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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Lisa Matteo. Here

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Speaker 2: are the top stories we're following today.

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Speaker 3: Lisa, we begin with the latest on efforts to end

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Speaker 3: the war in Ukraine. A Secretary of State Marco Rubio

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Speaker 3: says a lot of progress has been made in talks

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Speaker 3: with Ukrainian officials in Geneva. The US is pressuring Ukraine

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Speaker 3: to accept a twenty eight point plan to end Russia's

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Speaker 3: war as a basis for negotiations. President Trump has said

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Speaker 3: Ukraine should take the deal by this Thursday, but Secretary

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Speaker 3: Rubio says that date is not set in stone.

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Speaker 4: The deadline is we want to get this done as

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Speaker 4: soon as possible. Obviously, you know we'd love it to

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Speaker 4: be Thursday. We'd love to be Ultimately. The important point

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Speaker 4: today is that we have made substantial progress. We've really

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Speaker 4: moved forward. So I feel very optimistic that we're going

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Speaker 4: to get there in a very reasonable period of time,

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Speaker 4: very soon.

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Speaker 3: Secretary of State Marco Rubio spoke alongside Ukraine Chief of

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Speaker 3: Staff andre Yermak in Geneva after preparing what they're both

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Speaker 3: called an updated and refined framework document on Peace. Bloomberg's

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Speaker 3: Oliver Krook reports more work may need to be done

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Speaker 3: to get Ukraine on board.

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Speaker 5: There's really been a.

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Speaker 6: Lot of pushback, particularly from the European side, to basically

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Speaker 6: not give any additional territory than the Russians are control

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Speaker 6: right now. There has been this push from the United

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Speaker 6: States to give the entirety of the Dawn Bass to

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Speaker 6: the Russians, which they do not currently control. That is

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Speaker 6: one of the points that really pushes back. But really

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Speaker 6: the most sort of irrelevant point and the most important

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Speaker 6: point for the Ukrainians is around this idea of security guarantees.

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Speaker 3: Bloomberg's Oliver Krook reports Ukraine's looking for protection from the

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Speaker 3: US along the lines of NATO's Article five mutual Defense clause.

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Speaker 3: It's also rejecting Russia's demand that Ukraine give up unoccupied

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Speaker 3: territory in its East.

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Speaker 2: Back in Washington, Nathan Treasury Secretary Scott Besson says President

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Speaker 2: Trump is focused on bringing costs down for Americans.

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Speaker 7: We believe healthcare is going to come down.

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Speaker 8: We will see an announcement this coming week on that,

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Speaker 8: and so across the board, prices are starting to come down.

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Speaker 2: Treasury Secretary Scott Besson appeared on NBC's Meete the Press

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Speaker 2: Heard every Sunday right here in Bloomberg Radio. President Trump

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Speaker 2: has urged Republicans to come up with a plan by

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Speaker 2: January thirtieth. George Rush health insurance premiums that are set

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Speaker 2: to spike whin subsidies expire at the end of the year.

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Speaker 2: Political reports the White House is expected to announce a

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Speaker 2: two year extension to the subsidies, along with new income

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Speaker 2: caps to qualify that for the tax credits and minimum

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Speaker 2: premium payments.

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Speaker 3: Let's turn to the markets now. Lisa futures are mainly

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Speaker 3: higher this morning as we kick off a holiday shortened

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Speaker 3: trading week. Stocks rallied Friday on optimism the Fed may

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Speaker 3: cut rates next month. Phil Blancato, chief market strategist at OAIAC,

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Speaker 3: is still.

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Speaker 9: Concious valuations are true pricey, and some of the economic

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Speaker 9: data of the unknowns have put us in this very

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Speaker 9: wildly market. So I think we're in for a bit

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Speaker 9: more volatility, especially with some of the dates not lining

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Speaker 9: up as to when we're going to get new data

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Speaker 9: and when the next FED meeting is. So sadly, we're

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Speaker 9: feeling like twenty eighteen again and for those who don't

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Speaker 9: remember too in eighteen.

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Speaker 5: December, it was a very difficult month.

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Speaker 3: At Osaia's Phil Blancato, the SMP five hundred is down

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Speaker 3: three and a half percent in November well.

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Speaker 2: Despite the recent pullback, Morgan Stanley remains bullish on stocks.

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Speaker 2: Strategist Mike Wilson says near term weakness offers an opportunity

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Speaker 2: to add long term exposure. In twenty twenty six, he

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Speaker 2: says the end of the correction is nearer than its beginning.

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Speaker 2: Wilson notes that despite a five percent drop in the

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Speaker 2: s and P five hundred, two thirds of the largest

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Speaker 2: one thousand stocks by market cap have seen more than

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Speaker 2: ten percent draw down a LISA.

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Speaker 3: This training week ahead brings us some key earnings. To

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Speaker 3: get a preview of that from Bloomberg's Charlie Pellett.

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Speaker 7: We'll be hearing from several more retailers, including Best Buy,

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Speaker 7: Dick's Sporting Goods, and Cohle's. Those reports come amid broader

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Speaker 7: market concerns about stretched valuations. Cameron Dawson is chief investment

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Speaker 7: officer at New Edge Wealth.

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Speaker 10: At the end of the day, we have an environment

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Speaker 10: where earning vestments for twenty twenty five and twenty twenty

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Speaker 10: six continue to climb higher. As long as we're making

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Speaker 10: new highs in those earning vestiments, it does support stocks

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Speaker 10: to broadly move higher, and not without some chop and

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Speaker 10: volatility as we're experiencing now.

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Speaker 7: Also reporting this week Workday, Dell HP and con Z

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Speaker 7: Scaler in New York, Charlie Pello, Bloomberg Radio.

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Speaker 2: All right, thank you, Charlie. Shares of Ali Baba rose

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Speaker 2: five percent in Hong Kong. It's revamped AI tool QN

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Speaker 2: drew more than ten million downloads in the week after

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Speaker 2: its relaunch. Analyst say that bodes well for a longer

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Speaker 2: term effort to build a rival to open AI's check gbt.

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Speaker 5: In your pleas. Shares of BHP Grouper little change. This morning.

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Speaker 3: The mining giant has ended its attempt to acquire fellow

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Speaker 3: minor Anglo American for a second time. Bloomberg Mining and

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Speaker 3: Metals reporter Paul allen Hunt says the deal would have

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Speaker 3: been complicated.

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Speaker 5: Well, this is it.

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Speaker 11: It was never going to be easy. It certainly wasn't

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Speaker 11: going to be easy last year, and it wasn't going

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Speaker 11: to be easy this time. We don't have a lot

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Speaker 11: of days. Hello will say that at this point, but

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Speaker 11: we do know that it was script or shares and cash.

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Speaker 11: The premium that BEHP would have had to have offered

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Speaker 11: to get a real serious recognition from Anglo and have

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Speaker 11: a proper discussion would have been significantly higher.

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Speaker 3: Bloomberg's Paul aland Hunt reports Anglo American rejected BHP's latest

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Speaker 3: approach after deciding it was not superior to its planned

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Speaker 3: tie up with smaller Canadian firm Tech Resources.

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Speaker 2: All right, now to the latest on cryptocurrencies as we

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Speaker 2: begin the new trading riek. Right now, checking in with bitcoin,

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Speaker 2: it's down about two percent of just above eighty six thousand.

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Speaker 12: Now.

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Speaker 2: In President Trump's second term, crypto assets, they've transformed his

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Speaker 2: family's wealth. However, the family, well, they're getting a crash

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Speaker 2: course and the wild volatility associated with digital currencies. Bloomberg's

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Speaker 2: twa Adebayo reports.

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Speaker 12: Shares of the president's bitcoin hoarding social media company are

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Speaker 12: near an all time low, and the value of a

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Speaker 12: Trump branded mean coin has fallen by about a quarter

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Speaker 12: since August, according to the Bloomberg Billionaires Index. The recent

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Speaker 12: losses are all part of a broader crypto crash that's

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Speaker 12: wiped nearly one billion from the first family's fortune since

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Speaker 12: early September. The Trumps own a growing portfolio of crypto ventures,

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Speaker 12: including intricate deals that go beyond straight bets on the

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Speaker 12: value of digital currencies, but its retail investors who backed

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Speaker 12: Trump linked projects that stand to lose the most from

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Speaker 12: the drawdown. For example, any speculator who bought Trump's mean

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Speaker 12: Cooin in its peak on inauguration weekend would have lost

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Speaker 12: almost the entire value of their investment by this month.

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Speaker 12: Despite the challenges, Eric Trump, the president's second born son,

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Speaker 12: has repeatedly urged investors to double down.

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Speaker 5: In London.

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Speaker 12: Tiwa at Abayo Bloomberg Radio.

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Speaker 2: Time Now for a look at some of the other

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Speaker 2: stories making news in New York and around the world,

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Speaker 2: but that were joined by Bloomberg's Michael Barr.

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Speaker 13: Good Morning, Michael, Good Morning, Lisa, New York. Mayori, like

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Speaker 13: Zoron Mamdani, is talking about a surprisingly friendly meeting Friday

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Speaker 13: with Donald Trump at the White House. Yesterday, Ma'm Donnie's

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Speaker 13: said he's feeling good coming out of that meeting, calling

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Speaker 13: it productive. On NBC's Meet the Press. Me'm donnie went

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Speaker 13: on to say In that meeting, it went back to

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Speaker 13: cost of living.

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Speaker 14: I've said plainly and openly that I believe that these

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Speaker 14: are two tax proposals that make sense, increasing the personal

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Speaker 14: income taxes on New Yorkers making a million dollars or

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Speaker 14: more by just two percent, increasing the top corporate tax

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Speaker 14: rate to that match that of New Jersey. And what

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Speaker 14: I've also said is more important than how we fund something,

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Speaker 14: is that we fund something. And if there are additional

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Speaker 14: or alternate revenue streams to do so, I will accept

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Speaker 14: them and I will celebrate them, because the most important

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Speaker 14: thing is to actually deliver for the New Yorkers who

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Speaker 14: right now can't even conceive of having a family in

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Speaker 14: New York City.

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Speaker 13: Ma'm Donnie also told Meet the Press or at Sundays

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Speaker 13: on Bloomberg although he still believes President Trump is a fascist,

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Speaker 13: he viewed their first face to face meeting as an

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Speaker 13: opportunity to work together on making New York more affordable.

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Speaker 13: Israel said it killed Bella's military Chief of General staff

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Speaker 13: in a rare air strike on Bey Route as an

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Speaker 13: almost year old ceasefire deal with the Lebanese government waivers

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Speaker 13: the Israeli army, says Abou Ali al Taptabb served as

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Speaker 13: a significant source of knowledge and influence within Hezbolah. Lebanon's

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Speaker 13: health ministry says the daylight attack left five people dead

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Speaker 13: and twenty eight injured. Volume at airports is expected to

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Speaker 13: pick up as Thanksgiving approaches. Triple A says more than

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Speaker 13: thirty one million people will fly between now and December one.

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Speaker 13: The holiday travel rush comes on the heels of the

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Speaker 13: longest government shutdown in US history. Speaking to ABC, Rico Walker,

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Speaker 13: who's been a TSA officer for twenty years, said he

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Speaker 13: and his colleagues are ready to go.

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Speaker 5: Moral has upbeat again. Where you ready to do our mission?

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Speaker 13: Ready to do our job.

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Speaker 5: We're the best of what we do.

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Speaker 13: The TSA's Rico Walker also had a message for travelers.

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Speaker 13: Pack you payations, there will be lines and there will

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Speaker 13: be wait times. Global news twenty four hours a day

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Speaker 13: and whenever you want it with Bloomberg News Now. I'm

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Speaker 13: Michael Barm and this is Bloomberg Lisa.

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Speaker 2: Thanks Michael. Time now for our Bloomberg sports update, and

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Speaker 2: for that we bring in John stash Hour.

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Speaker 8: The best record of the NFL belongs to the New

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Speaker 8: England Patriots at ten and two a nine game winning straight.

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Speaker 8: The Pats won twenty six to twenty at Cincinnati. The

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Speaker 8: best of the NFC belonging to the La Rams, who

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Speaker 8: last night blew out Tampa Bay thirty four to seven

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Speaker 8: by Matthew Stafford. The Rams are nine and two. The

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Speaker 8: Eagles were looking like they'd be nine and two. They

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Speaker 8: had a twenty one to nothing lead in Dallas. The

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Speaker 8: Cowboys came back to win twenty four twenty one. Baseball

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Speaker 8: trade the Mets at longtime outfielder Brandon Nemo to Texas

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Speaker 8: for infielder Marcus Simeon. That's your Bloomberg Sports update.

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Speaker 3: Stay with us. More from Bloomberg Daybreak coming up after.

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Speaker 1: This Coast to coast on Bloomberg Radio, wide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business Apple. This is Bloomberg Daybreak.

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Speaker 5: Good morning, I'm Nathan Hager.

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Speaker 3: Secretary of State Marco Rubio is reporting a lot of

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Speaker 3: progress and efforts to end the war in Ukraine after

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Speaker 3: a weekend of talks in Geneva, but with the US

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Speaker 3: pressure Ukraine to accept a peace deal this week, Rubio

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Speaker 3: says the process isn't over yet.

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Speaker 4: It is probably the most productive day we have had

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Speaker 4: on this issue, maybe in the entirety of our engagement,

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Speaker 4: but certainly in a very long time. But work remains.

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Speaker 3: That was Secretary of State Marco Rubio following those talks

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Speaker 3: in Switzerland and joining us this morning from Brussels is

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Speaker 3: Bloomberg's Oliver Crook. Oliver, good morning. Catch us up on

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Speaker 3: what progress was made over the weekend. President Trump was

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Speaker 3: talking about Ukraine accepting a deal by Thanksgiving. Is that

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Speaker 3: still on the table?

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Speaker 6: Yeah, I think the Thanksgiving deadline is a bit shifting

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Speaker 6: at this point. I think that there is an acknowledgment

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Speaker 6: that actually this is an extremely complicated process that is

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Speaker 6: dealing with a great many different facets, including security guarante

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Speaker 6: that could be sort of NATO like and style Article five,

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Speaker 6: and that obviously is one of the most delicate issues

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Speaker 6: you can touch anywhere in the world, about whether or

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Speaker 6: not you're going to engage militarily with somebody in case

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Speaker 6: the rules of a certain agreement are violated. So those

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Speaker 6: are still things that a very much need to be

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Speaker 6: worked out. It is obviously the ambition of the Trump

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Speaker 6: administration to bring extreme pressure to bear on the Ukrainians

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Speaker 6: to basically get them talking more openly about things that

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Speaker 6: they were basically drawing red lines are on. And I

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Speaker 6: think that he's probably been successful to a degree because

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Speaker 6: of that plan, and that plan that came out last

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Speaker 6: week twenty eight point plan, I have to tell you,

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Speaker 6: made for extremely poor reading here in Brussels and in Kiev,

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Speaker 6: every sort of minister you talk to. Obviously, it's sidelined

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Speaker 6: the Europeans completely, while at the same time imposing on

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Speaker 6: Europe not just Ukraine, talking about defense architecture outside of Ukraine,

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Speaker 6: beyond saying that, for example, one of the articles was

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Speaker 6: that NATO will not accept any additional members That does

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Speaker 6: not mean just Ukraine, that means anybody else. So obviously

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Speaker 6: those were things that the Europeans are acted very poorly to.

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Speaker 6: And we should say that the Europeans, I think, are

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Speaker 6: learning in twenty twenty five that if you want to

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Speaker 6: see at the table with the Trump administration, you need

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Speaker 6: to earn it, and there are ways in which they

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Speaker 6: have failed to do so for this whole year.

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Speaker 3: So then how are the Europeans trying to get that

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Speaker 3: seat back at the table.

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Speaker 5: What efforts are they making?

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Speaker 6: So that was the conversation I just had with the

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Speaker 6: Lithuanian Foreign Minister just a couple of minutes ago, who

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Speaker 6: acknowledged this fact. And the one thing that the Europeans

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Speaker 6: can do and they have failed to do to this point,

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Speaker 6: is basically get into those Russian assets. There are one

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Speaker 6: hundred and forty billion euros worth of Russian assets that

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Speaker 6: are sitting here in Belgium, sitting in euroclear The twenty

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Speaker 6: seven leaders of the European Union member states have not

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Speaker 6: been able to get under agreement on how to basically

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Speaker 6: unlock the proceeds from those assets and those assets themselves

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Speaker 6: alone against them, and that has been what they've been

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Speaker 6: bickering about four weeks. And basically those Russian assets were

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Speaker 6: discussed in that twenty eight point plan. The United States

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Speaker 6: had different ideas about what to do with that money.

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Speaker 6: So the question is are those assets now off the

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Speaker 6: table or is this the moment that europe needs to

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Speaker 6: take in to bring that leverage to bear. I mean,

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Speaker 6: imagine the difference in terms of the Ukraine's negotiating position

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Speaker 6: having zero dollars in the bank and having one hundred

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Speaker 6: and forty billion euros available to basically fund their military

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Speaker 6: for the next two years, it is a completely different calculus.

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Speaker 3: So then is this part of that revised and updated

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Speaker 3: piece framework that Secretary Rubio and the Ukrainian Chief of

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Speaker 3: Staff say that they worked out following those weekend talks.

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Speaker 6: So I think the thing that's really difficult, Nathan, about

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Speaker 6: these peace negotiations when you're trying to understand where they

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Speaker 6: actually are until you actually see the document, as we

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Speaker 6: did last year, the twenty eight point plan. The problem

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Speaker 6: for the Europeans and the Ukrainians is that no one

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Speaker 6: can be very honest or transparent about how they actually

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Speaker 6: feel about this document until you actually see the points, right,

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Speaker 6: Because if you've learned anything about the Trump administration, the

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Speaker 6: golden rule is do not criticize them. Do not say

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Speaker 6: you don't like the plan, don't say it's a non starter.

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Speaker 6: You say, yes, we think this is a great framework,

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Speaker 6: and this is how we would like to change it.

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Speaker 6: So I think at this stage, until we actually see

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Speaker 6: a revised draft of this proposal, it's going to be

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Speaker 6: hard to say how close those positions are to being bridge.

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Speaker 6: To say nothing of the fact that the Russians still

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Speaker 6: have not had their input into the sort of latest

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Speaker 6: part of the discussions. And that will of course be

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Speaker 6: the Ukrainian and the European method here and trying to

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Speaker 6: convince Donald Trump that once again it's actually Putin who

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Speaker 6: is the obstacle to piece non Zelensky in the Europeans.

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Speaker 6: Whether or not he'll we'll be able to convince Trump

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Speaker 6: is an entirely different question.

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Speaker 3: This is Bloomberg Daybreak, your morning podcast on the story's

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