules of conduct, even of views that are objectionable, offensive, hateful. It's when that speech crosses into conduct that violates our policies against bullying Haras. Does that speech not cost that barrier? Does that speech not call for the genocide of Jews and the elimination of Israel? We embrace a commitment to free expression. Alumni and donors, citing incidents of anti Semitism, psychologists just aren't doing enough to create a safe learning environment for Jewish students in Washington. Amy Morris, Bloomberg Radio, all right, Amy, thank you. In other news this morning, Vladimir Putin has arrived in the United Arab Emirates at the start of a trip that will also include a visit to Saudi Arabia. It is a rare overseas trip since the invasion of Ukraine. The Russian president is seeking to bolster partnerships with key oil producers. Bloomberg's Rosalind Mathieson says the visit reveals a lot about the way Putin sees his position. He's really not left Russia very much since he invaded Ukraine almost two years ago. He's been to China, he's been to some of the proof ree States, but he's not really ventured any further than that. So simply the fact that he now feels confident enough to travel to the UAE, to travel to Saudi Arabia, to meet with some very very high level officials in both countries shows perhaps a reflection of how he's feeling at the moment about his hold on power at home, about where he's born in Ukraine is at and really that he's not feeling isolated on the global stage. Bloomberg's Ros Matheson says Putin's previously limited trips mainly two close allies since he ordered troops into Ukraine. Well, let's turn to US politics now, Nathan And a revealing comment from President Biden. The president says he might have decided not to run for reelection if former President and Donald Trump were not in the race. At a fundraiser in Massachusetts, the President said, quote, we can't let him win for the sake of the country. He was asked about the comment afterward. I expect so, but look, it is running and I just have to rus not no, not now. The President's comments come as polls show many voters are concerned about his age and the prospects of a Biden Trump rematch. Well. Meanwhile, Karen, the President's re election campaign does expect to raise more than fifteen million dollars in events across the country over the next five days. Biden is back in Washington after those three fundraisers in Boston, there was one actually that included singer James Taylor. On Friday, the President plans to travel to Los Angeles for a fundraiser with film director Steven Spielberg and Rob Reiner. Oh, we turned to the markets now, Nathan, as we await the crucial Friday jobs are pored. Another labor data point is reinforcing optimism of rate cuts, and we get the latest from Bloomberg's John Tucker and Karen. It's just what the Fed wants to see. The jolts or job opening survey pulling back in October to the lowest level since early twenty twenty one. It underscores the gradual cooling in the labor market that policymakers want. The labor market seems to be softening through slowing demand for new workers, rather than employers cutting jobs. A separate report shows easing inflation in the service sector. The ten year US yields that briefly top five percent in October broke below four point two percent. They're lower still this morning. It all feeds into the Goldilock scenario. Still some investors are warey. We're calling the story of Goldilocks had a few bears in it. Friday, we do get the monthly jobs report, and next week is the Fed meeting. John Tucker, Bloomberg Radio Now lots to come John, Thank you. Also today, the CEOs of some of the biggest banks on Wall Street are in Washington to testify before Congress. More on that from Bloomberg Financial correspondent Chanelli Bossik, JP Morgan CEO Jamie Diamond, and Goldman Sachs CEO David Solomon are among big bank CEOs set to face the Senate Banking Committee today in Washington. The committee, led by Senator Shared Brown, has held the hearing with the big banks every year since Brown became chairman in twenty twenty one, saying that he's there to protect the main street economy and the bankers will face questions on everything from mortgage rates to savings rates after the Federal Reserve has raised interest rates so dramatically. In Washington, d C. I'MTIONALI Bassic Bloomberg Radio Shanelle, thank you. What we heard from another bank executive ahead of those hearings. The Bank of America CEO Brian moynihan is talking about the economy. His firm still expects us off landing rather than a recession. The reality is going to be a slowdown, but we have it as being positive. The way customers are spending their money is leveled out. In other words, there's not this good service, this massive change. So some things are growing faster, but it's leveled out, meaning that all the categories are kind of grow on plus or minds the average. And so that's all good news that the economy's normal life. Bank of America CEO Brian moynihan made the comments yesterday at Goldman Sachs US Financial Services. Come friends, time now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's Amy Morris. Samy. Good morning, Good morning, Karen, and we're learning that Russian President Vladimir Putin has just arrived in Abu Dhabi, a rare foreign trip to bolster oil cooperation with Saudi Arabia and the United Arab Emirates. Back here at home, House Speaker Mike Johnson says House Republicans have come to an inflection point in their impeachment inquiry of President Biden. Bloomberg's nanacylliance brings us an update. Speaker Johnson says the House has no choice but to take an official vote on an impeachment inquiry next week. The White House has refused to acknowledge the legitimacy of the probe since no vote was taken, which is the usual course. They're refusing to turn over key witnesses to allow them to testify as they've been subpoena. They're refusing to turn over thousands of documents for the National Archives. The impeachment inquiries over President Biden's alleged involvement and his son Hunter's overseas business dealings. The investigation so far has produced no direct evidence. In the press has denied any wrongdoing. In Washington, Nancy lyons Bloomberg Radio Now Senate Majority Leader Chuck Schumer says Yesterday's classified Senate hearing that was supposed to be about Ukraine was quote hijacked by Republicans trying to force a conversation about the US border. Schumer offered Republicans a chance to offer an amendment to the package, but that would require sixty votes to pass any amendment they want. If they can get sixty votes, they can solve the border problem. It's plain and simple. Senator Schumer has set up a procedural vote on a supplemental spending bill that does not include border provisions that'll be set for later today. Meanwhile, Ukrainian President Vladimir Zelensky canceled his address to the US Senate yesterday as those negotiations bogged down. Former President Donald Trump is reportedly likely to attend his New York civil fraud trial tomorrow. His attendance would come just days before he's expected to take the stand again next week. Trump is set to be the defense's last witness in that case on Monday. He last has to fight on November sixth. New York Attorney General Letitia James accuses Trump and others of inflating the value of assets in order to obtain more favorable loans. Members of Hollywood's actors union have voted to ratify the deal with studios, ending their strike after nearly four months. The seventy eight percent approval from the members of the Screen Actors Guild American Federation of Television and Radio Artists was no certainty. Some prominent members had voiced assent on that deal. A rejection of the agreement would have meant a return to the bargaining table and the possibility of workers going back on strike. Global news twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Amy Morris and this is Bloomberg Karen. All right, Amy, thanks, So we do bring you news throughout the day right here on Bloomberg Radio. But as Amy said, you can now get the latest news on demand, and that means whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot com plus Apple Well, Spotify, and anywhere else you get your podcasts all time. Now for the Bloomberg Sports Update, by John Stashaur John Karen. Milwaukee and the Lakers will join Indiana and New Orleans for the semifinals the NBA's in season tournament tomorrow night in Las Vegas. The Bucks scored thirty four or more points in all four corners. They shot sixty percent from the field and made sixty percent of their three pointers. They beat the Knicks in Milwaukee one forty six to one twenty two Giannis Sunde. The couple scored thirty five points. Damian Lillard added twenty eight. Julius Randall scored forty one for the Knicks, who gave up the most points they've given up in a game since nineteen seventy nine. Closer game in La Lakers top Phoenix one oh six to one oh three. The Stars were out Lebron James thirty one points and Kevin Durant thirty one in the loss. He missed the three at the buzzer that would have tied the game, So it'll be the Pacers against the Bucks. The Lakers against the Pelicans championship game on Saturday. College trips to New York. Fifth rank Yukon beat ninth rank North Carolina eighty seven to seventy six, only the eighth trade ever between the Yankees and Red Sox. The Yanks get outfielder Alex Perdugo from Boston. The Red Sox get three pitchers, most of whom spent last season in the minor leagues. Yankees also looking to acquire Juan Soto at the winter meetings underway in Nashville. The bigger story, Who's gonna get shoe A? Otani? The favorite right now? The Dodgers. Their manager Dave Roberts, met with Otani for a couple of hours at Dodgers Stadium. Roberts said Otani is our top priority. John stash Award Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Siriusxam, the Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. On a busy morning overseas and in domestic Paul, including in Israel, where they are pressing on with the fight against Hamas in southern Gaza despite international pressure to end the war. Russian President Vladimir Putin is on a rare trip outside his country just landing in the United Arab Emirates today, and US President Joe Biden is raising new questions with his latest comments on why he's running for reelection. Lot's to get to this morning with Bloomberg new senior editor Bill Ferries, who joins me now. Bill, So, the fighting goes on in Gaza, and from the looks and sounds of it, it's about as intense as it's ever been. Absolutely, there's a lot of reports that the death toll and southern Gaza has picked up. Israel Is sending forces all around the second biggest city in Gaza there in the south in Prime Minister net and Yahoo today said we will fight until the end, calling for a quote crushing victory. At the same time, Israeli officials have said that they are willing to or another pause if or cease fire if that really allows more hostages to be released. But you know, from the beginning, I think since October seventh, when Hamas went into Israel, the Israeli government has said one of their ultimate goals here is to destroy the mass leadership, and I think they're going to proceed in that direction, whether or not they get more hostages out. Is there a risk that Israel could lose international support if the bombardments maintain this level of intensity. Yeah. Absolutely. I think you've already seen them on the defensive internationally, trying to really focus on their efforts to minimize civilian casualties. But you have people like even the United Nations agencies that are operating there saying at this point there's really no safe place for Palestinians in the Gaza Strip to evacuate too. You know that all places are effectively targets at this point. So I think there's certainly a public relations battle that goes along with the battle in Gaza, and I think that's one that Israel. The public relations battle is one that Israel is really struggling with. And while we watched the movement in the Gaza Strip, Bill, we are also monitoring movements by Russian President Vladimir Putin. We got the headline just moments ago that he has arrived in the United Arab Emirates. This is a pretty rare trip abroad for the Russian president. It is there's a lot going on here. I think. On the one hand, you know, you go to you go to the UAE, and you go to Saudi Arabia, where he's expected I think later in the day. You go there for one reason, and that's to talk about oil and energy. Russia has been supportive of the Opek plus arrangement to cut production further beginning in January. Russia and Saudi Arabia are really the backbone of that Opek plus agreement. Though Russia has not really been cutting back on production, it needs those oil sales to fund its war in Ukraine. But I think there's also just a very symbolic gesture and putin traveling, making this trip just sort of showing that he can travel. There's not many places where he can go at this point where he wouldn't be at risk of getting arrested for the for the Ukraine War. He's skipped a Brick summit in South Africa earlier this year because of concerns he might be detained. But he is, you know, he's able to travel relatively freely. There is a lot of Russian investment in this in the Gulf States, a lot of Russian companies that have fled Western sanctions relocated there, a lot of Russians relocated there, and so I think there's a whole bunch of issues on his agenda, from from oil to to investment. Uh, and then frankly, just the symbolic importance of being seen traveling abroad. President Biden is traveling as well, raising a lot of money for his re election campaign and making some pretty interesting comments on why he's running. He's saying that he might not even be running if not for former President Trump. It's kind of raising concerns, isn't it. Yeah, you have a lot of people who a lot of Democrats who would you know, who say they're really concerned about the president's age. They'd like to see a different candidate in the race. Frankly, you have a lot of Republicans who say that about Donald Trump at aged seventy seven as well. It says a lot about the race. I think Joe Biden in some ways is saying what perhaps Democratic strategists and leaders have been saying, which is, you know, he's he's the only guy who beat Trump in twenty twenty and and feels perhaps like he's the one to do it again. I think, you know, he seemed to walk back that comment a little bit when he returned to the White House last night, saying that if you know he would expect that maybe he would still be the candidate even if Trump wasn't running. But I think he said he said out loud, the quiet part that a lot of Democratic operatives have been saying for a while. This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine one in Washington, Bloomberg one oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus listen coast to coast on the Bloomberg Business app, serriusxmb iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) Israel's military is expanding its operations across the Gaza Strip, with the expectation of a ground invasion of southern Gaza looming and warnings to many of the territory's 2.2 million residents to evacuate again. 2) Spotify shares rise after the company said it will reduce headcount by about 17%. It's at least the third time this year the streaming service has cut jobs. 3) Bitcoin tops $41,000 as the largest digital asset extends a 2023 rebound on expectations of interest-rate cuts and the prospect of greater demand from the exchange-traded funds sector. FULL TRANSCRIPT: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We bring you the latest developments out of the Middle East. A US Navy ship has responded to a flurry of drone and missile strikes against commercial ships in the Red Sea. At the same time, Israel's military is expanding its operations now across the Gaza Strip. We get the latest from Bloomberg News Israel Bureau chief Ethan Brauner in Tel Aviv. We're expecting a ground operation this week. I imagine in han yunis As, the main city in the south there, that they believe this is after all, where yaj Sinoar, the head of Hamas, where he's from, and they think that both he and Muhammad, they've the military chief of Hamas, are underground in tunnels there. So they have started asking people who have either or living there or who've moved there from the north to move yet again, causing a lot of displacement and concern and fear. And I think it is going to be a difficult week. Bloomberg's Ethan Broner says Israel has struck about two hundred targets, including weapons storage facilities and a school in northern Gaza, where it says Hamas was operating. Meanwhile, Nathan Defense Secretary Lloyd Austin is sending a warning to Israel about using too much for sun civilian populations in Gaza. We get that part of the story from Bloomberg's Ed Baxter. The caution comes as Israeli soldiers move with great force to the south. Secretary Austin is urging extreme caution. If you drive them into the arms of the enemy, you replace a technical victory with a strategic defeat. So I have repeatedly made clear to Israel's leaders that protecting Palestin and civilians in Gaza is both a moral responsibility and a strategic imperative. Austin has drawn criticism from Republican Senator Lindsey Graham, who calls him naive, saying strategic failure is letting Hamas stand. Ed Baxter Bloomberg Radio, Okay, and thank you. The administrations ramping up pressure on Congress over aid to Ukraine. White House Budget Director SHLANDA. Young says the US will run out of funds to assist Ukraine by the end of this year unless Congress acts Republican Senator James Lankford says he thinks the deal can get done by then with the funds tied to border security. We're going to do this all together. That's been the agreement that again from the White House originally and asked for all these things to be together. We have agreed to do all these things to be able together. We can get this done by the end of the year. Senator Lankford was on ABC's This Week, which you can hear every Sunday on Bloomberg Radio. The White House is seeking more than sixty one billion dollars in Ukraine eight as part of one hundred and five billion dollar emergency package that also includes funds for Israel, Pacific allies and border security. Well, we turned to Wall Street Now Nathan An optimism over FED rate cuts next year has several markets on the move. This morning we had the latest of the Bloomberg's John Tucker, John and Karen Traders are still digesting FED share Jerome Palell's comments on Friday. This is part of what he had to say. We are prepared to Titan policy further if it becomes appropriate to do so. Well. Powell also said monetary policies well into restrictive territory, and in the selective hearing of investors, that's the narrative. Wall Street latched onto the S and B five hundred continued It's March higher. Friday, treasure yields tumbled, and as we start the new trading week, gold earlier shot past a previous all time high, Bitcoin back above the forty one thousand level to the Hygha sins April of twenty twenty two. The everything rally will need some data to back it up. The latest reading on job openings or jolts. That's due tomorrow, and the jobs report is out on Friday. I'm John Tucker, Bloomberg Radio. All right, John, Thanks. You've also got deals to start the week, including one in the air. Alaska air Group has agreed to buy rival Hawaiian Airlines. More on that from Bloomberg's Doug Grisner. Alaska will pay roughly a billion dollars for shares in Hawaiian holdings and take on about nine hundred million dollars in Hawaiian debt. Hawaiian has been hurt by the slow return of tours in between Asia and Hawaii after the pandemic. The carrier has also struggled as Southwest Airlines ramped up in the Hawaii to US market. Alaska Air's proposal may be tested. The Biden administration stance on mergers has already thwarted one airline deal, Jet Blue Airways cash takeover of Spirit Airlines. That lawsuit is nearing a close in New York. I'm Doug Prisner, Bloomberg Radio. Okay, Doug, thanks, and shares of Alaska air Group are down more than nine percent in early trading, and we have a deal this morning. In the drug industry, Nathan Roach Holding has agreed to pay as much as three point one billion dollars for Karmath Therapeutics. The company is developing a new type of weight loss treatment that sparked a pharma industry gold rush. Karmot's drugs are still in early stages of development, but the deal could lead to a competitor to the likes of a Govi and Eli. Llloy's zepp Bound analysts estimate the weight loss market could reach one hundred billion dollars by the end of the decade. Shares of Roach You're up more than two percent overseas, and shares of Spotify are up more than two percent as well. In Earth Trading, Karen that company is cutting headcount by about seventeen percent. The job cuts will effect about fifteen hundred people. It is at least the third time this year Spotify has reduced headcount. Spotify is on pace to add more than one hundred million users this year, It's biggest year yet. The company also reported a rare profit last quarter. Now, Nathan, let's get an update from the COMP twenty eight climate summit in Dubai. Bill Gates was once the world's richest man, and now he's devoted a large chunk of his fortune to fighting climate change. We asked the Microsoft co founder if he thinks the world can meet the global warming targets from the twenty fifteen Paris Agreement. No, we won't hit hit the aspirational targets. Well, you can do the math on one point five and even two point zero. Isn't that likely? And still Bill Gay says he's still optimistic the world can avoid becoming three degrees celsius warmer than the pre industrial era. And you can hear more of our conversation with Bill Gates coming up shortly on the program Time Now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's Amy Moore is seeing good morning, Good morning, Kiera. The US Supreme Court will your arguments today in the bankruptcy deal for oxyconton maker Purdue Pharma. ABC News spoke to attorney at Niger, an attorney for some of the plaintiffs who helped negotiate that settlement. In a way, this case is about deterrens. It's about holding corporate leaders and owners accountable for their business decisions. The six billion dollar deal gives Purdue Pharma's owners the Sackler Family immunity, protecting them from lawsuits. A leading national health expert says the US should experience a more typical flu and virus season this winter. We're probably looking at a more typical winter pathogen season what we've seen in past years. Speaking on CBS's Face the Nation, former FDA Commissioners doctor Scott Gottlieb says the level of RSV and flu cases is abating, but he is still encouraging everyone to get vaccinated. The Centers for Disease Control and Prevention says about a third of Americans or not getting enough sleep nurse Susan Harris, a sleep expert, says sleep controls everything in our lives, and without it, we struggle. It's essentially another pandemic that we are experiencing. She says sleep is the most underestimated and underutilized health aight in modern society. US Air Forces divers have discovered wreckage and remains of crew members from a US Air Force Osprey aircraft that crashed last week off southwestern Japan. Sources say five bodies in the bulk of the wreckage were located underwater. The Osprey plunged into the sea off the island of Yakashima on Wednesday. Eight people were on board. The latest class of Kennedy Center Honorees were inducted last night, including comedian Billy Crystal, soprano Renee Fleming, singer, songwriter, producer and member of the Begs Berry Gibb rapper, singer and actress Queen Latifah, and singer Dion Warwick. President Biden says the performing arts reflect who we are as Americans and as human beings. That's especially true for more than two hundred Kennedy Center honorees over the past forty six years have helped shape how we see ourselves, how we see each other, and how we see our world. The gala event took place last night, hosted by previous honor Ey Gloria Stefan. The show will air on Wednesday, December twenty seventh on CBS Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Amy Morris and this is Bloomberg Karen. All right, Amy, thank you what we do bring you news throughout the day. As Amy said right here on Bloomberg Radio, but also, as she said, you can get the latest news on demand whenever you want it. So the question is how do you do it? While you subscribe to Bloomberg News Now, and then you can get the latest headlines right at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot com, plus Apple, Spotify, and pretty much anywhere else you get your podcasts. So it's time now for the Bloomberg Sports Update. For that, we bring in John stash out gun Karen. Before the NFL kicked off controversy in college football the last year that the playoff is only four teams. Next year it's going to twelve, so the last time this is likely to happen, a team goes undefeated in a Power five conference and doesn't get invited. It happened to Florida State, who went thirteen to zero in the ACC also beat two SEC teams LSU and Florida. A week ago, the Seminoles were ranked in the top four. Alabama was only eighth, but the Crimson Tide had the upset of Georgia in the SEC championship game, and Bama is off to the Rose Bowl to play Michigan on New Year's Day. That's the first semi final. Washington will play Texas and the Sugar Bowl in the other two teams who've never been in the playoff before. It came down to Bama and Florida State, and the committee went with the Crimson Tide and the Seminoles will settle for the Orange Ball, which is not a playoff bowl. The big NFL game was in Philadelphia, a rematch of last year's NFC Championship. This time the forty nine ers wanted easily forty two to nineteen. They scored two touchdowns at each of the last three quarters. Deebo Samuel into the end zone three times. Brock forty through fourteen he passes. The Niners are nine and three, the Eagles are ten and two. The Patriots are two and ten. Shut out at home for the second time this year. They went to Bailey Zappi as their quarterback. That didn't work. Pat's loss of the Chargers six to nothing. Fourth strad loss for the Commander is beaten at home by Miami forty five to fifteen. The Bruin beat Columbus three to one. Scottie Scheffler won the World Hero Golf in the Bahamas at twenty under park John Stashaewa. Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias exam the Bloomberg Business app in Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. Let's get to the latest from the Middle East. Now, where Israel is mourning residents of southern Gaza to evacuate. A new ground invasion of that part of the Palestinian held enclave is expected and soon at the same time, the US Navy is responding to drone and missile attacks against commercial ships operating in the Red Sea. For the very latest, we are joined now by Bloomberg's Oliver Crook, who has been following this war since the October seventh Hamas attack in southern Israel. Ali, good morning. What is the latest that we're hearing from the Gaza strip and beyond. That's right, Nathan, so we have you know, after this truce expired on Friday, you had seven day pause in the fighting. It has really taken a hold once again, and not in any sort of less significant phase. And now we have a new phase, as it's being described by the Israelis, which is really a focus on the southern part of Gaza. We remember that the first part of the operation was that ground defensive after pummeling of the northern part of Gaza. That appears to now be expanding to the south and that is seemingly going to focus around the city of Communists, where the Israelis say that the Hamas leadership has entrenched themselves. They're inside the tunnels, is what they're saying. They're asking people to evacuate to go to. Now what they've set up our safe zones, no target zones, they say, and again they have said that they are doing this with a caution to civilian life and that they have learned some lessons from the North on effectiveness and this sort of thing. But we also need to think about how densely populated now. Of course, the south of Gaza is after all of the evacuations in the north, and that was the whole effort for the last eight weeks, was getting people out of the north into the south, and now the operation will move down that way. And now the question is with this idea that Israel has set up some kind of safe zones and the word we got yesterday from a White House National Security spokesman John Kirby that the Israel has even posted maps online where people can go. Are those locations as safe as Israel is indicating? I mean, that's the big question right now. This is yeah, this is a permanent question throughout this What I think has changed now when we enter into this new phase of the war and yet another phase is the international scrutiny is even more intense. Perhaps it is not as headline grabbing the war as it was in the very beginning, but there's certainly a lot of pressure on Israel now, and particularly from its historic allies. We've heard comments over the weekend from Emmanuel Macon, who has taken a sort of slightly more measured approach on the Israel issue, saying that basically aiming the aim of eliminating Hamas will require a decade of war, and so that Israel's objectives need to be clarified. But we heard it from Kamala Harris. We're saying that too many Palestinians have died Blinken in his third trip to Israel. You know, the tone has shifted and shifted and shifted, saying that really, again, there needs to be fewer people dying as this operation goes on. So you are seeing a shift in that. So perhaps that pressure will have to make that a top priority for the Israelis now. I guess, I would imagine it would be a little too soon to say whether that shift in rhetoric is actually leading to a shift in tactics when it comes to how Israel carries out this war in the days and weeks to come, and tries more, I guess, plainly to show the international community that it is doing what it can to limit civilian casualties. Yeah, yeah, I mean I think you certainly will get that. You got it from just now from the IDEFA spokesman's coming out and again emphasizing the civilian side of it. But again we heard from the chief of staff from the Israeli Defense Forces over the weekend and we were asked. They were being asked basically, what does this thing in the south look like? What does this operation look like? And they would say it will be as thorough in the south at as it has been in the north. And again everyone is going to be paying attention to the casualty numbers, the figure of dead. We understand that that figure is now at fifteen thousand, five hundred people that have been killed in Gaza since the beginning of this war. Eighty percent of the two point two million people have been displaced. I mean, these are just huge figures. The Israeli say that five thousand are Hamas fighters that are now dead. And again, now the operation is going through the tunnels and dealing with all of these things. But again we are on day fifty nine of this day sixty is coming up tomorrow, and there's not really an end in sight, and in the meantime, we mentioned that the US has been responding to attempted attacks and in some cases I guess successful attacks as well. On commercial shipping in the Red Sea, I mean, there are two potential questions there. What is the risk that this escalates into a wider war and what's the risk to shipping to supply lines globally. It's something that really the market is also very intensely, you know, focused on with all of these sort of spillover effects. And as we know, the United States has been intercepting missiles over the Red Sea over the last few weeks, coming from Yemen all the way up the Red Seas is a huge distance across, and is it a top priority to mitigate all that the Saudis that are on the border with Yemen, you know, some we understand that they've been firing into their airspace and all of these are sort of the potential conflict points. However, again we see all of the same risks we've seen for the last few weeks and months, which is Hezbollah in the north of Israel. Again, there's still some attacks there, but nothing that really stands out as a dramatic escalation. But these are all the things that the market certainly will be playing close attention to. In the United States has its significant naval fleet out there to deter exactly this kind of behavior. Absolutely, And as you mentioned, this week will mark two months since the October verse seventh attack. This Thursday will be that two month mark. Raises the question about how much longer this conflict can go on and whether Israel needs to spell out more clearly what its objectives are, what dismantling and destroying Hamas will mean. This is exactly the point, what does that mean. We know that the aim is to dismantle Hamas. The question is again with an insidiousness of an ideology which is not just composed of a very sort of neat selection of human beings that once they're gone, it's gone. This is the problem and this is the problem that the Israelis have and this is where again the support of the international community will be tested as this war continues to rumble on. And the other issue you have is obviously you have the situation in Gaza, but when you look at the West Bank, they after the cease fire, where you had the hostages released and you have a many Palestinian prisoners released. You saw a lot of Hamas flags running in the West Bank because they're seeing this. Hamas to a degree is standing up for the Palestinian cause. It is bringing results, it is bringing people back home. And again this only complicates this matter, which again it's very hard to be very optimistic about this, but there needs to be some kind of political or diplomatic breakthrough for there to be a durable solution to this conflict that has plagued the reason for many, many, many decades. All right, Bloomberg's Oliver Crook joining us this morning, who's been part of our team covering this conflict between Israel and Hamas since the October seventh attack. And Oliver with us this morning. Thanks again for being with us. And now we want to bring you our conversation with Bill Gates, the co founder of Microsoft, who is one of the many dignitaries at the COP twenty eight climate summit in Dubai. Gates says the world probably will not meet the goal from the twenty fifteen Paris Agreement of limiting the rising global temperatures to one and a half degrees celsius, but that doesn't mean he isn't optimistic about the fight against climate change. Bill Gates praised the COP Summit for making progress on tackling global warming despite geopolitical tensions. Gates spoke with Bloomberg's Farancy Laquai from Dubai discussing COP twenty eight, the warming Planet, and how he measures success against climate change. Let's go to part of that discussion. Climate change. Overall, it's a challenge to the world. Hydrocarbons have been very cheap. Our economy is built around in coal, gas oil, and so we have to make this change. The progression of inventing new approaches, green approaches, and then implementing them and over time scaling them and getting them so cheap what I call zero green premium. You first have to have risk capital. Then you have to have bigger amounts capital, eventually, as they say, trillions of dollars to get every country to replace it's steel plants at cement plants and so depending on the emissions area. Some of these things like steel and cement were at the very early stage. Some like electric cars, at least at the high end the green premium you could says zero, not for for low cost cars where you park on the street. But you so all these things and the faster we go, the less temperature increase. We'll see. But do you think we're going fast enough to actually hit the targets that were set out in the Paris Agreement? No, we won't hit hit no to aspirational targets. Well, you can do the math on one point five and even two point zero. Isn't that likely? Now? Fortunately, if you stay below three, a lot of the ill effects that people have heard about don't happen unless you really are irresponsible and let it get up to the higher range. Where do you see the role of fossil fuels going forward, Well, we have to outcompete fossil fuels. Now. To do that properly, they you know, they shouldn't get subsidies, and in fact a carbon tax over time should be put on so that the new you know, say the electric car or the plane that use hydrogen, the fact it doesn't emit carbon, you're helping it get adoption. Those companies have skills, you know, if you want to sequester carbon or you know nuclear wayt or there's a lot of skills if you want to make biofuels. You know, some of those companies will take the capital and skills they have you know, so I wouldn't you know, say okay, I wish they weren't there. You know, people still, you know, there's no country that can say, okay, we have zero emissions. Uh. You know, people want to drive to work. You know. In fact, the excess supply when Russia cut off its supply in the world was sort of glad that was available. And so yes, oil and gas needs to be out competed, and those companies need to join the effort. I know you look at a lot of technologies and a lot of innovation, but is there one thing that you've been most excited about. If we can get either nuclear fission or fusion to be safe and broadly accepted and very economic because it's not whether dependent, it would be very complementary to the large amount of solar and wind that we're putting into our electric system. And so I'm biased. I'm a huge investor in both fission and fusion and hoping that it comes in time. This is Bloomberg Daybreak Today. Hey, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street Time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, seriusxmb iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) As the truce between Israel and Hamas enters its final 24 hours, negotiators from Qatar, Egypt and the US are pressing for an extension to try to secure the release of additional captives and avert a resumption of a war that erupted almost two months ago. 2) Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99. 3) Billionaire investor Bill Ackman is betting the Federal Reserve will begin cutting interest rates sooner than markets are predicting. Full transcript: Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the war in the Middle East. This is the final day of an extended six day ceasefire between Israel and Hamas. The Palestinian group handed over a dozen more hostages last night, ten Israelis and two citizens of Thailand. White House National Security spokesman John Kirby says he hopes the ceasefire can be extended so more Americans can be freed. I don't want to I'll give you a handicap here on this or bet nods. I can just tell you that we want to see all the hostages out. The way to do that is these pauses. My White House spokesman John Kirby spoke with reporters outside Air Force one CIA director Bill Burns is and caught her for talks about extending the ceasefire. Secretary of State Anthony Blincoln will be back in Israel later this week, and in a post on ex President Biden called for an end of the fighting. He says Hamas fears nothing more than Israelis and Palestinians living side by side in peace and now Nathan the financial world. EA is mourning and remembering the life of Charlie Munger. Munger, who helped build Berkshire Hathaway with Warren Buffett, died yesterday at the age of ninety nine, and we have more with Bloomberg's John Tucker, John and Karen with wit, wisdom and one liners. Charlie Munger served as Warren Buffett's alter ego, often telling it with brutal honesty what wouldn't work. Munger was known for steering Buffett away from purchasing what Buffett called cigar butts mediocre companies had a puff of smoke left and could be bought for very cheap prices, and instead favoring quality. A lawyer by training, Monger recalled how he was steered toward investing when I met Warren. He immediately started telling me how much better his way of making a living was than mine, and that I was too smart to stay in such a silly businesses law practice when I could go into his business of running an investment partnership. And it took me about two or three years to realize he was right. His death, Lee's Buffett without his law time sounding board for investors, maybe his most enduring legacy is Berkshire's performance under their management. Berkshire average an annual gain of twenty percent from nineteen sixty five through twenty twenty two. I'm John Tucker, Bloomberg Radio. All right, John, thanks, of course. Charlie Munger is also going to be remembered for his roles as straight man and scold of corporate excesses at Berkshire's annual meetings in Omaha. Bloomberg Intelligence Senior analyst Matthew Pallasola remembers Monger's special relationship with Warren Buffett. They're recalling individual meetings that they had, you know, forty fifty years ago, and Bussett is forgetting a couple of things, and Munger's reminding him of, well, this guy said that, and we said this, and we made this much money in these meetings. I mean it was, you know, truly a partnership for all of that time. And their interaction was just amazing. They would finished each other sentences, and Bloomberg Intelligence Senior analyst Matthew Pallasola there. Charlie Munger died yesterday at a hospital in California. He was a longtime resident of Los Angeles. Well Nathan, we turn to the market, specifically the economy now and billionaire investor Bill Ackman, who's betting the Federal Reserve will begin cutting interest rates sooner than markets are predicting. I think there's a risk of a hard landing if the FED doesn't start cutting rates, you know, pretty soon. So I think the market expects sometime middle of next year. I think it's more likely, probably as early as key one and Bill Lackman added that he's not convinced the US economy is headed for a soft landing. The billionaire investor made the comments in an upcoming episode of The David Rubinstein Show. Here to Beer Conversations on Bloomberg Television. Well Karen Bill Ackman's comments come as two of the fed's most hawkish rate setter signal they could be comfortable holding rates steady for now. Here's what FED Governor Christopher Waller told the American Enterprise Institute in Washington. I am increasingly confident the policy is currently well positioned to slow the economy and get inflation back to two percent. Chris Waller's view as echoed by a fellow FED governor, Michelle Bowman, who said she remains willing to support great hikes if inflation progress stalls, but she did stop short of endorsing an increase next month. Well. In Washington, Nathan, the House of Representatives may be voting on whether to expel George Santos today or tomorrow, and Bloomberg's Ed Baxter has that story. Motions in the House have been formally introduced, saying ethics findings violate the accepted policies of the body. Now, many of those members who voted against the first one November one, are saying they will vote to expel now, and Santos has responded saying the body is just theater. I went to San Diego last week. It is terrible, terrible. That's what we should be putting our energy on, not on censuring one another, expelling one another, which hunts against the political class. Nobody cares. Congress has forty eight hours to act under the resolution. Ed Baxter Bloomberg Radio, Okay and thank you. President Biden won't be there, but Vice President Kamala Harris this is attending the COP twenty eighth Climate Summit in Dubai. We get details from Bloomberg's Amy Morris. Harris will join Secretary of State Anthony Blincoln and other US officials at the two week event that begins tomorrow. She is expected to address the summit this week. Formal negotiations at COP twenty eight will center on the response to warnings that countries are falling short and cutting their emissions, and possible commitments to phase down fossil fuels in Washington, Amy Morris, Bloomberg Radio. All Right, Amy, thanks for the Incorporate news and a surprise memo. Jack ma urged Ali Baba Group to correct course civilionaire call for fundamental change across the company he co founded decades ago. Ma has mostly stayed away from day to day operations since twenty twenty, and Ali Baba wants China's best candidate to become a trillion dollar company is trading at a fraction of its peak in twenty twenty. Time now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's Amy Morris. Good morning, Good morning, Karen. Congressional negotiators are reportedly ready to drop plans to use the annual defense policy build of Titan controls on US investment in Chinese technology. Sourses tell Bloomberg that House Financial Services Chairman Patrick McHenry is effectively blocking a measure that would require firms to notify the government about certain investments in China and other countries of concern. The Biden administration meanwhile getting pushedback from auto dealers on those mandates for switching over to electric vehicle production. Bloomberg's Nancy Llons has that part of the story. The mandate calls for two out of every three vehicles sold in the US by twenty thirty two be battery electric, but nearly four thousand auto dealers, who are calling themselves EV Voice of the Customer say most car buyers, even with incentives, are disinterested in the technology due to the higher cost, the lack of charging stations, and the loss of driving range and hot and cold weather. The dealers are asking President Biden to slow down and let the battery technology and infrastructure improve before forcing EV purchases. The White House says the proposed standards are not a mandate and do not ban gas vehicles in Washington, Nancy Lyons Bloomberg Radio Republican Congressman Anthony Disposedesposito made a motion on the House floor to force a vote on House Ethics Committee Chairman Michael Guests resolution that would expel Congressman George Santos. Minutes later, Santos took to the House floor himself to defiantly say he will not resign. Are we to now assume that one is no longer innocent until proven guilty, and they are in fact guilty until proven innocent, Or are we now to simply assume that because somebody doesn't like you, they get to throw you out of your job. The House Ethics Committee report alleged Santos used campaign cash to pay for personal expenses. He's also facing federal charges. A US military Osprey aircraft carrying eight people as crashed into the sea off southern Japan. The Japanese Coast Guard is heading to the site for search and rescue operations. Host Guard official says they don't have details yet about what happened to the osprey nor to the people on board. He says the Coastguard received an emergency call from a fishing boat near the crash site off Yakushima. The osprey was believed to be heading to Okinawa. Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Maybe Morris and this is Bloomberg Karen. All right, Amy, thank you well. We do bring you news throughout the day right here on Bloomberg Radio. As Amy said, but now you can get the latest news on demand whenever you want it. You can just subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com plus Apple, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update, here's John stash Hour John Darren. The NBA started this season with an in season tournament to drum up some interest early in the regular season, taking a page out of what you see in European soccer. Last night they determined which eight teams are advancing to the knockout round next Monday. In the East, Boston will play at Indiana, and then on Tuesday it's the Knicks in Milwaukee. Monday in the West, New Orleans and Sacramento, followed the night later by Phoenix at the Lakers. The winners will advance in the semifinals December seventh in Las Vegas, with the championship on December ninth. Minnesota Timberwolves have the best wrecker in the West. They won last night. They're thirteen to four. They're not advancing, but the Knicks are. They beat Charlotte one fifteen to ninety one. The Celtics moving on. They're eight to zero. At home, they beat the Bulls one, twenty four to ninety seven. Jalen Brown scored thirty. Milwaukee got thirty three from Jannis on to the compo in a one to thirty one to one twenty four win at Miami College Hoops and the sec ACC Challenge the SEC one four, including twelfth rank Kentucky beating eighth rank Miami ninety five to seventy three. We heard from the College Football Playoff Committee. Time we'll hear from them will be Sunday with the final four announcing who's going to be in the playoffs. Georgia's rank number one. Michigan, with the big win over Ohio State, moves up to second. Everyone moves up a spot. Washington now third, Florida State fourth, Oregon fifth. Washington plays Oregon on Friday for the pac twelve Championship Ohio State. With the loss dropped the sixth John Stasheward Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on siriusxam, the Bloomberg Business app in Bloomberg dot com. This is Bloomberg day Break. Good morning. I'm Nathan Hager. On this final day of an extended six day ceasefire between Israel and Hamas, the Palestinian militant group is handing over more hostages and pressure is building on both sides to see if this pause in the fighting can be extended even further. For the very latest, let's go to Tel Aviv and check in with bloom Israel Bureau chief Ethan Bronner. Ethan, it's good to have you back with us. What are the prospects that we could see this ceasefire extended beyond today? Hey, Nathan, I think the prospects are pretty good. I think that both sides have been comfortable with this pause, they would like it to extend. I think it's a breather for Hamas, it's a breezer for the Israeli defense forces, and also it allows more humanitarian aid to get into those in great need who are suffering from hunger and the outbreak of disease in Gaza. And of course it's bringing back to Israel hostages. So the deal is, you know, ten hostages a day, another day of a ceasefire, and it seems like that could go on at least two more days. Will it be a ceasefire or could it be a resolution to this conflict? We've seen commentary from President Biden himself one of his latest posts on the social platform X saying that Hamas fears nothing more than Israelis and Palestinians living side by side. To continue down the path of terror, violence, killing and war is something we can't do. Is pressure building to end this war? It is? And that was an interesting tweet. I don't know if you still call it a tweet. An interesting post on X by the President which suggests that he is slightly moving away from a full embrace of an Israeli continuation of the war. I think it's a little hard to tell. The Israelis very much want to destroy Hamas, and they believe they can, and they believe they must take this opportunity to do so. They believe that they want to get as many hostages out as possible and then go back into war. It is clearly the case with the President and many many people abroad think that the war has should stop. Too many people have died, too much suffering has occurred. And I think that politically President Biden is worried. He's also facing internal dissent in his own administration. But you know, it could also be that they sort of thread this needle in the way that allows the Israelis to go ahead in some days time, but in a way that is more targeted, there's less civilian death, and that allows them to declare a victory. We shall see. Are we seeing that play out in the thinking among Israeli officials leaders in Israel that we could see a more targeted approach and what would that look like? Yeah, and what would that look like is a great question. We are it's very very hard at the moment to get any transparency on what the next military phase will look like. When you ask, you're told, sorry, pal, we're not sharing it with you. But it is clear from public statements and also from pressure from Washington, that they have to reduce them the kind of bombardment that began in these first weeks of this. This is now almost an eight week conflict, and it is clear that they want to go after the leaders of Hamas and it's military infrastructure. They are saying that they've killed about five thousand Hamas guys. They were saying there were about thirty thousand of them, So you know, from their perspective, they've made progress, but they've hardly gotten everything they need. Now, what would it mean to go in a more targeted way. You're going to have two million people sort of crowded into the southern part of Gaza. I don't know how you're going to go get underground there without killing people. So I don't know how they're going to do it, but that's clearly something the Americans are demanding of them before they let this go forward. What do we know about the hostage releases that are expected today, Well, we know that these rulis have been given another list of ten. Again, only women and children have been and gate involved in these exchanges so far, and I expect there'll be more women and children in the next day or two. Then the question is would they get to some men, some soldiers and that's I think a more difficult thing. So far, it's been three Israeli three prisoners Palston prisoners for each hostage. That may have to change. Yeah, we do know that there have been talks underway and caught her with the CIA director Bill Burns to potentially get that ceasefire and hostage deal extended beyond women and children, something else for us to follow. And no, we will be doing that as well. Ethan Bronner, thank you so much for being with us this morning. Ethan Bronner, Israel bureau chief for Bloomberg News, joining us this morning from Tel Aviv. And now we want to bring you our conversation with the founder and CEO of Pershing Square Capital, Bill Ackman. He says the Fed's going to cut rates sooner than many of us expect. Bill Ackman joined Bloomberg's David Rubinstein for peer to peer conversations. They discuss the FED, the outlook for the US economy, and the twenty twenty four presidential elections. So let's bring you part of that conversation right now. I do think the economy is weakening. We're seeing evidence of that in some of our companies. You're seeing I have some concerns. There's been a huge subsidy in terms of low interest rates and companies. Most companies fix their rates or their debt at very low rates, and certainly real estate investors did the same. And that works until it doesn't work, And so I think we're what's going to be interesting is to see what happens when people get have to reprice their debt, and I think that can have sort of a cliff like effect, and you're certainly seeing that in real estate now. The markets are assuming, and the markets are not always right, but the markets are assuming that there's going to be a FED discount cut sometime next year. As we talk now just about the end of November. It's not clear what the Fed will do. But some people say that the Fed, if they were to cut interest rates next year year, would help the Democrats and therefore be seen as very political. The other hand, some people say the Fed can't wait till after the election because the economy might need a stimulus. So you have a view on what the Fed is likely to do. I think they're gonna cut rates, and you know, I think they're gonna cut rates sooner than people expect, because you know, what's happening is the real rate of interest ultimately, which is what impacts the economy, keeps increasing as inflation declines. Right, So if the FED keeps rates in the sort of middle fives and inflation is you know, trending below three percent or you know, that's a very high real rate of interest, and I think that is having a sort of retarding effect on the economy. And then of course, again you know, many businesses and certainly many individuals have the benefit of fixed rate debt, and that fixed rate debt, certainly for companies and for commercial real estate, starts to roll off. So I think there's a risk of a hard landing if the FED doesn't start cutting rates, you know, pretty soon. So you know, I think the market expects sometime middle of next year. I think it's more likely probably as early as key one by its own and miss and the FED probably missed inflation initially they said it was transitory, but they played catch up and they've increased rates considerably since that time. Do you think the FED made a mistake in not handling inflation differently at the beginning, And how do you think they've done since they started increasing interest rates? They certainly made a mistake. I mean, I think they would have FED generally as an institution, would admit that. I think that they caught up and effectively. So you give them credit for acknowledging the mistake and being pretty aggressive. And then I think, you know, you want to make sure that they're you know, German Powell's desire not to have a legacy of causing or contributing to long term inflation, doesn't, you know, cause them to make the opposite mistake, I mean, keep rates too high for too long, and I think the market expectation is you know, called it middle of next year, July something like this for the beginnings of easing. I think the economy will likely demand an earlier move. And I don't think of the FED as a or at least this FED, a particularly political institution. I think they're really trying to do the right thing. President Biden has called his economic program biden Nomics, which has met some derision in Republican circles. You've been an active supporter of Democrats, I think more than Republicans. Is that right? I would say historically I have you know, I would say today I certainly consider myself and have for years now a centrist, okay, and I'm much more open to Republican candidates that I am to re electing President Biden. So I you know, you would say otherwise. You know, again, I want to elect the best leader of the country, whether that person is a Republican or a Democrat. But you haven't publicly said you're supporting President Trump if he's the nominee. Ye. I've been supportive of you know, I've been supportive of Nikki Haley. I've been supportive of Chris Christy, I know, the vag Ramswani and I was, you know, pre his launch of his candidacy, I was, uh, you know, supportive of his having a young, smart, talented, uh you know, business leader as a next president. He's just been a little too far off, too far to the right, and also been disappointed a bit with his you know, geopolitics and how he's thinking about dealing with some of the wars that we find ourselves in the midst of today for the economy itself. Do you think it really is going to make a difference if President Trump is if he's the Republican nominee it gets selected, or President Biden is the Democratic nominee he's selected, who either one. Would it make a big difference for the economy in the next year or so if either one is the president or the economy is going to do what it's going to do. You know, I do think leadership matters enormously in everything from the economy to geopolitics, and I hope we're going to have a broader selection than Trump and Biden. There's actually an interesting candidate who just announced his candidacy on the Democratic side that I would say, no one has heard of a congressman named Dean Phillips. You probably have heard of him, may know him. Met with him recently. I was impressed. I think the best I think Biden done a lot of good things, but I think his legacy will not be a good one if he if he is the nominee, I do think the right thing for Biden to do is to step aside and to say he's not going to run and create the opportunity for some competition of alternative Do you think that I think that I think he's past his prime in kind of meaningful way. I think the global security, I would say, and is going to become a very high profile issue for I think the country. I think people are concerned about what's going on in terms of Russia, Ukraine, you know, the Israel Hamas situation. You know, Russia and China are pretty belligerent today. Our relationships are not good. So I think you know, you, I do think of It's a bit like being CEO of a major company. It's a it's a it's a full time job, and you need to be at your you know, you need to be strong, you need to be at your intellectual best. And I don't think Biden is there. This is Bloomberg Daybreak Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, seriusxmb iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) 1) Israel is coming under increasing pressure to agree to an extension of a four-day pause in its war with Hamas. President Joe Biden said he supports prolonging the cease-fire, which is due to end on Tuesday morning and part of a deal to free hostages held by Hamas in Gaza. The halt in fighting is “critically needed” for additional aid to get into the territory and for more captives to be freed. 2) Rishi Sunak said he condemns antisemitism “in all its forms,” in a careful criticism of Elon Musk that stopped short of the full-throated condemnation by US President Joe Biden and others who have accused the tech entrepreneur of amplifying anti-Jewish hatred on his X social media platform. 3) Black Friday shoppers spent a record $9.8 billion online in the US, Adobe Analytics reported, offering a positive sign for retailers facing lackluster sales forecasts for the holiday season. Full transcript: Good morning. I'm Nathan Hager and I'm Amy Morris. Here are the stories we're following today. First, the latest developments out of the Middle East. Israel and Hamas are signaling that a temporary ceasefire could be extended beyond today. Under the current agreement, Hamas is releasing fifty hostages in exchange for one hundred and fifty Israeli held prisoners. President Biden says he's aiming for this break in fighting to continue. Critically, nay, today is going in and hostages are coming out, and there's still structured so that it can be extended to keep building on these results. That's my goal, that's our goal, to keep this pause going beyond tomorrow. When President Biden spoke yesterday with Israeli Prime Minister Benjamin Netanyahu, who signaled an extension was possible. Meanwhile, Israel is coming under increasing pressure to agree to an extension of a four day pause in it's war with Amas. We get more from Bloomberg's Simon Marx and Tel Aviv. Israel is under some pressure to continue to slow drip releasing hostages. There is still a lot of public pressure here to get many more released, and the families and the victims of the hostage families are still very active. Bloomberg. Simon mar says, so far Hamas has handed over fifty eight hostages, including non Israelis. It is slated to free another eleven Israelis today to fulfill the four day Agreement. And in Washington, the issue of Israeli aid maybe getting more complicated. Bloomberg zed Baxter has that story. Senator Chris Murphy is saying lawmakers should consider conditioning future aid to Israel based on compliance with international humanitarian law. I think there's both a moral cost to this, many civilians, innocent civilians, children often losing their life, but I think there's a strategic cost. Ultimately, Hamas will get stronger, not weaker, in the long run if all of this civilian death allows them to recruit more effectively, enablely inside Gaza. Murphy on CNN civilian death toll must stop, ed Baxter Bloomberg Radio, Thanks D. Another complicating factor in aid to Israel and Ukraine is a dispute over security at the southern border. Republicans in Congress want to tie foreign military assistance to tougher border policies. On NBC's Meet the Press House Intelligence Chair Mike Turner said it will be tough to pass the AID before the end of this year. While the issue remains unresolved. Man Amy events in the Middle East may be forcing President Biden to skip an event he's attended the past two years. According to The New York Times, a White House official says the President will not be at the COP twenty eighth Climate summit in Dubai. The official didn't say why, but senior aids are suggesting the Israel Hamas war has consumed the president in recent weeks. Meanwhile, Elon Musk will today meet with the Israel with Israel's Prime Minister and president, as well as representatives of the families of hostages held in Gaza. The closed door meeting appears to be an effort to diffuse a growing backlash over the billionaire's endorsement of an anti Semitic tweet. While Musk has drawn support from notable figures including hedge fund manager Bill Ackman, others, including British Prime Minister Rishi Sunek, say that Tesla and SpaceX chief should not be given a pass because of who he is. I don't tend to get in the business of scrutinizing what every single person says who I've interacted with. Of course I bore anti Semitism. It doesn't matter whether you're Elil Musk or you or someone on the street who's shouting abuse that someone who happens to be walking past you. That's wrong in all its forms. Antisemitism in all its forms is completely and utterly wrong. So next careful criticism comes just weeks after the British Prime Minister had a fireside conversation with Musk at the UKAI summit. Turning to markets, amy stocks are going higher. That's the call from Deutsche Bank. The firm's strategists, including Binkie Chata, predict the S and P five hundred will rally to a record fifty one hundred by the end of next year. That's about twelve percent above current levels. Chata says stock valuations are not high and earnings are growing solidly. Meanwhile, Wall Street it returns to work with lots of economic data and plenty of earnings reports. We get a preview from Bloomberg's Charlie Pellett. Tech earnings will be in focus this week, with z Scaler and crowd Strike holdings underscoring how businesses are prioritizing cybersecurity after recent high profile corporate hacks. Among the other technology companies reporting this week Salesforce and Dell. In New York Charlie Pellette Bloomberg Radio. Okay, Charlie, thanks for also keeping an eye on retailers today. Well, because it's cyber Monday. The huge online spending day comes after shoppers spend a record online on Black Friday. More on that from Bloomberg's Eddie vendor Wald. What we're seeing is that US consumers spend a record nine point one billion dollars online. That's according to Adobe Analytics. It's a record so far. But we're seeing two interesting trends. Number One, a lot of people are spending on buy now, pay later, and we are seeing them buying less luxury items with this spending. So it feels like the consumer is starting to feel the pitch and rather than going out spending big money is saying, look, this might be a good opportunity to start cutting back out of spending. Bloomberg's Eddie vander Walt says global Black Friday sales rose twenty two percent, led by clothing, personal care, and jewelry. The owner of TikTok is cutting jobs. Bye Dance plans to eliminate hundreds of positions in gaming and wind down at Showpee s brand Uverse. The closure marks by Dan's biggest retreat from a once booming gaming industry dominated by ten Cent and at smaller faux net Ease. Sources say the Chinese company intends to announce the cuts later today. Time now for a look at some of the other stories making news around the world, and for that we're joined by Bloomberg's John Tucker. Good morning Job, Hey, Good morning Amy. The US is investigating whether Iran was behind an incident in which missiles were fired near the Navy destroy USS Mason. The Mason intervene to stop the hijacking of a commercial cargo ship by pirates in the Gulf of Aidenere, Somalia on Sunday, after which two ballistic missiles were fired from Yemen tour the Navy destroyer. The ballistic missiles were fired from the part of Yemen controlled by Iranian backed Hutu rebels. They fell well short of the mark. We could be looking at a shakeup in the battery industry that's critical for the energy transition battery giants are starting to put their money on a new sodium based technology. Let's get more in this report from Bloomberg's Denise Pellegrini. Sodium from rock salt and brines is cheaper and way more abundant than the lithium widely used now in batteries. But in the past week alone, Sweden's Northfold said it made a breakthrough, and China's ev maker BYD signed a deal to build a one point four billion dollar sodium ion battery plant. Also, China's coatl said back in April at sodium based batteries would be used in some vehicles starting this year. This could all hit lithium demand Hardloomberg GETTYF has said sodium could cut hundreds of thousands of tons of lithium demand by twenty thirty five. Denise Pellegridy Bloomberg Radio. This post Thanksgiving travel rush could be won for the books. American Airlines said that it flew six and a half million customers over the holiday, the highest ever for the airline. Of this traveler at New York Liberty Airport spoke for many I travel from California to New York back and forth all the time. I have never had this much of a weight. I don't know why. American says it had more than sixty one hundred departures Sunday and expects about six thousand flights today. The Biden administration today will announce a redoubling it measures to strengthen supply chains. It's creating a new White House Council on Supply Chain Resilience. The council will conduct a supply chain review mirroring similar strategic documents prepared for National Defense at Homeland Security. Global News twenty four hours a day and whenever you wanted with Bloomberg News Now. I'm John Tucker and this is Bloomberg Amy. All right, thank you, John. We bring you news throughout the day here on Bloomberg Radio. But now you can get the latest news on demand whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule, and you can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot com plus Apple, Spotify, and anywhere else you get your podcasts. Time now for our Bloomberg Sports Update and for that, we bring in John stash hour Amy. The game of the day was in Philadelphia. The Eagles trailed Buffalo by ten points in the fourth quarter, trailed by three with twenty seconds to go when Jake Elliott tied the game with a fifty nine yard field goal. Philly also trailed in overtime, but Jalen Hurt scored a touchdown and the Eagles beat the Bills thirty seven to thirty. Fourth. Philly is ten and one. The Bill's having a disappointing season at six and six. The Patriots having a really disappointing season. They are two to nine. Lost to the Giants ten to seven when Chad Ryland missed a thirty five yard field goal with three seconds to go. Ravens last night improved to nine and three. They beat the Chargers twenty to ten. The Steelers are seven and four, all seven wins by seven points or less. They've been outscored on the season, but Pittsburgh able to win at Cincinnati sixteen to ten. Bengals played without the injured quarterback Joe Burrow. Carolina dropped a one in ten, lost to Tennessee seventeen to ten. Indianapolis Street Tampa Bay twenty seven to twenty Michael Pittman had over one hundred yards in receptions. Two SEC schools with new football coaches at Texas A and m it's Mike Elko. He had been at Duke the last two years and the previous to that he was the Aggies defensive coordinator. Mississippi State's new coaches Jeff Levy, he had been the offensive cornator head Oklahoma. Another f one win for Max first staff and that's nineteen out of twenty two races. That's the most ever. Celtics still on beating at home. They beat the Hawks one thirteen to one of three. Jason Tatum score thirty four. Johns dash that We're Bloomberg Sport from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. Today is scheduled to be the final full day of a four day truce between Israel and Hamas, but after the release of dozens of hostages from Gaza, including a four year old American Israeli girl. Both sides are now signaling this pause could be extended. And for the latest, we're joined from Tel Aviv by Bloomberg News reporter Simon Marx. Simon, good morning. What is the likelihood that we could see an extension given the number of hostages that have been released so far? Well, so far, the chances of this taking place seem to be making some good progress. Hamas has released a statement saying that in theory they would have greed to an extension, and Israel, for the whole way along this current truce, has said that it would be open to further days, So we're talking about ten per day for up to ten days. You know, diplomats in the city do expect that we will see one or two more days. It's a little unclear whether we're going to get to the full ten. But there is obviously a lot of pressure on the government of Benjamin Netta and Yahoo to continue the release of the hostages, with the families still campaigning and very vocal on this front. Yeah, that's happening on the outside. Talk a little bit more about as well, the behind the scenes pressure that's happening with Israel and Hamas to potentially secure a further ceasefire. Yeah. I think the main reason for this is that the international community would like to see more aid get into Gaza. Obviously, the strip has been pounded for weeks now, there's still at least one hundred thousand people in the north with very very limited access to any form of humanitarian care, and then in the south you've got over a million displaced people in you know, really devastating conditions. So there were two hundred trucks that managed to get over the border from Egypt on Sunday. There's been about two thousand in total. But the hope is is that increases a lot a lot more in the coming days. What's the feeling about whether there is enough aid going in right now and whether that aid could potentially be used to support Hamas. There has to still be that concern among the Israelis, right, Yeah, of course, And you know, this is part of the reason why the bureaucracy around getting trucks in, the checks and balances from the Israelis were so stern and and it's also part of the reason why getting aid in was actually difficult in the beginning. That it does seem in recent days to have opened up. There is this notion that, you know, if Israel is to continue its ground offensive against Hamas, that in return, they cannot be seen to be blocking eight you know, and flouting international humanitarian law. But yes, I mean Hamas fighters are spread throughout the Gaza Strip, and many people seem to think that they have a presence in the south too, where there are a lot of civilians. And that factors into a lot of the commentary that we're hearing from a particularly congressional Democrats in Washington, d C. That future aid to Israel might need to be conditioned on international humanitarian law being followed more stringently. How is that potentially factoring in to Israel's decision making when it comes to extending the pause in fighting or carrying on this war even further once whenever the pause ends, it does end well very much. So. Israel are extremely dependent on diplomatic and material support from the United States. Without that, I think, you know that the pressure for them to stop this war is going to mount. So far, we've seen a lot of pressure from Biden's administration to make sure Israel do allowed aid in, but there hasn't been you know, a stringent call for any longer term ceasefire. So it does seem that this green light essentially for Israel to go back in to the Gaza Strip once this truce comes to an end, is very much there, even though perhaps in some other corners of the world, particularly the Gulf and parts of Europe, obviously the pressure is mounting. But yeah, as we all know, the main bidder here is the United States. And as this pause continues, Simon, are there risks of other fronts opening while the pause goes on. I mean there's been sporadic fighting that we've been reporting on in the West Bank, as well as the back and forth over the Israeli Lebanon border. Yes, definitely. As you mentioned the West Bank, I mean just overnight there has been a report there were eight Palestinians killed in the West Bank in an air strike. The situation is very restive there that there is growing settler violence. Since October seven, Jewish settlers in the area have carried out way over two hundred attacks on Palestinian communities, and the Israeli army have also come down pretty tough on demonstrators and suspected sympathizers of Hamas. The population there in general feels like it's being occupied and oppressed, and that the Palestinian authority which runs the show there in some areas, isn't really representative of them. Obviously, if things continue in this direction, there's massive risks of it boiling over, and then, you know, I think beyond that, beyond Israel's borders. So far it has been more or less contained, but it is very, very worrying. We saw Israel strike the airport in Damascus not that long ago, targeting, yeah, targeting Iranian targets there. So clearly it's a it's a huge risk. This is Bloomberg Daybreak Today, your morning brief on the story's making news from Wall Street to Washington and beyond. Look for us on your podcast be by six am Eastern each morning on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time, on Bloomberg eleven Priezero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one six to one in Boston, and Bloomberg nine six in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa. Play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, siriusxmb iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Amy Morris. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) President Joe Biden signed a stopgap bill to extend government funding into early 2024, averting a government shutdown for now but kicking a politically-divisive debate over federal spending into a presidential election year. 2) Gaza's telecommunications services stopped Thursday after providing companies said the fuel used for generators had been depleted, the United Nations Office for the Coordination of Humanitarian Affairs said. Syria's aerial defenses intercepted some Israeli missiles that were fired against targets in Damascus, state-run Sana news agency reported. 3) Alphabet Inc. Chief Executive Officer Sundar Pichai said he expects China to be “at the forefront” of artificial intelligence, and said it's important for the US to collaborate with the Asian nation on both regulation and innovation. 4) Embattled New York Republican George Santos announced he will not run for reelection to his seat in the US House. The news came just after the GOP chairman of the House's ethics panel called Thursday for Santos's expulsion following a committee investigation that found “substantial evidence” the New York Republican violated federal criminal laws. 5) Cincinnati Bengals lose QB Joe Burrow with sprained wrist in loss to Baltimore Ravens. Ravens TE Mark Andrews is also injured. Full transcript: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. President Biden has ended the immediate threat of a government shutdown. He has signed a temporary spending bill that extends government funding into early next year. Bloomberg's Amy Morris has the details from Washington. President Biden signed the legislation yesterday while in California for a summit of APEC leaders. The bill maintains existing funding levels and pushes a fight over the federal budget into the new year. When Housublicans say they will push for stiff spending cuts. It splits the deadlines for passing full year appropriations bills into two days January nineteenth for some federal agencies February second for others. This short term package allows lawmakers to regroup over the Thanksgiving holiday while talks continue on spending in policy agreements in Washington. I maye more as Bloomberg Radio, Sorry, Amy, thanks by the stopgap bill does not include funding for Ukraine and Israel. In fact, new usaid for Ukraine risks slipping to mid December and maybe longer, casting doubt on Washington's ability to keep up the flow of weapons that both the Biden administration and the Ukrainian governments say is vital as soon as Congress could complete negotiations and pass new Ukraine assistance his mid December, nearly two months after President Joe Biden first requested sixty one billion dollars for the country in its war against Russia. Well, now, Karen, let's turn to the latest on the war in the Middle East. Israeli Prime Minister Benjamin Natanyahu is defending his country's raid on the Alshifa Hospital in Gaza City. He says, Israeli troops uncovered a Hamas command center underneath the facility. We had concrete evidence that there were terrorists chieftains and terrests. There are terrorists minions in the hospital, and in fact they fled as our forces approached. They fled. That's why we had no firefight. We entered that hospital with Arabic speaking Israeli doctors with incubators and we had no firefight. But Hamas was using the patients in that hospital as a human shield. Prime Minister n Antanyahu spoke on the CBS Evening News. Meanwhile, the Israeli military says it has taken control of Gaza's harbor. People in the southern city of Conyunis say Israel has dropped leaflets telling them to seek shelter and sirius as it's intercepted some Israeli missiles aimed at targets in Damascus. Well back in the U, asked Nathan. The Asia Pacific Economic Cooperation some it is wrapping up in San Francisco, and we're learning more about President Biden's deal with China's Sheshin Ping to crack down on Fentanel. The White House agreed to remove a Chinese organization accused of human rights abuses from its sanctions list change for Beijing's WHO operation about an administration official tells Bloomberg taking the Institute of Forensic Science off the Commerce Department's entity list was the only way for the US to make progress on the Fentandel crisis, and at the APEX Summit, Karen the CEO of Alphabet, said he expects China to be at the cutting edge of artificial intelligence development. Speaking with Bloomberg, Soon Darpshai warned the world's two biggest economies will have to work together on developing a framework for AI. My senses, there is no way you make progress over the long term without China and the US deeply talking to each other on something like AI. So I think that has got to be an integral part of how you make progress. So I think I'm glad to see it, and you know, we have to lay the foundations. The good thing is we are still in early days of the technology. Alphabet CEO Soon Darpuchai's comments come after business titans including Apples, Tim Cook, and Black Rocks Larry Fink, attended dinner with China's president on the sidelines of the APEC summit. Well, Nathan, we're seeing fall out this morning from Elon Musk's endorsement of an anti semitic social media post. A Tesla investor is calling for must to resign, and IBM has now suspended its advertising on X because of the proximity of its ads to Nazi posts. Bloomberg's Ed Baxter has the story. This comes amidst a swirl of controversy surrounding X and Elon Musk. In the past couple of days, watchdog group Media Matters reported out that IBM, Apple Oracle, Exfanity, and Bravo all had a placement. IBM opted off, saying IBM has zero tolerance for hate speech and discrimination. Meanwhile, the White House has reacted to a Musk post so that it says is anti semitic. NC spokesman John Kirby, we certainly abhorror comments that are anti Semitic in tone and certainly don't associate ourselves with the comment. Musk endorsed a post that said the Jewish community pushed hatred toward whites in San Francisco. I'm at Baxter Bloomberg Radio, okay, and thank you. Moving to mark It's now we're watching shares of applied materials in the pre market. They're down more than seven percent. Reuter's is reporting the largest maker of chip making machinery in the country is facing a criminal investigation for allegedly violating export restrictions to China. The report says the Justice Departments looking at whether Applied Materials sold hundreds of millions of dollars of equipment without the proper licenses. And Nathan, the escalating fight between the US and China, where technological dominance has triggered one of the most stunning reversals of corporate strategy yet. Ali Baba Group has walked back plans to spin off in list it's eleven billion dollar cloud business. Ali Baba shares dropped nine percent yesterday, wiping out more than twenty billion of market value. On the flip side, Karen Watching shares of Gap they are hired by more than eighteen percent. The retailer reported third quarter profit that exceeded forecast. Same store sales fell for a fourth straight quarter, but that decline was less than expected. Stronger results at Old Navy, GAP's biggest brand offset weakness at Athleta and Banana Republic. Crude oil has collapsed into a bear market Nathan. It's down twenty percent from its September high. CRUs run of four straight weekly decline so long as losing streak since May has come despite collective and voluntary supply cuts by the Organization of petroleum exporting Countries and its allies. The losses have also been embedded by the evaporation of an Israel Hamas war risk premium as fears the conflict would expand and disrupt oil supplies have so far not materialized. And it's time now for a look at some other stories making news around the world, and for that we're joined by Bloomberg's Amy Morris. Amy, Good morning, Good morning, Karen. The pressure is building for New York Congressman George Santos to resign or face expulsion. It follows a scathing House Ethics Committee report. Bloomberg's Nancy Lyons has that story. Committee Chairman Michael Guest says the evidence uncovered in the House investigation is more than sufficient to warrant punishment, and he plans to file an expulsion resolution. Wisconsin Republican Congressman Brian stone File tells Bloomberg's sound on the findings are alarming. The illegal actions that are set forward in this report are incredibly concerning. The report alleged Santos used campaign money to pay off his personal bills and to make luxury purchases. Santos responded to the report saying he would not run for reelection in Washington. Nancy lyons Bloomberg Radio and that expulsion resolution Nancy was talking about is expected to be filed by nine o'clock this morning in Washington. A New York appeals court says the gag orders imposed on Donald Trump by the judge in the state's civil fraud trial against him are unconstitutional, and the restrictions were put on hold pending for their arguments. The decision is a major win for Trump, who has publicly lambasted the judge overseeing the case and accused him of frampant bias. This is just one of six trials Trump is facing as he seeks re election. California officials say a section of Interstate ten in Los Angeles that was damaged in a fire last week will reopen earlier then expected. Governor Gavin Newsom's said the mile long stretch of interstate will be open to traffic again weeks ahead of time after the state doubled the crews working on those repairs. One thing we can guarantee you is we will be opened five lanes in both directions at the latest Tuesday of next week. Fire officials say the fire was deliberately set in an arson investigation is ongoing. Secretary of State Antony Blincoln yesterday signed a civil nuclear cooperation agreement with the Philippines. At the signing ceremony, Secretary Blincoln said it is part of the US support for clean energy projects there with the Philippines leadership, we're also working together to develop a nuclear energy sector in their country to fuel a reliable, secure, and affordable clean energy future. The agreement allows the US to legally export nuclear equipment and material to the Philippines for peaceful uses. Global news twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Maybe Morris and this is Bloomberg Karen, all right, Amy, thank you well. We do bring you news throughout the day right here on Bloomberg. But now, as Amy said, you can get the latest news on demand whenever you want it. To subscribe to Bloomberg News Now to get the latest headlines of the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com plus apples, Spotify, and anywhere else you get your podcasts. It is time now for the Bloomberg Sports Update, and here's John stash Hour, John Karen. Big game in the AFC North the kickoff week eleven the Bengals and the Ravens. They both had four game industries come to an end this past Sunday. All the More started things off with a seventy five hour touchdown drive. The Ravens then trailed in the second quarters. Edwards in the backfield. Lamarta throw fires down the middle, It's deflected at part, have a reflection Milsan Hagalore twenty fifteen come bo. Heflected for six. Hagle a deflection rave into the end zone Wbal. About a minute a half later, another Lamar Jackson TD passed. The Ravens beat the Bengals thirty four to twenty. Baltimore's eight and three and in first place. Cincinnati is just five and five and in the last place NBA and Miami. They he won their seventh in a row. Jemmy Butler scored thirty six in a win over Brooklyn. Oklahoma City made it five to last six, winning one twenty eight one to nine at Golden State. The Warriors have lost five in a row. They're just one and five at home. They went thirty three at and eight at home. Last year. They rode out the injured Steph Curry and without the suspended Draymond Green. MLB owners approved thirty to nothing in the move of the Oakland A's to Las Vegas, and they waive the relocation fee. The A's will be in Oakland in twenty twenty four, but the plan is to beat a new stadium in Vegas by twenty twenty eight. It's unclear where they might be playing in between. It's the first time an MLB team has moved in Montreal. Expos went to Washington in two thousand and five. Baseball has given the twenty twenty five All Star Game to Atlanta, who had it taken away after that voting law was passed in twenty twenty one. John Stasha our Bloomberg Sport from coast to coast, from New York to San Francisco, Boston to Washington, d C. Nationwide on SYRIASXAM, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg daybreak, Good morning, I'm Nathan Hager. China will be at the forefront of artificial intelligence. That's what the CEO of Alphabet soon Dar Pashai, is saying. He says it is important for the US to collaborate with China on both regulation and innovation when it comes to AI. Pieshai, along with executives from Microsoft, City Group and Tesla, have been meeting with Chinese President Shi Jinping and US President Joe Biden at the APEX summit in San Francisco. After those meetings, the Alphabet CEO joined Bloomberg's Emily Chang and told her the world's two biggest economies do need to work together on AI regulation and development. It's not going to be easy, but I would start from this PREMI is that AI will proliferate, So this is not the inherent nature of software. AI advances will get out to in all countries, and so it is naturally the kind of technology. I don't think there's any unilateral safety to be had. We all have a shared incentive to solve for safety. You know, you could have AI go wrong in one country that will impact every other country. So in some ways, it's like climate change. In the planet. We all share a planet. I think that's true for AI. So now that you know that that will be true, I think you have to start building the frameworks globally to make progress. I've seen encouraging progress when the G seven happened in Hiroshima, I think it was a good start. You've seen more progress the Uki summit last week. The administration here, the White House has been leading the way as well, and I saw good encouraging announcements even yesterday for US in China to start having a dialogue on AI, well, that was my next question. Should Chinese regulators be part of this conversation on AI regulation? My sense is there is no way you make progress over the long term without China and the US deeply talking to each other on something like AI. So I think that has got to be an integral part of how you make progress. So I think I'm glad to see it. And you know, we have to lay the foundations. The good thing is we are still in early days of the technology, so laying the foundations now will allow us to work through the tough issues and build a common framework over time. How do you think AI? And obviously the US presidential election coming up as well. How do you think AI is going to further test election integrity? I think you know, over time, it's going to lower the barrier for creating you know, artificial information which may or may not matror what's happening in the real world, right, and that barrier will come down. So in this cat and mouse game, how do we amp up our defenses against that. We are in early stages, right. You know, we were one of the first companies to announce a water marketing technology for image generation. It's called Synthide, done by deep Mind, and we are providing API access to it. But all of us need to tackle it. These are areas where regulation will have to play a role, right. I think governments will have to overtime pass regulations about what is okay for you some of this synthetic content and so, which is why I think you have to think about it together. Open AI CEO Sam Mollman has said repeatedly he wants to know more about what's happening with AI in China. What do you know and what do you not know about where China is on AI. From what I can tell, they're making deep investments in AI. The scale of AI research talent in China. It's just simply astounding to see. So I think, you know, in some ways this question, China is going to be at the forefront of AI, and you know, I think that's a given. And so the question is how do we work over time, both for you know, other countries to make sure you're making progress in AI and over time, how do we develop the frameworks where you know, countries can coexist peacefully in a world in which AI will be you know, everywhere. You know, President Biden actually just said he doesn't see the USD coupling with China, but the world does seem to be on a path to two separate internets. Do we continue in that direction? And what does that mean? It's tough to say. You know, things go through in phases. I think we are definitely in a phase where there are more forces pulling it apart. But you know, inherently these technologies also facilitate easy exchange of information, so I think there are countervailing forces as well, So I think it's tough to predict. I do think information wants to flow freely by nature, So you know, my hope is over time, you know, thanks to couple back again. This is Bloomberg Daybreak today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street Time, on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, seriusxmb iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg DaybreakSee omnystudio.com/listener for privacy information.
On today's podcast: 1) Presidents Joe Biden and Xi Jinping emerged from their first meeting in a year betting that a handful of small victories will arrest a surge in US-China tensions that has unnerved neighboring nations and threatened global economic growth. 2) President Joe Biden said he still believed his Chinese counterpart Xi Jinping was a dictator, casting a shadow over what both sides had characterized as their most productive meeting to date. 3) The US Senate overwhelmingly approved a temporary funding measure to avert a government shutdown, delaying a partisan clash over federal spending until the new year and leaving out emergency aid to allies Ukraine and Israel. 4) The Cleveland Browns announce QB Deshaun Watson is out for the season. Full transcript: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the high stakes meeting between Presidents Joe Biden and she Jinping. They met for more than four hours on the sidelines of the APEX summit in San Francisco. President Biden called his discussions with China's leader some of the most productive he's ever had. I've been meeting with President Sheeshu's both us for vice president over ten years ago. Our meetings have always been canda stradeforward. We haven't always agreed, but they've been straightforward, and today build on the groundwork related over the past several months of high level diplomacy between our teams, We've made some important progress, I believe, and President Biden's words were echoed by President she China is ready to be a partner and friend of the United States. The fundamental princippos that we follow in handling China US relations are mutual respect, peaceful co existence, and wing wing corporation. China's president spoke there through an interpreter, but after the gathering, President Biden was asked whether he still considers China's leader a dictator. Look, he is. I mean he's a dictator in the sense that he is a guy who runs the country. That is collin Cocu based on formagart totally different than ours. And after President Biden's remark, China's Foreign ministry called the statement extremely incorrect and irresponsible political manipulation. Well Nathan asked for the actual meeting, Both Biden and Shi jinping Is say they reached a number of agreements. Bloomberg's ed Baxter has that part of the story, as well as fentanyl. High on President Biden's list is opening communication between the country's militaries. We're reassuming military to military contact direct contacts. As a lot of you press know follow this that's been cut off and it's been worse, and that's how accidents happened. Biden also saying the two agreed on finding ways to control ai Biden also says he was assured that China has no plan to invade Taiwan. Now. She did say that he told Biden that the US should not have plans to suppress China and also ask for sanctions to be removed. In San Francisco, I'm at Baxter Bloomberg Radio, and thank you. Some of Wall Street's elite attended dinner with Si Jinping. Black Rocks Larry Fink and Stephen Schwartzman of Blackstone were among the top executives seated at the Chinese leader's table, according to a program seen by Bloomberg News. Other big names and attendance were Apple's Tim Cook, Bridgewater associates Ray Dalio, and Pesla says Elon Musk also met with President she yesterday. Well Nathan some major developments out of Washington to avoid a government shut down. In a late night vote, the Senate overwhelmingly approved the House's short term spending bill. Bloomberg's Amy Morris reports from Washington. President Biden is expected to sign the bill that will extend government funding at current levels through two deadlines, one in mid January, the other in early February, but the bill did not include aid for Israel nor Ukraine. Senate Majority leader Chuck Schumer says that will be lawmaker's next priority after the holiday break. Both sides genuinely care about approving aid to Israel and Ukraine and helping innocent civilians in Gaza, so I hope we can come to an agreement even if neither side gets everything they insist on. And now the risk of partial government shutdown moves to January as House Speaker Johnson faces criticism from within his own party because he did not include deep spending cuts or changes to immigration policies. In Washington, Amy Morris Bloomberg Radio, Thank you. We now turned to the latest developments in the war in the Middle East. The Israeli military says it found a Hamas command center, weapons and technological assets at the Alshifa Hospital in Gaza City. Middle Eastern countries, including Jordan and Turkey, have condemned the raid. Israeli Prime Minister Benjamin Netanyahu, speaking through an interpreter says he makes no apologies for sending troops in. But we were told that we would not reach the outskirts of Gaza city. We arrived. We were told that we won't end to Shifa, but we entered, and in this spirit we say simple thing. There is no place in Gaza that we will not reach. Prime Minister Natanya, whose comments come as The Washington Post reports discussions are underway on a potential deal that would see Hamas free fifty women and children hostages in exchange for an extended pose and fighting, and the release of some Palestinians held in Israeli prisons. Well, Nathan, we turned to the markets now, and shares of Cisco plunging, the drop coming after it gave a disappointing forecast. We get more from Bloomberg's Doug Prisner CEO Chuck Robbins, who's trying to rea doue Cisco's dependency on one time sales of equipment by pushing deeper into software and services such as security. But the transition isn't complete enough to cushion Cisco from smaller corporate budgets, and the company is now projecting the weak environment. Will Linger because customers are taking a break from new orders to installed gear they've already received. In New York, I'm Doug Prisner, Bloomberg Radio. All right, Doug. Thanks, and Cisco's shares are down nearly eleven percent in the pre market. Earnings continue this morning, with the nation's biggest retailer reporting. Get a preview of that from Bloomberg's Tom Busby. Walmart's expected to report that sales growth slow to four percent last quarter. That's less than half the pace from just a year ago as consumers pulled back on their discretionary spending, but sales of food and healthcare products should be resilient and outpaced demand for that general merchandise adjusted ernis per share estimated to be a dollar fifty two total revenue of one hundred and fifty nine point one three billion dollars. Tom Buzby, Bloomberg Radio, all right, Tom, Thanks. Well. In Europe, shares a Berber down almost nine percent. The UK luxury retailer is warning this year's revenue target maybe out of reach after sales barely grew in the most recent quarter. And Karen, we have a big deal for chocolate lovers this morning. US Candy company Mars, has agreed to buy the UK's Hotel Chacalott Group for more than six hundred and sixty million dollars. That price tag represents one hundred and seventy percent premium to Hotel Chachalot's closing price yesterday. All right, Nathan, thanks, it's time now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's Amy Morris. Amy, Good morning, Good morning, Karen. US. Capitol police officers say one person was arrested following protests outside Democratic National Convention headquarters in Washington, DC as part of a pro Palestinian rally. Protesters got into a shoving match with Capitol police officers that arrest being made for assault. Six Capital officers also suffered minor injuries. Pepper spray was used on protesters and DNC members were evacuated. Billionaire Elon Musk endorsed an anti Semitic post on x the social media site that he owns, that attacked members of the Jewish community for pushing dialectical hatred against white people. Musk said in his reply to the post, quote you have said the actual truth. Musk has repeatedly been criticized for promoting content attacking Jewish people at a time of rising anti semitism. After a year of strikes in Hollywood and the auto industry, now it's Starbucks turn. The union representing thousands of Starbucks workers is staging a one day walk out today, coinciding with the Red Cup Day. It's one of the coffee chain's busiest days of the year. Daisy feederspiel Bayer is a supervisor in Seattle. I really wish that I could be in there serving you coffee. I do, but with the drastic understaffing and the toll that that takes on our barista's Unfortunately, we have to push for better and we aren't getting that from Starbucks right now. Starbucks Workers United represents nine thousand employees at three hundred and sixty stores. They want better wages, benefits, and the right to bargain. The Thanksgiving travel rush is about to begin. Bloomberg's Nancy Lions with the latest The Transportation Security Administration says the official travel window lasts twelve days, beginning Friday and running through to the Tuesday after Thanksgiving. During that time, the TSA expects to screen twenty eight million passengers. John Bush is Federal Security Director for the TSA. The best tip we can offer is to ask everyone to arrive early for your flights. The recommendation is always two hours before domestic flight three hours before an international flight, and that's going to be even more important this coming holiday weekend. Bush says they do have the staffing and the technology in place to ensure that everything runs smoothly. In Washington. Nancy lyons Bloomberg Radio Global news twenty four hours a day and whenever you want it with Blueberg News Now, I maybe Morrison, this is Bloomberg Karen Amy. Thank you well. We do bring you news throughout the day right here on Bloomberg Radio. But now, as Amy said, you can get the latest news on demand whenever you want it. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News Now on the Bloomberg Business app, Bloomberg dot Com plus apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update. Here's John stash Hour. John Daren should be a good Thursday night game to kick off Week eleven in the NFL. It's an AFC North battle between the Bengals and Ravens in Baltimore. Both teams at four game winning streaks come to an end this past Sunday, losing right at the end of their game. Cincinnati beaten by Houston, and the Ravens blew a two touchdown lead and lost to Cleveland. The Baltimore quarterback is Lamar Jackson. Every game is a musk win for us, you know, not just cousin is in a division game, but we we definitely, I believe our team is definitely a lot hungrier just for more happened Sunday in a division loss in the closed game. We definitely hungry as well. So the Clinton Browns had that big win in Baltimore, led by their quarterback Deshaun Watson. He was fourteen to fourteen of the second half. He battled an ankle injury, and yesterday it was learned that his season is over because of a fractured shoulder. He needs surgery. He's had shoulder problems before. Justin Fields has been out three games with the thumb injury in Chicago. He's expected to return on Sunday NBA in Philadelphia, Battle in the East and the Celtics beat the Sixers one seventeen to one oh seven. Facing Tatum led the way twenty nine points, eight rebound, six assists. The Celtics are nine and two. The Sixers were eight and one. They've now lost their last two. Milwaukee beat Toronto for the new Buck Damian Lillard thirty seven points thirteen assists. The Wizard struggles continue a home loss to Dallas one thirty to one seventeen. The MAVs are nine and three. The Wizards are two and none. The Knicks but one by two in Atlanta. John stash That were Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. We've made some important progress. We heard those words from President Biden after his first meeting in more than a year with the leader of the People's Republic of China, Shi Jinping. President says two leaders are restoring military to military communications and they plan to keep talking at the highest levels in the United States, will continue to compete vigorously at the PRC, but will manage that competition responsibly so doesn't veer into conflict for accidental conflict. That was President Biden after his more than four hours sit down with China's leader on the sidelines of the APEX summit in San Francisco, and joining us with more from Singapore is Berg News Managing editor Derek Wallbank. Derek, it's good to have you back with us this morning. Going into these talks, the White House said just talking would be a deliverable. What kind of deliverables can we say We're gleaned from this gathering between Presidents s Biden and shape Well, Nathan, they certainly talked. You know. Yeah. It's funny because in that relationship here, we've seen ebbs and flows between real, real static, real problems, and and times when it has seemed maybe a little bit sunnier, maybe a little bit more placid. I borrow an observation that Singapore's Foreign minister made last week at the Bloomberg New Economy Forum here in Singapore, which was that you shouldn't on US China relations confuse weather with climate. Things might look a little bit more peaceful right now, certainly in the face of this meeting that seemed to go mostly okay, But the for all climate of the US China relationship is still one with a lot of tension points. There were not major fundamental issues resolved here. This is not like we have a giant breakthrough on Taiwan, for example. So so whether a little bit nicer climate overall still very much progressing in the in the in the ways that it was sticking with the weather analogy, I guess maybe one dark cloud in that otherwise sunny gathering could be that question that the President received from a reporter when asked whether he still considers China's leader a dictator, and he basically said yes, he did, he said, he said emphatically yes. And and look, this is one of those things where China does take offense to this. You know, they don't like the term, they don't like it being used about them. But at the same point, the thing I think that bears watching is whether or not China blow it up into a whole big thing and says, right, well, this is some offense and we want to change the tenor of our leader to leader engagement or the relationship more broadly, it doesn't initially seem like that is happening. Remember Joe Biden said this before, and we're still on a path where they've gone to me, she went to the United States. That's actually something that's a big symbol for this meeting. So I'm not sure that that's necessarily going to derail everything here. Where I think it's much more likely if you were looking for risk problems is to look in the South China Sea, specifically off the coast of the Philippines, and some of the territorial disputes that are there, some of the trade disputes that are there. Those are places that I think are potential fracture points. But look, if you're sitting there saying are things a little bit better in the relationship between China and the US than they were this time yesterday, the answer is yes, they are a little bit better. You're going to see maybe some small tangible things including possibly, let me say, you might see some pandace come back to the US. We did hear that mentioned right by the leader of China. But when it comes to those small steps in our last minute here, Derek, what are some of the broader issues that could still lead to some of these overarching tensions that we do continue to see between the US and China. Well, I think, you know, on the good side, you've seen that the US and China are trying to do a little bit more on reducing fentanyl. On the good side, you are seeing Biden said they're agreeing to talk a little bit more military to military, and Biden said that they had an open line between the two of them. If one calls the other, they'll pick up the phone. But I do think on that broad thing, that the broad issue of trade, the broad issue of of China's state craft and military ambitions, those are real fracture points, and those are as I say, structural climactic fracture points, and that's going to be something that these two countries are going to have to very carefully manage going forward to make sure that they don't actually escalate. This is Bloomberg day Break Today, your morning brief on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street Time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one six to one in Boston, and Bloomberg nine sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, serious XM, the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak See omnystudio.com/listener for privacy information.
Dr. Amy Morris joins us to discuss whether you can have cake and still limit your chances of a cancer recurrence...too. She's got the evidence-based answers, and they're not as bad as you think. Follow @dramymorris on socials Follow us @breastcancerisboring
You don't need to accept a “new normal” (what a complacent term!) because there are strategies to get you out of that. You CAN lose weight even if your treatments force you into menopause or are there naturally. You CAN be hot flash-free, even without using hormones. You CAN reclaim your energy. You CAN make strategic decisions from a place of power. Today, I'm chatting with fellow cancer thriver – Dr. Amy Morris. She founded The Cancer Freedom Program to support women feeling at home in their post-cancer treatments body. We dive into specifics such as the amount of protein your cells need, curating a plan to lower your recurrence risk, mindset work, and more. Tune in and take notes because YOU are in charge of how you feel and recover. As a free gift to the Breast Cancer Conqueror Community, Dr. Amy is giving away her Cancer Recovery Recipes For Women book. Click here to download your copy.
Spooky season is in full swing on this episode where Amy Morris from Night Of the Living Podcast joins Joe to discuss gardening, the Real Housewives, and the new Hallmark movie 3 Bed, 2 Bath, 1 Ghost. Night Of the Living Podcast https://notlp.com/ Get back episodes of Small Town Failing Podcast and all our socials: https://SmallTownFailingPodcast.com https://SmallTownFailing.com http://whackbitches.org Theme song: Lazy Day · Audionautix
Joe stops in with a very special On the next episode... episode, where he brings you exciting news that our good friend, Co-Host Of Night of the Living Podcast, and first time guest Amy Morris will be joining us to wrap up the Halloween season with the new Hallmark movie 3 Bed, 2 Bath, 1 Ghost. You can check out Night Of the Living Podcast here: https://notlp.com/ 3 Bed, 2 Bath, 1 Ghost Get back episodes of Small Town Failing Podcast and all our socials: https://SmallTownFailingPodcast.com https://SmallTownFailing.com http://whackbitches.org Theme song: Lazy Day · Audionautix
Bloomberg Washington Correspondent Joe Mathieu delivers insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Amy Morris, Billy House and Kailey Leinz fill in for Joe. They speak with: Bloomberg Politics Contributor Jeanne Sheehan Zaino and Principal at BGR Government Affairs Lester Munson about the latest developments from the 2024 presidential campaign trail. Republican Congressman Bryan Steil from Wisconsin on the potential of a government shutdown and what we can expect as the first GOP Presidential debate takes place in his home state next week. See omnystudio.com/listener for privacy information.
Angela Hogge and Amy Morris, Co-Owners of The Franklin Estate and Due Sorelle, joined Alex Urpí & Michael Urpí On “Today y Mañana!” “Today y Mañana” airs every Thursday at 10:15 am on The I Love CVille Network! “Today y Mañana” is presented by Emergent Financial Services, LLC, Craddock Insurance Services Inc, Castle Hill Cider, Matthias John Realty and Charlottesville Opera, with Forward Adelante.
Bloomberg Daybreak Weekend with Amy Morris takes a look at some of the stories we'll be tracking for you in the coming week including the fresh flood of bank earnings we're waiting for, plus the latest inflation print coming out of Japan, what Senate Democrats want to do to rein in potential excesses at the Supreme Court and the closely-watched elections in Spain. See omnystudio.com/listener for privacy information.
Joining us in this episode of the Cancer Freedom Podcast is Amy Morris. Just 8 weeks after getting married Amy was diagnosed with breast cancer. Her story is, unfortunately, becoming all too common as her mammogram had been delayed due to COVID. Following cancer treatment, Amy was faced with low energy and a crippling fear of recurrence. Learn how Amy took back control of her life again through self-advocacy. Get your FREE copy of 15 Simple Cancer Recovery Recipes >> www.cancerrecoveryrecipes.com
Amy stop to discuss some common misconceptions regarding physical therapy.
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