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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 1: Karen will have more on the markets in a minute,

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Speaker 1: but first, we have a major development in the race

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Speaker 1: for the White House. The Colorado Supreme Court has ruled

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Speaker 1: Donald Trump cannot appear on the presidential primary ballot in

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Speaker 1: that state. We have team coverage beginning with Bloomberg's at Baxter.

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Speaker 3: The ruling, while at the same time pausing it to

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Speaker 3: allow the US Supreme Court to rule. The Colorado Court

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Speaker 3: set under the Fourteenth Amendment, Trump qualified as an insurrectionist

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Speaker 3: and therefore cannot hold office, thereby taking him off the ballot.

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Speaker 3: So among the issues for the highest court whether Trump

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Speaker 3: is actually an insurrectionist and whether the Fourteenth Amendment refers

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Speaker 3: to the office of president. Trump's attorneys say they will appeal,

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Speaker 3: and his campaign is issued a statement so reading verbatim here, Unsurprisingly,

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Speaker 3: the all Democrat appointed Colorado Supreme Court has ruled against

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Speaker 3: President Trump, supporting a Sorrow's funded li left wing group

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Speaker 3: scheme to interfere in an election on behalf of crook

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Speaker 3: of Joe Biden. For beatim from the statement ed Baxter

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Speaker 3: Bloomberg Radio.

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Speaker 2: All right, ed, thanks well. The Colorado decision comes just

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Speaker 2: weeks before the first votes will be cast in the

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Speaker 2: Republican presidential race. Bloomberg News Managing editor Derek Wallbank continues,

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Speaker 2: our team coverage.

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Speaker 4: Trump will be going before voters in the first primary

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Speaker 4: state of Iowa, where they have caucuses, and Trump is

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Speaker 4: right now well above fifty percent support in Iowa. He's

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Speaker 4: got a thirty point plus lead in the polls, and

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Speaker 4: so very soon the decision that was taken in Colorado

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Speaker 4: will come into immense conflict with the state of Iowa,

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Speaker 4: where he is right now polling like he's going to win.

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Speaker 2: And Bloomberg's Derek Wallbank notes those Iowa caucuses are less

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Speaker 2: than four weeks away.

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Speaker 1: And former President Trump was back in Iowa last night, Karen.

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Speaker 1: He didn't mention the Colorado ruling, but he did double

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Speaker 1: down on anti immigrant rhetoric that's had members of both

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Speaker 1: parties comparing his words to Adolf Hitler.

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Speaker 5: They're ruining our country, and it's true. They're destroying the

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Speaker 5: blood of our country. That's what they're doing. They're destroying

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Speaker 5: our country. They don't like it when I said that,

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Speaker 5: and I never read mind com they said, Oh, Hitler

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Speaker 5: said that in a much different way. Now they're coming

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Speaker 5: from all over the world.

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Speaker 1: The former president made those comments at a stop in Waterloo, Iowa,

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Speaker 1: at his own campaign fundraiser. Last night, President Biden warned

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Speaker 1: donors that America could lose its democracy if Trump wins

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Speaker 1: the White House next year.

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Speaker 2: Well, Nathan, we now turned to the latest developments in

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Speaker 2: the Middle East. Israeli President Isaac Herzog says his country

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Speaker 2: is prepared to agree to a second humanitarian pause in

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Speaker 2: fighting in exchange for the return of more hostages held

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Speaker 2: by Hamas, and Hamas says its top leader has arrived

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Speaker 2: in Cairo for talks. Here's White House and National Security

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Speaker 2: spokesperson John Kirby, we do support smaller, more localized, more

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Speaker 2: targeted humanitarian pauses to get hostages out and to get

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Speaker 2: more aid in. White House National Security spokesperson John Kirby

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Speaker 2: says Hamas still holds about one hundred and twenty nine

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Speaker 2: of the two hundred and forty or more people it

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Speaker 2: abducted in October.

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Speaker 1: Well, Meanwhile, Karen Ukraine heads into the new year with

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Speaker 1: no guarantee of more USA lawmakers have been at an

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Speaker 1: impasse over more than sixty billion dollars in fresh assistance.

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Speaker 1: Now they have abandoned efforts to reach a deal before

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Speaker 1: their holiday break. Here's Senate Majority Leader Chuck Schumer.

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Speaker 6: The bottom line, both Democrats and Republicans understand that there's

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Speaker 6: more work to do to pass legislation protecting America's security

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Speaker 6: and the security of the Western world.

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Speaker 1: Yeah that Senate Majority Leader Chuck Schumer. Republican lawmakers are

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Speaker 1: demanding more restrictive border and immigration policies in exchange for

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Speaker 1: war aid.

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Speaker 2: Well. Turning to the markets now, Nathan Stocks entering the

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Speaker 2: day in record territory. Despite repeated warnings from policymakers reigning

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Speaker 2: in expectations for rate cuts, both the Dow and the

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Speaker 2: NASDAK closed at all time highsi yesterday. Atlanta Fed President

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Speaker 2: Raphael boss Stick says he does not see urgency to

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Speaker 2: lower rates next year.

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Speaker 4: I'm thinking if this is going to come down relatively

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Speaker 4: slowly in the next six months, which means that there's

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Speaker 4: not going to be urgency for us to start to

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Speaker 4: pull off of our restrictive stands.

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Speaker 2: And like Atlanta Fed President Raphael Bostic, Chicago FED President

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Speaker 2: Austin Golesby, and the Cleveland Fed's Loretta Mester are all

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Speaker 2: suggesting that rate cut expectations are premature.

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Speaker 1: We'll talk of rate cuts in Europe. Is heating up,

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Speaker 1: Karen after the latest Street on inflation there, Let's go

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Speaker 1: to London and get the latest of Bloomberg's ewing parts.

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Speaker 7: Ewen, Nathan and Karen. A Christmas miracle for the UK government. Well,

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Speaker 7: maybe not quite a miracle, but very welcome progress on

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Speaker 7: the UK's inflation problem. Consumer prices rose three point nine

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Speaker 7: percent in the year to November, down from four point

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Speaker 7: six percent the previous month, at a much sharper slow

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Speaker 7: down than forecast. The pound is lower on the news

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Speaker 7: as trader's rampop bets on interest rate cuts by the

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Speaker 7: Bank of England next year. A bit of festive cheer

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Speaker 7: for borrowers five days before Christmas in London. I'm une Pots, Bloomberg.

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Speaker 2: Radio, Craig, you and thank you staying in Europe. Shares

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Speaker 2: of urgen x have lost about a third of their

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Speaker 2: value in Brussels this morning. The Dutch biotechs only medicine

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Speaker 2: did not help patients with a rare skin disorder. Depository

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Speaker 2: receipts of our genicx trading in the US are plunging

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Speaker 2: right now. They're down about thirty percent.

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Speaker 1: And shares of FedEx are down about nine and a

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Speaker 1: half percent. Care in that company reported profit below analyst expectations.

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Speaker 1: More from Bloomberg's Charlie Pellett.

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Speaker 8: Costcotts were not enough to make up for volume declines

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Speaker 8: that the air freight and trucking units amid a lingering

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Speaker 8: cargo recession. The company also lowered its sales forecast for

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Speaker 8: the fiscal year ending May thirty first. This year's peak

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Speaker 8: shipping season has been muted as consumers returned to stores

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Speaker 8: and contend with inflation and higher interest rates, denting buying

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Speaker 8: power in New York. Charlie Pellett Bloomberg Radio.

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Speaker 1: All right, Charlie, thank you. Futures pointing a touch lower

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Speaker 1: this morning. S and P futures are down about a

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Speaker 1: tenth of one percent. NASTAQ futures are three tenths of

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Speaker 1: one percent lower. You're listening to Bloomberg Daybreak and Now

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Speaker 1: with a look at some of the other stories making

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Speaker 1: news in New York and around the world. Were joined

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Speaker 1: by Bloomberg's Michael Barr.

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Speaker 9: Michael, thank you very much. Nathan. The cost of ensuring

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Speaker 9: vessels that will transit the Red Sea jumped again this

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Speaker 9: week after mounting attacks in the region forced some ships

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Speaker 9: to avoid the vital waterway. Cover has now surged to

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Speaker 9: about half a percent of the value of the ship's hull,

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Speaker 9: according to experts involved in the market. That's a sharp

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Speaker 9: increase from earlier this month, when costs were pegged at

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Speaker 9: around zero point one percent. It comes as the Pentagon

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Speaker 9: established a multi national naval task force to protect commercial

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Speaker 9: ships from hoothy missile and drone attacks in the Red

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Speaker 9: Sea and the Gulf of Aden. Such attacks have escalated

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Speaker 9: in the wake of the Israel Hamas War. State Department

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Speaker 9: spokesman Matthew Miller.

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Speaker 4: There is no justification for these attacks on global commerce,

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Speaker 4: and we hope the world will join us in condemning

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Speaker 4: these attacks and working to stop them.

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Speaker 9: The task force, named Operation Prosperity Guardian, involves ten nations,

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Speaker 9: including the UK and Canada. New York State is authorizing

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Speaker 9: a commission to consider reparations for its role in perpetuating

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Speaker 9: historic discrimination against blacks. Governor Kathy Hoko held a signing

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Speaker 9: ceremony for the reparations commission.

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Speaker 1: It doesn't mean fixing the past on doing what happened.

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Speaker 1: We can't do that, no one can. But it does

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Speaker 1: mean more than giving people a simple apology.

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Speaker 6: One hundred and fifty years later.

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Speaker 9: Governor hokel says it is a key step in confronting

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Speaker 9: the state's legacy of slavery and the resulting racial gaps

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Speaker 9: in wealth, employment, housing, and criminal justice. Reverend Al Sharpton,

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Speaker 9: this is a very historic day because it's the beginning

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Speaker 9: of a process to repair a damage done. California launched

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Speaker 9: the first state task force to develop reparation proposals for blacks.

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Speaker 9: In twenty twenty, we're learning more about the cinnamon behind

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Speaker 9: hundreds of lead poisonings and linked to apple sauce. Cinnamon

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Speaker 9: at a plan and an Ecuador, which manufactured apple sauce

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Speaker 9: pouches now linked hundreds of lead poisoning nationwide, has now

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Speaker 9: tested positive for lead concentrations thousands of times higher than

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Speaker 9: what experts consider safe. FDA officials are looking into weather

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Speaker 9: the cinnamon may have been intentionally contaminated by sellers looking

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Speaker 9: to inflate the amount of money they could get for

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Speaker 9: the spice. Global News twenty four hours a day and

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Speaker 9: whenever you want it with Bloomberg News now, Michael barn

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Speaker 9: this is Bloomberg Nather.

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Speaker 1: Okay, Michael, thank you. Time for the Bloomberg Sports Update,

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Speaker 1: brought to you by Tri stay down here.

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Speaker 10: Good morning, John stansh Ow, Good morning Nathan. Ever since

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Speaker 10: the fourth snap of the Jets season on Aaron Rodgers

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Speaker 10: tore his achilles, there's been constant speculation about a Rodgers

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Speaker 10: return at some point. Yesterday, on ESPN, he made it

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Speaker 10: all but official he won't make it back back. Rodgers

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Speaker 10: admitted he's not one hundred percent. Said the hope is

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Speaker 10: the Jets would make the playoffs without him and then

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Speaker 10: he'd returned. Jets have no chance to make the playoffs,

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Speaker 10: but Rodgers indicate they'd like to play next year and

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Speaker 10: the year after. He was effusive in his praise of

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Speaker 10: his new team.

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Speaker 11: I've felt like when I came here that I got

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Speaker 11: kind of a renewed passion and love for the game.

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Speaker 11: And everything has been amazing here. Just the people have

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Speaker 11: gotten to work, with the relationships I've got to form

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Speaker 11: of my teammates and amazing men and women that work

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Speaker 11: here at one Just Drive has been really special.

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Speaker 10: Jets QB Sunday, it will be either's Jack Wilson or Trevor

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Speaker 10: Simmy and Wilson's and concussion protocol. NBA Celtics came in

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Speaker 10: tied for the best record, Warriors still under five hundred,

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Speaker 10: but Golden State one in overtime one thirty two one

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Speaker 10: twenty six. Steph Curry scored thirty three, Dammianlelard scored forty,

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Speaker 10: Milwaukee be lowly San Antonio, Kevin Durant's forty not and

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Speaker 10: off in a Phoenix loss at Portland, and Memphis by

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Speaker 10: two at New Orleans on a game winning shot by

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Speaker 10: John Morant in his first team with a season returning

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Speaker 10: from a twenty five game suspension. Nixon Nets meet tonight

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Speaker 10: in Brooklyn and Toronto Rangers third straight win five to two.

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Speaker 10: Islanders beat Edmonton three to one. Flyers beat the day

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Speaker 10: and overtime. Bruins lost in ott to Minnesota, and the

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Speaker 10: Columbus Bluejackets with their most goals in seven years a

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Speaker 10: nine to four win at Buffalo. Top twenty five teams

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Speaker 10: met in college groups, Memphis by twenty three over Virginia.

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Speaker 10: John Stashedware Bloomberg sport.

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Speaker 12: From coast to coast, from New York to San Francisco, Boston,

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Speaker 12: to Washington, DC nationwide on Syrias exam the Bloomberg Business

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Speaker 12: app in Bloomberg dot Com. This is Bloomberg Daybreak.

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Speaker 8: Good morning.

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Speaker 1: I'm Nathan Hager. It is another first in the norm

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Speaker 1: breaking political career of Donald Trump. For the first time

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Speaker 1: a court has found the former president ineligible to run

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Speaker 1: again for the White House because of his actions on

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Speaker 1: January sixth, twenty twenty one. This ruling from the Colorado

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Speaker 1: Supreme Court under the Constitution's insurrection clause in the Fourteenth

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Speaker 1: Amendment is now headed for a test before the US

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Speaker 1: Supreme Court. And for more. We're joined by Terry Haynes,

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Speaker 1: the founder of Pangaepolicy. Terry, good morning, your reaction to

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Speaker 1: this ruling?

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Speaker 13: Hi, Nathan, good morning. The thing to understand here is

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Speaker 13: the sort of obvious this won't be over quickly. Firstly,

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Speaker 13: the Supreme Court of the United States almost certainly takes

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Speaker 13: this up because there are two federal rights that are implicated. First,

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Speaker 13: Fourteenth Amendments insurrection clause, which has never really been interpreted

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Speaker 13: by the court. But whatever else you can say about

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Speaker 13: this ruling, state courts are not meant to be the

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Speaker 13: final arbiters of federal rights. So that you know this

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Speaker 13: is going to go to the Supreme Court, who will

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Speaker 13: take which will take it up just for the Fourteenth

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Speaker 13: Amendment matter alone. And then there's a matter that the

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Speaker 13: three descending Colorado justices three out of seven, So this

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Speaker 13: is hardly the ut animous ruling or anything close to it.

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Speaker 13: The three descending justices point out, which is a Fifth

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Speaker 13: Amendment due process claim, the idea that procedural due process

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Speaker 13: needs to apply here, and whatever else you can say

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Speaker 13: about the state process. What we're talking about here is

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Speaker 13: the appeal of the in Colorado is the appeal of

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Speaker 13: a state court trial ruling that in a trial had

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Speaker 13: that started less than two months ago. So the idea

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Speaker 13: that such an important federal right as the ability to

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Speaker 13: run for office can be can be ended in a

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Speaker 13: state by a state court, you know, in a quick

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Speaker 13: trial proceeding, is also something that I think the court

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Speaker 13: takes up. In both cases, I think the the Supreme

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Speaker 13: Court overturns Colorado. But in terms of practical impact, this

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Speaker 13: is the beginning of a lot of legal challenges, both

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Speaker 13: on primary ballots, which is what Colorado is, and also

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Speaker 13: proceedings to take Trump off the ballot in the general

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Speaker 13: election and those haven't even really started yet. So sorry

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Speaker 13: to go on, but complexity here.

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Speaker 12: Yeah, certainly.

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Speaker 1: Well, I want to ask you whether there is where

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Speaker 1: there could be a difference for the Supreme Court when

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Speaker 1: it comes to the question of primary versus general election ballots.

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Speaker 1: I mean, that's a pretty significant difference, isn't it.

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Speaker 13: Yeah, it's a significan a difference. But in terms of

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Speaker 13: the constitutional question, the constitutional question here is really the same.

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Speaker 13: You know, firstly, the whether the candidate you're kind of

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Speaker 13: what the scope of the Insurrection Clause is. And not

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Speaker 13: only has the Insurrection Clause been around since, you know,

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Speaker 13: just after the Civil War eighteen sixty eight, but one

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Speaker 13: section of the Fourteenth Amendment is the Congress the sole

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Speaker 13: ability to put laws together to interpret that and enforce it.

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Speaker 13: And Congress never really did that. That Congress kind of

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Speaker 13: did the opposite. They engaged as the years went on

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Speaker 13: and more and more amnesties of Confederates that were subject

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Speaker 13: to the clause. So you know, there's a situation where

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Speaker 13: this part of the Constitution has never been interpreted by

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Speaker 13: the Supreme Court firstly, and secondly, Congress has never really

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Speaker 13: tried to enforce it in a in a consistent manner,

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Speaker 13: so that that kind of cries out all by itself

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Speaker 13: for a Supreme Court ruling here, because whatever else you

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Speaker 13: can say about Trump or the insurrection claim or anything else, uh,

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Speaker 13: it is you know, it's you know, the background that

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Speaker 13: I just cited here, the very quick trial, the perceived

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Speaker 13: lack of due process by three Colorado justices, I think

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Speaker 13: makes this a case ripe for the Supreme Court, and

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Speaker 13: they've got really got to step in.

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Speaker 1: We lot, we have about a minute left here, Terry,

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Speaker 1: but we know that the former president has been able

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Speaker 1: to rally support around all these legal challenges he've been facing,

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Speaker 1: with the Supreme Court potentially coming into this and deciding

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Speaker 1: this constitutional question. What could that mean for democratic support

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Speaker 1: from President Biden?

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Speaker 13: Well, I think it, uh, I think it firms it

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Speaker 13: up a tiny bit. Firstly, deeconitely, you know, it makesh

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Speaker 13: It'll be what will be the case that'll be made

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Speaker 13: is that Biden, you know, needs to be the preserver

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Speaker 13: of democracy and all the rest, and you know that'll

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Speaker 13: have some some residents. The other thing I would say

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Speaker 13: about Trump is really it's a fork in the road.

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Speaker 13: On the one hand, you can see a supporters really

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Speaker 13: feeling like he's his claims that he's being singled out

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Speaker 13: or validated. But on the other hand, it may cause

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Speaker 13: voters in early primary states to seek an alternative. We

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Speaker 13: don't know that, but we will in the next few weeks.

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