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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.

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Speaker 1: I'm Karen Moscow. Here are the stories we're following today.

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Speaker 3: Thank care.

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Speaker 2: We begin with our focus on the markets this morning,

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Speaker 2: as we head into the Christmas holiday. It is going

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Speaker 2: to be a short trading session on Wall Street today.

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Speaker 2: The stock market closes at one pm Wall Street Time.

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Speaker 2: Bond trading wraps up at two. Yesterday was a familiar scenario.

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Speaker 2: The Magnificent seven stocks led the charge. A gauge of

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Speaker 2: the mags seven megacaps rows almost one and a half percent.

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Speaker 2: Gene Munster, managing partner at Deepwater Asset Management, says it

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Speaker 2: may be choppy, but twenty twenty five will still be

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Speaker 2: another good year for big tech.

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Speaker 4: There's an important nuance to how the market I think

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Speaker 4: plays out in twenty twenty five is that during that

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Speaker 4: run from ninety six to two thousand, there were ten pollbacks.

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Speaker 4: There's twelve pullbacks from ninety five to two thousand, so

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Speaker 4: ten pullbacks, so about two per year is what we

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Speaker 4: saw ten percent or greater on the Nasdaq. And I

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Speaker 4: would just say this is really healthy for these multi

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Speaker 4: year runs to have these pullbacks and so I'm anticipating,

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Speaker 4: as I said, a couple of those, and what's the

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Speaker 4: catalyst that does that. It's always hard to predict, but

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Speaker 4: we're going to get those, and I still continue to

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Speaker 4: believe we're going to end twenty five much higher on

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Speaker 4: the Nasdaq than we started.

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Speaker 2: Deep Water Asset Managements Gene Winster notes the SMP five

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Speaker 2: hundred his orsen twenty five percent this year, with the

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Speaker 2: top seven big tech stocks accounting for more than half

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Speaker 2: that advance.

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Speaker 1: Well Nathan asked for individual stocks this morning. He shares

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Speaker 1: of Honda, so we're twelve percent in Asia. The carmaker's

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Speaker 1: announcement of a seven billion dollar stock buyback is offsetting

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Speaker 1: concerns about its plans to acquire rival Nissan. Bloomberg News

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Speaker 1: automotive editor Craig Trudell says shareholders in both companies may

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Speaker 1: be questioning the move.

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Speaker 5: Real questions about just how happy shareholders across the various

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Speaker 5: companies involved are going to be with this. To put

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Speaker 5: it plainly, I mean, this is really Honda coming to

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Speaker 5: Nissan's rescue. Honda, will you take the lead and forming

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Speaker 5: this holding company that Nissan will be a part of.

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Speaker 5: Maybe Mitsubishi motors will join and the big question is,

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Speaker 5: you know where does Renault stand in all this as

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Speaker 5: Nissan's biggest shareholder.

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Speaker 1: Bloomberg's Craig Trudell says the agreement will create one of

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Speaker 1: the world's largest car makers, helping the firms compete with

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Speaker 1: Chinese manufacturers and Japanese heavyweight Toyota.

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Speaker 2: Well Karen, another well known brand on our shores, is

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Speaker 2: in the news this morning. The Nordstrom family is joining

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Speaker 2: forces with a Mexican retailer to take its namesake department

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Speaker 2: store private. It's going to be an all cash transaction

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Speaker 2: valued at about six and a quarter billion dollars including debt.

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Speaker 2: Dana Telsey covers retail for Telsey Advisory Group.

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Speaker 6: The privatization of a family run business that's been around

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Speaker 6: for over one hundred years is definitely a spark of change.

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Speaker 6: I think the new environment today is different than it

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Speaker 6: was in the past, and you have to give Nordstrom

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Speaker 6: credit for all that it's accomplished, but the go forward

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Speaker 6: environment requires big changes and whether it is a reduction

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Speaker 6: in the number of full line stores they have, the

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Speaker 6: acceleration of what may be for the rack, the continuous

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Speaker 6: pursuit of new and curated brands and their assortment. For

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Speaker 6: all what we know about Nordstrom, the service element and

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Speaker 6: the loyal customers they have is something that needs to

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Speaker 6: be expanded and accelerated go forward, after all that they've accomplished.

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Speaker 2: Retail analyst Dana Telsea notes Nordstrom's annual revenue peaked at

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Speaker 2: nearly sixteen billion dollars in twenty nineteen. The company was

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Speaker 2: hit hard by COVID nineteen. It's never returned to its

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Speaker 2: pre pandemic hyhes, and Nordstrom shares fell one and a

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Speaker 2: half percent yesterday.

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Speaker 1: Well, Nathan, a US national security panel has deadlocked and

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Speaker 1: its review of the sale of US Steel to Nippon Steel.

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Speaker 1: Let me get more with Bloomberg's dun Krisner.

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Speaker 7: We're told the Committee on Foreign Investment in the US

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Speaker 7: delivered its final evaluation to the White House late Monday,

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Speaker 7: and as of that moment, President Biden has fifteen days

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Speaker 7: to announce a decision. Now, he's long indicated his opposition

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Speaker 7: to this deal, and he's repeatedly said US deal should

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Speaker 7: remain domestically owned and operated. Even so, the White House

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Speaker 7: is never said flatly that Biden would block it. The

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Speaker 7: companies have signaled they planned a challenge any refusal in court.

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Speaker 7: President elect Tromp has said he would block it, but

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Speaker 7: the timeline means it would be resolved before he takes

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Speaker 7: office in New York. I'm Doug Prisoner Bloomberg Radio.

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Speaker 2: Okay, Doug, thank you. Former President Bill Clinton is in

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Speaker 2: a hospital in Washington, d C. This morning after developing

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Speaker 2: a fever, and AID says he was admitted to Georgetown

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Speaker 2: University Medical Center for testing and observation. The aide says

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Speaker 2: the seventy eight year old former president is in good spirits.

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Speaker 2: Bill Clinton has had a number of health issues since

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Speaker 2: he left office. He had quadrupled bypass surgery in two

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Speaker 2: thousand and four. In twenty twenty one, he was in

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Speaker 2: the hospital for six days due to an infection.

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Speaker 1: Well now to the latest on that Trump transition, then,

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Speaker 1: two top advisors to Donald Trump's campaign are joining an

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Speaker 1: outside group to promote his agenda as president. Chris Lasovita

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Speaker 1: was the campaign's co manager and Tony Fabrizio was its pollster.

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Speaker 1: They'll now both be senior advisors in the Building America's

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Speaker 1: Future super pac. The group has already been influential. Last year,

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Speaker 1: it gave twenty eight point three million dollars to a

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Speaker 1: pair of super Packs that ran ads against Vice President

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Speaker 1: Kamala Harris. Now the group is airing ads aimed at

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Speaker 1: boosting President elect Trump's contentious Defense Secretary nominee Pete Hegseth.

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Speaker 2: And elsewhere on Capitol hillcare in the House Ethics Committee

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Speaker 2: has released its investigation into former Congressman and former Attorney

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Speaker 2: General designate Matt Gates. The thirty seven page report accused

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Speaker 2: as the Florida Republican of regularly paying for sex with women,

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Speaker 2: including a seventeen year old girl he didn't know was underage,

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Speaker 2: as well as buying and taking illegal drugs while he

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Speaker 2: represented Florida's western Panhandle. Here's Bloomberg Congressional reporter Billy Howell

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Speaker 2: on where this case goes from here.

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Speaker 8: There still remain no charges criminally or even civil at

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Speaker 8: this point against him, So there's really no criminal reason

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Speaker 8: why he can't run for public office if he were

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Speaker 8: to return to the US House, and there's no indication

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Speaker 8: he's thinking of that. There has been rumors he might

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Speaker 8: run for governor of Florida or some other posts. Right now,

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Speaker 8: is no reason why he can't do that. Other than

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Speaker 8: the voters could read this report and of course respond

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Speaker 8: in a negative way.

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Speaker 2: Obviously, Bloomberg Congressional reporter Billy House says Matt Gates is

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Speaker 2: repeatedly denied wrongdoing. He says the Ethics Committee relying on

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Speaker 2: witnesses that federal prosecutors deemed not credible.

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Speaker 3: In his time.

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Speaker 1: Now for a look at some of their stories making

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Speaker 1: news in New York and around the world, and for

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Speaker 1: that we're joined by Bloomberg. So Michael Michael, good morning.

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Speaker 3: Good morning. Karen. Luigi Mangioni appeared in a New York

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Speaker 3: state courtroom to enter a plea of not guilty to

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Speaker 3: state murder and terror charges in the fatal shooting of

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Speaker 3: United Healthcare CEO Brian Thompson. The twenty six year old

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Speaker 3: is charged with the love and counts in the indictment,

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Speaker 3: including first degree murder in further rents of terrorism. Man

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Speaker 3: Gione's attorney, Karen Friedman Agnafilio, says she is concerned on

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Speaker 3: her client's right to a fair triumph.

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Speaker 1: Like every other defendant, he's entitled to a presumption of innocence,

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Speaker 1: but unfortunately, the way this has been handled so far,

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Speaker 1: his rights are being violated.

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Speaker 3: More with Bloomberg's Missy at Gofopolo.

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Speaker 9: We all saw the images that circulated around social media

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Speaker 9: and news outlets last week when it came to Manjone's

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Speaker 9: arrival in New York City. You know, he was handcuffed,

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Speaker 9: wearing orange jumped suit, surrounded by heavily armed police and

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Speaker 9: even New York City Mayor Eric Adams walking behind him.

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Speaker 9: That was the image that his lawyer said was a

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Speaker 9: reason to believe that, you know, he may not be

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Speaker 9: presumed innocence in this.

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Speaker 3: Case, Bloomberg's Gopulo, we are learning more about the suspect

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Speaker 3: and the grizzly death of a woman who New York

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Speaker 3: City police say was intentionally set on fire while sleeping

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Speaker 3: in a subway train. Officials said. Thirty three year old

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Speaker 3: Sebastian Supeta has been charged with first degree murder and arson.

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Speaker 3: According to Immigration and Customs Enforcement, Cupeeda is an undocumented

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Speaker 3: immigrant from Guatemala. An ICE officials says Zepeta was detained

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Speaker 3: and deported shortly after crossing the border in Arizona in

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Speaker 3: twenty eighteen, but later sneaked back into the US. A

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Speaker 3: major storm is pounded California Central Coast, bringing flooding and

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Speaker 3: I surf that was blamed for fatally trapping a man

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Speaker 3: beneath the debris on a beach and later partially collapsing

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Speaker 3: a peer, tossing three people into the ocean. The storm

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Speaker 3: brought hurricane force winds and waves up to sixty feet

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Speaker 3: as it gained strength from California to the Pacific Northwest.

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Speaker 3: Officials are urging the public to avoid the area. Cruise

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Speaker 3: Mayor Fred Keeley says he thears there could be more damage.

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Speaker 8: I'm very concerned that we will lose additional portions of

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Speaker 8: our municipal.

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Speaker 3: War Some California city has ordered beachfront homes and hotels

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Speaker 3: to evacuate. President Emanuel mccraul appointed Eric lombard as France's

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Speaker 3: finance minister. Lombard is has the task of repairing the

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Speaker 3: country's finances. Finally, American astronauts on the International Space Station

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Speaker 3: of sharing holiday wishes. Sody Williams, one of the astronauts

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Speaker 3: who have been stuck in orbit since June due to

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Speaker 3: problems with Boeing Starlink spacecraft.

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Speaker 10: It's a great time of Europe here we get to

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Speaker 10: spend it with all of our family up on the

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Speaker 10: International space station. There's seven of us up here, and

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Speaker 10: so we're going to get to enjoy company together.

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Speaker 3: Global news twenty four hours a day and whenever you

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Speaker 3: want it with Bloomberg News Now. I'm Michael Barr. This

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Speaker 3: is Bloomberg Heron.

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Speaker 1: All right, Michael Barr, thank you time now for the

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Speaker 1: Bloomberg Sports Update, brought to you by Trying State Out

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Speaker 1: eight years Dan Schwartzman, Dan, good morning.

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Speaker 11: Good morning, Karen. The Packers clinching a playoff birth with

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Speaker 11: a dominating win over the Saints.

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Speaker 12: Wilson again, he is no signaling yet. Touchdown he got here.

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Speaker 12: That's courtesy of ABC.

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Speaker 11: Packers knockoff New Orleans thirty four to nothing again, green

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Speaker 11: Bay Packers recording the first shutout of the NFL season.

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Speaker 11: Green Bay holding Saints Rocky quarterback Spencer Rattler at just

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Speaker 11: one hundred fifty three yards passing with an interception, running

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Speaker 11: back Josh Josh Jacobs gaining one hundred and seven yards

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Speaker 11: from scrimmage while scoring a touchdown for this sixth straight game.

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Speaker 11: Green Bay improves to eleven and four in the season.

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Speaker 11: The Saints fall to five and ten. NBA action, the

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Speaker 11: Knicks win their fourth straight out lasting the Raptors one

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Speaker 11: thirty nine to one twenty five, Karl Anthony, Townsend, O

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Speaker 11: g n Andobi combining for sixty two points. Elsewhere, Nets

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Speaker 11: lose at the Heat one ten to ninety five. Celtics

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Speaker 11: fall on the road at the Magic oneh eight to

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Speaker 11: one oh four. Wizards get blown out at the Thunder

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Speaker 11: one twenty three to one oh five, Shay Gill August

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Speaker 11: Alexander scoring forty one points for OKC. There were fireworks

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Speaker 11: in Philadelphia. Sixers star big man Joelle and beat dejected

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Speaker 11: in the first half after picking up two quick technical

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Speaker 11: fouls after arguing a charging call with the referee. Embiid

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Speaker 11: was just playing his eighth game of the season and

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Speaker 11: just his second since coming back from a sinus fracture. Sixers, though,

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Speaker 11: beating the Spurs one to eleven to one oh six,

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Speaker 11: and the NHL Rangers continue to struggle. They lose their

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Speaker 11: thirteenth game out of seventeen, five nothing to the Devils,

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Speaker 11: as Rangers could only muster twelve shots on goal. Elsewhere,

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Speaker 11: the Islanders get blown out at home seven to one

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Speaker 11: of the Sabers, who snapped a thirteen game losing streak,

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Speaker 11: while the Bruins knock off the Capitals four to one.

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Speaker 11: That that's your Bloomberg Sports Update. I'm Dan Schwartzman, Coast.

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Speaker 3: To Coast on Bloomberg Radio, nationwide on Sirius XM, and

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Speaker 3: around the world on Bloomberg dot Com and the Bloomberg

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Speaker 3: Business app. This is Bloomberg Daybreak. Good morning.

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Speaker 2: I'm Nathan Hager. President Biden has a big decision to

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Speaker 2: make in his final weeks in office. He will have

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Speaker 2: to decide whether to follow through on his promise to

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Speaker 2: block Japan's Nippon Steel from taking over US steal. The

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Speaker 2: secretive National Security panel that's been reviewing this deal for

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Speaker 2: just about a year now has deadlocked on its recommendation.

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Speaker 12: For more.

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Speaker 2: We're joined by Bloomberg News Senior editor Bill Ferries. Bill,

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Speaker 2: good morning. We've talked about this before that President Biden

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Speaker 2: has said he wants to keep US Steel US owned,

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Speaker 2: But have the circumstances changed since this steals come under

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Speaker 2: Sephius review.

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Speaker 13: Well, good morning, Nathan. Yeah, it's been a basically a

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Speaker 13: year long saga that for quite a while looked in doubt,

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Speaker 13: mostly because or at least in large part because it

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Speaker 13: was still wrapped up. It was getting wrapped up in

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Speaker 13: the presidential campaign cycle. US Steel kind of an iconic

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Speaker 13: American name and brand. So we're past the election, but really,

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Speaker 13: you know, President Biden has long suggested that he would

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Speaker 13: he would oppose this. He wants to keep the company

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Speaker 13: in US hands. Donald Trump has effectively said the same thing.

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Speaker 13: So it's it's looked pretty grim for Nippon Steele to

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Speaker 13: conclude this takeover. But you know, I guess, I guess

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Speaker 13: there's still we have fifteen days for President Biden to

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Speaker 13: make a decision the companies. Both the companies have vowed

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Speaker 13: to fight fight a rejection of this deal. It's a

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Speaker 13: fourteen billion dollar deal, and so it's you know, I

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Speaker 13: don't think we're at the point where we can say

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Speaker 13: it's over yet, because there's still there's still options available

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Speaker 13: if President Biden decides against supporting this steal.

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Speaker 2: And in the meantime, bill Nippon Steele has made a

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Speaker 2: lot of gestures to try to assuage any of these

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Speaker 2: national security concerns that President Biden says he has about

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Speaker 2: a Japanese company taking over at US Steel. Could that

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Speaker 2: be enough to sort of sway him here?

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Speaker 13: You know, the company has tried to They've tried to

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Speaker 13: work with the local union. Even when the United Steel werekers.

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Speaker 13: The Broad Umbrella Union has been opposed to the deal.

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Speaker 13: They have worked with local politicians trying to h to

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Speaker 13: win some some support. They've promised, uh, you know, they've

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Speaker 13: promised a lot of things to the workers there. Nippon

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Speaker 13: Steele even hired former Secretary of State Mike Pompeo, who

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Speaker 13: obviously you know, worked for Donald Trump closely to help

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Speaker 13: help persuade them or help advise them on this deal. So, uh,

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Speaker 13: they've done a lot. They refiled their proposal. I think

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Speaker 13: back in September, whether that's enough, I you know, I

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Speaker 13: don't know. I mean, President Biden is obviously passed any

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Speaker 13: election worries, but there are going to be a lot

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Speaker 13: of Democrats opposed to this deal. I think it's it's

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Speaker 13: it's hard to say. I mean, I think the fact

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Speaker 13: that Siphius, this committee that was looking at the national

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Speaker 13: security implications kind of deadlock tells you that it's it's

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Speaker 13: kind of a tin coin toss at this point.

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Speaker 2: Interesting now, if President Biden does go ahead and block

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Speaker 2: this and Nippon Steele challenges this in court, does it

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Speaker 2: become an issue for president like Donald Trump, and could

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Speaker 2: he handle it differently? Got about thirty seconds left.

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Speaker 3: Yeah, I think for sure.

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Speaker 13: I mean, listen, President like Trump has always been someone

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Speaker 13: who says he likes to make a deal. So is

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Speaker 13: there something that Japan could do as a government and

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Speaker 13: that Nippon Steele could do to maybe make this something

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Speaker 13: that's more appealing to Donald Trump. I would definitely not

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Speaker 13: rule something like that out after he takes office.

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